elef Posted December 24, 2008 Report Share Posted December 24, 2008 Morning news in Europe American Express is close to bankruptcy and gets support from US government. BTW saw some reports yesterday in march - june 2009 it's time to buy shares oil, copper etc 6 - 12 months later Link to comment Share on other sites More sharing options...
passingthru69 Posted December 24, 2008 Report Share Posted December 24, 2008 I know they won't be getting any more of my money. I had it out with them just before I came over here. They cut my credit lines a great amount. I called had a chat and they held firm so I cancelled all my cards with them. I may not have been big spender with them, but cutting my lines when I never gave them a reason to just frosted my ass. I say goodbye and good ridence Link to comment Share on other sites More sharing options...
Faustian Posted December 24, 2008 Report Share Posted December 24, 2008 More government support........this is ridiculous. They can't justify this one! Link to comment Share on other sites More sharing options...
cavanami Posted December 24, 2008 Report Share Posted December 24, 2008 Let's see...AMEX charges the highest to the merchants, charge fees for their cards and now they need a bailout? WTF...where did all there billions go??? Need some serious answers on this one! Link to comment Share on other sites More sharing options...
Torneyboy Posted December 24, 2008 Report Share Posted December 24, 2008 No .it is just crazy ... Link to comment Share on other sites More sharing options...
unit731 Posted December 24, 2008 Report Share Posted December 24, 2008 Let's see...AMEX charges the highest to the merchants, charge fees for their cards and now they need a bailout? WTF...where did all there billions go??? Need some serious answers on this one! Same, same. Where did all the money go? And these boobs are still flying their multiple private jets. Oh, and limos to the airport and back. Link to comment Share on other sites More sharing options...
samak Posted December 24, 2008 Report Share Posted December 24, 2008 no surprise! non performing credit card loans, in particular in the US will be the next huge crisis! Visa, Mastercard etc. are on the better side, as they let banks issue the credit cards and those banks also have to absorb losses! Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted December 24, 2008 Report Share Posted December 24, 2008 Let's see...AMEX charges the highest to the merchants, charge fees for their cards and now they need a bailout? WTF...where did all there billions go??? Need some serious answers on this one! When cash flows got critical, the American Express credit card was one of the first credit cards that people stopped paying on. I suspect in 6 months to a year, most of those consumers will file bankruptcy. Link to comment Share on other sites More sharing options...
USVirgin Posted December 24, 2008 Report Share Posted December 24, 2008 AMEX itself recently became a bank in order to qualify for the funding. Link to comment Share on other sites More sharing options...
manaomaiminam Posted December 24, 2008 Report Share Posted December 24, 2008 Jeez, I am not sure about where Europe gets its news, or who is interpreting it for them, but, not having heard a whisper of this on any of the 5 financial channels on TV (I would have guessed it was worthy of mention, I continued to investigate). This is quoted out of the financial part of Google. AMEX is just putting their hand out like many of the other institutions. No mention of bankruptcy, and looking at their stock, although down, like all financial over the year is still healthy and is now considered a good investment (if you want to listen to that stuff). Should we talk about nationalization of Barclay's, Deutsche Bank or many or all of the Japanese Banks? "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 investment 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. Other major financial firms have been becoming bank holding companies to access federal lending programs, such as Goldman Sachs Group Inc., Morgan Stanley and CIT Group Inc." Link to comment Share on other sites More sharing options...
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