June 02, 2005
Wachovia Bank forced to apologize for historical ties to slavery
Wachovia Bank, the nation's fourth-largest bank, issued a formal apology to black Americans for historical ties to slavery held by two of more than four hundred predecessor banks of the present day Wachovia.
While Wachovia itself did not have direct links to slavery, two banks it purchased through previous mergers and acquisitions were found to have ties.The apology was forced upon Wachovia by a city of Chicago ordinance that demands that companies doing business with the city disclose any ties to slavery in it's past.The former Georgia Railroad and Banking Co. of Augusta had at least 162 slaves who were used to construct a railroad line.
The former Bank of Charleston accepted at least 529 slaves as collateral on mortgaged properties or loans and took possession of an unknown number of them when customers defaulted.
"We are deeply saddened by these findings," Thompson said in a statement. "We apologize to all Americans, and especially to African-Americans and people of African descent."
I wouldn't be surprised if this did not satisfy the pro-reparations lobby. I'm certain they'll demand fiscal renumeration from Wachovia and other banks who end up yielding to this sort of strong-arm tactic.
Posted by mhking at June 2, 2005 10:05 PMI can understand why a business would apology to anyone for anything, simply because the odds are they may get more business.
Why would the citizens of a local a government allow it to be necessary, a legal requirement, for any business wanting to do business within their city, to first have to publicly disclose any ties to slavery prior to the Civil War?
The only reason I can see, is for future use in a lawsuit - I think you are right, the pro-reparations groups are compiling a list.
Posted by: swampfox at June 5, 2005 12:00 PM