The earnings of these Big US Credit Card Corps have rocketed under the Obama Administration.
For the most recent fiscal year ended 2011, these four US Credit Card Giants registered Total Pretax Income of $19.6 bil, which was a robust increase of 34% from 2010, and an even more robust 123% from 2009.
In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Special Litigation Settlement Gains and Losses.
Clearly, the Obama Administration has created a US economic environment which has permitted these US Big Credit Card Corps to flat out thrive.
The only downside here is the impact on the credit card customers, who are still burdened with both the very high interest rates on credit card debt and the substantial credit card fees. It is really good to see that the US Consumer Financial Protection Bureau is now in place. Unfortunately to US citizens, the US Congressional Republicans were doing everything in their power to keep this from happening.
Below here is the Pretax Income of these 4 US Big Credit Card Corps for each of the most recent three years.
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