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GLG News by Credit Card Industry Experts

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

TALF - Implications for Credit Card Issuers

March 12, 2009

Press Release: The Federal Reserve Board Announces the Creation of the Term Asset-Backed Securities Loan Facility (TALF) | www.federalreserve.gov

This program will be a benefit for the large credit card issuers: JP Morgan Chase, Citicorp, Bank of America, American Express, Discover and Capitol One, all of whom can position themselves as a high quality, AAA rated, source of new loans. TALF could prove to be especially helpful to American Express, Discover and Capital One, credit card issuers who lack the branch network and deposit base of the big money center banks. TALF could open up a funding source by reviving the credit card securitization market.

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

MasterCard Clouds on the Horizon?

June 4, 2008

MasterCard "buy," target price raised | www.newratings.com

The near-term prospects for MasterCard are positive, despite a weak US economy. MasterCard is riding a trend of payment transactions moving from cash and check to card and electronic media. The challenge to MasterCard comes from potentially disruptive regulatory and technology forces that MasterCard must acknowledge and address.

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Credit Card Deal on Target for JP Morgan and Target

May 12, 2008

Target in credit card deal with JPMorgan | www.ft.com

The credit card deal announced between Target and JP Morgan makes sense for both parties.  It allows Target to address shareholder concerns regarding its card business and mitigate potential growing credit losses. It enables JP Morgan to further develop its private label retail card strategy by taking a substantial interest in the Target portfolio, while placing limits on its loss exposure. There is protection for both parties as well as options to further extend the relationship.

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Discover Goes Global With Diners Club Acquisition – A Positive Step

April 14, 2008

Diners Club assets sold to US card issuer | www.businesstravelworld.com

The Discover Card acquisition of Diners Club International is a positive step, addressing one of Discover's competitive weaknesses, the lack of a strong global merchant acceptance network. But it is only one component of the comprehensive solution needed to address Discover’s competitive weakness versus Visa, MasterCard and American Express.

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Litigation Issues Cloud Visa IPO

September 17, 2007

Visa, preparing for IPO, wins OK from SEC | www.reuters.com

The Visa IPO is a noteworthy transaction that has the potential to reshape the payments industry. It offers Visa and its members the opportunity to unlock billions of dollars in value from the business they have built.  But, the potential return could be materially reduced by pending litigation.

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Western Union - Behind and Beyond the Boycott.

September 17, 2007

Immigrant groups launch Western Union boycott | www.latimes.com

Immigrant advocacy groups raise valid issues regarding Western Union. Significantly higher remittance fees  and an underinvestment in the immigrant community are the reasons for the boycott. Beyond the boycott advocacy groups should identify and promote remittance alternatives to Western Union, thereby adding a competitive market force to their efforts.

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Not a Prime Time to Tap the Sub-Prime Market

September 10, 2007

Credit card companies woo struggling mortgage-holders | www.boston.com

The sub-prime segment has been a profitable market for some credit card companies. Success depends on an issuer's ability to accurately assess credit risk and price accordingly. At this time mortgage defaults and increased uncertainty in credit markets and the general economy make risk more difficult to assess and the sub-prime market an unattractive target for credit card issuers.

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Good Medicine - If the Prescription is Followed

September 6, 2007

Doctors Offering No-Interest Loans to Patients | www.nytimes.com

What was a niche market served by small specialty financial services players is now led by three of the largest financial services companies in the U.S. No-interest medical financing is a growing market and a good option for the informed consumer. It serves a financing need, filling a gap left by higher medical insurance deductibles, increased insurance premiums and  a growing number of cosmetic surgery procedures that are not typically covered by medical insurance plans.

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

The Rain is Coming - Don't Count on the Credit Storm Bypassing Credit Cards

August 30, 2007

Unexpected: Card Debt Stays Dry in Credit Storm | www.americanbanker.com

The hope that credit card delinquencies and default rates will not be impacted by the subprime mortgage crisis is misplaced.  Although risk indicators may be off all-time highs, they are increasing and merit attention. With decreasing home prices the highly levered U.S, consumer is losing access to home equity and mortgage refinancing products that enabled them to spend beyond their income. The risk is already in the credit card portfolios and will have to work its way out in the form of higher credit losses.

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

But Can I Trust It?

April 24, 2007

Skype to offer money-transfer system via PayPal | news.yahoo.com

Consumer money transfer is is a large and growing global business. Its size and current pricing are attracting new entrants and new technologies that promise lower cost transfer services. But cost is not the only factor, and often not the most important factor in selecting a money transfer service. Security and trust often dominate the decision on which service to use.

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