Business Services Industry
EXPANSION IN THE CARDS: RIVALS PLOT WAYS TO EXPLOIT LAWSUITFILED AGAINST VISA, MASTERCARD.
Crain's New York Business, October, 1998
One day after the U.S. Justice Department filed an antitrust suit against MasterCard International Inc. and Visa International Corp., the rival credit card companies based in Manhattan began laying out plans for their expansion. Morgan Stanley Dean Witter & Co. hinted it might take its Discover card overseas, while American Express Co.
said it would bring its foreign practices to the United States. The two companies are the fifth- and fourth-largest credit card issuers in the United States, respectively. Neither company said how soon it would make the changes. Visa and MasterCard deny they have violated antitrust laws and say they will fight the Justice Department lawsuit. IN AND OUT Mario Gabelli, a successful money manager for more than two decades,...
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