Credit Card Companies Lobbying for Airline Liability Protection
Scott McCartney reports in the Wall St. Journal (subs. reqd.) about lobbying by credit card companies for new legislation that would protect them from potential liability if an airline shuts down.
Pushing hardest for the protection is National City Corp. of Cleveland, which processes credit-card transactions for UAL Corp.'s United Airlines and other carriers. In its latest quarterly financial report, National City said the value of tickets on United that were purchased but not yet flown was $853 million on June 30, and National City had "no significant collateral" to back that debt.
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