Western Union income growth down
Horribly sad news as we learn that Western Union - which has stopped sending telegrams in order to concentrate on money transfers, a large part of which is of money earned illegally - says that it will only have single-digit income growth for 2006 and 2007. Analysts had predicted double-digit growth. The company is owned by First Data, but they're being spun-off.
The company had said in July that second-quarter results for the money transfer business were hurt by the immigration debate, as both legal and illegal immigrants feared that wiring money back to their home countries would attract government attention.
A few links about this company:
Arizona fines Western Union/First Data over illegal immigration
Arizona Republic almost does expose on Western Union
remesamex.gob.mx features Bank of "America", Wells Fargo, and Western Union
Comments
John S Bolton (not verified)
Mon, 09/18/2006 - 22:40
Permalink
Not to mention that as illegals stay here longer, and have less discretionary income due to competition from other illegals, the amounts wired can be expected to diminish.