Posted on 01/25/2006 1:09:08 PM PST by Between the Lines
Taking an unusual stand, BB&T Corp. said Wednesday that it will not lend money for commercial projects on land seized by the government through eminent domain.
The company, based in Winston-Salem, said it wanted to publicize its opposition to a June Supreme Court ruling that such seizures are legal. Traditionally, eminent domain seizures had been restricted to land needed for public purposes.
"The idea that a citizen's property can be taken by the government solely for private use is extremely misguided, in fact it's just plain wrong," Chief Executive John Allison said in a statement.
BB&T, the nation's ninth-largest bank, expressed hope that state legislatures and Congress would rewrite the law, barring such seizures in the future. In the meantime, the company said it would forego any revenues it might realize by lending for such projects.
Ya gotta love this bank. I think I might open an account with them just because of this stand.
It is good to see that money isn't always the bottom line.
I will never forget nor forgive Souter for this. He was the only Republican-appointed member of the court who voted to take the land. And I will never forgive George H.W. Bush for appointing this joke.
Bubba T also knows the guvmint giveth and the guvmint taketh away. You don't want a court yanking your funded project out from under you.
"He was the only Republican-appointed member of the court who voted to take the land."
You must be wrong there because, pathetically, only two justices on that court weren't appointed by Republicans (Ginsburg and Breyer by Clinton). In that Kelo, I believe Stevens (appointed by Ford) and Kennedy (appointed by Reagan) also voted for it.
Without trying to claim they are doing this for money,
I believe it is in the real estate and financing industry interests to help stop this. I believe property is worth less if you have no control to keep it.
Normally I woudl call the repost police, but in this case, I think this story bears repeating!
http://www.freerepublic.com/focus/f-news/1564718/posts
"A corporation is only accountable to its shareholders and its sole function is to do whatever it takes to make a buck and that, my boy, is capitalism in action and what makes America great!!!"
/sarc
I agree with you. (And that's NOT sarcasm.)
No branches near me, but I would check with my current bank to see how they feel about the issue before I changed. I have met a VP from my bank, and I don't think the cross he wears is just for show. IMHO they will do the same. If anyone is interested, the branch locater for BB&T is http://www.bbandt.com/locator/default.html
I might have to switch my bank in the not-too-distant future.
See my post #11.
With $90.4 billion in assets as of Sept. 30, BB&T Corp. is the nation’s 11th largest financial holding company. BB&T was named this year to the Forbes Platinum 400 list of America’s “Best Big Companies” for the fourth year in a row.
Bob Denham, Senior Vice President, Public Relations, (910) 914-9073
Tom Nicholson, Senior Vice President, Investor Relations, (336) 733-3058
Wow, I have been with B.B. and T. since they took over First Virginia bank a few years back, and we kept them when we moved to Florida. It's nice that they are taking this policy.
What about Kennedy and Stevens?
Well, my goodness. I've had an account with them for years, almost dumped it not too long ago after they gave me such a hassle for some account info I requested, needed to secure a visa for my wife. Took me 2 months to get it after screaming at them because of the ineptness of middle management.
But now I'm proud of them....
This may appear to be principle over profits.
Yet it may also be risk avoidance. Don't want to have millions on loan for a project, which gets cut off or put on hold, pending review of Kelo by the new USSC.
BB&T's been my bank since it's acquisition of UCB (used to work for UCB).
Best Bank in Town.
That is something to consider, but I wasn't thinking of actually changing my primary bank, just moving some of my various accounts that way.
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