Ahead of the Bell: American Express seeks $3.5B

[katty]

more: http://biz.yahoo.com/ap/081112/american_express_ahead_of_the_bell.html?.v=1

Ahead of the Bell: American Express seeks $3.5B
Wednesday November 12, 7:31 am ET
Report: American Express seeking $3.5 billion as part of government bailout program


NEW YORK (AP) -- American Express Co. is seeking $3.5 billion in funds under the government's plan to directly invest in financial firms, according to a Wednesday report in The Wall Street Journal citing unnamed sources.
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Earlier this week, American Express received approval from the Federal Reserve to become a bank holding company, which is a similar structure to traditional commercial banks. The credit card company now has access to financing from the Fed and the ability to grow a large deposit base.

The increased funding opportunities through government programs, including the potential $3.5 billion investment, could be a huge boost to American Express as one of its primary sources of funding has nearly disappeared amid the ongoing credit crisis.

[Pab Sungenis]

1. Fuck American Express.

Mormon owned, pro-Prop-8, idiots can collapse as far as I'm concerned.

[katty]

2. yes, screw them and their corporate welfare begging!