American Express to Participate in US Treasury TARP Program
American Express has announced that "the United States Department of Treasury has provided preliminary approval for the company to participate in the Treasury’s Troubled Asset Relief Program Capital Purchase Program. American Express expects to issue and sell to the Treasury preferred stock of approximately $3.39 billion and warrants to purchase shares of common stock for up to 15% of that amount." In November, American Express was approved as a bank holding company by the Federal Reserve.
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