Monday, January 30, 2006
A Bank Policy Worthy of Widespread Emulation
Mirabile dictu, there is major bank in the United States that is putting the protection of one of the core principles undergirding our way of life ahead of profits. BB&T, the nation’s ninth largest financial holding company announced on January 25, 2006 that it “will not lend to commercial developers that plan to build condominiums, shopping malls and other private projects on land taken from private citizens by government entities using eminent domain.”
The Chairman said, “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.” How refreshing to have a head of a major corporation who not only understands the Constitution and basic rights, but also has the gumption to take an action that supports that understanding.
If there were more financial institutions willing to take the BB&T position, much of the miscarriage of justice that is being perpetrated as a result of the unconstitutional use of eminent domain could be stopped. Financial institutions that provide funding to projects on property taken in such a manner are helping facilitate the efforts of developers and unscrupulous politicians who have little regard for basic property rights.
What a wonderful example BB&T has set. Contrast that to the recent example of a large Pittsburgh institution that has asked for nearly $50 million in taxpayer money to build an upscale development in downtown Pittsburgh. Could this be another indication of the differences among the states in philosophy about the role of government in the economy? Note that BB&T is headquartered in Winston-Salem, N.C.
Mirabile dictu, there is major bank in the United States that is putting the protection of one of the core principles undergirding our way of life ahead of profits. BB&T, the nation’s ninth largest financial holding company announced on January 25, 2006 that it “will not lend to commercial developers that plan to build condominiums, shopping malls and other private projects on land taken from private citizens by government entities using eminent domain.”
The Chairman said, “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.” How refreshing to have a head of a major corporation who not only understands the Constitution and basic rights, but also has the gumption to take an action that supports that understanding.
If there were more financial institutions willing to take the BB&T position, much of the miscarriage of justice that is being perpetrated as a result of the unconstitutional use of eminent domain could be stopped. Financial institutions that provide funding to projects on property taken in such a manner are helping facilitate the efforts of developers and unscrupulous politicians who have little regard for basic property rights.
What a wonderful example BB&T has set. Contrast that to the recent example of a large Pittsburgh institution that has asked for nearly $50 million in taxpayer money to build an upscale development in downtown Pittsburgh. Could this be another indication of the differences among the states in philosophy about the role of government in the economy? Note that BB&T is headquartered in Winston-Salem, N.C.
