GLG News by Sub-Prime Lending Experts

Duncan MacDonaldConsultantDuncan McDonald

Elections doom interchange, card industry challenges

November 4, 2010

Analysis of:Dodd-Frank Act May Be Scaled Back by New Congress - NYTimes.com | www.nytimes.com

The NY Times' election coverage notes how a Republican dominated House will try to scale back the Dodd-Frank bank reform law re bankcard interchange pricing and the new consumer protection bureau. It correctly notes how difficult this will be, but fails to acknowledge the possible consequences of the effort itself (i.e., regardless if it passes or fails) on the broader bankcard debate. Viewed from that perspective, Tuesday's results could prove to be a disaster for adversaries of the industry.

Duncan MacDonaldConsultantDuncan McDonald

Court threat to Dodd-Frank on interchange caps

October 13, 2010

Analysis of:TCF Calls for Reinforcements in Long-Shot Battle vs. Dodd-Frank - American Banker Article | www.americanbanker.com

The article spells out why TCF Financial's suit against the FRB over debit interchange fee regulations is a "long shot." TCF says the Durbin amendment to the Dodd-Frank bank reform legislation unconstitutionally forces the FRB to lower the fees under cost and discriminatorily, because they will not cover all bankcard issuers. The former would constitute a taking of TCF's property without due process or just constitution in violation of the 5th amendment and the latter the equal protection clause. The article says there are many laws that have drawn distinctions like Durbin that have been upheld in court.

Duncan MacDonaldConsultantDuncan McDonald

Constitutional challenge to Durbin debit card regulation

October 12, 2010

Analysis of:Federal Reserve Sued by Minnesota Bank on Debit Caps | www.bloomberg.com

TFC Financial, a MN bank, has sued to stop the FRB from issuing debit card interchange pricing regulations pursuant to the new bank reform legislation -- the so-called Durbin amendment. TCF claims Durbin is unconstitutional.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Real Estate Investing

October 8, 2010

Several interesting situations are developing for Real Estate Investing in the U.S.

Duncan MacDonaldConsultantDuncan McDonald

American Express not a pushover for DoJ

October 6, 2010

Analysis of:American Express Sinks Again on U.S. Antitrust Case | www.bloomberg.com

American Express has decided to fight the DoJ's effort to force it to allow merchants to steer its cardholders into paying with less expensive payment vehicles. The impression by this and other media reports is that Amex is vulnerable to a defeat and thus sizeable revenue losses, as well as exposure to market share reductions by its competitors.

Duncan MacDonaldConsultantDuncan McDonald

Another win for merchants against card networks

October 5, 2010

Analysis of:U.S. Proposes Settlement With MasterCard and Visa - NYTimes.com | www.nytimes.com

As announced in the NYT, the Justice Dept. has forced Visa & MasterCard to allow merchants to steer cardholders to the cheapest alternative over interchange expensive cards: lower rated debit cards, lower rated credit card types (e.g., those without reward features), prepaid cards, cash discounts, etc. Because American Express would not similarly settle, the DoJ sued it to achieve the same result, perhaps more.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Baby Boomer's Portfolio

October 1, 2010

Analysis of:The Baby Boomer’s Case for Gold | seekingalpha.com

A major shift in investment allocation is made daily via the 74 million Baby Boomers (boomersindex.com).

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Social In-Security

September 24, 2010

Analysis of:Social Security: Where Do We Go From Here? | www.aarp.org

Is Social Security an annuity or entitlement? 

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Uncertain, and scary times...

August 24, 2010

Uncertain, and scary times in the stock market are nothing new.  Today many various markets, banking, finance, insurance,  general industries, and various investment vehicles are under uncertain, and scary times.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

US Socioeconmic Bracket Creep

August 16, 2010

Analysis of:Reagan insider: 'GOP destroyed U.S. economy' | www.marketwatch.com

US Socioeconomic Bracket Creep - The trigger will be the growing gap between economic classes. During the last financial bubble (from 2002 to 2006) the top 1% of Americans received two-thirds of the gain in national income, while the bottom 90% got only 12%. This growing Socioeconomic wealth gap is not the financial market's fault, it's the decaying fruit of bad economic policy.

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