January 23, 2005
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Thousands of slaves were accepted as collateral for loans by two banks that later became part of JP Morgan Chase.
Citizens Bank and Canal Bank are the two lenders that were identified. They were linked to Bank One, which JP Morgan bought last year.
About 13,000 slaves were used as loan collateral between 1831 and 1865. Because of defaults by plantation owners, Citizens and Canal ended up owning about 1,250 slaves.
The bank said that it is a "very different company than the Citizens and Canal Banks of the 1800s".
EDIT:
But they might be the same corporation founded (a) by Lincoln's ex-Treasury Secretary walking away with a boatload of government money (Chase) and (b) by Aaron Burr as a scam scheme that raised money to create a New York City water system but never bothered to do that (The Bank of the Manhattan Company) and (c) the guy who bought the British White Star Line so his new super-liners (the eventual Titanic, Olympic, Brittanic) wouldn't be US registered and thus subject to Teddy Roosevelt's new safety rules (such as number of lifeboats) put into place after the 'General Slocum' disaster (JP Morgan).
Comments (3)
All huge conglomerations are evil in one form or another.
But they might be the same corporation founded (a) by Lincoln's ex-Treasury Secretary walking away with a boatload of government money (Chase) and (b) by Aaron Burr as a scam scheme that raised money to create a New York City water system but never bothered to do that (The Bank of the Manhattan Company) and (c) the guy who bought the British White Star Line so his new super-liners (the eventual Titanic, Olympic, Brittanic) wouldn't be US registered and thus subject to Teddy Roosevelt's new safety rules (such as number of lifeboats) put into place after the 'General Slocum' disaster (JP Morgan).
situation normal...
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