"Free Enterprise"
I was taken aback to discover that my credit card provider--which I joined because they give donations to progressive organizations, like Amnesty International--uses MBNA, that right-wing George W. Bush admiration society, as its bank. I wrote them a terse note about this ideological inconsistency and got back the following reply (an excerpt):
Since Working Assets is not a financial institution, we require the assistance of a bank to issue our credit card. Due to the size of our customer base, only large banks are able to handle our credit card program. When our prior issuer, Fleet Bank, put our credit card portfolio up for sale, and MBNA emerged as the only bidder, we accepted an arrangement with MBNA as a way to maintain our ability to offer the credit card product.
Yes, that's right. Their options were these: work with MBNA or get out of the credit card business. Isn't it wonderful how "free enterprise" and "free markets" cure all the ills of the world by letting "consumer choice" drive "competition"?
Since Working Assets is not a financial institution, we require the assistance of a bank to issue our credit card. Due to the size of our customer base, only large banks are able to handle our credit card program. When our prior issuer, Fleet Bank, put our credit card portfolio up for sale, and MBNA emerged as the only bidder, we accepted an arrangement with MBNA as a way to maintain our ability to offer the credit card product.
Yes, that's right. Their options were these: work with MBNA or get out of the credit card business. Isn't it wonderful how "free enterprise" and "free markets" cure all the ills of the world by letting "consumer choice" drive "competition"?