This has to be stopped: Bank of Wal-mart
Facing South has the scoop. I feel queasy.
Wal-Mart has announced it plans to open a financial services arm. The bank, headquartered in Utah as an industrial charter bank (ILC), would offer credit and debit cards to help grease sales at Wal-Mart stores — talk about synergy — but could expand into mortgages and loans.
Chris Kromm notes that The Federal Deposit Insurance Corporation (FDIC) is hearing public comment on Wal-Mart’s bank bid until Thursday, August 18. An “excessive concentration of economic power” is an understatement.