New York — American Express Co. said Tuesday it received preliminary approval to obtain $3.39 billion in capital as part of the government’s $700 billion bank rescue program.
Primarily a credit card lender, American Express changed its structure to become a bank holding company last month. The change in status allows American Express to tap a wide array of government funding and lending programs, including the bank investment program.
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just_another_bozo_on_this_bus (anonymous) says…
"Primarily a credit card lender, American Express changed its structure to become a bank holding company last month."OK, that settles it. After long consideration, I've restructured myself as a bank-holding company. When do I get my check? A couple $million will do me, as I'm much more efficient than those other greedy "holding companies."
JKBagby (anonymous) says…
I am not paying one single cent more on my little credit card. They can subtract what I owe from the government funds they are about to scam.
toe (anonymous) says…
Only a fool would pay an annual fee for a charge card.
BigPrune (anonymous) says…
How does a credit card company that makes the total amount charged due and payable within 30 days need a bailout? I'm quite tired of these banks and now this credit card company getting bailed out. Where is my bailout? I'll let my children and children's children repay what I need. Can the American taxpayer sue to have these banks pay back the amount at 18%+ interest?
nativedaughter (anonymous) says…
BigPrune: Some of their cards, like the "blue", do not require the balance to be paid off each month. Maybe if they didn't waste so much money on stupid celebrity commercials...