“American Express had a petition approved to become a bank holding company. Why? How about a bit of truth here Amex? Do you intend to toss bad credit-card debt on the taxpayer’s back and cover it with a TARP?”
Yes, that is EXACTLY what they intend.
Same as every CC company out there if they can do it. They will all petition to become a “bank” so to qualify for bailouts.
Hell, meet handbasket.
As soon as they are approved, I am going to start thank you all for paying my American Express card for me. Some months it is quite substantial, so I’d cut back on the beer and ball games if I was you. Just fair warning.