Immediate Release
Contact: Chris Kofinis (202) 486-6422

WAL-MART'S DANGEROUS BANKING AMBITIONS EXPOSED AGAIN

NEW YORK TIMES AND WALL STREET JOURNAL EXPOSE WAL-MART'S INTENTIONS TO ENTER BANKING

As reported by both the New York Times and the Wall Street Journal, an internal Wal-Mart email shows that Wal-Mart is altering lease terms with its current bank tenants further showing its intentions to get into banking. In fact, the Wal-Mart email, released at a press conference by Republican Rep. Paul Gillmor, discusses changes in tenant leases that would reserve the right for Wal-Mart to offer a variety of financial services, including mortgages and home equity loans.

The email and Wal-Mart's actions seem to contradict past statements in which Wal-Mart publicly stated that they had no intention of offering a broad array of banking services and raises serious questions about the veracity of Wal-Mart's official testimony before the FDIC in April 2006
where Jane Thompson, Wal-Mart's head of Financial Services stated, "The bank will not engage in any lending activity and will never extend credit in any way to any affiliate."

The following statement is attributable to Paul Blank, campaign director for WakeUpWalMart.com:

"It seems that every day another story exposes Wal-Mart's persistent problem with telling the truth to the American people and our nation's elected leaders. Based on today's reports, it seems that Wal-Mart's officials either outright lied or were less than truthful in their public statements and in their testimony before the FDIC.

While Wal-Mart stressed to the FDIC that the company had no intention of offering a broad array of banking services, we now know, based on Wal-Mart's own internal emails, that Wal-Mart is determined to establish a full service 'Wal-Mart Bank' that would pose a serious risk to our nation's economy and financial stability.

Past denials aside, the extent of Wal-Mart's banking ambitions have now been exposed and prove that Wal-Mart wants to pursue a dangerous path of monopolizing the American consumer.

We call on Wal-Mart to be more truthful with the American people and we hope Wal-Mart will withdraw its controversial banking application and that Congress will close the ILC loophole once and for all."