We don't have it in any efficient fashion, given the governance challenge, the consent order prescriptive rules around everything from voting levels and areas in which we.... The switch fee is one of the only ways to raise fees. It's really about putting in place an independent board that can make decisions based on competitive realities and have the retained earnings to invest in the business on a timely basis. This cannot be done today. To agree to a uniform switch fee, you have to have everyone on the same page at the same time in the same budget cycle. This has many elements to it, and consensus building is Herculean. It didn't used to matter when Visa and MasterCard were associations and also took four board meetings to go through a single decision item, but now on a relative basis we are the only ones remaining under this structure, so we are at a severe competitive disadvantage.
On June 16th, 2009. See this statement in context.