Wednesday, January 25, 2006

Lender showing leadership

Updated Jan. 27

An important regional bank says it won't lend to developers of shopping malls and other private ventures who are getting their sites through eminent domain. This is a reaction to the Connecticut case in which the U.S. Supreme Court, defying the accepted sense of what's fair, allowed the seizure of people's homes to create a New London construction site not for public, but commercial purposes. Here's BB&T's chairman explaining the bank's decision:
"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."
Here's the news release from the bank.
And here are the documents on the New London case.
I should mention, also, that I own stock in BB&T. Today they make me proud.

There's an interesting Florida case involving eminent domain. Audra D.S. Burch tells the story in The Miami Herald.

1 comment:

Tired Immigrant said...

This is a great move by BB&T! Not just banks, 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.

So, write your your bank. And, if you own shares send letters to your companies as well.