Times of India
24 Dec 2008, 0024 hrs IST, AP
NEW YORK: American Express Co. said on 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.
CIT, a New York-based commercial finance firm, had its status change approved on Monday, and received preliminary approval to obtain $2.33 billion as part of the investment program earlier on Tuesday.
The government investment, administered by the US Treasury Department, is part of a broader program to invest in banks amid the ongoing credit crisis. It's an effort to stabilize the financial services sector and spur lending between banks and to consumers and businesses.
Comments: Here is the application that AMERICAN EXPRESS filled out for Federal Aid! Its ONLY 2 pages long. Please scroll down the page and view it. Would your company like to turn into a bank and receive aid? Try it, everyone else does! What a SCAM this government is!
APPLICATION FOR AID HERE
Federal Reserve makes GMAC a bank holding company
Dec 24 05:42 PM US/Eastern
By MARTIN CRUTSINGER
AP Economics Writer
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WASHINGTON (AP) - The Federal Reserve has granted a request by the financing arm of General Motors to become a bank holding company, allowing it to petition for money from the government's $700 billion rescue program.
As a bank holding company, GMAC Financial Services will also be able to get emergency loans directly from the Federal Reserve. Without backing, GMAC could have been forced into bankruptcy protection.
The Fed said it had determined that emergency conditions existed because of the crisis in the financial system.
The Fed's decision comes five days after the Bush administration said it would tap the bailout fund to provide emergency loans to General Motors and Chrysler LLC to buy them time to reorganize and avoid having to file for bankruptcy.
Un fefing believable. Where does the stealing end? Our government is a bunch of thieving lying scum bags. They have been for a long time now. This philosophy is permeating in to every facit of our culture. Unless the leadership changes, we are doomed.
ReplyDeleteHey American Express...
ReplyDeletean interest rate of 24% should be tacked on to your bailout.
There are people living in tent cities and these vultures who had a big "Percentage" in putting them there have the balls to go begging.
I'm BKing my Am. Ex card and boy does it feel good!
ReplyDeleteThat's it! I have had it.
ReplyDeleteI am creating my own bail out!
BK on both my American Express Cards!!!!!!
25k and 5k
I will not make one more single payment to either one of them!
I am done with all of the creepy credit whores.
All small busines owners should jack up their base rates. Then when customers are sticker shocked offer a 10% discount for check or cash.
ReplyDeleteWhen customers who still want to pay by credit card complain that they want the discount too... Explain to them that the cash discount is offered only to back out the built in cost of dealing with credit cards.
When the customer complains that it doesnt cost 10% to process the card, respond with:
"Actually, when we add up all the merchant fees and the hidden banking bail out costs it is really much more than 10%"
STICK TO YOUR GUNS, if the customer really wants the discount they can go to the bank and pull a cash advance. They will still save a few buck doing this with your 10% discount."
This is the ultimate scam and endorsed by the shameful thieving US government: A credit card company who sucks the blood out of poor people will receive help from the its victims to continue sucking their blood. If it makes perfect sense to you then it surely does to me.
ReplyDeleteAmex, Discover, Capitol One, they've all become banks; they've all done the same thing. So they're getting bailout money (which they can't/won't account for) and they're "jacking rates"...With the change in the BK laws, a lot of people don't qualify for that. I do debt settlement; so I'm helping folks settle for dimes on the dollar. Good times!!
ReplyDeleteThe Federal Reserve System is not a part of the Federal Government. It comprises of several privately owned banks. If this is made clear to the public then their (Feds) actions would not seem outrageous as they are trying to save their own skin and profit year in year out.
ReplyDeleteThe US Government should get rid of these Federal Reserve Banks and establish its own Central Bank answerable to the TAX PAYERS. Then only there will be light at the end of this treacherous long tunnel.
This will ALL end in tears! Violence is no answer, but civil disobedience is. Where's Ghandi when we need him?
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