Bloodless Coup

BB&T Promotes Libertarianism, Takes Government Handouts

Via WV Public Radio, we find out that our somewhat-local bank BB&T has given money to some local universities to fund a teaching position in capitalism. On of the requirements is that Rand' Atlas Shrugged must be read and discussed.

Of course, this is the same BB&T that just took $3billion from the Feds as part of the bailout.

How does BB&T square this circle?

BB&T recently accepted more then $3 billion in bailout money from the federal government. BB&T realizes it goes against their corporate philosophy, but spokesman Bob Denham says it was something they were forced into.

"We did not like the program, we opposed the program we wish it had not been implemented, but that said you want to look like a team player," Denham said.

"What happens is if all your competitors are getting low cost capital? Then that would certainly put BB&T at a distinct disadvantage with our competitors," Denham said.

Uh, last I checked (I haven't read Atlas Shrugged in a decade or so), the book was pretty much all about people (the capitalists - the good guys) not being team players, and not doing things that were morally incorrect, no matter how much economic benefit that created. In fact, the point was that by acting morally, people will succeed economically. In other words, BB&T has now violated all of the Randian positions in one fell swoop.

What do they call a flexible philosophy again? Opportunism? Whatever it is, it isn't Objectivism.

Posted by baltar at December 12, 2008 12:28 PM | TrackBack | Posted to Corporate Bullshit | Corruption | Economics | The Academy