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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO ANALYST INTERVIEW
DYLAN RATIGAN, CNBC ANCHOR: Right now, the subject is Wal-Mart and its long-held desire to establish its own bank. It continues to meet with the fierce resistance of the financial industry. After two unsuccessful attempts to buy banks in the U.S., the retail giant has asked the FDIC for permission to open a retail operation in the state of Utah in order to help defray the 150 million debit and check payments that it receives every month, effectively Wal-Mart becoming its own bank. And for some more insight, we`re joined by Paul Blank with the United Food and Commercial Workers International Union. It`s a group that strongly opposes Wal-Mart`s banking bid. For the record, we extended an invitation to Gene Thomas, president of Wal-Mart`s financial services unit, but the company says she was traveling and therefore unable to join us today. And so, we stick with the conversation that we have.
What`s the primary objection that you have, Paul?
PAUL BLANK, DIRECTOR, UNITED FOOD AND COMMERICAL WORKERS INTERNATIONAL UNION: Well, the primary problem with Wal-Mart getting...
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