Industrial Banks
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What do Target, General Motors, General Electric, American Express, Merril Lynch, and a host of other companies have in common? They all have set up an Industrial Bank. Why did they set them up? Mainly they exist so they don”t have to use a third party to do their electronic financial transactions. These 3rd party companies consume up to 3% of the transaction amount.
This is only smart business. Wal-mart is now trying to set up an Industrial bank also. It can’t become a traditional bank as there are current prohibitions on combining banking and commerce. However, they should have the same ability as the companies listed above to start an industrial bank.
See:
Keep this in mind when you start seeing the dribble being espoused about big old bad Wal-mart creating competition. Imagine the possibilities.
h/t mm
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Wal-Mark can’t be all bad. According the unionfacts.com the Boilermakers AFL-CIO Local 374 spent $8,800 of employee dues money on Christmas gifts at WAL-MART. Eeee-gad.
Did they check for the union label?