Posted by Tina
** U.S. credit card defaults rose in February to their highest level in at least 20 years, with losses particularly severe at American Express Co and Citigroup amid a deepening recession. AmEx, the largest U.S. charge card operator by sales volume, said its net charge-off rate — debts companies believe they will never be able to collect — rose to 8.70 percent in February from 8.30 percent in January. Reuters **
And this morning Freddie Mac says it needs $150 million dollar bailout. Retention bonuses are scheduled to be paid to execs…the madness continues on all fronts…nah nah nah nah…nah nah nah nah…hey hey hey…goodbye.