Thursday, January 05, 2006

JP Morgan Counters Mounting Student Boycott Against Educational Loans

It's been a couple of months since I've entered information about the reparations struggle, but events have been happening fast and furious. The most important development is the national campaign mounted by Deadria Farmer-Paellmann to boycott JPMorgan over because of its slaveholding past. . Farmer-Paellmann created a website that advises students to withhold applying to JP Morgan for students loans for their higher education. This is a lucrative market for all banks and as expected, JP Morgan counterattacked by mounting a propaganda ad campaign during the holiday break. Farmer-Paellman says that, "Our boycott campaign is asking students to boycott loans from banks complicit in slavery as a way of demanding a settlement in the slavery restitution lawsuits pending against JP MorganChase and several other banks. The case was filed in March 2002 and is now on appeal in the 7th Circuit
Court of Appeals in Chicago, IL. We are asking for a Humanitarian Trust Fund to be created with settlement funds to be used to improve the lives of slave descendants."

Farmer-Paellman's courage in mounting this suit is in the tradition of Rosa Parks refusing to stand-up 50 years ago on a Montgomery bus. I am always encourage when the "Power of One" is exercised against white supremacy and there is no doubt that the Student-loan-anti JP Morgan campaign will be successful.

Stay tuned...