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Article: American Express Is Drawn and Third-Quartered for Someone Else's Goof
- Article from:
- The Washington Post
- Article date:
- November 5, 1991
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The folks at American Express Co. ought to adopt a new
corporate slogan. Instead of "Don't leave home without it," they
should borrow the Morton Salt line: "When it rains, it pours."
And it's been pouring on American Express lately, what with
firings, personnel shuffles and huge losses at its Optima credit
card business, the first-ever loss at its vital Travel Related
Services division and the departure of that division's top
executive. Not to mention merchants complaining about the fees that
the company charges for American Express card charges, or the
opinions of Moody's Investors Service Inc., which yesterday lowered
the rating on $7 billion of American Express debt, citing problems ...