When you make a deal with the devil, there’s always a price to pay.
PMorgan Chase & Co (JPM.N) and American Express Co (AXP.N) on Monday announced plans to sell $5.5 billion of common stock, hoping to position themselves to quickly repay funds from the government’s bank bailout plan.
JPMorgan will sell $5 billion of stock and American Express will sell $500 million. The JPMorgan offering will be priced by Tuesday morning, a person close to the matter said. The person was granted anonymity because the timing is not public.
If they’re able to sell the stock and “buy themselves out of TARP” they never should have taken the TARP funds in the first place.
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