1 |J o r t la n b (© b s e ru e r
lanuary 26, 2005
L aw & J ustice
Bank Admits Links to Slave Trade
JPMorgan apologizes for brutal, unjust past
(AP) — JPM organ Chase & com panies that have been re­ 1933 assumed some of the failed
Co. is the first company to ac­ quired to do such research are banks assets, and that institution
knowledge that two o f its prede­ banks, in surance com panies, _ the National Bank of Com­
cessor banks had specific links bond underwriters and other fi­ merce in New Orleans _ was a
precursor o f Bank One Corp.
to the slave trade. The filing was nancial vendors.
The bank said that historical Bank One was purchased last
meant to comply with a Chicago
ordinance requiring such disclo­ researchers had found that two year by JPMorgan.
“We apologize to the African-
sures.
now-defunct predecessor banks
The bank, the nation’s second — Citizens Bank and Canal Bank, American community, particu­
largest, said in a statement Thurs­ both based in Louisiana— served larly those who are descendants
day that the two Louisiana banks as banks to plantations from the of slaves, and to the rest of the
American public for the role that
had received thousands o f slaves I 830 b until the Civil War.
The bank estimated that the two Citizens Bank and Canal Bank
as collateral before the Civil War.
The Ne w York-based bank also banks “accepted approximately played,” Harrison and Dimon said
apologized for contributing to “a 13,000enslaved individuals as col­ in their statement. “The slavery
brutal and unjust institution” and lateral for loans to plantations and era was a tragic time in U.S.
said it was setting up a scholar­ that the banks came to own ap­ history and in our com pany’s
ship fund in Louisiana as a way to proximately 1,250 enslaved indi­ history.”
viduals as a result" of defaults.
JPM organ said it was setting
make amends.
The disclosure did not make up a program called Smart Start
JPM organ officials said the
bank undertook the study after clear w hat happened to those Louisiana. The bank will provide
$5 million over five years for full
Chicago passed an ordinance in people.
T he tw o L o u isia n a banks tuition undergraduate scholar­
2003 requiring companies that
do business with the city to re­ merged in 1924 but failed in March ships for African-American stu­
search their history to determine 1933 am id the Depression. A dents from Louisiana to attend
any links to slavery. Among the federally chartered bank in May college in their home state.
Page A5
BLACK HISTORY
MONTH 2005
Reed College celebrates with an art
exhibition, a concert fif special visitors
THE FAIRFIELD FOUR
CONCERT
8 p .m . T o n ig h t - F eb ru ary 2 , K aul A u d ito r iu m
G ram m y A w ard w in n e rs the Fairfield Four, o n e o f th e c o u n try 's m ost a cclaim ed gospel
groups for over 50 years, are m a ste rs o f an a cap p ella style th a t re p re se n ts A frican
A m erican heritage like few others.
CORNEL WEST
LECTURE S ’ BOOK SIGNING
7 :3 0 p .m . F eb ru ary 18
K aul A u d ito r iu m
A uthor o t Race Matters an d th e new
Democracy Matters
TIM SEIBLES
Invasion Suspects Caught on Tape
BLACK PANTHERS 1968:
R e s id e n ts w e re s le e p in g
when two burglars broke into
th eir home on the 1400 block of
Southeast A venue on Jan. 18.
W hen they woke up, they found
their credit cards and th eir car
m issing.
Around 8 a.m. the same m orn­
ing, tw o suspects w alked into
the G atew ay Fred M eyer and
used one o f the stolen cred it
cards. Soon after, they used a
stolen credit card at a 7-11,
w here they were caught on tape.
The suspects are described
as a d ark-haired w hite m ale in
his 20s, betw een 5 feet 1 inch
and 5 feet 6 inches tall, w eigh­
ing betw een 180 to 200 pounds,
Photographs by Ruth-iMarion
Baruch i< Pirkle Jones
EX H IB IT IO N
T h r o u g h February 20
D o u g la s F. C o o le y
M e m o r ia l A rt G a lle r y
All events are free fir open to the
Police say this man and a woman accomplice were caught on store
surveillance video using a credit card stolen ju s t hours earlier from
a southeast Portland home invasion. The robbery occurred between
2 :3 0 a.m. and 8 a.m. while the residents inside slept.
and w earing a tan coat. The
second su sp ect is a blo n d e,
w hite fem ale in her 20s around
5 feet tall, wearing a black jacket
and a w hite sh irt w ith blue
strip e s.
public; seating is limited. Visit
weh.reed.edu/black. history' month/
or call the Reed events line at
503/777-7755.
POETRY READING
8 p .m . F ebruary 2 4
V ollu m L o u n g e
JAMES GIBSON
LECTURE
7 p .m . F eb ruary 2 8
Y ollu m L e c tu r e H a ll
reed
Reed College
3203 SE Woodstock Blvd.
Portland, Oregon
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