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Saturday, November 7, 2009

Premier Bankcard VP: No Layoffs from Reform

...but 79.9% interest to continue!

Remember how South Dakota's leaders (bank-beholden GOP and Dems alike) justified their opposition to credit card reform by arguing South Dakota would lose thousands of jobs?

Cash this reality check from Premier Bankcard, courtesy of Watertown's Newsmonger:

Tom Hanlon, a vice president with Premier Bankcard, told the Watertown Rotary Club Thursday that credit card reform likely won’t cause any layoffs at the company’s local branch [jaosullvan, "Credit Card Reform," Watertown Public Opinion: Newsmonger, 2009.11.06].

VP Hanlon also said that credit card reform legislation is "forcing" Premier to issue cards with 79% interest rates (see, Rod? that was no hoax). Forcing—somehow, I missed that mandate in the legislation.

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