American Express gets Government Financing

[Bindare_Dundat]

Here we go, now credit card companies are lining up for some dough.

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.”

[Bindare_Dundat]

 It would be one thing if they at least tried to hide these bailouts but they're happening right out in the open and no one gives a shit. People will wake up when it's too late.

[CQ]

It would be one thing if they at least tried to hide these bailouts but they're happening right out in the open and no one gives a shit.

Yes, many are too busy melting saying Obama will give away money to focus on the fact that billions are being doled our right now.

[Bindare_Dundat]

Yes, many are too busy melting saying Obama will give away money to focus on the fact that billions are being doled our right now.

He voted for the bailout bill, what's gonna change once he's in office?

[CQ]

He voted for the bailout bill, what's gonna change once he's in office?

As did McCain so I guess either way was going to be same, the ball's in motion - nothing he did. The issues before the bailout is what caused the bailout to occur.

My point remains however, while gov is dishing money now like crazy some people ignore it and just say it will occur - while it's occuring on a very large scale.

[Bindare_Dundat]

As did McCain so I guess either way was going to be same, the ball's in motion - nothing he did. The issues before the bailout is what caused the bailout to occur.

This bailout law that we have now occurred because politicians voted for it, not because of issues prior to it. There were other avenues that could have been taken or at least debated but politicians looked at a decision to not vote for it as political suicide because of all the, "they are too big to fail" and "martial law" scare tactics by others who had an interest in seeing it pass. Instead of voting  for the people's best interest, they voted for immediate self preservation and some pork so they could say, "see, we did something" and get re elected.

Giving Paulson a "do anything you want without legal repercussions" pass, was a terrible decision and we are now seeing the results of that decision with more money spent that was supposed to be spent and zero transparency.

He's not solely responsible but he did vote for a shitty bill.