Now who here thinks credit cards are just too big to fail or that the U.S. taxpayer should be supplementing companies who charge rates and fees which are akin to loan sharking?
Yet, without even a whimper, American Express just hauled in $3.39 Billion of taxpayer dollars in exchange for preferred shares.
American Express joins more than 190 regional banks, commercial lenders, insurers and card issuers seeking at least $75 billion from the second phase of the Treasury’s bailout program for financial firms. Rival Capital One Financial Corp. has preliminary approval for $3.6 billion from the U.S. and Discover Financial Services asked for $1.2 billion.
Note who is in there, one of the worse credit card companies of all time, Capital One and they are approved for $3.6 billion!
Isn't this lovely? and they let these companies magically turn themselves into banks in order to join in on the land grab for your money. Didn't credit card companies already get your money with 20%, 28% interest rates, universal default and predatory fees?
These financial sector companies and their pals in D.C. are just going to bring this nation to it's knees.