JPMorgan Admits Ties to Slavery

from The Chicago Tribune

JPMorgan Chase & Co. on Thursday filed a disclosure statement with the city of Chicago acknowledging that two of its predecessor banks had received thousands of slaves as collateral prior to the Civil War.

"...We apologize to the African-American community, particularly those who are descendants of slaves, and to the rest of the American public for the role that Citizens Bank and Canal Bank played," [bank chairman and president] Harrison and Dimon said in their statement. "The slavery era was a tragic time in U.S. history and in our company's history."