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I told you so on Amex on July 31st, 2008:  When the best of the best start with the shenanigans, what does that mean for the rest...

A few months later...

AmEx is paying card holders to close their accounts.

American Express Co (AXP), battered by mounting credit card losses, is offering $300 to a limited number of U.S. card holders who pay off their balances and close their accounts, the company said on Monday.

"We sent the offer out to a select number of card members," said Molly Faust, a company spokeswoman. "We are looking at different ways that we can manage credit risk based on the costumers overall credit profile."

The company did not say how many card holders would receive the offer and did not disclose the total of their card balances. Card holders have until the end of February to accept the offer and must close their accounts in March or April. Each card holder will receive a $300 pre-paid American Express card.

American Express, often seen as catering to relatively wealthy customers and companies, has been expanding its credit card business in recent years by reaching out to a wider range of clients. But that strategy has backfired. The company's earnings tumbled in the fourth quarter as credit losses jumped and debt-burdened consumers slashed spending.

In addition, American Express reported last week that credit card delinquencies rose in January more than analysts expected, as U.S. unemployment increased and the global economy deteriorated.

I told you so for nearly 360 days in a row concerning GGP, starting November of 2007: GGP and the type of investigative analysis you will not get from your brokerage house. Now they have billions in delinquent and about to be delinquent loans.

General Growth Properties, Inc. Releases Fourth Quarter and Full-Year 2008 Operating Results

We are considering all strategic alternatives and are continuing our discussions with our lenders. In addition, we have suspended our cash dividend, halted or slowed nearly all of our development and redevelopment projects, systematically engaged in certain cost reduction or efficiency programs, reduced our workforce by over 20% and sold certain non-mall assets. We currently have approximately $1.179 billion of past due debt and approximately $4.09 billion of debt that could be accelerated. However, our lenders have not yet exercised any of their remedy rights with respect to such debt. In addition, we have an additional $1.44 billion of consolidated mortgage debt and approximately $595 million of unsecured bonds scheduled to mature in the balance of 2009 that remains to be refinanced, repaid or extended. In the event that we are unable to extend or refinance our near and intermediate term loan maturities, we may be required to seek legal protection from our creditors.

I told you JP Morgan is insolvent, and they are acting the part: Re: JP Morgan, when I say insolvent, I really mean insolvent.  I failed to tell you that their PR and Spin Machines are second to none. Eventually, reality will catch up to them though.

JPMorgan slashes dividend

JPMorgan Chase & Co, the second-largest U.S. bank, slashed its common stock dividend 87 percent on Monday, a surprise move (no, not really) by a lender considered among the strongest in the U.S. financial sector.

The bank also said it has been "solidly profitable" this quarter, and that the outlook for the three-month period is "roughly in line" with analyst forecasts. Shares rose 5.5 percent in after-hours trading.

JPMorgan said its decision to lower its quarterly dividend to 5 cents per share from 38 cents will save $5 billion of common equity a year. It hopes the lowered payout will help it pay back the $25 billion of capital it got in October from the government's Troubled Asset Relief Program faster.

"Extraordinary times must call for extraordinary measures," Chief Executive Jamie Dimon said on a conference call. He said JPMorgan was "not asked by anybody" to cut the payout, but did so out of a "normal abundance of caution."

Check the blog regularly. There are a lot more I told you so's in the pipeline, and they are at the part where I am actually telling you so. If you know what I mean.