Like a snowy mountainside about to crash downward, Visa and MasterCard are facing a chilly mosaic avalanche. By now, we anticipated full-page Wall Street Journal advertisements and a loud advocacy campaign attacking us, but instead, silence.
The banks which control and own the two leading credit card associations are feeling the furry from merchants and cardholders. First, they lost their choice of judges and court venues to hear the antitrust litigation. Then, MasterCard tried to have the lead attorney and law firm disqualified, then their competitor, Discover Card announced a settlement.
Seemingly, each day brings more news that cripples their former reign of illegal price-fixing. What seemed like twice each year, Visa and MasterCard's board met to set prices by agreement. But lately they caught on that their customers will not tolerate any more increases. With their two core customers (merchants and consumers) engaged in a ocean-sized war against unbridled interchange charges, the news is grim and we are here with daily updates and commentary to keep you updated.
[source: WayTooHigh.com]
