Tillman hearing links bank to slavery

If JP Morgan Chase Bank has any ties to the slave era, then it should pay reparations and restitution before the proposed $1.1 trillion Chase and Chicago-based Bank One merger takes place, Alderman Dorothy Tillman (3rd) and a lawyer said Thursday.

JP Morgan Chase officials will have a chance to either deny or confirm their link to the slave trade when representatives appear before a joint hearing of the Finance and Human Relations Committees 10 a.m. today (FRIDAY) in the City Council chambers. JP Morgan Chase is also facing some tough issues from Lt. Gov. Pat Quinn, who agrees with Tillman that the bank must answer questions about its alleged ties to slavery as mandated by city ordinance.

"We are going to show a relationship between JP Morgan and how his money was tied" into this industry, said Tillman. "They are constantly denying any connection of slavery," Tillman said adding "but, they are going to have to discuss and expose their role with slavery."

"They are merging with one of our largest banks in the city, Bank One, and our community and the city need to know JP Morgan relationship with slavery," said Tillman, who believes "everything in the U.S. was started on the backs of slavery.

"And, they have a responsibility to pay... including the J.P. House of Morgan" exist today because of slavery," Tillman said.

One of the questioners will be attorney Deadria Farmer-Paellmann, executive director Restitution Study Group who is also the lead plaintiff in the class action lawsuit that is pending the U.S. federal court in Chicago.

"My greatest concern about the merger is that the two banks coming together will form one of the largest companies in the world," she told the Chicago Defender before leaving for New York headed for Chicago.

"Unfortunately, they have not resolved this horrible record of injustice against enslaved Africans, and if they are in possession of wealth earned from playing a role in genocide and other crimes against humanity, then they should definitely pay restitution before the merger," she said.

Making it clear, Farmer-Paellmann said: "The bank should take responsibility for this crime against humanity that they committed and pay reparations and restitution before the merger takes place," she said.

But, Quinn is also putting JP Morgan Chase under the microscope. He's holding his own press conference 1:30 p.m. Friday at the James R. Thompson Center where he and community activists are urging the Federal Reserve Bank to give consumers a voice in the impending merger.

"We're asking the Feds to extend the March 15 deadline for comment on the merger and expand the deadline by 60-days, then schedule public hearings," said Quinn.

Article copyright Sengstacke Enterprises, Inc.