activity.â
Retiring at a young and vigorous 58 years old amid a crumbling banking system, Allison has left behind the bank that Atlas built. Like Galt, heâs devoting himself no longer to business, but instead to evangelism for the morality of capitalism.
Discovering Rand
No one would have predicted that John Allison, born in Charlotte, North Carolina, and raised in a deeply religious family, would turn out to be an Ayn Rand devotee, and certainly not the real-world embodiment of Randâs great hero. As with so many Rand-heads, the conversion happened in college.
Allison was at the University of North Carolina, Chapel Hill, majoring in business administration. In his economics classes, he says, âeven though my professors were largely left-wing, they actually pushed me to the right because I didnât agree. Their ideas just didnât make any sense. They werenât my experience in life. So itâs funny: I think they intended to indoctrinate me to the left, and they ended up pushing me right.â
Then, between his junior and senior year, he discovered Ayn Rand.
Most people start with the fiction, The Fountainhead or Atlas Shrugged , seduced into Randâs philosophy as they are swept away in the heady romanticism of these compelling stories and their mythic heroes. Not Allison. He started with Randâs nonfiction masterpiece, Capitalism: The Unknown Ideal (published in 1966), stumbling upon it by chance in a bookstore.
Allison says, âI was really impressed with particularly the first part of the book where she talks about the principles underlying capitalism.â Though Randâs philosophy was aggressively secular, it appealed to Allisonâs religious instincts. âI was raised in a very religious background which put a premium on values, and derived in a religious way, so I guess in a certain sense Iâve always been interested in the issue of principlesâhow you really should live your life.â
He was hooked. He says, âThen from that I read Atlas Shrugged , read The Fountainhead , and then basically read everything I could get of her materials and every book she recommended.â
After getting his masterâs degree in management from Duke University, in 1971 Allison went to work for BB&T in the small farm bankâs loan administration group. Amid a group of stodgy older executives, Allisonâs boss was a bright young go-getter who put Allison into the bankâs management development program. But that consisted pretty much of just slumming on the teller line for a while to see how the other half lived. After 10 months, Allisonâs bright young boss figured out that Allison himself was a bright young man, and challenged him to create a real management development program.
It turned out that Allison and his boss were both Rand fans. So the first thing they did in the new program was give everyone a copy of Atlas Shrugged . Allison remembers, âWe got a lot of the future leadership to read Atlas. . . . It wasnât officially required, but it was officially encouraged. . . . A lot of the best people did read it.â
By 1973 four other bright young men had showed up at BB&T, and joined Allison in what would turn out to be the leadership nucleus of a Rand-based build-out of the sleepy farm bank into a colossus. They all read Atlas and they all were transformed. Allison says, âAnybody that reads Atlas Shrugged âthat comes with a general business background in particularâit does change their worldview. They may say, âWell, I reject this aspect of Rand,â or âI reject that aspect,â but . . . the particular thing I think almost everybody gets out of it is the destructive role of government.â
For Allison himself, Rand resonated with his personal quest for meaning in life. He recalls, âBefore Rand, first I had a hodgepodge of philosophical beliefs. I was trying to be religious, but I wasnât