Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

BB&T won't lend for seized land (through eminent domain)
The Charlotte Observer ^ | Jan. 25, 2006 | Amin Applebaum

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.


TOPICS: News/Current Events; US: North Carolina
KEYWORDS: bank; banking; banks; bbandt; bbt; courage; eminentdomain; heroes; principled
Navigation: use the links below to view more comments.
first 1-2021-4041-60 next last

1 posted on 01/25/2006 1:09:13 PM PST by Between the Lines
[ Post Reply | Private Reply | View Replies]

To: Between the Lines

Ya gotta love this bank. I think I might open an account with them just because of this stand.


2 posted on 01/25/2006 1:11:28 PM PST by Kidan (Tolerance is the virtue of a man without convictions - G.K. Chesterton)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Between the Lines

It is good to see that money isn't always the bottom line.


3 posted on 01/25/2006 1:11:56 PM PST by Blood of Tyrants (G-d is not a Republican. But Satan is definitely a Democrat.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Between the Lines

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.


4 posted on 01/25/2006 1:12:08 PM PST by kjo
[ Post Reply | Private Reply | To 1 | View Replies]

To: Between the Lines

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.


5 posted on 01/25/2006 1:13:26 PM PST by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
[ Post Reply | Private Reply | To 1 | View Replies]

Comment #6 Removed by Moderator

To: kjo

"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.


7 posted on 01/25/2006 1:16:52 PM PST by marsh_of_mists
[ Post Reply | Private Reply | To 4 | View Replies]

To: Blood of Tyrants

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.


8 posted on 01/25/2006 1:17:30 PM PST by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Between the Lines

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


9 posted on 01/25/2006 1:19:35 PM PST by Littlejon
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants
It is good to see that money isn't always the bottom line.

"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.)

10 posted on 01/25/2006 1:19:50 PM PST by DumpsterDiver
[ Post Reply | Private Reply | To 3 | View Replies]

To: Kidan

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


11 posted on 01/25/2006 1:26:59 PM PST by magslinger (Stupidity should hurt!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Between the Lines

I might have to switch my bank in the not-too-distant future.


12 posted on 01/25/2006 1:28:02 PM PST by sitetest (If Roe is not overturned, no unborn child will ever be protected in law.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Individual Rights in NJ

See my post #11.


13 posted on 01/25/2006 1:28:29 PM PST by magslinger (Stupidity should hurt!)
[ Post Reply | Private Reply | To 6 | View Replies]

To: All
Please call Bob Denham or Tom Nicholson and tell him that you appreciate the decision to protect our property rights.

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

For other investors who support our property rights.

14 posted on 01/25/2006 1:29:22 PM PST by B4Ranch (No expiration date is on the Oath to protect America from all enemies, foreign and domestic.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kidan

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.


15 posted on 01/25/2006 1:29:32 PM PST by lexington minuteman 1775
[ Post Reply | Private Reply | To 2 | View Replies]

To: kjo
He was the only Republican-appointed member of the court who voted to take the land.

What about Kennedy and Stevens?

16 posted on 01/25/2006 1:30:57 PM PST by The Old Hoosier (Right makes might.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Between the Lines

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....


17 posted on 01/25/2006 1:32:05 PM PST by InsureAmerica (Evil? I have many words for it. We are as dust, to them. - v v putin)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Between the Lines

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.


18 posted on 01/25/2006 1:33:00 PM PST by truth_seeker
[ Post Reply | Private Reply | To 1 | View Replies]

To: Between the Lines

BB&T's been my bank since it's acquisition of UCB (used to work for UCB).

Best Bank in Town.


19 posted on 01/25/2006 1:34:44 PM PST by azhenfud (He who always is looking up seldom finds others' lost change.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: magslinger

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.


20 posted on 01/25/2006 1:34:45 PM PST by Kidan (Tolerance is the virtue of a man without convictions - G.K. Chesterton)
[ Post Reply | Private Reply | To 11 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-60 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson