Newswise — Recognizing the need for strong ethics in business leaders, BB&T Corporation has made a gift of more than $1 million to the University of North Carolina Wilmington to establish the Moral Foundations of Capitalism program within the Cameron School of Business.
The gift will establish the BB&T Student Managed Investment Fund, which will in turn provide annual proceeds to establish and fund the BB&T Global Capitalism Lecture Series, the BB&T Institute for Global Capitalism and Ethics and several additions to the curriculum focused on teaching the moral underpinnings of our nation's economic system.
"Unfortunately, we find that many business graduates enter the workplace without a firm grasp of the moral principles underlying the free markets," said BB&T Chairman and Chief Executive Officer John Allison. "This program will emphasize our shared interest in giving students a hands-on perspective on capitalism and free markets, a better understanding of our economy, and an enhanced ability to make meaningful contributions to the world."
BB&T is a full-service financial institution built on a strong foundation that emphasizes 10 primary values and the significance of individuals' character. Visit www.bbt.com to learn more about the corporation's philosophy.
BB&T is a long-time supporter of the Cameron School of Business and UNCW. The company is a lead sponsor for the Cameron School's annual Business Week event, which brings corporate leaders and entrepreneurs on campus to interact with students. Last year, BB&T established a scholarship fund, endowed at $50,000, to support UNCW's student-athletes.
"This gift to the Cameron School of Business is significant in both its size and its intent," said UNCW Chancellor Rosemary DePaolo. "By investing such a large sum of money into programs focused on the moral foundations of capitalism, BB&T is making a clear statement about the importance of ethics in business education. We greatly appreciate the leadership of BB&T executives Jeff Etheridge, Phil Marion and Baxter Stirling, who serve on UNCW boards, in securing such a large corporate gift from BB&T."
Etheridge, BB&T Regional President, is a member of the UNCW Board of Trustees. Marion, Wilmington City Executive, serves on the UNCW Foundation Board and is a former member of the Board of Visitors. Baxter Stirling, Southport City Executive, is a member of the Cameron Executive Advisory Board.
The BB&T Global Capitalism Lecture Series will provide a forum for leading experts in capitalistic theory. The Cameron School plans to seek prominent capitalists, entrepreneurs and academics as speakers, many of whom may come from the global business arena. The lecture series will be associated with the Cameron School's new International MBA program. The BB&T Institute for Global Capitalism and Ethics will sponsor faculty and student research in identifying, recognizing and promoting acts of corporate responsibility associated with Moral Foundations of Capitalism.
The BB&T Student Managed Investment Fund, endowed at $1 million, will be one of the largest dedicated student managed funds in the country. It will allow outstanding finance students, working with Cameron faculty and selected financial services specialists, to gain hands-on, real-world experience in managing a significant portfolio of securities.
"The Cameron School of Business is excited by this opportunity to partner once again with BB&T," said Dean Larry Clark. "This gift will create a powerful learning opportunity for Cameron students to study the morals of capitalism through readings, such as Ayn Rand's 'Atlas Shrugged,' and class study and through attending presentations by respected international speakers. It will greatly enhance our new International MBA Program and provide invaluable experiences for students selected to help manage the BB&T Student Managed Investment Fund."
Currently the nation's 11th largest financial holding company with $121.4 billion in assets, BB&T has more than 30,000 employees and more than 1,450 locations in 11 states and Washington, D.C.
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