NY Times has an article today about BB&T, a bank that has been doing remarkably well in the crisis, and its charismatic chairman and former CEO, John A. Allison, who is an ardent Ayn Rand follower. Consider these:
• In his spare time, Mr. Allison travels the country making speeches about objectivism and his bank’s distinctive philosophy.
• His bank was forced to take bailout money, even though they did not want it. He returned the money with interest. He says “Everyone thinks we got some kind of subsidy, but it’s going to cost us about $250 million for money we didn’t want.”
• Under Mr. Allison, new executives were handed a copy of “Atlas Shrugged.” All employees get a 30-page pamphlet describing BB&T’s philosophy and values: reason, independent thinking and decisions based on facts.
• After the Supreme court upheld the right of local governments in 2005 to condemn private property and hand it to someone else for commercial development, he says, BB&T refused to make loans to developers who obtained property that way.
• BB&T spends about $5 million a year to finance teaching positions and research on “the moral foundations of capitalism.”
Read more here. Actually it is interesting to read the article for another reason too, for it displays the writer’s biases oh-so-clearly. He clearly finds this whole individualism thing something of a mild curiosity not worthy of too much respect and goes into some length to emphasize that serious philosophers consider Rand irrelevant. But then, he works at the NY Times.
(Previous posts on Ayn Rand’s philosophy here)