Latest bailout outrage, more pigs flocking to the trough (Thank GAWD it passed)

[MadHound]

Never mind that the numbers on the bailout are now approaching 2 trillion. Never mind that 70 billion is going for executive pay and bonuses. Never mind that this process is about as transparent as a brick. Guess what the latest bailout outrage is.

American Express is now going to morph itself into a bank in order to scoop up some of that bailout money. Yup, AmEx the bank:

"American Express wants your deposits.

The Federal Reserve on Monday granted AmEx's request to become a commercial bank, opening the door for the credit card giant to accept deposits and permanently access financing from the Fed.

The Fed said it had approved the application for American Express and a related company, American Express Travel Related Services Co. Inc., to become bank holding companies."
<http://www.npr.org/templates/story/story.php?storyId=96844962>

Hmm, wonder who will be next to take this route, VISA, Mastercard? It's not enough that these companies are bleeding their customers dry, now they want their share of the kickback from the rest of us. Perhaps there's a cautionary tale here concerning bailouts, you know, like we shouldn't do them:shrug: Naww, can't be, we must disperse corporate welfare freely and willingly while the ordinary person struggles just to put food on the table:eyes:

Oh, and don't get me started on AIG, just go check it out for yourself.

Thank GAWD it passed:eyes:

[marmar]

1. Yep. American Express is a pretty brazen welfare queen......

n/t

[MadHound]

2. I'm waiting for the GMAC financing arm to declare itself a bank

So it can suck up its share of taxpayer money. This is getting utterly ridiculous, and in the end bankrupt the government.

Hopefully Obama will rein this sort of shit in once he gets into office, but a lot of damage can be done between now and then.