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Subject:  Re: VISA/Mastercard Suit Date:  6/11/2002  3:34 PM
Author:  SeattleNative Number:  17126 of 24357

VISA and MasterCard have engaged in many anti-competitive actions, in part because they are actually chartered as nonprofit organizations. You heard me right, VISA and MasterCard are considered nonprofit entities which serve the interests of their member financial institutions (this is similar to the nonprofit status of the National Football League, Major League Baseball, etc.)

They may be nonprofit, but that doesn't mean they are "charitable" or pro-consumer. VISA and MasterCard funnel off a lot of revenue from transaction fees and from pandering to the politics of the bigger member financial institutions.
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