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Former Walmart CEO Assesses Banking, Rips Political Climate

The poorest consumers shouldn't bear the brunt of fees, Lee Scott says.

November 07, 2013
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Former Walmart CEO Lee Scott

Former Walmart CEO Lee Scott (left) expressed his dissatisfaction with the state of the federal government Wednesday in an interview with CNBC's Ron Insana at BAI's Retail Delivery Conference in Denver.

"Don't get weighed down by the exceptions within your organization. Instead, be lifted up by the aspirations of your organization," former Walmart CEO Lee Scott told attendees of BAI's 2013 Retail Delivery Conference on Wednesday in Denver.

Walmart aspired to help the unbanked and underbanked attain basic financial services while avoiding heavy fees, so it developed the Bluebird program, Scott says.

"One of the strangest things about financial services in the U.S. is that poorer people often pay more for those financial services" than consumers with means, Scott says. "Ultimately, many of these consumers will become customers of the mainline banking system."

Count Scott among those frustrated by the state of the federal government in the wake of the temporary shutdown.

Both parties earn Scott's scorn, Democrats for being "anti-big business" and Republicans for "making Democrats look like geniuses."

Adds Scott: "The hostility and meanness in the current political system is something we never had to deal with at Walmart."

View more coverage of BAI's 2013 Retail Delivery Conference.

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