Capital One (COF 50.74) announced a $700 million cash acquisition of debit card company NetSpend in August, and then abruptly called it off last night. COF probably decided they had better conserve the cash to help absorb losses.
Which means the insiders at Capital One are recognizing more problems that they are about to face than they are letting the market know.
They've already transferred billions of mortgages to loans held for investments from available to sale. (When you can't sell them, it's an investment.)
What's in your wallet?
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