National Legal and Policy Center Rips Wachovia Slavery Apology

WASHINGTON—Peter Flaherty, president of the National Legal and Policy Center (NLPC), criticized Wachovia, the nation’s fourth largest bank, for yesterday making an apology for its predecessor banks’ links to slavery. The apology accompanied a report that Wachovia commissioned in response to municipal ordinances in cities like Chicago and Philadelphia.

According to the report, Wachovia merged with, acquired or absorbed some 400 banks since 1781. A total of two banks were identified as having transactions involving slaves prior to the Civil War, which ended 140 years ago. The Georgia Railroad and Banking Company owned 162 slaves and the Bank of Charleston accepted 529 slaves as collateral on loans.

The Wachovia statement reads, in part, “We are deeply saddened by these findings. We apologize to all Americans, and especially to African Americans and people of African descent.”

Flaherty said, “Wachovia may have had to compile this report in order to comply with ordinances in cities where it does business, but nothing required this groveling in the form of an apology. Wachovia should instead apologize to its customers and shareholders for caving into the reparations activists who are not interested in racial justice, but in money.”

“Forcing Wachovia to ransack old records for links to slavery is nothing but a prelude to a shakedown. These municipal ordinances were passed at the behest of activists who seek slave reparations. By trying to appease these hustlers, Wachovia only encourages greater demands.”

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NLPC recently published a 35-page monograph titled, “The Case Against Slave Reparations,” co-authored by Peter Flaherty and John Carlisle. It is available as a pdf at https://www.nlpc.org. It brings to the fore facts missing from the reparations debate, such as:

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