Thursday, December 22, 2005

MasterCard, Inc. uses disadvantaged as pawn in the IPO scheme (

The MasterCard planned IPO is gaining even more attention for its schemes and gimmicks. The latest, as reported by Reuters is to bestow 10% of the investors proceeds as a ruse to fund a MasterCard Foundation Charity.

The hubris of using other people's money to fund goodwill philanthropy by the 1400 banks which own the credit card association is unconscionable. Has any other multi-national corporation ever devised this type of scheme to deflect and use investors money for this type of cause?

In addition, MasterCard is also planning to use upwards of $650 million from the IPO proceeds to battle 30 Minute Photos Etc. and the other merchants who are standing up to their price-fixing charges and anticompetitive antitrust violations.