Bank will bail in.
Position | Triad |
Given John Allison's fervor for the free market, the CEO and chairman of Winston-Salem-based BB&T would be one of the last people you'd figure would accept a share of the federal financial-services bailout. In September, he even sent a letter critical of the $700 billion plan to all 535 members of Congress. "There is no panic on Main Street and in sound financial institutions," he told them. But a month later, BB&T agreed to apply for $3.1 billion in exchange for BB&T preferred stock that will pay a 5% annual dividend for the next five years. "We support...
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