VISA Leeches, Again
The Wall Street Journal reports that VISA USA will now charge a 1% fee on every charge a cardholder makes outside of his or her home country--even when paying with native currency. Previously, the charge was levied only when a currency exchange was involved.
There appears to be no particular reason for this new policy, except that 1% of several million or billion dollars charged overseas annually means a LOT of additional profit without actually doing any additional work or providing any additional service. Remember, profit equals revenue minus expenses, and there are zero expenses involved in arbitrarily assessing a 1% charge for what was previously free. This is pure profit for the banks, and pure loss for cardholders.
It is noteworthy that financial institutions refer to people who pay off their credit card bills each month, or who otherwise attempt to get something for nothing, as "leeches"....
Many who have studied the corporate entity have noted that corporations exhibit the same behaviors that define a psychopath in the Diagnostic and Statistical Manual of Mental Disorders (DSM-IV). Among the characteristics that define a psychopath:
1. Conning and manipulating behaviors
2. They are parasitic - they live off of others
3. No sense of remorse or guilt (i.e., no concept of hypocrisy or double-standards)
4. They are impulsive, and irresponsible
The problem is, a corporation is comprised of people (e.g., CEOs, executives, managers), who actually make the decisions that are attributed to "the company". This begs the question, if a corporation exhibits the characteristics of a psychopath, and a corporation is a non-human entity, and a non-human entity cannot be a psychopath, then where does the psychopathic behavior of a "corporation" originate?
They have names....
All the best,
Paul
There appears to be no particular reason for this new policy, except that 1% of several million or billion dollars charged overseas annually means a LOT of additional profit without actually doing any additional work or providing any additional service. Remember, profit equals revenue minus expenses, and there are zero expenses involved in arbitrarily assessing a 1% charge for what was previously free. This is pure profit for the banks, and pure loss for cardholders.
It is noteworthy that financial institutions refer to people who pay off their credit card bills each month, or who otherwise attempt to get something for nothing, as "leeches"....
Many who have studied the corporate entity have noted that corporations exhibit the same behaviors that define a psychopath in the Diagnostic and Statistical Manual of Mental Disorders (DSM-IV). Among the characteristics that define a psychopath:
1. Conning and manipulating behaviors
2. They are parasitic - they live off of others
3. No sense of remorse or guilt (i.e., no concept of hypocrisy or double-standards)
4. They are impulsive, and irresponsible
The problem is, a corporation is comprised of people (e.g., CEOs, executives, managers), who actually make the decisions that are attributed to "the company". This begs the question, if a corporation exhibits the characteristics of a psychopath, and a corporation is a non-human entity, and a non-human entity cannot be a psychopath, then where does the psychopathic behavior of a "corporation" originate?
They have names....
All the best,
Paul
posted by Paul at 1:23 AM
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