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The Bank of Wal-Mart sounds like something from an episode of The Simpsons, but it may soon be a reality. The company has applied to the Federal Deposit Insurance Corporation (FDIC) for insurance for a proposed bank in Utah, one of the few states that allows commercial firms to operate banks.
They
say they have no interest in full-service consumer banking business. But:
The company's past attempts to operate banks in California, Oklahoma and Toronto have all been rejected by government regulators.
And what's wrong with that?
Labor and community groups have pointed out that given Wal-Mart's history of breaking labor and sex discrimination laws, there is little reason to think that Wal-Mart would obey banking laws.