BB&T, Ayn Rand, Self Interest and Other Inconsistencies

If you are a strong proponent of Ayn Rand's style of independent "be your own person" thinking, one should at least stick to the principles that one is pushing, or it all rather violates an internal logic. There are those in business who hang at the breast of Rand, sucking in every word and theme of hers, and fervently believing in the pursuit of self interest as the answer to every ill, with government as the great beast that stands in the way.

In fact John A Allison, chairman of BB&T is one of those suckers, and was profiled back on August 1 in the New York Times in an article titled, "Give Me Liberty but Not a Bailout".

If Mr. Allison’s speech sounds vaguely familiar, it’s because it’s based on the philosophy ofAyn 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.

There is more.

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.

Fast forward to now, with Colonial BancGroup falling into insolvency, and the FDIC stepping in to unwind that regional bank, and with the assistance of BB&T.

Ah, here is a bold bank, willing to take a chance on picking up some assets, but going forth rationally and independantly, taking no handouts, a firm believer in the independent businessman pursuing his own self interest to the benefit of all.

Yea not quite.

Kelly King, BB&T’s chief executive, called the deal “an exciting growth opportunity” that will allow it to gain market share with minimal risk to the bank because of its loss-sharing agreement with the government.

(N.Y. Times)

It's always good to be careful of those who align themselves to ideologies, and especially those philosophies that are functionally incompatible with human nature. Rand, ever so dismissive of faith and religion, would hardly survive in a world lacking the contributions of those of faith. Remove them, and much of the good drains from the world, leaving not rationality, but man's slavery to his own pursuit of ephemeral happiness.