Originally Posted by kmersh

I don't really have anything of substance to add, but all this reminded of a conversation I had with a buddy of mine who was an exec at Costco (now retired).

He said that the Costco AMEX relationship was never the most cordial because the two companies had diametrically different view points on how to run a company.

He said, when Ken Chenault (at the time CEO of AMEX) would come to town it was a scripted affair down to how Chenault would enter the building.

The Costco team was not fancy in the slightest and they always found it amusing how Chenault and his team acted all fancy with their suits and ties and very shiny shoes, something that Jim Sinegal always noticed.

My buddy once relayed a story about how Chenault was going over a Power Point presentation about how to increase profit to the co-brand card. Jim Sinegal interrupted Chenault and asked how does this benefit the customer? Chenault was silent for a minute and then said well it I mean it doesn't, it benefits our mutual relationship.

Jim Sinegal said that I am not interested, our customers and our employees are and always will be Costco's number one concern and if we don't benefit either group, we aren't interested and that was that.

Sort of reminds me of this, Costco fought for the customer neither DL nor AMEX did.