American Express preparing for bailout?

[Durruti]

To summarise, American Express has had approval to turn itself into a bank holding company - the only point of this being that it would give the company access to TARP funds if and when needed.

http://www.bankingtimes.co.uk/11112008-american-ex...

Personally, I think the credit card industry will change rapidly post christmas, and an awful lot of people who depend on these to get through day to day living will be in for a very tough time if the balances aren't being paid down. God help the idiots that live by paying the mortgage with them.

Interesting times.