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- American Express is the fourth-largest credit card company in the United StatesTimes Online: American Express seeks $3.5bn Treasury funds (November 12, 2008)
- Reportedly seeking a $3.5 billion bailout by the U.S. GovernmentTimes Online: American Express seeks $3.5bn Treasury funds (November 12, 2008)
- Was approved to become a bank-holding company on Monday, November 10, 2008Times Online: American Express seeks $3.5bn Treasury funds (November 12, 2008)
- The upgraded status of a full-fledged bank allowed for the company to request federal fundsThe New York Times: American Express to Be Bank Holding Company (November 10, 2008)
- The Federal Reserve approved the application for American Express to become a holding company due to "unusual and exigent circumstances"The New York Times: American Express to Be Bank Holding Company (November 10, 2008)
- American Express announced layoffs of 7,000 on October 30, 2008MarketWatch: American Express Announces Reengineering Plan to Generate.... (October 30, 2008)
- American Express also announced a plan to produce cost benefits through a company-wide reengineering initiative on October 30, 2008MarketWatch: American Express Announces Reengineering Plan to Generate.... (October 30, 2008)
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According to the Wall Street Journal, American Express is seeking $3.5 billion in federal funds. It was reported on November 12, 2008, that American Express, a credit card company, applied to the Troubled Asset Relief Program (Tarp), a part of the Treasury Department's bailout plan.Times Online: American Express seeks $3.5bn Treasury funds (November 12, 2008)
The program, which was established under the Emergency Economic Stabilization Act of 2008, allows funding for bank-holding companies who need to be rescued. American Express was approved to become a bank-holding company on Monday, November 10, 2008.Times Online: American Express seeks $3.5bn Treasury funds (November 12, 2008)
American Express Bailout Quote
"Given the continued volatility in the financial markets, we want to be best positioned to take advantage of the various programs the federal government has introduced or may introduce. We will continue to build a larger deposit base to broaden our funding sources."—Kenneth I. Chenault, CEO of American ExpressThe New York Times: American Express to Be Bank Holding Company (November 10, 2008)-
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American Express Bailout Questions
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Bank : What was American Express Credit Card Write-Offs in 2008? 2 AnswersAmerican Express reported $8 billion in write-offs on their 8k for 2008. (7.5% of 32.6 billion category A cards, and 7.3% of $62.4 billion of category B cards).... read more -
Bank : How much did American Express collect in penalty fees in 2008? 4 AnswersPer Footnote 23 (page 112) of the American Express 2008 10-k filing with the SEC, American Express recorded $852,000 in delinquincy fees for the year ended Dece... read more
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Do Senators who blocked the Automaker Bailout stand to benefit from the American brands failure? 10 AnswersThat would depend on what part of the country you are a senator from bud. If you live in Detroit well.. read more -
Bailout this, bailout that...what past company do you think could have used a bailout? 6 AnswersProbably a bunch of small businesses proportionately spread around the country to help out the problem of losing business to corporations. Places that had senti... read more
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On Twitter Powered by Twitter
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RT @kcarruthers: Reading: More on Bailout Ripoff People at American Express http://bit.ly/5tSyHR #amex
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RT @SharonHayes American Express Buys Online Payments Firm Revolution Money http://bit.ly/24dNB9 #NYTimes -w/bailout money. F Them!
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