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Wal-Mart Offers a Detailed Defense
Beginning of article
WASHINGTON -- Wal-Mart Stores Inc. has released a detailed response to opponents of its plan for an industrial loan company in Utah.
In a 14-page supplement to testimony last month to the Federal Deposit Insurance Corp., the president of Wal-Mart Financial Services argued that the ILC would neither threaten community banks or the nation's payment system or constitute an illegal mixing of banking and commerce.
"It would be unfair and singularly inappropriate," Jane Thompson wrote, "for the board of the FDIC to give weight to the view expressed in the FDIC's hearings and elsewhere that our application should be denied because it 'violates' the 'historic' separation of …
