Yes, you read that headline right. First it was Dubai Ports World as the enemy of humanity. Now, once again, it is that evil empire, Wal-Mart! In their insidious scheme, it seems Wal-Mart wants to streamline things by creating a bank to handle their payments from customers for goods. How evil, to get more efficency! Read the following al-Reuters story and cringe in FEAR!!!!!(tm):Reuters reports Friday that a group of about 30 U.S. lawmakers has voiced concerns to the Federal Deposit Insurance Corp. about a possible "Wal-Mart bank" in Utah.
The legislators say the industrial bank, if chartered, "could threaten the stability of the nation's payments system." They ask the FDIC to reject Wal-Mart Stores Inc.'s application to open a bank in Utah.
Click here to read the full story from Reuters.
The letter comes just after the regulator scheduled two public hearings on the Bentonville-based retailer's attempt to open an industrial bank, which will be the first time the FDIC has held formal public hearings on a bank application.
The hearings will take place from 9 a.m.-5:30 p.m. April 10-11 in Washington, D.C., and from 9 a.m.-5:30 p.m. April 25-26 in Kansas City, Mo.
Wal-Mart has applied to open an industrial loan company to handle electronic payment processing. The bank would be headquartered in Salt Lake City.
Critics of Wal-Mart's application have said Wal-Mart could use the bank to offer other financial services. They also say the Wal-Mart bank would cross the line between banks and other businesses that primarily offer financial services.
But regulators in Utah have said that the state’s laws make it unlikely that an industrial bank charter obtained by Wal-Mart could be used to further the company’s hopes of owning a retail bank.
Wal-Mart! Those evil people, wanting to do more efficient things. Egads! Oh the humanity! Banks may actually have to provide real service, and have fair prices! Good god, the horror! Expect Sean Hannity to join the chorus of fear at any moment, but of course, wait, he loves Wal-Mart, or so he says. If he is truly intellectually honest...but in order to be intellectually honest, don't you have to have an intellect?
Update
Looking at the original story, the fears are unfounded, alot like the ports deal. Expect Sean Hannity to begin to declare the end of the US as we know it in the hour.
Some lobbyists and analysts, however, say the opposition is not surprising, given's Wal-Mart's size and the criticism it regularly receives from labor unions and other groups. Those sources say that if the FDIC follows statute, there is little reason why Wal-Mart's application should be denied when rival Target Corp. (NYSE:TGT - News) succeeded.
Others who oppose Wal-Mart's application say the bank would violate the historic separation in the United States between banks and enterprises that do not engage primarily in finance. Still, other corporations have already set up industrial banks, such as General Electric (NYSE:GE - News) and General Motors (NYSE:GM - News).
And, it turns out, Target successfully got the same arrangement Wal-Mart is seeking. Why aren't these predominantly Democrat legislators fuming and protesting at Target? It is because Target is french owned! But wait, I thought foreign ownership of such sensitive systems would cause chaos and upheaval?!? Dear lord, could it be that the Dems aren't honest? Could it be they hate Wal-Mart because their kook union base does? Hmmmm.....
