Credit Card Losses Will Stay High
Source: Yahoo! News
The Google search box might be a good indicator. Have you taken the type to type "not paying" in that little box? Notice the first suggestion is credit cards. Even Google understands people are not paying credit card debt. Some simply cannot.
American Express 2Q Net Down 48%; US Card Ops In Red
Source: Wall Street Journal
Another near-record loss for this plastic provider. Although monumental losses were reported, the stock is holding steady and speculatively attributed to the primary shareholder: Buffett.
American Express Axes Employee Pension Payments Next 18 Months
Source: Arab Media Group - UAE
American Express has just announced the suspension of pension contributions for all its UK employees for the following 18 months.The reason that the company gave for suspending payments was a very simple one: they had become unaffordable.
A Cautious Thumbs-Up for TALF
Source: globeSt.com
As the July issue of industry publication US Banker noted, more than $168 billion of the $204 billion in commercial mortgages coming due this year are held by banks and thrifts. That dwarfs the $19.1 billion of CMBS loans that also mature this year.
Ameriprise Pays $17.3M To Settle SEC Charges
Source: Wall Street Journal
Isn't that nice when the former parent company owner leaves you in a lurch and you get stuck with the bad karma? That's exactly what has happened to Ameriprise.
Credit Cards: An Exchange of Messages from Readers
Source: Reuters
Felix Salmon takes an interesting look into credit cards and interacts with his audience. It explains the dynamics of the higher-end consumer that pays their bill in full monthly and why the credit card markets will be a matter of convenience as opposed to necessity.
SEC Issues New Trading Rules for Employees
Source: CNBC Top News and Analysis
SEC Chairwoman Mary Schapiro unveiled new rules that would prohibit employees from trading stocks of companies that are under investigation by the agency. The rule pertains even if the SEC employees are not personally involved in the investigation.
Kevin Johnson - Businessman Stung by AmEx Now Helps Young Consumers
Source: The Atlanta Journal-Constitution
There was a lot of video and written press about this successful Atlanta businessman at the time of his tangle with American Express. Now he's investing his time wisely with consumer advocacy and helping the youth understand financial literacy.
AZ Republican Kyl Voted Against Credit Card Reform
Source: Phoenix Business Journal
Kyl was onsite at American Express a few years ago and horrified the mixed-culture crowd about certain nationalities being terrorists. This geezer has GOT to go. He's a nutbag.
Buffett's Berkshire Scales Back Stock Purchases as Cash Erodes
Source: Bloomberg.com
Even The Oracle is trimming back on purchases these days. Although he and his firm is in a league of their own, it was noted that some of the largest equity holdings in Berkshire's U.S. portfolio have plunged in the past year. American Express Co.
American Express Chops Another 4,000 Jobs
Source: MarketWatch.com
Ken could have taken a pay cut and saved a few heads. Rather, it will add to the unemployment figures if they're not in positions qualifying for severance.
Geithner's gift to Wall Street
Source: CNN
Geithner unveils his new investment plan for the toxic assets. How do you view his plan? Some called the plan 'shockingly good' and it almost appears too good to be true.