View Full Version : American Express to Become Bank Holding Company

mick silver
10th November 2008, 20:43
The Federal Reserve on Monday evening granted a request by American Express to become a bank holding company, giving it access to low-cost financing from the Fed.

The Fed said it had approved the application for American Express and a related company, American Express Travel Related Services, to become bank holding companies. The approval represented the latest reshaping of the financial services industry, which is undergoing its worst credit crisis in decades.

In announcing the action, the Fed said “emergency conditions exist that justify expeditious action on this proposal.”

“Given the continued volatility in the financial markets,” said Kenneth I. Chenault, chief executive of American Express, “we want to be best-positioned to take advantage of the various programs the federal government has introduced or may introduce to support U.S. financial institutions.”

Mr. Chenault said in a statement that the decision to become a bank holding company would not fundamentally alter the company’s core focus on the credit card payments industry, nor would it require any significant divestitures of its operations

16th November 2008, 22:48
This doesn't surprise me at all. The government AND the central bank are centralizing power over us. Over the next four years I see us losing ALL of our freedom and cicil rights with the exception of what they LET us keep.

It is going to take a revolution to take our country back. I'm waiting for it to start. I think it is going to have to get a lot worse before enough people are going to get fed up and start saying "NO" to our dictators. When they do, I'll be there right with everyone else.