American Express seeks $3.5B

AP
Ahead of the Bell: American Express seeks $3.5B
Wednesday November 12, 7:31 am ET
Report: American Express seeking $3.5 billion as part of government bailout program
http://biz.yahoo.com/ap/081112/american_express_ahead_of_the_bell.html?.v=1

Our business is failing can you give us some money?

Somehow I get the feeling Osama Bin Laden is somewhere laughing in a cave right now.

Cincy Fan 44 wrote:Somehow I get the feeling Osama Bin Laden is somewhere laughing in a cave right now.

You're probably correct. And I love that notion.

I thought I heard somewhere that American Express was converting to an actual bank in order to access the 700B....

To anyone else but me, it is the height of stupidity to not be completely and totally transparent with the distribution of funds from the 700B?

You can thank Obama, McCain, and others for this mess.

I heard that on the radio here.

http://www.npr.org/templates/story/story.php?storyId=96844962&ft=1&f=1006

Morning Edition, November 11, 2008 · The Federal Reserve approved an application Monday by American Express to become a bank holding company. The change will allow the credit card giant to become a commercial bank. The decision opens the way for American Express to accept deposits and permanently access low-cost financing from the Fed.

i agree pez! where are the 2 or 3 oversight people who were required in the bailout agreement!!