Friday, January 21, 2005

Slavery Apparently JP Morgan's Fault

In a welcome, but also oddly touchy-feely statement, JP Morgan apologizes for its predecessor's involvement in the anti-bellum slave trade. According to the Associated Press:
"The bank, the nation's second largest, said in a statement Thursday that the two Louisiana banks had received thousands of slaves as collateral before the Civil War.

The New York-based bank also apologized for contributing to "a brutal and unjust institution" and said it was setting up a scholarship fund in Louisiana as a way to make amends.

JPMorgan 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."

Warms the heart, don't it?

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