Time for Wal-Mart to take on Bank of America?

Recall that two years, Wal-Mart's application to create an industrial loan company galvanized opposition--from the Federal Deposit Insurance Corp., rival banks and the many populist Wal-Mart critics. But that was then. Nowadays, you can't blame people for proposing that some new entrants into the banking industry, even at the retail level, might be a good idea.

This columnist makes a case in the Seattle Post-Intelligencer. Certainly, the economy could use some fresh lending. A new bank, presumably well financed, could be starting from strength, and it certainly does not have the age-of-excess overhead that saddles the big banks. There would, no doubt, be a huge fight from little banks and big ones, but if Wal-Mart and Target, or anyone else wants to enter the industry, now might be the time to pounce.

For more:
- read the SeattlePI.com article

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