Cap One-Discover deal detractors assail reported DOJ approval [Yahoo! Finance]
Discover Financial Services (DFS)
Last discover financial services earnings: 4/22 05:35 pm
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Source: Yahoo! Finance
The formation of the largest U.S. credit card issuer has taken a significant step forward, and consumer advocates are renewing their concerns about how credit card borrowers with weak credit scores will fare under an enlarged Capital One Financial. The Justice Department will allow the $35 billion sale of Discover Financial Services to Capital One to proceed uncontested, according to media reports. The Justice Department's new antitrust leader, Gail Slater, determined there isn't sufficient evidence to challenge the acquisition in court, The New York Times and Bloomberg News reported Thursday, citing people familiar with the decision. The DOJ clearance “is a disappointing display of Trump's supposed anti-monopolists failing to defend consumers from an anti-competitive transaction in an already consolidated industry,” Andrea Beaty, assistant director of the Revolving Door Project, a Washington-based advocacy group, said Friday in an email. “In this case, Capital One's acquisitio
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