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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: The Duke of URL© who wrote (12786)	10/4/2004 3:41:12 PM
From: mishedlo	Read Replies (2) of 116555

MasterCard's attorneys said the appeals court ruling "will undermine the incentives for vigorous competition that have produced compelling consumer benefits in an industry of fundamental importance to the economy." [WTF? Lawers argued that increased competition from American Express will undermine incentives for competition? mish] The decision is expected to benefit American Express and Discover and creates big headaches for the bank associations. Within an hour of the decision, Morgan Stanley's (MWD.N: Quote, Profile, Research) Discover unit announced it filed a lawsuit against the associations, seeking undisclosed compensation. Discover complained association rules limited its share of the general purpose card market and locked it out of the fast- growing debit card business. American Express said it may also take legal action. reuters.com

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