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> Also remember that until recently, Visa and Mastercard were also non-profit entities. [citation needed]
by abraham 13y ago
> Also remember that until recently, Visa and Mastercard were also non-profit entities.
[citation needed]
- mburns 13y ago>"Prior to its initial public offering, MasterCard Worldwide was a cooperative owned by the 25,000+ financial institutions that issue its branded cards." >"Prior to October 3, 2007, Visa comprised four non-stock, separately incorporated companies that employed 6000 people worldwide: Visa International Service Association (Visa), the worldwide parent entity, Visa U.S.A. Inc., Visa Canada Association, and Visa Europe Ltd" From their respective Wikipedia company pages.
- scott_karana 13y agoHow does that have anything to do with being non-profit?
- mburns 13y agoMasterCard Worldwide was a non-profit cooperative until 2006.
- scott_karana 13y agoFor some reason I'd thought that for-profit cooperatives existed. Thanks!
- vidarh 13y agoThey do.A lot of coops are for-profit. E.g. it is common for cooperative store-chains to pay out dividends from profits to all members proportional to the amount of money you spend with them.
- abraham 13y agoNeither of those citations actually say anything about profit one way or the other. They certainly don't appear to have ever had 501c status.