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'Vicious Circle' in Credit Card Fees Hurts Merchants: Discover Exec

JUL 10, 2014 3:49pm ET

Discover President Roger Hochschild, testifying at a government antitrust trial of American Express in federal court in Brooklyn, N.Y., said his company tried to offer low interchange rates in the late 1990s and then gave up because bigger, higher-cost rivals had too much market power.

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