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Irregular News for 02.28.06
Washington -- Banks give away millions of dollars in charitable donations and loan guarantees to the underserved each year, but BB&T may have just become the first bank in recent memory to withhold money from developers who don't line up with the bank's view of eminent domain law.
The North Carolina-based bank, which employs more than 28,000 people in 1,400 branches in 11 states, announced last month that it would no longer approve loans for developers who want to pursue commercial enterprises on land seized by the government using the power of eminent domain, or taking private property for public use.
The announcement was a reaction to the U.S. Supreme Court's decision last June in Kelo v. City of New London. The court ruled 5-4 in favor of the Connecticut town's right to take land for private development if its use was deemed in the public interest.
In a Jan. 25 release, BB&T executives stated their disapproval of the court's ruling.
"One of the most basic rights of every citizen is to keep what they own," said BB&T Chairman and Chief Executive Officer John Allison, a noted libertarian. "As an institution dedicated to helping our clients achieve economic success and financial security, we won't help any entity or company that would undermine that mission and threaten the hard-earned American dream of property ownership."
source
Washington -- Banks give away millions of dollars in charitable donations and loan guarantees to the underserved each year, but BB&T may have just become the first bank in recent memory to withhold money from developers who don't line up with the bank's view of eminent domain law.
The North Carolina-based bank, which employs more than 28,000 people in 1,400 branches in 11 states, announced last month that it would no longer approve loans for developers who want to pursue commercial enterprises on land seized by the government using the power of eminent domain, or taking private property for public use.
The announcement was a reaction to the U.S. Supreme Court's decision last June in Kelo v. City of New London. The court ruled 5-4 in favor of the Connecticut town's right to take land for private development if its use was deemed in the public interest.
In a Jan. 25 release, BB&T executives stated their disapproval of the court's ruling.
"One of the most basic rights of every citizen is to keep what they own," said BB&T Chairman and Chief Executive Officer John Allison, a noted libertarian. "As an institution dedicated to helping our clients achieve economic success and financial security, we won't help any entity or company that would undermine that mission and threaten the hard-earned American dream of property ownership."
source
