Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“Every great advance in natural knowledge has involved the absolute rejection of authority.”     Thomas Huxley

June 21, 2009

BB&T One Of First To Return TARP Funds

by Brad Warbiany

BB&T, a regional southern bank, is a bit of a darling of the libertarian movement. After Kelo, they made it bank policy to not lend money towards projects utilizing eminent domain. Co-contributor Jason Pye suggested a desire to open an account there after BB&T began donating money to UNC-Greensboro to found a pro-capitalism and pro-markets program that is founded in morality as well as economics.

It was sad, of course, when I reported late last year that BB&T had decided to take TARP money. I pointed out that if the rules have changed and the government’s picking winners and losers, it’s possible that they had a fiduciary duty to their shareholders to take the money. But I was still sad.

So I’m much happier to see that BB&T is leading the charge to pay back the TARP funds. There are many banks who I believe are simply trying to get out of TARP due to the additional regulation imposed by the government, but BB&T’s previous commitment to principle is enough to give them the benefit of the doubt that it was done in earnest.

Hat Tip: Reason Hit’N'Run

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3 Comments

  1. Wells Fargo has been trying to return TARP funds since a few weeks after they were forced at gunpoint to accept them (both literally and figuratively. The chairmen of the 9 largest banks in the U.S. were held in a room under armed guard until they signed an agreement to take the money. They were told they would be forced to shut down by bank regulators if they didn’t take it).

    Comment by Chris — June 21, 2009 @ 9:55 pm
  2. Jack booted thugs are running the show.

    Comment by Red — June 22, 2009 @ 7:04 am
  3. Glacier Bank (Mtn. West in Idaho, also in Wy. MT and UT I believe) has publically called out and rejected TARP. http://www.istockanalyst.com/article/viewiStockNews/articleid/2922358

    Comment by Luke — June 23, 2009 @ 5:23 am

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