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The credit card executive had to go tell the counter party that the deal was off.
"This ensures that the cardholder will continue to use our card," a Hyundai Card executive, Kang Byung Kyoo, said.
As a result of that snafu, prior to any future negotiation, the credit card executive always got his bosses in a room together, got everyone to agree on a walkaway value, and forced everyone to sign a piece of paper agreeing to that final agreed-upon value.
The volume of travel and entertainment charges has increased by 20 to 30 percent from the fourth quarter of 2009, when recession-related declines first began to reverse, according to Kevin Phalen, a commercial card executive at Bank of America Merrill Lynch.
It destroyed the credit card executive's credibility.
The company also scored another key hire in September when former Capital One and Barclay Card executive, Gaurav Bhargava, joined the team.
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Card executives say there will little improvement until the economy stabilizes and consumers are more optimistic.
The president said after meeting credit card executives on Thursday that he and his economic team recognize the need for credit cards, especially in a tough economy.
Card executives must be losing a fair amount of sleep over this.
Amid this Congressional stalemate, Obama met with credit card executives last week to emphasize his administration's support for stronger regulations.
So while some Target customers might well feel better seeing one of their executives squirm in the bright lights of the Senate, there will be too many credit card executives sitting safely at their desks far away from the cameras.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com