Word: amex
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Minda Shultz, 36, an advanced claim analyst with American Express Financial Advisors, offers a good example of how the philanthropy programs can pay off. Shultz has been able to spend large amounts of time offering aid to hospice patients, in good measure owing to the support of Amex. The company paid for Shultz, a 15-year company veteran, to take a six-month sabbatical in 1999 to volunteer for Hospice of the Lakes in Minneapolis, an organization that provides medical and social-service care for dying individuals. For employees who have been with the firm for at least 10 years...
...belongs to Federal Judge Barbara Jones. During 10 weeks of testimony ending Aug. 22, trustbusters tried to persuade her to make the big banks align themselves with one brand if they'd like a board seat. They also asked the court to allow their banks to issue cards with Amex or Discover. The goal: increase competition between brands without impeding competition between banks...
...their defense, the associations claim that letting banks work with Amex and Discover would undermine a legitimate advantage--like forcing McDonald's to sell Burger King's fries. They say many banks have already pledged to commit more than 80% of their card business to one brand, thereby reducing their self-interest in the other and increasing competition. The defendants also wonder why Justice's proposal contradicts its expert witness, who testified that banks dedicated to one brand should be allowed to issue a small percentage of the other's cards...
...government hopes Jones will find the associations more than a little guilty, and it has even used Visa's archrival, American Express, for help. Justice opened its current investigation in 1993; by 1996, Amex had enlisted, arguing that the restrictive by-laws should go. In other countries, the company points out, it is free to issue credit cards through banks. As MasterCard general counsel Noah Hanft says of Justice's fix, however, "it's a remedy that seems catered to suit the needs of Amex." Amex is not an official party to the suit, though its lawyers attend...
...result in massive changes in credit cards for consumers," says Anita Boomstein, an attorney with Hughes, Hubbard & Reed. Analysts who follow the case say that with 27,000 types of credit cards available in the U.S. from more than 6,000 banks, the addition of a joint "Your Bank-Amex" credit card would not make a big difference to consumers numbed by interest rates and fees...