SallieMae, Owner of Upromise, Reports Big First Quarter Loss

April 16, 2008 · 0 comments

In a press release today, SallieMae, the owner of the Upromise rewards program, reported a net loss in their first quarter earnings for 2008 of $104 million, compared to a net INCOME of $116 million in their first quarter last year.
SallieMae’s CEO, Albert L. Lord, said, “Today’s environment is the most difficult we have seen in our 35-year history of student lending…It has become obvious that we can only meet the enormous student credit demands we are seeing at Sallie Mae if there is a near-term, system-wide liquidity solution.”
Liquidity solution? Upromise’s CEO just up and left two weeks ago? Hmmm.

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