American Express Lists Trump Administration As A Risk Factor In 10-K

Tyler Durden's picture

That didn't take long.

Earlier this week we reported that in the latest escalation between some prominent US corporations and the Trump administration, "Trump's Twitter blasts, which often drive 'yuge' market reactions and come without warning, are forcing companies across the country to draft plans for “war rooms” to address a surprise presidential tweet.  Moreover, other companies are actively exploring strategically placing ads on MSNBC’s “Morning Joe,” CNN and “The O’Reilly Factor”—programs and networks fro which Trump has often appeared to draw inspiration for his tweets."

Other companies took a different track, and began "aggressively promoting previously announced job creation numbers in an effort to head off any criticism from the White House.  The latest example of such a move came from Intel's CEO, Brian Krzanich, who recently visited the White House to tout a $7BN investment in a facility in Chandler, Arizona which was already announced under the Obama administration."

Today, we witnessed the first example of an even more pre-emptive approach to a potential showdown between a company and Trump. For the first time - that we are aware of - American Express has listed, in addition to "global economic and business conditions", the Trump Administration as a risk factor in it 10-K filing:

changes in global economic and business conditions, consumer and business spending, the availability and cost of capital, unemployment rates, geopolitical conditions (including potential impacts resulting from the U.S. Administration and the proposed exit of the United Kingdom from the European Union), foreign currency rates and interest rates, all of which may significantly affect demand for and spending on American Express cards, delinquency rates, loan balances and other aspects of our business and results of operations;

In retrospect, this is a smart move: should anything "adverse" happen, the company can simply goal seek effect and cause, and ultimately blame it all on Trump, a trend we have seen emerge in increasingly more aspects of the economy, monetary policy and capital markets. Meanwhile, shareholders have been duly put on notice.

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Tlön Uqbar's picture
Tlön Uqbar (not verified) Feb 17, 2017 12:36 PM

American Express forgot "Russian Hackers".

FreezeThese's picture
FreezeThese (not verified) Tlön Uqbar Feb 17, 2017 12:43 PM

Flynn's looking into it as we speak

IRC162's picture

Name the Audit firm, find the crony.

Can't we just go back to talking about Michelle's arms and WH bassetball picks?


jaap's picture

Ok, ordered my Union Pay card

Bunker Boy's picture

Wish I had the card so I could cancel them. 

JRobby's picture

Apparently.' Russian Hackers" is not a real business risk.

Larry Dallas's picture

I'm sure Costco dropping them has has no effect whatsoever...

2ndamendment's picture

OT: this is how you handle a Trump boycott from the Left: buy everything you can. hand over fist.

onewayticket2's picture

Consumer Reports did the same thing.  


I sent their letter back and cancelled my subscription.

yttirum's picture

BOO! Everyone scared yet? Derp, derp

onewayticket2's picture

I was scared 4 years ago.....the nation was accelerating toward a cliff.  (we're still moving at it quickly, but at least we have a guy who sees the cliff and knows how to use the steering wheel and brakes.)

lester1's picture

I bought some AUY stock today. Yamana Gold is significantly undervalued and will only go up due to uncertainty and nervousness over Trump.

2ndamendment's picture

Yamana is very cheap right now, no doubt. My two favorites in the mining industry, however, remain Sandstorm Gold (SAND) and Great Panther Silver (GPL). If you want a great gambing miner, there's probably not a better one than Monarca Minerals (ORAGF). 


I have been heavily accumulating all four of the above for the past year or so. 

bluskyes's picture

Any thoughts on Northern Dynasty Minerals and the Pebble Project?

RAT005's picture

If you're going to hijack a thread, at least go in a good direction :-)  AUY, FNV, RGLD are good choices for people that don't have genuine inside information to make other investments.  Picking your entrance point is the challenge......

I also suggest at least 1 oz of Gold and equal value of 1oz silver rounds for each member of your family.

bluskyes's picture

Point taken. The only reason i play with stocks, is that I have a pension account from a former employer that I cannot touch.

I am long Teranga Gold - since they are sitting on, and refusing to sell a lot of physical - until the price is more to their liking.

I am also long Starcore International Mines.


2ndamendment's picture

Kerrisdale Capital is not a group of idiots. I'd be very careful with that stock. Northern Dynasty has under $9MM in cash, which means additional stock dilution will be coming shortly. Total outstanding shares have also more than doubled over the past 5 years. Take a look at their balance sheet - very weak. 

In 8 months, the stock has gone from $0.30 to over $2. I think this is on pure speculation. I don't believe they will ever get the Pebble Project past the EPA, but maybe I am wrong.

globalintelhub's picture

Unfortunately it's not possible to 'hedge' this risk like it is in FX

Spungo's picture

The only thing strange is that it doesn't specifically say what the risk is. UK leaving the EU is a specific risk. 

orangegeek's picture

Ditched my Amex card years ago.


No wonder.


Trump is a risk.


But that crazy nigga is just fine.  LMFAO!!!

bluskyes's picture

Trump is a risk factor, right behind justice and functional pricing mechanisms.

cowdiddly's picture

JAnet Yellen is your biggest risk factor Nippys. No mention of her anywhere?.... of course not.

Well that and your very own Anal-ists

falak pema's picture

The Duck is alleged to having used the 2008 crisis to renege on his debt payments to Deutsche bank; saying that it was a Force Majeure type event which made the contractual agreement payments nul and void; even arguing with yuuuge bad faith that Deutsche --as TBTF actor responsible for the debt crisis qualified as FM-- was liable to pay its clients for their loss of revenues, as perpetrators of Casus Belli type causality of their own making.

He asked them to pay him 6 billion in Damages, a sum more than 10 times the Duck's financial costs claimed by his german bank. 

Will American Express use the same type of reasoning to warrant non taxation or debt writeoff attributable to country created Force MAjeure, if the Trump risk factor now declared in their 10 K filing causes revenue loss in future? 

PoasterToaster's picture
PoasterToaster (not verified) falak pema Feb 17, 2017 1:59 PM

Thank god Hillary Clinton is president, eh? wakka wakka wakka!

falak pema's picture

You can't tell one face from the other of Pax Americana's Janus! 

silverer's picture

Trump= is only a risk factor for you (American Distress Co.), if you're doing something wrong, or have been leading a flimsy business model, based on the fake-out fiat pumped up paper market. Investors should look toward a more solid, better managed company. Thanks for the warning.

Tachyon5321's picture

American Express has been anti-Trump from the beginning. So 2 minute ago, I just took my American Express card out of my wallet and placed it in a desk draw. American Express and I are done... I will start using my Discover Card because it has an American Flag on it... 

yogafan's picture

Trump is weak.  He shows his hand like my 80 year old grandma.  He's getting played by stronger minds.


American Express is a bigger risk to the taxpayers of the USA than TrumpO the AssClown is IMHO. AmEx has their hands in many moar pockets than the Cheeto-head motherfucker does.


Up yours, American Express!

PoasterToaster's picture
PoasterToaster (not verified) MASTER OF UNIVERSE Feb 17, 2017 2:10 PM

You love President Trump.  It's cute.

PoasterToaster's picture
PoasterToaster (not verified) Feb 17, 2017 1:58 PM

Check AMEX management for pedophilia.

chosen's picture

AMEX CEO is a nigger.  What do you expect?

whatisthat's picture

Rather than a reference to the Trump administration, I would observe AMEX may benefit to consider mention of other productive corporate initiatives in their 10-k filing: (1) to rein-in management waste and bonuses, (2) reengineer and improve process performance and quality, (3) focus on "the customer " for service delivery improvements.

wow017's picture

So the eater's of the middle class are anti-trump.  What's new?

Chris88's picture

Given the shifting audience here, ZH should explain to readers what a 10-K is as most have never heard of such a thing.

Chris88's picture

Good point.  Lots of confused people here.

IcarusOnFire's picture

Trump is a risk factor, but Obummer who increased the national debt from 10 TRILLION To 20 TRILLION, and started 7 wars with 7 countries, and continued to poke Putin in the eye with a stick, wasn't a risk factor? 

These people are too much.  Another 20 year Amex card cancelled today.

And by the way, customer service agent was a real jerk. "So you have personal ethical issues with AMEX's 10K, and you want to cancel your card,  but you don't want to cancel until you get credit for all your reward points?  Doesn't sound like ethical behavior on your part to me."

I held THAT card 20 years too long!!!!