Winston-Salem-based BB&T has thrown down a challenge to all other financial institutions in America to declare where they stand on the necessary condition of capitalism, the right to own and control private property. The bank says it will not participate in any development project that involves the government using eminent domain to seize private property. It is a bold statement about the company’s values and, frankly, somewhat surprising given the on-going popularity of public-private “partnerships” which morph capitalism into something dangerously close to fascism.
Company officials do not hide behind the novel “public purpose” rationale the Supreme Court created with its odious Kelo ruling. Using government force to take property from one private land owner and give it to another is unacceptable:
“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 Chairman and Chief Executive Officer John Allison.
“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.”
Spoken like a capitalist. And, of course, a shrewd businessman looking to associate himself with values his customers share. Now it is up to Ken Thompson and Ken Lewis to respond. Do Wachovia and Bank of America likewise support private property? Will they also refuse to participate in such projects? If not, why not?
For as big a part in as they play in Charlotte’s public life, rarely has the opportunity presented itelf for these two mega-banks to make such a clear statement about their institutional values. Go ahead and ask them. Charlotte — and the entire nation — deserves an answer.
Update: I hear a couple callers to Jason Lewis on WBT questioning BB&T’s motives, and even Jason does not seem to be aware of the backstory to BB&T. CEO Allison gave $1 million to UNCC for a moral foundations of capitalism program last fall. Today’s announcement reveals an even greater effort to renounce force and fraud as ways of doing business.
