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Posted on 10/01/2002 9:08:52 PM PDT by Ernest_at_the_Beach
Gov. Gray Davis signed a slew of bills late Monday including one that closes a loophole that would have allowed retail giant Wal-Mart Stores Inc. to enter the banking industry by acquiring an Orange County industrial bank.
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Wal-Mart's acquisition plans triggered a strong backlash from bankers, who said Congress specifically wanted to keep commercial enterprises such as Wal-Mart out of the bank industry when it overhauled financial services regulation with the 1999 approval of the Gramm-Leach-Bliley Act.
Wal-Mart has said it wants to enter the banking industry to satisfy its own banking needs. But bankers fear the retailer will eventually become a full-fledged player if it gets into the banking business. Bankers expect Wal-Mart to continue its efforts to enter the banking industry in Colorado and Utah, where a similar loophole remains in place.
"As the world's largest retailer, I do not expect them to stop here in California," said Stephen Andrews, president and CEO of Bank of Alameda.
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Will that eye at the top of the pyramid be an oriental eye, or that same old white european male one that's been on there up to now?
Maybe they could put your wheel on there.
And oh yeah, they got their Christmas ornaments up already. |
They should have contributed more to Davis's campaign!
That isn't the same as Bank of Walmart, or Sam's Bank or whatever they'd call themselves.
Alice and Helen Walton — daughters of Sam Walton — are the only women in the list of the top ten richest people in the world.
(Forbes)
And who is the world's richest man?
In April 2001, Wal-Mart's Sam Robson Walton, with a wealth of over $65 billion, became the world's richest person.
(Sunday Times)
I don't really care whether they spin off a bank or not, but I'm sure the big banks fear it.
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I signed up with the Costco bank. I can only deposit checks if I go in there with six at a time. The minimum cash withdrawal is a case of twenties. But the good thing is that when you go in there, they have these old ladies standing around at tables passing out free nickels and dimes.