Bank of Wal-Mart

[Coyote_Bandit]

From: http://deseretnews.com/dn/view/1,1249,600130853,00.html

In the face of a wave of opposition against the prospect of a Wal-Mart-backed bank, Utah's industrial bank leaders, legislators and financial regulators gathered Monday to hash over industry issues and circle the wagons."
"Industrial loan corporations, or industrial banks, function much like commercial banks in that they can offer commercial and consumer loans, issue credit cards and offer financing for auto purchases. Most industrial loan banks are owned by financial services companies or other corporations.
In 1992, there were 17 industrial banks chartered in the state, with total assets of about $1 billion, Huntsman said. As of Dec. 31, 2004, there were 29 chartered institutions with $120 billion in total assets. Those institutions include American Express Centurion Bank, Merrill Lynch Bank (the largest, at $66 billion in total assets) and Target Bank.
Despite that growth, the issue likely would have remained under the radar were it not for a single retailer, Leary said."

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Comment:

What you may not realize is that the Walton family already owns controlling interest in a growing regional banking group - Arvest which is also headquartered in Northwest Arkansas. I would assume they have other banking interests as well. It would appear that Wally World is indeed well positioned to become the next company store.

:puke:

[benevolent dictator]

1. OMG, WHY do they need to control EVERYTHING??

Someday Wal-Mart will be the only store left... we'll see how "low" their prices are then!

[Juneboarder]

2. Ban Wal-Mart!!!

I have not shopped at a Wal-Mart in several years and am proud to say that to whomever will listen. I recently traveled to South Carolina and Georgia and never found a Target, but tons of Wal-Marts... I made sure to express my views while over there!! =) A few extra dollars spent is more important to me than supporting this grotesque whore of a corporation.

[Gilmore]

3. Right On!