So, why did the company take $3.39 billion of TARP money today in exchange preferred stock and warrants to purchase shares of common stock for up to 15% of that amount? The preferred shares will pay dividends at a rate of 5% annually for the first five years and then 9% annually thereafter.
American Express doesn't need the money. Maybe it should go to taxpayers who are delinquent on their Amex payments instead.
rest at http://www.247wallst.com/2008/12/profitable-amer.html
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