Adding Insult to Injury: VISA Plans what Could be the Largest Stock Sale in U.S. History

COULD THIS CREATED MORE PRESSURE ON THE BANKS TO USE PREDATORY CREDIT CARD PRACTICES?
Visa: Bailing Out The Banks New York Times

Visa plans to go publc this spring, and the prospectus filed today indicates that it will get $15.6 billion (after deducting about $481 million in underwriting fees) from the offering if it is sold at $39.50 a share, the mid-point of its offering range.
Of that money, how much do you think will stay in Visa to help the company grow?
In round numbers, zero.
This offering is evidently intended to serve two purposes. First, to bail out the banks that now own Visa from the financial responsibility of antitrust violations involved in Visa’s effort to keep its member banks from offering American Express or Discover cards. The first $3 billion raised goes into an escrow account to pay damages.
The second purpose is to get cash to banks that may need additional capital, which is to say a lot of banks. Essentially all the remaining cash from the offering will end up with the banks, from repurchasing stock from them. The banks can use the extra capital.
Whatever else this prospectus does, it lays out one of the most convoluted capital structures you will ever see. (MORE FINE PRINT THAT BENEFITS THE BANKS) It has Class A shares — the ones the public is being asked to buy — Class B shares, which go to banks, and no fewer than four different kinds of Class C shares, which also go to banks.
One bloggers comment on the NYT piece:
Round and round she goes, where she stops,… only a few know. The public will buy this, especially the “institutional public”. P.T. Barnum had nothing on Wall Street.