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    spitvenom's Avatar
    spitvenom Posts: 1,266, Reputation: 373
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    #1

    Nov 11, 2008, 08:52 AM
    AMEX now a bank
    I heard on NPR today that AMEX is going to change to a bank holding so they can get their hands on some of that bailout money. Why are they allowed to do this?

    American Express To Become Commercial Bank : NPR
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 11, 2008, 09:02 AM

    Its not to gain access to bailout money, its to gain access to normal low cost fed loans. And it was allowed to allow them to keep doing business.
    spitvenom's Avatar
    spitvenom Posts: 1,266, Reputation: 373
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    #3

    Nov 11, 2008, 09:07 AM

    I thought that was weird when I was listening to it they said it was to get money from the bail out. Then when I read the article it said they were doing it for the loans. That makes more sense.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #4

    Nov 11, 2008, 09:20 AM
    Hello spit:

    It's just another bailout of a failed institution... They don't have a depositor base, like a bank does. They COULD have made sure they had the capital to continue operations. They didn't. NOW, they can get a depositor base that is guaranteed by the FDIC.

    Nahhh, this is just more of the ponzi scheme being played out upon US, the American citizen.

    Oh, will they get MONEY?? You betcha!! Once that cash window is open, EVERYBODY lines up. And guess what?? The feds don't want you to KNOW what they're doing with YOUR cash... Not surprising to me.

    excon
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #5

    Nov 11, 2008, 11:48 AM

    Today GM and Ford announced they were approved to become a bank holding company. So did Circuit City.
    spitvenom's Avatar
    spitvenom Posts: 1,266, Reputation: 373
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    #6

    Nov 11, 2008, 12:06 PM
    Quote Originally Posted by tomder55 View Post
    Today GM and Ford announced they were approved to become a bank holding company. So did Circuit City.

    So how do we get a piece of the action?
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #7

    Nov 11, 2008, 12:12 PM

    You have to have the favor of the people who distribute the dole. Lehman Bros. didn't... AIG clearly did .

    The NY slimes leaked the content of the confidential conversation President-elect Obama had with President Bush . How they got that information I'll leave it for you to surmise . Obama is hot to get a GM bailout (the unions are in a panick over the prospects of GM going chapter 11 even though about $4000 of the cost of every American car is related to union benefits. )
    The lame duck Congress will do his bidding .
    magprob's Avatar
    magprob Posts: 1,877, Reputation: 300
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    #8

    Nov 11, 2008, 02:54 PM

    Dems Target Private Retirement Accounts
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #9

    Nov 11, 2008, 06:28 PM
    Hello again, spit:

    You heard it here first. Those payday lenders in the poorer neighborhoods?? They're going to be banks too. Just you watch.

    excon
    CreditTard's Avatar
    CreditTard Posts: 4, Reputation: 1
    New Member
    		  
    #10

    Jan 7, 2009, 10:15 PM

    I was surprised when I heard about this too. It sounds like all the issuers are now becoming banks. What a sham.
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