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Kelo Fallout: BB&T says 'no loans' to developers
Hat tip: Volokh Conspiracy. Edited for brevity.BB&T, the nations ninth largest financial holdings company with $109.2 billion in assets, announced today 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. In a press release issued today by the bank, BB&T Chairman and Chief Executive Officer John Allison, said, The idea that a citizens property can be taken by the government solely for private use is extremely misguided, in fact its just plain wrong. One of the most basic rights of every citizen is to keep what they own. As an institution dedicated to helping our clients achieve economic success and financial security, we wont help any entity or company that would undermine that mission and threaten the hard-earned American dream of property ownership. Thank God somebody who runs the occasional giant company values liberty over profit--unlike Cisco, Microsoft, and Google! Posted by: Dar 2006-01-26 |
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