Visa and MasterCard’s member banks have unfairly forced millions of merchants and America consumers to spend nearly $60 billion during the past year in unjustified and unfair credit card merchant fees. In today’s highly advanced technological society, the interchange fees are as antiquated as were those manual credit card receipt imprinters.
But, this is only the beginning. Take a look at how easy the banks (which owned Visa and MasterCard – the two giant credit card associations with 80% market power) have it when securing billions more from us, the citizens who authorized the TARP $750 billion bailout.
Click here to see if you too can get in on this extraordinary boondoggle. Just rename your business as a bank holding company, or, add the name “Wall Street” as we did in parody.
The following is the actual application. If you thought it was easy for Visa and MasterCard’s member banks to wield their monopolistic power and force retailers and consumers to pay about 1.7% for most electronic payment transactions, look at this. It seems that applying for a charge card with your local retailer demands more questions and due diligence than this. It will take you longer to fill out this standard auto lease areement, than the below application, unless you have an “authorized designee” who can do it as your proxy.
Application for TARP Capital Purchase Program (CPP)
Please complete the following information and follow the submission instructions as described
on your Federal banking agency’s website. In addition to completing the information on this
form, please provide a description of any mergers, acquisitions, or other capital raisings that are
currently pending or are under negotiation and the expected consummation date (no longer than
1 page).
In the event the applicant files an application with the appropriate Federal banking agency
prior to the availability of the investment agreement, the applicant must file an amended
application which includes updated responses to any items in the application that required prior
review of the investment agreement.
Institution Name:
Address of Institution:
Primary Contact Name:
Primary Contact Phone Number:
Primary Contact Fax Number:
Primary Contact Email Address:
Secondary Contact Name:
Secondary Contact Phone Number:
Secondary Contact Fax Number:
Secondary Contact Email Address:
RSSD, Holding Company Docket
Number and / or FDIC Certificate
Number, As Relevant:
Amount of Preferred Shares
Requested:
Amount Of Institution’s Authorized
But Unissued Preferred Stock
Available For Purchase:
Amount Of Institution’s Authorized
But Unissued Common Stock:
Amount Of Total Risk-Weighted
Assets As Reported On The
Holding Company’s Or Applicable
Institution’s Most Recent FR-Y9,
Call Report, Or TFR, As Relevant:
Institution Has Reviewed The
Investment Agreements And
Related Documentation On
Treasury’s Website (Yes/No):
Describe Any Condition, Including
A Representation Or Warranty,
Contained In The Investment
Agreements And Related
Documentation, The Institution
Believes it Cannot ComplyWith By
November 14, 2008 And Provide A
Timeline For Reaching
Compliance
Type of Company:
Signature of Chief Executive
Officer (or Authorized Designee):
Date of Signature:
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