Oh that is rich.  I guess if you close your eyes and wish hard enough maybe you can make someting happen or make the boogeyman go away..  I am reading this story about Capital One and I just have to laugh. 

"Capital One Financial, an issuer of MasterCard and Visa credit cards, said Friday U.S. credit card defaults fell in April as the company changed its customer bankruptcy accounting.

In a regulatory filing, the company said the annualized net charge-off rate for U.S. credit cards — debts the company believes it will never collect — fell to 8.56 percent in April from 9.33 percent in March.

Under the accounting change, Capital One is waiting longer to declare the debts of bankrupt customers uncollectable.  The company said the change has improved its charge-off rate by 60 basis points. Excluding the change, defaults were in line with March data."

My question to all you fine people out there is are we really that stupid?  At what point do we realize this is all just one giant shell game?  I guess based on this info it is time to run out and buy some COF stock!

Tags: Insolvent Tarp Default Stock