I originally wrote this post in February, then failed to post it for some inexplicable reason. So here it is — with a question added to the end for someone in the know.
When BB&T announced its refusal to lend to eminent domain developers, I was extremely heartened by the overwhelmingly positive response in the news media. I saw John Allison interviewed with three or four other people in CNBC — and every single one of them was openly gushing over his decision.
I’ve never seen a corporation on the receiving end of so much utterly positive publicity. In part, I think that’s because BB&T rejects the standard altruistic view of business as predation. Too often, the supposed good that corporations do is premised upon their needing for compensate for the fundamental wrong involved in their mere existence, like when an oil company funds solar power research to compensate for raping the Mother Earth. In those cases, not much praise is warranted.
Given all the praise heaped upon BB&T, I can only hope that other corporations realize the potential value of principled stands. Let’s just hope that they have some inkling of the right principles upon which to stand. Yaron Brook’s letter to the editor about BB&T echoes those sentiments.
BB&T Right Not To Lend to Eminent Domain Developers
BB&T cannot be praised highly enough for its decision not to lend money to developers who acquire land through eminent domain.
BB&T’s new policy is a perfect response to the horrific decision reached by the Supreme Court last year on Kelo v. City of New London.
The remarkable fact about BB&T’s decision is its understanding that the company’s long term success–as well as the success of its clients–requires that they take a stand in defense of private property rights.
America needs more companies like BB&T that have the wisdom and courage to defend individual rights. The survival of our freedom and our capitalist system may well depend on that.
Dr. Yaron Brook
Ayn Rand Institute executive director
2121 Alton Parkway #250
(949) 222-6550 ext. 226
Copyright (c) 2006 Ayn Rand(R) Institute. All rights reserved.
Given the tardiness of this post, let me ask: Does anyone know how BB&T’s policy on emminent domain has worked out?