Wednesday, April 12, 2006

"Paradise Is Over" For Visa® and MasterCard®, Warns EU Antitrust Chief (AP)

Excerpt: "Credit and debit cards such as Visa® and MasterCard® are racking up "abnormal" and "excessive" profits for banks, EU antitrust chief Neelie Kroes said Wednesday. "Paradise is over," she warned, telling the card industry to make changes or face antitrust investigations that could force them to reform their business or pay fines.

"The more the payment card industry does on its own initiative, the less they are likely to face action under antitrust rules," she said.

Click here to link to the April 12th AP® article

[source: AP®]