Law Commons^™

Waging War With Wal-Mart: A Cry For Change Threatens The Future Of Industrial Loan Corporations, Zachariah J. Lloyd

Zachariah J. Lloyd

Although ILCs have existed with relatively little fanfare for decades and several blue chips already control ILCs of their own, Wal-Mart’s ILC application created unprecedented opposition and drastic calls for legislative action from nearly every arena to prevent Wal-Mart and other giant retailers like it from controlling a banking institution. The purpose of this Note is to chronicle the development of the ILC industry and analyze whether the separation of banking and commerce is a justifiable basis for opposing ILCs. Part II will address: the history of the ILC, from its creation to emergence as the banking entity of choice …