http://www.washingtonpost.com/wp-dyn/articles/A47040-2002Jul9.html

SAN FRANCISCO, July 9 -- The fallout from the February failure of 
online credit card issuer NextCard Inc. will land on about 800,000 
customers Wednesday when federal regulators close their accounts, 
abruptly cutting them off from incentive programs that rewarded their 
past spending.

The Federal Deposit Insurance Corp., the government agency that has 
been overseeing the business since regulators seized the accounts 
Feb. 7, waited until today to tell NextCard customers that their Visa 
credit cards would become worthless Wednesday.

...

[$300 million, down the drain.]

FC rating = "Severity: 100 - new hall of fame inductee!"
JMR



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