Slave Reparations In Chicago-land

[pineda]

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Chase apologizes over use of slaves as collateral

Predecessors took part before the Civil War

Associated Press

NEW YORK - 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 prior to the Civil War.

The New York-based bank, the second largest in the nation, apologized for contributing to "a brutal and unjust institution" and said it was setting up a special scholarship fund in Louisiana to try to make amends.

J.P. Morgan officials said the bank undertook the study 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. Among the companies that have been required to do such research are banks, insurance companies, bond underwriters and other financial vendors.

J.P. Morgan's disclosure was outlined in a letter to the bank's employees that was signed by William B. Harrison Jr., the bank's chairman and chief executive officer, and James Dimon, the president and chief operating officer. The letter was made available to reporters.

The bank said that historical researchers had found that two now-defunct predecessor banks

[Heights2Bastrop]

Chicago passed an ordinance in 2003 requiring companies that do business with the city to research their history to determine any links to slavery.

What an idiotic ordinance! Slavery is dead and buried. What good does it accomplish to keep digging it up other than to rekindle hatred and try to instill guilt where it is not deserved?

[tw2ntyse7en]

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[westguy]

I don't mind that it's J.P. Morgan. They have a pretty bad history of involvement in most major U.S. conflicts. When have they ever taken responsibilty for these things?

[tw2ntyse7en]

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[westguy]

They were seizing the money of Jewish holocaust victims in Europe. Their underwriting of British and French war bonds was also the main reason the US got involved in WWI.

[editor]

They were seizing the money of Jewish holocaust victims in Europe. Their underwriting of British and French war bonds was also the main reason the US got involved in WWI.

I've seen that claim on the internet before, but never seen it backed up. I'm not saying it isn't true, but I'd like to read more about it from an authoritative source, if you have one.

As for the slavery thing, I read the letter JPMorgan Chase sent to their employees, and the summary of the report they sent to the City of Chicago. It comes with a very interesting chart mapping how these two banks ended up in Chase's heritage. There's about 15 mergers between the original banks and the JPMorgan Chase we know today. I'm not sure Chase owes anyone anything simply because the original banks and the banks that bought those banks went out of business. Legally, they no longer exist. Chase's involvement is that it bought a bank that picked up some of the failed banks' assets. If I buy a used pickup truck after it was reposessed and the previous owner used it to transport illegal aliens, I don't think I'm guilty of immigrant smuggling.

Also not noted in the AP article is that in addition to providing $5 million for tuition, room, board, books, etc... for a certain number of black teens in Louisiana, they will also get automatic internships, and jobs with JPMorgan Chase whenever possible.

[tw2ntyse7en]

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[bruce_oneal]

What an idiotic ordinance! Slavery is dead and buried. What good does it accomplish to keep digging it up other than to rekindle hatred and try to instill guilt where it is not deserved?

<{POST_SNAPBACK}>

but it's okay to keep digging up the holocaust huh? and seems like they (jews) never let it die --and none of the holocaust happened on american soil. but jews have gotten reparations against companies.

i don't think it is as easy as letting this thing 'die' as you say.

[editor]

but it's okay to keep digging up the holocaust huh?  and seems like they (jews) never let it die --and none of the holocaust happened on american soil.  but jews have gotten reparations against companies.

i don't think it is as easy as letting this thing 'die' as you say.

He never brought up the holocaust. You did. Don't put words in his mouth or assume meaning where none was implied.

[tw2ntyse7en]

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[bruce_oneal]

I'd have to say genocide & slavery are two completely different issues. I'm not weighing one against the other, just pointing out the key difference: life vs. death.

I think that if a group of African Americans that can legitimately prove that they are the actual bloodline descendants of slaves, and want to form, then let them. If they can also identify, and prove that certain still existant corporations had a hand in any slave activity, then they may sue for reparations.

I however disagree with black activist groups trying to blanket sue the whole U.S. for reparations. It is the U.S. that went to war and killed over 500,000 of it's own people due to key issues like slavery. It was the U.S. that freed the slaves, and gave them rights. It was the U.S. that gave black men, and eventually women, the right to vote. It was the U.S. that created the 13th, 14th and 15th amendments so that blacks could be equal citizens in the U.S. It was the U.S. that desegregated the public school system. And it was the U.S. that created Affirmative Action. And still, there are some that are greedy, and want to try and take advantage of the system.

The U.S. has done about all it can do for the African-American citizen here in the U.S. short of just sending out checks for being of African descent and coincidentally living in the United States.

<{POST_SNAPBACK}>

and just how many africans do you think died in the slave trade? i'd wager it was more than 1 - 2 million at the bottom of the atlantic and caribbean. i also do not like pitting one against the other. they were both (slavery and genocide) horrible examples of inhumanity.

i think you know as well as i that one of the reasons blacks cannot trace their ancestry is that once enslaved, they were stripped of their names and given new ones. therefore it is nearly impossible to trace these things. additionally, the few slave records that exist (from plantations, etc.) are incomplete at best.

i am not arguing for reparations, or blanket checks ... however, i think that whenever this argument comes up, it strange that most white americans are deadset against it ... that somehow it lessens something with them.

this country has never (to my knowledge) even formally apologized ... something germany and south africa have done formally ... in the form of declarations.

so no, african americans just can't get over it ... nor should they.

[MidtownCoog]

New boats for everyone!

[editor]

My family lost its home, land, and several members were killed when the Ottoman Empire invaded Austria-Hungary. I want reparations from Turkey. It's about the same time frame.

[tw2ntyse7en]

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[bruce_oneal]

My point is that slavery was an adbominal thing to happen in America. But the government has made great strides to right it's wrongs. We live in the greatest land on the planet. Sure we have political problems, but there is no place more civilized, free, democratic, captialistic, and promising that here in the U.S. The descendants of slaves live much more enjoyable lives here than they would in their native land. This is why I, as a "white" person, don't understand why a check is needed to right the wrong of 200 years ago.

Also, if the U.S. made an official declaration declaring that slavery was wrong, and that as a nation it is sorry, do you think activists would actually stop, or rather would they only complain that an "apology" is not enough? Sadly, I think that's why the government never has, and never will apologize.

<{POST_SNAPBACK}>

points well-taken.

i am just saying that we do not even ALLOW the discussions. soon as something comes up in congress or elsewhere, they are squashed ... quickly. i am just saying there is a double-standard (to me).

we have holocaust memorials, museums, reparations, etc. ... we honor those slain in nazi concentration camps ... even though those events happened thousands of miles away. in europe no less.

we had slavery right here on american soil and cannot even have the discussions surrounding making a formal apology.

do you see my point?

[MidtownCoog]

I think Abe did a good job of saying "we're sorry".

Free Plasma TVs for everyone!

[tw2ntyse7en]

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[Heights2Bastrop]

One of my favorite quotes is from Hellen Keller:

"There is no king who has not had a slave among his ancestors, and no slave who has not had a king among his."

[bachanon]

i think that one reason we do not have "slavery" museums is because this is "american" history, not just african-american history. this issue should be studied from all sides as one nation. i think we need an american history museum in every major city revealing the good and the bad in our past as "one" nation.

it's polarizing to continue dividing issues based on race. we could start a new era by eliminating race on census forms and applications. IMHO

[bruce_oneal]

i think that one reason we do not have "slavery" museums is because this is "american" history, not just african-american history.  this issue should be studied from all sides as one nation.  i think we need an american history museum in every major city revealing the good and the bad in our past as "one" nation. 

it's polarizing to continue dividing issues based on race.  we could start a new era by eliminating race on census forms and applications. IMHO

<{POST_SNAPBACK}>

not a bad idea. and to be honest, i think we have come a LONG way since even the 80s. still a long way to go, but i think we are starting to (not completely) think as AMERICANS and not subsets of american citizens.

[bruce_oneal]

I will agree with you - completely. I don't think I've ever seen a slave memorial or museum. I've seen plenty of stereotypical "Black-Heritage" museums, but even they don't memorialize slavery.

I think "white" people are hesitant to talk about it because black activists have made the subject so delicate by always forcing it semi-violently. If someone who was well spoken & educated like Colin or Condi said something I would want to listen. But when Quannell X has a meeting sponsored by the Black Panthers, in the 7th Day Adventus Christian Born Again Saved By Jehovah Church of The Holy Spirit, and all he does is yell about the "white man" (hey - that's me he's talking about!) then no one wants to listen - especially the "white man".

If dignified, and well spoken African-Americans would begin a campaign, more people would listen. A bigger problem however, is that the black race is fighting what seems to me, a losing a battle with itself. My Meaning? Well, watch B.E.T., go to Sharpstown Mall, or drive through 3rd Ward. The only thing glorified in these areas is the fact that young black people spend all their money on cars, clothes & electronics - instead of saving money, trying to buy a home, go to school, or start a career. Young blacks look to pro-sports & rap music for guidance. White kids, as well as Asians & Hispanics are just as guilty, don't get me wrong - but it sends a message to the majority (white people). I think this is another reason it's hard to want to listen. We're assuming that what's going to be said is only going to be derogatory, uncivilized, or simply unintelligent.

I know if I were African American the last thing I would want my kids wanting to be is a pro-ball player or a rapper. I would find examples for my kid to look up to. I think Condi is one of the classiest ladies I've ever seen. Classiest as a black lady? NO. Her skin color is only coincidence to her class.

My long overdrawn point being is that as long as it's activists yelling at us (white people), I don't think we're going to listen. I do want to listen however, so like many others, I'm waiting for someone worth listening to.

<{POST_SNAPBACK}>

you make some valid points. i think the media and cultural values are just outta whack in this country, but that is another discussion in and of itself.

my point? we cannot choose a leader for any group of people. that goes for blacks, whites, asians, jews, etc. i think you find it distasteful in some regards, but many african americans find folks with the courage to say certain things as strong leaders. whether or not they ALWAYS make sense is a different thing.

for the record, i am too new to houston to know the quannel x story --not sure if i care to really. but the point it i never said YELLING. look back, i said 'discussion'.

[bruce_oneal]

i think that one reason we do not have "slavery" museums is because this is "american" history, not just african-american history.  this issue should be studied from all sides as one nation.  i think we need an american history museum in every major city revealing the good and the bad in our past as "one" nation. 

it's polarizing to continue dividing issues based on race.  we could start a new era by eliminating race on census forms and applications. IMHO

<{POST_SNAPBACK}>

african american, as well as hispanic, and asian history is also american history. the problem is much of it has been excised or omitted from our american history.

[tw2ntyse7en]

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[Heights2Bastrop]

Quanell X is a racist instigator just as is Johnny Mata of LULAC.

Using racism to decry racism is hypocrisy which, to me, is the biggest sin of all.

[UrbaNerd]

Yeah, all of those so called "civil rights activists" are idiots. They are part of the problem.

[713 To 214]

So. . .if everyone who participated on this thread actually had a say in the matter, would you vote to at least open a dialogue on reparations that would lead to an official reconcilliation?

[Heights2Bastrop]

I would open the dialogue with a resounding "NO!!!", then close it, hopefully forever. It's a stupid idea that only serves to divide the races.

[tw2ntyse7en]

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[713 To 214]

I would open the dialogue with a resounding "NO!!!", then close it, hopefully forever. It's a stupid idea that only serves to divide the races.

<{POST_SNAPBACK}>

I believe that your attitude combined with the comments you post would divide the races more than any dialogue on reparations ever would. Why do you take it so personally? After all, slavery was a long time ago. So why do you care so much?