Tuesday, November 06, 2007

JPMorgan Chase Giving Away Coal, No Kidding (WayTooHigh.com)

We must have deflected too much attention from the lawyers representing the named defendant, JPMorgan Chase® in our antitrust price-fixing litigation for them to have missed this one. The bank, which owns the world's largest merchant payment acquirer (CHASE Paymentech®), issued a press release on Nov 1 that is offering some of its cardholder customers to qualify for a chance to win a lump of coal. With commodity prices soaring, we wonder how much a lump of coal is going for these days? What might have been intended as a joke, to us, seems more like an invitation for PIN purchases to brush off a space on their mantel for showing off that price.

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[Commentary, WayTooHigh.com]