Firm Will Spin Off Discover

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WALL STREET - Morgan Stanley confirmed long-whispered rumors and announced it will spin off its Discover cards division in an initial public offering some time next year, positioning the unit to better compete with MasterCard and Visa USA in the payments arena. Last year, Discover acquired Pulse EFT, which provides payments services for more than 1,200 CUs. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.

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