MasterCard Faces Probe, Details Auction-Rate Issues - by Svea Herbst-Bayliss
Credit-card company MasterCard Inc. said on Thursday that financial regulators in Hungary are probing its interchange fees in Europe at a time these fees are coming under close scrutiny around the world. The European Commission has already cracked down on MasterCard when it told the company late last year to cut its interchange fees within six months or face heavy fines. In the same filing MasterCard also said that it faced some problems in the auction-rate securities market this month, which recently became the latest victim of the global credit crisis as liquidity dried up.
MasterCard shares fell as much as 3 percent before paring losses to trade down 2.3 percent, or $4.72, at $203.50 late Thursday afternoon on the New York Stock Exchange.
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