Forbes has a brief video clip in which Steve Forbes interviewed Bruce Berkowitz. Berkowitz explained why he thinks American Express is unique among the financials.
1. He liked Banks and brokers until a couple of years ago, when it became hard to understand what the banks owned and later it became hard to understand who owned the bank.
2. American Express is different. It did a good job in getting rid of some businesses that did not make sense.
3. American Express became a commercial bank so it needs more capital. And it has problem with bad debt; also it is unknown when the consumers will come back. But It is a great company, it is great brand.
4. When asked whether he still owns it, Berkowitz said he still held it last time when he held it.
Watch the video clip:
1. He liked Banks and brokers until a couple of years ago, when it became hard to understand what the banks owned and later it became hard to understand who owned the bank.
2. American Express is different. It did a good job in getting rid of some businesses that did not make sense.
3. American Express became a commercial bank so it needs more capital. And it has problem with bad debt; also it is unknown when the consumers will come back. But It is a great company, it is great brand.
4. When asked whether he still owns it, Berkowitz said he still held it last time when he held it.
Watch the video clip:
