Posted on 04/30/2005 5:21:01 AM PDT by Founding Father
Bank of America insists it can't find slave profits in its past
April 30, 2005
BY FRAN SPIELMAN City Hall Reporter
Under fire from the City Council's champion for slave reparations, Bank of America stuck to its guns Friday: The bank has hired a researcher to dig deeper but has so far has uncovered no evidence that a predecessor bank invested in or profited from the slave trade.
To the contrary, Bank of America said its research suggests that the predecessor, Providence Bank, "distanced itself from and declined to support slavery-related activities." That's even though John Brown -- Providence Bank's founding president, director and shareholder -- was a well-known slave owner who arranged for the transportation of slaves.
Founded in 1791, Providence Bank is a predecessor of Fleet Boston, which was acquired by Bank of America last year.
"First, the research disclosed no evidence establishing that the Providence Bank had investments or profits from slavery. Second, there is no indication of the source of the funds used by Brown to purchase his 23 shares in the bank. Last, the evidence suggests that the bank, in fact, avoided slave-related activities of John Brown or any other bank customer," said the bank's attorney V. Duncan Johnson.
'We won't stop'
Ald. Dorothy Tillman (3rd) accused "arrogant" bank officials of providing "selective and fraudulent" information to a joint City Council committee.
Tillman said research conducted by her daughter at some of the same places Bank of America looked -- the Rhode Island Historical Society and Brown University Library -- has already produced evidence that Providence Bank made loans used to purchase ships that transported slaves.
"The whole reason the bank was founded was so that the merchants could have a bank for their money to go through. Their whole existence was slavery. They had no other existence," she said.
"They thought they could bring this lawyer in and lie and just say, 'Moses Brown [John's brother] was an abolitionist. You see, they were good guys.' The lawyer's job was to protect Bank of America -- not to get to the truth. And we won't stop until we get to the truth."
Finance Committee Chairman Edward M. Burke (14th) cautioned Tillman not to "toss around the words 'fraud' and 'misrepresentation.' "
"It is the opinion of the chair that there has been no fraudulent conduct on the part of these witnesses," he said.
Black, Jewish aldermen clash
Ald. Burton F. Natarus (42nd) also urged Tillman to take a deep breath -- prompting an uncomfortable clash between black and Jewish aldermen.
"Prior to the Civil War, you're going to find almost every one of these corporations were involved with the institution of slavery. You're going to find it, and no matter what you do, you can't hide it. But the problem is, how long are you going to badger them with it?" Natarus said.
That infuriated Tillman, who reminded Natarus that African-American aldermen had supported him in the threat to punish Swiss banks that ultimately resulted in the return to Holocaust victims of hundreds of millions of dollars in gold looted by conquering German armies.
"The Jewish community -- your community -- received reparations. What happened to them was wrong. And you were relentless in making sure that anybody and everybody who had anything to do with the Holocaust would be brought to justice . . . What we're saying is, we have a right to be repaid," Tillman said.
Ald. William Beavers (7th) added, "You want to know how long it's going to go on? It's going to go on as long as the Holocaust. The Holocaust is never going to end, and this is never going to end. So when we support you, you support us."
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Brer Gond says, "ooooh, I hope dey don' use that issue!"
You must be kidding, right? You have heard of the ROMAN EMPIRE? There is plenty documentation of slavery, long before the Southern U.S. entered the picture!
One other point: The Africans sold their OWN people into slavery. Maybe they should pay.
That is kind of a sick way of looking at it...not to mention untrue.
Hear! Hear!
And not to mention bringing all states under federal rule.
v/r
That part about Ft. Pillow is bull....a Congressional Committee after the war debunked that myth. Those soldiers were killed in the heat of battle.
I think the Democratic party should be compelled to pay reparations for all campaign contributions ever made by slaveowners.
The final proof that no documentation existed for the Union assertions was that no one was arrested or charged with massacre at Ft. Pillow. Only one Confederate infantry man was arrested for Saltville. Thus, no evidence for massacre.
Oh yes...real men. God bless the memory of the brave patriotic Confederate women of New Orleans
If anyone can find a living ex-slave, then that person is owed reparations. Anyone who was born free is not owed anything not listed in the constitution.
On reparations, I propose we provide clear title and full possession of the US National Debt. It currently has a value of $7 Trillion.
Your first mistake is believing the Civil War was about freeing slaves, it wasn't.
What about reparations as regards the blacks who fought for the south? Do they pay or do they "git"?
That has always been my contention, especially when you consider that white europeans are not the ones who went into the interior of africa to capture slaves. That business was run by and wholly ruled by local BLACK african tribes who had been in the business long before the Portuguese bought their first slave. They want reparations? Go after the african tribes still there who take pride in their slave trading past. Also go after the party of slavery, the democrat party.
With that said, these banks and insurance companies did nothing illegal
Good point, but even if it were illegal, the time span for legal redress is long past. (Statute of limitations)
Further, the idea of reparations based upon the idea of compensating SURVIVORS
Of course, and the surviving slave owners are gone as well. the idea of paying reparations to decendents is a legal precident that should never be set, even by today's worst activist judges. Because there is not enough money in today's economy to begin to pay for the misdeeds of the past. Who would certify the decendency? What mis-deeds are worthy, in addition to the slaves, we have the American Indians who have a claim- as do the blacks discriminated against after the Civil War. What about women held non eligible for the vote or men's clubs? What about the countless immigrant groups who had to work for years in low wage employment before being granted their rights?
While some Jews received reparations for damage done to their ancestors and property lost, these issues are current and even now the records require careful research to be certain that a claim is valid. The news is full of people today who are sueing for damage done to them in the recent past, their conpensation is a matter for the courts and is proceeding. But we can't look back on the misdeeds of the past and attempt to buy it off today. Money cannot be paid to the decendents of slaves.
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