American Express, which recently converted into a bank holding company, plans to ask the US government for $3.5bn under the TARP.
AmEx relies on packaging credit card debt into securitized debt instruments it then sells on to investors. Obviously, this market is gone. Amex now has a serious cash flow problem, making it difficult to, among other things, service its debt.
Really, AmEx? So your cash flow has disappeared, you are having trouble surviving and servicing your debt, and you think that someone should be there to bail you out? You know, cause its not really your fault that you can't service your debt, you are just the victim of extreme circumstances. Really?
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment