AmEx: We're getting TARP, too

[Bindare_Dundat]

More than a month after becoming a bank, credit card issuer gets preliminary OK for $3.9B in bailout funds. CIT gets $2.3B.

NEW YORK (CNNMoney.com) -- American Express Co. announced Tuesday that it had received preliminary approval for a $3.9 billion government bailout investment.

The capital injection will come from the Treasury Department's $700 billion Troubled Asset Relief Program, which in part provides capital to banks in exchange for preferred shares and high-paying dividends. If approved, American Express would be the ninth biggest capital investment of the more than 100 Treasury has made in banks so far.

"Treasury's investment will help bolster our capital position in an uncertain economic environment," said a spokeswoman for American Express. "The added flexibility will help the company, in the near term, to stay profitable and continue to invest selectively for growth."

HAHAHAAHAHAHAHAHAHAHAHAH AHA, assholes. 

[Fury]

Money grows on trees. It's alright.

[Bindare_Dundat]

American Express
P.O. Box 297814
Ft. Lauderdale, FL 33329-7814

RE: A/C XXXX XXXXXX XXXXX



Dear Whomever Should Forward This to CEO Kenneth Chenault,

This confirms cancellation of the above referenced account.

It is with a certain regret that I have canceled my American Express account of many years, many many transactions, and many many many dollars. American Express always had a certain cache...the card one aspired to...a certain suggestion of having arrived. But regret, cache, a sense of having arrived...these are psycho babble, not practical business.

While American Express service has been nearly exemplary, its interest rates are nothing short of usurious. Were I a better person, I would have known this earlier but I was, for a long time, guilty of being careless with other people's money.

Now I know that if it's other people's money, other people control it, and other people can take it away. I'm paying attention to interest rates now, boy, I can tell you that. And I am NOT paying yours.

When I realized the ridiculousness, I called American Express and requested a revision toward reason in light of my credit history with you. Not a chance, I was told. That was months ago. Motivated by Starwood points, I have used American Express for only a couple big-ticket transactions since then, paying the balance in full. And, yet, I have been reluctant to actually end our long-term relationship...like a dreaded break-up.

An extra card, more back-up, added insurance, credit availability...all the stuff we are frightened into believing is necessary to cover our backs? I am going to step carefully off the treadmill and pray to God that I don't go sailing into a wall. As it is, already, I will avoid an annual fee for the privilege of doing business with you, not to mention the travel insurance that always confused a rental-car-during-automobile-service with travel.

When I called to cancel, you know what the service rep told me? That he'd had paid off a loan early for the same reason, but that he wouldn't cancel the card because canceling credit cards puts a negative mark on your credit report.

I hereby formally request clarification from American Express as to whether my canceling my American Express card, of my own volition and with a less-than-zero balance, is reported negatively to an information gathering service. Please do not trouble yourself with a response over the holidays, but as soon after the New Year as possible would be great.

[Soul Crusher]

American Express
P.O. Box 297814
Ft. Lauderdale, FL 33329-7814

RE: A/C XXXX XXXXXX XXXXX



Dear Whomever Should Forward This to CEO Kenneth Chenault,

This confirms cancellation of the above referenced account.

It is with a certain regret that I have canceled my American Express account of many years, many many transactions, and many many many dollars. American Express always had a certain cache...the card one aspired to...a certain suggestion of having arrived. But regret, cache, a sense of having arrived...these are psycho babble, not practical business.

While American Express service has been nearly exemplary, its interest rates are nothing short of usurious. Were I a better person, I would have known this earlier but I was, for a long time, guilty of being careless with other people's money.

Now I know that if it's other people's money, other people control it, and other people can take it away. I'm paying attention to interest rates now, boy, I can tell you that. And I am NOT paying yours.

When I realized the ridiculousness, I called American Express and requested a revision toward reason in light of my credit history with you. Not a chance, I was told. That was months ago. Motivated by Starwood points, I have used American Express for only a couple big-ticket transactions since then, paying the balance in full. And, yet, I have been reluctant to actually end our long-term relationship...like a dreaded break-up.

An extra card, more back-up, added insurance, credit availability...all the stuff we are frightened into believing is necessary to cover our backs? I am going to step carefully off the treadmill and pray to God that I don't go sailing into a wall. As it is, already, I will avoid an annual fee for the privilege of doing business with you, not to mention the travel insurance that always confused a rental-car-during-automobile-service with travel.

When I called to cancel, you know what the service rep told me? That he'd had paid off a loan early for the same reason, but that he wouldn't cancel the card because canceling credit cards puts a negative mark on your credit report.

I hereby formally request clarification from American Express as to whether my canceling my American Express card, of my own volition and with a less-than-zero balance, is reported negatively to an information gathering service. Please do not trouble yourself with a response over the holidays, but as soon after the New Year as possible would be great.

I can use some TARP money.