The WSJ has about 50 special-interest blogs, and the one for entrepreneurs has a give and take entry about interchange fees. The title is "Regulating the Credit Card Industry: Good or Bad for Small Business?".
The first part gives a nod to a recent lobbyist document that says "Regulation is Bad".
The second part takes away by quoting a CEO who doesn't actually say "regulation is good", but calls for drastic action when he says that
there is no competitive market or government regulation to check the abusive interchange fees the credit-card companies charge... Driving retailers out of business, taking money out of consumers' pockets and creating a credit crisis, the interchange fee is a fee only a banker could love.
The CEO wrote an opinion in a Salt Lake City newspaper, and the comments from small business owners eviscerate card companies in general and Amex in particular.
The 34-page Report: THE REST OF THE STORY:
- written by Raymond Keating, a Long Island MBA who works for the "Small Business and Entrepreneurship Council", headed by
- Karen Kerrigan, "A seasoned player in the conservative movement, Kerrigan made a name for herself by playing a key role in derailing the Clintons' health care plan. [In 2006] she shares an office suite with GOP lobbyist Grover Norquist." http://www.inc.com/magazine/20060201/dc-brokers.html
- Grover Norquist, prominent conservative lobbyist, close associate of Jack Abramoff, NRA board member and representative for American Express ( according to the wikipedia).
No comments:
Post a Comment