Wal-Mart pulls application for bank, Home Depot stands firm

bizjournals.com ^ | 3/16/07

[Pub Linkser--80]

Wal-Mart has withdrawn its July 2005 application to open an industrial loan company, saying it was surrounded by "manufactured controversy" over its bid to acquire its own bank.

"This action follows January's FDIC decision to extend the moratorium on a number of pending ILC applications," said Jane Thompson, Wal-Mart Financial Services president. "Unlike dozens of prior ILC applications, Wal-Mart's has been surrounded by manufactured controversy since it was submitted nearly two years ago. At no stage did we intend to use the ILC to establish branch banking operations as critics have suggested -- we simply sought to reduce credit and debit card transaction costs."

[Pub Linkser--80]

Hang in there, Home Depot. This "controversy" is nothing more than the dinasour banking industry circling their wagons to stop tough low-cost competitors from entering the banking business. The dinasour banks are just trying to limit competition to maintain their current profit margins and their fat cost structure. Home Depot should stick to its guns and insist on completing its bank acquisition, and fight this through the courts if necessary.

[operation clinton cleanup]

On a side note, I saw this outrageous anti-walmart commercial the other day.

http://www.youtube.com/watch?v=_wqRC9Z5Xmg

[Pub Linkser--80]

I'll look at that tonight. Most of the anti-Wal-Mart hysteria is just envy of highly successful people and typical left-wing animosity towards folks from the Red States. Even though the financial industry makes the most profits in America, the energy industry gets hit with the most attacks because it is centered in the Red States, while the financial industry is centered in New York state.

[freekitty]

What's odd is these high flutin liberals who say they are for the enviornment are the very ones using the mostenergy,trashing the earth, etc.

[Tax Government]

Why doesn't Wal-Mart sell little I love Wal-Mart" bumperstickers? Customers ought to wave its flag.

[cowtowney]

Independent Community Bankers of America is the bad guy here. A little more competition would be good for the consumer, especially in small towns.

[Publius6961]

Independent Community Bankers of America is the bad guy here. A little more competition would be good for the consumer, especially in small towns.

I live in the San Joaquin Valley in California and this may solve a mystery for me.

I am looking at a cheaply-produced flyer fighting against "big-box" stores, without a single reason given for opposing them.

The Hilary tactic again...
"...never actually to make any arguments -- just state conclusions that were all already accepted as self-evident by her audience."

Now I need to find out who's funding these clowns...

ANTI-WALMART

[cowtowney]

"Now I need to find out who's funding these clowns..."

Those that don't like competition:

1. AFL-CIO
2. other retailers