Wednesday, April 12, 2006

Stand by for a shake-up in American banking


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Originally uploaded by rllayman.
I noted earlier that Wal-Mart is seeking to move into banking. There was a hearing earlier this week, and it seems all did not go poorly for the behemoth.

From the Chicago Tribune:
At a federal hearing that matched the nation's largest trade association against the world's biggest retailer, Wal-Mart Stores Inc. continued to face ringing denouncements Tuesday about its plans to acquire a limited bank charter, though a regulator floated the idea of a possible conditional approval.
Conditional approval? Sounds like a winner to me.

Did you know that Target already owns a bank? So, Target can do it, but Wal-Mart can't?

The Motley Fool has some interesting words on the whole thing; in short:
Comparing Wal-Mart's track record with that of the bankers, I have to say I'm more inclined to trust the former than the latter.
Not trust a banker? Nah.

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