American Express/Masullo Peace Accord
After years of bitter disputes and countless legal maneuvers, 2 financial service giants have finally agreed to a cease-fire. Although the terms of the accord were not disclosed, the parties issued a joint press release stating that American Express has agreed to pay Masullo a royalty of 2% of Masullo’s American Express Charges. In return, Masullo will accept the American Express Card at all locations.
When reached for comment, Masullo was quick to declare victory, but he reminded us that the war was not yet over. He plans to continue to fight against what he refers to as "unfair corporate piracy" with regard to recent takeovers of accounting firms by American Express and others. Masullo has described these takeovers as "an unhealthy trend, akin to putting the fox in charge of the hen house. How can accountants maintain the essence and appearance of independence if they are beholding to these large public companies for their salaries and future pension benefits?"
Masullo also announced a series of strategic alliances designed to keep his business competitive in the new Millennium. Intuit, Inc. has granted Masullo the non-exclusive right to act as a "Quickbooks Professional Advisor," in exchange for support, technological services, and about $250 in cold cash. (Quickbooks remains a registered trademark of Intuit, Inc.).
In yet another deal, Masullo has aligned with NBT Bank in an agreement to facilitate credit card processing. As a result, Masullo will now accept Master Card and Visa, as well as the American Express Card. Masullo claims these steps were necessary to maintain his preeminent position in providing USA tax services.
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