Posted on 01/22/2005 2:36:44 PM PST by F. Barnard
The Guardian is reporting that the JP Morgan Chase has apologized for owning slaves and pledged $5 million for scholarships for black students from Louisiana. Bank admits it owned slaves
David Teather in New York Saturday January 22, 2005
America's second biggest bank, JP Morgan Chase, has made a rare apology for its subsidiaries' involvement in the slave trade 200 years ago, admitting that it accepted slaves as loan collateral and ended up owning several hundred.
The Wall Street heavyweight said parts of the business accepted thousands of slaves as collateral on loans made to plantation owners in the South in the early 19th century.
It sent a letter to employees expressing contrition for its involvement in a "brutal and unjust institution". It made the disclosure to comply with a rule requiring companies to detail past dealings with the trade when they are doing business with the city of Chicago.
Citizens' Bank and Canal Bank in Louisiana, both now part of JP Morgan, served plantations from the 1830s until the American civil war, which ended in 1865.
The banks sometimes took ownership of slaves when the plantation owners defaulted on loans.
The company estimated that between 1831 and 1865 the two banks accepted approximately 13,000 slaves as collateral and ended up owning about 1,250 slaves.
In the letter, signed by the chief executive, William Harrison, the bank said: "We apologise to the African-American community, particularly those who are descendants of slaves, and to the rest of the American public for the role that Citizens' Bank and Canal Bank played. The slavery era was a tragic time in US history and in our company's history."
The bank has posted documents on the slaves it took into ownership online at www.bankone.com/ourapology.
They are often listed as "un named individuals" or by first name only, including Peggy, Jacob, Big Joe, Lucille, Armi-sted, Monday and Celestine.
Citizens' and Canal merged in 1924 and were bought by Chase in 1931, which merged with JP Morgan in 2000.
The bank became America's second largest after acquiring Bank One last year.
The bank said it is a "very different company" today.
It is establishing an initial $5m college scholarship programme for black students in Louisiana for five years to "both acknowledge the past and improve the future".
Although it is a highly charged issued in the US, efforts at seeking reparations from companies once involved in slavery have made little progress.
JP Morgan was named in a class action in 2002 which combined smaller claims. The case called for reparation from 18 companies, including Lloyd's of London, FleetBoston, RJ Reynolds Tobacco, Brown & Williamson, CSX Corporation and Lehman Brothers.
That case was dismissed last January. The judge ruled that the plaintiffs had failed to draw clear links between themselves and the companies named.
A member of the Chicago city council, Dorothy Tillman, who has been a critic of JP Morgan, told the Associated Press: "Through our determined efforts we have been able to force a major financial institution to research its history and records and to admit, once and for all, that there is conclusive proof of its involvement in slavery."
In March last year another $1bn action was brought by the human rights lawyer Ed Fagan against Lloyd's of London, RJ Reynolds and FleetBoston, but it was later withdrawn.
They should have just kept the $5 mil. There is no number that will be accepted as "enough". This just draws attention to themselves and the demands for more will follow within hours of this release.
already posted newbie... are thou newbie or a racist troll posting race threads? Hmmm? Which one are you?
did someone ring the dinner bell for the kitties?
All this will do is stir the pot again and cause more hostility towards white people.
Please use original titles.
Thanks.
Is this for real ¿¿¿¿¿¿If so, look for the sharks to circle.
Please let me know if you want ON or OFF my Viking Kitty/ZOT ping list!. . .don't be shy.
It's a meaningless gesture. I don't expect the inner rabble rousers to be satiated by this. How many black people has Chase employed over the years? Not that I'm sure, I know many dynamic black people with good jobs at Chase.
LOL kitty is warm
Yep! Kitties are summoned now.I'm heading over to my PhotoDeluxe software to work on a project for FR.
Be back in a bit.
Barnard............STFU. I've had too good of a day on FR to let a turd ruin it.
This is going to encourage Jackson and his victimologists. There is such a thing as the Latchs.
Chase has stockholders? They should be upset about this pandering because it will mean MORE corporations will be victims.
don't hold your breath, likes like another hit and run troll. the DUmmies must be getting bored.
They are watching you.....
Thanks for the ping..........pave the retread. :)
Awwwwwwwwwwwwww, how sweet!!
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