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Financial Institutions manufacture spend themselves?

Financial Institutions manufacture spend themselves?

Old May 22, 13, 12:29 pm
  #1  
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Financial Institutions manufacture spend themselves?

Out of randomness, i've always wondered what the percentage of Banks, Paypal, AP, Google Wallet, and VR employees are on FlyerTalk everyday racking up miles thanks to our savvy selves.

More ironically, I wonder what the percentage of the people in charge of shutdowns actually manufacture spend themselves because they know exactly what NOT to do? And also talk with us everyday as if they're just "one of us".

Penny, err...mile for your thoughts?
SuperKirby is offline  
Old May 22, 13, 1:13 pm
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Originally Posted by SuperKirby View Post
Out of randomness, i've always wondered what the percentage of Banks, Paypal, AP, Google Wallet, and VR employees are on FlyerTalk everyday racking up miles thanks to our savvy selves.

More ironically, I wonder what the percentage of the people in charge of shutdowns actually manufacture spend themselves because they know exactly what NOT to do? And also talk with us everyday as if they're just "one of us".

Penny, err...mile for your thoughts?
Or...., when Citi closes your account and drains your TYP to zero, we assume that Citi took them and "destroys" them. Perhaps the person doing the shutdown transfers them to their own account. If they do enough of that, no real need for them to bother with manufactured spend. Taking is much easier!
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Old May 23, 13, 6:20 am
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low rank employees get fired quickly if they do it.

high rank employees are too busy getting free government money thrown at them to bother.
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Old May 23, 13, 6:54 pm
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Originally Posted by crabbing View Post
high rank employees are too busy getting free government money thrown at them to bother.
'Merica...
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Old May 26, 13, 10:05 am
  #5  
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Originally Posted by crabbing View Post

high rank employees are too busy getting free government money thrown at them to bother.
You must be confusing banks with auto companies.

Question for you: how much net profit has the government realized from their 2008 investments in banks, insurance companies and maiden lane assets (bear portfolio, AIG, etc)?

I'll make it easy, multiple choice...

A)$5-10 billion
B)Over $10 billion
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Old May 27, 13, 12:25 am
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Originally Posted by crabbing View Post
low rank employees get fired quickly if they do it.

high rank employees are too busy getting free government money thrown at them to bother.
Mid rank?
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Old May 27, 13, 12:53 pm
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While this doesn't directly address the OP's question, I do work at one of the major companies which has been the subject of several churn opportunities over the past few years.

I'm not at liberty to disclose anything specific. But I will say that with all our extensive monitoring systems in place, sudden spikes in high-volume/high-value activity definitely do not go unnoticed for very long. I remember that for one particular time-limited promotion which was the subject of intense churning within a (roughly) 24 hour period, our key decision makers were made aware of the churning activity within the first two hours.

In my company's case, we generally deliberately do allow such activities to continue, since they are not illegal (even if they occasionally do skirt the boundaries of our T&Cs) and ultimately represent a very small percentage of our overall business (and thus are easily absorbed within our normal margins). As such, it is usually not worth the administrative costs and potential negative publicity to clamp down on such activities. Moreover, my company's corporate culture emphasizes siding with our customers whenever possible (which by the way was one thing that attracted me to work for them to begin with), so for most issues we give folks a lot of leeway anyway.

Having said that, my company's very healthy profit margin makes maintaining this benign attitude far easier for us than it might be for a company in a different financial situation....
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Old May 27, 13, 2:32 pm
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Originally Posted by MidnightLight View Post
While this doesn't directly address the OP's question, I do work at one of the major companies which has been the subject of several churn opportunities over the past few years.

I'm not at liberty to disclose anything specific. But I will say that with all our extensive monitoring systems in place, sudden spikes in high-volume/high-value activity definitely do not go unnoticed for very long. I remember that for one particular time-limited promotion which was the subject of intense churning within a (roughly) 24 hour period, our key decision makers were made aware of the churning activity within the first two hours.

In my company's case, we generally deliberately do allow such activities to continue, since they are not illegal (even if they occasionally do skirt the boundaries of our T&Cs) and ultimately represent a very small percentage of our overall business (and thus are easily absorbed within our normal margins). As such, it is usually not worth the administrative costs and potential negative publicity to clamp down on such activities. Moreover, my company's corporate culture emphasizes siding with our customers whenever possible (which by the way was one thing that attracted me to work for them to begin with), so for most issues we give folks a lot of leeway anyway.

Having said that, my company's very healthy profit margin makes maintaining this benign attitude far easier for us than it might be for a company in a different financial situation....
Nice info. Couple questions/comments:

Allowing churning is quite nice. thanks!
Money is needed to play these games, yes?
Ever do a churn yourself?
Rewards are often worth the risk
I love earning rewards!
Can I earn unlimited rewards with your company?
All rewards I earn I really enjoy!
Never do I take for granted that the endless bounty of points will last forever!

Earn then burn is a good practice.
Xipwire was good while it lasted.
Proper planning prevents poor performance
Rival companies are always trying to get customers with high credit scores, yes?
Every member is an opportunity to realize profit.
Several FTers earn millions of points each year.
Speaking of points, how many does your company pay out on an annual basis?

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Old May 27, 13, 4:16 pm
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Originally Posted by MidnightLight View Post
While this doesn't directly address the OP's question, I do work at one of the major companies which has been the subject of several churn opportunities over the past few years.

I'm not at liberty to disclose anything specific. But I will say that with all our extensive monitoring systems in place, sudden spikes in high-volume/high-value activity definitely do not go unnoticed for very long. I remember that for one particular time-limited promotion which was the subject of intense churning within a (roughly) 24 hour period, our key decision makers were made aware of the churning activity within the first two hours.

In my company's case, we generally deliberately do allow such activities to continue, since they are not illegal (even if they occasionally do skirt the boundaries of our T&Cs) and ultimately represent a very small percentage of our overall business (and thus are easily absorbed within our normal margins). As such, it is usually not worth the administrative costs and potential negative publicity to clamp down on such activities. Moreover, my company's corporate culture emphasizes siding with our customers whenever possible (which by the way was one thing that attracted me to work for them to begin with), so for most issues we give folks a lot of leeway anyway.

Having said that, my company's very healthy profit margin makes maintaining this benign attitude far easier for us than it might be for a company in a different financial situation....
Informative, thank you.
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Old May 27, 13, 4:25 pm
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Originally Posted by carsonheim View Post
Nice info. Couple questions/comments:

Allowing churning is quite nice. thanks!
Money is needed to play these games, yes?
Ever do a churn yourself?
Rewards are often worth the risk
I love earning rewards!
Can I earn unlimited rewards with your company?
All rewards I earn I really enjoy!
Never do I take for granted that the endless bounty of points will last forever!

Earn then burn is a good practice.
Xipwire was good while it lasted.
Proper planning prevents poor performance
Rival companies are always trying to get customers with high credit scores, yes?
Every member is an opportunity to realize profit.
Several FTers earn millions of points each year.
Speaking of points, how many does your company pay out on an annual basis?

fairly certain most of these questions will not be answered in an open forum.

In fact, most are probably trade secrets that cannot be disclosed by employees.
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Old May 27, 13, 4:26 pm
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Originally Posted by shoreline View Post
fairly certain most of these questions will not be answered in an open forum.

In fact, most are probably trade secrets that cannot be disclosed by employees.
Look closer. I think the answer is
Right
There
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Old May 27, 13, 11:41 pm
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Originally Posted by NYBanker View Post
You must be confusing banks with auto companies.

Question for you: how much net profit has the government realized from their 2008 investments in banks, insurance companies and maiden lane assets (bear portfolio, AIG, etc)?

I'll make it easy, multiple choice...

A)$5-10 billion
B)Over $10 billion
How much the government made if not relavent. The loans were cheaper (given the panic) at that time than anything available in the private sector. So yes, it was free money. This also completely ignores moral hazard.
Whiles we were lucky, the governments of Ireland, Spain and others who also backstop the banks are not doing so well.
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Old May 28, 13, 2:35 pm
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this thread should be locked

what's the meaning of it? Ever heard something like "Insects get trapped in spider webs while flying birds just smash through"? Fair or not, it's real life.
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