New Bill Bans Big Box Banks
U.S. Senate bill would block retailers’ banks [Reuters]
U.S. senators introduced on Thursday bipartisan legislation that would block retailers such as Home Depot Inc. from operating a bank. The bill, which is co-sponsored by Democrats Sherrod Brown of Ohio and Tim Johnson of South Dakota, and Republican Wayne Allard of Colorado, mirrors a version that is expected to win approval by the full House of Representatives.
The House is expected to consider it this month.
The lawmakers, who are members of the Senate Banking Committee, said panel Chairman Christopher Dodd has not yet expressed support for the bill.
However, such a ban is opposed by another member of the committee, Utah Republican Robert Bennett, whose state is home to many of the commercially owned banks known as industrial loan companies (ILC).
“He believes strongly that the ILC industry fills a necessary niche in the marketplace and has done so with safety and soundness,” a Bennett spokeswoman said. “This is not a broken system, and therefore does not need to be fixed.”
A top banking regulator said last month that ILCs owned by commercial companies or retailers have good track records and they have a better safety and soundness record than financially owned ILCs.
Like the House version, the Senate bill would ban applications to the Federal Deposit Insurance Corporation to start a new ILC or acquire existing ones.
It would also halt commercially owned ILCs established after Oct. 1, 2003, from expanding into other states or being sold to another retailer. Commercial companies that created ILCs before that date will be allowed to keep them, but cannot sell them to another retailer.
The bill would also expand supervision authority for the FDIC and reduce duel supervision for some ILC holding companies, such as big investment banks, that are already regulated by the Securities and Exchange Commission. The senators said the bill will not include an exemption to allow auto companies to establish an ILC to help sell their cars, trucks and motorcycles.
“I hope we don’t get into exemptions,” Allard told reporters at a news conference.
ILCs are state-chartered banks with access to federal deposit insurance. They can offer deposit accounts, mortgages, credit cards, loans and other services.
U.S. banks, especially smaller ones, have voiced concern about a surge in ILCs over the last two decades, saying they could be forced out of business if big retailers enter the industry. Target Corp. already owns an ILC.
In March, Wal-Mart Stores Inc. withdrew its ILC application, but Home Depot is still seeking permission to buy an ILC.
The ILC industry has combined assets of more than $170 billion. The biggest ILC bank is Merrill Lynch Bank USA (MER.N: Quote, Profile, Research, which had about $67 billion in assets last year.
Posted by Alex Goldschmidt on Friday, May 11, 2007
Click Here for a Printer-Friendly Version







COMMENTS
“I hope we don’t get into exemptions”. Why worry? GM, Ford, Chyrsler, GE and others can already finance their goods. They don’t need an ILC. GE can sell an MRI machine to a Radiologist, a jet engine to Boeing, a nuclear power plant to China, an appliance to a customer, a light bulb to a homeowner, a locomotive to a railroad, a diamond to a drilling company or lease a jet to a corporation. It can also self-finance all these things and it makes big money doing so. Target has an ILC. Why can’t other retailers? The addendum prohibiting retailers from selling their ILC’s was also directed at Wal-Mart. Congress assumed that Wal-Mart or other retailers would try and buy a license. So they stopped this option.
We have entered an age of open corruption. No longer do Social Democrats sell their souls behind closed doors. Now, they do it in the open, with no effort made to conceal their criminal behavior. If you are member of Congress and you pass a bill that is greatly beneficial to your largest campaign contributors, you should go to jail, no matter who you are or what party you belong to. We should really follow Singapore’s lead when it comes to political corruption.
Nick in
Friday, May 11 at 01:46 PM
Before we buy into Nick’s contention that Wal-Mart is the victim here, let’s review*.
Flares went up at the House Financial Services Committee when it became apparent the Bentonvillian’s testimony contained, err..shall we say, contradictions.
Rep. Paul Gillmor, R-Ohio, wasn’t quite as kind in his assessment:
We are beginning to see a pattern of misleading or false statements from Wal-Mart with regard to their interests in branch banking.
Wal-Mart brought this on themselves, just another example of the baseless arrogance coming out of Bentonville.
*There are 212 WMW threads dealing with ILCs for anyone that wishes to catch up.
Ken V in Texas
Saturday, May 12 at 03:15 AM
Oops! That link takes you to a general ILC Google search. Just type ILC in the SEARCH WAL-MART WATCH box (upper right).
Ken V in Texas
Saturday, May 12 at 03:18 AM
Nick in,
You seem to always the first to post on topics regardless of the time of day they appear. How much does Wal Mart pay you for these postings. Do they pay you by the word or line? Posting on this site for Wal Mart is obviously your full time job.
“The road to Hell is paved with Republicans”
Ellen in St. Louis, MO
Saturday, May 12 at 07:25 AM
All,
Obviously, Ellen, unlike myself, is happy with the “3-store status quo” in the St. Louis area (of which WM is not one of).
Either that, or she’s going to Aldi…
JB
Jim Bunch in
Saturday, May 12 at 07:44 AM
Wow, Ellen, you have me there! How did you ever figure out that Wal-Mart is paying me? Hmmmm.................well, I don’t know how you came to this conclusion, since Wal-Mart pays me nothing and my only connection is that of a satisfied customer.
Why is it that the anti-Wal-Mart, pro-union, pro WMW people who post here do so out of the desire to help Wal-Mart’s employees and make America better (of course, not to unionize Wal-Mart or put Wal-Mart out of business) while the pro-capitalist posters like myself are paid shills?
Did you ever stop to think (if that’s possible) that there are people who hold different views than you? Have you ever considered that not everyone agrees with your point of view? I have some news for you: anti-Wal-Mart people are not all holy than thou and pro-capitalist people are not all paid by Wal-Mart.
You are obviously one of those sheep who vote the straight party ticket and hate Republicans, though you have never met one. When I actually get a person one on one and ask them a series of questions regarding taxation, government spending, freedom, personal liberty and the Constitution, they are, for the most part, closer to Libertarian than anything. I am a registered Libertarian who tends to vote Republican because the alternative Democrats are usually so bad I have no choice.
Let’s look at the Social Democrat Party’s stand on the issues.
Pro-Abortion (killing unborn babies)
Pro-Illegal Immigration
Anti-Gun
Protectionist
For Higher taxes (though all evidence points to the fact that tax cuts have brought in record revenues, in fact, the Feds collected more than $400 billion more than they planned on in 2006).
Anti-Military (believe in appeasement and cowardly surrender rather than fighting for our freedom)
Pro-Affirmative action
Pro-Big government
Do we really want or need cowards like this running our nation while we are at war with ISLAMIC fanatics?
Nick in
Saturday, May 12 at 11:25 AM
[JB] “Either that, or she’s going to Aldi…”
...or Save-A-Lot, or even Trader Joe’s (products common to both WM and TJ’s); they all have prices that are comparable, on average, to Wal-Mart.
[JB] “Obviously, Ellen, unlike myself, is happy with the “3-store status quo” in the St. Louis area (of which WM is not one of).”
I assume that you mean Schnuck’s, Dierbergs, and Shop ‘n Save. Apparently, the St. Louis area has a very competitive grocery market, which may be why the supercenters (WM, Target, etc.) haven’t made a push here; I found out that Kroger left the area in the 1980’s because they couldn’t compete. Personally, I like the area’s Shop ‘n Saves (at least the three that I’ve been in: Arnold, Festus, So. County) because of their prices, the cleanliness of their stores, and their employees actually appear to have some intelligence. Schnucks isn’t too bad either, except they tend to be pricier. I’ve been less than impressed with the two Supercenters that I’ve shopped at though (Rolla and Festus) mainly because of long lines, pallets of stuff in the aisles (even in the day,) and prices that aren’t any better than S’nS’s.
Of course if you really want to save on groceries, you could make a bi-monthly trip to the DECA at Scott :)
Jason in
Saturday, May 12 at 05:42 PM
Jason,
Fascinating...normally, I try to stay on-topic at this blog (and post stuff of this nature at my personal blog). But, in this case, I’ll oblige…
When I mention groceries on any forum, I typically don’t throw Aldi or Save-A-Lot into the mix, because (from my own experiences wandering the aisles), they have an extremely limited assortment of perishables, and their inventory is primarily off-branded “house” merchandise.
I also don’t include Trader Joe’s and Whole Foods, because each store has only one location in the entire St. Louis metro area, which isn’t too good for everyone else who doesn’t</b> happen to live in Brentwood.
As for the “St. Louis three”, you called it right (for the rest of you, Schnucks is a large, multi-state family-owned chain that has its’ home, here, while Dierberg’s is an upscale local, and Shop n’ Save is the St. Louis division of the couple of dozen names Supervalu does business under).
I hardly call having three traditional grocers “competitive” (and appearantly, neither did the FTC when Loblaws of Canada sold the entire former National Markets chain of St. Louis to Schnucks). As for Kroger, they pulled-up stakes in 1986 (after a 100+ year presence in St. Louis), claiming they couldn’t compete (in an era when WM was not yet in the grocery business, or on the national “radar” of most people/groups).
As for a grocery push by WM into St. Louis, I will admite it’s been slower than in most cities (currently, there are 2 Supercenters operating, and two more are under construction—all in rather far-flung suburban areas). As for Target, much of their superstores are concentrated around Kansas City, and I don’t see them making inroads, here, anytime soon.
DeCA at Scott—obviously, you have done your homework (for the rest, he means the Defense Commissary Agency at nearby Scott Air Force Base, Illinois). I normally don’t talk-about those guys, only because certain people are entitled to that benefit (including myself). In most cases, I’ll admit their prices are pretty unbeatable, but you have a large group of people shopping at that store (the base population, plus every military retiree within a 100-mile radius).
Besides, if I talked DeCA up too much, I might come-off as something of a hypocrite, given those stores get a some taxpayer support.
That said, my opinion is (for the time being) that St. Louis is seriously underserved in the grocery biz.
JB
As for
Jim Bunch in
Saturday, May 12 at 07:59 PM
Nick in
Let’s look at the Greedy Republican Party’s stand on the issues.
Pro-War - Killing nearly 3400 people who fell for your lies. War makes money for their friends.
Pro-Gun - Repblicans love what happened at VA Tech & Columbine
Protectionist - Republicans only help their own rich friends.
For Higher taxes - Hidden in higher and higher gas prices, sales taxes, property taxes, etc.
Pro-Big government - in the last 6 years our wonderful Republicans brought us the biggest and most intrusive government in history.
Big Deficits - Republicans love to waste money. We have a huge deficit. Horray!!!!
Widespead Corruption - Payoffs from Wal Mart, etc.
Corporate Welfare - From middle class taxpayer assistance to help Wal Mart add to their huge profits.
Jesse Albertson in
Sunday, May 13 at 01:54 AM
“The road to Hell is paved with Republicans”
I like you, Ellen! :o)
Ken V in Texas
Sunday, May 13 at 03:02 AM
Jesse
I typed a detailed response to your ridiculous statements. Unfortunately, it was 5,472 characters and WMW only allows 5,000. Suffice it to say, you are sadly mistaken. Your liberal talking points are just one example of how lazy our society has become. A few soundbites apparently passes for intellectual though today. Please do some research before you make ridiculous statements.
Nick in
Sunday, May 13 at 06:47 AM
...it was 5,472 characters and WMW only allows 5,000.
More proof there is a just and compassionate God!
Ken V in Texas
Sunday, May 13 at 07:39 AM
Nick in,
Just like every other Republican, you are so out of touch with the real world. You know everything that Jesse wrote is true. Pull your head out of your lazy ass and realize the truth will eventually prevail.
It must really bug you that people are slowly waking up and finding out what Republicans are all about.
Hi Ken V :o)
“The road to Hell is paved with Republicans”
Ellen in St. Louis, MO
Sunday, May 13 at 07:56 AM
“Republicans love what happened at VA Tech & Columbine”
Please explain. Can’t wait to see how this one plays-out!
JB
Jim Bunch in
Sunday, May 13 at 08:23 AM
Republicans or Democrats--What does it matter?
To both Nick and Jesse I would just say: What does it matter if you chronicle the “sins” of either party. The two party system has been BROKE for a long time. Until there is a viable, meaningful, 3rd Party in this country (I like to think of it as the tie breaker), voters should not head to the polls thinking they really have a “choice.”
I think there are just as many disenfranchised, disillusioned, and voiceless voters on either side of the aisle. If the right candidate can manage to attract and get the votes from this “silent majority,” it might be fun to watch. But, until there is REAL campaign finance reform and PAC reform in this country, “We the People” is nothing but smoke and mirrors. It’s always been the “military/industrial complex” calling the shots in this country. Voting, for too long, has been a matter of holding one’s nose and voting for the candidate that is the lesser of all the evils.
ScrewedbyWal-Mart in Anytown, America
Sunday, May 13 at 09:11 AM
For once “Screwed by WM” wrote an intelligent post.
I agree with him/her (I thought someplace a feminine gender was in a post) completely.
Personally I belong to the Constitution Party, but at
the moment I am for Rep. Ron Paul of Texas. Though
I have one area regarding Ron Paul that I have to check
to be sure it is accurate or not. I like RON PAUL
The Sage in
Sunday, May 13 at 02:26 PM
MORE PROOF
...it was 5,472 characters and WMW only allows 5,000
More proof that when it comes to long rambling posts, Nick has no equal. And he had the audacity to criticize “Young Ben,” an alledged 12 year old blogger on another topic thread, for making a rambling post!
ScrewedbyWal-Mart in Anytown, America
Sunday, May 13 at 03:50 PM
From the Jim Bunch website:
After much thought, I have decided that the time is coming where I will finally move-on to other ventures besides WMW-bashing.
Don’t get me wrong, I’ve had an absolute blast taking these anti-WM propagandist fools to task, but I (unlike most of them) do have a life beyond the computer, and I have devoted far more time to this effort than I planned in the beginning.
R E M E M B E R
J O N Q U I E R E
Q U E B E C
Home of Walmart Worker Abuse
We will never forget what you did Walmart.
Never.
Alex in Ontario, Canada
Sunday, May 13 at 09:19 PM
Jim,
Looks like Alex is sad because you are talking about shutting down your web site. He was one of your most avid readers!! Seems like he has commented many times on what you have posted there!!
Bob in
Sunday, May 13 at 11:53 PM
ScrewedbyWal-Mart- Nicely stated, I couldn’t have said it better!!
Why do some of you post comments? Why do you come onto this site with a set goal of convincing people of your beliefs, yet you won’t let yourselves be convinced by valid points..... Hypocritical? Nick- although with faults ("Islamic Fanatics"- Go fox news propaganda!) has valid points in tons of his blogs. Even if he’s working for Wal-Mart, the logic behind his and others “different” opinions, that help me to question my own.
The real problem is not with Wal-Mart, it’s the control corporations like Wal-Mart have on our government. When presidents and government officials can profit from corporate ties like Halliburton’s, we lose our voice and opinions! When those same corporations control the media they make our BELIEFS for us! (Islamic Fanatics, how we are so easily convinced that force is necessary, that our way is right! Yet what makes a human being so passionate that he gives his life to a cause? It’s the people who don’t listen to opposing views, the people who won’t leave their ego and admit ignorance after a logical argument, that are the scariest of all…. Especially when they run our country!) I know Wal-Mart has its faults, but fixing them is worthless when the foundation corporations are built on is faulty! If we want Wal-Mart to be scared of the people, we have to give power back to them. No more multi million dollar campaigns around the country, set up political debates on T.V., make the running for presidency costless and allow candidates from only the 3 largest registered parties. Same with Congress! T.V. stations will jump at the opportunity to host them. When the ties with corporations are cut and the people gain power watch Wal-Mart and other corporations loose theirs!
Observer. in U.S.
Monday, May 14 at 01:23 AM
...taking these anti-WM propagandist fools to task...
Oh, please, Jim, stop! Have mercy on us “fools”.
You were doomed from the onset. You brought too much ego to the task.
… yet you won’t let yourselves be convinced by valid points.....
The operative word there is valid!
Who makes that determination, Observer? You?
I pretty much agree with the rest of your post. The problem goes beyond Wal-Mart but it’s a place to start.
Ken V in Texas
Monday, May 14 at 03:43 AM
Screwed
I would agree with your last post but I know that no matter what I say, you are going to post an illogical attack against me. Your view on third parties is not unique and it is something I’ve believed for a long time. I really think that if Ross Perot hadn’t quit the first time in 1992, he might have made the election a nail biter. Let’s face it, neither party has done anything to fix Medicare, Social Security, welfare spending, corruption, pork barrel spending, VA resource shortages or rampant cronyism. Are Republicans as guilty as Democrats in the area of wasteful government spending? Yes. But then again, today’s Republicans are not my Republican party and they do not represent the majority of us. Let me also say that the Democrats did not pick up seats in 2006 because of liberal ideology. If you noticed all the new Democrats elected, they were almost all pro-gun, anti-abortion, low tax New Democrats who were almost identical to Republicans. The only reason they were elected is they weren’t Republicans. Many Republicans, and enough independents, felt that the Republicans had squandered their opportunities by wasting our tax dollars and letting a few corrupt members ruin the party’s reputation. Let me repeat: Democrats were not elected to push an anti-abortion, anti-military, anti-tax cuts, anti-business ideology. The voters were only punishing Republicans for their betrayal. They previously have the Democrats 40 + years to screw up Congress. They have grown less patient recently.
I am now a registered Republican but I tend to lean Libertarian in MOST of my views. I also believe in strict interpretation of the Constitution, ie. What does it say? is the first criteria and What did the Founders intend (through their writings on the subject, etc)? is the second and final criteria.
We will never have a true third party power until the laws are changed to make it less difficult to get on the ballot. Ross Perot had to spend $50 million just to get on the ballot in 50 states and he barely made it!
We need real Republicans back in Washington. The party of Taft, Goldwater and Reagan is dead. It’s time to revive it. History has shown that when Republicans act like true Republicans. the voters sweep them into office (Goldwater aside. He was fighting negative campaign ads, civil rights reformers and JFK’s ghost).
Real Republicans who stay true to their principles tend to get elected and stay in office. It’s time they learned this.
By the way, I am still waiting for a logical explanation from Jesse as to why Republicans are happy about the shootings at Columbine and Virginia Tech. Why would we be happy about these things? Whenever there is a shooting, innocent people die and we value life much more then liberals. We also value the right to self-protection (along with self-reliance and personal responsibility). We believe in the 2nd Amendment and the absolute right to bear arms. Shootings bring out the gun control advocates and the emotional moms who cry out for government to do SOMETHING. The problem is, only government could have done something to prevent Columbine and VA Tech as they were both school zones. And how did they perform? The fact is, government can’t protect you and you should be permitted to defend yourself against both criminals and government agents. If government is the answer, why do thousands of people get themselves murdered in the US each year? Why do tens of thousands of women get raped? How do millions of assaults, burglaries, robberies and thefts occur if government is protecting us?
Gun control people can never answer that. Nor can they explain how 99.9% of gun crimes are committed by people who did not legally posess a firearm in the first place!
Nick in
Monday, May 14 at 05:42 AM
Jim,
Looks like Alex is sad because you are talking about shutting down your web site. He was one of your most avid readers!! Seems like he has commented many times on what you have posted there!!
Bob in
Monday, May 14 at 12:53 AM
“Just remember this, it is the responsibility of the poser to back up his comments, not the one being posed to!! You are the one who looks like an idiot, if you can’t back up your posts!!
Bob in
Sunday, May 13 at 02:00 AM
R E M E M B E R
J O N Q U I E R E
Q U E B E C
Home of Walmart Worker Abuse
We will never forget what you did Walmart.
Never.
Alex in Ontario, Canada
Monday, May 14 at 06:59 AM
Observer,
“The real problem is not with Wal-Mart, it’s the control corporations like Wal-Mart have on our government.”
Also, the unions seem to have a lot of control on our government as well. It needs to get back to control by ‘the people’.
“If we want Wal-Mart to be scared of the people, we have to give power back to them.”
Actually, they do have this power, if they choose to use it, it’s called, “refusing to shop or work” at Wal-Mart. If these things happen, you will see Wal-mart change real fast.
“No more multi million dollar campaigns around the country, set up political debates on T.V., make the running for presidency costless and allow candidates from only the 3 largest registered parties. Same with Congress!”
This, I agree with fully and have been saying the same for years.
Jim,
Looks like Alex has run out of things to say and is now just cutting and pasting others posts!! But, I guess he never really had anything of substance to say in the first place, so it’s no loss.
Bob in
Monday, May 14 at 09:40 AM
Bob
You and Observer make some good points but I have to disagree with you on some things.
How do we make political campaigns “costless”? How do nominees get the nomination in the three largest parties? Don’t they have to spend money in the first place? Who believes that TV networks will gladly host 435 Congressional debates every two years, one third of the Senate every two years and Presidential debates every four years? Does the Constitution demand that one be a member of a political party in order to serve in office? If candidates get public financing, who decides who gets what? Should the American people be forced to spend their tax dollars to support the candidacy of a politician they have no intention of voting for?
You have to ask yourself why certain liberal groups want public financing of campaigns? Is it because they expect open and honest government?
Finally, the “people” should only be permitted to exercise their control over government by casting votes. We were not founded as a direct Democracy and the Founders never wanted power to be directly in the hands of the people. The Founders felt that the people should have the power to elect representatives to govern so that laws and the functioning of government would not be influenced by popular opinion, current fads or the whims of a small group. We control power through our votes. We do not exercise governing power. It may not seem to be such a distance between direct Democracy and a Constitutional Republic but, believe me, the gap is quite large.
Nick in
Monday, May 14 at 12:07 PM
Nice…
Evis in lEfAwYnAtI
Monday, May 14 at 02:11 PM
Nick- There is local news agencies in every county across the United States. They wouldn’t need to host 435 congressional debates? We only vote for one candidate in our jurisdiction, so only the debates of those candidates need to be shown. I watch T.V. everyday and watch news reporters videotaping parades and even documentaries on bad lunch food (all fillers); don’t argue they wouldn’t put on a congressional or presidential debate! Yes the presidential candidate must be party affiliated, I agree its wrong but it’s the way it goes today. Congressmen can be independent details how the top three could be chosen are unimportant. I do agree with you that the people should not have complete power, what I should have said was give the ‘voting’ power back to the people. As it stands now money controls the vote not the people. We’re just “sheep” and whoever buys and controls the most media sheep dogs is rounding up the larger majority of us! Yes the Unions have government power; I also believe unions are flawed. There’s another way to do it that will give direct power over companies to their workers. It’s the bases behind taxation without representation; the people who work for the company should have a representative on the board. Change the person and the store from which they come every year, but have the workers of those stores voted the person in. Having someone on the board that doesn’t benefit from cutting wages will do the company good! It brings in new perspectives and makes unions obsolete allowing workers to have some power with decisions! Anyone have an argument why it wouldn’t work?
Observer in U.S.
Monday, May 14 at 04:58 PM
“Anyone have an argument why it wouldn’t work?”
You will have to wait while Nick winds up the rubber band in his thinking machine.
Jackie Gleason in Ames
Monday, May 14 at 06:30 PM
Observer
WMW limits my posts to 5,000 characters so I’ll keep it pithy. You mention giving workers power over their companies. Do you not believe in private property rights? If stockholders own a company, should they not dictate the operations of this company? Does ownership mean anything? Workers are already given a say in operations; if their advice is not heeded, they can move to another company where their advice IS heeded. If they want a say in the company’s policies, they can buy stock.
Think about something here. Let’s say you own a house and you employ a yardworker, a paperboy, a maid and a maintenance person. You pay the yardworker $10 per hour, the paperboy, a $20 tip per month, a maid $100 per week to clean your house once per week and the maintenance guy $250 per month as a retainer. Your house cost you $400,000. You paid the whole $400,000 and the house is in your name. Now, your maid comes along and demands a say in your decorating. Your maintenance guy says you should hire a plumber friend of his who costs twice as much as the average. Your paperboy says you should rent out two of your bedrooms to homeless people for $1 per day and your lawn care worker demands that you invite convicted child molestors over for dinner. Now, I know what you’re saying. It’s my house! But the standard to which you are attempting to hold Wal-Mart applies here as well. Private property rights exist in this country, like it or not. If you own property, non-owners have no right to dictate the disposition of said property. What’s yours is yours and what’s mine is mine.
If you feel that property rights are not enumerated in our Constitution, you are either in denial or you have not read it. Without property rights, our economy would crumble. Our property rights and the laws that protect them are a major reason why people around the world come here to invest.
To repeat: non property owners have no right to dictate to property owners regarding their property.
Nick in
Monday, May 14 at 07:08 PM
Get a room, you two!
WMW limits my posts to 5,000 characters....
You think this limitation is just on you, Nick? Anyone else out there even come close to testing the limit?
There is a difference between blogging and commenting on a blog. The former allows for pithiness, the latter encourages brevity.
Ken V in Texas
Tuesday, May 15 at 03:07 AM
The law dictates to property owners regarding their property such as property taxes and also dictates zoning for land use and for the type of activity that takes places on property by way of permits.
The law itself may perhaps not own the private property in question but clearly dictates and regulates property ownership not only for protection of property owners themselves but also in the public interest and their protection.
Similarly, securities and financial instruments and profits are regulated and taxed by the law and the prevailing legal structure is the principle of what is in the public interest.
Taxes exist for government operations such as funding corporate warfare against oil rich nations or subsidizing the expansion of corporations to move factories overseas to perceived cheapest labor and less responsibilities towards labor.
Regulations for the IRS and state enforcements of the Business and Professions code and building inspectors and fire marshalls declaring fire hazards etc etc all require taxes to fund these needed oversights. This is so that the smokers in the ‘war room’ in Bentonville don’t burn the place down to the ground.
Taxing profits from corporations and wealthy individuals to fund state medical care and food assistance and housing and other services provides a health and safety code foundation for the very labor pool that corporations like WalMart exploit on a daily basis.
The Federal and various state laws attempt to protect the public regarding extortion or against embezzlements and frauds and thefts. Laws that require business accounting to shareholders and the government for taxation are offensive to the avarice and insatiable greed for a few irresponsible operators like WalMart or ENRON or TYCO or Martha Stewart or Adelphia or any one of tens of thousands of frauds, thefts, embezzlements etc that happen every day.
Corporations and corporate officials need policing to protect the public from the human sin nature found in business affairs and issues of private property abuses offensive and illegal to the public interest.
“To repeat: non property owners have no right to dictate to property owners regarding their property.”
Nick in
Monday, May 14 at 08:08 PM
It is obvious that Nick’s statement is not true. Idealistic sick and twisted humanism yes, but not true.
Private property of any kind means responsibility. Freedom means responsibility. The public interest governs with some debate what protects society from unlawful use of private property that is detrimental to the public good. Anybody remember ‘Love channel’ and Hooker Chemical?
Eminent domain is a further extension of the public interest.
Real property ownership is ultimately found here-
Now the Lord is that Spirit: and where the Spirit of the Lord is, there is liberty. 2 Cor.3:17
Thus saith the Lord, The heaven is my throne, and the earth is my footstool: Isaiah 66:1
The earth is the Lord’s, and the fulness thereof; the world, and they that dwell therein. Psalm 24:1
WalMart/Edelman/Nick- God and the Bible are for suckers.
SanDiegoView in
Tuesday, May 15 at 03:38 AM
interesting
Ioannis in qUnEmYlEzI
Tuesday, May 15 at 04:09 AM
Good analogy Nick I understand ur point!
Lets look at a different example- Your body.... Your brain (The Board) using ur bodies organs gets food (money) and supplies it to each tiny cell(workers) in ur organs and also to each cell of your brain (The board members). Now after being paid with food Ur body will work as hard as you need and do whatever you want it to do. Now the brain can tell the body to cut off its finger, but it wouldn’t be pleasant… why? Because the Organs have some control over the Brain, when that finger is cut your brain bombarded by the nervous system. The nervous system executes all of the orders of the brain so it can be looked at as the managers, district managers and so on. Yet the nervous system goes both ways managers don’t. The brain can say hey I want to find more food, maybe I should run faster to each apple tree (make workers work harder) and just grab the low hanging fruit.(get cheaper suppliers). It can think all it wants and try new things to become more efficient but it takes the 2-way nervous system to realize your foot is hurt, or the legs are tired. And the pain can be so excruciating all you think about is fixing it. With a worker on the board they do not own the company or make decisions, there’s plenty other board members to do the thinking and out vote them. Its that one member that when workers are being paid too little argues his case making it hard for the board to make other decisions, and just to shut him up they mediate and fix the problem. Managers have no straight connection to the board, workers feel unconnected and not one with the company. It’s like if the nervous system went one way, and the body worked and worked, running hard from tree to tree but the brain only noticed the hurt ankle when it became harder to keep balance yet he ran on, and the brain only noticed the tired legs when the pace slowed, yet he pushed harder. Now at the end of the day the brain marvels and is pleased at all of the apples picked and with nothing to keep its greed in check, it only eats a couple of apples to feed its overworked and tired body. So while the Board marvels at the money it gets, with no direct contact with its workers, its forgetting how hard they worked and the suffering they go through to make that possible. A person is needed to point out to the board the problems of workers, the heightened cost of utilities in California (hurt ankle) or the long work hours or extreme demands of managers (tired legs) and even the insufficient wages to get by (eating too few apples to feed the body). This person connects the entire corporation as one keeping the boards greed in check.... but also allows the corporation to run smoother by never worrying about a strike, for unions would be obsolete. With this better system in place workers feel more powerful and feel cared for and taken care of!
Observer in U.S.
Tuesday, May 15 at 04:44 AM
Cool.
Anninos in dUpEhErItY
Tuesday, May 15 at 04:57 AM
Observer,
Nice little story, but it has a few flaws. First, in a company, the board members work for the good of the whole company, your employee member, would only be looking at what is good for the employees, company be hanged, this ‘living wage’ thing shows that point. Second, in a human body, the legs and ankles cannot go to another body, employees can go to another company, if they are unhappy.
To make the point that the board DOES care and provide for it’s employees, all one has to do is look at wages and benefits. The MOST that a company has to pay employees, is $5.15 an hour and it is NOT required to give any benefits, the fact that they DO pay more than required and DO give benefits, shows that the board has put people in place that look out for employee interests. Just because it is not what employees would prefer or enough for a family of 20 to live off, does not make it bad. If an employee with a family of 20 thinks that working at one job, should provide ALL of the wages he needs to support that family, he does not take into account, the impact of those wages on inflation, prices, and economic problems caused (outsourcing and unemployment) in this country and the world, for everyone else.
Bob in
Tuesday, May 15 at 10:17 AM
Nice
Loukianos in bYkUvUnUrU
Tuesday, May 15 at 03:25 PM
Your right, Wal-Mart also has to be a leader in worker relations to keep workers from ever joining Unions. Yet there’s something missing up top, its that thing to keep the Board in check(don’t say Unions they do shit). Why is it that we despise dictators, its because power corrupts and they end up using their people to make them rich while trating them poorly. Corporations like Wal-Mart with more land than any organization in the world (including catholic Church) has become similar to a country, and as the other corporations are showing the unrestrained power is corrupting them. We built this country on the basis that dictatorships were for the good of few but democracy by the people was for the good of all. Give workers power over the Board, let them vote people onto the board and change corporations into the good for all.
FUCK PRIVATE OWNERSHIP OF CORPORATIONS THATS SLAVERY- When a business becomes a corporation it gains the rights of a person, therefore it is a person. If I give you $2,000 dollars does that mean I own your arm… NO it means you owe me 2,000 dollars plus interest. For an extra bonus instead of interst, stock value increases relative to the buisness’s, Its against the 13th amendment for people to own parts of the buisness(a person) or be able to force it to do anything. The corporation owns itself and all its assets and the CEO and Board(brain) can decide what to do. Even the brain is hurt when not enough food is spread through the body. Its illogical to think workers will be treated well, when the people making the decisons are only affected by profit. Just as it’s illogical for somone to own a slave, making him run all day to pick as many apples as he can. Telling him to skip when his ankle twists, and telling him to pick up the pace when his legs get tired. It doesn’t matter how much the Slave moans he has no voice on what is done. The managers at Wal-Mart might listen and try to help the workers but the problems will return. Rebuild the tower of pizza and it will lean again, fix the base (the root of the problem) and the tower will straighten out on its own. So unless we make share holding have no vote in the company representation from workers is needed on the Board, allowing the workers to complain to the owners (slave Masters) By giving workers a voice we will not repeat history through corporations!!!!
Observer in U.S.
Tuesday, May 15 at 05:16 PM
Wrote that quick, try to forget the spelling and lack of comas, periods and scrambling of sentences.... hahaha adios
Observer in U.S.
Tuesday, May 15 at 05:22 PM
Interesting…
Christoforos in pYwEwIpOpU
Tuesday, May 15 at 07:42 PM
Nice
Nathanael in dYcEpUrEwI
Thursday, May 17 at 06:01 AM
Interesting…
Alexis in mIvYjEzAhO
Thursday, May 17 at 07:50 AM
interesting
Nathanael in kEwUvIwOmI
Thursday, May 17 at 08:57 AM
Nice…
Aiolos in vUfErYhYdU
Thursday, May 17 at 10:27 AM
Cool…
Giatas in wIcAwYbEsU
Thursday, May 17 at 12:46 PM
Cool…
Eleftherios in tIwEpAcUmA
Thursday, May 17 at 02:23 PM
Nice!
Kyriakos in wYfEnIwAqI
Thursday, May 17 at 07:18 PM
Cool.
Panagiote in pAwUdEwUmE
Thursday, May 17 at 09:11 PM
Cool!
Nathanael in bUnIdErAzY
Thursday, May 17 at 11:13 PM
interesting
Marko in cAmYnIzIvA
Friday, May 18 at 01:09 AM
Sorry :(
Vardis in wEjUbAwUpY
Tuesday, May 22 at 05:43 AM
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