2006-01-26

Atlas does that thing with the shoulders

"BB&T, the nation’s ninth largest financial holdings company with $109.2 billion in assets, announced today that it 'will not lend to commercial developers that plan to build condominiums, shopping malls and other private projects on land taken from private citizens by government entities using eminent domain.'"

Ahem. From BB&T's corporate values statement:

In evaluating other people, it is critical that we judge based on essentials. At BB&T we do not discriminate based on nonessentials such as race, sex, nationality, etc. We do discriminate based on competency, performance and character. We consciously reject egalitarianism and collectivism. Individuals must be judged individually based on their personal merits, not their membership in any group.

I blush like I do at the zealotry of wide-eyed Catholic converts, but I love it. Of course. Still...

In the real world, which includes real legal concepts like fiduciary duty and constitutional rights (or non-rights, after Kelo), American corporations are self-less entities with no moral obligations. They have legal obligations, but taking all prudent and legal action (post-Kelo in this case, the actions concerned are positivist-wise legal) to maximize shareholder value is the preeminent one. Of course, given the public outcry against Kelo, good PR may well do this better than unseemly private eminent domain seizures. But if that were not the case, the management of this company could be forced to change tune or step down.

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