[pocketmidget]

American Express won U.S. Federal Reserve approval to become a bank holding company — giving it access to the bailout party as credit card defaults climb. Bloomberg News says that the Fed waived the usual 30 day waiting period because (in the words of Fed Chairman Ben Bernanke) we're experiencing "unusual and exigent circumstances affecting the financial markets." Today, American Express has requested $3.5 billion in taxpayer-funded capital from the federal government, says the WSJ.

Source: http://consumerist.com/5084297/american-express-becomes-a-bank-and-wants-bailout-money

Stay classy San Diego.

 

[Daniel15mtsu]

You cut and paste better than anyone!

 

[pocketmidget]

Well excuuusee me princess for wanting to add some form of conversation to the OT area.

 

[Ventolin]

Seriously, who doesn't qualify for a bailout? They want to hand it to the Big Three now, too, and while I think the American Auto Industry needs help (by other means, the private sector, restricting the Union, cutting Legacy costs, etc), it just goes to show you that there aren't many limitations on who gets what.

Our money is going to big business, plain and simple. We're going to be paying for all of this in our taxes.

 

[Daniel15mtsu]

Obama is about to bailout the auto industry

wait and see

more control by the goverment... a democrats dream come true

we at least should get an employee discount

 

[TNLowz06]

Spend a little now or deal with a shitload later on.

I would not blame the bailouts - I would blame the lack or foresight in the past.

http://business2press.com/2008/11/11/gm-is-a-mess-but-we-still-need-to-bail-gm-out-now/ Good article regarding GM.

I won't lie either - I have a self-interest stake in GM staying afloat. My father and grandfather combined have over 65 years with GM and my grandfather relies on his pension.

 

[TNLowz06]

Obama is about to bailout the auto industry

wait and see

more control by the goverment... a democrats dream come true

we at least should get an employee discount

This will happen long before Obama officially becomes President.

 

[Ventolin]

If they bail out GM, they should seriously considering atleast temporarily getting rid of the Union.

 

[FNEG]

Obama is about to bailout the auto industry

wait and see

more control by the goverment... a democrats dream come true

we at least should get an employee discount

shoot n...a we gots to save the suburban,escalad,tahoue,and crown in this bitch

 

[Nicko]

If they bail out GM, they should seriously considering atleast temporarily getting rid of the Union.

No kidding. When they are bailed out, they really need to reconsider their management.