BB&T One Of First To Return TARP Fundsby 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