Word: amexco
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...them. A subsidiary, American Express Warehousing, would store, inspect and vouch for the oil that commodities dealers commonly used as collateral for their bank loans. It was a rewarding business-De Angelis paid American Express Warehousing up to $20,000 a week-but terribly risky. If anything went wrong, Amexco's subsidiary was responsible for making good on its warehouse certificates...
Shouting Down. De Angelis' men duped Amexco with surprising ease. Often, one of them would clamber to the top of a tank, drop in a weighted tape measure, then shout down to an Amexco inspector on the ground that the tank was 90% full. Sometimes the tanks were indeed full-with water, topped by a thin slick of oil. Usually many were empty. Moreover, the tanks were connected by a jungle of pipes; Tino's men sometimes sneaked into the casually guarded tank farm on weekends, pumped oil from one tank to another. These machinations gave...
...biggest loser stands to be American Express. Though the question of how much responsibility it has for the debts of its subsidiary is open to legal dispute, President Howard L. Clark bravely declared that the company is "morally bound to do everything it can." Claims against Amexco, filed by 43 companies, total more than $100 million. But the claimants have been squabbling among themselves over who should get how much. Lately a group of them called for a package settlement of $80 million-$60 million from Amexco and $20 million from the insurance companies covering it against fraud (American Express...
...into the mass card market could increase the lines' revenues by $250 million yearly. American Express then surveyed its card holders, concluded that almost half of them who had not traveled abroad in the past year would be interested in making the trip if they could charge it. Amexco, which got airborne in May, now permits cardholders to pay for flights over a period of twelve months, charges them interest at an annual rate of 6% (Diners' Club and Carte Blanche, which started later, charge 9½% , and have made a major departure from their usual billing procedures...
...hapless victim of the mess is giant American Express Co., whose subsidiary operates the tank farm in which Allied Crude supposedly stored millions of pounds of oil. One of Allied's creditors holds receipts for 161 million Ibs. of oil supposedly in Amexco's 138 tanks -but as of last week Amexco had only been able to find 7,000,000 Ibs. American Express stock plummeted from $60 to $41 a share because stockholders feared that the company's unusual organizational setup might make it liable for the complete loss; Amexco is an unincorporated joint-stock venture...