BENTONVILLE, Ark. -- Caving in to an avalanche of criticism and governmental resistance, Wal-Mart Stores here on Friday withdrew its application for an industrial loan company charter, which would have allowed it to operate a banking entity. A spokeswoman for the retailer described the opposition to its latest attempt to get into banking as “a manufactured controversy.” But in a statement, Sheila Bair, chairman of the Federal Deposit Insurance Corp., said, “Wal-Mart made a wise choice. This ...

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