WHO ACTUALLY FINANCED SLAVERY IN AMERICA? ARE THE INSTITUTIONS THAT DID STILL ACTIVE IN AMERICA TODAY? In 1781, Wachovia Bank of North Carolina was founded on the profits of the slave trade. Its predecessors, the Bank of Charleston, S.C., and the Bank of North America, made loans to slave “owners” and accepted slaves as collateral. When the owners defaulted on the loans the banks became the new slave owners. The Morgan family of Massachusetts was a major stock broker. JP Morgan brokers became JP Morgan/Chase. Their predecessor banks also made loans to slave owners and accepted 13,000 enslaved Africans as “collateral.” When owners defaulted, the banks acquired their fortunes by becoming the new owners of 1,250 slaves. Chase Bank is owned by the Rockefeller family. Another profitable company was Aetna Insurance Co., which sold insurance to slave owners wanting to protect their investments of human cargo aboard the slave ships and on the plantations, should a slave die. The life insurance policies, issued in the 1850s, were intended to compensate slave owners for the loss of people who were at that time considered “property.” Slavery resulted in these capitalistic enterprises becoming profitable and powerful. The foundation of U.S. capitalism was built on slave labor and racism. After the Civil War, the U.S. went from competitive capitalism to imperialism and became a financial empire.
Posted on: Fri, 29 Nov 2013 05:45:39 +0000
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