JP Morgan Chase Apologizes

[Catherine Vincent]

NEW YORK (AFP) - After a careful review of its history to which it had agreed, JP Morgan Chase disclosed its historic connection with slavery in the United States and apologized.

"Recently, JP Morgan Chase completed extensive research examining our company's history for any links to slavery to meet a commitment to the city of Chicago," the company said in a statement released Thursday.

"We are reporting that this research found that, between 1831 and 1865, two of our predecessor banks -- Citizens Bank and Canal Bank in Louisiana -- accepted approximately 13,000 enslaved individuals as collateral on loans and took ownership of approximately 1,250 of them when the plantation owners defaulted on the loans," it added.

http://story.news.yahoo.com/news?tmpl=story&u=/afp/20050121/bs_afp/usbankslavery_050121184442

I don't know if this was posted yet. Any thoughts on this?

[angee_is_mad]

1. Better late than never

even if they were shamed into doing the research. It would be interesting to find out how many major corporation at that time did NOT have a part in slavery.

[SemperEadem]

2. Well, isn't that nice?

"Although we cannot change the past, we are committed to learning from and emerging stronger because of it," the company said.


JP Morgan Chase said that, as the events took place in Louisiana, it would set up a five-million-dollar college scholarship program for students living in the southern state.



When they start talking about eliminating their practice of color-baised loan criteria for black homebuyers and treating all customers fairly, then they'll be talking about something worth being really excited.