Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel by Lloyd Constantine
Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel by Lloyd Constantine is an intriguing insight into price fixing and antitrust cases
My Book Review Rating: 3 stars an insightful tale lacking a literary edge
As a Compliance Manager for a UK bank I was keen to read this offering from Lloyd Constantine promising an inside look into the ground-breaking legal battle that blew the lid off the Mastercard Visa cartel and changed the face of the US debit card industry.
The facts of the case certainly made for an interesting read as big brand names including Wal-Mart, The Limited and Safeway pitted their wits against the credit card giants.
It’s billed as a ‘riveting story’ which to be fair it really should have been, unfortunately I just couldn’t gel with the writing style. I feel that the real impact of this story has been somehow lost in the very factual writing style of lawyer Constantine, and I can’t help feeling that it would have reached a whole different audience if it had been ghost written by someone else. Instead it will probably be thoroughly enjoyed by antitrust students who might one day dream of taking on a case even half the size of this record breaking campaign.
If you’re in the legal field and want an inside view into the biggest antitrust case in American history then you should definitely read this book, if you’re not then I’d give it a miss.
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In a ground-breaking case that shook the business and legal worlds to their very cores, New York-based law firm Constantine & Partners sought to end a devastating credit monopoly that personally touched millions of consumers. Its efforts culminated in the largest federal antitrust settlement in U.S. history. In Priceless, author and lead counsel Lloyd Constantine relates the dramatic account of backroom strategizing and courtroom conniving during the high-stakes litigation. Constantine, who led the team representing the plaintiffs, vividly describes how the case pitted retailers against credit card companies, and pries the lid off dodgy debit card practices. The plaintiffs, including Wal-Mart, Sears Roebuck, The Limited, Safeway, and a class of five million stores, pitted their financial futures against Visa and Mastercard in this war between giants.
In the vein of breakout bestsellers like A Civil Action and A Confederacy of Fools, this fast-paced narrative, peppered with larger-than-life characters, tears open the case and shows readers how the more than $3-billion-dollar settlement came about. The riveting story features cameos by lawyers, judges, and businessmen, including then University of Arkansas law professor Bill Clinton and New York Attorney General Eliot Spitzer. The triumph is also a David and Goliath tale, in which a small boutique law firm beats four of the largest law firms in the world, including London-based law firm Clifford Chance.
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Customer Reviews
Think: Terrell Owens in the end zone.
Review Date: February 16, 2010
Reviewer: John E. Drury, Washington, DC United States
Rare is the attorney who writes a good book about his success in his own civil trial. Daniel Petrocelli achieved it in "Triumph of Justice," in his civil damages trial of the infamous OJ Simpson case. Strong editing tones down the subjective in autobiographies or trial memoirs forcing the preening attorney - all trial attorneys preen - to be objective. Editing is minimal in this book. With an ego "as big as the Ritz," to borrow from Scott Fitzgerald, Lloyd Constantine does not defy the odds; this book reads more like a legal brief than a good yarn. Bloated with too much legal procedure, and nasty snipes at other lawyers and judges, the overwhelming subjectivity and the lack of story telling ability makes for a plodding read. Focusing on one narrow slice of the credit and debit card industry, he misses the chance to explain this business central to modern day America. He is ungracious to his adversaries characterizing them as venal, ignoring for the most part the names and legal arguments of opposing counsel and, most inexplicably, insulting to federal judges. One appellate female judge who sits on a panel is fingered by Constantine as trying to date him in the past, another appellate judge is painted as a right wing ideologue and then the trial judge who just awarded millions in fees is accused of rank sophistry. The book only becomes interesting in the author's analysis of the lode star considerations upon which his fee should have been awarded. In sum, a limited effort drenched in gracelessness.
Taking on the Hydra
Review Date: December 7, 2009
Reviewer: SilverC2, Texas
A great read into one of the seminal attacks on the hegemony of Visa, MasterCard and their member banks. Details of the obfuscation, outright deceit, delay tactics and business model legal-engineering of these famous card brands is astounding. C&P established the benchmark precedent for all antitrust actions surrounding the card brands today (C&P did not "kill the beast" only weakened it), making this book a "must read" for anyone in card payments policy and antitrust law.
Anyone who still harbors a shred of sympathy for these brands needs to focus on the evidence surrounding public deception to kill more efficient PIN debit (still happening today), conspiracy to restrict access from potential competitors and general distain of antitrust laws needs to read this book.
On the down side, Lloyd's views on the how politics played in the growth of Visa and MasterCard are a bit flawed. While he contends Regan/Bush/Bush lax approach to antitrust lead to the growth of the monopoly, he fails to point out that most of the market power growth and restrictive practices occured during the Clinton administration. Sadly, this highlights the fact that NO administration - including Obama, to date - has been willing to take on the banking lobby beyond "show trials".
Fascinating Case
Review Date: November 5, 2009
Reviewer: Nicole M,
I didn't follow this original case in the news and was shocked by the length and intensity of the anti-trust case against Mastercard and Visa. Reading this book, I felt the lawyers' exhaustion and frustration with this 15 year plus legal action that eventually resulted in a win for Constantine and the American consumer. Priceless details the main points in the case, the lengthy litigation and the eventual outcome.
When I was first starting reading this book I was struggling with the legal jargon, but slowly began to understand more about this case and the legal system. It was definitely an interesting read, but be prepared for very technical legal terms. I looked up several words and legal concepts while reading this book to gain a better understanding of the case and legal action.
Priceless is not a book I would have picked up to read on my own, but I was glad I received an Advanced Reader's Copy. The book really gave me insight on the true deceptive nature of the credit industry and the major efforts it took to bring down the Visa/Mastercard bank cartel. Not a book for a light, easy read, but definitely worth reading.
Interesting
Review Date: November 2, 2009
Reviewer: Lorri Slawson,
I was skeptical about this book. I was thinking that I wouldn't enjoy it at all but was surprised when I started reading, it was very interesting! Since I don't pay much attention to the financial problems and news in general because it is always negative, I have never heard about this lawsuit. It was quite interesting to learn about all the ways Visa and Mastercard were able to get more money out of people with fees, and what was eventually done about it.
Constantine leaves it on the field.
Review Date: October 21, 2009
Reviewer: Skullman 155, Merrick, N.Y. USA
A great read for the lay person as well as anyone who works in the legal profession. I was given the book as a gift and I do not know that much about anti-trust law. This book is an inspiring story about the value of hard work & perseverance. It contains many life's lessons which one can practice if they wish to push the boundries of their own lives. It will transcend time and is a must read for those of us who would like to gain insight into todays battles between consumer advocacy groups, preditory credit card companies & the "Bank Cartels". I look forward to reading more Titles from this author.
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