Oh, AmEx LOVES doing these "Account Reviews" (which are so-called "soft pulls" which don't affect your credit score, and which (IIRC) only you can see). What they also do is attach their cardmembers to credit-monitoring activity, so they get notified when you get an inquiry, when you get a score hit and when you have open/close account activity.

When I used to have a "backdoor code" for Experian where I could do my own EX soft-pulls I would see AmEx (and CapOne and Chase, but far less often and whom I have cards with) pulling my reports all the time. As far as your CapOne softs, that's how they do those pre-screened "You are (probably) already approved" card offers.

I'm sure they're really examining folks now, with this credit crisis (and since they're in so much trouble themselves).