American Express needs a bailout now?
Wednesday, November 12th, 2008Things must really be bad with the US economy. According to the AP wire as of an hour ago, you can add American Express to the list of companies asking for a handout.
American Express Co. shares plunged Wednesday after a report that the credit card issuer is seeking $3.5 billion in funds under the government’s plan to directly invest in financial firms.
AmEx received approval earlier this week from the Federal Reserve to become a bank holding company, which is a similar structure to traditional commercial banks. The credit card company now has access to financing from the Fed and the ability to grow a large deposit base.
Via Forbes























