It is to Todd's, and his master's, everlasting credit that they ordered and employed not the cheapest but the temporarily affordable best and brightest.
If outsourcing call centers cut costs for American Express (NYSE:AXP), it also does for its credit card competitors Visa (NYSE:V) and Master Card (NYSE:MA).
That said, the Bank of American Merrill Lynch High-Grade Bond Master Index is up 3.75% through April 30 as a result of spread compression across the credit markets from the more lofty levels of the fourth quarter.