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Comment RSSAmEx seeks for $3.5 billion
11.11.08 # 23:10Visited 57 times, 2 so far today# Business # One Comment
American Express Co. is seeking roughly $3.5 billion in taxpayer-funded capital from the federal government, according to people familiar with the situation.
On Nov. 10, the Federal Reserve approved American Express’ application to become a bank holding company.
Until now, AmEx couldn’t use the same tools as its rival credit-card companies to raise cash.
The card issuer is the latest company not directly hit by the housing crisis to request cash from the federal government.
While retailers, car companies and others hit by the slowdown in consumer spending haven’t gotten the government money, financial firms of all kinds are getting federal bailouts.
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