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July 25, 2006
Shocker: Companies want to be shielded from competition
- Banking industry representatives on Monday pressed federal lawmakers to block a bid by Wal-Mart Stores Inc. to open a bank, a move they say would damage the industry and blur the divide between banking and commerce.
A coalition of 32 groups, including the American Bankers Association representing the nation's largest banks, sent a letter to every member of Congress urging them to step in before federal banking regulators act on the matter.
The Federal Deposit Insurance Corp. is weighing an application Wal-Mart filed last summer to open a state-chartered, limited-service bank in Utah, also known as an industrial loan company.
"We urge you to act so that Congress is making these policy decisions," the groups' letter states. "Until Congress is able to pass legislation on ILC policy, we hope you will insist that the FDIC reject Wal-Mart's application or, at least, hold it until Congress has the opportunity to consider the policies at stake and legislate."
Article here.
Here’s an industry letter we’ll never see:
Dear Members of Congress,
We realize it would be in our financial interest if you would prohibit Wal-Mart from competing with us, but instead of continuing the ugly process of rigging the laws to favor incumbent businesses, we will stand up for the larger, more important principle that laws should treat all companies equally and that consumers, not congressmen, should decide which firms succeed which and fail.
[Pause for Happy Hour. Resume writing]
Don’t get me wrong, we could’ve totally come up with some bullshit reason why scratching our backs would be in the “consumers’ best interest.” You should have heard this line about “blurring the divide between banking and commerce” we were going to use, but every time we said it we just busted up laughing. Plus we figured no one would buy it since the FDIC already OKed Target to run a bank and the world didn’t end or anything. So this time we’re going to try the honest approach and see how it goes. Hell, the extra competition might even whip us into shape—been sorta just going through the motions lately. You know how it goes. Hey, next time you’re in town, I’m buying.
Catch you later,
The Banking Industry
Posted by tedb at July 25, 2006 07:01 PM
I can't be bothered with anything these days, but such is life. I don't care. So it goes. More or less nothing seems worth thinking about. I've just been hanging out waiting for something to happen, but that's how it is.
Comment by: Sten44181 at January 26, 2007 09:54 PM
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My life's been basically bland today. More or less nothing seems worth thinking about. My mind is like an empty room. I've more or less been doing nothing to speak of. Not much on my mind recently.
Comment by: Sten10797 at January 27, 2007 04:37 AM
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I've just been staying at home waiting for something to happen, but I don't care. Basically nothing seems worth thinking about. I can't be bothered with anything recently.
Comment by: Sten60485 at January 28, 2007 01:27 AM
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I haven't been up to much lately. I've basically been doing nothing , but it's not important. I can't be bothered with anything recently. I've just been letting everything happen without me lately.
Comment by: Sten25063 at January 29, 2007 03:35 PM
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I haven't been up to much today. I've just been letting everything happen without me. Basically nothing seems worth bothering with. I've just been hanging out doing nothing. I just don't have anything to say right now. More or less nothing happening.
Comment by: Sten59623 at January 29, 2007 06:47 PM
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I just don't have anything to say. Not that it matters. Eh. I've just been staying at home doing nothing, but I don't care. That's how it is.
Comment by: Sten68203 at January 30, 2007 12:35 AM
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Comment by: Sten34397 at January 31, 2007 03:54 AM
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Basically nothing seems worth thinking about. I haven't been up to much these days. I just don't have much to say right now. I can't be bothered with anything , but whatever.
Comment by: Sten26692 at January 31, 2007 07:18 AM
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I've more or less been doing nothing worth mentioning, but eh. My life's been really bland today. I don't care. I've just been letting everything happen without me these days. That's how it is.
Comment by: Sten82073 at January 31, 2007 09:46 AM
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I've more or less been doing nothing worth mentioning, but eh. My life's been really bland today. I don't care. I've just been letting everything happen without me these days. That's how it is.
Comment by: Sten56682 at January 31, 2007 07:42 PM
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I've just been staying at home waiting for something to happen, but I don't care. Basically nothing seems worth thinking about. I can't be bothered with anything recently.
Comment by: Sten65725 at February 1, 2007 12:23 AM
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I've just been staying at home waiting for something to happen, but I don't care. Basically nothing seems worth thinking about. I can't be bothered with anything recently.
Comment by: Sten19636 at February 1, 2007 03:54 AM
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I've just been staying at home not getting anything done. I've basically been doing nothing worth mentioning. My life's been pretty unremarkable these days. Eh.
Comment by: Sten39715 at February 2, 2007 03:46 AM
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I just don't have anything to say. Not that it matters. Eh. I've just been staying at home doing nothing, but I don't care. That's how it is.
Comment by: Sten52448 at February 2, 2007 12:10 PM
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My mind is like a bunch of nothing, but I guess it doesn't bother me. I haven't been up to anything recently. I've pretty much been doing nothing to speak of.
Comment by: Sten79389 at February 3, 2007 05:02 PM
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I haven't been up to anything today. I don't care. I've just been staying at home not getting anything done. Basically not much happening right now. Maybe tomorrow. I guess it doesn't bother me.
Comment by: Sten47070 at February 4, 2007 03:26 AM
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I haven't been up to anything recently, but so it goes. Such is life. What can I say? Pretty much not much exciting going on to speak of. I haven't gotten much done lately, but I don't care.
Comment by: Sten67040 at February 5, 2007 10:19 AM
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Not much on my mind right now, but it's not important. I've just been letting everything happen without me. I just don't have anything to say right now.
Comment by: Sten21024 at February 5, 2007 04:33 PM
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