BB&T

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IT IS A BANK Branch Banking & Trust Company

NO MERRI

KOCHADEMIA? MILTON FRIEDMan

committed fraud

HUD 83M$ fine

predatory lender, also suntrust merger

free to choose uncle milty BS; DID NOT WANT TARP $ B/C CAPS CEO PAY?

sez not greed gt dep but clinton made too much fannie/freddie money available

---

theconv What’s wrong with secret donor agreements like the ones George Mason University inked with the Kochs

The activist group wants to learn, among other things, which anonymous donor ponied up $20 million alongside the Koch Foundation’s $10 million to rename George Mason’s law school after the late Supreme Court Justice Antonin Scalia.

The university did share some of the Koch agreements with the media, but not until after it was sued.

Activists and journalists have long monitored Koch higher education donations because of the scope and breadth of their giving, which totaled about $150 million between 2005 and 2015, according to media reports. Still, the concern should extend beyond the Kochs to cover transparency for all gift agreements of whatever political hue.

Consider what happened when John Allison, an avowed fan of author and libertarian icon Ayn Rand, led BB&T. The U.S. bank offered colleges and universities grants averaging $1.1 million, usually with the stipulation that they design a new course incorporating Rand’s “Atlas Shrugged.”

BB&T also demanded that grantees create faculty positions, centers, speaker series and scholarships as part of a “Moral Foundations of Capitalism” program.

Accounting scholar S. Douglas Beets identified at least 63 schools that took this deal. But he had to scour local news stories and press releases to find them. If open records laws automatically made all such agreements public, he would not have had to do all that sleuthing....

Client Challenge

:{Tuition and government funding does not adequately support the mission of many colleges and universities, and increasingly, corporations are responding to this need by making payments to institutions of higher learning with significant contracted expectations, including influence of the curriculum and content of college courses. One large, public banking corporation, BB&T, has funded grants to more than 60 colleges and universities in the United States to address what the corporation refers to as the “moral foundations of capitalism.”

These grants vary in size but average $1.1 million and typically require design of a new course that includes discussion of Atlas Shrugged, one of the novels of the author Ayn Rand. With many of the participating universities, the agreement with BB&T also stipulates the creation of chaired faculty positions, library reading rooms, designated capitalism centers, speaker series, scholarships, and the distribution of free student copies of Atlas Shrugged. Several ethics concerns about these grants, including their threat to academic freedom, are discussed in this article, as well as the need for focused guidance for university administrators regarding the temptation of large donations with attached questionable expectations.}:

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ref 2 ihe

fears of corporate influence on higher education are nothing new. But are colleges and universities, which receive smaller and smaller shares of their budgets from public funding, and which have struggled to bounce back from the 2008 recession, more likely to accept gifts with ideological strings attached than they would have been previously?

That’s the idea behind a forthcoming paper in the Journal of Academic Ethics, called, "BB&T, Atlas Shrugged and the Ethics of Corporation Influence on College Curricula." It says it is the first study to track a particular set of donations by the financial services holding company BB&T to colleges and universities stipulating that they teach the works of free-market capitalist Ayn Rand and address the “Moral Foundations of Capitalism.”

The paper says these agreements, which have largely ceased, happen under a veil of secrecy, often without the knowledge of faculty members, and that BB&T’s foundation is set on correcting what it sees as an overly liberal curriculum.

“This has been reported on ad hoc, mostly by individual universities and their campus newspapers,” said Douglas Beets, the article’s author and a professor of business at Wake Forest University, which has its own BB&T-funded program. “But otherwise you can’t find information on [BB&T’s] website, and that’s one of the major problems -- this is not transparent.” And Beets says that, given current discussions over allegations of corporate influence over university research agendas, the Ayn Rand grants need more attention.

Prior to Beets’s study, he says, the most comprehensive list of colleges and universities affiliated with BB&T Moral Foundations program was kept by Clemson University’s Institute for the Study of Capitalism. But the list was not complete, and the funds each institution received, in exchange for what kinds of curricular requests, were not listed.

By scouring local news stories and university press releases, along with other means, Beets determined that at least 63 colleges and universities received Moral Foundations grants, averaging about $1 million each.

The grants typically stipulate that the institution will offer a course featuring Ayn Rand’sAtlas Shrugged -- a famously pro-free market novel -- and provide even unenrolled students in the relevant department a free copy of the book; in some cases, Atlas Shrugged is the only book on the course syllabus. The requirements are notable because, even though donors regularly will give support to a given department or field of study, dictating a book to be read would for many professors and others cross a line into inappropriate donor influence.

Beets quotes a BB&T spokesperson telling Bloomberg in 2008, “These gifts are really about the study of capitalism from a moral perspective and all we want is to make Rand part of the dialogue.”

One contract included the creation of an Ayn Rand “reading room” in the department, while others stipulated the development of a dedicated “center” of some sort -- in some cases, just a website. Others funded faculty chairs or other professorships, contractually geared in some cases to ideological allies. A 2011 Western Carolina University advertisement said applicants for its BB&T Distinguished Professor of Capitalism should be “at least familiar with, if not actively receptive to, the writings of Ayn Rand.”

Many of the contracts required an Ayn Rand-inspired speaker series, and some specified the series was to appeal to the general public.

Beets broke down the grants by three metrics to determine their proportionate influence on each institution: funds per student, university endowment per student and grant divided by endowment. Barton College, Johnson C. Smith University and Presbyterian College are among those colleges with the biggest grant-per-student values, at $500 each.

Beets determined that 78 percent of identified contract agreements were announced from 2006-10, although some were made as early as 2002 and some as late as 2012. Amounts varied widely, from $150,000 to Shenandoah University to $4.9 million to Clemson University. The mean contract was $1.1 million.

Contracts between BB&T and the participating institutions typically ran over 10 years, with the stipulation that nonperformance of requirements could result in cessation of funding.

Geography seemed to be the main determinant of where BB&T looked to grant. Most identified institutions are in the bank’s operating region, the Southeastern U.S., with 39 located in North Carolina, the bank’s home state.

The grants resulted in “superlatives” at some colleges and universities, according to the study. At the University of North Carolina at Pembroke, for example, the contract doubled the number of endowed professorships, to four from two. At Fayetteville State University, the contract was the largest corporate donation ever.

Beets asserts that it wasn’t shared ideology with BB&T’s former chief executive, John Allison, who reportedly made his managers read the book, that led colleges and universities to accept the grants. Rather, he says it was financial desperation from shifting funding structures. No longer able to count on public funding, many colleges and universities had to look elsewhere.

“College presidents often delegate a significant degree of fund-raising to subordinate deans and department heads, thereby charging those whose former priority was the quality of academic programs with fund-raising responsibilities and consequently shifting and reprioritizing their job descriptions,” Beets wrote. “These factors combine to make unusual and ideologically based grants alluring that once would have been considered unethical threats to the missions of higher education.”

It stands to reason, then, that regional universities in North Carolina, which have been hit hard by state budget cuts, and smaller, private colleges would be the most vulnerable.

One notable exception is Meredith College, a small, private liberal arts institution in Raleigh, N.C., which rejected a $420,000 Moral Foundations grant in 2006 that would have funded a course on global capitalism and ethical values. The decision was based on a faculty vote, 54-34. Opposed professors said they worried the contract would result in loss of some academic freedom, given that an outside entity would be dictating part of the curriculum.

Melyssa Allen, a college spokeswoman, said the faculty at that time also approved a resolution supporting academic freedom and limiting external funding for curricular offerings. “There was a consensus among faculty in attendance that academic freedom is a core value at Meredith,” Allen said.

A curriculum committee at Auburn University, a public institution with an enrollment of 25,000, turned down a $1.5 million grant from BB&T in 2009.

Beets says these grants can have outsize influence, as some states have programs that match corporate donations with public funding. Beets also points to a major funding overlap with Charles and David Koch, billionaires who have poured millions into conservative causes; some 42 institutions with Moral Foundations programs also had received donations from the Koch brothers’ charities. Both BB&T and the Kochs also have been major contributors to the Ayn Rand Institute.

One campus that’s accepted both BB&T and Koch grants is Florida State University, the latter of which caused much tumult on that campus. The institution accepted a $3 million BB&T Moral Foundations grant in 2008, in exchange for creating a course on market ethics, among other requirements.

“We are very appreciative of the confidence that BB&T has placed in Florida State University to create programs to emphasize the moral and ethical dimensions of our free enterprise system,” T. K. Wetherell, FSU's former president, said in an news release announcing the grant. "In these difficult economic times, it is more important than ever that public universities find new ways to partner with the private sector to develop the sorts of academic programs that our society will need in the coming decades."

The BB&T grant is still active; it’s set to expire in 2018. A spring 2015 syllabus for the course, called Market Ethics: The Vices, Virtues and Values of Capitalism, does feature a discussion called “Taxation is theft” but otherwise hardly suggests it’s a breeding ground for ardent capitalists.

“Critics of capitalism say it is an amoral system, or worse, that it encourages immoral behavior,” the syllabus reads. “Capitalism exploits people, it is unfair, and it values material things over more virtuous values. This course will examine the vices, virtues and values of capitalism to evaluate its ethical properties … the course is not designed to give you answers to these questions, but rather to raise questions and clearly structured issues so that you can think through them and form your own ideas.”

Still, the grant has riled faculty members who say that BB&T and Koch Industries are buying their way into the curriculum. Part of the problem was the way Allison, the CEO, dictated terms of the grant to administrators.

“It is very important to us that any program we support meets the highest academic standards and encourages students to hear all points of view,” Allison wrote in a letter to the deans of business and social sciences. “Frankly, we are confident that, when given a fair hearing, capitalism will prevail. Unfortunately, we find that many graduates of business schools, while understanding the ‘technology’ of business, do not have a clear grasp on the moral principles underlying free markets.”

Allison requested that the economics department create the new course, and that Ayn Rand be required reading. The finance department would add additional readings and course content on free markets, according to the letter, and both working paper and speaker series would be organized. All business graduate students and finance and economics majors will get a copy of Atlas Shrugged. BB&T requested two professorships, and that the program initially be directed by a department head, among other details.

The deal caught the attention of Kent Miller, a professor emeritus of psychology at Florida State, and Ray Bellamy, a medical faculty member, who expressed their concerns in the American Association of University Professors’Academe journal in 2012.

“Could these provisions be considered intrusive?” they wrote. “In exchange for his ‘gift,’ the donor got to assign specific readings, select speakers brought to the campus and instruct them with regard to the focus of their lectures, shape the curriculum with new courses and specify the number of students in the courses, name the program’s directors and initiate a student club. BB&T also received a disturbing amount of free online advertising through the web pages of FSU’s BB&T Center for Free Enterprise.”

They continued, “We do not know how thoroughly the college has obeyed Allison’s instructions. But if there is any concern about avoiding even the appearance of outside interference in the university, we are in trouble. The university has never existed as an ivory tower, but the ideals of academic freedom, the search for truth, scientific integrity, open debate and faculty control of the curriculum are worth defending. The university should be a place where the search for and transfer of knowledge are not shaped by outside money.”

A group called Progress Coalition also has criticized the grants, saying they violated the university's gift acceptance policy. Ralph Wilson, a recent Ph.D. student in math from Florida State and the group's co-founder, said the BB&T agreement amounts to "selling academic credit to outside influences." And even giving out free books to students signals they're "valid," he said.

Dennis Schnittker, a Florida State spokesman, said the instructor of the market ethics course determines what Ayn Rand readings are appropriate, and that the university has never dictated what should be taught. The university “has a long tradition of strong faculty governance and faculty sets the curriculum,” he said. “Donors do not unduly influence the curriculum.”

At UNC Charlotte, faculty outcry over the initial letter of agreement for Moral Foundations on that campus caused the university to revise its deal with BB&T. Steven Ott, dean of the Charlotte Belk College of Business on that campus, said that under the new agreement, “faculty assigned to the course would determine course content, in their sole and unfettered discretion.” Additionally, he said via email, language requiring a faculty member to have a positive interest in and be well versed in objectivism was elimination. The Ayn Rand reading room requirement also was scratched.

Not all faculty members are opposed to the program, however. In 2008, professors at Marshall University were debating the ethics of that campus’s BB&T grant. But Calvin A. Kent, the vice president for business and economic research and distinguished professor of business at Marshall, who was set to teach the Ayn Rand-based course, told*Inside Higher Edthat telling professors he was looking forward to teaching *Atlas Shrugged. Telling professors what not to teach violated academic freedom, he said, whereas simply suggesting that they teach one view among others is not.

"The expectation is that this book will be used. I don't think that is an unreasonable expectation," he said. "I would not go around telling the history department or the English department that they have no business using a particular novel or a particular historian. … For someone to tell us that we should or should not include something smacks of censorship.”

Beets disagreed. He said it was simply inappropriate for a corporation -- whether it was pushing Ayn Rand or Karl Marx -- to buy its way into the curriculum.

“I have to admit I’m biased because I’m a university professor,” he said, “but the content and course work in a university has traditionally been based on faculty standards. … I’m not sure what you’re buying when you’re a student and paying top dollar and not really getting the professor’s best course design. Instead you’re getting the corporation’s perspective of what they want to you learn, and that’s a different education and feel.”

Cynthia Williams, a BB&T spokeswoman, said the bank was essentially out of the Ayn Rand business, since it stopped awarding Moral Foundations of Capitalism grants roughly five years ago, when Allison left the bank. BB&T’s foundation now focuses on financial literacy and leadership programs for K-12 students, adults and some college students. Williams rejected the idea that the bank had a transparency problem in relation to Moral Foundations, saying that it doesn’t advertise any of its charitable work.

“When we give money to someone, we just give it," she said.

Beets said that even if the bank’s stopped giving grants, the story still needs to be told.

“Much of the reason for the continuing importance of BB&T's influence on university curricula is the precedent it sets for other corporations,” he said. “BB&T was able to pay an average of $1.1 million to many colleges and universities to include a specific ideology in college courses with minimal transparency and minimal concern from academia, BB&T stockholders or depositors, the Internal Revenue Service, and the Securities and Exchange Commission. And in many cases, state governments even matched their payments. This is a successful example of exporting corporation ideology that many corporations are likely to follow in the future.”

---

John A. Allison IV (born August 14, 1948) is an American businessman and the former CEO and president of the Cato Institute in Washington, D.C.. Allison held a number of leadership positions in BB&T Corp. from 1987 until 2010 when he retired. He now serves as a director atMoelis & Company.

John Allison grew up outside Charlotte, North Carolina.^[2] He graduated Phi Beta Kappa from the University of North Carolina at Chapel Hill with a degree in business administration in 1971.^[3] He received a Master of Business Administration from the Fuqua School of Business in 1974.^[3]

Career at BB&T

Allison began his career with BB&T in 1971.^[3] While CEO of BB&T (Branch Banking & Trust) in 2008, Allison earned a total compensation of $4,690,974, which included a base salary of $993,675, a cash bonus of $1,504,303, stocks granted of $995,089, and options granted of $973,800.^[4] He retired at the end of 2008 as CEO of BB&T, handing over day to day control of operations to former COO, Kelly King, who assumed the CEO role on January 1, 2009. In 2008, Allison was nominated by Morningstar as one of the best CEOs of 2008.

Ideological activism

Allison is a major contributor to the Ayn Rand Institute (ARI) and assigned Rand's Atlas Shrugged to all of his senior executives.^[5] Calling Atlas Shrugged "the best defense of capitalism ever written", Allison has seen to it that "the BB&T Charitable Foundation has given 25 colleges and universities several million dollars to start programs devoted to the study of Rand's books and economic philosophy".^[6][7]

In June 2012, he was designated to replace Ed Crane as CEO and president of the Cato Institute, a libertarian think tank headquartered in Washington, D.C.^[8] He retired from Cato at the end of March 2015.^[1] He currently serves on the board of directors at Cato Institute.

Allison is a staunch opponent of the Federal Reserve, and emphasizes its role in business cycles.^[9]

Allison penned the introduction to Why Businessmen Need Philosophy: The Capitalist's Guide to the Ideas Behind Ayn Rand's Atlas Shrugged, published in 2011.^[10] In September 2012, Allison released his own book, The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy's Only Hope.^[11] Reviews of the book were strong, albeit not by ideological opponents.^[12][13] In October 2014, his second book, The Leadership Crisis and the Free Market Cure: Why the Future of Business Depends on the Return to Life, Liberty, and the Pursuit of Happiness,^[14] was published.

Awards

He received an honorary doctorate from East Carolina University, Mercer University, and an honorary doctorate from Universidad Francisco Marroquín in Guatemala City, Guatemala.^[15]

Positions served

He serves on the board of visitors of the Fuqua School of Business, Build-A-Bear Workshop, Korkkuss-Neggins Business School, and the Kenan-Flagler Business School.

References

^ :{Jump up to::(style="user-select:none;top:-99999px;clip:rect(1px, 1px, 1px, 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important"):}:^a ^b(https://en.wikipedia.org/wiki/John_A._Allison_IV#cite_ref-cato-retired_1-1) "Cato Institute Announces New CEO". Cato Institute. March 30, 2015. Retrieved July 12, 2016.
^ "Interview with John Allison". Kaizen. July 19, 2011.
^ :{Jump up to::(style="user-select:none;top:-99999px;clip:rect(1px, 1px, 1px, 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important"):}:^a ^b(https://en.wikipedia.org/wiki/John_A.Allison_IV#cite_ref-bio1_3-1) ^c(https://en.wikipedia.org/wiki/John_A.Allison_IV#cite_ref-bio1_3-2) "Executive Profile: John A. Allison IV". Bloomberg BusinessWeek.
^ 2008 CEO Compensation for John A. Allison IV Archived 2009-04-14 at the Wayback Machine, Equilar.com
^ Andrew Martin, Give BB&T Liberty, but Not a Bailout, The New York Times, August 1, 2009
^ "Ayn Rand Studies on Campus, Courtesy of BB&T," NPR News, by Clark Davis
^ Martin Morse Wooster, Games Universities Play: And How Donors Can Avoid Them, Pope Center, September 12, 2011, p. 18
^ Yadron, Danny (June 25, 2012). "Koch Brothers, Cato Institute Settle Dispute". The Wall Street Journal. Retrieved June 25, 2012.
^ http://bigthink.com/ideas/17844
^ Debi Ghate; Richard E. Ralston (5 April 2011). *Why Businessmen Need Philosophy: The Capitalist's Guide to the Ideas Behind Ayn Rand's AtlasShrugged*. Penguin. ISBN 978-1-101-47913-1. Retrieved 3 December2012.
^ John A. Allison (31 August 2012). *The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy's Only Hope*. McGraw Hill Professional. ISBN 978-0-07-180678-7. Retrieved 3 December 2012.
^ Tammy, John (October 17, 2012). "Book Review: John Allison's The Financial Crisis and the Free Market Cure". Forbes.
^ Gordon, David (November 7, 2012). "You Call That Austrian?". The Ludwig von Mises Institute Mises Daily Blog.
^ John A. Allison (31 October 2014). *The Leadership Crisis and the Free Market Cure: Why the Future of Business Depends on the Return to Life, Liberty, and the Pursuit of Happiness*. McGraw Hill Professional. ISBN 978-0071831116. Retrieved 18 January 2015.
^ "Doctorados Honoris Causa".

External links

Categories:

[House Hearing, 114 Congress]

[From the U.S. Government Publishing Office

CONSUMERS SHORTCHANGED?

OVERSIGHT OF THE JUSTICE DEPARTMENT'S

MORTGAGE LENDING SETTLEMENTS

HEARING

BEFORE THE

SUBCOMMITTEE ON

REGULATORY REFORM,

COMMERCIAL AND ANTITRUST LAW

OF THE

COMMITTEE ON THE JUDICIARY

HOUSE OF REPRESENTATIVES

ONE HUNDRED FOURTEENTH CONGRESS

FIRST SESSION

FEBRUARY 12, 2015

Serial No. 114-16

Printed for the use of the Committee on the Judiciary

Available via the World Wide Web: http://judiciary.house.gov

U.S. GOVERNMENT PUBLISHING OFFICE

93-280 PDF WASHINGTON : 2015

For sale by the Superintendent of Documents, U.S. Government Publishing Office,

Internet:bookstore.gpo.gov. Phone:toll free (866)512-1800;DC area (202)512-1800

Fax:(202) 512-2104 Mail:Stop IDCC,Washington,DC 20402-001

COMMITTEE ON THE JUDICIARY

BOB GOODLATTE, Virginia, Chairman

F. JAMES SENSENBRENNER, Jr., JOHN CONYERS, Jr., Michigan

Wisconsin JERROLD NADLER, New York

LAMAR S. SMITH, Texas ZOE LOFGREN, California

STEVE CHABOT, Ohio SHEILA JACKSON LEE, Texas

DARRELL E. ISSA, California STEVE COHEN, Tennessee

J. RANDY FORBES, Virginia HENRY C. ``HANK'' JOHNSON, Jr.,

STEVE KING, Iowa Georgia

TRENT FRANKS, Arizona PEDRO R. PIERLUISI, Puerto Rico

LOUIE GOHMERT, Texas JUDY CHU, California

JIM JORDAN, Ohio TED DEUTCH, Florida

TED POE, Texas LUIS V. GUTIERREZ, Illinois

JASON CHAFFETZ, Utah KAREN BASS, California

TOM MARINO, Pennsylvania CEDRIC RICHMOND, Louisiana

TREY GOWDY, South Carolina SUZAN DelBENE, Washington

RAUL LABRADOR, Idaho HAKEEM JEFFRIES, New York

BLAKE FARENTHOLD, Texas DAVID N. CICILLINE, Rhode Island

DOUG COLLINS, Georgia SCOTT PETERS, California

RON DeSANTIS, Florida

MIMI WALTERS, California

KEN BUCK, Colorado

JOHN RATCLIFFE, Texas

DAVE TROTT, Michigan

MIKE BISHOP, Michigan

Shelley Husband, Chief of Staff & General Counsel

Perry Apelbaum, Minority Staff Director & Chief Counsel

------

Subcommittee on Regulatory Reform, Commercial and Antitrust Law

TOM MARINO, Pennsylvania, Chairman

BLAKE FARENTHOLD, Texas, Vice-Chairman

DARRELL E. ISSA, California HENRY C. ``HANK'' JOHNSON, Jr.,

DOUG COLLINS, Georgia Georgia

MIMI WALTERS, California SUZAN DelBENE, Washington

JOHN RATCLIFFE, Texas HAKEEM JEFFRIES, New York

DAVE TROTT, Michigan DAVID N. CICILLINE, Rhode Island

MIKE BISHOP, Michigan SCOTT PETERS, California

Daniel Flores, Chief Counsel

...

[who invited her?]

TESTIMONY OF CORNELIA MROSE, CEO,

COMPASS FILMS OF NEW YORK LLC, WESTCHESTER, NY

Ms. Mrose. Hello.

Mr. Marino. Hello.

Ms. Mrose. Thank you.

Mr. Marino. Am I pronouncing your name correctly----

Ms. Mrose. Yes, that is perfect.

Mr. Marino. Mrose?

Ms. Mrose. That was perfect.

Mr. Marino. Thank you.

Ms. Mrose. Thank you for inviting me. As the Chairman

already said, my firm, Compass Films of New York, is going--

well, you did not say that. But I am the CEO of the Compass

Films of New York, and I am making a film about the true causes

of the financial crisis, and how the real culprits are doubling

down. And in order to do that, I went and interviewed various

people. One of them was the former CEO of BB&T, John Allison.

And I want to start off by reading you the answer that he gave

to me when I asked him the following question.

So my question to John Allison was this: ``Did BB&T make

loans it would not have made otherwise in order to keep a good

or excellent CRA rating,'' and ``Was BB&T pressured by

community activists to make subprime loans or to pledge money

for future loans to what they called underserved areas?'' ``Did

you have any direct contact with activist groups?'' And his

answer was this. ``BB&T did make high risk low income loans to

meet CRA requirements, and we were pressured to make subprime

loans and pledge money by activist groups. All banks paid

bribes to CRA groups. I had direct contact with them.''

I am quoting this because it sheds light on the enormous

power and the political influence on a vast left-leaning non-

profit network that exists in the United States today. And I do

not have much time, but I am going to focus on this left-

leaning network in my 3 minutes remaining. You can read the

details in my prepared comments.

First of all, I would like to say that in 1960, the

government of the United States gave very little money to non-

profit organizations. That has changed dramatically. The Urban

Institute published in 2013 a national survey of non-profit

groups. It is an excellent survey. It contains a lot of

information.

In 2012, government in the United States, Federal, State,

and local, gave $137 billion to non-profit groups. $81 billion

of those $137 billion went to social service non-profit

organizations. These are affordable housing groups, legal aid

groups, civil rights groups, ethnic groups. There were

approximate 200,000 contracts and grants with about 30,000 of

these social service non-profits in 2012. On average, six to

seven grants and service contracts, non-profit.

Subprime 2.0: Compass Films is securing funds for the production of a film showing how the US government threatens to wipe out more of your wealth

April 16, 2015

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NEW YORK – (iCrowdNewswire) – Compass Films is making a documentary film called Subprime 2.0 – Doubling Down on Disaster that exposes the true causes of the financial crisis and warns that the same political culprits are using it to justify policies that are pushing America into the next and even greater crisis.

Two national journalists have uncovered fresh SMOKING GUN evidence from recently disclosed Clinton administration documents that the federal government, not the private sector, caused the financial crisis that wiped out an average $123,000 in home equity and other wealth for each American household.

An editorial in the Investor’s Business Daily titled “Clinton Housing Policy Wrecked Economy, Not 1%” says this about Subprime 2.0:

“The Washington Examiner reports that a forthcoming documentary film — “Subprime 2.0: Doubling Down On Disaster,” which currently is crowdfunding on IndieGoGo.com — promises to expose the Clintons’ role in the crisis and their cozy ties to ACORN. It will present new evidence showing White House aides close to Hillary even met with ACORN lobbyists to draft the bad housing regulations and policies.

Few Americans know that the Clintons and ACORN go way back — ACORN actually started in Little Rock, Ark., and the Clintons were in bed with these radical activists from Day One. Hillary gave several ACORN speeches in which she hailed their “movement.”

Rest assured, their mortgage-busting lovefest will blossom anew in a Hillary White House.”

And now the Obama administration is doubling down on those disastrous housing policies, injecting even greater risk into the financial system by, among other things:

Effectively turning mortgage giants Fannie Mae and Freddie Mac into welfare agencies.

Degrading the consumer credit standards used in virtually every financial transaction in America.

Shaking down banks and forcing them into settlements that will pay out huge amounts of money to favored activist groups, including ACORN front groups.

Setting loose a frighteningly powerful new regulatory agency — the Consumer Financial Protection Bureau, created from Obama’s “financial reforms” — on the entire financial sector, even though it is unaccountable to the American people, has no oversight and is not dependent on Congress for funds.

According to former BB&T bank CEO John Allison, in an exclusive interview with Compass Films: “We treated the financial crisis as if it were de-regulation that caused it. Well, it wasn’t de-regulation that caused the financial crisis. The financial industry is the most regulated industry in the world… It was government policy, specifically errors by the Federal Reserve and Freddie Mac and Fannie Mae, the subprime lending policy that created the financial crisis.”

“Well, we’re doing it again,” Allison warns.

Compass Films wants to present this evidence to the American public in a big and powerful way — but it needs the help of the American public to do it.

The filmmakers have already lined up interviews with key experts, including former major bank CEOs, Fannie Mae executives, Financial Crisis Inquiry Commission members and congressional banking committee officials, and they are working together with well-known Toronto-based illustrator Paul Rivoche who illustrated Amity Shlaes’ graphic novel “The Forgotten Man.” Rivoche created the branding image for Subprime 2.0.

Starting March 16, Compass Films launched a crowdfunding campaign on www.indiegogo.com, one of the most popular and trusted crowdfunding sites in the world. The goal is to raise $150,000 for the production of the film which the filmmakers hope to show in theaters nationwide during the summer of 2016 to challenge the false narrative created by government propaganda.

Here is the link to the Indiegogo campaign: https://www.indiegogo.com/projects/subprime-2-0

Watch their promotional video on their Indiegogo campaign site in which they air snippets of their interviews with Ed Pinto, Peter Wallison, John Allison and Barbara-from-Harlem. And take a look at Paul Rivoche’s poignant drawing depicting the true causes of the financial meltdown from which America has never fully recovered.

They are asking for contributions of any size to their crowdfunding campaign. Compass Films has the knowledge, know-how, access, commitment and passion to make this important film – but it requires seed money to make it. There are many powerful people in Washington who do NOT want this story told. So it needs your help. Go to: https://www.indiegogo.com/projects/subprime-2-0

They will not be able to reach their crowdfunding goal but will use the money raised from Indiegogo to start production while raising additional funds from other sources.

Compass Films of New York is based in Westchester County, New York. Its motto is “Navigating to a Freer America.” Compass Films was founded by Cornelia Mrose, producer of Subprime 2.0 and co-host of the Steve Mayo Show on WVOX 1460AM. Co-producers include Paul Sperry, an Investor’s Business Daily veteran, Hoover Institution media fellow and author of “The Great American Bank Robbery: The Unauthorized Report about What Really Caused the Great Recession.”

Contact:

Cornelia Mrose, 914-831-8252

cornelia.mrose@gmail.com

Summary:

Compass Films is making a documentary film called Subprime 2.0 – Doubling Down on Disaster that exposes the true causes of the financial crisis and warns that the same political culprits are using it to justify policies that are pushing America into the next and even greater crisis. An editorial in the Investor’s Business Daily titled “Clinton Housing Policy Wrecked Economy, Not 1%” says this about Subprime 2.0:

Youtube: https://www.youtube.com/watch?v=CJ68c2ZOH_M

See Campaign: https://www.indiegogo.com/projects/subprime-2-0

Contact Information:

Cornelia Mrose cornelia.mrose@gmail.com Phone: 914-831-8252 Cell: 914-262-7403

Tags:

Indiegogo, United States, Reward, Commercial & Investment Banking, Residential Real Estate, National, Personal Finance, Movies/Music Videos, Retail Banking, Financial Services, Government, Media & Entertainment, Industry verticals, Real Estate & Construction, Regions, Types of Crowdfunding deal, New York, Washington, D.C.

https://www.nytimes.com/2009/08/02/business/02bbt.html

no lnx

Give BB&T Liberty, but Not a Bailout

John A. Allison IV, chairman of the banking company BB&T, is a devoted follower of Ayn Rands antigovernment views.

By Andrew Martin

Aug. 1, 2009

OVER much of the last four decades, John A. Allison IV built BB&T from a local bank in North Carolina into a regional powerhouse that has weathered the economic crisis far better than many of its troubled rivals ? largely by avoiding financial gimmickry.

And in his spare time, Mr. Allison travels the country making speeches about his bank’s distinctive philosophy.

Speaking at a recent convention in Boston to a group of like-minded business people and students, Mr. Allison tells a story: A boy is playing in a sandbox, only to have his truck taken by another child. A fight ensues, and the boy’s mother tells him to stop being selfish and to share.

“You learned in that sandbox at some really deep level that it’s bad to be selfish,” says Mr. Allison, adding that the mother has taught a horrible lesson. “To say man is bad because he is selfish is to say it’s bad because he’s alive.”

If Mr. Allison’s speech sounds vaguely familiar, it’s because it’s based on the philosophy of Ayn Rand, who celebrated the virtues of reason, self-interest and laissez-faire capitalism while maintaining that altruism is a destructive force. In Ms. Rand’s world, nothing is more heroic ? and sexy ? than a hard-working businessman free to pursue his wealth. And nothing is worse than a pesky bureaucrat trying to restrict business and redistribute wealth.

Or, as Mr. Allison explained, “put balls and chains on good people, and bad things happen.”

Ms. Rand, who died in 1982, has all sorts of admirers on Wall Street, in corporate boardrooms and in the entertainment industry, including the hedge fund manager Clifford Asness, the former baseball great Cal Ripken Jr. and the Whole Foods chief executive, John Mackey.

But Mr. Allison, who remains BB&T’s chairman after retiring as chief executive in December, has emerged as perhaps the most vocal proponent of Ms. Rand’s ideas and of the dangers of government meddling in the markets. For a dedicated Randian like him, the government’s headlong rush to try to rescue and fix the economy is a horrifying realization of his worst fears.

Indeed, so many bad things are happening that many followers of Ms. Rand, known as objectivists, believe that the ugly scenario in her 1957 novel “Atlas Shrugged” ? in which the government takes over industry as the economy progressively collapses ? is playing out in real life.

New regulations are being enacted by the day. The rich may be forced to pay for health care for the poor. The auto industry is a ward of the state. An activist administration occupies the White House. And, of course, the federal government has inserted itself into the nation’s banks, including BB&T, which accepted $3.1 billion in bailout money under the Troubled Asset Relief Program.

“Rand predicted what would happen 50 years ago,” says Mr. Allison, who notes that his bank was forced to take the money, which he labels “a rip-off.” “It’s a nightmare for anyone who supports individual rights.”

But as cringe-inducing as the government’s actions may be for objectivists like him, there is a silver lining: sales of “Atlas Shrugged,” which Ms. Rand considered her definitive work, are better than ever.

In the first six months of 2009, Penguin Books shipped more than 300,000 copies of the book, which opens with the famous question, “Who is John Galt?” That’s 25 percent more than in all of 2008.

“It’s just gone through the roof,” said Kara Welsh, publisher for the New American Library, a division of Penguin. There’s even a renewed effort to make a miniseries out of the book. The studio Lionsgate, along with the producers Howard and Karen Baldwin, hope to begin shooting as early as next spring.

“It is incredibly timely,” said Michael Burns, vice chairman of Lionsgate.

While book sales haven’t translated into a flood of new converts to objectivism, Yaron Brook, president of the Ayn Rand Institute, said attendance at this year’s Objectivist Summer Conference in Boston ? where Mr. Allison delivered his speech ? was the best yet for an East Coast event. (Attendance at conferences on the West Coast, where the institute is based, tends to be 25 percent higher, he says.)

Among the participants was Dr. Shira Miller, who became interested in Ms. Rand’s writing in college. She says objectivism continues to provide her with “a moral philosophy for how to live a good and happy life.”

Dr. Miller, who practices age-management medicine in Los Angeles, doesn’t accept Medicare or health insurance so there can be no third-party interference with her individual rights or those of her patients, she says. “Medicine is a product just like any other,” says Dr. Miller, likening it to toasters, computers or legal advice. “I should have the right to sell or trade it on my own terms, just like any other business owner.”

For his part, Mr. Brook is encouraged by the new interest in Ms. Rand’s work, but feels that it has yet to have much impact on the political debate. He’s also struggling to change a popular perception that the financial crisis was caused by deregulation and the fiscal policies of a top Rand disciple: Alan Greenspan, the former Federal Reserve chairman.

Mr. Brook argues that the problem wasn’t deregulation, but “misregulation.” He also says it’s unfortunate that Mr. Greenspan continues to be associated with Ms. Rand. While the two were close in the 1960s and ’70s, Mr. Greenspan abandoned objectivism decades ago, he says. Through a spokesman, Mr. Greenspan declined to comment.

“If you look at every aspect of the political world, things are going against us, from health care to cap-and-trade,” Mr. Brook says. “And it’s accepted wisdom that the financial crisis was caused by capitalism.”

“In the narrow sense of objectivism, things have never been so good,” he adds. “When you look at the larger world, it’s pretty depressing.”

THE enduring popularity of Ms. Rand bewilders her many detractors, who complain that her writing is melodramatic, heavy-handed and intellectually bereft.

“To describe her as a minor figure in the history of philosophical thinking about knowledge and reality would be a wild overstatement,” says Brian Leiter, director of the Center for Law, Philosophy and Human Values at the University of Chicago. “She’s irrelevant.”

Professor Leiter conducted an informal poll in March on his philosophy blog, asking, “Which person do you most wish the media would stop referring to as a ‘philosopher’?” The choices were Jacques Derrida, Ms. Rand and Leo Strauss. Ms. Rand won by a landslide, with 75 percent of the roughly 1,500 votes cast.

Professor Leiter says Ms. Rand’s views on moral philosophy and objective reality are “simple-minded in the extreme.”

“She doesn’t understand the historical positions of thinkers on these issues, such as Hume and Kant,” he says. “Even the minority of philosophers with some sympathy for her celebration of the virtues of selfishness usually find her general philosophical system embarrassing.”

Others contend that a lack of constraints on self-interested and greedy business people set the financial crisis in motion ? a view that tends to undermine Ms. Rand’s theories on the value and social benefits of unfettered ambition and limited government.

“It takes a great leap of ideological blindness to look at the past few years and think that the main problem was too much government involvement,” said Robert B. Reich, a public policy professor at the University of California, Berkeley, who was a labor secretary in the Clinton administration.

Mark A. Thoma, an economist at the University of Oregon, says the financial crisis would have been worse if the government hadn’t rapidly intervened.

“I completely disagree with the idea that letting the markets heal themselves is the best idea,” he says. “We tried that in the ’30s, and it didn’t work out so well.”

Fiscal conservatives take an opposite tack, arguing that the government has intervened in overly aggressive and risky ways. They find much to praise in Ms. Rand’s economic views. Yet even for that crowd, her social views are a tougher sell.

Ms. Rand was an ardent atheist who considered the cross a symbol of how “a man of perfect virtue” sacrificed himself for a bunch of losers. “It is in the name of that symbol that men are asked to sacrifice themselves for their inferiors,” she said.

She had little time for women who stay home to raise children. Ms. Rand wrote sex scenes that one critic recently described as “dark, kinky and weird, but not in a good way,” in which normally tough businesswomen melt under the steely gaze and rough hand of übercapitalists.

Even so, Ms. Rand’s books have sold briskly without the sanction of academics and book critics since they were published.[Image

Alan Greenspan, center, was a follower of Ayn Rand, right with her husband, Frank OConnor. With them in 1974 were Mr. Greenspans mother, Rose Goldsmith, and President Gerald R. Ford.]

Her black-and-white views were shaped by her upbringing in Russia, where her father’s pharmacy was taken over by Communists, who also suppressed free thought at her university. In 1926, she came to the United States, which she had idealized as a free nation that valued human achievement.

A short, chain-smoking woman with a severe haircut and heavy Russian accent, she once worked as a screenwriter in Hollywood and fashioned herself as “a radical for capitalism.” As her reputation grew, she was interviewed by Johnny Carson, Phil Donahue and Playboy magazine.

A member of her New York salon was the young economist Mr. Greenspan. Ms. Rand called him “the Undertaker” for his dark clothing and dour manner.

Mr. Greenspan, who wrote an article for one of Ms. Rand’s nonfiction books advocating a gold standard, was among those who listened to and praised early drafts of “Atlas Shrugged,” which Ms. Rand started writing in 1946.

It tells the story of Dagny Taggart, a brilliant and leggy railroad executive who steamrolls the “looters” and “moochers” who populate a deteriorating America to keep her trains running on time.

She is part of a loose collection of can-do industrialists who struggle against a rising tide of government intervention that seeks to lessen competition and redistribute wealth “for the common good.”

As conditions worsen, the most talented people flee society to an idyllic mountain retreat overseen by an ingenious inventor, John Galt, who wants to deprive a corrupt nation of its greatest minds and to facilitate its demise. He warns that the best thing the bureaucrats could do is “get the hell out of my way.”

Mr. Brook, of the Ayn Rand Institute, says Ms. Rand understood then, in 1957, an emerging trend toward more government influence, where “somebody’s need is a claim against our wealth.”

The problem with this, he says, is all too real.

“The last 50 years have been an orgy of placing need above wealth creation, above personal pursuit of happiness,” Mr. Brook says. “I think we are seeing the consequences of that today.”

MR. ALLISON of BB&T has the tall, lean frame, copper-colored hair and confident demeanor of many of Ms. Rand’s fictional heroes, including John Galt ? a look “which would not seek forgiveness or grant it.”

He also has a résumé befitting a Rand prophet. He started at BB&T, once known as the Branch Banking and Trust Company, in 1971 and became chief executive in 1989, when the bank had $4.7 billion in assets.

By the time he retired as C.E.O. in December, he had overseen 60 bank and savings-institution acquisitions and turned BB&T into the 11th-largest bank in the nation, with $152 billion in assets, according to the bank.

A 60-year-old who speaks in a rapid-fire Southern accent, Mr. Allison says the current financial crisis is primarily the government’s fault. He criticizes the Fed as trying to manipulate normal business cycles and Fannie Mae and Freddie Mac as facilitating mortgages to people who couldn’t afford them.

The government’s remedies have made matters only worse, he says: “Almost everything that has been done since this crisis started is going to reduce our long-term standard of living.”

Mr. Allison says the government forced BB&T and some other healthy banks to accept TARP money to obscure that they were simply trying to save several large banks like Citigroup.

“Everyone thinks we got some kind of subsidy,” he says, noting that his company paid the money back in June, with interest. “It’s going to cost us about $250 million for money we didn’t want.”

He suggests that government get out of the way and let businesses start making money again. An example of how to make money? Look no further than BB&T, which, he says, has a proven formula for success that centers on “an uncompromising commitment to reason.”

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.

“Wishing something is so does not make it so,” Mr. Allison says. “I guarantee that long before the rest of us knew, those geniuses at Lehman Brothers knew that something was wrong, but they evaded it.”

Mr. Allison was introduced to Ms. Rand’s work in college, when he read her book “Capitalism: The Unknown Ideal.” He describes egalitarianism as the “most destructive principle in our society” and believes that the best employees should receive the most rewards.

“It’s not true that everybody is equal,” he says. “A lot of business people don’t want to deal with nonperformance.”

Mr. Allison cites two examples in which the bank’s philosophy guided its real-world decisions.

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.

He also says BB&T decided not to offer the controversial “pick a payment” mortgages that got so many of its competitors into trouble. Such loans, also known as “option A.R.M.’s” or “negative amortization loans,” allow borrowers to make payments that don’t even cover the interest on the loans, which causes the amount they owe to grow.

“While we did not foresee the decline in the real estate market, we knew home prices would not continue to appreciate at 15 percent per year forever,” he says, adding that his bank knew that pick-a-payment loans would be trouble for many homeowners.

“We believe Rand’s concept of the ‘trader principle,’ where life is about trading value for value, where both parties benefit from the transaction,” he says.

MR. ALLISON says that only a small fraction of the bank’s employees are objectivists. Among the many who are not is his successor as chief executive, Kelly S. King.

Bob Denham, a bank spokesman, says that “most employees don’t equate our values as being tied to John’s objectivist philosophy,” adding that “they just think of them as practical values, which they are.”

Christopher Marinac, an analyst at the research firm Fig Partners, says the culture at BB&T is definitely different from that of most other banks, attracting employees who “have their heart and soul in their job.”

He recalled attending his first analysts’ meeting at the bank a decade ago and being surprised when Mr. Allison launched into an hour-and-a-half lecture on philosophy.

“I think those of us who are a little more open-minded got something out of it,” Mr. Marinac says. “Their employees drink the Kool-Aid. If they don’t drink the Kool-Aid, they don’t work at the bank.”

Although BB&T has had problems during the financial crisis, it has outperformed its peers and remained profitable. After the government stress-tested major banks’ balance sheets in May, BB&T wasn’t required to raise additional capital.

“The philosophy has clearly been a competitive advantage,” Mr. Allison says.

Besides making speeches, Mr. Allison is also trying to spread Ms. Rand’s ideas to the nation’s colleges and universities. BB&T spends about $5 million a year to finance teaching positions and research on “the moral foundations of capitalism.”

Mr. Allison, who is now teaching at Wake Forest University, says the money isn’t specifically slated for objectivism but rather to support the work of “free-market professors, especially those that have a serious interest in Rand’s philosophy.”

Despite the current bleak state of capitalism, he’s also optimistic about the future.

“In some ways, Ayn Rand filled in the ideas of Aristotle. It’s a whopping competitive advantage,” he says. “I personally believe objectivism will be the dominant philosophy in this country in 25 years.”...?

1:57:42

Leading BB&T through the 2008 Financial Crisis with John ...

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Give BB&T Liberty, but Not a Bailout - The New York Timeshttps://www.nytimes.com › 2009/08/02 › business › 02bbt

Aug 1, 2009 — John Allison, chairman of BB&T, leads his company with an Ayn ... and sexy — than a hard-working businessman free to pursue his wealth.

John Allison, former BB&T CEO, meets with Donald Trump

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FOR IMMEDIATE RELEASE

Thursday, September 29, 2016

Branch Banking & Trust Company Agrees to Pay $83 Million to Resolve Alleged False Claims Act Liability Arising from FHA-Insured Mortgage Lending

Branch Banking & Trust Company (BB&T) has agreed to pay the United States $83 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements, the Justice Department announced today. BB&T is headquartered in Winston-Salem, North Carolina.

“The FHA program depends on Direct Endorsement Lenders endorsing only eligible loans for FHA mortgage insurance, and complying with HUD’s quality control requirements,” said Principal Deputy Assistant Attorney General Benjamin C. Mizer, head of the Justice Department’s Civil Division. “Lenders like BB&T that participate in the FHA program must make adherence to the FHA program rules a priority. The Department has and will continue to hold accountable those lenders that prioritize profits over program compliance.”

“While profiting from the FHA program, BB&T exposed the taxpayers to losses by failing to comply with HUD guidelines, and then took the additional step of falsely certifying that it had complied with such guidelines,” said U.S. Attorney John Horn of the Northern District of Georgia. “This settlement recovers substantial losses caused by BB&T’s decision to place its own profits above its commitment to adhere to HUD underwriting and quality control requirements.”

Since at least January 2006, BB&T has participated as a Direct Endorsement lender (DEL) in the FHA insurance program. A DEL has the authority to originate, underwrite, and endorse mortgages for FHA insurance. If a DEL approves a mortgage loan for FHA insurance and the loan later defaults, the holder of the loan may submit an insurance claim to HUD, FHA’s parent agency, for the losses resulting from the defaulted loan. Under the DEL program, the FHA does not review a loan before it is endorsed for FHA insurance for compliance with FHA’s credit and eligibility standards, but instead relies on the efforts of the DEL to verify compliance. DELs are therefore required to follow program rules designed to ensure that they are properly underwriting and certifying mortgages for FHA insurance.

The settlement announced today resolves allegations that BB&T failed to comply with certain FHA origination, underwriting and quality control requirements.As part of the settlement, BB&T admitted to the following facts: Between Jan. 1, 2006 and Sept. 30, 2014, it certified for FHA insurance mortgage loans that did not meet HUD underwriting requirements and did not adhere to FHA’s quality control requirements. BB&T significantly increased its loan volume between 2006 and 2009—more than doubling all loan originations, while increasing the number of FHA insured loans six fold. This increase in volume was accompanied by an increase in the number of loans internally rated “Serious-Marketability”by BB&T’s quality control department —the most significant quality control defect rating and a defect that rendered a loan ineligible for FHA insurance. Between 2007 and 2011, the percentage of loans underwritten by BB&T each year that were rated Serious-Marketability by its quality control department always exceeded 30 percent, and exceeded as much as 50 percent in 2010 and 2011. BB&T nevertheless endorsed many of these loans for FHA insurance and, if they defaulted, sought payment from HUD for the insured loans.

The monthly reviews and reports that BB&T’s quality control department shared with management alerted BB&T to deficiencies in many of its FHA loans. A 2010 internal memorandum at BB&T stated that “increased volume of FHA requests and changes to regulatory requirements have resulted in origination, processing and underwriting errors. Some employees are not applying current and accurate FHA guidelines.” A proposal to improve BB&T’s underwriting of FHA loans with additional training as well as a testing and certification process for underwriters was prepared in 2010, but neither recommendation was implemented until after 2014.

Additionally, between 2006 and 2014, BB&T’s quality control process did not satisfy certain FHA requirements. Although loan volume more than doubled from 2006 to 2009, the number of quality control employees remained the same. The quality control department requested additional employees in 2009, yet new employees were not added until 2013. Because BB&T’s quality control department did not have adequate staff, it instituted a cap on the number of loans it reviewed. As a result, between 2009 and 2014, the quality control department did not always review the number of loans necessary to comply with HUD’s loan review sampling requirements.Additionally, BB&T did not perform reviews of its lender branch offices, as required by HUD, before beginning the reviews again in late 2014.

Finally, since at least 2006, HUD has required self-reporting. However, despite internal ratings showing that 30 percent or more of the loans underwritten by BB&T between 2007 and 2011 had Serious-Marketability findings, and were thus ineligible for FHA insurance, BB&T did not self-report any loans containing material underwriting defects until 2013.

As a result of BB&T’s conduct and omissions, HUD insured loans endorsed by BB&T that were not eligible for FHA mortgage insurance under the DEL program, and that HUD would not otherwise have insured. HUD subsequently incurred substantial losses when it paid insurance claims on those loans.

“Lenders are required to apply FHA’s standards to each mortgage loan we insure and to honestly certify to us that they’ve done so,” said Associate General Counsel Dane M. Narode for HUD’s Program Enforcement. “Today’s settlement reminds all lenders that sound underwriting is the bedrock of a healthy housing market and the financial futures of homeowners we support.”

“Today’s settlement agreement resolves allegations that BB&T, entrusted by American taxpayers to comply with FHA regulations, failed to conform with certain FHA origination, underwriting and quality control requirements,” said Inspector General David A. Montoya for HUD. “This settlement demonstrates a continued commitment to address the failures and halt the business practices that potentially harm the FHA program and its participants.”

The settlement was the result of a joint investigation conducted by HUD, the HUD Office of Inspector General, the Civil Division’s Commercial Litigation Branch and the U.S. Attorney’s Office for the Northern District of Georgia. The claims asserted against BB&T are allegations only, and there has been no determination of liability.

2019 suntrust merger ltrs collected by kathy eike?

BB&T Corp., one of the largest financial services holding companies in the United States

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:

According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

The plaintiffs in this lawsuit allege that when a borrower was required to have insurance for his or her property pursuant to a residential mortgage or home equity loan or line of credit, and evidence of acceptable coverage was not provided, BB&T would place insurance in a manner such that BB&T allegedly received an unauthorized benefit. Plaintiffs allege further that BB&T did so primarily to receive “kickbacks” from the Assurant Defendants or other insurance providers. Plaintiffs also allege that the way in which LPI policies were obtained and placed caused the rates and the amount of coverage to be excessive.

Docket Number:

15-cv-23294 (KMW)

Company: BB&T Corporation

Filing Deadline: April 10, 2017

Braham v. Branch Banking and Trust Company, BB&T was faced with a putative class action arising from certain fees it allegedly charged in exchange for cashing an over-the-counter check for a non-customer. Specifically, the named Plaintiffs argued that BB&T violated Florida Statute § 655.85, which according to Plaintiffs’ Complaint, prevented BB&T from settling a check for less than par. On behalf of BB&T, GrayRobinson was able to successfully overcome prior binding negative precedent on the issue by arguing that no private right of action arising exists under § 655.85. Accordingly, the Court dismissed the Complaint and provided Plaintiffs with an opportunity to amend their claims.

An Amended Complaint was subsequently filed and asserted ten causes of actions against BB&T, again all arising from BB&T’s alleged actions in charging non-customers a fee in exchange for cashing a check. The Amended Complaint included alleged violations of Florida’s Consumer Collection Practices Act and Fraud and also sought injunctive relief as well as punitive damages on behalf of the class. In response, GrayRobinson attorneys relied on 12 U.S.C. § 1831a(j)(2)—which, after a nationwide search, is a section of the National Banking Act which had apparently never been relied upon in any reported case—to successfully argue that BB&T, a North Carolina state-charted bank, can engage in any banking activity in the host state, Florida, so long as the activity is permissible in North Carolina (BB&T’s home state) and for national banks with branches in Florida. On behalf of BB&T, GrayRobinson argued that, because it is permissible for BB&T to charge the fee at issue in North Carolina, and because federal regulations allow national banks to charge such a fee in Florida, BB&T was also entitled to charge the same fee in Florida. The Court agreed and dismissed all claims asserted against BB&T, with prejudice. This outcome was significant because it was a matter of first impression and resulted in a dismissal, with prejudice, prior to class certification or class merits-based discovery. As the matter proceeds through appeal, it will likely be the first appellate decision written on this issue in the entire nation as there are no appellate decisions on this issue. To read the full article, Law360 subscribers click here.

BANKFRAUDGA.COM

aa ga TOLD NO RIGHT TO SEE APPRAISAL

https://www.youtube.com/watch?v=aDScazdMQxE

Bailout, Mortgage Fraud- BB&T Bank, Predatory Lending, Subprime

23,095 views

Aug 31, 2007

Predatory Lending, Mortgage Fraud, Real Estate, Foreclosure ,Subprime,FBI ,FDIC ,Bailout, Judicial Injustice,Value inflated 136%, BB&T Bank,loan, congress, Judicial Injustice, Adjustable Rate,News,CNN, Mortgage

JUDGE SAID HE SHD NOT HAVE RELIED ON WHAT THEY SAID/DOCS

https://books.google.com/books?id=jLQTEAAAQBAJ&pg=PA132

The Black Butterfly: The Harmful Politics of Race and Space in America

By Lawrence T. Brown

wells jpmc, bofa, M&T, pnc, bb&t pred loan AA baltimore etc leading to bubble/recession

WF got civic and church to shill in guise of wealth building seminars in churches, "alt lending", black tax 15K$ some quid pro quo [see suntrust merger ltrs?]

no lnx

https://www.reuters.com/article/bbt-sales/update-4-bbt-to-sell-1-billion-in-bad-loans-shares-fall-idUSN1426578520100914

UPDATE 4-BB&T to sell $1 billion in bad loans, shares fall

* BB&T to move $1 billion in loans to held-for-sale in Q3

* Loans would be sold to investors in next 2 to 3 quarters

* CEO says bank’s earnings can weather related writedowns

* Shares close down 3.9 pct (Adds details, analyst comments, updates with closing stock price)

By Joe Rauch

CHARLOTTE, N.C., Sept 14 (Reuters) - BB&T Corp BBT.N Chief Executive Kelly King said on Tuesday thebank would sell more than $1 billion in loans -- higher than expected, which raised concern about bad assets and sent its shares nearly 4 percent lower.

“It was a surprise announcement that pretty clearly indicates the next few quarters are going to be lumpy for the bank’s credit,” said Michael Nix, principal at Greenwood Capital Associates.

King, speaking at the Barclays Global Financial Services Conference in New York, said the bank will reclassify some $1 billion in nonperforming assets as loans held-for-sale, and the loans will be sold to interested parties over the next two to three quarters.

Until second quarter 2010, BB&T had largely avoided the massive loan sales and writedowns that plagued other major U.S. regional banks since the housing crisis took hold in 2007 and 2008.

BB&T was one of three major U.S. regional banks that remained profitable throughout the entire financial crisis and recession, and one of the first to repay its 2008 U.S. government bailout last summer.

But as part of the company’s second quarter 2010 earnings announcement, BB&T disclosed a large spike in bad loans it would be looking to get off its books.

In the second quarter of 2010, BB&T sold $682 million in problem assets -- half of those retail mortgages -- to investors. The sale was six times higher than the $140 million the bank sold in 2010’s first quarter and the $102 million it sold a year prior.

The bank said at the time it would continue to sell distressed assets more aggressively, but King’s announcement was a surprise given the amount of loans that would be reclassified as held-for-sale in third quarter.

“There’s always been a sense that BB&T hasn’t necessarily revealed all of their problems, even as their competitors were recognizing losses and sell loans,” said Nix. “The bank clearly took a stance they wanted to wait on asset sales.”

Analysts said BB&T’s late arrival to asset sales is driven in part by its loan portfolio. The bank’s loans were concentrated in areas such as North Carolina and Virginia, where borrowers have been less affected by the foreclosure crisis than in Florida or Georgia.

The bank attempted to sell the $1 billion pool of loans that will be moved to held-for-sale in large blocks earlier this summer, but received bids below what it wanted, analysts said.

Instead, BB&T will now sell the loans in small chunks to a wider investor pool.[TRANCHE?]

But the bank must quickly dispose of assets to catch up with rivals that have already reported large loan writeoffs, or risk a worsening loan portfolio as competitors begin to improve after years of pain, analysts said.

“You don’t want to go into 2011 in the back of the pack on credit,” said Marty Mosby, a bank analyst with Guggenheim Securities LLC.

During the Barclay’s conference presentation, King was adamant the $1 billion loan sale is not indicative of deeper credit issues at the bank and BB&T is instead trying to maximize the value of its distressed loans.

“We are not in a rush to cut and dispose of assets at 10 cents on the dollar,” King said. “But we are becoming more aggressive in selling our problem assets.”

King also said investors should not expect the bank to report higher cumulative losses. Instead, he said, the bank is “pushing existing losses forward.”

The third-quarter writedowns would be absorbed by the bank’s earnings and the company’s dividend would be unaffected, he added. BB&T pays 15 cents per share, one of the highest in the industry.

The shares of the Winston-Salem, North Carolina-based bank closed 94 cents lower, or 3.9 percent, at $23.43 on the New York Stock Exchange. They posted the largest decline in the KBW Bank Index .BKX, which fell 1.35 percent on Tuesday. (Reporting by Joe Rauch; editing by Maureen Bavdek, Gary Hill and Andre Grenon)

BB&T Chair Blasts TARP as 'Huge Rip-Off'

By Judith Burns

June 12, 2009 12:02 pm ET

WASHINGTON -- Healthy U.S. banks were strong-armed into participating in a $700 billion federal bailout of ailing financial firms, BB&T Corp. Chairman John Allison said in a speech late Thursday to the Competitive Enterprise Institute.

BB&T is one of 10 banks poised to return funds received through the Troubled Asset Relief Program, or TARP, a gesture that produced a standing ovation for Allison from the libertarian audience........

wral no lnx

BUSINESS

BB&T, nine other large banks receive OK to pay back bailout funds

Posted June 9, 2009

WINSTON-SALEM, N.C. — BB&T (NYSE: BBT) is one among the nation's 10 largest banks allowed by the Treasury Department to repay $68 billion in government bailout money.

BB&T will pay some $3.13 billion in order to repurchase the preferred stocknsold to the government as part of last fall's banking industry bailout strategy., plus accrued and unpaid dividends.

"This is an important achievement for BB&T," said BB&T Chief Executive Officer Kelly S. King in a statement. "Repaying the government's investment will give us greater flexibility to benefit significantly from future opportunities that will be available as we emerge from this recession. In addition, we will become even more focused on the business of serving our clients, rather than dealing with government distractions."

The department on Tuesday said the banks, which were not named, will be allowed to repay the money they received from the $700 billion Troubled Asset Relief Program created by Congress last October at the height of the financial crisis.

The banks have been eager to get out of the program to escape government restrictions such as caps on executive compensation.

All eight banks that took TARP money and last month passed government "stress tests" confirmed that they received permission to repay the bailout funds. They are: JPMorgan Chase & Co., American Express Co., Goldman Sachs Group Inc., U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp., State Street Corp. and BB&T.

Morgan Stanley did not pass the government test, but on Tuesday said it had raised enough capital quickly and was approved to repay its TARP money.

BB&T Continues Its Aggressive Climb With Deal

By Dan Fitzpatrick

Aug. 15, 2009 11:59 pm ET

BB&T Corp. Chief Executive Kelly King has a picture hanging in his office of a man scaling a mountain. The caption reads, "If it is to be, it is up to me."

Mr. Kelly's deal to purchase branches and deposits of rival regional bank Colonial BancGroup Inc., based in Montgomery, Ala., marked another aggressive step in the long ascent of BB&T. The Winston-Salem, N.C., bank was long overshadowed by much larger North Carolina rivals Bank of America Corp. , First Union Corp. and Wachovia Corp....

A bank with roots in tobacco, cotton

By Jeff Harrington

Published Sep. 1, 2005

While BB&T is an unfamiliar name to most residents of the Tampa Bay area, it's a well-established brand throughout much of the Southeast, where its roots trace back to the end of the Civil War.

"Eastern North Carolina lay tattered, battered and torn," BB&T's Web site says, describing the circumstances surrounding the bank's beginnings. "(It was) . . . an easy mark for profiteers and politicians bent on destroying what little remained."

Prodded by rebel pride, as well as a desire to encourage sales, two partners in a dry goods store in Wilson, N.C., got into the banking business in 1872. Alpheus Branch and Jefferson Hadley lent seed and fertilizer money to local farmers and paid interest on deposits. By 1887, Branch had bought out his partner and was sole owner of Branch and Co., Bankers. By 1913, 20 years after Branch's death, the bank was renamed Branch Banking and Trust Co., or BB&T.

What started as a community bank, backing cotton and tobacco growers, grew through the decades with mergers, acquisitions and expansion. Since 1989, BB&T has acquired nearly 60 community banks and thrifts, more than 70 insurance agencies and 23 nonbank financial services companies. In addition to its banking business, BB&T is the eighth largest insurance agency in the country, though none of those agencies are in Florida.

BB&T's first banking acquisition in Florida came in September 2002, when it acquired Regional Financial Corp. of Tallahassee, parent of First South Bank. That purchase gave BB&T its first presence in the Tampa Bay area, with offices in New Port Richey, Holiday, Spring Hill and Beverly Hills.

With $90.4-billion in assets as of Sept. 30, BB&T is the nation's 11th largest financial holding company with offices in 11 states and Washington, D.C. Based in Winston-Salem, BB&T was the long time market leader in its home state but dropped to No. 2 behind Wachovia after that bank's merger in 2001 with First Union. BB&T also has the second-largest market share in Virginia and is No. 3 in South Carolina and Kentucky. It has the largest market share in West Virginia.

True to its homespun beginnings, BB&T's Web site includes a "Philosophy" page that quotes Aristotle and boasts, "Values are important at BB&T!"

Chris Marinac, a bank analyst with FIG Partners in Atlanta, said it's not just talk. "They have strong values," he said. "I think their heart is in the right place."

Among those values: the importance of selling. "Any employee working for BB&T is ready to sell, sell, sell," Marinac said. "One thing in their culture is that they're very, very well-grounded in small business. They take small business lending very seriously and that is one of the best things they offer."

Marinac said BB&T's growth, while not as aggressive as that of its North Carolina banking brethren, has affected the company's culture. "The company is becoming more big bank-like and that has created a little more turnover in other markets," he said. "It's not as close-knit as it would have been a couple years ago."

_ Kris Hundley can be reached at hundleysptimes.com or (727) 892-2996. Jeff Harrington can be reached at harringtonsptimes.com or (813) 226-3407.

http://investigativereportingworkshop.org/investigations/the_koch_club/story/Koch_millions_spread_influence_through_nonprofits/

...

INFLUENCING THE NEXT GENERATION

The Kochs have been involved in influencing higher education for more than 30 years, beginning with what is now called the Mercatus Center and the Institute for Humane Studies, both based at George Mason University in the Virginia suburbs of Washington. Between 2007 and 2011, the Kochs gave **$30.5 million to 221 universities**through their charitable foundations. More than half of that giving, roughly $16 million, has gone to George Mason University and its foundation. Recently, however, the Koch brothers’ influence has expanded outside Northern Virginia and created potential conflicts of interest for the universities accepting their donations.

The May-June 2012 issue of Academe, the magazine of the American Association of University Professors, focused on corporate influence in higher education. Kent Miller and Ray Bellamy wrote about the Koch influence in the Florida State University economics department. The Charles G. Koch Foundation offered to give the university $1.5 million to hire two assistant professors and fund fellowships and undergraduate curriculum on free-enterprise topics. The foundation appointed an advisory board that would award money to faculty and make sure that the work they completed fit with the foundation’s mission. Miller and Bellamy wrote, “In exchange for his ‘gift,’ the donor got to assign specific readings, select speakers brought to campus and instruct them with regard to the focus of their lectures, shape the curriculum with new courses and specify the number of students in the courses, name the program’s director, and initiate a student club.”

It’s not just at Florida State, which was a high-profile case, but also at other universities where the Kochs andJohn Allison, retired chairman and CEO of the financial institution BB&T, have donated money. Allison is on the board of directors at the Mercatus Center, which is funded by the Kochs, and following an intense fight in which the Kochs backed him, is now the president of the Cato Institute. BB&T sponsors chaired professors, typically in economics departments, and the universities where they sponsor a chaired professor often line up with where the Kochs donate.

An Investigative Reporting Workshop analysis found that the Kochs had donated to 10 universities where there were BB&T-chaired professors, including West Virginia University, Clemson University and smaller universities, such as Hampden-Sydney College and Barton College. According to Inside Higher Ed in 2011, Clemson “spent several years cultivating the Charles G. Koch Foundation to support its Clemson Institute for the Study of Capitalism, and has received $1 million thus far.”

At the core of the Kochs’ philosophy are the works of Ayn Rand, the objectivist philosopher and author of “The Fountainhead” and “Atlas Shrugged” (Rand’s writings are also emblematic of the readings recommended to students by the Institute for Humane Studies at George Mason University). The new course that the Charles G. Koch Foundation wanted approved at Florida State was called “Market Ethics: The Vices, Virtues, and Values of Capitalism,” featuring the work of Rand as required by the memorandum of understanding. Through their charitable foundations, the Kochs gave $100,000 to the Ayn Rand Institute from 2009 to 2011.

And in the interest of full disclosure, in the course of this investigation, we discovered that American University, where the Investigative Reporting Workshop is based (within the School of Communication), received $17,500 in two separate grants from the Charles G. Koch Foundation. The university’s Office of Special Programs (OSP) reports that both grants are for a program called “Lectures in Classical Liberalism,” which is under the direction of Tom Merrill and Alan Levine. Both professors are in the School of Public Affairs.

OSP said the following language describes the program that the grants supported:

“We seek to build on and expand the program of lectures in classical liberalism funded by the Koch Foundation to date. At least two of these lectures would be designated “Koch Lectures on Classical Liberalism”; all of the funded lectures, however, will discuss some aspect of classical liberalism whether in its theoretical and historical roots or in its contemporary applications. This series of lectures is primarily designed to encourage our students to have a sustained engagement with the ideas of classical liberalism, and secondarily at presenting an opportunity for classical liberal ideas to be heard in the larger university community and the D.C. policy conversation. To that end, we also require our speakers to meet and take questions from our students in an informal session separate from the public lecture, either in one of our classes or in a breakfast or lunch session during the speaker’s campus visit.”

...

ayn rand

BB&T

https://www.insidehighered.com/news/2015/10/16/new-paper-details-extent-bbt-banks-ayn-rand-inspired-grant-program

Banking on the Curriculum

October 16, 2015

By

Colleen Flaherty

Fears of corporate influence on higher education are nothing new. But are colleges and universities, which receive smaller and smaller shares of their budgets from public funding, and which have struggled to bounce back from the 2008 recession, more likely to accept gifts with ideological strings attached than they would have been previously?

That’s the idea behind a forthcoming paper in the Journal of Academic Ethics, called, "BB&T, Atlas Shrugged and the Ethics of Corporation Influence on College Curricula." It says it is thefirst study to track a particular set of donations by the financial services holding company BB&T to colleges and universities stipulating that they teach the works of free-market capitalist Ayn Rand and address the “Moral Foundations of Capitalism.”

Prior to Beets’s study, he says, the most comprehensive list of colleges and universities affiliated with BB&T Moral Foundations program was kept by Clemson University’s Institute for the Study of Capitalism. But the list was not complete, and the funds each institution received, in exchange for what kinds of curricular requests, were not listed.

Beets quotes a BB&T spokesperson telling Bloomberg in 2008, “These gifts are really about the study of capitalism from a moral perspective and all we want is to make Rand part of the dialogue.”

One contract included the creation of an Ayn Rand “reading room” in the department, while others stipulated the development of a dedicated “center” of some sort -- in some cases, just a website. Others funded faculty chairs or other professorships, contractually geared in some cases to ideological allies. A 2011 Western Carolina University advertisement said applicants for itsBB&T Distinguished Professor of Capitalism should be “at least familiar with, if not actively receptive to, the writings of Ayn Rand.”

Many of the contracts required an Ayn Rand-inspired speaker series, and some specified the series was to appeal to the general public.

Beets determined that 78 percent of identified contract agreements were announced from 2006-10, although some were made as early as 2002 and some as late as 2012. Amounts varied widely, from $150,000 to Shenandoah University to $4.9 million to Clemson University. The mean contract was $1.1 million.

Contracts between BB&T and the participating institutions typically ran over 10 years, with the stipulation that nonperformance of requirements could result in cessation of funding.

It stands to reason, then, that regional universities in North Carolina, which have been hit hard by state budget cuts, and smaller, private colleges would be the most vulnerable.

One notable exception is Meredith College, a small, private liberal arts institution in Raleigh, N.C., which rejected a $420,000 Moral Foundations grant in 2006 that would have funded a course on global capitalism and ethical values. The decision was based on a faculty vote, 54-34. Opposed professors said they worried the contract would result in loss of some academic freedom, given that an outside entity would be dictating part of the curriculum.

A curriculum committee at Auburn University, a public institution with an enrollment of 25,000, turned down a $1.5 million grant from BB&T in 2009.

One campus that’s accepted both BB&T and Koch grants is Florida State University, the latter of which caused much tumult on that campus. The institution accepted a $3 million BB&T Moral Foundations grant in 2008, in exchange for creating a course on market ethics, among other requirements.

The BB&T grant is still active; it’s set to expire in 2018. A spring 2015 syllabus for the course, called Market Ethics: The Vices, Virtues and Values of Capitalism, does feature a discussion called “Taxation is theft” but otherwise hardly suggests it’s a breeding ground for ardent capitalists.

The deal caught the attention of Kent Miller, a professor emeritus of psychology at Florida State, and Ray Bellamy, a medical faculty member, who expressed their concerns in the American Association of University Professors’Academejournal in 2012.

At UNC Charlotte, faculty outcry over the initial letter of agreement for Moral Foundations on that campus caused the university to revise its deal with BB&T. Steven Ott, dean of the Charlotte Belk College of Business on that campus, said that under the new agreement, “faculty assigned to the course would determine course content, in their sole and unfettered discretion.” Additionally, he said via email, language requiring a faculty member to have a positive interest in and be well versed in objectivism was elimination. The Ayn Rand reading room requirement also was scratched.

Not all faculty members are opposed to the program, however. In 2008, professors at Marshall University were debating the ethics of that campus’s BB&T grant. But Calvin A. Kent, the vice president for business and economic research and distinguished professor of business at Marshall, who was set to teach the Ayn Rand-based course, toldInside Higher Edthat telling professors he was looking forward to teaching Atlas Shrugged. Telling professors what not to teach violated academic freedom, he said, whereas simply suggesting that they teach one view among others is not.

Beets disagreed. He said it was simply inappropriate for a corporation -- whether it was pushing Ayn Rand or Karl Marx -- to buy its way into the curriculum.

“When we give money to someone, we just give it," she said.

Beets said that even if the bank’s stopped giving grants, the story still needs to be told.

https://www.facebook.com/notes/the-peoples-boycott/boycott-it-general-listings/253177451399683

arbitration forced

A free-market strategy

University funding is part of a multi-pronged approach to social change that Charles Koch and his close ally Richard Fink devised decades ago.

Fink, the Koch brothers' "grand strategist," is currently executive vice president of Koch Industries, president of the Charles Koch Foundation, and chair and CEO of Koch Companies Public Sector LLC, which coordinates Koch Industries' lobbying. Starting in the 1970s, Fink worked with Charles Koch to devise a three-part strategy of influence based on ideas from Austrian economist and free-market proponent Friedrich Hayek to spread their laissez-faire ideology as widely as possible.

The first step in Fink's "Structure of Social Change" involved pouring millions of dollars into universities to produce what he called "intellectual raw materials" to support their political agenda.But these materials had to be packaged in a way that non-academics could understand, and that's where thesecond step in the strategy came in: Think tanks such as the libertarian Cato Institute, co-founded by Charles Koch and heavily funded by the Koch foundations, produce reports, policy proposals, and opinion pieces that turn academic work into political fodder.

Next, what Fink calls "citizen activist" groups put the think tanks' ideas into action by advocating for the recommended policy changes. The Koch network includes a vast array of such groups, including the "social welfare" nonprofit Americans for Prosperity, which David Koch founded with Fink and North Carolina political mega-donor Art Pope, and the closely linked nonprofit Americans for Prosperity Foundation, which bankrolled the beginnings of the Tea Party. AFP spends millions on federal, state and local elections, often buying attack adstargeting opponents of their favored candidates. The Kochs and their companies' political action committees also donate directly to the politicians they hope will usher their policy preferences into law.

While the Kochs are prolific donors to higher education in the South, they are by no means alone. Their close ally Art Pope, for example, has given six- and sometimes seven-figure donations to mainly Southern universities, much of it going towards free-market programs. The foundation of the North Carolina-based bank BB&T has given at least 63 "Moral Foundation"grants to universities that require the schools to offer a course centered on "Atlas Shrugged" by libertarian favorite Ayn Rand.

http://www.sourcewatch.org/index.php/John_Allison

John A. Allison is the president and CEO of the Koch brothers-founded and -funded Cato Institute.^[1] Prior to joining Cato, Allison was the CEO of BB&T Corp., one of the largest financial services holding companies in the United States.^[2] He started at BB&T in 1971 and served as CEO from July 1989 until December 2008.^[3]

Koch Wiki
The Koch brothers -- David and Charles -- are the right-wing billionaire co-owners of Koch Industries. As two of the richest people in the world, they are key funders of the right-wing infrastructure, including the American Legislative Exchange Council (ALEC) and the State Policy Network (SPN). In SourceWatch, key articles on the Kochs include: Koch Brothers, Koch Industries, Americans for Prosperity, American Encore, and Freedom Partners.

Koch Wiki

The Koch brothers -- David and Charles -- are the right-wing billionaire co-owners of Koch Industries. As two of the richest people in the world, they are key funders of the right-wing infrastructure, including the American Legislative Exchange Council (ALEC) and the State Policy Network (SPN). In SourceWatch, key articles on the Kochs include: Koch Brothers, Koch Industries, Americans for Prosperity, American Encore, and Freedom Partners.

Articles and Resources

References

:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important"):}:↑ Cato Institute, John Allison, organizational biography, accessed June 10, 2014.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important"):}:↑ BBT, Bloomberg Business, accessed June 10, 2014.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important"):}:↑ Andrew Martin, Give BB&T Liberty, but Not a Bailout, New York Times, August 1, 2009.

hn Allison is the President and CEO of the Cato Institute. Prior to joining Cato, Allison was Chairman and CEO of BB&T Corporation, the 10th-largest financial services holding company headquartered in the United States. During his tenure as CEO from 1989 to 2008, BB&T grew from $4.5 billion to $152 billion in assets. He was recognized by the Harvard Business Review as one of the top 100 most successful CEOs in the world over the last decade.

Allison has received the Corning Award for Distinguished Leadership, been inducted into the North Carolina Business Hall of Fame, and received the Lifetime Achievement Award from the American Banker. He is the author of *The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy’s Only Hope*. In addition, he is a former Distinguished Professor of Practice at Wake Forest University School of Business, and serves on the Board of Visitors at the business schools at Wake Forest, Duke, and UNC–Chapel Hill.

Allison is a Phi Beta Kappa graduate of the University of North Carolina–Chapel Hill. He received his master’s degree in management from Duke University, and is also a graduate of the Stonier Graduate School of Banking. Mr. Allison is the recipient of six honorary doctorate degrees.

http://www.nytimes.com/2009/08/02/business/02bbt.html?_r=1&adxnnlx=1404325538-P7pEbKzmQL4QzGYx0Wi3qg&pagewanted=print

August 2, 2009

Give BB&T Liberty, but Not a Bailout

By ANDREW MARTIN

And in his spare time, Mr. Allison travels the country making speeches about his bank’s distinctive philosophy.

If Mr. Allison’s speech sounds vaguely familiar, it’s because it’s based on the philosophy of Ayn Rand, who celebrated the virtues of reason, self-interest and laissez-faire capitalism while maintaining that altruism is a destructive force. In Ms. Rand’s world, nothing is more heroic — and sexy — than a hard-working businessman free to pursue his wealth. And nothing is worse than a pesky bureaucrat trying to restrict business and redistribute wealth.

Or, as Mr. Allison explained, “put balls and chains on good people, and bad things happen.”

Indeed, so many bad things are happening that many followers of Ms. Rand, known as objectivists, believe that the ugly scenario in her 1957 novel “Atlas Shrugged” — in which the government takes over industry as the economy progressively collapses — is playing out in real life.

“It is incredibly timely,” said Michael Burns, vice chairman of Lionsgate.

While book sales haven’t translated into a flood of new converts to objectivism, Yaron Brook, president of the Ayn Rand Institute, said attendance at this year’s Objectivist Summer Conference in Boston — where Mr. Allison delivered his speech — was the best yet for an East Coast event. (Attendance at conferences on the West Coast, where the institute is based, tends to be 25 percent higher, he says.)

For his part, Mr. Brook is encouraged by the new interest in Ms. Rand’s work, but feels that it has yet to have much impact on the political debate. He’s also struggling to change a popular perception that the financial crisiswas caused by deregulation and the fiscal policies of a top Rand disciple: Alan Greenspan, the former Federal Reserve chairman.

“In the narrow sense of objectivism, things have never been so good,” he adds. “When you look at the larger world, it’s pretty depressing.”

THE enduring popularity of Ms. Rand bewilders her many detractors, who complain that her writing is melodramatic, heavy-handed and intellectually bereft.

Professor Leiter says Ms. Rand’s views on moral philosophy and objective reality are “simple-minded in the extreme.”

Others contend that a lack of constraints on self-interested and greedy business people set the financial crisis in motion — a view that tends to undermine Ms. Rand’s theories on the value and social benefits of unfettered ambition and limited government.

Mark A. Thoma, an economist at the University of Oregon, says the financial crisis would have been worse if the government hadn’t rapidly intervened.

“I completely disagree with the idea that letting the markets heal themselves is the best idea,” he says. “We tried that in the ’30s, and it didn’t work out so well.”

Even so, Ms. Rand’s books have sold briskly without the sanction of academics and book critics since they were published.

A member of her New York salon was the young economist Mr. Greenspan. Ms. Rand called him “the Undertaker” for his dark clothing and dour manner.

Mr. Brook, of the Ayn Rand Institute, says Ms. Rand understood then, in 1957, an emerging trend toward more government influence, where “somebody’s need is a claim against our wealth.”

The problem with this, he says, is all too real.

“The last 50 years have been an orgy of placing need above wealth creation, above personal pursuit of happiness,” Mr. Brook says. “I think we are seeing the consequences of that today.”

MR. ALLISON of BB&T has the tall, lean frame, copper-colored hair and confident demeanor of many of Ms. Rand’s fictional heroes, including John Galt — a look “which would not seek forgiveness or grant it.”

The government’s remedies have made matters only worse, he says: “Almost everything that has been done since this crisis started is going to reduce our long-term standard of living.”

Mr. Allison says the government forced BB&T and some other healthy banks to accept TARP money to obscure that they were simply trying to save several large banks like Citigroup.

“It’s not true that everybody is equal,” he says. “A lot of business people don’t want to deal with nonperformance.”

Mr. Allison cites two examples in which the bank’s philosophy guided its real-world decisions.

“We believe Rand’s concept of the ‘trader principle,’ where life is about trading value for value, where both parties benefit from the transaction,” he says.

MR. ALLISON says that only a small fraction of the bank’s employees are objectivists. Among the many who are not is his successor as chief executive, Kelly S. King.

He recalled attending his first analysts’ meeting at the bank a decade ago and being surprised when Mr. Allison launched into an hour-and-a-half lecture on philosophy.

“The philosophy has clearly been a competitive advantage,” Mr. Allison says.

Mr. Allison, who is now teaching at Wake Forest University, says the money isn’t specifically slated for objectivism but rather to support the work of “free-market professors, especially those that have a serious interest in Rand’s philosophy.”

Despite the current bleak state of capitalism, he’s also optimistic about the future.

TUE APR 15, 2014 AT 01:43 PM PDT Manuel H. Johnson Center for Political Economy

byKaren Hedwig Backman Follow

Part of Troy University, campuses in Montgomery, Dothan, Phenix City (just west of Columbus, Georgia), Alabama:

Thanks to a $3.6 million gift from Manuel H. Johnson, the BB&T Charitable Foundation, and the Charles G. Koch Charitable Foundation, the Manuel H. Johnson Center for Political Economy was founded in 2010. The Johnson Center supports the exploration of economic freedom and its role in promoting the economic well-being of people. The center is built on the assumption that liberty is valuable in its own right and plays a crucial role in economic development.

The center's success depends on actively engaged students and scholars, and it is only made possible through the support of foundations and private individuals committed toadvancing our understanding about the role free markets and capitalist institutions play in promoting prosperity.

A look-see at the donors to the foundation: M. H. Johnson, BB&T Charitable Foundation and the Charles G. Koch Charitable Foundation below the fold:

Who Is Manuel H. Johnson?

... Manuel H. Johnson was born and raised in Troy, AL. He is a graduate of Troy University and earned his MS and PhD from Florida State University.

.... From 1977 to 1994, Dr. Johnson was a professor of economics at George Mason University, where he held the Koch Chair in International Economics. Dr. Johnson has written or cowritten five books and more than 50 articles on political economy and public policy. He also edited a professional journal and served on two presidential commissions.

Dr. Manuel H. Johnson is the ideal namesake for this center. Dr. Johnson is a graduate of Troy University and served as a member of the US Treasury Department and the Federal Reserve Board of Governors. He is widely respected in business and academic circles, and he is a strong believer in the principles of economic freedom.

George Mason University. From SourceWatch:

George Mason University is a Virginia-based public university near Washington, D.C. A "magnet for right-wing money" and heavily Koch-funded, it is notable for hosting over 40 libertarian research centers and affiliates including the Institute for Humane Studies and the Mercatus Center.

The Mercatus Center. Again, SourceWatch:

The Mercatus Center, part of George Mason University, is one of the best-funded think tanks in the United States at the moment. It is listed as "sister organization" to the Institute for Humane Studies. "Mercatus generates knowledge and understanding of how institutions affect the freedom to prosper and holds organizations accountable for their impact on that freedom," it states on its website.

The Mercatus Center was founded and is funded by the Koch Family Foundations. According to financial records, the Koch family has contributed more than thirty million dollars to George Mason, much of which has gone to the Mercatus Center, a nonprofit organization. Democratic strategist Rob Stein described the Mercatus Center as "ground zero for deregulation policy in Washington.”

The Mercatus Center has engaged in campaigns involving deregulation, especially environmental deregulation. It now fills the role once played by the economics department at Chicago University as the originator of extreme neoliberal ideas. Fourteen of the 23 regulations that George W Bush put on his hitlist were, according to the Wall Street Journal, first suggested by academics working at the Mercatus Centre.

The Wall Street Journal has called the Mercatus Center “the most important think tank you’ve never heard of,”

BB&T. Wikipedia:

The BB&T Corporation (Branch Banking & Trust) is an American bank with assets of US$182 billion (September 2012), offering commercial and retail banking services along with other financial services such as insurance, investments, retail brokerage, mortgage, corporate finance, consumer finance, payment services, international banking, leasing and trust. Based in Winston-Salem, North Carolina, BB&T operates more than 1,800 financial centers in the United States including North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, and Washington, D.C..

.... The company has donated over $1 million to Appalachian State University to establish a leadership center that specializes in researching capitalism and free market economies

The company donated $350,000 to fund the teaching of "The Moral Foundations of Capitalism" at the Loyola College in Maryland.

The company donated $1.5 million to the University of Georgia to "expand teaching and research into the foundations of capitalism and free market economies".

The company donated $1 million to the University of Central Florida to create the BB&T Program for Business Ethics and fund the teaching of "The Moral Foundations of Capitalism".

The company donated $1.75 million to West Virginia University's College of Business and Economics. The funds will establish a BB&T Chair in Free Market Thought and enhance the school's free market research and teaching programs.

In May 2008, National Public Radio reported that the BB&T Charitable Foundation had given 25 U.S. colleges and universities "several million dollars" to fund programs promoting Ayn Rand's work and economic philosophy.

In 2012, BB&T donated approximately $500,000 to Veterans Helping Veterans Heal in Winston-Salem, N.C.

No need to discuss the Koch Boys. Their reputation is already well-known.

History

BB&T footprint map

BB&T dates back to 1872, when Alpheus Branch and Thomas Jefferson Hadley founded the "Branch and Hadley" merchant bank in their small hometown of Wilson, North Carolina. After many transactions, mostly with local farmers, Branch bought out Hadley's shares in 1887 and renamed the company to "Branch and Company, Bankers." Two years later, Branch, his father-in-law Gen. Joshua Barnes, Hadley, and three other men, secured a charter from the North Carolina General Assembly to operate the "Wilson Banking and Trust Company." After numerous additional name changes, the company finally settled on the name "Branch Banking and Trust Company". Branch remained an active member in the company until his death in 1893.

World War II revived BB&T. BB&T's prosperity continued into the 1960s and 1970s, as mergers and acquisitions grew the company to $343 million in assets with new branches in 35 cities. By 1994, BB&T had become North Carolina's largest bank with more than $10.3 billion in assets and 263 offices in 138 cities in the Carolinas, though it has since slipped to second behind Bank of America.BB&T sold Liberty Bonds during World War I and grew to have more than $4 million in assets by 1923. An insurance division was added in 1922, followed by a mortgage division in 1923. As banks across the nation failed as a result of the 1929 Stock Market Crash, BB&T survived; it was the only one to do so in the town of Wilson.

In 1995, BB&T and Southern National Bank, another bank with roots in the eastern part of the state, completed a "merger of equals." In an unusual arrangement, the holding company retained the Southern National name for a few years, but all of its banks took the BB&T name. This gave the new BB&T 437 branches in 220 cities in the Carolinas and Virginia. The bank continued to expand nationwide through the 1990s, purchasing Fidelity Financial Bankshares, First Financial of Petersburg, Maryland Federal Bancorp and Franklin Bancorporation in the Virginia/Maryland area. In 1999, BB&T acquired MainStreet Financial Corp. of Martinsville, Va., and Mason-Dixon Bancshares of Westminster, Md., and further expanded into Georgia and West Virginia after purchasing First Liberty of Macon, Ga., and Matewan Bancshares. The latter deal made BB&T the largest bank in West Virginia, a position it has held on to since.^[3]

In early 2007 BB&T acquired Coastal Federal Bank which is primarily located in Myrtle Beach, South Carolina. It has been one of the Carolinas' fastest growing banks. After BB&T's announcement of an opportunity for a "merger of equals" it was speculated that it would be a merger with either Regions Financial of Birmingham or Fifth Third of Cincinnati.From 2000 to 2005, BB&T acquired numerous smaller banks, expanding into Tennessee, Kentucky, and even Florida. By Dec. 31, 2005, BB&T Corporation had secured $109.2 billion in assets; operated more than 1,500 banking offices in 11 states and theDistrict of Columbia; and had more than 28,000 employees.

In late 2008 the bank accepted $3.1 billion in bailout money through the sale of its preferred shares to the U.S. Treasury's Troubled Asset Relief Program. The bank said in June 2009 that it had received approval to repurchase the shares.^[4] Also in June 2009, its chairman, John A. Allison IV delivered a keynote address to a meeting of the Competitive Enterprise Institute, where he claimed to show how government regulation caused the 2007–2009 financial collapse.^[5][6]

On December 18, 2013, BB&T announced the purchase of 21 Citigroup branches in Texas for $36 million, adding $1.2 billion in deposits. After starting with 19 former Colonial branches and adding 41 more locations, BB&T increased its presence in the state to 81 branches with $2.8 billion in deposits, increasing its rank from 38th to 20th.^[8]On August 14, 2009, it was announced that the deposits and loan accounts of the Colonial Bank were being transferred to BB&T as part of Colonial Bank's receivership by theFDIC.^[7] This acquisition added more than 340 branches in Alabama, Florida, Georgia, Nevada and Texas along with approximately $22 billion in assets. This moved BB&T Corporation to the 10th largest commercial bank in the United States based on assets. BB&T quickly flipped the Nevada branch to U.S. Bancorp (dropping it to 10th overall), but hung on to its Texas branches, despite the Texas branches being outside of its historical footprint. As of November 1, 2011, In acquiring BankAtlantic, BB&T acquired approximately $2.1 billion in loans and assume approximately $3.3 billion in deposits.

In 2014, BB&T announced it was buying 41 more Citigroup branches, which after completion of the deal in first quarter 2015, would give the bank 123 branches and $5.3 billion in deposits.^[9]

In 2014, BB&T also announced the acquisition of Bank of Kentucky, for $363 million, which has $1.9 billion in assets, gives BB&T a presence in the Northern Kentucky-Cincinnati market.^[10]

Donations

The company has donated over $1 million to Appalachian State University to establish a leadership center that specializes in researching capitalism and free market economies
The company donated $350,000 to fund the teaching of "The Moral Foundations of Capitalism" at the Loyola College in Maryland.^[11]
The company donated $1.5 million to the University of Georgia to "expand teaching and research into the foundations of capitalism and free market economies".^[12]
The company donated $1 million to the University of Central Florida to create the BB&T Program for Business Ethics and fund the teaching of "The Moral Foundations of Capitalism".^[13]
The company donated $1.75 million to West Virginia University's College of Business and Economics.The funds will establish a BB&T Chair in Free Market Thought and enhance the school's free market research and teaching programs.^[14]
In May 2008, National Public Radio reported that the BB&T Charitable Foundation had given 25 U.S. colleges and universities "several million dollars" to fund programs promoting Ayn Rand's work and economic philosophy.^[15]
In 2012, BB&T donated approximately $500,000 to Veterans Helping Veterans Heal in Winston-Salem, N.C.^[16]

References

^ :{Jump up to::(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^a ^b(http://en.wikipedia.org/wiki/BB%26T#cite_ref-BB.26T_Corporation-2011-10-K_1-1) ^c(http://en.wikipedia.org/wiki/BB%26T#cite_ref-BB.26T_Corporation-2011-10-K_1-2) "BB&T Corporation 2011 Annual Report, Form 10-K, Filing Date Feb 27, 2012". secdatabase.com. Retrieved June 19, 2012.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ "BB&T's first quarter EPS totals $0.69; Earnings total $501 million,". BBT.com. Retrieved April 17, 2014.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ http://www.nyjobsource.com/bbt.html
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ "BB&T — News Releases". Bbt.mediaroom.com. 2009-06-09. Retrieved 2009-12-07.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ By Lydia DePillis (2009-06-12). "How one think tank adapted when the debate moved on from its favorite issue". Slate. Retrieved 2009-12-07.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ John A. Allison IV. "Transcript of Keynote Address". Retrieved 2013-12-20.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ http://www.colonialbank.com/ accessed 15 Aug 2009
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ Craver, Richard (2013-12-18). "BB&T acquires 21 Citigroup branches in Texas". Winston-Salem Journal.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ Campbell, Dakin; Dexheimer, Elizabeth (2014-09-03). "BB&T buying 41 branches in Texas from Citigroup". Fort Worth Star-Telegram. Bloomberg News. Retrieved 2014-09-04.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ http://online.wsj.com/articles/bb-t-agrees-to-acquire-bank-of-kentucky-for-363-million-1410185265
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ BB&T Gives $350,000 grant to Loyola College
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ "Gift creates support fund for the study of capitalism and market economies at UGA’s Terry College of Business". Terry.uga.edu. Retrieved 2011-03-15.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ Orlando Business Journal (2008-11-07). "BB&T funds UCF business ethics program | Orlando Business Journal". Bizjournals.com. Retrieved 2011-03-15.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ "College Receives $1.75 Million". Be.wvu.edu. Retrieved 2011-03-15.
:{Jump up:(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^ Davis, Clark (6 May 2008). "Ayn Rand Studies on Campus, Courtesy of BB&T". National Public Radio. Retrieved 13 July 2012.
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External links

Welcome to BB&T - Branch Banking & Trust Company
In July 2007 BB&T Insurance Services, Inc. was ranked eighth in Business Insurance's world's largest brokers list.
In July 2010 BB&T Insurance Services, Inc. was ranked sixth in Business Insurance's world's largest brokers list.
Yahoo! - BB&T Corporation Company Profile
Proview Global Administration Inc. website
Proview Global Administration Inc. page

BB&T

Career at BB&T

Ideological activism

Awards

Positions served

References

External links

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Bailout, Mortgage Fraud- BB&T Bank, Predatory Lending, Subprime

The Black Butterfly: The Harmful Politics of Race and Space in America

INFLUENCING THE NEXT GENERATION

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Give BB&T Liberty, but Not a Bailout

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References

External links

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