Friday, July 28, 2006

Wal-Mart suffers two setbacks

The FDIC put on hold the approval of all ILC's for 6 months, which includes Wal-Mart's endeavors to open their own bank. Of course, Wal-Mart promises not to compete with regular banks. Right. That's like a kid promising not to eat any of those freshly baked chocolate chip cookies while you run to the store. The article is here.

Wal-Mart also decided to get the schnizzel out of Germany, dumping its 85 stores for a billion dollar loss. Which sounds like a lot of money until you realize how much they make... it'd be like me losing $100. Not something I'd relish, but certainly no fiscal disaster (especially not with the over-time I put in this week). Click for the article.


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