Walmart is trying to start their own bank. Here is a good summary of the issues involved in this sector:

AP Story

While this has been going on quietly for years — there are now 61 industrial loan corporations in the country — Wal-Mart’s bid to establish one has galvanized opposition to the world’s largest retailer. The proposal has riled small-town banks who are worried the retailing behemoth might cut into their business the way it has mom-and-pop retailers with its sheer size, aggressiveness and ubiquity.

When Wal-Mart rolled into town, it brought the closing of 555 grocery stores around the country, 298 local hardware stores, 293 building suppliers and 116 pharmacies, according to the AFL-CIO, one of the numerous opponents.

This entry was posted on Tuesday, May 16th, 2006 at 1503 by Robert Feinman and is filed under Walmart. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.