Documents Detail How Visa Tried to Buy-Out Nancy Pelosi and Other Politicians

16 Nov

Nancy Pelosi 16.jpeg

Visa has long bragged about its rewards program for consumers. So when its lucrative swipe fees got caught in the congressional crosshairs a few years back, the credit-card giant developed a special program for then–House Speaker Nancy Pelosi to feel its influence.The lobbying campaign, reconstructed by Newsweek through interviews and documents, speaks volumes about the efforts of big business to curry favor, even among perceived enemies.

It also shows how such efforts can personally and politically benefit politicians, even ones like Pelosi who set out to suffocate the “culture of corruption” in Washington or ultimately didn’t give Visa what it wanted.The tale begins in 2007, when the credit-card industry became concerned that the new Democrats who took charge of Congress after the 2006 elections were intent on passing legislation to curtail credit-card swipe fees to vendors, which were worth billions of dollars in revenues in the industry, and to create new protections for consumers.

via Visas Courtship of Nancy Pelosi – Yahoo! News.

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