Huntsville, February 14th, 2005
JP Morgan Chase & Co., the second most important bank in the USA, now acknowledges its active participation in the slave trade. The firm presented its apologies to African Americans and Americans but forgot to apologize to Africans and Africa.
To compensate for its crimes against humanity, the powerful JP Morgan Bank has set up a program to “provide $5 million over five years for full tuition and undergraduate scholarships for African-American students from Louisiana to attend college in their home state…? The Associated Press 01-21-2005.If one takes the 1860’s prices for slaves as an estimate of their labor value, and then applies the appropriate compounding interests, the result will reach $2 trillion to $4 trillion (The Cost of Slavery February 15, 2003 by Dalton Conley).
What is $5 million over 5 years for tuition and fees compared to $2 to $4 trillion? This is adding insult to injury, and is simply not acceptable to the African-American community.
Rael, founder and leader of the Raelian Movement, which includes among its members a large number of African-Americans and Africans, demands that the highest compensation be paid to the African-Americans for their free labor which has contributed immensely to the building and development of America and its financial institutions.
The Raelian Movement strongly denounces this gesture from a bank as wealthy as JP Morgan. Their so-called reparation is not a true compensation. Instead, it is an insult and a disgrace from an institution that has built its wealth for hundreds of years on the backs of millions of black slaves.