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Author: erichollins Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308517  
Subject: Why are all CC companies in Delaware? Date: 9/26/2004 11:02 PM
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I just got curious earlier tonight and found this article:

http://www.bankrate.com/brm/news/cc/19980202.asp

Just thought that I would share.





Eric
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Author: IslandFoolin One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 190258 of 308517
Subject: Re: Why are all CC companies in Delaware? Date: 9/26/2004 11:18 PM
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Yes, very lax financial laws in Delaware. If you ever get a chance to visit the little state of hell, check out MBNA... their offices cover at least half of the acreage in the state.

Funny though, just last year they repealed the age old "No alcohol sale on sunday" law. They were persistant on shunning their citizens from the evils of the bottle yet ready to let the creditors have a feeding frenzy 7 days a week.


IslandFoolin
Who spent 4 years of his life in the 2nd smallest state in the Union.

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Author: 3muttsmom Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 190338 of 308517
Subject: Re: Why are all CC companies in Delaware? Date: 9/27/2004 8:36 PM
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Delaware also historically had the lowest corporate taxes. ALOT of corporations incorporated in Delaware. As long as they maintained an "office" there (could be as little as one secretary who forwards calls) they could legally call that their headquarters.

A bunch of states changed their corporate tax rates, so now the practice is less prevalent.

3MM

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Author: numbrel Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 190349 of 308517
Subject: Re: Why are all CC companies in Delaware? Date: 9/27/2004 11:57 PM
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When I lived in Delaware, 1983-86, they passed a law or laws that specifically targeted credit card companies to make them come to Delaware. The U of Del. was also attempting to create a special school of finance consentrating on credit and other financial institutions.

I can also remember when MBNA was located in one building. Then they built on to the building. Then they built another....... I had a friend who made lots of money designing their air conditioning system.

Barbara

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