Time for MasterCard (MA -1.1%) to get its mind right, according to Michel Barnier, the EU...


Time for MasterCard (MA -1.1%) to get its mind right, according to Michel Barnier, the EU commissioner behind new proposed rules limiting credit card fees. He accuses the company of waging an "insane" campaign to fend off the proposal. Visa (V -1.4%) - on the other hand - is doing all the right things, says Barnier. MasterCard has said the rules could "actually harm" consumers (Visa has actually said about the same thing). The proposals would cut fees banks are allowed to charge consumers, maybe forcing those banks to push Visa and MasterCard to lower fees to lenders.

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