Wal-Mart wants to expand into Banking!!

LynneSin

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Wed Nov-09-05 10:53 AM
Original message

Wal-Mart wants to expand into Banking!!

http://www.usatoday.com/money/industries/retail/2005-11-08-wmt-bank-usat_x.htm

Wal-Mart's bid to open bank draws opposition
By Lorrie Grant, USA TODAY
The world's largest retailer wants to open a bank, and its critics are showering federal regulators with pleas to say no.

Wal-Mart Stores' (WMT) application to the Federal Deposit Insurance Corp. to charter a bank has drawn 1,550 mostly negative comments, the most ever. With bank-charter applications, a half-dozen comments is considered a lot, the FDIC says.

Wal-Mart wants to start an industrial loan corporation (ILC), a type of bank that regulators let commercial businesses operate for specific purposes, such as processing payments. Most negative comments stressed the dangers of an unregulated commercial company owning a federally insured bank.

Among the concerns: "Is the parent company sufficiently regulated? Will credit decisions be objective? Will economic power become too concentrated?" says Edward Yingling, CEO of the American Bankers Association, a trade group of independent banks that opposes Wal-Mart's application

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LisaLynne

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Wed Nov-09-05 10:55 AM
Response to Original message

1. And they'll probably start requiring their employees ...

Edited on Wed Nov-09-05 10:55 AM by LisaLynne

to get accounts at the bank. I'm sure there will be "fees" attached. This is getting to be like the old coal mining industry with their "company stores".

Edited to add: I'm just theorizing at this point, but I sure wouldn't put it past Wal-Mart!

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Saphire

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Wed Nov-09-05 11:28 AM
Response to Reply #1

7. my thought exactly, " I owe my soul to the company store".

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TallahasseeGrannie

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Wed Nov-09-05 11:00 AM
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2. Ah the possibilities

Think about it. They could open birthing centers. Day cares. Funeral Homes. You could live and die right in WalMart. Do you think we'd all have to wear little blue vests?

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Maraya1969

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Wed Nov-09-05 11:02 AM
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3. I really wish a group of employees would stage a strike and leave

at least one store hanging in the breeze for a while. I realize this is hard because many people who work there live hand to mouth and to lose any number of days work could make it hard for them to pay the rent.

It would probably be good to learn how the original unions were formed. I hear Walmart threatens its employees when they try to forum one but I bet the first unions faced a lot of threats also.

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derby378

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Wed Nov-09-05 11:07 AM
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4. And next, the Wal-Mart Collection Agency...

That Wal-Mart repo man may tow your car, but he'll do it while wearing one of those smiley buttons.

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Broadslidin

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Wed Nov-09-05 11:13 AM
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5. "wal-mart , The High Cost of Low Cost" movie playing near You...?

http://action.bravenewfilms.org/event/wm_search.jsp?zip=48070&track=

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billyf65

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Wed Nov-09-05 11:26 AM
Response to Original message

6. I called this.

Not that I was alone on my limb, but more than a year ago, I began to tell whoever would listen that eventually Wal-Mart would begin to offer services, creating a collision between themselves, Red Staters who love to shop there, and Chamber of Commerce GOPers whose businesses will be chomped into by Wal-Mart.

Now, there aren't many truly "local" banks left, but in many smaller communities, Wal-Mart Savings and (snick snick) Trust (har har), could drive credit unions out of business.

But banking will bring about lending. And home lending will bring about insurance, and so on.

Well, you've asked for it -- you've got it.

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Javaman

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Wed Nov-09-05 12:02 PM
Response to Original message

8. The china-mart bank..

Edited on Wed Nov-09-05 12:03 PM by Javaman

A room full of overstuff, cigar smoking, scotch swilling, fat cats noodle over some papers in the china-mart board room...

fatcat#1: It appears as if our assets are falling...

fatcat#2: It appears as if our deposits are falling...

fatcat#3: It appears as if our investments are falling...

fatcat#4: I have found the problem...

fatcat#1,#2,#3: Oh, what is it? Speak up...

fatcat#4: it appears that we have only opened our bank to our employees...

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