For some time, Wal-Mart has been trying to get into the banking business. If that scares you, tell the FDIC by signing this letter.
As described in an article in The Economist, Wal-Mart's bid to open an industrial loan company (ILC) looks like an attempt to skirt federal regulations regarding separation of banking and commerce. The prospect of competing with the multi-tentacled octopus called Wal-Mart, rarely accused of being a good corporate citizen or model employer, is raising concerns on the part of the Independent Community Bankers of America and worker advocates.
For more information on the Wonderful World of Wal-Mart, check out a special series by the editor of the Labor Tribune.
(You can tell I'm worked up over this one, since it's my second post today!)
You're right, it scares me!
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