 |
 |
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
|
|||
 |
|||
|
|||
 |
|||
|
American Express Profit Falls on Higher Defaults
- Text size
Hugh Son
Bloomberg
July 22, 2008
 |
|
|
|
|
American Express Co., the biggest U.S. credit-card company by purchases, withdrew its 2008 earnings forecast after second-quarter profit fell 37 percent on worse-than-expected consumer defaults. The shares slumped 11 percent in extended trading.
Profit from continuing operations declined to $655 million, or 56 cents a share, from $1.04 billion, or 86 cents a year earlier, the company said today in a statement. The average estimate of 17 analysts surveyed by Bloomberg was 82 cents. American Express said it added $600 million before taxes to reserves for U.S. loan losses.
“By almost any measure, the U.S. economy and business environment are much weaker than the assumptions” the company had in January, Chief Executive Officer Kenneth Chenault said today in a conference call. “Unemployment rates took the largest jump in over twenty years. Home prices declined at the fastest rate in decades and consumer confidence is at one of its all-time low points.”
|
-
- Social bookmarks
- Email this article
-
- Print this page
- Share on Twitter
July 22nd, 2008 at 9:31 am
YEAH? AND? WANT A COOKIE? SO WHAT? YOU MEAN THIS IS NOT TIED TO 911 TRUTH EITHER? IDIOTS
July 22nd, 2008 at 9:32 am
OK OK INFOIDIOTS, SO THE ECONOMY IS DOWN…SO WHAT….YOU WANT A COOKIE?
July 22nd, 2008 at 9:40 am
CC companies never loan anything, they use your credit, give it to you, then charge you a fee to take it from you. What a SCAM. Its called usery, it used to be a crime. But, now in our backward world, its called good business.
Smoke and mirrors to divert the chattle from the truth, Corp US is bankrupt and been operating on human slavery since 1933. It was called the New Deal.
July 22nd, 2008 at 9:46 am
Well…well, Jas. Nice to see you here on this blog. What seems to be your problem? I haven’t even made a comment or applied for an AMEX card and you are already calling me an infoidiot.
Listen, Jasmine. I understand you like to stir it up, but there are truly some of us out there taking on the Federal Reserve and US Treasury. It isn’t that hard to do…you know. Americans just need some tools to get the job done.
You write as if you have all the answers…so…get on with it. Or is that not your intention? Let’s be honest…what is your intention with these comments?
July 22nd, 2008 at 9:57 am
screw the credit card compines no bail outs…..
July 22nd, 2008 at 10:02 am
Hey guess what? Nobody is here to read your rancid remarks but different sources of news. YOU WANT A KNUCKLE SANDWICH?
July 22nd, 2008 at 10:21 am
Jasmine is only a bad replicant of a brain. Simply another nwo plant.
July 22nd, 2008 at 10:22 am
at least you are comic relief Shameless.
July 22nd, 2008 at 10:26 am
We should support JASMINE for being TRUE PATRIOT and standing up against 911 Truthers.
July 22nd, 2008 at 10:27 am
3 Freecell Says:
July 22nd, 2008 at 9:40 am
CC companies never loan anything, they use your credit, give it to you, then charge you a fee to take it from you. What a SCAM. Its called usery, it used to be a crime. But, now in our backward world, its called good business.
Smoke and mirrors to divert the chattle from the truth, Corp US is bankrupt and been operating on human slavery since 1933. It was called the New Deal.
*********************************
Like TxGirl said in a previous blog…sell the CC companies assets and pay the debt off. I know Freecell knows this, but does anyone else here know who the original issue of the credit actually is if they used your credit and let you borrow it, charging you interest in the process? Sounds like a Third Party used your abondoned property.
July 22nd, 2008 at 10:35 am
jasmine gets really frustrated when she can’t access her hanna montana message forum so she comes here.
July 22nd, 2008 at 11:18 am
Dear Jasmine;
The sky is falling. Buy gold. Why won’t you listen to Alex? Buy gold, and buy Terrorstorm. That’s the answer.
July 22nd, 2008 at 11:18 am
Jasmine, we are watching you …
July 22nd, 2008 at 1:53 pm
Jazzy Baby, you crack me up!
July 22nd, 2008 at 1:56 pm
If I was in charge there would be but one, and only one credit card company in the United States, and all profits (interest) would go to the issuer, the United States Treasury. Everybody would get the same interest rate that fluctuates and is tied to the prime. This would be the most powerful card on the planet, and would only be issued to Americans. No more; 1% charged to merchants, fine print, and rip-offs of collage kids. The credit card industry in the United States is out of control. I want to see all the banks in this country nationalized! And all the profits go the American People! Once upon at time we were the most prosperous country on earth, what happened? If this country was managed right for the people, we would not even need an income tax. We would all have free medical and dental, and there would be no unemployment. But we have these leaches hanging over our heads; J P Morgan, and all the rest of them. We should just hit the reset button, write off the “National” debt (all 12 Trillion), and take every digital dime/dollar in the whole county. And then, when the big boy, punk ass banksters come around and ask for, “their” money back we’ll ask them; “ok, where did you get this money and proved it’s yours” just like how the law deals with dealers. Take your ass back to Europe!
July 22nd, 2008 at 2:39 pm
Off topic: A hammer strike works nicely on your new ‘pay pass’ RFID chipped credit cards. Smacked mine and tried to use it to no avail. Clerk was surprised when I expressed my delight at the card malfunctioning. Heh heh, take that NWO fools!
July 22nd, 2008 at 3:35 pm
“Hold on, my friends, to the Constitution and to the Republic for which it stands. Miracles do not cluster, and what has happened once in 6000 years, may not happen again. Hold on to the Constitution, for if the American Constitution should fail, there will be anarchy throughout the world.”
Daniel Webster
Protect the 1st amendment
July 22nd, 2008 at 6:28 pm
I agree with Dennis. Treasury issued credit cards (maybe with some kind of visual design similar to the 2008 stimulus checks) is a great, innovative idea to help raise federal revenue from the interest profits that would help pay down the deficits created from the out of control spending and illegal Iraq war. Not 100% sure about the constitutionality of it, even though the system would be under the jurisdiction of the Treasury in the first place (the ONLY constitutional ‘central bank’, not the evil Fed). Isn’t there a clause in the Constitution about the Treasury being prohibited from ‘emitting bills of credit’? (which essentially what this would be) I could be mistaken though, as this may apply to something else. Anyone know?
July 22nd, 2008 at 7:24 pm
#15 Dennis – you’ve got the right idea. This is one of the points I raised on another topic on this websute, I call it the New Double Deal. Not only does the government create jobs like in the
original New Deal, but it also gets into the business arena to compete with corporate America.
These government corporations will be devoted to people rather than profits. A good place to
start is with your U.S. credit card. Next I’d like to see U.S. banks. Something has got to be done
about these outrageous bank charges. My bank charges $32 for an NSF check even if you’re only
$1 overdrawn.
July 23rd, 2008 at 1:52 am
My credit is already shot, so I’m just not paying my credit cards. I’ll settle with them for half later. Businesses that fail walk away from debts all the time… so, sorry AMEX, that’s life. Life is unfair, yep, I know… we all get screwed from time to time. Too bad, so sad.
July 23rd, 2008 at 8:49 am
#15, #18 AND #19. That’s brilliant. The US Treasury (IRS) can definately monetize tax credits or anything passing through OUR public account. I don’t necessarily disagree with the US Treasury issuing credit (debit) cards. I don’t think credit cards are entirely the problem in the first place. The problem is making the rate so unreasonable that nobody could ever pay them off. However, what if there were tax credits in that account that can be accessed using this card (like a debit card).
I kinda like that idea. I’m curious what TxGirl and Freecell would say.