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Three cheers for BB&T bank, which announced yesterday that it won’t extend loans to developers of land seized through eminent domain.
As one of the US’ largest financial institutions, BB&T doesn’t have to do this, and the bank will, no doubt, lose money for taking this principled stand. That makes it even more laudatory.
“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,” said BB&T CEO John Allison. This man deserves our respect because he understands what America is about. It’s not just about capitalism. It’s about freedom from big government and abuse of power.
BB&T is based in Winston-Salem, North Carolina. We hope the bank will also refuse loans to Supreme Court Justice David Souter.