Backing Down The Beast

    The other day I had an update about Wal-Mart's attempt to get into banking. Well, lo and behold, The Beast is running for cover--this is from yesterday's New York Times:

Few efforts illustrate the breadth of Wal-Mart's ambitions — and the fears that they at times generate — as much as a nearly decade-long drive to establish its own bank.

Yesterday, Wal-Mart Stores abruptly abandoned those plans for its own bank, withdrawing its application to obtain a special banking charter after a firestorm of criticism from lawmakers, banking industry officials and watchdog groups.

    Just shows you that it pays to stand up to the Man.

      

Comments

[Reece Chenault]

Never mess with the FDIC. Those guys are like the mob.