Here's a bank with cojones

Here's a bank with cojones

This is a discussion on Here's a bank with cojones within the Off Topic & Humor Discussion forums, part of the The Back Porch category; I think they could be onto something and it'd be great if other banks could follow conscience similarly. Regional bank to refuse loans in eminent ...

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Thread: Here's a bank with cojones

  1. #1
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    Here's a bank with cojones

    I think they could be onto something and it'd be great if other banks could follow conscience similarly.

    Regional bank to refuse loans in eminent domain projects

    http://www.wfsb.com/Global/story.asp?S=4409222

    CHARLOTTE, N.C. -- Regional bank BB and T Corp., one of the nation's largest financial institutions, will make no loans to developers who plan to build commercial projects on land taken from private citizens by the government through the power of eminent domain, the company said Wednesday.

    "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," John Allison, the bank's chairman and chief executive, said in a statement.

    In an interview, BB and T chief credit officer Ken Chalk said the bank expects to lose only a tiny amount of business, but believes it was obligated to take a stance on the issue.

    "It's not even a fraction of a percent," he said. "The dollar amount is insignificant."

    But he added: "We do business with a large number of consumers and small businesses in our footprint. We are hearing from clients that this is an important philosophical issue."

    Chalk said he knows of no other large U.S. bank with a similar policy.

    BB and T, which is headquartered in Winston-Salem, ranks among the nation's top 10 banks by assets.

    In June, a divided Supreme Court ruled that cities may raze people's homes to make way for shopping malls or other private development. The 5-4 decision gave local governments the power to seize private property in the name of increased tax revenue.

    The ruling upheld a decision by the City of New London, Conn., to seize seven property owners' land so developers could build a hotel and high-end condominiums to keep pharmaceutical giant Pfizer expanding in the state.

    Scott Bullock, a senior attorney with the Arlington, Va.-based Institute of Justice, who represented homeowners in the New London case, applauded the bank's decision.

    "Eminent domain abuse is wrong and unconstitutional," Bullock said in a statement. "BB and T has stepped up and recognized its corporate responsibility to not be a part of this shameful abuse of individual rights."

    The policy also will protect the assets of banks such as BB and T by not tying up their money in projects that may draw political opposition, said Columbia University law professor Thomas Merrill, a specialist on eminent domain.

    Merrill added that he did not believe there were many cases similar to the one that developed in New London.

    "No one knows how many of these projects are out there because the data is flimsy," he said. "But my hunch, from what data we do have, is that the number is relatively small and concentrated in large congested cities like New York, Boston or Baltimore."

    In its statement, BB and T said 38 states have recently passed or are considering laws to ban the use of eminent domain for private development. Similar legislation is pending before the U.S. Congress.

    "While we're certainly optimistic about the pending legislation, this is something we could not wait any longer to address," Chalk said in a statement. "We're a company where our values dictate our decision-making and operating standards. From that standpoint, this was a straightforward decision; it's simply the right thing to do."

    BB and T, with $109 billion in assets, operates more than 1,400 branches in 11 states and Washington, D.C.
    Chris - P95
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    is like owning a piano and assuming that you are a musician!."


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  2. #2
    VIP Member Array KenpoTex's Avatar
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    Good for them, it's nice to see someone taking a stand.
    "Being a predator isn't always comfortable but the only other option is to be prey. That is not an acceptable option." ~Phil Messina

    If you carry in Condition 3, you have two empty chambers. One in the weapon...the other between your ears.

    Matt K.

  3. #3
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    I think thats a great idea!
    Rick

    EOD - Initial success or total failure

  4. #4
    Member Array Kompact9's Avatar
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    It's about time the money institutions started speaking out in the only language land grabbers will understand...
    noli nothis permittere te terere...

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    A financial institution turning away from business and standing up for something that is morally offensive? Amen!
    USAF: Loving Our Obscene Amenities Since 1947

  6. #6
    JT
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    They would be my new bank if I lived in the area.
    Blessed be the Lord my rock who trains my hands for war and my fingers for battle. Psalm 144:1

    Si vis pacem, para bellum

  7. #7
    VIP Member Array havegunjoe's Avatar
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    That is great! Good for them.
    DEMOCRACY IS TWO WOLVES AND A LAMB VOTING ON WHAT TO HAVE FOR LUNCH. LIBERTY IS A WELL ARMED LAMB CONtestING THE VOTE.

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  8. #8
    Senior Member Array AirForceShooter's Avatar
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    Angry

    But....
    you can't carry in their branches.

    AFS
    Gun control is hitting what you aim at

  9. #9
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    Oh - is that across the board AFS?

    Pity if so - takes some gloss off the good news.
    Chris - P95
    NRA Certified Instructor & NRA Life Member.

    "To own a gun and assume that you are armed
    is like owning a piano and assuming that you are a musician!."


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  10. #10
    Senior Member Array AirForceShooter's Avatar
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    As far as I know it's all branches.
    Might be their insurance carrier that's imposing it.

    AFS
    Gun control is hitting what you aim at

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