Stolen Funds Do Not A Bank Make

The state has waved its magic wand, and poof, AmEx is a bank holding company.

The Federal Reserve, using emergency power to act swiftly, granted approval for AmEx and American Express Travel Related Services to become bank holding companies.

I realize, that AmEx has been operating a banking concern, American Express Centurion Bank, but let’s read what Chief Executive Kenneth Chenault has to say about this magical transformation of AmEx.

“Given the continued volatility in the financial markets, we want to be best positioned to take advantage of the various programs the federal government has introduced or may introduce to support U.S. financial institutions,...”

Ah, in fact the magical transformation only is providing AmEx with the ability to receive stolen funds, not yet even earned by the individuals who actually are productive, and as Chenault intimates, they plan on taking advantage of booty available at this time, or booty that may become available in the future.

Welcome to the club, AmEx.

AmEx becomes bank to stabilize funding

Posted by .(JavaScript must be enabled to view this email address) on 11/10 at 09:06 PM

Name:

Email:

Location:

URL:

Smileys

Remember my personal information

Notify me of follow-up comments?

Submit the word you see below:


Next entry: Singing a Different Tune, Now

Previous entry: Something Good Outta Detroit, Southfield, actually

<< Back to main