mystictongue3

WACHOVIA ADMITS SLAVE PROFITEERING

In HOT BUTTON TOPIC, THE PEOPLE'S NEWS, TRANS-ATLANTIC SLAVE TRADE, WORD ON THE STREET on September 15, 2008 at UTC.57.30.

In an article published, in the: Workers World on June 10, 2005 by Betsey Piette disclosed in a June 2, 111 page report states that its predecessor company Bank Of Charleston, S.C. & The Georgia Railroad & Banking Company owned at least “162” enslaved Africans and accepted another  “529” as collateral on loans.

The report was published by the History Factory, a firm specializing in corporate archival documentation. In addition, the firm also documents that financier Robert Morris founder of forerunner institution Bank Of North America—utilized profits from his enslaved Africans & slave trade to start Wachovia in 1781.

So, its safe to say that the same Banks many blacks put their money into for savings & investments have been redlined by the same companies. In addition, the “reverse redlining” effects of the sub-prime mortgage issues are partly responsible for the financial collapse of many of today’s financial institutions.

To say that is coincidence is a monumental under statement. There’s a trend going on around the nation. It seems like all this big time financial banks are going belly up. Why? Well, many like the ones mentioned in this post have been cited for their oppressive past. Rather, than pay reparations these companies have chosen to just throw salt onto open wounds within the black community. Perhaps, had they done the right thing: PAY REPARATIONS, maybe they would still be solvent.

The culpability of North Carolina based Wachovia, the country’s 4th largest bank, follows similar admissions by Lehman Brothers, J.P. Morgan Chase & Co. (parent company Bank One, Savings Bank of Baltimore).

According to reports, Chase denied reports they had any involvement with the profiteering of the slave trade initially. Nonetheless, corporate executives had to acknowledge two predecessor banks accepted 13,000 enslaved Africans as collateral. Then taking ownership of 1,250 when loans defaulted.

So, plantation owners go to the bank for a loan, but need collateral to make the loan process go through. They put up their investment property “Enslaved Africans” to cover their investment. This is so crass and inhumane I can barely type the words to express my utter discontent & disgust!

I’m calling for a boycott of all these insitutions that have profited off the BLOOD, SWEAT, & TEARS of my ancestors. Its really f*&^% up when I as a black man can’t get a damn loan from a bank that made $$ off the labor of my ancestors. That is a travesty of enormous proportions. What we gonna do about it?

Today, many struggles for reparations are being waged. These include the demand for Federal Reparations legislation. There’s also billions of dollars in lawsuits against CSX Railroad Co., R. J. Reynolds and Aetna Inc. for the descendants of enslaved Africans.

Reports state that wachovia issued an apology! As if that will rectify the situation at hand. No, The only way to correct a problem is first to admit it. Next, an independent investigative unit needs to find a way to find justice for those descendants. Were talking about money, plain & simple!

Philadelphia attorney, Michael Coard leader of Avenging the Ancestors Coalition says Wachovia’s apology, is “a publicity stunt that had nothing to do with sincere remorse but everything to do with denying its racism of the past from slave profiteering and of the present from discriminatory redlining.”  In addition, he said; “If Wachovia is truly remorseful, it would put its money where its mouth is. Talk is cheap!”

“ATAC, as part of the overall reparations movement, has been waging an increasingly successful battle to force the federal government to commemorate the enslaved Africans who were owned by George Washington at the first “White House,” which is at the current site of the Liberty Bell in Philadelphia.”

Indeed it is, come up off that paper.  The people deserve better from their government, and its our duty to insure the reality, BY ANY MEANS NECESSARY!!!

Most people don’t know that the founding father of this nation was a “slave owner.” So, it truly calls into question the authenticity of the constitution & the framers to include women, & people of color. They didn’t. Those white men that signed the declaration, like the white men that control & operate with impunity the highest offices in the land never intended for us to have freedom, justice & equality. The proof is evident within every strata of U.S. life.

The author of this article compares redlining in America to illegal foreign policies instituted by the International Monetary Fund, & The World Bank abroad against 3rd world governments. They are, in effect, the same financial instruments. They charge higher interest rates designed to perpetuate debt. Debt is another word for servitude because if you owe me money, then you’re gonna have to work the debt off.

This is the same thing the Slave owners did to the newly freed Americans. They reduced them to indentured servitude or “sharecropping” until they had enough money to buy their way out of DEBT or SLAVERY! Which in America & abroad is the same thing!!

How long will the people SLEEP, and disillusion themselves with false promises from peope who never had their interest at heart? If not now, then WHEN? If NOT US, then WHO?

These financial institutions could not have become the powerful banks they are today if it weren’t for the TREMENDOUS profits they made off the Trans-Atlantic slave trade and CHATTEL slavery.

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