American Express will cease to exist unless we bail them & others out - again!

[AfterLOS]

Amex already is in loads of trouble. Merchants flat out refusing to accept their cards and signs posted

in soooo many places stateside, "sorry we no longer accept Amex"

Their traveler checks are rarely if ever accepted and generally speaking instead of the US dollar becoming toilet

paper, Amex checks HAVE. Wells Fargo told 'em to take a hike a few years ago.

Bankruptcy inevitable in 2014 - 2016.

Big momentum divergence in weekly chart and a clear counting of the wave ascent. It is a wave B so must be a 3-legger with the last

leg in clearly discernible 5 mini-waves.

Trendline is creaking.

It is at 261.8% Fibo resistance.

As far as I know nobody else worldwide has called this YET.

Not bothering with SHORTING this - won't get paid.

[wolf5370]

I had a restaurant in the UK 20 years ago - we accepted all credit cards except Amex and Diner Club. Why? because they charge so much more than Visa / Access (no longer exists) / MasterCard does. Many business men I knew did likewise. Greedy - they even charge (or used too back then if they don't know) card members for the privilege of owning one of their cards (more money for higher cards) - own worst enemy. Like many early take on companies that greedily used their position to rake in from all sides, they get undercut and surpassed over time - their time has come and gone. Good riddance.

[AfterLOS]

Since 2011 but really since the March 2009 world market LOW the troubles have been showing up. This is typical of a B-wave aka phoney bullrun

http://www.newcreditrules.com/newcreditrulescom/2009/01/american-express-to-change-discriminatory-policy-sort-of.html

http://archive.fortune.com/magazines/fortune/mostadmired/2011/snapshots/2493.html

http://www.nytimes.com/2012/10/02/business/american-express-to-refund-85-million.html?_r=0

http://dealbook.nytimes.com/2013/12/24/american-express-to-pay-75-million-over-credit-card-practices/

[i claudius]

American Express are crap and overpriced ,best thing is they go broke ,good ridence to bad rubbish.

[SheungWan]

American Express are crap and overpriced ,best thing is they go broke ,good ridence to bad rubbish.

Actually no. My AMEX card useful for accumulating frequent flyer points and the charge card has a very helpful backup facility to courier replacement passport if lost.

[AfterLOS]

Like Father like son spin-off from American Express

Ameriprise Financial is the successor to American Express Financial Advisors (AEFA), a former subsidiary of the American Express Company. In 2005, American Express spun off AEFA as an independent company. AEFA's new name, Ameriprise Financial, Inc. came into effect August 1, 2005, and the spin-off transaction closed on September 30, 2005.

http://en.wikipedia.org/wiki/Ameriprise_Financial

Top complaints against Ameriprise

http://www.consumeraffairs.com/finance/ameriprise.html

http://www.investmentnews.com/article/20140709/FREE/140709925?utm_source=Daily-20140709&utm_medium=in-newsletter&utm_campaign=investmentnews&utm_term=text

[AfterLOS]

American Express bought the company in 1984, then spun it off in 2005, at which point it assumed its current name.

NEW YORK TIMES good write-up in 2011

http://www.nytimes.com/2011/10/15/your-money/turning-a-lens-on-ameriprise-financial.html?pagewanted=all&_r=0

[CNXBKKMAN]

American Express are crap and overpriced ,best thing is they go broke ,good ridence to bad rubbish.

Actually no. My AMEX card useful for accumulating frequent flyer points and the charge card has a very helpful backup facility to courier replacement passport if lost.

Yes Amex has the best loyalty schemes , points, cashbacks, vouchers and bonus for the cardholder but they can only do this because their card is expensive for the business that accepts it . You buy something at 1000 the business gets 950 or whatever. If I had a business I wouldn't accept Amex unless you paid extra to compensate my loss.

[Robert24]

@afterLOS: so if you think bankruptcy of AMEX is inevitable, why are you not shorting the stock? I don't understand your logic.

Also have you given any thought as to what should be different now with AMEX than 2-3 years ago? Also why do you think Warren Buffett with Berkshire Hathaway holds a 15% in AMEX? He's got quite a good track record and he is holding on to the AMEX position.

Current P/E ratio is 18.5 (forward looking 17.5) is a bit rich, I agree, but not crazy like many of the tech stocks. 18.5 is a little bit higher than the avg P/E ratio of the S&P500, probably because people overall are quite positive of the outlook on the stock.

[SheungWan]

American Express are crap and overpriced ,best thing is they go broke ,good ridence to bad rubbish.

Actually no. My AMEX card useful for accumulating frequent flyer points and the charge card has a very helpful backup facility to courier replacement passport if lost.

Yes Amex has the best loyalty schemes , points, cashbacks, vouchers and bonus for the cardholder but they can only do this because their card is expensive for the business that accepts it . You buy something at 1000 the business gets 950 or whatever. If I had a business I wouldn't accept Amex unless you paid extra to compensate my loss.

Enough businesses accept AMEX for it to be useful to me. That is the main point. That includes airline companies, supermarkets, department stores, electrical goods companies, supermarkets and Paypal etc. An example would be my travel insurance company which doesn't accept Amex but does accept Paypal so I used the card through Paypal.

Edited July 10, 2014 by SheungWan

[AfterLOS]

http://www.economicpopulist.org/content/american-express-nabs-339-billion-government-bail-out-money

Didn't notice it before but rogue outfit Capital One was approved for $3.6 billion bailout in 2008.

They're all going to get billions AGAIN.

[AfterLOS]

1/9/2009 was when Amex got their dough - scroll down

http://money.cnn.com/news/specials/storysupplement/bankbailout/

What you won't find on the list are my 2 chosen banks since the CRASH although I'm still partly with Wells Fargo (got 25 billion bailout) - Bank of the West and First Hawaiian Bank. Both listed on the 2014 safe bank list. First Hawaiian Bank is the best bank I've ever dealt with and my branch is on Big Island, just a stone's throw from Lava Lava restaurant right on the water. Big Island is now my 2nd home and is sister to

LOS because I don't get traffic tickets there either. Pulled over 4 times on Big I, the convertible Camaro from Budget too good to pass up pushing the pedal on the curves of Big I - all 4 times I said to the cop, "how can you write me a ticket when I'm listening to Waimanalo?"

http://www.youtube.com/watch?feature=player_detailpage&v=ZMw2ONk3Cp0

[Robert24]

AMEX and Wells Fargo never were bailee out. AIG anf General Motors were. AMEX and Wells Fargo benefited from TARP like most financial institutions in the US. But that's not a bail out.

be a bit more detailed on those topics pls

[bkkjames]

Is this what we call Rumor Mongering? (loyal Amex Thai Cardholder for 14+years)

[wordchild]

on the basis that the shares are sitting close to their all time high (sp = $94.64 all time high a week or so ago =$95.80), having more than quadrupled since the 2009 crisis lows, (and are 50% + above the highest pre-crisis levels) it would seem to be the case that many do not share this view. For now at least!

Edited July 10, 2014 by wordchild

[Lee4Life]

I had a business Stateside, they tried to force themselves on my business by saying things like "if you won't take our cards then your competition will" and charged a higher percentage rate than visa or m/c. I never carried their card or accepted it at my business.

[Kf6vci]

The party's over - that much is clear. But some folks seem to think it's a good idea to buy stocks near their all time highs.

[SheungWan]

AMEX and Wells Fargo never were bailee out. AIG anf General Motors were. AMEX and Wells Fargo benefited from TARP like most financial institutions in the US. But that's not a bail out.

be a bit more detailed on those topics pls

You will never get any relevant detail from the OP as he hasn't a clue what he is talking about.

[el jefe]

Merchants flat out refusing to accept their cards and signs posted

in soooo many places stateside, "sorry we no longer accept Amex"

I haven't seen that anywhere and I spend a few months a year in the US.

I haven't looked into their financial position but as others have said, their stock is at an all time high.

I carry an Amex card because Amex and Barclays offer the best cash-back programs. No one else comes close.

But you really lost me with that rambling story about traffic tickets in Hawaii. I still can't figure out what that has to do with Amex.

[mccw]

Amex good for airmiles. Mine comes with a duplicate MasterCard linked to same account

1 point per 50£ on MasterCard

1 point per 10 on Amex.

Amex fine at the big chains, tesco, esso etc

Don't get to use it much anymore though.

I know they do charge the retailer a higher %

[AfterLOS]

Merchants flat out refusing to accept their cards and signs posted

in soooo many places stateside, "sorry we no longer accept Amex"

I haven't seen that anywhere and I spend a few months a year in the US.

I haven't looked into their financial position but as others have said, their stock is at an all time high.

I carry an Amex card because Amex and Barclays offer the best cash-back programs. No one else comes close.

But you really lost me with that rambling story about traffic tickets in Hawaii. I still can't figure out what that has to do with Amex.

Hahahaha, nice one,Jefe, the rambling story about Hawaii was because just as I was writing the post, a message came thru' from American Express congratulating me and giving me a point count on using sooooo many free points for airfare first class+5-star hotel+convertible Budget rental. I lafffffffed so hard as I returned the message that I will try to use all the remaining points before the next bailout.

>>>>>>

I haven't looked into their financial position but as others have said, their stock is at an all time high<<<<<<

When good news about a stock or market hits the front page of the New York Times, SELL .... Bernard Baruch

Nobody ever lost money taking a profit ...... Bernard Baruch

I made my money by selling too soon ..... Bernard Baruch

[AfterLOS]

AMEX and Wells Fargo never were bailee out. AIG anf General Motors were. AMEX and Wells Fargo benefited from TARP like most financial institutions in the US. But that's not a bail out.

be a bit more detailed on those topics pls

You will never get any relevant detail from the OP as he hasn't a clue what he is talking about.

Was it your coming that was foretold or are we to expect another?

[AfterLOS]

@afterLOS: so if you think bankruptcy of AMEX is inevitable, why are you not shorting the stock? I don't understand your logic.

Also have you given any thought as to what should be different now with AMEX than 2-3 years ago? Also why do you think Warren Buffett with Berkshire Hathaway holds a 15% in AMEX? He's got quite a good track record and he is holding on to the AMEX position.

Current P/E ratio is 18.5 (forward looking 17.5) is a bit rich, I agree, but not crazy like many of the tech stocks. 18.5 is a little bit higher than the avg P/E ratio of the S&P500, probably because people overall are quite positive of the outlook on the stock.

Relax Robert, let me s-plain

I did SHORT it - in Dec 2007. I was doing fine but then made a huge mistake by not getting out by my own rules and waited too long, giving back a significant part of the profit. My net gain after tax and commission for the Amex play was only $31.2K, a crappy reward for the emotion that was swung at me by mobs for even suggesting one should short such a lofty stock. AfterLOS always wins when its MOB vs AfterLOS but loses often to AfterLOS vs AfterLOS.

But that was a part 1 of the crash and I nooo this. What's coming is the final leg down and it will be a lot worse. More profitable, for sure yes but I might not get paid so avoid

See mention of this in opening post

[Asiantravel]

they could implement Thailand Elite plan and charge a lump sum for lifetime membership

[AfterLOS]

The party's over - that much is clear. But some folks seem to think it's a good idea to buy stocks near their all time highs.

Amen! Behold the 2nd commonsense person I have found at Thaivisa in a month - the first one is a fellow named Naam. I'll be happy if I find even 10 - usually at Forums the ratio is 1 per 3,000.

Yahoo Finance seems to agree with AfterLOS that American Express is overvalued and a cheap bugger to boot. See for yourselves

From November 2013, gotta be much worse now

"American Express gives investors a mere 1.1% dividend. That is low for a DJIA component and low for being a financial leader. We would point out that the street high on AmEx is $96 for a price target, so some analysts see the stock continuing to rise. Will investors buy an $81 stock just to make a $0.05 profit over a year, and is almost 17-times earnings a fair value for a financial stock?"

http://finance.yahoo.com/news/4-overvalued-djia-stocks-amex-160505010.html

[metisdead]

Would you please desist from posting using bold odd color font as per forum rules:

Posting in all capitals or in all bold, and using large or unusual fonts and colors is bad netiquette.

As stated in Forum Netiquette:

1. Please do not post in all capital letters, bold, unusual fonts, sizes or colors. It can be difficult to read.

[AfterLOS]

AMEX and Wells Fargo never were bailee out. AIG anf General Motors were. AMEX and Wells Fargo benefited from TARP like most financial institutions in the US. But that's not a bail out.

be a bit more detailed on those topics pls

For the 2nd time, here's the link for bailouts Amex and Wells. Hit Edit\Find\type the name and voila!

If you disagree, pls take it up with CNN International

http://money.cnn.com/news/specials/storysupplement/bankbailout/

[scorecard]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

I had a restaurant in the UK 20 years ago - we accepted all credit cards except Amex and Diner Club. Why? because they charge so much more than Visa / Access (no longer exists) / MasterCard does. Many business men I knew did likewise. Greedy - they even charge (or used too back then if they don't know) card members for the privilege of owning one of their cards (more money for higher cards) - own worst enemy. Like many early take on companies that greedily used their position to rake in from all sides, they get undercut and surpassed over time - their time has come and gone. Good riddance.

Some years back my employer (branch companies in 170 countries) 'signed on' for the corporate card facility worldwide.

About 2 years later my company cancelled the whole deal and went with another card company.

Why? There 'costing' reports were so late and contained so many mistakes which were never fixed, and more, it was consuming way too much time and documentation for company employees who carried the card and also for the company accounting staff. In those days they insisted that the card holders had to physically go the their office to discuss any problems and the cooperation from the Amxx staff was way less then acceptable.

Just wasn't worth it.

Edited July 23, 2014 by scorecard

[Pib]

AMEX and Wells Fargo never were bailee out. AIG anf General Motors were. AMEX and Wells Fargo benefited from TARP like most financial institutions in the US. But that's not a bail out.

be a bit more detailed on those topics pls

For the 2nd time, here's the link for bailouts Amex and Wells. Hit Edit\Find\type the name and voila!

If you disagree, pls take it up with CNN International

http://money.cnn.com/news/specials/storysupplement/bankbailout/

More like an inaccurate article title (typical to grab reader attention) in using the word bailout for all the financial companies on the list...more of an investment to increase the companies' lending capacity since the govt wanted to increase money/loan availability to the public.

[Robert24]

@AfterLos: Just thought I follow up on this since AMEX published it's Q2 report last night. Here the highlights:

-Q2 profit up 9% to $1.52bn or $1.43/share vs $1.39bn or $1.2/share same quarter a year earlier.

- Card spending up 9%

- Revenue up 6% in US and 7% Internationally.

Overall AMEX beat analysts expectations, so do expext the stock to trade higher when the market opens today.

So tell me again, what should be wrong this company? Results look solid. Are worried about loan growth?