Who is John Allison?
It's not every day that a major bank, with over $100 billion in assets and a market cap above $21 billion, becomes the defender of liberty. Today is a very good day thanks to John Galt Allison.
On Wednesday, Allison made the unusual decision to announce a corporate policy regarding eminent domain, that controversial practice in which the government can seize private property for public use. BB&T (nyse: BBT - news - people ) is not going to lend money to any developer that plans to build on property seized in such a manner. «The idea that a citizen's property can be taken by the government solely for private use is extremely misguided,» Allison said in a statement. «In fact, it's just plain wrong.»
Allison's BBT Won't Lend To Eminent Domain Projects - Forbes.com
Story also picked up at Volokh, with a more complete quote:
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. 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 won’t help any entity or company that would undermine that mission and threaten the hard-earned American dream of property ownership.
I wonder if they'll make an exception for the Lost Liberty Hotel?
The Club for Growth featured a link to the full press release. Guess I'm not the only one who was impressed.
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- Categories: Politics: liberty (RSS)
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#1. Tired Immigrant
6 years and 9 months ago
This is a great move! I now hope other companies will stand up for individual rights against appropriation by democratic governments.
Retailes like Wal*Mart ought to declare they will not develop any plany that requires eminent domain.
#2. Tom Hanna
6 years and 9 months ago
Unfortunately Wal-Mart uses eminent domain quite a bit in building its stores.
www.google.com/search?hl=en&q=wal-mart+eminent+domain&btnG=Google+Search
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