American Express. Is the wallet empty?
@ November 12, 2008 # No Comment Yet
American Express wants $3.5 billion in taxpayer bailout money, which explains why earlier this week Amex was deemed by the Federal Reserve to be a “bank holding compnay”, giving it access to Fed financing.
American Express has hit troubled times recently because its business model relied heavily on selling packages of credit card debt to investors; [...]
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Shocker: Banks want to forgive your credit card debt!
@ October 30, 2008 # No Comment Yet
In addition to the financial market meltdown that banks are facing due to the mortgage crisis, they are also losing billions of dollars from unpaid credit card debt. Major banks are asking the government to allow them to forgive up to 40% of some customers’ debt so that the customers will be able to pay [...]
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