American Express: An Unofficial
Peter Z. Grossman. Random House Value Publishing, $3.99 (0pp) ISBN 978-0-517-56238-3
Financial journalist Grossman does a thorough job of following ""Amexco'' from its beginnings in the 1840s as a package carrier to the international travel, insurance, banking, brokerage and financial services colossus it has become, with travelers checks (since 1895) and a charge card known the world over. His well-documented history is measured and conscientious, even tedious at times, but there is plenty of excitement in such things as corporate infighting, war and Depression crises, takeover attempts and a ``scandal'' in which Amexco indirectly backed nonexistent collateral for commercial loans. American Express survives and prospers, this narrative makes clear, on income derived from ``the float''money paid for travelers checks and made use of by the company for investment until the checks are cashed weeks or months later and sometimes never. (June 26)
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Reviewed on: 06/01/1987
Genre: Nonfiction