Watch Sexy Credit Card Senate Hearing Cam!

The Senate Banking Committee hearing on “Examining the Billing, Marketing, and Disclosure Practices of the Credit Card Industry, and Their Impact on Consumers” was yesterday and a video archive of the live webcam is available. Ok, so it’s probably not sexy, but it could be pretty interesting:

    Guests include Elizabeth Warren, Leo Gottleib Professor of Law and author of The Two Income Trap: Why Middle Class Mothers and Fathers are Going Broke, Harvard Law School; Dr. Robert Manning, Professor of Finance and Author of Credit Card Nation, Rochester Institute of Technology; John Finneran , President of Corporate Reputation and Governance, CapitalOne Financial; Richard Vague, Chief Executive Officer, Barclaycard US; Carter Franke, Executive Vice President of Marketing, JP Morgan Chase & Co.; Tamara Draut, Director, Economic Opportunity Programs, Demos; and Travis Plunkett, Legislative Director, Consumer Federation of America.

Ohh, CapitalOne. If they show up late we hope the senate charges them a fee.—MEGHANN MARCO

“Examining the Billing, Marketing, and Disclosure Practices of the Credit Card Industry, and Their Impact on Consumers.” [The U.S. Senate via CL&P]

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  1. thrillhouse says:

    hopefully this doesn’t turn out to be the dog-and-pony-show that the Baseball steriod and Oil company record profits hearings turned out to be.

  2. Deryn says:

    The Senate? Putting on a show? Pretending to be influenced by public concern before they do whatever they want to, anyway? Naaah.

  3. planetdaddy says:

    It is the government. They won’t really do anything. Just the fact that they looked into it is good enough.

  4. marcia says:

    This is what the credit card industry did to me and my business.

    We are the owners of A&B Enterprises dba Fantasyline. We had been in business for 23 years. Our business was adult talk lines. We have always used live operators to screen our callers and verify bank information. We had excellent fraud control and verification procedures. Our primary form of payment was VISA and MasterCard. We had various merchant accounts. Initially we had merchant accounts with banks. At some point these banks discontinued telephone order processing and or credit card processing so we switched to third party processors etc. Our merchant accounts never had a bad mark against them. They were never cancelled due to chargebacks.

    Our last processor was Online Data in Westchester IL. In December 2004 they informed us that they had to switch our account. In April 2005 they stated they could not switch our account because we sold downloadable DVD’s. This was false. We enclosed a letter to that effect to Online Data. The letter did no good and Online Data informed us that due to the nature of our business they could no longer process our charges.

    Online Data recommended we contact Nelix to find a merchant account. Nelix refereed us to ECS World UK. This arrangement did not work out as ECS World UK failed to pay us monies owed.

    Due to the loss of our merchant account we had to close our business. Online Data claimed that they were being forced to close all Adult Oriented Web Businesses by Visa and Mastercard International and Chase JP Morgan Bank. Fantasyline never was a Web Business. Closing our business abruptly caused us severe hardship.

    All deprived us of our livelihood. Aside from depriving us of our livelihood and the complications that caused, we always paid high merchant fees.
    Marcia Siege
    marciasiegel2004@yahoo.com