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December 16, 2013
The oral presentations of the objectors at the fairness hearing were afflicted by needless hyperbole. One of the merchant association principals who participated in the settlement discussions and initially agreed to its terms argued that the members of his association would be worse off if I approved the proposed settlement than they would be if they proceeded all the way through trial and lost. Another likened the prospect of approval to the deprivation of civil liberties in the aftermath of a terrorist attack, warning that only a “slippery slope” would separate an order binding a large retailer to the proposed settlement and the government stripping us of our houses and civil rights. A third cast Visa and MasterCard as modern-day Nazis, and warned me not to assume the role of Neville Chamberlain.
U.S. District Court Judge John Gleeson, in a recent opinion discussing the level of vitriol against a long-in-the-works $5.7 billion settlement with Visa and Mastercard. So yeah, not really taking this hard at all.
14:31 // 7 months ago
September 10, 2013

Major changes coming to the Dow Jones Industrial Average before the end of September

  • In Goldman Sachs, Visa and Nike have been added to the Dow Jones industrial average, replacing several poorly performing companies from the exclusive group of 30 publicly-owned corporations. The new Dow Jones additions are also expected to diversify one of the most-commonly used gauges of the U.S. stock market.
  • Out To make room for the new arrivals, Alcoa, Hewlett-Packard and Bank of America have been removed from the Dow, following consistently slumping stock performances from each. The changes are set to take effect on September 23, and represent the largest alteration of the Dow Jones line-up in roughly a decade. source
14:12 // 10 months ago
April 2, 2012

Credit card breach: Visa drops payment processor after card data stolen

  • cause Global Payments, a credit card processor, revealed Friday that it had been the victim of  a data breach — initially reported as 10 million cards, though the company now says it was closer to 1.5 million cards. The company says no personal info beyond the numbers was compromised.
  • effect As a result of the data breach, Visa dropped the company from its registry of card-processing providers that meet its security standards. Global Payments says it will continue to process Visa cards, but falling off the list could make businesses less likely to want to deal with them. source

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10:19 // 2 years ago
December 6, 2011
Verizon blocks Google Wallet on “security” concerns
Read: Google’s product is competing with our product. Google Wallet has drawn a lot of attention in recent months for its end-to-end reinvention of the paying experience — one that, if it takes off, could make carrying around credit cards a thing of the past. However… the first phone on Verizon’s network that could support the technology behind Google Wallet, the Galaxy Nexus, has the software disabled. The company says they’ve blocked it in an effort to provide “the best security and user experience.” However… Verizon is working with AT&T and T-Mobile on a competing service, Isis, which has yet to launch. Perhaps that’s it? Yeah, we think so. source
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Read: Google’s product is competing with our product. Google Wallet has drawn a lot of attention in recent months for its end-to-end reinvention of the paying experience — one that, if it takes off, could make carrying around credit cards a thing of the past. However… the first phone on Verizon’s network that could support the technology behind Google Wallet, the Galaxy Nexus, has the software disabled. The company says they’ve blocked it in an effort to provide “the best security and user experience.” However… Verizon is working with AT&T and T-Mobile on a competing service, Isis, which has yet to launch. Perhaps that’s it? Yeah, we think so. source

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11:23 // 2 years ago
September 19, 2011

Google Wallet opens, but the odds you can actually use it are slim

  • good Google has both Visa and MasterCard on board for its next-generation digital payments system, meaning they have a built-in infrastructure.
  • bad While that infrastructure — in the hundreds of thousands of retail outlets — is pretty big, Visa and MasterCard reach tens of millions of retail outlets.
  • worse In the short-term, only one network — Sprint — sells a device that’s actually compatible with Google Wallet. Own a Sprint Nexus S 4G? You’re in luck. source
20:03 // 2 years ago
June 17, 2011
1:19 // 3 years ago
December 7, 2010

Visa, Mastercard just made it really hard to donate to Wikileaks

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13:33 // 3 years ago