Wal-Mart banking? Utahns cautious

[NVMojo]

As if cheap retail isn't enough ...

May 3, 2005

In the face of a wave of opposition against the prospect of a Wal-Mart-backed bank, Utah's industrial bank leaders, legislators and financial regulators gathered Monday to hash over industry issues and circle the wagons.
The Utah Industrial Bank Symposium, held at the Governor's Mansion, featured the entire Utah federal congressional delegation, Gov. Jon M. Huntsman Jr., state lawmakers and regulators from the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp.
"I do believe that Utah, thanks to (Financial Institutions Commissioner) Ed Leary, has done more than any other state in really carving out this niche as a center of excellence," Huntsman said. "Nationally, Utah has become or is rapidly becoming the face of (industrial loan corporations). All you have to do is look at the trend line, to look at where the last few years have taken us in terms of growth."


more...

http://deseretnews.com/dn/view/1,1249,600130853,00.html

[ClintonTyree]

1. Christ...

they want every dollar you make from cradle to grave. I hope the State has better sense than to allow Sprawl-Mart into the banking business, but tight assed Utah would be the logical foothold they'd need.
Have I told everyone lately about how much I HATE WAL-MART! :grr:
Honestly, I do. WAL-MART SUCKS, IT'S THE GREAT SATAN! :rant: :grr: :rant:

[UTdem]

11. Tight assed Utah

So much love for UT.

WalMart will crumble when we no longer have the oil to support manufacture of their cheap import products.

[peacefreak]

2. Get a job there and....

You load sixteen tons, what do you get?
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store
Cradle to grave is spot on.

[Atlas Mugged]

3. Is it any surprise that the ATMs in WalMart are Diebold???

[GOPFighter]

4. 2010

You will be living in the United States of WalMart.

[AG78]

5. Hey

did you get your Wal-Mart from the Wal-Mart to fix that Wal-Mart that was broken by that Wal-Mart?

My friend Wal-Mart was thinking about getting some Wal-Mart after work at Wal-Mart. Wal-Mart was going to go take a Wal-Mart after waking up so early at Wal-Mart. All those Wal-Mart's can make someone very, very Wal-Mart.

Want to go over to your Wal-Mart to watch the Wal-Mart between the Wal-Mart Wal-Marts, and the Wal-Mart Wal-Marts? It should be a good Wal-Mart. Both Wal-Mart's are in first place in their Wal-Mart. I think it will be the best Wal-Mart of the season.

[meganmonkey]

17. Made me giggle

And I'm pretty grumpy today. Good Job! :D

[JNelson6563]

6. If it's profitable to the Mormon church

Utah will go for it.

Julie

[Chef]

8. First National Wal-Mart

I don't think the elders of the Bank of Zion would let someone infringe on their turf. Will the Wal-Mart bank deal in dollars or Yuan?

[JNelson6563]

10. Neither dollars or yuan.

They would deal in shekels. :toast:

Julie

[customerserviceguy]

14. Which is why WM will have trouble

getting approval. As the article says, the existing banking institutions are "circling the wagons". There are many Mormon-controlled commercial banks (Zions Bank is actually the name of one of them!) and they fight hard for their turf. They've been going after the consumer-oriented credit unions for years.

The Republican-controlled state government will do whatever it needs to, to keep Utahns supporting corrupt business organizations that funnel jobs to the "chosen". Utah has the highest rate of personal bankruptcy, so in effect, the rest of the country is paying for the excesses supported here.

[supernova]

7. Is Wal-Mart becoming the new Sears?

Remember when Sears sold department store stuff? (Besides the catalogue stuff like prefab housing)

Remember when Sears added car repair?

Remember when Sears added credit cards to finance stuff you bought at Sears?

Remember how Sears nearly bankrupted themselves trying to keep all these lines of business going?

At what point do you suppose W-M will reach critical mass and overreach?

[warrens]

9. Wal-Mart's been trying to buy a bank for a long time

They want to issue their own credit cards and have in-store banks to make loans to sell higher end goods. It never seems to happen, though.

[sinkingfeeling]

12. Wal-Mart has been seeking entry into banking for years. They

really resent paying for debit and credit card transactions. When they set up their own credit card, they sent one to everybody that had ever written them a check. I immediately cut mine into tiny pieces! Here in Arkansas, you wouldn't believe how much they control.

[LeftyMom]

15. Teh y sent one to everybody who had a Wards card

when Wards went under too.

[losdiablosgato]

16. I once had a Montgomery Wards card

I cancelled it a few months before they went under. WM bought out the card portfolio of Montgomery Ward. A few weeks later I recieved a new shiney walmart credit card in the male. I called to complained loudly asked that it be cancelled and that it be taken off my credit report. They cancelled it but did not remove it from the credit report. They will do anything to get you to take one of their cards.

[newyawker99]

18. Hi lostdiablosgato!!

Welcome to DU!! :toast:

[losdiablosgato]

19. Thanks

[NJGeek]

13. Isn't this what brought down Japan?

Industry and banking, a lethal combination.