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4/20/2009

Obama Administration Ready To Focus On Credit Cards

The Obama Administration is ready to take action against credit card companies which may have been deceiving their customers. Obama has long promised to do something about potentially deceptive practices used by credit card companies to attract
new customers, now the time may have come.

Economic adviser Lawrence Summers is quoted as saying the president is "very focused in the very near term on a whole set of issues having to do with credit card abuses."

Obama would most likely tackle the issue by modifying or adding to new rules placed on credit card companies in December 2008.

Citigroup Posts Smallest Loss Since December 2007

Citigroup posted their smallest quarterly loss Friday since 2007, a positive sign for the struggling bank and the economy in general.

The report after other major banks, including J.P. Morgan & Chase, posted positive results.