Wachovia's Ties to Slavery

TheEpitome1920 · #1 06-02-2005, 11:18 AM

Wachovia: Predecessor Banks Owned Slaves

By TIM WHITMIRE

The Associated Press
Wednesday, June 1, 2005; 4:50 PM

CHARLOTTE, N.C. -- Two predecessor banks of Wachovia Corp. owned slaves before the Civil War, the nation's fourth-largest bank said Wednesday as it made an apology to black Americans.

"We are deeply saddened by these findings," Wachovia chairman Ken Thompson said in a statement. The Charlotte-based company said it contracted earlier this year with The History Factory, a historical research firm, to investigate the predecessor institutions that over the years have become part of what is now called Wachovia. The decision came amid a welter of local and legislative initiatives aimed at requiring banks and other companies to investigate their pasts with regard to slavery.

Thompson said the research revealed two ancestral banks _ the Bank of Charleston (S.C.) and the Georgia Railroad and Banking Company _ owned slaves.

The bank said incomplete records make it impossible to know how many slaves were owned by either institution, but that specific transactional records show the Georgia bank owned at least 162 slaves and the Bank of Charleston accepted at least 529 slaves as collateral on mortgaged properties or loans.

The Charleston bank acquired an undetermined number of these individuals when customers defaulted on their loans, Wachovia said.

"We apologize to all Americans, and especially to African-Americans and people of African descent," Thompson said.

"While we can in no way atone for the past, we can learn from it, and we can continue to promote a better understanding of the African-American story, including the unique struggles, triumphs and contributions of African-Americans, and their important role in America's past and present," he added.

John Boyd, the president of National Black Farmers Association, said his group has been picketing and lobbying Wachovia and other banking giants for eight years, urging them to investigate and acknowledge their historical involvement with the slave trade.

"We challenge other banks to come forth and step up to the plate and acknowledge their past, like Wachovia did," Boyd said Wednesday. "We feel as though this is a step in the right direction."

Earlier this year, another leading bank, JPMorgan Chase & Co., acknowledged that two of its predecessor banks had received thousands of slaves as collateral prior to the Civil War.

The New York-based bank made the disclosure in a filing with the city of Chicago, which two years ago passed an ordinance requiring companies that do business with the city to research their history to determine any links to slavery.

Wachovia spokeswoman Carrie Ruddy said the bank undertook its research because it is working with the city of Chicago to rejuvenate public housing there.

"That partnership brought the need for the research to our attention," she said.

Similar ordinances have been passed in other cities, including Philadelphia, and a North Carolina House committee approved a bill this spring that would require companies that want to do business with state government to disclose any past financial links to slavery. That measure has been bottled up in the Rules Committee for nearly two months. If the measure does not pass the House by Thursday, it cannot be considered again until 2007.

Boyd, who farms near Baskerville, Va., said his group and other black interest groups want major banks whose predecessors profited from the slave trade during the 17th, 18th and 19th centuries to take concrete steps to ease the economic and educational disparities that plague black Americans in the 21st century.

"(There) needs to be a more concise program where they're executing educational opportunities," Boyd said. "Because of these actions and the brutal acts of slavery, there should be an educational fund where African-American students can use these dollars to go to college and further their education. ... A lot of the issues we face today as African-American farmers rotate around the issue of education."

When JPMorgan, the nation's second-largest bank, apologized for its contribution, the company said it was setting up a special scholarship fund in Louisiana to try to make amends.

Thompson said Wednesday that Wachovia intends to partner with community organizations to try to further awareness and education of black history, but did not specify any plans.

Wachovia published the full report by The History Factory and specific findings on each of the banks, as well as a timeline of acquisitions that led to the present-day structure of Wachovia, on its Web site.

Rudey · #2 06-02-2005, 11:35 AM

Conglomerates like Wachovia are made up of so many banks that they bought that I don't see the point of doing this.

Heck most of these large banks are public and have shareholders - many of those shareholders have had ancestors that owned slaves, etc.

I can understand finding out for historical reasons which old banks were involved, but why bring up these current corporations? I'm just not understanding what the point is. I know in Chicago they did the same with JPMorgan.

-Rudey

hoosier · #3 06-02-2005, 01:58 PM

Just another scheme to get $$$ for the large and growing industry devoted to continuing racial strife.

TheEpitome1920 · #4 06-02-2005, 02:08 PM

I think it's important for corporations and America as a whole to realize that a lot (if not the all) of this country's wealth was created by slave labor.

TheEpitome1920 · #5 06-02-2005, 02:09 PM

Quote:

Originally posted by Rudey

I can understand finding out for historical reasons which old banks were involved, but why bring up these current corporations? I'm just not understanding what the point is. I know in Chicago they did the same with JPMorgan.

-Rudey

Why not? Is it hurting anyone to have this information?

Rudey · #6 06-02-2005, 02:19 PM

Quote:

Originally posted by TheEpitome1920
Why not? Is it hurting anyone to have this information?

Potentially.

It hurts the new banks that have little ties to the old banks.

It hurts the shareholders - many of whom are descendants of slaves.

ETA: But I'm not saying it hurts or doesn't hurt. I just was interested in the intention. I think it should definitely be researched as a matter of history for sure.

-Rudey

Rudey · #7 06-02-2005, 02:20 PM

Quote:

Originally posted by TheEpitome1920
I think it's important for corporations and America as a whole to realize that a lot (if not the all) of this country's wealth was created by slave labor.

Definitely not all and quite a bit of the European and global wealth is. Perhaps the UN should consider reparations.

-Rudey

Senusret I · #8 06-02-2005, 08:55 PM

A little education never hurts.

hoosier · #9 06-02-2005, 11:01 PM

Quote:

Originally posted by TheEpitome1920
I think it's important for corporations and America as a whole to realize that a lot (if not the all) of this country's wealth was created by slave labor.

It's more important that we realize the truth, and the above is not the truth.

Kevin · #10 06-03-2005, 11:19 AM

Would it also be appropriate for me to apologize for ancestors that I never knew or profited from who also owned slaves?

It serves no purpose, and at some level is dishonest since you can't rightfully apologize for something you never had a part in.

TheEpitome1920 · #11 06-03-2005, 12:27 PM

Quote:

Originally posted by hoosier
It's more important that we realize the truth, and the above is not the truth.

Its not true that a lot of the wealth in this country came from slave labor??

TheEpitome1920 · #12 06-03-2005, 12:29 PM

Quote:

Originally posted by ktsnake
Would it also be appropriate for me to apologize for ancestors that I never knew or profited from who also owned slaves?

It serves no purpose, and at some level is dishonest since you can't rightfully apologize for something you never had a part in.

Hmmm...so are you saying that since we are far removed from slavery we shouldn't recognize its impacts on modern times??

KSig RC · #13 06-03-2005, 12:58 PM

Quote:

Originally posted by TheEpitome1920
Hmmm...so are you saying that since we are far removed from slavery we shouldn't recognize its impacts on modern times??

Apologizing equals recognizing its impacts on modern times??

TheEpitome1920 · #14 06-03-2005, 01:07 PM

To apologize means recognizing that it did happen and that corporations that are still in existence profitted from it. So in a way it does affect people who were never enslaved or owned slaves.

The enslavement of Africans in the United States was/is a human rights issue that has never been fully addressed in the ways other crimes have. We continue to skirt around the issue because we are "so far removed" from it. Ignoring the fact this particular form of enslavement continues to affect American society.

hoosier · #15 06-03-2005, 01:22 PM

Quote:

Originally posted by TheEpitome1920
Ignoring the fact this particular form of enslavement continues to affect American society.

Sure, slavery helped some individuals and some companies accumulate wealth - some 150 years ago.

Since there is no definition of "a lot", your statement can be partially true.

The biggest and most negative way slavery affects American society today is the way it is used by some so-called leaders to promote victimization: "We can't expect to be successful, 'cuz we're victims."