Rochester, NY 8/5/2009 9:29:29 AM
After Hours - American Express Company AXP, American Express Repurchasing Warrants from TARP
American Express Company
American Express Co. release reports recently that the company is going to buy back warrants for 24.3 million common shares issued to the U.S. Treasury for $340 million, according to a filing with the Securities and Exchange Commission.
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The company further estimates that the government earned an annual rate of 26% on its investment. In June, American Express repurchased $3.39 billion of preferred shares from the TARP, and paid a total of $74.4 million in dividends overall.
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