U.S. sues Visa for monopolizing market

The Department of Justice is suing credit card giant Visa for using its market dominance to stifle competition. Attorney General Merrick Garland said Visa tactics led to more costs for consumers.
#news #politics #crime
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[@ItsWhoIAmItsHowILive]

U.S. needs to sue pharmacy benefit managers

[@Johnwicker1903]

United and Caremark pays pharmacies negative on brands drugs!!!!

[@samg3198]

No let’s continue to ignore healthcare

[@attemptityourself5662]

The FTC just announced the lawsuit you want last week.

[@danadavis917]

Right? Congress (and as most recently evidenced, even the presidency) are colluding with pharmaceuticals.

[@k16e]

Takes 30 years

[@anniel1672]

Why does CBS have to interrupt the press conference to tell us what they just told us? Just be quiet and let and let them talk! 😠

[@chuckxu5910]

Please vote 🗳️ Kamala on November 5th, so 🇺🇸 America could looking like Haiti 🇭🇹 forever and ever

[@alelectric2767]

They need a job.

[@Truthtellereaglefrick]

​@chuckxu5910 how are trying to be an American imperialist but you can't even type in English correctly

[@345mrse]

@@Truthtellereaglefrick ‘Cause chuckxu is Hatian. ‘Naw mean?

[@peter320vn]

@@chuckxu5910 Yea, let be more like Russia with a felon leader 🤣 Don't worry I'm voting for Harris.

[@Nebula37]

This is OUR Justice Department, doing what it's supposed to do. Good work!

[@Chad_Max]

Raiding someone to seize his baby oil but not doing anything about migrants crossing the border illegally?

[@ngrader]

"Hurr durr, something something Weaponized Justice Department... If they can do this to me, they can do it to you. Hurr durrrrrr...." Some billionaires right now.

[@oSEuNLa]

Not according to Vision 2025, they want to refund federal agencies!!!

[@Bronceado7184]

You realize that all the companies that was sue has been forgetten after sometime right? The lawsuit is just to convince you to vote for them

[@smiddysmidton8313]

Yeah and Pelosi miraculously sold stock just prior. Amazing .

[@rorytribbet6424]

THIS is what I want my tax dollars going to. Our government finally starting to their job and taking care of its citizens.

[@Justme42yay]

Are you serious? With all that’s going on? Sounds like Visa upset this little troll.

[@danadavis917]

Except the government is responsible for the increase in all prices! Including Visa!

[@robertl9065]

@@Justme42yaythis is bc why we have inflation, genius. Greed and a lack of competition. Pay attention.

[@robertl9065]

@@danadavis917nope. Pay attention. Corporate greed and monopolies.

[@kyleh6984]

@@danadavis917Think about how much money would’ve been saved if this action was taken years ago.

[@c.eb.1216]

2024, Year of the antitrust bustup!

[@boristheamerican2938]

2025, the year Trump stops all of that.

[@c.eb.1216]

@@boristheamerican2938 pessimist?

[@renato_n.n]

@@boristheamerican2938 Someone has to stop this socialism

[@boristheamerican2938]

@@c.eb.1216 No Im rooting for the corporations. Isnt everyone who votes republican?

[@c.eb.1216]

@@boristheamerican2938 I'd assume so.

[@ExpeditionNomadicAdventures]

Please charge and convict the entire debit banking industry, for charging customers to access monies from an ATM machine. Computers processing money transactions should not cost more than 25 cents.

[@alixdickson1979]

The bank does not own the atm.

[@TheMetroidblade]

@@alixdickson1979yep they are rent to use basically. The companies that install and operate them make a lot of money from banks and card companies

[@jasonfusaro2170DragonFly]

​@@alixdickson1979And you know this how exactly? Ever hear of shell companies, for instance started by bank execs. Wake up😂😊

[@alixdickson1979]

@@jasonfusaro2170DragonFly Banks don't manufacture, produce or maintenance ATM's. There is a fee because that ATM is privately owned. Those without a fee are specific to that bank. It is already illegal to circumvent money by defrauding the Federal government. The problem is how and where you spend your money.

[@jasonfusaro2170DragonFly]

@@alixdickson1979 Listen, people run banks, people know people, people can work in conjunction with other people. Obviously you're quite young or haven't been paying attention all your life. 🤷 👍 Please don't respond. I'll consider it as harassment. Peace be upon you, in Jesus' name.

[@MrOmegacutz]

About damn time!

[@adamhuffman3354]

Yea D.O.J can be a little slow but man do they pack a punch 🥊! No entity on the planet can take it. Serious bis.

[@pilot88pro]

I love watching libs who are clueless about monopolies or business pretend to be smart. Doj won't win this battle.

[@JasonKlieber]

THEY HAD TO WAIT FOR PAUL PELOSI TO SELL HIS STOCK FIRST!

[@Johnwicker1903]

Sue pharmacy benefit managers for paying pharmacies negative on all brand drugs.

[@attemptityourself5662]

Second person I've had to bring this revelation to....the FTC sued the PBMs last week. Get with the times son. We're doing hoodrat sh** and holding big business to task. Thanks Biden.

[@jeremyrogers8828]

Amazon, Kroger, Blackrock.... Bring back small business and fair competitive markets...

[@jaiphony]

👍💙🌊🇺🇸vote Blue 💙🇺🇸🌊

[@snwbm]

But I don't want higher prices and longer wait times and smaller inventories and I don't want to shop in a store that I don't own shares of in my retirement account.

[@jeremyrogers8828]

@@snwbm hahaha. The destruction of an entire society based on the needs of me instead of we....

[@jeremyrogers8828]

@@jaiphony hahaha. NEVER AGAIN.

[@sociolocomtsac]

You're confusing blackstone with blackrock... genius

[@johnappleseed6210]

I understand criticisms of the Biden Administration but we havent had such a good and active Justice Department in a while

[@olzt100]

I don't understand the criticism of the Biden administration. But I do understand the lack of knowledge on how US capitalism and politics work by US citizens.

[@aring-xn9sd]

Since 90s

[@mooxieart]

I've been pleasantly surprised, honestly

[@mooxieart]

​@@olzt100this Biden administration has been more like a Bernie platform than anything Biden supported in his prior years. He used to pander to right wing philosophy. Criticism from the left is usually based on this and how the Dems sabotaged Bernie. But Bernie made a pact with him to carry out his populist platform. Hard to believe he would do it since Dems have been corporate tools for a while. Things seem to be shifting post-trump

[@smiddysmidton8313]

It is all window dressing , expect nothing to come of it . Amazing that Paul Pelosi sold his visa stock just prior too ! Amazing ! US Government is corrupt top to bottom.

[@Abon502]

I bet $100 even if Visa has to lower their fees ( that the banks pass off to us ) the greedy banks won’t lower prices to match the lowered fees .

[@boristheamerican2938]

i bet the whole thing gets dropped Jan 21 2025.

[@ngrader]

@@boristheamerican2938 Please bet everything you own. I want to see you do great again. Boris.

[@txbre8758]

I always wondered why we basically only could choose visa or Mastercard. And it’s been really bad for small businesses because they can raise the fees indefinitely

[@user-wc5lw7ps6h1]

You have only 4 choices in the US. Visa, Mastercard, Discover, and AMEX.

[@giacomobracco2075]

​@@user-wc5lw7ps6h1 in Europe its even less, we got visa or Mastercard. Amex is freaking expensive so most businesses won't take it for payment

[@boristheamerican2938]

But they have PRICING POWER as CNBC states all the time.

[@rayray8687]

But you have only 1 choice when paying with cash so shouldn’t the US government be sued?

[@UltimatePokeGamer7]

A credit card law is in place which prevents VISA and Mastercard to hike rates above a market agreed rate.

[@P.90.603]

Yeah...I was wondering why almost everything is VISA.

[@Pearloryx]

And often getting fee for using MasterCard

[@rbae]

All the major banks started shifting their cards to Visa when it used to be a good mix. I remember B of A used to have variance and people would have both between debit and credit

[@phil20_20]

What really bothers me is, what took so long? This has been going on for decades.

[@P.90.603]

@@phil20_20 They probably wanted it to get so big so that when they do take then to court, a lot of money will be made.

[@sv83217]

​@@P.90.603Or maybe Uncle Sam was not getting his fair share so he finally attacked

[@BrokeCryptoBro]

We need to redefine what it means to be a "small business." The current definition is too narrow and doesn't reflect the reality of today's economy. For example, the Small Business Administration defines a small business as a company with fewer than 500 employees. But that definition doesn't take into account the fact that many small businesses are actually owned by large corporations. These companies are able to take advantage of the tax breaks and other benefits that are available to small businesses, even though they are not really small businesses.

[@fahadkelantan]

Visa takes over 2.5% of all Revenue, while small businesses have 4% profit margins in a good year. Bravo DOJ.

[@mariusfacktor3597]

It's truly insane how card swipe and transaction fees can be so high. I mean Vanguard charges their customers 0.03% on their financial products, while Visa is able to charge customers 2.5%. Thats 83X more. Card swipe and transaction fees should be under 0.05%. They're electronic so they cost what an email costs-- essentially nothing at all.

[@MeshugaMatch-m6q]

How about blocking the merger of Albertsons and Kroger? Must be nice to be headquartered in a country that allowed you to go through bankruptcy 3+ times, only to become #1 among one. 🙄 And what about utility companies?

[@admincreate9413]

Lina Khan head of the FTC is doing exactly that. She was recently featured in an interview on 60 Mins with Leslie Stahl discussing that exact M & A attempt along with some big pharma companies for monopolies and price gouging.

[@abelincoln3261]

Okay agreed, Visa sucks Visa has abused it's status.. How bout now you go after Auto Insurance companies for basing their rates on our credit rating and not on the actual itemized cost of our auto. Why should a wealthy customer pay less for auto insurance if my driving record is the same or better then theirs? My credit rating has zero to do with how I drive. Prove me wrong ! AG Garland go after auto and home insurers now please ! And banks next for the same reason !

[@ChineseWinnie]

if DOJ went after insurance companies, you guys complain saying they should've gone after paymeny processors instead, you guys will never be happy

[@cherylrosalis1948]

If people would stop the stupid lawsuits the insurance companies would not have to raise our rates.

[@trivalentclan]

Takes a lot of work to collect evidence linked to breaking specific laws and knowing what will fly in court and what the deep pocket companies can get dismissed. They have to pick the best cases. Just because you think something should be illegal in commercial law does not mean a judge would agree with you.

[@uniquelylily1166]

How about the interest they charge on their credit cards. I mean they've gone up to 30% thats a shame

[@cawheeler27]

IDK, there might be a correlation between credit score and accident rates. I can't just assume there isn't. Most of your cost tho could just be connected to age. I pay $90 per month for full coverage on a 2022 car worth about $30k, but I'm in my late 30s with an excellent credit score, no accidents in more than 15 years, and no speeding tickets in more than 15 years. A friend that is 25 also has no accidents or tickets, but pays nearly $200 per month for liability only on a car worth about 3 grand. Age and length of driving history has a ton to do with your rate. And rates aren't just based on the cost of your auto, they're based more on the cost of repairing the other persons auto plus any medical care they might need. That can get very expensive.

[@opus9264]

Next-the utility companies and waste management. They act like government entities.

[@alonsomedina9666]

They are

[@LearningCurves123]

Next do Mastercard because they do the exact same thing! (if you're lucky to have one)

[@phil20_20]

@29.99%, not so lucky.🍀

[@pilot88pro]

Then it's not a MONOpoly is it?....

[@LearningCurves123]

@@pilot88pro No. When banks only do VISA for BANK transactions and not Mastercard, then that would mean they have a monopoly in another way.

[@ceuser3555]

Costco is exclusive to Visa. Let that sink in.

[@jammedhands]

That was fairly recent. Used to be Amex for a long while. Not that I’m alleging anything on Amex :)

[@prasanthsagar8732]

Insurance and health industry next

[@rysabh]

They are on fire!

[@rawlvee]

fire discount stock price

[@gergarfritz3442]

Get em Garland!!!

[@markh3279]

Now go after the pharmaceutical industry

[@Mrcrazyguy303]

Finally, the government does something!

[@UnburdenedLady]

GET THEM break apart these monopolies and let the American economy be truly a free market ❤❤❤

[@mmca2622]

Thank you Merrick Garland and the DJ staff for standing up and protecting consumers.

[@MyLadyLily]

Is this why it cost me almost 6 dollars to pay rent online!?

[@Maybe1Someday]

Bro wtf you heard of zelle?

[@endlessorbaggins8223]

Visa, Ticketmaster, Google, who's next?

[@johnnywins_]

Dont forget apple

[@renato_n.n]

socialism

[@Foolofatook889]

@@renato_n.nbreaking up monopolies isn’t socialism 🙄

[@jjalvarado7287]

Why are they saying like it is a bad things? Monopolies are bad for everyone who isn’t them

[@renato_n.n]

@@jjalvarado7287 The socialist government is the worst monopoly of all. That is why.

[@artfulalias3984]

Decades overdue. I salute this administration for returning to active anti-trust enforcement after decades of multiple administrations abandoning anti-trust.

[@richardsimms251]

Good for the Justice Department USA

[@phil20_20]

No way! Really? Who'd have thought those nice people would want to rip anyone off? Unless you do something about SCOTUS corruption, none of this stuff will stick.

[@JasonKlieber]

THEY HAD TO WAIT FOR PAUL PELOSI TO SELL HIS STOCK FIRST!

[@josemilian4167]

first time in decades i've felt government is doing it's job.

[@lukodaian]

Thank you Lina Khan,DOJ ,the failed Reagan era Big business policies are coming to an end

[@abelincoln3261]

Yes, many automobile insurance providers do base their premium rates on customers’ credit ratings. This practice is allowed in most states, although there are exceptions like California, Hawaii, Massachusetts, and Michigan, where the use of credit scores for determining insurance rates is prohibited or limited12. Insurance companies often use a “credit-based insurance score” to help set rates. This score is different from your regular credit score and is designed to predict the likelihood of you filing a claim. Factors such as outstanding debt, credit history length, credit mix, payment history, and pursuit of new credit are typically considered12. On average, drivers with poor credit can pay significantly more for car insurance compared to those with excellent credit. For example, drivers with poor credit may pay 115% more for full coverage car insurance than those with excellent credit

[@boristheamerican2938]

Those are communist blue states

[@nickswope2848]

So happy our Justice Department is finally working on the behalf of average Americans and not bowing down to business. Business and workforce need to benefit each other, it’s been one sided for the last 2 decades.

[@strawdemindset]

They have been going hard for years now, it’s just been overshadowed by the Trump stuff. They’re killing it along with the FTC

[@nickswope2848]

@@strawdemindset agreed, im just glad its becoming more of a trend and hopefully continues

[@JasonKlieber]

THEY HAD TO WAIT FOR PAUL PELOSI TO SELL HIS STOCK FIRST!

[@nickswope2848]

@@JasonKlieber yeah not defending them lol. I don’t like the Pelosi’s for that reason exactly

[@Ms.Robot.]

After 50 years,they are now just noticing this?

[@tropicalrelaxation9874]

Finally!

[@Matok1]

Keep going. Who's next?

[@eric198457]

We need a class action so all of us can get a percentage of every purchase made with a VISA Debit back! I say 5%, fair!

[@blizzred2143]

Sue pharmaceutical companies..

[@ArchersPlace]

yes finally

[@elihubildad6677]

You can forget all these regulatory securities if they put Trump back in Office.

[@finleywright3480]

Please go after health insurance companies next

[@danielameliahartwig5637]

It's why Costco only accepts Visa they refuse to accept any other forms of debit card payments if they are not Visa

[@phil20_20]

Charlie Munger...

[@tmartinez1948]

Not in Florida they take Master

[@tmartinez1948]

My Costco

[@MrTmenzo]

Used to be amex but the fees got too high so switched to visa

[@edwinnemoto8172]

Thank you Attorney General Garland and staff.

[@jethrotannis5673]

Merrick Garland getting his Supreme Court nomination iced might have been the best thing that happened to him/this country. He is bringing heat against all these corporations that unfairly stack the deck against the consumer and his reputation hasn’t been sullied through association with that farcical Supreme Court…

[@bobbielee5268]

Aside from the content of what he says, who else finds AG Garland's voice to be incredibly soothing?

[@mnemosynevermont5524]

And the exorbitant interest rates?

[@giacomobracco2075]

That's to prevent skyrocket inflation

[@mnemosynevermont5524]

@@giacomobracco2075 BS. It lines the pockets of those who need it least.

[@boristheamerican2938]

I have a visa, paid no interest for 30 years. Pay the card off at the end of every month.

[@wickedpawn5437]

@@boristheamerican2938 You missed the whole point of the case.

[@boristheamerican2938]

@@wickedpawn5437 I know whatever communist plot you liberals are trying to hatch against this poor corporation will be reversed once Trump gets back in as president next year.

[@steveducell2158]

the U S has not had a major anti trust action against one of the many monopolies since the Bush Administration.

[@TNTkeynine]

The U.S government is on a roll when it comes to anti-trust. Keep on going 🎉

[@JasonKlieber]

THEY HAD TO WAIT FOR PAUL PELOSI TO SELL HIS STOCK FIRST!

[@aroundandround]

This guy is actually going after all of them.

[@Henry-q4l]

Some resteraunts are charging more if a debit or credit card is used to pay for the meal in order to make up for the processing fee they have to pay for getting payment from the card.

[@donovanbrigham]

We need way more of exactly this.

[@Johny-Walker]

The idea of letting Visa and MasterCard to have full monopoly (almost) on the payment rails of entire countries and regions of the world was and is still mad, it's time to put an end to it. Nobody should earn any fees on debt payments. This is the ultimatum free lunch ever.

[@kevink3688]

DOJ has been on a roll recently.

[@johnaltobello5095]

At least he can read a teleprompter...

[@williamliang510]

strong work

[@alapoint1]

Bravo

[@beo456]

Is there any doubt in anybody's mind that Visa is GUILTY?

[@GuiltyBystander58]

Time to dust off my checkbook.

[@elizabethlode9822]

Like they all had no idea this has been happening for years?? Now they wanna tsk tsk after the money's been made and the damage is done??? A little f--ing late!!

[@tmartinez1948]

CORRECT 👍🏻

[@hudsonfrank1121]

About time they called them out on this.

[@alexlopez5800]

Wow!

[@Otherthan338]

Shouldn’t they sue Amazon then?

[@double_joseph327]

That’s coming soon

[@casycarson7530]

What about blackrock

[@nooraffendymohamedali7308]

I only realized all my debit cards have VI$A logo. 100%

[@MichaelKolbe-xn2cp]

Have had hundreds lost through Visa debit because the job agency I used put my money on a Visa debit .Getting so I'm not trusting debit cards.

[@stormvillians]

Sue WALMART

[@steviewanderer]

The more interesting question is who are the lawyers defending this kinds of unethical / unlawful corporate behaviour in court.

[@Buttersausage]

Good !!!!

[@user-ob3ob3ii3u]

He coming for everybody damn.

[@tmartinez1948]

Who?

[@kellybikeco]

its about time! thank you Merritt Garland and company!

[@jbspec4507]

Go after the insurance companies

[@cherylrosalis1948]

Good job sir!

[@vegetablegremlin69]

Too little to late. Merrick should resign in shame for not holding tRump accountable.

[@johngaracinii8827]

This man was going to be on the Supreme Court - Jesus - what a loss.

[@JoeVSvolcano]

Good thing Nancy Pelosi’s Husband dumped $500K Of VISA STOCK weeks before the announcement. SO MUCH SKILL!!!

[@samssavedvideos5401]

THey need to hurry up and sue Livenation for the same reason.

[@allisonli4724]

I’m so proud of the Biden Justice Department, Merrick Garland and Lina Kahn. They are really fighting for the little guys.

[@smiddysmidton8313]

hahaha 🤣🤣

[@Scarecrowswdsmn]

Wow I was interested until that CBS cut-in ffs.

[@shawnskyeviews]

Amen! First Apple! Then Google! Now Visa?! HELL YES! NOW GET META!!!!

[@andyroo9381]

It would be interesting to hear from retailers about this lawsuit.

[@paulettepoole5476]

DID AUBREY O’DAY WRITE A BOOK ABOUT THE RUMORED AFFAIR WITH DONALD TRUMP JR?

[@Darryl-zp5io]

WHAT YOU SAY? 🙀🤯😧😮💩😡👑🤫🤫🤫🤪😜😝😡🤬

[@jamesbell739]

Hopefully this means that I wont have to pay that surcharge to give the city government money when I go pay taxes.

[@mattmanley7118]

Wow

[@ExpeditionNomadicAdventures]

Next are the fuel price gouging across the US.

[@je4350]

ive had 4 banks in the last 7 years all the debit cards where mastercard! what is he talking about?

[@Woke365]

My debit card is visa.

[@user-wc5lw7ps6h1]

There's only four processors. Amex, discover, visa and mastercard. Visa and Mastercard together process over 85% of all purchases with a credit card in the US. They together process over 60% of the words credit card transactions.

[@trivalentclan]

The network that processes your Mastercard charges may be controlled by Visa, so Visa also makes money when you buy something with Mastercard.

[@tmartinez1948]

Omg that’s mine Mastercard

[@MyLifeMyMoneyMedia]

The Federal saw Visa as threat.

[@CamKingHaymare]

Good 😂

[@andrewdejesus1081]

What role or impact did Visa play during the times on inflation? Seems like our tax dollars are being used for the right reasons in this specific case…

[@stevemcgowen]

Here in Prague Mastercard is bigger than Visa. It just depends where one lives.

[@BreatheTheMatrix]

I love when a company gets bigger than the government, the government just goes to panic mode.

[@techcafe0]

so you'd prefer be governed by corporate fascists?

[@e.c-s8611]

YES!!!!! Finally these people are held accountable.

[@rice_lord]

About time I can use my Amex in Costco

[@tmartinez1948]

Also Master

[@rangergun]

Yup!

[@jeromedamian5740]

Not me. I dont want anything to do with electric transactions. Nothing. Unfortunately, you get forced into it . That should be a lawsuit.

[@dreadfuldonkey]

now I’m curious about the Unit. Does anybody know what network that will be on?

[@mikeyrainbow3783]

this is what making progress to a better future looks like guys

[@mrobanyaki7294]

So if visa loses this case, can I not pay back my $85,000 visa credit card debt? 😂

[@Amy-qq2yf]

👀 😂😂following 😂

[@mikecasto4746]

Sick of business charging less by using cash

[@zacharywissinger3996]

Why should cash paying customers have to subsidize those using plastic?