CNBC on Wal-Mart’s Sales Strategy

Perhaps the fact that CNBC is owned by General Electric,who owns G.E.Capital,who handles WalMart’s credit card services ,might just have a little something to do with saying those nice things? Now, WalMart wants an Industrial Loan Bank so they can handle their own credit card(among other reasons).If that were to happen,wonder if CNBC would be so positive then?

Update of February 11, 2008: As an indicator that savvy predatory lenders for now look beyond the United States, GE Money announced last week that it will move its headquarters out of the U.S., to London. While U.S. consumers continue to suffer from the bender that GE’s WMC unit went on—last week, a GE / WMC loan on Staten Island in New York was deemed unenforceable by a court, as predatory—GE Money India is seeking a partner for its personal loans and mortgage business. Update of February 11, 2008: As an indicator that savvy predatory lenders for now look beyond the United States, GE Money announced last week that it will move its headquarters out of the U.S., to London. While U.S. consumers continue to suffer from the bender that GE’s WMC unit went on—last week, a GE / WMC loan on Staten Island in New York was deemed unenforceable by a court, as predatory—GE Money India is seeking a partner for its personal loans and mortgage business. (Inner City Press,Feb,2008.)

Inner City Press / Community on the Move and the Fair Finance Watch have become increasingly concerned with the lack of consumer protections at GE Capital, and at the lack of human rights, social and environmental standards at General Electric (GE). GE Capital is increasingly entering the field of subprime (ICP contends, predatory) lending, at higher-than-normal interest rates in ways that are far from transparent to consumers, and without sufficient consumer protection safeguards in place.