He established a charitable foundation through BB&T in which to donate to local colleges and universities, but stipulated that those schools incorporate Rand's philosophies as part of the curriculum. The move has generated a debate on whether donators should have the right to influence school curriculums.
As the financial crisis takes its toll on both healthy and troubled institutions, Allison is highly critical of what he suggests is an overregulated banking industry. He says mistakes made by the Clinton and Bush administrations led to an inevitable crash in the sector. More recently, the Treasury's bailout efforts though the Troubled Assets Relief Program, or TARP, has been misguided in its approach to the problem, he says.
"This is potentially the worst economic correction that I experienced in my career," he says. "What's unique in this correction was the panic created unfortunately by the Treasury, the Fed and [former President Bush] in October."
'A Bailout of Poorly Run Financial Institutions'As the Treasury was putting together the components to the original bailout package in September, after the failure of Lehman, the sale of Merrill Lynch to Bank of America (BAC), and the failure of Washington Mutual, sold to JPMorgan Chase (JPM), Allison wrote a letter to several members of Congress discussing his opposition to the original plan.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV