Originally published in the Chicago Sun Times on February 9, 2005 [here]
BY FRAN SPIELMAN City Hall Reporter
The City Council's champion for slave reparations accused Bank of
America on Tuesday of "lying" on a sworn affidavit to conceal its past
ties to slavery and preserve a lucrative role as senior manager of a
$500 million city refinancing deal.
"To sign an affidavit saying they've searched their records and
your company has no ties to slavery is incorrect. ... That's incorrect
and we are prepared to bring the evidence before this body -- that Bank
of America, through Fleet Boston, does have ties to slavery," said Ald.
Dorothy Tillman (3rd).
"We've already got a team right now preparing to bring our
evidence before this City Council ... to show it to the world. ... We
will bring out witnesses. We will bring our evidence and you'll be back
before this Council. You're in violation of the law. ... John Brown was
a slave owner.''
Patricia Holden, state and local lobbyist for Bank of America,
acknowledged Brown, who helped found Providene Bank in 1791, was a
director of the bank, a predecessor of Fleet Boston, which was acquired
by Bank of America last year.
JPMorgan Chase admitted link
But, she said, "While John Brown was a director of the bank, the
bank and its predecessors did not profit from the slave trade."
Holden added, "There is nothing within our records that show that
we profited from the slave trade. But, we are going to take the extra
step to go outside and find external counsel that we can work with to
provide additional resources to us."
Last year, Tillman accused JPMorgan Chase of profiting from the
slave trade and lying about it on a sworn affidavit. The bank then
hired a research firm to search Louisiana records. Last month, JPMorgan
Chase admitted that two of its predecessor banks in Louisiana allowed
13,000 slaves to be used as collateral on loans and took ownership of
1,250 slaves when those loans defaulted. The bank apologized and said
it would create a $5 million scholarship fund for African Americans in
Louisiana.