The press is good to keep writing these stories as long as it appears the White House is listening to Tim Geithner and Larry Summers as opposed to Paul Volcker. There are few more respected voices in business and finance and he actually has credibility and independence the other two can’t pretend to have.
— The Huffington Post points out that the credit-card companies will make a small fortune skimming fees from your donations to the Haitian relief efforts. All total, it finds that credit cards will rake in $250 million (it calls these “profits,” but I’d suspect it meant “revenues”—though with these fees there’s not much difference) from charitable donations made with plastic.
Those profits rise sharply after major disasters, when humanitarian relief organizations such as Oxfam and Operation USA take in more than 85 percent of their donations via credit card — and the credit card providers, with only a few exceptions, refuse to waive their fees.
Credit card companies have only been willing to waive their processing fee for charity once, Richard Walden, the CEO of Operation USA, tells the Huffington Post, and that was for the tsunami disaster of 2004.