Word: amex
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Dates: during 2000-2009
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...Wall Street in 1955, he had built a respectable brokerage in Cogan, Berlind, Weill & Levitt by 1969. He then swallowed Shearson, Hayden Stone and other houses before selling the whole shebang in 1981 to American Express. By 1985, when Weill lost a power struggle with white-bread Amex CEO James D. Robinson III and was ousted as president, it wasn't because Weill was Jewish. He was just outmaneuvered. And he left as a multimillionaire. It's difficult for Langley to set a good sob story at Weill's palatial New York City apartment, his Greenwich, Conn., mansion...
After the Amex embarrassment, Weill and his band of mercenaries took over Baltimore's Commercial Credit Co. (CCC), a substandard subprime lender, then used CCC to go after bigger and bigger deals until they got to Citicorp. The bottom line wasn't the main thing; it was the only thing. As Langley shows, in Weill's world, anything that didn't produce revenue was gone. No perks were too small to eliminate...
Most corporate boards will not be able to meet these new standards without shuffling or adding directors. IBM, for instance, may have to replace American Express CEO Kenneth Chenault as a member of its compensation committee because AmEx is a $4 billion customer...
...rarefied world of private banking. Set yourself up in a Caribbean or Alpine tax haven, and you are in league with the superrich--with Marc Rich!--who cloak their identities and shield their assets from prying governments. With your shell company as host of a nameless Visa or Amex card, you are trading stocks, purchasing cars, paying bills and getting cash from ATMS--and leaving no trail. You are thumbing your nose at grasping creditors, ex-spouses, plaintiff's lawyers and tax collectors. And these days, you are screwed...
Johnson's next battle was obtaining information about the suspect from creditors. Some companies, such as Discover and Gateway, gave Johnson everything on the fraudulent applications. Others, including Zales and American Express, told him next to nothing. "Giving customers some information would hamper our security efforts," says AmEx spokesperson Judy Tenzer. "We consider an investigation a law-enforcement issue," says Maria Mendler, of Zales' lending arm, Citibank...