The king of the pump and dump scumbags/insurance salesmen - Warren Buffett owns over 12% of American Express. Now if you don't believe me when I say Warren Buffet IS NOTHING BUT A PUMP AND DUMP SCUMBAG, ask the folks at Level 3 (symbol LVLT). Level 3 was spwan from Peter Kiewit Inc -a construction company that leases an office space to Warren Buffett at Kiewit's corporate office. When LVLT was strapped for cash the chairmen of LVLT who also a member of Berkshire's board of directors helped work out a deal with Warren Buffett's Berkshire fund to where for less than 5% of the total funding LVLT recieved from bond and shareholders LVLT would give up 33% of it's right's to it's assets in exchange for a LOAN at 9% from Buffett's fund.
I'm sure you can guess what happend next. The low life Buffett announced to the world that he was part of a 33% stake in LVLT. The stock exploded. Buffett then quietly umped 100% of his holdings. The same man that believed it was right to make a public announcement of ownership dumped his holdings in secretaly. Not untill his holdings were gone did people learn what he did. Guess where LVLT has been trading for the past few years since.
Now American Express may not have a Chairman of the Board that is also on Buffett's payroll to betray the trust of it's shareholders. But never under estimate the power of Buffett.
In 1929 on October 25 there was a meeting of some deep pockets on how best to save their vested money. The result was to halt the slide by BUYING. It worked for one day. But Tuesday was coming. Schemes only work for so long.
For the FIRST time the default of consumer debt is hitting the banks after years of reckless loans. But not to worry they have defined their losses and the stocks RALLIED just prior to COLUMBUS day - a day in wich the volume would be light and the stock price can easily be controlled.
The slide was aborted last week. Monday it resumed on a small scale. Tomorrow is Tuesday.
My money is on AXP going down.. It will take DFS with it.
$22.67 (10/08/07)
