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The guy in question is renowned investor Eddie Lampert. He came out pretty well on this "ripoff"
http://money.cnn.com/2006/02/03/news...pert/index.htm
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If this was retail Kmart credit extensions via credit cards or instore credit then yeah 40% is a joke and this isnt true....however after reading more of the posts, I take it this is a bit different than the OP described?
I had assumed by the way I read the OP he was referring to commercial debt of their credit departments. If this was something more like corporate liens changings hands or higher end protfolios then I can see that. I havent read any of the linked pages but I assume he had some sort of an established financial investment or risk management company?
Its an interesting industry to say the least....but there's a lot of red tape and lawyers the farther away you get from retail debt acquisition.