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Archive for Wednesday, December 24, 2008

American Express OK’d for bailout funds

December 24, 2008

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— 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.