WSJ: AmEx Said To Request $3.5 Billion In U.S. Aid

wsj.com:

American Express Co. which is being hit by slowing consumer spending and rising defaults, is seeking roughly $3.5 billion in taxpayer-funded capital from the federal government, according to people familiar with the situation.

The card issuer is the latest company not directly hit by the housing crisis to request cash from the federal government. While retailers, car companies and others hit by the slowdown in consumer spending haven't gotten the government money, financial firms of all kinds are getting federal bailouts.

Read the whole story: wsj.com

Comments

[AmandaBC]

Wouldn't it be easier to just give every American the money to pay his/her personal debt? Yeah, right, the US government doesn't really want to help Joe Average, their main concern is Joe CEO's bonus...

[realityczech4u]

As soon as I get around to it, I will be cutting up my AMEX card and sending it back along with a letter of explanation. This business of consolidating banks, insurance co.. and brokerages into big monoliths made a major contribution to the mess we are in. The government should be breaking up the giant failing banks but instead they are creating more of them. It is insanity and will cause more trouble down the road.

[ralph10]

He's baaack!

[rollingdivision]

Obama supports the bailouts. Taking the money from working families to keep investment bankers in bonus money.

[TN]

Oh pleeze, didn't they save any money from the 2.5 percent they charge on every purchase? Cry me a river AMX.

[lostinNJ1]

Why can't I read the whole linked article? It says I must subscribe or already be a member...

[papapj]

Whatever happened to 'survial of th efittest', isn't that what capitalism is all about?

Shouldn't these companies have reacted to a downturn the way EVERYBODY EOLSE HAS TO, by belt tightening, etc?

Why bailout these immoral usurius bast**ds...Let 'em twist in the wind, like they do their customers who owe them..hypcrites!!!

[AmandaBC]

Capitalism has never been about survival of the fittest and never will be. The struggle is only among the poor and the middle class, while the rich gang up together to fleece them.

[papapj]

Correction: The struggle is INSTIGATED between the poor and the middle class to divide and rule.

As one wag once said; Give me the masses and I'll find a way for one half to fight the other...

[Chavista]

Papapj, I think you might of meant the survival of the "effetists". The 'effete' are those who are "marked by weakness or decadence". The effete, the leaders, those who are "soft or delicate from a pampered existence". The definition of effete certainly does apply to politicians as well as bankers and financial ceo's.

[comehomenow]

I've already paid my debt twice over with the interest they charge. Let these companies FOLD. The world will be a beautiful place without credit cards.

[akkadian]

Is this what the McCain and Palin mean by 'spreading the wealth, socialism and redistribution?'
Or does that tag only apply to those still on their first billion?

[jalowe1957]

To parapharase a 1973 quote from a African-American preacher straight from the pulpit, "AIG gets bailed out, the banks get bailed out, now the automakers and American Express wants bailouts. It's socialism for the rich, and rugged individualism for the poor."

Pathetic, isn't it?

[LemonMeringue]

Pelosi needs to go.

[LemonMeringue]

SEE WHAT THEY STARTED

NADER NADER NADER NADER NADER

[bmwracer]

The Bailout Bandwagon is loading up and coming to your town...

This is absurd.

[HatingTheGame]

Sure, we'll give them credit. As long as they pay it back in 30 days, or we'll charge them outrageous interest and start sending them nasty form letters every week.

That ought to teach them to be credit worthy.

[4real]

Hey where do I sign up for a bailout?

Seriously it's time to start saying NO to these companies because it's more and more are going to be lining up for a handout. Enough!!