EU: Master Card has six months to cut illegal fees (how long til here?)

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Wednesday December 19, 2007 · 9:50 AM PST

2007/12/19 · 09:50

The EU announced its ruling today that MasterCard has six months to cut its illegal fees before the EU starts putting on penalties of its own.

From the Washington Post:

"The European Union's executive European Commission said that for 15 years MasterCard's multilateral interchange fee (MIF) on cross-border payment card transactions using MasterCard and Maestro cards violated EU rules on fair competition."

But whats even more interesting is that the EU states that this fee hits not just credit card users but also regular consumers who use cash.

From CNNMoney:

"Competition commissioner Neelie Kroes said: 'Multilateral interchange fee agreements such as MasterCard's inflate the cost of card acceptance by retailers. Consumers foot the bill, as they risk paying twice for payment cards: once through annual fees to their bank and a second time through inflated retail prices paid not only by card users but also by customers paying cash.'"

More after the jump.

Poll

38 votes Show Results

Should we get rid of the same credit card interchage fees here in the US?

38 votes Vote Now!

Should we get rid of the same credit card interchage fees here in the US?

Hell Yes!!! Whats good for the goose is good for America.

35 votes

No - Credit card fees are the new death and taxes

1 vote

I love lamp...

2 votes

Paul Simon Speaks Out on SCHIP

Lodowick

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Wednesday October 17, 2007 · 8:11 AM PDT

2007/10/17 · 08:11

Yesterday singer Paul Simon shared on Huffington Post his call for those who voted against the SCHIP legislation to reexamination of their position and to help overturn the President's veto. Here's an excerpt:

The president's veto of the re-authorization of SCHIP was a heartless act.

Thanks to groups like Families USA and the Children's Health Fund, Congress is getting closer and closer to overriding the President's veto -- and children of hard working American families are getting closer to receiving affordable health care through SCHIP.

I am asking those of you who supported the veto to reexamine your conscience, to find compassion in your heart for our most vulnerable and sweetest citizens -- our children. I am asking you to change your vote. If you do, I believe it will be one of the proudest days of your life.

Time is seriously running out on this issue and we need all the support we can muster.

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