Money Men Apologize For Predecessors Crimes Against Humanity

from Chicago Tribune: J.P. Morgan Chase & Co. on Thursday filed a disclosure statement with the City of Chicago acknowledging that two of its predecessor banks had received thousands of slaves as collateral before the Civil War.
The New York-based bank apologized for contributing to “a brutal and unjust institution” and said it was setting up a special scholarship fund to try to make amends.
J.P. Morgan officials said the bank undertook the research after Chicago passed an ordinance in 2003 requiring companies that do business with the city to research their history to determine any links to slavery.
William Daley, brother of Mayor Richard Daley and Midwest chairman of J.P. Morgan, said the bank launched a thorough investigation that involved a dozen researchers. The team expended 3,500 man-hours and visited 100 locations during the past seven months.
Ald. Dorothy Tillman (3rd), who has been one of the bank’s most vocal critics, said: “This is a complete vindication of our original position. Through our determined efforts, we have been able to force a major national financial institution to research their history and records and to admit, once and for all, that there is conclusive proof of their involvement in slavery.”
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The Alderwoman
The bank said researchers had found that two now-defunct predecessor banks–Citizens Bank and Canal Bank, both based in Louisiana–served as banks to plantations from the 1830s until the Civil War.
“Collateral” for mortgages and other loans “included land, equipment and/or enslaved individuals,” the statement said.
The bank estimated that the two banks “accepted approximately 13,000 enslaved individuals as collateral and that the banks came to own approximately 1,250 enslaved individuals as a result” of defaults.
J.P. Morgan said it was setting up a program called Smart Start Louisiana. It will provide $5 million over five years for full-tuition undergraduate scholarships for African-American students from Louisiana to attend college in their home state.

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About David Burn

Native Nebraskan seeking the perfect pale ale in the Pacific Northwest. Copywriter and brand strategist at Bonehook. Co-founder and editor of AdPulp.

  • clyde

    Dorothy Tillman is an idiot. She fits right in with the Chicago aldermen though. This whole witch hunt is ridiculous, having occurred nearly one hundred years before anyone at Chase Manhattan was even born.
    Next thing you know, descendents of Columbus’ sailors will want past-due overtime pay for an overly-long voyage.

  • http://adpulp.com David Burn

    And I thought we’d lost you, Clyde. Guess this entry was just too juicy for you to stay away.
    Speaking of Columbus, how about we start honoring the treaties we signed with the Indians? Hold it, not necessary. They’ve got plenty of stupid white men lined up with wallets open in casinos from coast to coast. Maybe there is justice, after all.

  • clyde

    I’m not worried about the Indians, since they already capitalize on their ancestry multiple ways: through dozens of casino ownerships and the absurdity of being “separate nations” while collecting Federal money from American taxpayers.

  • http://msdarby.com darby

    Those injuns sure had some foresight. Centuries of genocide for some future taxbreaks. And we whities always thought they were stupid.

  • clyde

    The next time anyone wants to see social abberation in action, go visit an Indian reservation. The one just north of Seattle (on Bainbridge Island) has one main store, which sells beer by the truckload, fireworks, liquor and cigarettes, all priced SLIGHTLY less than the obscenely-taxed products in the outside world. Considering they pay NO taxes on the stuff at all to anybody, they could mark it down more, but hey, it IS capitalism, right? Besides, it is the only liquor store in the Seattle area open after 8 at night.
    Other than that, the place is stacked with copies of federal government flyers and brochures and information sheets on how to collect federal money in every concievable way, shape or form by being an Indian. Nothing is ever said about job training, working, getting an education or being productive.
    So much for the “separate nation” idea.

  • http://adpulp.com David Burn

    How about this…we give them their land back and then have them pay taxes? Will that work for you, Clyde?