Home

More places to ship your money

American Express is now a bank and can't wait for its bailout money

Wed, 11/12/2008 - 3:37pm — WRhouse

(Via The Consumerist by way of Bloomberg and WSJ

Fed Chairman Ben Bernanke helped waive the 30-day waiting period, so that Amex could start to start loot/access the TARP (Trouble Asset Relief Program). Congress passed TARP to buy up troubled mortgage assets , which the Fed no longer wants to do now. So it appears that Bernanke wants to use it to help businesses that are facing problems from bad car loans, regular loans and credit card debt instead.

Oh, and Capital One is already in line to get a paltry $3.5 billion from the fund. I'm so glad home owners got some mortgage/debt relief from this bill.

History note from Bloomberg:

 Read more…
»

Help Corrente ...

... keep the heat on!

Subscribe to make a monthly payment and keep the hamsters who keep the mighty servers turning in kibble.

No PayPal Account required! Thank you!

Recent comments

I support Americans United for Separation of Church and State.