BB&T, the country's ninth-largest bank, announces that it will not make commercial loans to developers who plan private projects on land seized via eminent domain.
" '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 John Allison, the chairman and chief executive of BB&T.
...Analysts said they were not surprised that BB&T, the country's ninth-largest bank, would take such a public stance but doubted that it would set a precedent for other banks.
BB&T's decision comes seven months after the U.S. Supreme Court said in a 5-4 ruling that state legislatures could pass eminent-domain legislation affecting private property. The legislation could allow local governments to seize private property to make room for private-development projects aimed at creating jobs and increasing tax revenues."
Thanks to Tom Roberts
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