The largest bank in the United States, JP Morgan Chase, owes reparations to African people inside the U.S. and around the world. Like the parasitic capitalist economy that it represents, JP Morgan is a criminal enterprise constructed on a foundation of colonial slavery and genocide.
JP Morgan Chase has an estimated net worth of 2.38 trillion dollars. Their CEO, Jamie Dimon, has a personal net worth of $1.3 billion.
Here are just five reasons – and there are many more – why JP Morgan Chase must pay reparations to African people by turning over its stolen resources to the Black Power Blueprint, a visionary economic development project forwarding the struggle of the African working class for political and economic power.
- JP Morgan Chase accepted over 13,000 enslaved Africans as “collateral” on loans. They themselves OWNED over a THOUSAND enslaved African human beings!
In 2005 The Guardian reported that two of JP Morgan Chase’s predecessor companies had “accepted thousands of slaves as collateral on loans made to plantation owners in the South in the early 19th century. […] Citizens’ Bank and Canal Bank in Louisiana, both now part of JP Morgan, served plantations from the 1830s until the American civil war, which ended in 1865. The banks sometimes took ownership of slaves when the plantation owners defaulted on loans. The company estimated that between 1831 and 1865 the two banks accepted approximately 13,000 slaves as collateral and ended up owning about 1,250 slaves.”
The bank published documents on the enslaved Africans owned by its predecessor companies, but those documents have since been removed from their website.
They listed thousands of enslaved Africans as “un-named individuals” or by first name. Peggy, Jacob, Big Joe, Lucille, Armisted, Monday and Celestine were among the names given to the African human beings who were owned by banks that later merged with Chase in 1931.
The exposure of JP Morgan’s brutal history was necessitated by a Slavery Disclosure Ordinance adopted by the city council of Chicago in 2002 requiring companies to detail past involvement with the slave trade when they are doing business with the city government.
JP Morgan was named in a class action lawsuit filed in 2002 that called for reparations from eighteen companies whose wealth is rooted in slavery, including Lloyd’s of London, FleetBoston, RJ Reynolds Tobacco, Brown & Williamson, CSX Corporation and Lehman Brothers.
Students across the U.S. boycotted JP Morgan Chase student loans, demanding that the bank pay reparations to African people.
Eventually, JP Morgan sent out an “apology” to their investors for profiteering from the use of enslaved African people as collateral. The bank, with total assets of 2.7 trillion dollars, then created a paltry five million dollar scholarship fund for black students in Louisiana, a desperate public relations maneuver designed to mute the demand for reparations.
- Two of Chase bank’s predecessors in New York worked with an insurance company to insure colonial slave masters against the “loss of their property”, meaning the death of an enslaved African person.
During the period of chattel slavery, New York received 40 percent of U.S. cotton revenue through money earned by its financial firms and insurance companies.
In 2000 The Nation reported:
“[…] two US banks that were later taken over by Chase were described in an 1852 information circular as servicers of insurance policies issued on the lives of slaves. Titled ‘A Method by Which Slave Owners May Be Protected From Loss,’ the circular, put out by the National Loan Fund Life Assurance Company of London, describes, among others, The Merchants Bank and The Leather Manufacturers Bank, both of New York, as having the legal authority ‘to accept risks, adjust and pay claims.’
“The presidents of the two banks are listed on the circular as members of the New York board of directors of the London insurance company. The circular names medical examiners in Virginia, North Carolina and Washington, DC, who were authorized to examine slaves and also offers details about the insurance policies. For example: ‘A Slave aged 30 years can be insured for $500, for a year, for $11.25; and if he dies, the owner, although deprived of the revenue of his labour…will still not be unrecompensed for his loss; for there will still remain to him–not his Slave–but the $500 which constituted his value….’”
- JP Morgan Chase financed the colonial prison industry responsible for the mass incarceration of African people in the U.S.
JP Morgan Chase has been a major investor in the private prison industry, profiting from the mass incarceration of African people.
An April 2018 report revealed that JPMorgan Chase was the largest lender to private prison corporations, GEO Group and CoreCivic, holding $254 million in their debt as of June 2017. JPMorgan underwrote another $159.5 million bond for CoreCivic to finance the construction of a 2,432-bed corrections facility in Kansas. (Source)
- JP Morgan Chase and the U.S. banks launder billions and provide ships for CIA-backed drug trafficking.
JP Morgan Chase, like all of the largest banks in the U.S. has a long history of propping up CIA drug cartels by laundering billions of dollars for them, and now even by providing ships.
As reported in July of last year, in Philadelphia, PA, the U.S. Customs and Border Protection seized a cargo vessel containing nearly twenty tons of cocaine, totaling an estimated value of about $1.3 billion. That ship was owned by JP Morgan Chase.
JP Morgan Chase, along with HSBC, Western Union, Bank of America, Citigroup, and Wachovia have refused to comply with American anti-money laundering (AML) laws (Source). The role of the U.S. banking industry in laundering money for CIA-backed drug traffickers who brought in tons of lethal drugs including heroin and crack cocaine as a form of chemical warfare against the colonized African community inside this country is yet another reason why JP Morgan Chase owes reparations.
Under the banner of the “war on drugs” the U.S. colonial-capitalist state has flooded African communities with militarized police, criminalized and slandered African people and locked up African people by the millions in the colonial prison system.
- JP Morgan Chase profits from the COVID-19 pandemic as genocidal conditions ravage African and Indigenous communities.
JP Morgan Chase was among the banks to receive government bailout funds amounting to trillions of dollars from the CARES Act. Although the Federal Reserve has yet to disclose the names of the banks to receive funds from the more than $2 trillion slush fund, The Burning Spear newspaper reported that many of the same banks who received over $29 trillion during the Obama era were the first in line for COVID-19 cash.
JP Morgan, Wells Fargo, Citibank collectively made $10 billion from fees processing loans from the small business aid alloted by the CARES Act . The majority of those loans went to big businesses. Almost none went to African businesses. (Source)
For their wealthiest clients, the New York Times reports, these banks—including JPMorgan Chase and Citibank—offered “concierge treatment” to fast-track their loan applications. Their wealthiest clients would by-pass glitchy online portals and received step-by-step guidance over the phone on how to submit the paperwork. Many small businesses couldn’t get their loan applications submitted before all the cash was gobbled up by big businesses.
Join the campaign to Make Wall Street Pay Reparations
The Uhuru Solidarity Movement calls on white people to join the campaign to demand reparations from JP Morgan Chase and the entire Wall Street parasitic capitalist billionaire and millionaire elite. Take action under the leadership of the African Revolution as a genuine fight back against imperialism and parasitic capitalism.
Join the campaign to “Make Wall Street Pay Reparations” at UhuruSolidarity.org/WallStreet