I believe you may recall the former vice-president and assistant counsel for Visa International and Visa U.S.A., Broox Peterson, who described the system in the following fashion. You're probably familiar with the quote, but for those who have not heard this before, it might come as something of a surprise: “Issuers began to view the interchange reimbursement fee not as a revenue allocation mechanism to ensure success of the system, but as a demand-driven pricing scheme to collect as much revenue from merchants as the market would bear.” Do you agree with that characterization?
