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[bob ford <bobford79 AT yahoo.com>]

Now, if circle K, Lqiour stores,  horse tracks ,  and I , can all become 
banks, and therefore eligible for tax-payer paid gov't bail-out, I wouldn't 
be quite as angry at this crony capitalistc (socialim in another name)b.s. 

 Save everyone who donates to politicians and every large group or faction 
that works for and donates to politicians, and we  end up with a system oif 
noting but kickbacks and bribes,  Only the workers -- the succesful, the 
non-politically connected will receive nothing but the bills to pay to keep 
the bail-out recepients in the undeserved pretentios lifestyles.. 

Never forgot these people have never been the best and the brightest. 
Instead,  they have proved to be is abject failures.  Thus, in this country, 
they must now be rewarded..................bobford


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Tuesday, November 11, 2008  

BUSINESS NOVEMBER 11, 2008 AmEx Plans To Become Bank Firm
 
By ROBIN SIDEL and JON HILSENRATHArticle

 more in Business »American Express Co. won fast approval to become a 
bank-holding company, giving the credit-card giant quicker access to a chunk 
of the $700 billion being pumped into financial firms by the federal 
government.

The move shows how fast financial-services firms that long relied on the 
capital markets are racing to shore up their funding sources as the credit 
crisis drags on and economic turmoil spreads around the world.

AmEx's two bank units already have borrowing access to the Federal Reserve's 
discount window, and the New York company said last month that it had enough 
liquidity to keep itself going for at least a year even if it were shut out 
of the credit markets.

"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," 
Kenneth I. Chenault, AmEx's chairman and chief executive, said in a statement.

The company said the move puts it on equal footing with competitors that 
already are structured as bank-holding companies.

"This decision to become a bank holding company does not fundamentally change 
American Express' core focus on the payments industry, nor will it require 
any significant divestitures," said Mr. Chenault.

The move appears to indicate that AmEx will join the slew of financial 
institutions that have applied for the Troubled Asset Relief Program, or 
TARP. The company, however, hasn't yet done so.

Under normal circumstances, it would take a firm like AmEx months to win 
approval of such a switch. But the Fed waived its normal procedures to 
expedite the move.

By winning quick approval to become a bank holding company, AmEx is now in a 
position to turn to the Treasury Department for a piece of the funds it is 
investing in financial firms to bolster their capital. The program is open to 
banks, bank holding companies and thrifts. Firms have a Nov. 14 deadline to 
apply for a government investment, which forced American Express to move 
quickly.

AmEx is described in the Fed's order approving the switch as 
well-capitalized. But the firm is expected to quickly turn to the Treasury 
for an investment to bolster its position.

The switch also puts American Express in a position to acquire other banks, 
and get access to a broad base of customer deposits, though it's not clear if 
that is part of the firm's short-term plans.

In a conference call to discuss third-quarter earnings last month, Mr. 
Chenault appeared to play down the potential that the company would acquire a 
bank, saying that the focus on retail deposits "comes with a lot of other 
stuff." Furthermore, he said, "we think we are evolving a funding strategy 
that will allow us to navigate through these challenging times."