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.
This is great!
also smart business, imagine the liability if they finance seized land and then the case gets reversed.
shareholders would not be happy campers.
YAY! What a GREAT bank! (The college kids in NC call this bank "Baked Beans & Taters"!!!)
Your link is not working.
I know Tom - he used to be my super.
He's a good man.
As a stock holder, I approve.
Who needs money that's that dirty?
Hey, if you'll send it to me, I promise I'll try to clean it up...
1. It's the morally right thing to do.
2. It's good advertising. A lot of people are going to love this and banking is pretty competitive.
3. The decision could be reversed or someone may make the judge a better offer.
BB&T could be taking this stand for any one or combination of reasons. I prefer to do business with people who will turn down morally wrong business whatever their reason for doing so. It is not just right, but if they deal fairly with all people, aren't they the ones you want to trust with your money?
My car loan is with them. Good stuff.
An interesting contrast to Wachovia...
I do some work for BB&T (commercial foreclosures and collections) and it is good to see a big company take a principled stand.
Switched all my business to them a few years ago. Feels like I'm doing business with the good folks at Mayberry. Any other bank had made this announcement and I would be surprised. Not with BB&T.
Bump.
Bump To The TOP!!!
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