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
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.”
Story also picked up at Volokh, with a more complete quote:
The idea that a citizenâ€™s property can be taken by the government solely for private use is extremely misguided, in fact itâ€™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 wonâ€™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?