Buy the fund and you are buying YPF even cheaper since the fund trades on the New York Stock Exchange at a 29% discount to net asset value.

FORBES: Playing the Latin rebound

In Watt's Latin America Equity fund, for example, you are getting shares of YPF, an integrated oil company in Argentina that trades at 6.5 times estimated cash flow (expected 1998 earnings plus depreciation). (The comparable ratio for Exxon is about twice that.) Buy the fund and you are buying YPF even cheaper, since the fund trades on the New York Stock Exchange at a 29% discount to net asset value.

FORBES: Playing the Latin rebound

Joe Cornell, founder of Chicago-based Spin-Off Advisors, says the next step will likely be an exchange offer from Pfizer later this year, giving shareholders the ability to exchange some of their holdings for shares in the animal health business, likely at a discount to incentivize participation.

FORBES: Puppies Over Pills: Pfizer Spinout Zoetis Shines In Biggest IPO Since Facebook

American Express earns revenues from card licensing fees, royalties on billings, charge volume, net spread revenue and cards in force, foreign exchange conversion revenue and also a share of the discount revenue earned by the operator.

FORBES: Quick Take

So presumably, if the deal is allowed to proceed, the ECB will ensure that all the risk actually remains with Bankia and the Spanish government - and therefore with Spanish taxpayers - by imposing a massive discount (or haircut) on the amount of cash it would exchange for the bonds.

BBC: No magic potion for eurozone banks

With the holidays approaching, many consumers will find themselves at the cash register, being cajoled into signing up for store-branded credit cards in exchange for a discount.

FORBES: Are Store Credit Cards Worth It?