Monday, August 15, 2005
Wachovia's Manipulative Ways Being Exposed
The Wachovia Corporation continues to be exposed about its disingenous way of doing business. Two stories during the past week illustrate this. In Philadelphia, the bank has been criticized for not negotiating with 5,000 poor homeowners who have defaulted on their home loans so that they will not be foreclosed. Keep in mind we are talking about a corporation whose 2003 assets were $24.5 billion.
South Carolina Black lawmakers also see the recent "partnerships" with national Black organizations for what they are as well---a set of nothingburgers. South Carolina state legislator Robert Ford said the promised "$10 million" should be in the neighborhood of "$200 billion" and would then be viewed as a sincere attempt to atone for Wachovia's slaveholding past.
What is ironic about both JPMorgan and Wachovia's admission to their past histories of enslaving Afrikans is that in 10 years if not sooner, these paltry sums --- $15 million between both of them --- will be a public relations nightmare. Reparations for enslavement are inevitable, and these two corporations had the first chances of doing the right thing, but instead opted to continue their exploitive histories of Afrikans in Amerikkka. It will come back to haunt them...