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Chris Whalen on Big Bank Earnings and the Return of Credit Risk

Forward Guidance

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Capital One's Position in the Credit Card Business

The credit card business is a very much capital markets, mark to market every day kind of business. It's not like the lending business at say, back in America where they keep 30 year mortgages forever. They literally make the mortgage and just stick it to portfolio. Keep it. No hedging, by the way, why? And that's a very different world from a bank that has to be cognizant of market rates.

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