Bank of America Becomes Fourth Bank to Admit Ties to Slavery

[beetbox]

Bank of America Becomes Fourth Bank to Admit Ties to Slavery
released on 08/25/05 at 08:37:03

Saadiq Mance
Emerging Minds News

Chicago (emergingminds.org) - In a report released Wednesday, the Charlotte, N.C.-based Bank of America (NYSE: BAC) became the fourth bank in the United States to disclose links to slavery. The admission comes as a result of a 2002 Chicago law that any company doing business with the city must reveal past slavery ties.

However, according to the Chicago Sun Times, Bank of America claims that its predecessor banks never held slaves and they could not find a case where they made any profits from slaves.

As a result, Bank of America pledged only $5 million over a three-year period for institutions and programs involved in preserving African-American history. In addition, Bank of America said that the $5 million offer will build on existing commitments, inferring that no new initiates will be started.

Kenneth D. Lewis, the Chairman and CEO of Bank of America, makes an annual salary of $7.21 million. Additionally, as of June 30 2005 Bank of America reported assets of $1.25 trillion and a quarterly net income of $4.30 billion. With Bank of America's extraordinary income statement and balance sheet that would never have been possible without the forced servitude of Africans, Bank of America’s $5 million dollar pledge has been received by the Black community as insulting and pathetic.

http://www.emergingminds.org/magazine/content/index.php?itemid=2370

[Catherine Vincent]

1. Only $5 million?

Cheap bastards.

[malaise]

4. Maybe in another 100years

we'll hear who profited off iraq.

[AlamoDemoc]

2. Bank of America should first strengthen their commitment to

Equal Employment Opportunity...that should be their starting point

[Skink]

3. They hold slaves now.

They only charge four bucks a month though for bouncing the ordinary things that Serfs tend to do like rent.:shrug:

[beetbox]

6. Laser like accuracy

in your observation.

They thought they were free.

:toast:

Ain't it just like the night to play tricks when you're tryin' to be so quiet?
We sit here stranded, though we're all doin' our best to deny it. - Bob Dylan

[GoddessOfGuinness]

7. That's what I thought this article was going to be about...

Slavery is here and now, people.

[StClone]

5. Not surprising

Kevin Phillips in "Wealth and Democracy" showed many connects of old money (current rich Americans) to historical illegal activities. Piracy in the 1700's Atlantic silver trade was one that really caught my eye.

[HuckleB]

8. This connection has to be via a bank that BA merged with...

because Bank of America began in 1904, in San Francisco, as the Bank of Italy.

See: They Made America
http://www.pbs.org/wgbh/theymadeamerica/filmmore/s2_pt.html

[beetbox]

9. Providence Bank

The Chicago Sun Times reports that Alderwoman Dorothy Tillman of Chicago, who introduced the Chicago legislation for companies to disclose ties to slavery, said that the report was "disingenuous" and that she had evidence that Bank of America predecessor Providence Bank engaged in the slave trade, including the manufacture of leg irons. Tillman also said that the bank lied about past ties to slavery in an affidavit submitted in connection with its role as senior manager of a $500 million city refinancing deal.

[Rich Hunt]

12. hallelujah

....it's a start.

[Pierogi_Pincher]

11. ??...

http://www1.snl.com/bank/manda/20000218_5.asp

[dad]

10. B of A donated $250K to Bush's re-election party

Just thought you should know.