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Richard Fairbank Bio, Founder of Capital One

A 1972 Stanford graduate (who later graduated first in his class from its Graduate School of Business in 1981), Richard Fairbank co-founded Capital One in 1988, with Nigel Morris, and continues to serve as its Chairman and Chief Executive Officer. A Virginia-based financial corporation, Capital One mass-marketed credit cards throughout the 1990s, and has become the fourth-largest customer of the American post office.

Having survived in an industry where many other competitors either went out of business or were merged into other corporations, Capital One has been the subject of controversy for its practices. The combination of its aggressive marketing of its credit cards and brand name with its extension of credit to poor and high-risk customers has fed the accusations of a predatory approach. Further, the company has made multiple cards available to some of its subprime customers, resulting in multiple overlimit or late penalty fees, and until 2008, it did not report credit limits to credit reporting agencies -- which can result in keeping a customer's credit rating artificially low, and thus keep them dependent on the credit cards offered to such subprime customers.

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