American Express: The Unofficial History of the People Who Built the Great Financial Empire
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.Copyright 1987 Reed Business Information, Inc.