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The 7 - Current Events & Politics - Wachovia Apologizes for Slavery Ties
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DrOp
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#1 Posted on 2.6.05 0848.17
Reposted on: 2.6.12 0853.07
I just saw this on CNN and thought it was interesting. Is there a way to announce and admit these things without angry backlash? (I hope so). This remains (IMHO) one of those scars that hasn't really healed completely--yet goes either ignored or untreated. I hope thet we can eventually get to a place where all Americans can look back on the ugliness that was slavery, embrace it for what it was, understand it's present-day implications, and move forward.

http://money.cnn.com/2005/06/02/news/fortune500/wachovia_slavery/index.htm?cnn=yes

    Originally posted by CNN.Money

    "On behalf of Wachovia Corporation, I apologize to all Americans, and especially to African-Americans and people of African descent," said Ken Thompson, Wachovia chairman and chief executive officer in a statement released late Wednesday. "We are deeply saddened by these findings."

    The company hired historians who found that the Georgia Railroad and Banking Company and the Bank of Charleston -- institutions that ultimately became part of Wachovia through acquisitions -- owned slaves, Wachovia said in a statement.
    ...
    "We want to promote a better understanding of the African-American experience, including the unique struggles, triumphs and contributions of African-Americans, and their important role in America's past and present," he added.

    Wachovia has made the full research report available on its Web site, and said it plans to partner with community organizations to further awareness of African-American history.

    Wachovia, one of the nation's largest financial services providers, joins fellow banking giant J.P. Morgan in apologizing for ties to slavery, which ended in the U.S. in 1865.
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DJ FrostyFreeze
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#2 Posted on 2.6.05 1046.44
Reposted on: 2.6.12 1047.05
    Originally posted by CNN.com Money
    The announcement comes as a handful of cities nationwide propose initiatives requiring banks and other large companies to investigate and disclose ties to slavery.
Interesting. Any idea why? Just for the sake of disclosure?
DrOp
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#3 Posted on 2.6.05 1050.36
Reposted on: 2.6.12 1051.51
The cynic in me says that they're going to file class action lawsuits for damages, etc.

I hope not.
Grimis
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#4 Posted on 2.6.05 1053.17
Reposted on: 2.6.12 1053.18
    Originally posted by DJ FrostyFreeze
    Interesting. Any idea why? Just for the sake of disclosure?
To collect documentation to push for reparations...
Crimedog
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#5 Posted on 2.6.05 1132.00
Reposted on: 2.6.12 1136.30
    Originally posted by Grimis
      Originally posted by DJ FrostyFreeze
      Interesting. Any idea why? Just for the sake of disclosure?
    To collect documentation to push for reparations...


I'll gladly pay extra in taxes for slavery reparations. To anyone alive who was actually a slave.
CRZ
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#6 Posted on 2.6.05 1301.59
Reposted on: 2.6.12 1303.08
A little light reading... http://www.wachovia.com/files/Full_Research_Report_The%20History%20Factory.pdf (111 page PDF)
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#7 Posted on 2.6.05 1605.50
Reposted on: 2.6.12 1608.18
Reparations to specific decendants are meaningless.
That's the problem with apologies in general (not this specific case--but ALL apologies)--for so many people, the desire to see the other person perform the act of contrition bears more importance than the thoughtful regret behind it if there even IS any). Most people want you to bow down (for lack of a better phrase this instant) rather than truly express how regretful you feel.

There ARE many ripples in today's water that trace back to slavery, but reparations is not the route to take to address them.
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