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MBNA Corporation (KRB) Message Board

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  • Leonardo_Bazzani Leonardo_Bazzani May 20, 1999 3:51 PM Flag

    Fund Manager Likes KRB

    Credit-card provider Providian Financial was
    bought heavily. The company posted a 100% gain in
    first-quarter net, the fifth quarter in a row of accelerating
    profit growth. The stock quadrupled since October. It
    remains in a solid up trend.

    PVN is taking KRB
    down please see CBS news.

    By Richard Cole, CBS
    Last Update: 10:23 PM ET May 19, 1999 Movers & Shakers

    SAN FRANCISCO (CBS.MW) -- Shares of Providian
    Financial Corp. plunged Wednesday after local media
    reported that the San Francisco district attorney's office
    has opened a consumer fraud probe directed at the
    credit-card company.

    Shares of the San
    Francisco-based company closed down 17 3/16, or 14 percent, to
    106 15/16.

    The San Francisco Chronicle and
    KRON-TV reported Wednesday afternoon that Oakland's
    Better Business Bureau had received 850 complaints --
    more than on any other company -- from irate Providian
    customers. Many said the company had sent them credit cards
    unsolicited, then charged monthly fees.

    allegations are that there are unfair business practices,"
    Clarence Johnson, spokesman for the DA's office, told the
    Chronicle. "This is something that came to our attention
    several months ago. We got a lot of

    Providian (PVN: news, msgs) spokeswoman Laurie Cole said
    the company will cooperate with any investigation and
    is looking into the Better Business Bureau

    "We are taking every question and
    criticism into careful account," Cole said.