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Will Warren Buffett Rescue American Express? (AXP)
By Dividend.com Staff
November 15th, 2008
November 15th, 2008
Barrons had an interesting piece on American Express (AXP) today, suggesting Warren Buffett may come to the aid of the credit card company.
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November 15th, 2008 at 11:21 am
Warren should get a ‘pulse of the landscape’ by querying the consumer outrage prior (Web 2.0) to even lifting a 13% to anything higher. It’s cheap research and fast. He’d be okay to buy in IF there was a large and happy customer base left.
November 15th, 2008 at 12:31 pm
Here’s an eyewitness account of how American Express treats their cardmembers:
http://crypt.newsvine.com/_news/2008/11/14/2113614-watch-your-newnext-american-express-card-statements-apr-interest-rate-hikes
November 16th, 2008 at 1:28 am
American Express goes back in history about 150 years. This Company has some sort of Angel on it’s shoulder as it has survived during many transitional periods in history. It has helped many stranded refrugees during very difficult times in our previous century to get them safely home from abroad during times of wars. It also survived and helped people during the Great Depression. American Express led by example after 9/11 by coming back to the Ground Zero area after relocating their NY base employees to NJ once the building was repaired as it had been severly damaged from the attack. I believe they have good karma because of their good deeds. This Company has a very strong and caring CEO who is very good to all its employees, stockholders and customers.
I googled a great link about the history of American Express, everyone should read it http://home3.americanexpress.com/corp/os/history.asp
November 16th, 2008 at 4:52 pm
Bear Stearns and Lehman Brothers also have had long histories. But 2008 turned out as very historic for them!
May 5th, 2009 at 11:41 am
Marilyn, it is quite easy to see that you work for the machine. This is a typical statement issued from the PR department. I concur with your statement that the company is old. The only Angel on its shoulder is the direct ties to lobby firms and PAC (political contribution) committee within AXP and the consistent executive-level contributions.
You failed to mention the Salad Oil scandal in 1963 that nearly destroyed the company. Is that the Angel you refer to or is it De Angelis? Is that the good Karma you refer to? That is the PRECISE moment Warren Buffett entered the picture and scooped up 5%. Stock dropped 50% and it was a fire sale.
The reference to a strong and caring CEO should read, “a lawyer with ties stronger than the Mafia”. Should he care so much about the employees, he would have taken a cut from his $42.6M 2008 salary to keep those high-performing individuals whose jobs have been slashed or sent offshore.
The 9/11 recovery was due to quality business continuity planning on behalf of those few employees within and the IBM relationship. Oh, don’t forget Ken was there for 25 years.
Please learn to use other tools than Google. Perhaps a quick visit to http://www.americansexpressed will assist with deprogramming of your apparent brainwashing. Truth. Facts. The stuff you’re overpaid to bury.