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As you are strolling though the Hinter Dorf area you may well wonder whether the old village of Zermatt once looked like this. This is, in fact, the oldest surviving village centre and some of the buildings are over 300 years old. These fascinating Valais log buildings with their sun-beaten wooden walls made of larch wood were mainly put to agricultural use. There were barns where people would thresh the grain, and storehouses where they would dry their meat, slaughter their animals and store their treasures from the land away in chests. And there were buildings, known as Gädi, where the cattle were housed on the bottom floor and the hay stored on the top. These barns and storehouses mainly stood on stilts with round stone slabs on top so as to prevent rodents and insects from entering. The roofs on these typically Valais-style buildings were covered with shingles and flat stone slabs. There are around 50,000 of these agricultural buildings still in existence. The preservation of these buildings is of growing importance to the local communities, the Swiss Heritage Society and, fortunately, the owners themselves. The buildings symbolise the customs, traditions and farming culture at the highest altitudes in this Alpine region.
The situation in Zermatt
Outside the village, the municipality of Zermatt has recorded the existence of over 720 of these so-called "Hofstetten". An inventory of these buildings for the urban area has not yet been finalised. They also include ruins, some of which still house black-faced sheep and black-necked goats and are just as deserving of attention as are the more striking storehouses and barns.
With the decline of agriculture during the past century and particularly since the 1960s, these wooden witnesses to Alpine agriculture have increasingly lost their function. It was only in the 1970s and 80s that people started to realise that this cultural heritage was under threat. Maintenance of these buildings has been hindered by the inheritance laws in the Valais – many generations have now passed and as each building was used by several farmers there are, in some cases, hundreds of heirs involved. Preservation requires some considerable expense and family unity. Investment, cost effectiveness, aesthetics and meaningful use have to go hand in hand. It is gratifying that increasing numbers of owners are recognising just how much visitors to the area appreciate these barns and storehouses, either as accommodation or as a symbol of a mountain region that they perceive as being intact.
Larch wood the finest building material
The ancestors of the people of Zermatt were skilled builders. They appreciated the advantages of using larch wood. The larch is a kind of symbol of the Valais as some 29 percent of its trees are larches. The larch is the heaviest and hardest of the indigenous conifers. The wood is highly resinous, which repels vermin, and its core substances make it extremely durable. It has good strength and elasticity properties and is weather resistant. It atrophies at only a moderate pace and is noted for its excellent stability. Larch wood becomes dark brown or black when exposed to the sun. The wood heats when exposed to the sun and this produces energy. Hence, the people of Zermatt who live in black larch wood houses can turn off the heating in the daytime in winter, at least in those rooms that face the south side.
The "treasure chest" – gems from bygone days
Egon Gruber's "Schatzchischta" (treasure chest) is located at the end of the Hinter Dorf, near the "Zum Steg" bridge. This unique barn with storehouse has been extended to four floors. Here Egon Gruber has assembled a variety of gems in the form of beautiful objects from bygone days stored in chests and in so doing has retained the essential purpose of these storehouses as places for the farmers to keep their treasures such as dried meat, grain and tools.
As in former times, the current owner has either recycled materials or converted them to a different use: a wooden beam from the roof has been used to make a stair railing. Handles have been made of vine wood. Local items have been left or added: a table of stone slabs from St. Niklaus or a Valaisan soapstone oven. The floor of the first floor comes from the Schweizerhof and is over 100 years old. The window by the entrance comes from an old house in Zermatt and dates back to 1780. There is even place for romance and luxury here – you can gaze at the stars through the window as you sit in the bath on the top floor.
Chalet Pico – from pigsty to the art of the essential
Marc Kronig's Chalet Pico is located in a side street between the Kirchplatz and the Hotel Monte Rosa. Its four floors are a blend of the highest levels of comfort and, at the same time, a reduction to the bare essentials. The basement houses a spa on 30m². The other floors reveal a fascination for the simple life on 19m² in a stylish minimalist design. In his use of materials needed to convert what was formerly a pigsty, Marc Kronig has strictly only used materials from the region. Hence the stones used for the dry-stone wall either came from the building itself or from Blauherd. Blauherd (blue earth) is the place where the Blauherd cable car station is now located. This shimmering bluish rock mass is best seen from the village. The Gädi facade with its 300-year-old larch wood has been retained. Marc Kronig inherited the building from his father Othmar Kronig and expresses his gratitude to him through the display of photos at the Chalet Pico of the first ascent of the Matterhorn North Face by a woman, Yvette Voucher of Geneva. Othmar Kronig had accompanied her up the Matterhorn in 1965 as a mountain guide. Marc Kronig has developed high-quality lithoprints that document this Alpine event in 1965 and add a depth of Zermatt family history to the luxury and originality of the Chalet Pico.
* Gädi (sing.) Gädini (plural) = stalls for small livestock (sheep, goats, pigs)


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La Villita
It was originally a settlement of primitive huts for the Spanish soldiers stationed at the Mission San Antonio Valero (the Alamo). After a flood in 1819, brick, stone and adobe houses replaced the earlier structures. In 1836, La Villita was the site of General Santa Ana's cannon line in the Battle of the Alamo and a map from early that year showed the village to be of considerable size.
Late in the 19th century European immigrants from Germany and France moved into the area. These pioneers became San Antonio's business leaders, bankers, educators, and craftsmen. The cultural mix that occurred at this time is best illustrated by the variety of architectural styles reflected in La Villita's buildings. The architecture portrays the evolution of buildings from palisado to Victorian Houses.
The first part of the 20th century saw La Villita decline into a slum area. In 1939, as ground broke on the San Antonio River Walk development, city fathers led by Mayor Maury Maverick acted to preserve this colorful part of San Antonio's history. Today La Villita is a thriving art community that stands as a monument to San Antonio's past.
Important data
This beautifully landscaped historic district offers leisurely shopping, dining and five rental venues for special events.
Shops open daily 10 a.m.-6 p.m.
Free admission.
Closed holidays.
More attractions
O'Brien Riverwalk Boutique Hotel
116 Navarro Street - San Antonio, Texas 78205
Reservations (800) 257-6058 - (210) 527-1111 fax (210) 527 1112
Email: firstname.lastname@example.com


text:
Frequent Links
American Express
|Traded as
Dow Jones Industrial Average Component
S&P 500 Component[1]
|Banking, Financial services
Livingston, Fargo & Company
Wells, Butterfield & Company
Wells & Company[2][3]
|Buffalo, New York, United States (1850)
Three World Financial Center,
New York City, New York, U.S.
Area served
Key people
Kenneth Chenault
(Chairman & CEO)[4]
|Charge card, credit cards, traveler's cheque
|Finance, insurance, travel
|11px US$ 33.0 billion (2013)[5]
|11px US$ 7.888 billion (2013)[5]
|#redirect Template:If affirmed
|11px US$ 5.359 billion (2013)[5]
|Total assets
|Total equity
|11px US$ 19.496 billion (2013)[5]
Number of employees
|53,500 (2014)[5]
The American Express Company, also known as Amex, is an American multinational financial services corporation headquartered in Manhattan's Three World Financial Center in New York City, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average.[7] The company is best known for its credit card, charge card, and traveler's cheque businesses. Amex cards account for approximately 24% of the total dollar volume of credit card transactions in the US.[8][9]
BusinessWeek and Interbrand ranked American Express as the 22nd most valuable brand in the world, estimating the brand to be worth US$14.97 billion.[10] Fortune listed Amex as one of the top 20 Most Admired Companies in the World.[11]
The company's logo, adopted in 1958, is a Centurion[12] whose image appears on the company's travelers' cheques, charge cards and credit cards.
- 1 Early history
- 2 Recent history
- 3 Business model
- 4 Card products
- 5 Non-card products
- 6 Advertising
- 7 Workplace
- 8 Management and corporate governance
- 9 See also
- 10 References
- 11 External links
Early historyexpress mail business in Buffalo, New York.[13] It was founded as a joint stock corporation by the merger of the express companies owned by Henry Wells (Wells & Company), William G. Fargo (Livingston, Fargo & Company), and John Warren Butterfield (Wells, Butterfield & Company, the successor earlier in 1850 of Butterfield, Wasson & Company).[2][3] Wells and Fargo also started Wells Fargo & Co. in 1852 when Butterfield and other directors objected to the proposal that American Express extend its operations to California.
American Express initially established its headquarters in a building at the intersection of Jay Street and Hudson Street in what was later called the Tribeca section of Manhattan. For years it enjoyed a virtual monopoly on the movement of express shipments (goods, securities, currency, etc.) throughout New York State. In 1874, American Express moved its headquarters to 65 Broadway in what was becoming the Financial District of Manhattan, a location it was to retain through two buildings.[14]
American Express buildings
In 1854, the American Express Co. purchased a lot on Vesey Street in New York City as the site for its stables. The company's first New York headquarters was an 1858 marble Italianate palazzo at 55–61 Hudson Street, which had a busy freight depot on the ground story with a spur line from the Hudson River Railroad. A stable was constructed in 1867, five blocks north at 4–8 Hubert Street.
The company prospered sufficiently that headquarters were moved in 1874 from the wholesale shipping district to the budding Financial District, and into rented offices in two five-story brownstone commercial buildings at 63 and 65 Broadway that were owned by the Harmony family.[15]
In 1880, American Express built a new warehouse behind the Broadway Building at 46 Trinity Place. The designer is unknown, but it has a façade of brick arches that are redolent of pre-skyscraper New York. American Express has long been out of this building, but it still bears a terracotta seal with the American Express Eagle.[16] In 1890–91 the company constructed a new ten-story building by Edward H. Kendall on the site of its former headquarters on Hudson Street.
By 1903, the company had assets of some $28 million, second only to the National City Bank of New York among financial institutions in the city. To reflect this, the company purchased the Broadway buildings and site.[15]
At the end of the Wells-Fargo reign in 1914, an aggressive new president, George Chadbourne Taylor (1868–1923), who had worked his way up through the company over the previous thirty years, decided to build a new headquarters. The old buildings, dubbed by the New York Times as "among the ancient landmarks" of lower Broadway, were inadequate for such a rapidly expanding concern. After some delays due to the war in Europe, the 21-story neo-classical American Express Co. Building was constructed in 1916–17 to the design of James L. Aspinwall, of the firm of Renwick, Aspinwall & Tucker, the successor to the architectural practice of the eminent James Renwick, Jr.. The building consolidated the two lots of the former buildings with a single address: 65 Broadway. This building was part of the "Express Row" section of lower Broadway at the time. The building completed the continuous masonry wall of its block-front and assisted in transforming Broadway into the "canyon" of neo-classical masonry office towers familiar to this day[17]
American Express sold this building in 1975, but retained travel services there. The building was also the headquarters over the years of other prominent firms, including investment bankers J.& W. Seligman & Co. (1940–74), the American Bureau of Shipping, a maritime concern (1977–86), and currently J.J. Kenny, and Standard & Poor's, who has renamed the building for itself.[15][17]
Nationwide expansion
American Express extended its reach nationwide by arranging affiliations with other express companies (including Wells Fargo – the replacement for the two former companies that merged to form American Express), railroads, and steamship companies.[14]
Financial services
In 1882, American Express started its expansion in the area of financial services by launching a money order business[14] to compete with the United States Post Office's money orders.
Sometime between 1888 and 1890, J. C. Fargo took a trip to Europe and returned frustrated and infuriated. Despite the fact that he was president of American Express and that he carried with him traditional letters of credit, he found it difficult to obtain cash anywhere except in major cities. Fargo went to Marcellus Flemming Berry and asked him to create a better solution than the traditional letter of credit. Berry introduced the American Express Traveler's Cheque which was launched in 1891 in denominations of $10, $20, $50, and $100.[18]
Traveler's cheques established American Express as a truly international company. In 1914, at the outbreak of World War I, American Express offices in Europe were among the few companies to honor the letters of credit (issued by various banks) held by Americans in Europe, because other financial institutions refused to assist these stranded travelers.
Loss of railroad express business
American Express became one of the monopolies that President Theodore Roosevelt had the Interstate Commerce Commission (ICC) investigate during his administration. The interest of the ICC was drawn to its strict control of the railroad express business. However, the solution did not come immediately to hand.[14] The solution to this problem came as a coincidence to other problems during World War I.
During the winter of 1917, the United States suffered a severe coal shortage and on December 26 President Woodrow Wilson commandeered the railroads on behalf of the United States government to move federal troops, their supplies, and coal. Treasury Secretary William Gibbs McAdoo was assigned the task of consolidating the railway lines for the war effort. All contracts between express companies and railroads were nullified and McAdoo proposed that all existing express companies be consolidated into a single company to serve the country's needs. This ended American Express's express business, and removed them from the ICC's interest. The result was that a new company called the American Railway Express Agency formed in July 1918. The new entity took custody of all the pooled equipment and property of existing express companies (the largest share of which, 40%, came from American Express, who had owned the rights to the express business over Script error: No such module "convert". of railroad lines, and had 10,000 offices, with over 30,000 employees).
Investment banking
During the 1980s, American Express embarked on an effort to become a financial services supercompany and made a number of acquisitions to create an investment banking arm. In mid-1981 it purchased Sanford I. Weill's Shearson Loeb Rhoades, the second largest securities firm in the United States to form Shearson/American Express.
After the purchase of Shearson, Weill was given the position of president of American Express in 1983. Weill grew increasingly unhappy with responsibilities within American Express and his conflicts with American Express' CEO James D. Robinson III. Weill soon realized that he was not positioned to be named CEO and left in August 1985. In 1984, American Express acquired the investment banking and trading firm, Lehman Brothers Kuhn Loeb, and added it to the Shearson family, creating Shearson Lehman/American Express. It was Lehman's CEO and former trader Lewis Glucksman who would next lead Shearson Lehman/American Express.
In 1984, Shearson/American Express purchased the 90-year-old Investors Diversified Services, bringing with it a fleet of financial advisors and investment products. In 1988, Shearson Lehman acquired E.F. Hutton & Co., a brokerage firm founded in 1904, this was merged with the investment banking business and the investment banking arm was renamed Shearson Lehman Hutton, Inc.[19]
However, when Harvey Golub became CEO of American Express in 1993, American Express decided to get out of the investment banking business and negotiated the sale of Shearson's retail brokerage and asset management business to Primerica. The Shearson business was merged with Primerica's Smith Barney to create Smith Barney Shearson. Ultimately, the Shearson name was dropped in 1994.[20]
In 1994, American Express spun off of the remaining investment banking and institutional businesses as Lehman Brothers Holdings Inc which after almost fifteen years of independence would file for bankruptcy protection in 2008 as part of the late–2000s financial crisis.
Recent history
Current CEO Ken I. Chenault took over leadership of American Express in 2001 from Harvey Golub, CEO from 1993 to 2001. Prior to that, the company was headed by James D. Robinson III from 1977 to 1993.
Charge card services
American Express executives discussed the possibility of launching a travel charge card as early as 1946, but it was not until Diners Club launched their card in March 1950 that American Express began seriously to consider the possibility. At the end of 1957, American Express CEO Ralph Reed decided to get into the card business, and by the launch date of October 1, 1958 public interest had become so significant that they issued 250,000 cards prior to the official launch date. The card was launched with an annual fee of $6, $1 higher than Diners Club, to be seen as a premium product. The first cards were paper, with the account number and cardmember's name typed. It was not until 1959 that American Express began issuing embossed ISO/IEC 7810 plastic cards, an industry first.[citation needed]
In 1966, American Express introduced the Gold Card and in 1984 the Platinum Card, clearly defining different market segments within its own business, a practice that has proliferated across a broad array of industries. The Platinum Card was billed as super-exclusive and had a $250 annual fee (it is currently $450). It was offered by invitation only to American Express customers with at least 2 years of tenure, significant spending, and excellent payment history; it is now open to applications on request.
In 1987, American Express introduced the Optima card, their first credit card product. Previously, all American Express cards had to be paid in full each month, but Optima allowed customers to carry a balance (the charge cards also now allow extended payment options on qualifying charges based on credit availability). Although American Express no longer accepts applications for the Optima brand of cards, since July 13, 2009, Optima cards are still listed on the American Express website, as a reference to existing members only. According to American Express, Optima accounts were not converted or closed. However, Blue from American Express has prevailed as the replacement for the original Optima style of credit card. Blue includes multiple benefits free of charge, unlike Optima, including the Membership Rewards program. In October 2012, The Consumer Financial Protection Bureau (CFPB) announced an enforcement action with orders requiring three American Express subsidiaries to refund an estimated $85 million to approximately 250,000 customers for illegal card practices. This action was the result of a multi-part federal investigation which found that at every stage of the consumer experience, from marketing to enrollment to payment to debt collection, American Express violated consumer protection laws. American Express sent letters to some previous customers: "We invite you to apply for the Optima Card from American Express. This opportunity is in connection with a settlement solicitation, which did not clearly disclose that a settlement could prevent you from being approved for a new account with us in the future. This is in response to an enforcement action by the Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau regarding this issue. Your attached application will be approved unless we determine that you do not have the financial capacity to make the minimum payment on this new Optima Card account, or we receive the application after 04/25/2013."
In April 1992, American Express spun off its subsidiary, First Data Corp., in an IPO. Then, in October 1996, the company distributed the remaining majority of its holdings in First Data Corp., reducing its ownership to less than 5%.
In 1994, the Optima True Grace card was introduced. The card was unique in that it offered a grace period on all purchases whether a balance was carried on the card or not (as opposed to traditional revolving credit cards which charge interest on new purchases if so much as $1 was carried over). The card was discontinued a few years later; the now discontinued One from American Express card offered a similar feature called "Interest Protection."
"Boston Fee Party"
|This section does not cite any references or sources. (March 2015)
From early 1980s until the early 1990s, American Express was known for cutting its merchant fees (also known as a "discount rate") to merchants and restaurants if they accepted only American Express and no other credit or charge cards. This prompted competitors such as Visa and MasterCard to cry foul for a while as the tactics "locked" restaurants into American Express. The practice ended in 1991, as several restaurants in Boston started accepting and encouraging the use of Visa and MasterCard because of their far lower fees as compared to American Express' fees at the time (which were about 4% for each transaction versus around 1.2% at the time for Visa and MasterCard). A few even stopped accepting American Express credit and charge cards. The revolt, known as the "Boston Fee Party" (alluding to the Boston Tea Party), was orchestrated by a PR firm hired and paid by Discover Card. The campaign spread to over 250 restaurants across the United States, including restaurants in other cities such as New York City, Chicago, and Los Angeles. In response, American Express reduced its discount rate gradually to compete more effectively and add new merchants such as supermarkets and drugstores to its network. Many elements of the exclusive acceptance program were also phased out and American Express pursued other programs to effectively encourage businesses to add American Express cards to their existing list of payment options.
Cable TV
American Express formed a venture with Warner Communications in 1979 called Warner-Amex Satellite Entertainment, which created MTV, Nickelodeon, and The Movie Channel. The partnership lasted only until 1984. The properties were sold to Viacom soon after.
Conversion to bank holding company
On November 10, 2008, during the financial crisis of 2008, the company won Federal Reserve System approval to convert to a bank holding company, making it eligible for government help under the Troubled Asset Relief Program.[1][21] At that time, American Express had total consolidated assets of about $127 billion.[21] In June 2009, $3.39 billion in TARP funds were repaid plus $74.4 million in dividend payments.
In July 2009, they ended their obligations under TARP by buying back $340 million in Treasury warrants.[22][23][24]
Controversy in the UK
In November 2010, the UK division of American Express was cautioned by the Office of Fair Trading for the use of controversial charging orders against those in debt.[25] The regulator said that the company was one of four companies who were encouraging customers to turn their unsecured credit card debts into a form of secured debt.
Loyalty acquisition
In March 2011, American Express completed a $685m purchase of Loyalty Partner, which operates the Payback loyalty program in Germany and Poland, and the i-Mint loyalty program in India.[26]
Business model
Typical credit card business model
When a consumer makes a purchase using a credit or charge card, a small portion of the price is paid as a fee (known as the merchant discount), with the merchant keeping the remainder. There are typically three parties who split this fee amongst themselves:
- Acquiring bank: the bank which processes credit card transactions for a merchant, including crediting the merchant's account for the value charged to a credit card less all fees.
- Issuing bank: the bank which issues the consumer's credit card. This is the bank a consumer is responsible for repaying after making a credit card purchase. The issuer's share of the merchant discount is known as the interchange fee.
- Network: the link between acquiring banks and issuing banks. These banks have relationships with a network, rather than with each other, for fulfilling card purchases. This allows a card issued by a community bank in Peru to be used at a shop in South Africa, for instance, without requiring the banks to have a direct relationship with each other. The two largest networks in the world are Visa and MasterCard. American Express operates its own network.
The average merchant discount in the United States is 1.9%. Of this, approximately 0.1% goes to the acquirer, 1.7% to the issuer, and 0.09% to the network.[27]
Most Prime and Superprime card issuers use the majority of their interchange revenue to fund loyalty programs like frequent flyer points and cash back, and hence their profit from card spending is small relative to the interest they earn from card lending.
Card products
American Express currently has over 109.9 million cards[28] running on its proprietary network, these include consumer, small business and corporate cards issued by American Express themselves and cards issued by its Global Service Network partners that run on its network (Such as Westpac and NAB in Australia and Lloyds Bank and Barclays Bank in the UK).
American Express is also the largest card issuer in the world based on purchase volume.[29] It is the 4th largest card issuer in the world, based on the number of cards it has personally in circulation.[30]
Consumer cards
American Express is best known for its iconic Green, Gold, and Platinum charge cards, and offers credit cards of similar color levels in most countries.
In the 1950s, American Express issued its first charge card, which caught on quickly in the booming postwar economy and signaled the company's transition to a wider consumer base. In 1966, the company issued its first gold card, in an effort to cater to the upper echelon of business travel. Its platinum card debuted in 1984 and continues to be immensely popular as it is second in exclusivity only to the Centurion Card.
In 1999, American Express introduced the Centurion Card, often referred to as the "black card," which caters to an even more affluent and elite customer segment. The card was initially available only to select users of the Platinum card. The annual fee for the card is $2,500 (up from $1,000 at introduction) with an additional one-time initiation fee of $7,500. American Express created the card line amid rumors and urban legends in the 1980s that it produced an ultra-exclusive black card for elite users who could purchase anything with it.[31]
American Express cards range between no annual fee (for Blue and many other consumer and business cards) and a $450 annual fee (for the Platinum card). Annual fees for the Green card start at $95 (first year free), while Gold card annual fees start at $125.
American Express has several co-branded credit cards, with most falling into one of three categories:
- Airlines: e.g., Aerolineas Argentinas, Air Canada, Air France, Alitalia, British Airways, Cathay Pacific, Delta Air Lines, Icelandair, JetBlue Airways, KLM, Qantas, Scandinavian Airlines, Singapore Airlines, SriLankan Airlines, Virgin Atlantic, Virgin Australia, among others.
- Hotels: e.g., Best Western, Hilton Hotels. Starwood Hotels & Resorts Worldwide
- Retailers: e.g., David Jones, Holt Renfrew, Harrods, Macy's, Bloomingdales, Lowe's, Mercedes Benz, and others.
Their card aimed at young adults is called Blue from American Express. A television media campaign for Blue adopted the 1979 UK Synthpop hit "Cars" by Gary Numan as its theme song. Based on a successful product for the European market, Blue had no annual fee, a rewards program, and a multi-functional onboard smart chip. A cashback version, "Blue Cash", quickly followed. Amex also targeted young adults with City Reward Cards that earn INSIDE Rewards points to eat, drink, and play at New York, Chicago and LA hot spots. American Express began phasing out the INSIDE cards in mid-2008, with no new applications being taken as of July 2008.
In 2005, American Express introduced Clear, advertised as the first credit card with no fees of any kind. Also in 2005, American Express introduced One, a credit card with a "Savings Accelerator Plan" that contributes 1% of eligible purchases into a High-Yield Savings Account insured by the Federal Deposit Insurance Corporation. Other cards introduced in 2005 included "The Knot" and "The Nest" Credit Cards from American Express, co-branded cards developed with the wedding planning website theknot.com.
In 2006, the UK division of American Express joined the Product Red coalition and began to issue a Red Card. With each card member purchase the company contributes to causes through The Global Fund to Fight AIDS, Tuberculosis and Malaria to help African women and children suffering from HIV/AIDS, malaria, and other diseases.
In 2009, American Express introduced the ZYNC charge card. White in color, this card was created for people in their 20s and 30s. American Express is no longer taking applications for the ZYNC charge card.
In late 2012, American Express and Walmart announced the launch of Bluebird, a prepaid debit card similar to that of Green Dot.[32] Bluebird is being touted as having lower fees than other prepaid debit cards with some of the benefits of traditional American Express cards, such as roadside assistance and identity theft protection. The card can also be used as a substitute to a traditional checking account. Unlike other such cards, Bluebird is FDIC-insured.[33] FDIC backing means Bluebird accounts now have deposit insurance, check writing capabilities and customers can now have Social Security checks, military pay and other government benefits deposited directly into their accounts.
American Express credit cards are noted by travel guides, including Rough Guides and Lonely Planet, as being less commonly accepted in Europe than Visa or MasterCard.[34][35][36][37] In an interview with an American Express spokesman in 2010 about card acceptance in the UK, the Daily Mail's financial website ThisIsMoney noted that "The list of places that are taking Amex appears to be growing, rather than slowing, but it seems to be a little hit-and-miss. It's not a good feeling to enter a shop, not knowing whether or not they accept the card."[38] American Express teamed with Apple in September 2014, to incorporate a new mobile wallet feature into Apple's new iPhone models, enabling users to more readily use their Amex, and other credit cards.[39]
Card design
The company mascot, the Roman Gladiator or Centurion, appears at the center of the iconic Zync, Green, Gold, Platinum, and Centurion cards. The figure and his pose evoke classical antiquity. These cards also feature intricate border and background designs that read "American Express." The unique designs on these cards, especially the Green card, bear resemblance to those on United States Federal Reserve Notes, and enhance the image of the cardholder as an affluent and conspicuous consumer.
ExpressPayPayPass and Visa payWave. It is a contactless payment system based on wireless RFID, where transactions are completed by holding the credit card near a receiver at which point the debt is immediately added to the account. All three contactless systems use the same logo. The card is not swiped or inserted into a smart card reader and no PIN is entered. Many U.S. merchant and restaurant partners now offer ExpressPay, including Meijer, CVS/Pharmacy, Best Buy, Chevron Corporation, Noah's Bagels, and some McDonald's locations. Office Depot has implemented ExpressPay in all 1200 of its stores.[40]
American Express also issue EMV compatible ExpressPay cards in many countries like Australia, Canada and The United Kingdom[41] where contactless is used almost 10 times as often in Australia and almost 5 times more often in the United Kingdom on a per capita basis compared to the United States.[42]
Small business services (also known as American Express OPEN)
American Express offers various types of charge cards for small businesses to manage their expenses, and the company is also the largest provider of corporate cards.
In late 2007, the company announced the new Plum Card as the latest addition to their card line for small business owners.[43] The card provides a 1.5% early pay discount or up to two months to defer payment on purchases. The 1.5% discount is available for billing periods where the cardmember spends at least $5,000. The first 10,000 cards were issued to members on December 16, 2007.[44]
In 2008, American Express made a decision to close all Business Line of Credit accounts. This decision was reached in tandem with the Federal Reserve's approval of American Express's request to become a Commercial Bank.
Commercial cards and services
|This section contains content that is written like an advertisement. (October 2014)
American Express also offers a comprehensive range of cards designed to support mid-sized and large companies manage their travel and day-to-day operational expenses. The core product, the American Express Corporate Card is offered in over 40 countries, and a number of complementary products for specific types of spending are offered for special needs. Examples of these products include the Corporate Meeting Card, the Corporate Purchasing Card, and the Business Travel Account. Commercial Cards differ from Business Cards as they enable company liability (business cards are issued as extensions of credit to the company's owner). In addition, Commercial Cards offer a comprehensive suite of data and reporting solutions that help clients gain visibility and control over employee expenditures.
As part of supporting Corporate clients, American Express offers a number of online solutions delivered through the American Express @ Work website. From American Express @ Work, clients have access to program management capabilities, online statements, reporting and data integration products. Information @ Work, a reporting tool targeted at mid-size companies to give them quick and easy access to their employees' spend data; Customized Reporting is provided to larger clients who require more advanced analytics and data consolidation capabilities. American Express also provides data files to clients to power expense reporting and reconciliation tools.
In 2008, American Express acquired the Corporate Payment Services business of GE, which primarily focused on providing Purchasing Card solutions for large global clients.[45] As part of the $1b+ transaction, American Express also added a new product, called V-Payment, to its product portfolio. V-Payment is unique in that it enables a tightly controlled, single-use card number for increased control.
Non-proprietary cards
In December 2000, American Express agreed to acquire the US$226 million credit card portfolio of Bank of Hawaii, then a division of Pacific Century Financial Corp.[46] In January 2006, American Express sold its Bank of Hawaii card portfolio to Bank of America (MBNA). Bank of America will issue Visa and American Express cards under the Bank of Hawaii name.
Until 2004, Visa and MasterCard rules prohibited issuers of their cards from issuing American Express cards in the United States. This meant, as a practical matter, that U.S. banks could not issue American Express cards. These rules were struck down as a result of antitrust litigation brought by the U.S. Department of Justice, and are no longer in effect.[47] In January 2004, American Express reached a deal to have its cards issued by a U.S. bank, MBNA America.[48] Initially decried by MasterCard executives as nothing but an "experiment", these cards were released in October 2004.[49] Some said that the relationship was going to be threatened by MBNA's merger with Bank of America, a major Visa issuer and original developer of Visa (and its predecessor, BankAmericard). However, an agreement was reached between American Express and Bank of America on December 21, 2005.[50] Under the terms of the agreement, Bank of America will own the customer loans and American Express will process the transactions. Also, American Express will dismiss Bank of America from its antitrust litigation against Visa, MasterCard, and a number of U.S. banks. Finally, both Bank of America and American Express also said an existing card-issuing partnership between MBNA and American Express will continue after the Bank of America-MBNA merger. The first card from the partnership, the no-annual-fee Bank of America Rewards American Express card, was released on June 30, 2006.
Since then, Citibank, GE Money, and USAA have also started issuing American Express cards. Citibank currently issues several American Express cards including an American Airlines AAdvantage co-branded card.[50] In January 2006[51] Amex issued Dillard's American Express card in joint cooperation with GE Money, however, in Mar 2008[52] GE sold its card unit to Amex for $1.1bn in cash only deal.[45] HSBC Bank USA is currently testing both HSBC-branded and Neiman Marcus co-branded American Express rewards credit cards, with a full rollout scheduled for late 2007 or early 2008. Also, UBS launched its Resource Card program for US Wealth Management clients issuing Visa Signature credit cards and American Express charge cards linked to their customers accounts and employing a single rewards program for the two cards. Fidelity operates a similar program, issuing both American Express and Visa Signature cards through FIA Card Services.[53]
Merchant account
Many retailers do not accept American Express cards.[54] American Express charges merchants significantly higher fees[55] than other credit card providers. In a court case United States v. American Express Co., merchants filed a class action lawsuit against American Express[56] and claimed that charging high fees is a violation of the Sherman Antitrust Act.[57] According to the lawsuit, accepting American Express cards costs merchants the most.[58]
Non-card products
Traveler's checks
Amex is the largest provider of traveler's checks in the world.
In 2005, American Express released the American Express Travelers Check Card, a stored-value card that serves the same purposes as a traveler's check, but can be used in stores like a credit card. The card has since been discontinued as of October 31, 2007, due to "changing market conditions". All cardholders were issued refund checks for the remaining balances.
Shearson/American Express
During the 1980s, American Express began purchasing stock brokerage firms as part of an expansion. In mid-1981 it purchased Sanford I. Weill's Shearson Loeb Rhoades, the second largest securities firm in the United States to form Shearson/American Express. Shearson Loeb Rhoades, itself was the culmination of several mergers in the 1970s as Weill's Hayden, Stone & Co. merged with Shearson, Hammill & Co. in 1974 to form Shearson Hayden Stone. Shearson Hayden Stone then merged with Loeb, Rhoades, Hornblower & Co. (formerly Loeb, Rhoades & Co. to form Shearson Loeb Rhoades in 1979. With capital totalling $250 million at the time of its acquisition, Shearson Loeb Rhoades trailed only Merrill Lynch as the securities industry's largest brokerage firm. After its acquisition by American Express, the firm was renamed Shearson/American Express.
In 1984, Shearson/American Express purchased the 90-year-old Investors Diversified Services, bringing with it a fleet of financial advisors and investment products. Also in 1984, American Express acquired the investment banking and trading firm, Lehman Brothers Kuhn Loeb, and added it to the Shearson family, creating Shearson Lehman/American Express. In 1988, the firm acquired E. F. Hutton & Co., forming Shearson Lehman Hutton until 1990, when the firm's name became Shearson Lehman Brothers. When Harvey Golub took the reins in 1993 he negotiated the sale of Shearson's retail brokerage and asset management business to Primerica and in following year, spun off of the remaining investment banking and institutional businesses as Lehman Brothers Holdings Inc.
Financial advisors
On September 30, 2005, American Express spun off its American Express Financial Advisors unit as a publicly traded company, Ameriprise Financial, Inc..[59] Due to this, American Express revenues for 2005 are down around $5 billion, however, like-for-like they are up 10.5% in 2005. Also, on September 30, 2005, RSM McGladrey acquired American Express Tax & Business Services (TBS).[59]
On September 18, 2007, Standard Chartered Bank agreed to acquire American Express Bank Ltd, a commercial bank, from American Express Co,[60] for an estimated US$823 million, through a friendly divestiture process.[61][62][63][64][65]
American Express established a Travel Division in 1915 that tied together all of the earlier efforts at making travel easier, and soon established its first travel agencies. In the 1930s, the Travel Division had grown widely. Albert K. Dawson was instrumental in expanding business operations overseas, even investing in tourist relations with the Soviet Union. Dawson during World War I had been a photographer and film correspondent with the German army. Today the focus of the Travel Division is on business customers and business travel, that is, corporate travel management.
The American Express Publishing Corporation published the Travel + Leisure, Food & Wine, Executive Travel, Black Ink, and Departures magazines until October 1, 2013, when it sold those titles to Time Inc.[66] It publishes American Express Skyguide and is based in New York City.[67] As of February 2014, Time Inc. is restructuring the portfolio of publications.[68]
In 1975, David Ogilvy of Ogilvy & Mather developed the highly successful Don't Leave Home Without Them ad campaign for American Express Traveler's Cheques, featuring Oscar-award-winning actor Karl Malden. Karl Malden served as the public face of American Express Travelers Cheques for 25 years. In the UK the spokesman was instead the television personality Alan Whicker.
After Karl Malden's departure, and as the card assumed importance over the traveler's cheques, American Express continued to use celebrities, such as Mel Blanc and ballerina Cynthia Gregory. A typical ad for the American Express Card began with a celebrity asking viewers: "Do you know me?" Although he/she gave hints to his/her identity, the star's name was never mentioned except as imprinted on an American Express Card, after which announcer Peter Thomas told viewers how to apply for it. Each ad concluded with the celebrity reminding viewers: "Don't Leave Home Without It." The "Don't Leave Home Without It" slogan was revived in 2005 for the prepaid American Express Travelers Cheque Card.
These slogans have been parodied numerous times:
- In The Sopranos episode, "Mr. & Mrs. John Sacrimoni Request...", Christopher Moltisanti concludes his sale of stolen credit card numbers to Middle Easterners with a quip: "Don't leave home without them!" This statement confuses the Middle Easterners, who are unfamiliar with the ad campaign.
- The long-running PBS children's TV series Sesame Street parodied the "Do you know me?/Don't Leave Home Without It" ad campaigns with three skits involving a Muppet character holding a Grown-Up Friend's hand while crossing the street. One skit featured Forgetful Jones (performed by Richard Hunt) with Olivia (Alaina Reed Hall) as his Grown-Up Friend, a second featured Bert and Ernie (Frank Oz and Jim Henson respectively) with Gordon (Roscoe Orman) as their Grown-Up Friend, and the third featured Big Bird (Caroll Spinney) with Bob (Bob McGrath) as his Grown-Up Friend. All three skits ended with their names being embossed at the bottom of a card looking like an American Express card that had a big human left hand in the middle with the words "Grown-Up Friend's Hand" above it, and a voiceover saying "A Grown-Up Friend's Hand. Don't cross the street without it."
- Another parody was seen on an episode of the CBS game show Press Your Luck, when the animated "Whammy Character" would give the "Do you know me?" tag line, followed by the display of an Amex card-parody, which then had "WHAMMY" typed in on the bottom line of the card.
- In the pilot episode of "Masquerade (TV series)", a KGB general says the line "I suppose you never leave home without it", to a KGB agent when he sees that agent's 'National American' card.
- In a campaign speech during the 1984 Election, President Ronald Reagan said "If the big spenders get their way, they'll charge everything to your taxpayer's express card, and believe me, they never leave home without it."
- In the final episode of The Dukes of Hazzard, Boss Hogg is shot at by a former associate, the bullet striking a wallet he had kept in his pocket and being lodged in several credit cards. Narrator Waylon Jennings takes note of the situation and says, "I bet he's glad he didn't leave home without them" (referring to his credit cards).
- On the 1997 film Hercules during the song "Zero to Hero", the credit card is "Grecian Express".
- The 1989 movie Major League also parodied the campaign. In one scene, in which every player is dressed in a tuxedo, the Cleveland Indians tell viewers of the film why every player carries the American Express Card with much of the explanation done one line at a time by players Jake Taylor (Tom Berenger), Eddie Harris (Chelcie Ross), Rick "Wild Thing" Vaughn (Charlie Sheen), Pedro Cerrano (Dennis Haysbert), and Roger Dorn (Corbin Bernsen), and Manager Lou Brown (James Gammon). The scene ends with Willie "Mays" Hayes (a tuxedo-clad Wesley Snipes) sliding into home plate in front of the rest of the team, holding up his card and saying to the viewers: "The American Express Card. Don't steal home without it."
- In Batman & Robin Batman pulls out a Bat-Credit card and says he never leaves the cave without it.
- Yakov Smirnoff's book cover, America on Six Rubles a Day ISBN 978-0-394-75523-6 depicts a Russian card with the slogan "Don't leave home."
American Express continues to use celebrities in their ads. Some notable examples include a late 1990s ad campaign with comedian Jerry Seinfeld, including the two 2004 webisodes in a series entitled "The Adventures of Seinfeld & Superman." In late 2004, American Express launched the "My life. My card." brand campaign (also by Ogilvy & Mather) featuring famous American Express cardmembers talking about their lives. The ads have featured actors Kate Winslet, Robert De Niro, Ken Watanabe and Tina Fey. Duke University basketball coach Mike Krzyzewski, fashion designers Collette Dinnigan and Diane von Fürstenberg, comedian and talk show hostess Ellen DeGeneres, golfer Tiger Woods, professional snowboarder Shaun White, tennis pros Venus Williams and Andy Roddick, Real Madrid manager José Mourinho, and film directors Martin Scorsese, Wes Anderson, M. Night Shyamalan and most recently singer Beyoncé Knowles. In 2007, a two-minute black-and-white ad entitled "Animals" starring Ellen DeGeneres won the Emmy Award for Outstanding Commercial.
Many American Express credit card ads feature a sample American Express Card with the name "C F Frost" on the front. This is not a fabricated name, as Charles F. Frost was an advertising executive from Ogilvy & Mather.[69]
In addition, American Express was one of the earliest users of cause marketing, to great success.[70] A 1983 promotion advertised that for each purchase made with an American Express Card, American Express would contribute one penny to the renovation of the Statue of Liberty. The campaign generated contributions of $1.7 million to the Statue of Liberty restoration project. What would soon capture the attention of marketing departments of major corporations was that the promotion generated approximately a 28% increase in American Express card usage by consumers. Building on its earlier promotion, American Express later conducted a four-year Charge Against Hunger program, which generated approximately $22 million for a charity addressing poverty and hunger relief. In 2006, as part of Bono's Product Red, American Express launched the American Express Red Card with campaign starred by supermodel Gisele Bündchen. The card, currently available only in the United Kingdom, makes a donation to fight AIDS with every purchase made using the card. In May 2007, American Express launched an initiative called the Members Project.[71][72] Cardholders were invited to submit ideas for projects and American Express is funding the winning (provide clean drinking water) project $2 million.
In April 1986, American Express moved its headquarters to the 51-story Three World Financial Center in New York City. After the events of September 11, 2001, American Express had to leave its headquarters temporarily as it was located directly opposite to the World Trade Center and was damaged during the fall of the towers. The company began gradually moving back into its rehabilitated building in 2002.
The company also has major offices in Fort Lauderdale, FL, Salt Lake City, UT, and Phoenix, AZ. It has a technology center in Weston, FL. The main data center is located in North Carolina.
AMEX Bank of Canada was founded in 1853 in Toronto, however it currently has its headquarters of 3,000 employees in Markham, Ontario (a northern suburb of Toronto), as well as an office in Hamilton, Ontario. The company began operations as a bank on July 1, 1990 following an order-in-council made by the Brian Mulroney government on November 21, 1988. This decision was not without controversy as federal banking policy at the time would not ordinarily have permitted American Express to operate as a bank.[73] It is also a member of the Canadian Bankers Association (CBA) and is a registered member of the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks.
American Express has several offices in the UK, including a 9-story European Service Center, known as Amex House, in the Carlton Hill area of Brighton, England. It is a large white tower block, built in 1977[74] and surrounded by several other smaller offices around the city. Amex House deals with card servicing, sales, fraud and merchant servicing. The official Europe, Middle East, and Africa HQ is located in the Belgravia district of Westminster, in central London, at Belgrave House on Buckingham Palace Road, SW1; other UK offices are based in Sussex at Burgess Hill. In November 2009, Brighton and Hove City Council granted planning permission for American Express to redevelop the Amex House site. It is anticipated, in line with the Council's plan for the Edward Street Quarter, that the existing Amex House will be demolished by 2016. More information on this development is available at edwardstreet.co.uk.[75]
The Japan, Asia-Pacific, and Australian Headquarters is co-located in Singapore, at 16 Collyer Quay, and in Sydney's King Street Wharf area, with the new state-of-the-art building receiving greenhouse status due to the environmentally friendly workspace that it provides.
The headquarters of the Latin America and Caribbean division is in Fort Lauderdale, FL.
American Express also has a significant presence in India. Its two centres are located at Gurgaon, Haryana and one at Mathura Road, New Delhi. The Indian operations of American Express revolves around the back office customer services operations apart from the credit card business for the domestic Indian Economy, arguably the American Express campus in Gurgaon is the largest employee location by head count for Amex and supports business continuity objectives of Amex including during Hurricane Sandy, the center works 24/7 and includes a co-located second building which was recently transferred to a third party service provider but does much work for Amex.
Job satisfaction
- For 2008, American Express was named the 62nd best company to work for in the United States by Fortune, ranking it number one for bank card companies.[76] In October 2008, Amex Canada Inc. was named one of Greater Toronto's Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star newspaper.[77]
Management and corporate governance
Key executives include:[67]
- Kenneth Chenault: Chairman and Chief Executive Officer
- Douglas E. Buckminster: President, International Consumer and Global Network Services
- James Bush: Executive Vice President, World Service
- Kevin Cox: Executive Vice President, Human Resources
- William H. Glenn: President, Global Corporate Payments and Business Travel
- Ash Gupta: Chief Risk Officer and President, Risk and Information Management
- John D. Hayes: Executive Vice President and Chief Marketing Officer
- Daniel T. Henry: Executive Vice President and Chief Financial Officer
- Laureen E. Seeger: Executive Vice President and General Counsel[78]
- Thomas Schick: Executive Vice President, Corporate and External Affairs
- Neal Sample: President, Enterprise Growth[79]
- Joshua G. Silverman: President, U.S. Consumer Services
- Stephen J. Squeri: Group President, Global Corporate Services
- Anré Williams: President, Global Merchant Services
Current members of the board of directors of American Express are:[80]
- Daniel F. Akerson: Managing Director of the Carlyle Group
- Charlene Barshefsky: Former United States Trade Representative
- Ursula M. Burns: President of Xerox Corporation
- Kenneth I. Chenault: Chairman and CEO of American Express Co.
- Peter Chernin: Former President and COO, News Corporation
- Vernon E. Jordan, Jr.: Senior Managing Director with Lazard Freres & Co. LLC
- Jan Leschly: CEO of Care Capital LLC
- Richard C. Levin: President, Yale University
- Richard A. McGinn: Former CEO of Lucent Technologies, Partner, RRE Ventures
- Edward D. Miller: Former President and CEO of AXA SA
- Frank P. Popoff: Former Chairman Chemical Financial Corp.
- Steven S. Reinemund: Former Chairman and CEO, PepsiCo Inc.
- Robert D. Walter: Chairman and CEO, Cardinal Health
- Ronald A. Williams: Chairman and CEO, Aetna Inc.
See also
- List of banks
- List of banks in United States
- American Express Community Stadium
- American Express Gold card dress of Lizzy Gardiner
- Business4Business
- History of Wells Fargo
- Standard & Poors Building
- Franklin P. Buyer, Los Angeles City Council member, 1933–39, managed American Express office
- ^ a b "American Express, Form 8-K, Current Report, Filing Date Dec 23, 2008" (PDF). secdatabase.com. Retrieved Jan 6, 2013.
- ^ a b Peter Z. Grossman. American Express: The Unofficial History of the People Who Built the Great Financial Empire. New York: Crown Publishers, 1987. (reprint: Beard Books 2006; ISBN 1-58798-283-8; Chapter 2.)
- ^ a b Noel M. Loomis, Wells Fargo. New York: Clarkson N. Potter, Inc., 1968
- ^ "Top Management Compensation". Retrieved Aug 30, 2010.
- ^ a b c d e American Express Company Form 10-K, Securities and Exchange Commission, February 25, 2014
- ^ a b "Annual Report Form 10-K". United States Securities and Exchange Commission. February 25, 2014.
- ^ "Dow Jones Industrial Average". CNNMoney.com. Retrieved 20 October 2013.
- ^ by $ value. Amex presentation to investors at the Keefe, Bruyette & Woods 2009 Diversified Financials Conference. June 3, 2009
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- ^ "Interbrand.com". Interbrand.com. Retrieved December 18, 2011.
- ^ "World's Most Admired Companies 2011". Fortune. Archived from the original on March 21, 2011. Retrieved March 21, 2011.
- ^ "American Express Logo Review". Company Logos. 2008. Retrieved June 25, 2011.
The initial trademark of 1958 described the gladiator in the American Express logo as a gladiator on a shield whereas the current American Express website lists the logo character as a Gladiator Head Design. However, there are many who believe that the gladiator is a centurion ...
- ^ "Recognizing Responsibility: American Express Company 2007/2008 Corporate Citizenship Report" (PDF). American Express Co. p. 8. Retrieved 2012-07-25.
In 1850, three men — Henry Wells, William G. Fargo and John Butterfield — founded an express company in Buffalo, New York to forward freight and valuables across the united States.
- ^ a b c d Kenneth T. Jackson. The Encyclopedia of New York City. The New York Historical Society: Yale University Press, 1995. P. 23.
- ^ a b c New York City Landmarks Preservation Commission; December 12, 1995, Designation List 269; LP-1932
- ^ White, Norval & Willensky, Elliot; AIA Guide to New York City, 4th Edition; New York Chapter, American Institute of Architects; Crown Publishers/Random House. 2000. ISBN 0-8129-3106-8; ISBN 0-8129-3107-6. p.23.
- ^ a b White, Norval & Willensky, Elliot; AIA Guide to New York City, 4th Edition; New York Chapter, American Institute of Architects; Crown Publishers/Random House. 2000. ISBN 0-8129-3106-8; ISBN 0-8129-3107-6. p.22.
- ^ Host With The Most, TIME, April 9, 1956 issue
- ^ Cole, Robert J. (December 3, 1987). "Shearson Reported To Acquire Hutton In a $1 Billion Deal". New York Times.
- ^ "Shearson Name may Disappear". New York Times. November 10, 1993.
- ^ a b Lanman, Scott; Ari Levy (November 10, 2008). "American Express Gets Fed Approval to Convert to Bank". Bloomberg. Retrieved November 10, 2008.
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- ^ "AmEx gets out of TARP". CNN. July 29, 2009. Retrieved August 21, 2009.
- ^ "OFT Warns Credit Card Providers Off 'Charging Orders'". Choose. November 10, 2010.
- ^ "American Express completes acquisition of Loyalty Partner". Colloquy. March 3, 2011. Retrieved March 7, 2011.
- ^ Eichenbaum, Peter (June 17, 2009). "Visa Clashes With Wal-Mart on $48 billion Card Fee". Bloomberg L.P. Retrieved August 9, 2009.
- ^ American Express Company Consolidated Statements of Income
- ^ "Our Company". Retrieved September 21, 2014.
- ^ "List of Credit Card Companies & Networks: Differences, Contact Info & More". Card Hub. Retrieved September 21, 2014.
- ^ "Black American Express Card". Snopes.com. December 6, 2006. Retrieved December 11, 2010.
- ^ "American Express and Walmart Launch Bluebird®: a New Alternative to Debit and Checking Accounts". Retrieved September 21, 2014.
- ^ Kopecki, Dawn. (2013-03-26) AmEx Bluebird Customers Get FDIC Backing, Check-Writing Feature. Bloomberg. Retrieved on 2013-08-16.
- ^ "Travel essentials". Retrieved September 21, 2014.
- ^ "Practical travel information on Money and costs in Denmark - Lonely Planet Travel Information". Retrieved September 21, 2014.
- ^ "British Money". visitlondon.com. April 10, 2007. Retrieved September 21, 2014.
- ^ ** NEW: Italy Travel F.A.Q. - What is The Best Way to Get Euros and Pay For Things in Italy? **
- ^ "Why don't more places take American Express? - This is Money". This is Money. Retrieved September 21, 2014.
- ^ "Apple teams with payment networks to turn iPhone into wallet". San Diego News.Net. 1 September 2014. Retrieved 1 September 2014.
- ^ "expresspay merchants". American Express Company. 2011. Archived from the original on July 7, 2011. Retrieved June 14, 2011.
- ^ "American Express Contactless Payments". Retrieved September 21, 2014.
- ^ "In Australia, 'tap-and-go' rules". Financial Review. Retrieved September 21, 2014.
- ^ "American Express, Form 8-K, Current Report, Filing Date Oct 22, 2007". secdatabase.com. Retrieved Jan 6, 2013.
- ^ "Official Plum Card Website". Plumcard.com. Retrieved December 18, 2011.
- ^ a b "American Express, Form 8-K, Current Report, Filing Date Mar 27, 2008". secdatabase.com. Retrieved Jan 6, 2013.
- ^ "American Express, Form 8-K, Current Report, Filing Date Jan 22, 2001". secdatabase.com. Retrieved Jan 6, 2013.
- ^ "American Express, Form 10-K, Annual Report, Filing Date Mar 12, 2004". secdatabase.com. Retrieved Jan 6, 2013.
- ^ "American Express, Form 8-K, Current Report, Filing Date Feb 2, 2004". secdatabase.com. Retrieved Jan 6, 2013.
- ^ "American Express, Form 8-K, Current Report, Filing Date Jan 24, 2005". secdatabase.com. Retrieved Jan 6, 2013.
- ^ a b "American Express, Form 8-K, Current Report, Filing Date Dec 23, 2005". secdatabase.com. Retrieved Jan 6, 2013.
- ^ "American Express, Form 10-K, Annual Report, Filing Date Mar 6, 2006" (PDF). secdatabase.com. Retrieved Jan 6, 2013.
- ^ Maurna Desmond (March 27, 2008). "Amex purchased GE's credit card business". Forbes. Retrieved December 18, 2011.
- ^ [1]. The Wall Street Journal (1999-05-05). Retrieved on 2014-07-08.
- ^ "Florida Merchant Services Provider Gets Full American Express Acquiring Program". Digital journal. Retrieved June 17, 2014.
- ^ "Here's Why American Express Can Charge More Than Visa or MasterCard". The Motley Fool. Retrieved June 16, 2014.
- ^ "No Market Power Needed In 2nd Circ. Vertical Restraint Cases". Law 360. Retrieved June 5, 2014.
- ^ "Five questions with... John Godwin". Buffalo Law Journal. Retrieved June 19, 2014.
- ^ "U.S. judge: Government's antitrust suit vs AmEx may proceed". Retrieved May 7, 2014.
- ^ a b "American Express, Form 8-K, Current Report, Filing Date Oct 24, 2005". secdatabase.com. Retrieved Jan 6, 2013.
- ^ "American Express, Form 8-K, Current Report, Filing Date Sep 18, 2007". secdatabase.com. Retrieved Jan 6, 2013.
- ^ Clark, Andrew (September 18, 2007). "Standard Chartered buys American Express Bank". The Guardian (London). Archived from the original on April 5, 2010. Retrieved May 2, 2010.
- ^ "Frequently Asked Questions on the Standard Chartered Bank acquisition of American Express Bank" (PDF). AmericanExpress.com. Retrieved Jan 11, 2012.
- ^ "Auditors' Report on the financial statements of Standard Chartered Bank – India Branches under Section 30 of the Banking Regulation Act, 1949, Page 7 , Economic & Political Weekly EPW June 28, 2008" (PDF). standardchartered.co.in. Retrieved Jan 11, 2012.
- ^ "Standard Chartered to Buy American Express Bank Unit (Update4)". Bloomberg. September 18, 2007. Retrieved Jan 11, 2012.
- ^ "Standard Chartered completes acquisition of American Express Bank for $823 million". standardchartered.com. Retrieved Jan 11, 2012.
- ^ "Media It's Official: Time Inc. Buys AmEx's Food & Wine, Travel & Leisure Magazines". Ad Age. Crain Communications. Retrieved 11 October 2013.
- ^ a b "American Express, Form 10-K, Annual Report, Filing Date Feb 24, 2012" (PDF). secdatabase.com. Retrieved Jan 6, 2013.
- ^ Steigrad, Alexandra (5 February 2014). "Time Inc. Lays Out Restructuring". WWD. Retrieved 5 February 2014.
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External links
|Wikimedia Commons has media related to American Express.


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Wooden Storage Sheds
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text:
Let $k$ be a field, and let $| \ |$ be a norm on $k$. The norm induces a metric. To construct the completion $\hat{k}$ as a normed field, the standard recipe is to take the quotient of the ring $\mathcal{C}(k)$ of all Cauchy sequences in $k$ -- viewed as a subring of $k^{\infty} = \prod_{i=1}^{\infty} k$ -- by the maximal ideal $\mathfrak{m}_0$ of all sequences converging to $0$.
This brings up the following [idle] question: what are the maximal ideals of $\mathcal{C}(k)$? The prime ideals?
My vague recollection had been that $\mathfrak{m}_0$ was the unique maximal ideal of $\mathcal{C}(k)$, but this is evidently not the case: for every $n$, there is a maximal ideal $\mathfrak{m}_n$ consisting of sequences whose $n$th coordinate is $0$, the residue field being $k$ again. It is easy to see though that $\mathfrak{m}_0$ is the unique maximal ideal containing the
prime ideal $\mathfrak{c} = \bigoplus_{i=1}^{\infty} k$. (Edit: $\mathfrak{c}$ is prime iff the norm is trivial.)
Now this reminds me of filters. The prime ideals of the (zero-dimensional) ring $k^{\infty}$ correspond precisely to the ultrafilters on $\mathbb{Z}^+$. The principal ultrafilter of all sets containing $n$ pulls back to the maximal ideal $\mathfrak{m}_n$. Since every nonprincipal ultrafilter contains the Frechet filter of cofinite sets, it follows that it pulls back to $\mathfrak{m}_0$. But is it true that every maximal ideal of $\mathcal{C}(k)$ is pulled back from a prime (= maximal) ideal of $k^{\infty}$? If so, is this an instance of a general theorem?
Note that in the case that the norm is trivial -- so that the induced metric is the discrete metric -- a sequence converges iff it is eventually constant, so a sequence converges to $0$ iff it has only finitely many nonzero terms: $\mathfrak{c} = \mathfrak{m}_0$. The converse also holds: for any nontrivial norm there exist nowhere zero sequences converging to $0$, e.g. $\{x^n\}$ for any $x \in k$ with $0 < |x| < 1$.
Once the original question is worked out, I am also curious about generalizations. What is the analogue for the ring of minimal Cauchy filters in an arbitrary topological ring?


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Sneezeman Free: Escape From Planet Sneeze by Sensei Games LLP
Sensei Games today announced that the smash hit game Sneezeman:Escape from Planet Sneeze, based upon the cult TV cartoon character Sneezeman, has been updated with new features and a FREE version for iOS devices (iPhone, iPad and iPod touch).
Set in the Sneezeman universe, and with exclusive artwork from the characterâs creators Modern Toss, Sneezeman:Escape from Planet Sneeze is an arcade style platform game in which the hapless hero is chased across levels by a relentless sneeze cloud thatâs intent upon setting off a chain of catastrophic sneezing.
Players must guide Sneezeman across up to 5 themed worlds and over 60 levels (new worlds and levels coming in updates next year, 4 Worlds and 48 levels in FREE) whilst avoiding a wide array of enemies including zombies, evil clowns, ghosts, rats, aliens, and robots. The object of the game is to help Sneezeman collect pills that will help control his sneezing and enable him to make it to the level exit in the best possible time, for the top score you will also need all 3 stars contained in each level. In addition to running, jumping and bashing their way across levels, players will also need to help Sneezeman master a variety of transportation modes including handkerchief parachutes, a car and other vehicles such as the motorbike, dodgem car and even a hearse!
Sneezeman:Escape from Planet Sneeze will be very familiar to fans of the cartoon series âModern Tossâ that has been broadcast in over 30 countries, in which Sneezeman causes a series of chaotic incidents when he begins sneezing. To new players, Sneezeman will provide a huge amount of gameplay, with developers Sensei already planning to release free updates that will add extra features and gameplay.
To celebrate the arrival of the Sneezeman FREE, Sensei games will be giving fans the opportunity to win several limited edition game artwork prints of Sneezeman, made especially for the game by creators Modern Toss at www.facebook.com/sneezemangame
Developer Website: http://https://itunes.apple.com/us/app/sneezeman-free-escape-from/id583711698?ls=1&mt=8


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Sour Cream Noodles
This fast and flavorful dish is much requested at my house, where it will be a mainstay for years to come. I think noodles and sour cream make the perfect pair.—Judy Robertson, Russell Springs, Kentucky
Total TimePrep: 20 min. Bake: 35 min.
Makes8 servings
- 1 package (10 ounces) fine egg noodles
- 1-1/4 cups Daisy 4% cottage cheese
- 1-1/4 cups sour cream
- 1 medium onion, finely chopped
- 1 tablespoon Worcestershire sauce
- 1/8 teaspoon garlic salt
- 2 tablespoons grated Parmesan cheese
- Paprika, optional
- Cook noodles according to package directions; drain. Transfer to a large bowl. Add the cottage cheese, sour cream, onion, Worcestershire sauce and garlic salt. Spoon into a greased 2-qt. baking dish. Sprinkle with Parmesan cheese.
- Bake, uncovered, at 350° for 35-40 minutes or until top is lightly browned. Sprinkle with paprika if desired.
Nutrition Facts3/4 cup: 262 calories, 10g fat (6g saturated fat), 67mg cholesterol, 224mg sodium, 30g carbohydrate (4g sugars, 1g fiber), 11g protein.
Recommended Video
May 5, 2011
These noodles were flavored well, but I found that after baking they were really dried out. I stirred in more sour cream to help, but then needed to add more salt and pepper. If I ever made this again I would saute the onions in a little butter to soften them up before adding them.


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I decided to give these a try because I had neglected my starter, yet again, and needed to refresh it. Wow, I am really impressed. Almost akin to a flourless chocolate cake, these are dark, rich and yes, melt in your mouth chocolatey brownies. I first saw the recipe on Wild Yeast; I do love her recipes. I tweaked just a little bit and of course my starter was old and hoochy. They might have more tooth to them with properly fed starter. These are not as sweet as most brownies, but super rich and satisfying. I'll see after school if they appeal to kids or just adults.
Oh yes, they definitely appealed to my 2nd grader. ☺ "Mom, will you send one of those brownies in my lunch today? And bring one after school for my snack..."
Sourdough Brownies
make one 9x13" pan (Adapted from Wild Yeast)
300g 72% cocoa bittersweet chocolate (I used a 90g bar of 65% chocolate and 210g semisweet chocolate chips)
226g unsalted butter (1 cup) (I used salted butter so I cut the salt to ½ tsp)
200g sugar
1 tsp salt (less if using salted butter)
2 tsp vanilla
1 tbsp honey (optional)
3 eggs, room temp
30g dark cocoa powder
10g malted milk powder
pinch of cinnamon
220g mature sourdough starter 100% hydration (I used unfed starter with hooch, straight from the fridge)
a couple extra handfuls of chocolate chips (optional)
Preheat oven to 325ºF. Prepare a 9x13" baking dish by buttering, lining bottom with parchment and buttering the parchment. In a saucepan, over low heat, melt the butter and chocolate together, stirring constantly. It shouldn't heat up too much to the touch, just enough to melt and come together. Stir in the sugar, salt and vanilla and cook and stir over low medium heat for about two minutes, just until the sugar starts to dissolve a bit. (That will give the shiny top.) Stir in the honey if using. Add eggs, one at a time, combining well after each addition. In a bowl, stir together the cocoa powder, malted milk powder and cinnamon. Sift over chocolate mixture, stirring in as you go. The mix should change viscosity now and really come together. Gently stir in the sourdough starter until completely combined. Stir in some extra chocolate chips if desired. Pour batter into prepared pan and bake for 40 minutes or until a cake tester comes out clean from near the middle. Cool for about 20-30 minutes before removing from pan - it should firm up quite a bit. Carefully lift the whole slab out with the overhanging edges of the parchment paper. Finish cooling completely on a wire rack. For clean edges, wait to cut until completely cool! Cut these into small squares, they are very rich and densely chocolatey.
Break out a glass of milk and enjoy!
Break out a glass of milk and enjoy!


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Embrace shadow IT by meeting cloud services governance policies with non-intrusive, appropriate controls.
Create an approved, self-service store fed by a dynamic service catalog.
Design and manage hybrid cloud solutions in one location utilizing your existing tools and processes.
Provision new or scale existing workloads through workload automation across your IT supply chain.
Lower overall IT costs by consolidating your procurement costs and increasing visibility of provisioned resources across your IT landscape.


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Why you should add Luxembourg to your Indie/RTW tripLuxembourg's size makes it one of the forgotten countries in Europe, but if you are traveling through the region you could do far worse than to spend a little time in this historic duchy. Sandwiched between France, Belgium, and Germany, it definitely takes on characteristics of its neighbors, but there is plenty to make it unique at the same time.
- With one of the highest standards of living in the world, the locals are probably fine with being ignored, but let's have a look anyway, shall we?
- Luxembourg City is the largest city and obvious focal point. The location itself, perched on a hill overlooking two valleys, makes for some stunning views.
- There is a cathedral and palace in the center that are both worthwhile attractions and a series of military caves known as casemates are open for tours and provide excellent views in addition to the fascinating history of the caves themselves.
- For something a little different, there is a huge American war memorial and cemetery within the city where General George Patton is among the buried.
- The Moselle Valley is one of the area's more famous wine regions. Known for their sweet and fruity whites, the areas wineries are a big draw from spring through autumn. There are several prominent wineries along the Moselle River and tours and tastings, of course, are available.


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The Case For Lying In Your Exit Interview
By Alexis Grant
When you leave a job that makes you unhappy, it's easy to want to tell your employer why you're leaving. Whether you're frustrated by mismanagement, not-so-challenging assignments or maddening co-workers, you want to get it off your chest. Because the Big Boss can use that information to improve the company, right?
Fast-forward six months. Think your company will really implement any of the changes you suggested? Probably not.
Think a few people at that company might be mad at you for airing your grievances? Probably. No matter how professionally you presented them.
We like to think our superiors are mature enough to take criticism in stride, but the truth is, some aren't. And you need even those immature bosses on your side as a reference down the road, especially if you're hoping to move up the ladder in that industry.
Which is why even if you're leaving your job because it sucks, you should keep that truth to yourself - particularly if you've worked hard to build relationships at that workplace. Telling the truth seems like the right thing to do, but it's not the best move for you or your career.
I like the analogy Andrew Rosen makes in his piece about how to break up with your job, that it's similar to a romantic breakup. When we leave a person, we often have the urge to talk it out, explaining where the relationship went wrong. But the truth is, while that gut-spilling or over-explaining may make you feel better, your ex isn't going to change because of it. In many cases, being truly honest will hurt and offend.
Now picture your employer as your soon-to-be ex. No matter how you hedge your complaints, no matter how constructive you frame your criticism, chances are someone at that organization will be mad at you for doing it. And that's bad for your career.
(This is kind of like how Penelope Trunk says women shouldn't report sexual harassment because it will likely hurt your career. Not exactly what we want to hear, but she has a point.)
Instead, hold your tongue, even if it's against your nature. Put the focus on what's ahead, and use that as your reason for leaving, telling your employer you've been offered an opportunity you simply can't pass up. That saves you from having to say anything at all about the job you're leaving, and it helps you stay honest, too.
And what if you're asked specific questions about what it was like to work for that company?
Respond like you would if your mom asked you how you liked her meatloaf, and you didn't want to hurt her feelings. Couch your answers. Offer positive feedback on what did work. Change the subject.
Because once you make a smooth exit, your frustration over your organization's inefficiencies will fade into the distance, just like your ex when you've got a new crush. Then you can put all of that energy where it belongs - into your new job.
Do you agree or disagree? Why?
Alexis Grant is managing editor of Brazen Life. She blogs at The Traveling Writer.
Next:Danger At Your Exit Interview
Don't Miss: Companies Hiring Now
Stories from Brazen Life
- How To Stick It Out At A Job You hate
- Why Bosses Should Welcome These Taboo Activities
- 5 Things Never To Tell (Or Do With) Your Boss


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PopCrush Staff
Virgin Mobile Presents: #BREAKFREE Flyaway Sweepstakes
You and a guest could win an all-expense paid trip to Miami -- plus, the lucky grand prize winner will also receive two Samsung Galaxy Victory 4G LTE phones and $500 in spending money. After you enter the contest, be sure to share it with your friends on Facebook or Twitter to double your chances of…
Virgin Mobile Presents: #BREAKFREE to Miami Sweepstakes
Important update: Live Nation Global Touring has confirmed that the remainder of the Lady Gaga Born This Way Ball performances have been canceled. The Lady Gaga #BreakFree To Miami Sweepstakes has been suspended until further notice. Please check back for more updates.


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- Description
DetailsOriginal Penguin Men's Earl Polo Shirt Light Ming X-Large
The Original Penguin Earl Polo Shirt Shirt is definitely a classic. The contrast-color tipping along the collar and cuffs distinguishes this popluar Polo Shirt. The official Penguin logo is located on the left chest pocket.
This Earl Polo Shirt style has a longer placket around its three buttons and larger collar points, for a more casual style.
Original Penguin Polo Shirt Shirt Details:
- For a better fit, order one size up.
- Heritage Fit (Slim Fit)
- Three button closure
- 100% Cotton Pique, machine washable, imported
- There are two models:
- Looser fitting Polo Shirt Shirt is 6'2", 185 lbs (32" waist) model wearing X-Large size
- Closer fitting Polo Shirt is 6'0", 175 lbs (34" waist) model wearing Small size
- Want to look up terms in the description? Use our custom glossary!
- Additional Information
Additional Information
Size XL Style No Color Light Ming Fit Slim Fit Gender Men Sleeve Length Short Sleeve Pattern Solid Color Material Cotton
- Reviews


text: I wanted to get some practice in with wood working, so I decided I would try to make a saya. So I started making one for my 8" shun. Traced it out , then cut it Then retraced it to see where I need to carve out to fit the knife!Hours of work later, I lined it with some smooth maroon felt then glued it together sanded it down and cleaned her up a bit . So after making that one I had some small peices left over and figured my little petty need one too. This time I changed the design a bit an add in two little notches in order to make it easier to pull off. The two sayas with the felt fit like gloves and I orginally planned on putting in pins but they were unnecessary.


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throw (one's) name in the hat(redirected from throw my name in the hat)
throw (one's) name in the hat
To submit one's own or someone else's name for consideration in a selection, such as a competition, application pool, election, etc. I'm thinking about throwing my name in the hat for class president! Just so you know, I threw your name in the hat for a chance to win an all-expenses-paid trip to Florida! As has been widely predicted, the governor announced today that he was throwing his name in the hat for the presidential election next year.


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So you're ready to test the waters as a Falcon. We're looking forward to showing you the ropes. Now it's time to choose a date and time that works best for you and customize your campus visit according to your educational and extracurricular interests.
Individual campus visits take place Monday through Friday at either 9 a.m. or 1 p.m.
During your visit, you can:
- Tour the Friends University campus and buildings
- Visit with an admissions and financial aid representative
- Sit in on a class
- Speak with an adviser and professor
- Meet with an athletic coach (reserved for high school seniors and transfer students)
- Audition for fine arts scholarships (reserved for high school seniors and transfer students)
- Visit the bookstore and stock up on the Friends merchandise you'll be sporting for the next, oh, lifetime
You can schedule your campus visit by RSVPing in our event portal, or by calling the office of admissions at 316-295-5103.


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For Vegan Month of Food 2014 I am adapting recipes from the first book I ever learnt to bake from: Chocolat: Fondre de Plaisir by Camille and Nathalie Le Foll. Join me as I veganise 20 recipes from this book – it's going to be a month of total chocolate decadence!
This is it. The final recipe in this series of chocolate recipes for Vegan MoFo 2014. I had exactly one evening left to test this recipe and hope to all hope that it would turn out right. Just as I was halfway through baking the cake I had a feeling it might all go wrong, so I made up another recipe just in case. No early bed time for me last night.
But then it was the first cake that turned out superb. I'm not usually one for cherries in my sweets but this one, guys – prepare for a food orgasm. It's probably best I made this cake in small size because it would be all too tempting to devour the whole thing and send myself into a food-induced coma.
I wanted to say thank you to you all for letting me share my chocolate recipes with you. If you read the introductory post in this series, you know how much this book – Chocolat: Fondre de Plaisir – means to me. It is by far the most stained cookbook I own, and I'm proud of that.
I could say I won't be looking at another piece of chocolate for weeks after this month, but let's be real – this is me, after all. And I still have 3/4 of this cake waiting in the fridge to be devoured…
Black Forest Mini Cake
Notes: I don't like the cherry liqueur to be overpowering, but if you're a fan, feel free to soak the cherries in a whole lot more liqueur, (and drink whatever's left after draining the cherries, too, if you fancy). You could probably use 1/4 cup coconut oil instead of vegan butter, but I have not tried it personally.
For the cake:
Dry ingredients:
150g (1 cup) plain flour
1 tsp baking powder
2-3 tbsp cocoa powder
2 tbsp soft brown sugar
Wet ingredients:
125ml (1/2 cup) oat milk
1 tsp apple cider vinegar
125ml (1/2 cup) coconut oil
60ml (1/4 cup) vegan butter
For the cream and cherry filling:
750ml (3 cups) coconut cream, chilled
1-2 tbsp powdered stevia, or 4-5 tbsp icing sugar
approx. 120g (1 cup) frozen cherries, defrosted
approx. 80ml (1/3 cup) cherry liqueur
Chocolate shavings, to decorate
1. Pre-heat the oven to 180ºC (350ºF). Grease two small 15cm/6 inch cake tins.
2. Crumble the soft brown sugar, using your hands, into a large bowl, so it doesn't make a lumpy batter. Sift the other dry ingredients into the bowl.
3. Place a small saucepan over medium heat. Add the butter and coconut oil to it and melt, stirring with a wooden spoon.
4. Combine the milk and ACV in a small cup and set aside to curdle.
5. Fold the wet ingredients into the dry ingredients, stirring until just combined. Divide the batter evenly between the two cake tins, smooth out the tops and bake for 30 minutes. Cool on a wire rack.
6. Meanwhile, whisk the coconut cream and powdered stevia or icing sugar into stiff peaks. Refrigerate for now.
7. Soak the cherries in the liqueur while the cakes are baking and drain just before using (see next step).
8. When the cakes are completely cooled, carefully slice them in half through the middle, using a bread knife. Slather a heaped tablespoon of coconut whipped cream onto the first slice, then top with a third of the soaked cherries. Place the second slice on top of the first, and again coat with coconut whipped cream and cherries, then top with the third slice. Repeat until you are left with the final, topmost slice, which you place on top of the third, and cover with more coconut whipped cream. Also cover the sides of the cake; this is best done with a spatula or a pallet knife. Decorate with a final flourish of chocolate shavings.
Keep in the fridge for up to 3 days (if it lasts that long).
What was your favourite recipe from my chocolate series?
Have you seen my other vegan chocolate recipes for Vegan MoFo 2014? Click here to catch up and don't forget to subscribe via email (link in the sidebar) so you don't miss another one. You can also follow me on Instagram, Twitter, Facebook, Pinterest and Tumblr! You can also follow my blog through Bloglovin'.


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Definition from Nolo's Plain-English Law Dictionary
The U.S. Supreme Court decision that outlawed segregation in public education by finding that separate public schools for blacks and whites were inherently unequal and therefore unconstitutional. The decision was the beginning of the end of official racial segregation in all facets of public life.
- Full text: Brown v. Board of Education (Nolo)


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Recovery Act Benefits Clean Energy Small Businesses
|A Windspire Garden at Devon Bank in Wheeling, Illinois.
|(cc) William Thomas
The US Department of Energy has released a new report highlighting the benefits of the Recovery Act to small businesses throughout the clean, renewable energy industry and environmental management sector. The report found that as of early March 2010, small businesses have been selected to receive nearly $5.4 billion in funding across a number of Recovery Act and related programs, including loans, loan guarantees, grants, contracts, and tax incentives, in partnership with the Department of Treasury. The report highlights 26 small businesses in a range of clean energy technologies, such as wind, solar, biofuels, along with critical new infrastructure, like Smart Grid, advanced batteries, energy storage, and energy efficiency tools. It also notes small businesses that are helping advance responsible environmental clean-up efforts.
Energy Secretary Steven Chu and Small Business Administrator Karen Mills are highlighting the report as part of a media conference call. The call also featured Scott Lang, CEO of Silver Spring Networks and Harrison Dillon, President and CTO Solazyme.
"Small business are the backbone of job creation in this country and have been a spring board for innovation in the clean energy sector," said Secretary Chu. "The work these companies do and the innovation they produce will go a long way in helping our economy grow and our nation succeed."
"Small businesses have created about 64 percent of the new jobs over the past 15 years," said Administrator Mills. "Already, small businesses are one of the driving forces in the green energy sector. With resources like those provided through the Department of Energy and SBA, we have a unique opportunity to support the creation of good, well-paying jobs here at home that will also help keep America competitive."
Some success stories highlighted in the report include:
UQM Technologies, Inc. of Frederick, Colorado is a well-established supplier of prototype electric propulsion and generator systems, including electric rotating machines and drive electronics. The company has supplied these systems for over two decades to both established and aspiring automakers. In 2006, UQM completed an R&D project with the Energy Efficiency and Renewable Energy (EERE) Vehicle Technologies Program to design a power-dense motor for use in electric drive vehicles. UQM is now positioned to take its technology into production, establishing a U.S. volume manufacturer of electric drive systems. The $45 million grant that UQM received under the Recovery Act will enable UQM to establish manufacturing facilities for production volumes of 120,000 electric drive systems per year, powering all-electric, hybrid-electric, plug-in hybrid-electric passenger cars, and hybrid-electric trucks and buses, creating up to 3,000 jobs.
Silver Spring Networks, based in Redwood City, California, did not receive a direct grant under the SGIG Program, but it is still a big winner through its partnerships with many utilities around the country. For instance, Florida Power & Light (FPL) received a $200 million grant for its Energy Smart Miami project, which represents the foundation of a $700 million investment to deploy Smart Meters to every residential FPL customer in Florida. Silver Spring provides the hardware, software, and services that connect every device on the grid, creating a unified Smart Energy Platform. Other utility clients of Silver Spring who received SGIG grants include Pepco Holdings, Inc, Oklahoma Gas & Electric and American Electric Power.
Solazyme Inc., a San Francisco-based company, is a true start-up success story. Founded in 2003 by a scientist and entrepreneur that were among the first people to focus on algae as an alternative to conventional fuels, the company has pioneered a new technology to produce biodiesel and green diesel from algae oil. Like most emerging technology companies, Solazyme faced a huge obstacle in obtaining adequate funds to commercialize its technology. However, with a $21.8 million ARRA grant under the Biomass Program, Solazyme will now be able to build its first integrated algae fuel refinery and help lay the foundation for subsequent large-scale development of an "advanced biofuels" industry. The project will create jobs in California and Pennsylvania.
FloDesign Wind Turbine Corp. is a fledgling start-up that won an MIT clean energy competition last year. The company is developing a new high efficiency shrouded wind turbine capable of delivering significantly more energy per unit of swept area. FloDesign Wind's $8.3 million ARPA-E grant represents a major increase in resources for the company that will have a dramatic effect on its ability to ramp up technology development.
Universal Display Corporation was awarded a $4 million ARRA grant by DOE, under the Building Technologies Program (BTP) to scale and transfer its technologies to a partner pilot organic light-emitting diodes (OLED) manufacturing line to be set up in the U.S. The project will facilitate the growth of the embryonic OLED lighting industry by providing prototype lighting panels to U.S. luminaire manufacturers to incorporate into products, to facilitate testing of design, and to gauge customer acceptance. Part of a new DOE initiative designed to help establish and maintain U.S. leadership in solid-state lighting manufacturing, the funding will help UDC lay the foundation for the development of an OLED lighting industry in the U.S.
Read Energy Finance: Analysis and Valuation, Risk Management, and the Future of Energy from Amazon.