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eBay finishes PayPal Acquisition

Posted by CowboyNeal on Saturday October 5, 2002 @03:25AM from the one-stop-shopping dept.

Aidenn writes "As some may remember, eBay was in the process of merging with PayPal. It is finally finished. eBay has information here. news.com has a more complete story."

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But by Anonymous Coward · 2002-10-05 03:57 · Score: 5, Funny

Did they buy it using paypal?
In a related story... by dubiousmike · 2002-10-05 04:25 · Score: 5, Funny

Ebay tried to pay Paypal using Paypal. Becuase Paypal flagged the transaction as "suspect", Ebay's checking account with a balance of $1.2 mil has been frozen. Multiple calls to Paypal's customer service have gone unanswered and industry experts believe it may take up to 3 months before the situation can be rectified.
Better call the FBI by Anonymous Coward · 2002-10-05 04:57 · Score: 5, Funny

Asked about the deal, an Ebay spokesperson described PayPal's management as "A++++++++++", calling them "VERY RESPONSIVE" and noting that they "WOULD DEFINITLY BUY FROM AGAIN." PayPal's feedback rating is 1283.

It turns out they just fell for some Finnish guy's scam (never send $1.5B of stock to a P.O. box!). He claimed he was selling PayPal "for a friend", but oddly became angry upon suggestion of sending it C.O.D. Unfortunately, due to their toothless fraud protection policies, it looks like they're just gonna have to suck it up and take the loss.

Better luck next time, eBay! They probably should have bought PayPal through an escrow service...