Capital One reported fourth quarter profit of $226.6 million after market close on Wednesday, or $.60 per share, down from $390.7 million, or $1.14, in the year-ago period. Rising losses on credit card loans were a chief culprit, although the company also took a $95 million charge associated with the shutdown of its troubled GreenPoint Mortgage unit, dragging down EPS by $.25, the company said. Capital One had warned of the earnings drag in early January. In August of last year, Capital One shuttered GreenPoint, a wholesale mortgage originator, and laid off 1,900 employees as the business unit faced what the bank said were "significant" profitability challenges. Calculated Risk noted yesterday that CEO Richard Fairbank was decidedly bearish on the company's earnings call with analysts, saying "we are managing the company as if a recession was already here."