Mitch Goldstone Quotations

It is good news to me and the other plaintiffs that MasterCard is resorting to drastic measures such as attacking our lawyers instead of disputing the facts of the case. The credit card companies and banks have been deafeningly silent about the case, which I think proves that they know the facts speak for themselves.

We're not opposed to a cost-based interchange. The problem is the banks got greedy and raised the rates just to make more money. If interchange was actually cost-based, it would effectively disappear. In Australia, the interchange rate is less than half a percent. And Canada is a great example: Business is thriving even though the interchange rate is zero.

They are using every stall tactic they can to postpone a ruling. I think MasterCard wants to delay the lawsuits because it could cause problems for their planned $2.5 billion IPO.

Interchange fees are just a way that credit card companies squeeze merchants to enhance their revenue stream. There is absolutely no need for these fees to be so high, and without anything to control them, the banks and the credit card companies continue to find ways to escalate the fees.