Shareholders Take Visa; Banks Run With $10,000,000,000 Payday
Because the new Visa Inc. shareholders remain hypnotised by the market success of MasterCard’s IPO, here are some leading morning-after profiles about why the banks bailed on Visa, cashed out $10 billion, plus another $3 billion for litigation reserves.
Visa is the richest IPO ever in U.S. history, but for who?
Did you know that the initial initial public offering was expected to yield only $5 billion? And, after deducting the legal reserves, the banks and the underwriters proceeds that is about all that might be left.
WayTooHigh.com: The Credit Card Interchange Report, is edited by Mitch Goldstone, co-founder of California-based ScanMyPhotos.com, the international online photo preservation service.
Goldstone and co-owner, Carl Berman are also the lead plaintiffs and class representatives in a antitrust class-action litigation against Visa, MasterCard and major banks that was filed in 2005.
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