American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Multi-Purpose
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American Express is now a bank

Postby Multi-Purpose » Tue Nov 11, 2008 5:26 pm

I hear that yesterday Amex decided to become a bank so they could benefit from the Feds super low interest loans too. We're going to start seeing every business become a bank so they can take advantage of this!
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Floppster
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Postby Floppster » Tue Nov 11, 2008 8:57 pm

Multi-Purpose wrote:I hear that yesterday Amex decided to become a bank so they could benefit from the Feds super low interest loans too. We're going to start seeing every business become a bank so they can take advantage of this!


Wait..... hasn't American Express Centurion Bank always been a bank ??
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955

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Cucumber
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Postby Cucumber » Wed Nov 12, 2008 2:40 am

Wouldn't this be a smart move for Amex? The Fed is loaning almost all the money you can ask for for only 1% interest so if I had a business and could qualify as a bank I would become a bank too! :ppp
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kiboko
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Postby kiboko » Thu Nov 13, 2008 7:06 pm

HOW MUCH MONEY IS LEFT TO GIVE OUT? AIG has taken almost 200 billion of the 700 alone!

ilostmyjob
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Postby ilostmyjob » Tue Nov 18, 2008 6:18 pm

I want to say I have no problem with credit cards becoming banks as long as they give us fair rates. They should extend this bailout to include creditors and then attach strings that require borrowers to be given better rates. That will improve the economy two ways by bailing out their companies and helping us at the same time. I must say so far this bailout is more one sided to them though.

bozell
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Postby bozell » Wed Nov 19, 2008 2:25 am

this is not a shocker whatsoever. if you were in biz and could get dirt cheap loans for billions from the government wouldn't you turn into a bank too if it were possible?

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Demon
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Postby Demon » Tue Apr 07, 2009 3:17 am

I can't see any reason makes AE convert to bank mode
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