Bills aim to keep big retailers out of banking
Sun Jul 9, 2006 11:47am ET
By John Poirier
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WASHINGTON (Reuters) – U.S. House of Representatives lawmakers this week will propose restricting ownership of banks by commercial companies in a legislative push to derail the efforts of retailing giants to move into financial services.
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Yeah, it’d be terrible if WalMart came in and competed with the banks! WalMart might “cheat”. Imagine the WalMart credit card that charged 12% interest instead of the 24% that some Visa cards do. Imagine that WalMart could immediately give a customer a 6% discount if you use their card as opposed them giving the 6% fee to Visa. Imagine that WalMart Certificates of Deposits paying more so that they didn’t have to borrow money from banks and Wall Street to finance tehir operations. Yup, just imagine the possibilities.
And, who would make all those campaign contributions to the politicians?
So, I am sure “our” politicians are just “protecting” us from the evil WalMart.
Message to the politicans, please don’t protect us any more. I can’t afford it!
Posted by reinkefj 







