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."
Copyright © The Sun-Times Company All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
"Bank of America said its research suggests that the predecessor, Providence Bank..."
Providence Bank of Rhode Island.
Do you tolerate that sort of stuff?
No fair quoting my cousins.
You are entitled to your opinion, though. Of course I think you're doing a pretty good job all by yourself of proving that opinions don't = intelligence.
You would make Orwell proud.
I responded that there had been a long term economic downturn (a depression) that affected the major part of the then "Midwest" extensively. The Union Army had no problem recruiting fellows from that part of the country (Indiana, Illinois and Ohio) (including all 8 of my Great Great Grandfathers, all their brothers and cousins, and 2 of my Great Grandfathers, and all their brothers and cousins) to defend the Republic.
These men all had a lot to lose, and they did not give their lives freely ~ their intention was to put down the Rebellion and open up the West. Some of the exact same people I am mentioning here had worked at Sutter's Mill BEFORE gold was discovered, some had been in the fur trade, and a number of them had started opening up new farmland in Kansas only to find themselves involved in the Jayhawk War.
Now, you tell me what your ancestors did in the War. We will then reflect on the utility of your generalized beliefs in light of that experience. You might bone up on your statistics though, so you have a better idea of what percentage of which Northern state populations engaged in the war. It's kind of startling ~ New York had draft riots for example. In Indiana just about every able bodied man went to war.
General Butler was a good man. He saw right through the treachery of the Southern females. (BTW, there are actually books about this that cast everything in quite a different light than you Southerners are prone to do).
In the end the slaves were freed.
Good question. Do they pay or do they get. I'd say they'd better start shuffling those billfolds, same as me!
Still, your basic urban populations engaged in all sorts of behavior considered highly dangerous in predominantly rural America at that time.
"Sad for the slaves" must be regarded in context, because if the black Africans who enslaved them hadn't sold them to white slavers, they probably would have been eaten. I have no doubt that slavery sucks, but being consumed has to suck even more.
It was pretty high, and depending on your source and how you do the analysis it looks about as bad as the Holocaust, and actually worse in some areas.
One "bright" exception to the rule occurs in what is now the United States. Remarkably the only slave population ever known to have managed to reproduce itself and grow in numbers was right here. All the other places with slavery required a constant infusion of new captives.
Has something to do with the nature of the slavery and how people were treated.
Then your ancestors were as gullible as you, even without the benefit of public education.
BTW, some of them had been convicted under the Runaway Slave Act before the Civil War, so their motives are pretty clear wouldn't you think?
Especially since slavery was perfectly legal at the time.
Actually, yes, very commendable. But freeing slaves was not Abe Lincoln's top priority, and his methods were unconstitutional, to say the least.
Black and white slaves:). Bank of America is an Equal opportunity slave master.
you got that right! ;-)
In Lafayette: At the home of an infirm and bed-ridden man, all valuables were taken, including the covering on which the invalid was lying.
At Petite-Anse Island: United States soldiers entered the home of a man ninety years old, taking all his clothing and other valuables including the covers from his bed.
At St. Mary Parish: United States troops ransacked the home of a Mr. Goulas, stripping his family of all their clothes, even the infant's clothes, and all bedding.
At Fausse Pointe: While in the process of being robbed by U.S. troops, a Mr. Vilmeau heard his wife crying for help. Going to her aid, he found several soldiers fighting with her for her personal jewelry. While one succeeded in getting a ring from her hand by biting her finger, causing it to bleed profusely, another jerked her earrings out of her ears, tearing the flesh and causing them to bleed. Vilmeau was shot twice while trying to assist his bleeding wife.
At Morgan City: Even the resting place of the dead was not left alone by the U.S. soldiers. In this city the late Dr. Brashear's tomb was broken into by the Yankees, and his earthly remains were tossed out. His metal coffin was taken for their own use.
At New Iberia: The materials from graves were used for chimneys and hearthstones for the United States army. The cemetery was used as a horse corral. While the families of the deceased watched in horror, the U.S. troops ransacked the burial vaults of the dead, scattering the remains upon the ground.
Good to see the 'Beast' was such a good man with fine control over his forces. Heaven knows what would have happened if a real thug would have been in command...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.