Oct 21 (Reuters) - American Express Co:
* CEO Ken Chenault: we're taking the DOJ lawsuit very seriously
* CEO Ken Chenault: number of other regulatory changes likely to have much
greater impact than the lawsuit
* CEO Ken Chenault: it seems questionable that merchant would steer customers
away from American Express cards for 'a relatively small differential'
* CEO Ken Chenault: i don't believe the merchant or the government should be
making this choice, the choice should belong to the customer
* CEO Ken Chenault: i don't believe that government intervention in this matter
will lead to a positive outcome
* CEO Ken Chenault: i disagree strongly with DOJ's assertion that we have
market power
* CEO chenault: our actions in the marketplace are all about competition, not
coercion
* CEO chenault: this regulation and the legislation has clearly been the most
significant in the history of the card industry
* CEO chenault: both lawsuit and law reflects the political environment and the
turn back towards greater regulation of the banking and financial services
industry
* CEO chenault: card act has made the traditional mass-market credit card
business less attractive
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about American Express Co click here:) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* CEO Ken Chenault: we're taking the DOJ lawsuit very seriously
* CEO Ken Chenault: number of other regulatory changes likely to have much
greater impact than the lawsuit
* CEO Ken Chenault: it seems questionable that merchant would steer customers
away from American Express cards for 'a relatively small differential'
* CEO Ken Chenault: i don't believe the merchant or the government should be
making this choice, the choice should belong to the customer
* CEO Ken Chenault: i don't believe that government intervention in this matter
will lead to a positive outcome
* CEO Ken Chenault: i disagree strongly with DOJ's assertion that we have
market power
* CEO chenault: our actions in the marketplace are all about competition, not
coercion
* CEO chenault: this regulation and the legislation has clearly been the most
significant in the history of the card industry
* CEO chenault: both lawsuit and law reflects the political environment and the
turn back towards greater regulation of the banking and financial services
industry
* CEO chenault: card act has made the traditional mass-market credit card
business less attractive
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about American Express Co click here:) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.