Tuesday, December 20, 2005

CBS Reports Online Gambling Earning Billions; Banks Profit Too

Millions of merchants and consumers are not the only groups affected by the banks price-fixing, interchange fees. Illegal online casino gambling is now a multi-billion dollar off-shore industry which generates huge returns to Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and the few thousand other banks which own MasterCard and Visa.

Click here for an update from the November broadcast on CBS' 60 MINUTES which profiled why this is so damaging.

CBS: "I-Gaming: Illegal And Thriving. Billions of dollars are being spent on online gambling Web sites and the majority of that cash comes from American pockets. Despite being illegal in the U.S., Lesley Stahl reports, the industry is thriving." [What few understand is that the banks can be indirectly involved for reaping a percent of every transaction when their debit or credit cards are used. Although banks decline charges to many of these overseas businesses, there are websites to help identify ways to get your charge card approved].

[source: WayTooHigh.com]