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Boycott JP Morgan Chase Student Loans!

Since JP Morgan Chase refuses to settle a slavery restitution case, students, hip hop artists, and diverse activists are calling for a boycott of the bank's student loans, which earn JP Morgan Chase over $9 billion a year.
Deadria Farmer-Paellmann speaks at rally
Deadria Farmer-Paellmann speaks at rally
Since JP Morgan Chase refuses to do the decent thing - settle a slavery restitution case pending in the 7th Circuit Court of Appeals in Chicago - students, hip hop artists, church leaders, elected officials, and reparationists are trying to reach the corporation through the only thing it seems to value: its bottom line. JP Morgan Chase and its subsidiary, Bank One, are the #1 student loan providers in the United States. Therefore, activists are calling for a boycott of the bank's student loans, which earn JP Morgan Chase over $9 billion a year.

The campaign, entitled "One Student," is being coordinated by the Restitution Study Group, a New York non-profit headed by Deadria Farmer-Paellmann, lead plaintiff in the lawsuit. In 2000, she launched the movement for corporate restitution for slavery when she exposed that Aetna Inc. wrote life insurance policies on the lives of enslaved Africans with slave-owners as the beneficiaries. In 2002, she filed the landmark reparations case against corporations, which is currently on appeal. The lawsuit demands that a humanitarian trust fund be created to heal the injuries descendants of slavery suffer today as a result of slavery - i.e. urban poverty, inadequate healthcare, and lost housing, employment, educational, and business opportunities.

As Farmer-Paellmann explained in a December 5th press conference and rally at JP Morgan Chase headquarters in New York City, there is extensive evidence linking the bank to the enslavement of over 14,250 Africans. When, due to Chicago's Slave Era Disclosure Ordinance, the bank was forced to reveal its complicity in slavery or lose lucrative vendor contracts with the city, it admitted that 13,000 enslaved Africans were used as collateral for loans from the bank and that they had owned another 1,250 enslaved Africans.

"JP Morgan Chase amassed enormous wealth off the backs of enslaved Africans," Farmer-Paellmann stated. "It participated in institutionalized terrorism, genocide, rape, torture, and theft of humans. It owes us restitution, but refuses to pay. It has left us no choice but to boycott."

The Restitution Study Group is also going to demand that Elliott Spitzer, the Attorney General of New York State, and Attorney Generals in the other 49 states hold hearings to find out exactly what JP Morgan Chase's role was in the institution of slavery, what their profits were, and what those profits are worth today. "We want to bring the CEO before a grand jury, and under penalty of perjury, have him reveal what their profits were from slavery," Farmer-Paellmann concluded.

One of the lead attorneys in the case is Carl Mayer, former Special Counsel to Attorney General Spitzer. Mayer is a prominent consumer advocate who played a key role in the Supreme Court victory in the case against Nike for making fraudulent statements to consumers about its role in inhumane labor practices in its overseas factories. He promises to take this case all the way to the Supreme Court too if necessary.

Mayer spoke about the fact that while JP Morgan Chase apologized for its role in slavery, it does nothing more than offer a measly $5 million scholarship fund. "That is a mere trifle to this institution," Mayer declared. "Let's just do the numbers."

He explained that JP Morgan Chase has $1.2 trillion in assets. Therefore, $5 million is only one 1,000th of 1% of that - an amount so infinitesimal it's hard to even grasp. Another way to break it down, Mayer said, is to look at it in relation to what JP Morgan Chase pays its CEO: $50 million last year. "I think they could part with more than the equivalent of ninety days of their CEO's salary if they wanted to make a real gesture for the heinous acts that their bank committed in the past," he stated.

Mayer pointed out, too, that that if you take it back to 1831 when JP Morgan owned enslaved Africans, $5 million amounted to about $400. "This means that in this bank's opinion, the life of each slave is worth roughly 33 cents. That's an outrage in terms of what they're offering to deal with this litigation," he concluded

Students and reparations activists on campuses around the country are distributing flyers entitled, "Ten Reasons Why Students Should Boycott JP Morgan Chase Student Loans." Divine Shabazz, a student leader at Southern Connecticut State University, noted, "Our campus has 29 different preferred student loan lenders. Four are slavery banks that should be boycotted - Chase, Bank One, Bank of America, and Wachovia. That leaves 25 better choices for our student loans."

Nana Soul, a youth singer and activist with Artists and Activists United for Peace, said that she found the rally inspirational because it is grass roots organizations and individuals who must spearhead the reparations movement. "This is a movement that's going to be built from the ground up, just like we built this country," she declared. "If we did it once 400 years ago, we can do it again. But this time the building is going to be a righteous one because we're going to obtain the freedom we have been fighting for."

Another powerful speaker was artist/educator/actor Yaa Asantewaa Nzingha, who was terminated by the NYC School System for teaching African children born in America to call themselves Africans. She said that she supports reparations as a tool for repairing the damage - the meaning of reparations - that has been done to children's minds. "When I was teaching, many of the youth felt they were incapable of learning subjects like math and science because of the propaganda that had been forced on them in American society," Nzingha stated. But she would explain to the youth that they are African so they had to be great scientists and mathematicians because their people created these things. "This is in your blood," she would tell them.

Also attending the rally was Queen Mother Dr. Delois Blakely, who poured the libation and demanded reparations in the name of the ancestors. Present too was Leslie Brown, producer of the excellent documentary film Untold Legacy, which focuses on the effort to pass a Slave Era Disclosure Ordinance in New York City, modeled on the Chicago law that compelled JP Morgan Chase to disclose its ugly past. "It's crucial that we educate as many people as possible about JP Morgan's history of enslaving Africans so all people of conscience can join in this boycott," she commented.

For more information, visit the "One Student" website at:  http://www.onestudent.us/.

Read more of Donna's articles at  http://www.donnalamb.com/

homepage: homepage: http://www.donnalamb.com/


History of Money: a student magnet 02.Jan.2006 03:48

Eustace Mullins

Students attracted here to read warnings to student-types, may read on into a dazzling History of Money, US Reserve Note version, Release 1910.

In the fact of it, this warning is better than the warning you came for.

Here's the link and a clip to get you started.

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 http://www.modernhistoryproject.org/mhp/ArticleDisplay.php?Article=FedReserve&Entity=FRBNY
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Secrets of the Federal Reserve
The history, organization and controlling interests behind the Federal Reserve
-- by Eustace Mullins, 1985

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Chapter 1: Jekyll Island
Paul Warburg and the Jekyll Island conference of 1910

* The Jekyll Island Hunt Club
* The Plan for a New Central Bank
* Footnotes

"The matter of a uniform discount rate was discussed and settled at Jekyll Island." --Paul M. Warburg [1]

The Jekyll Island Hunt Club

On the night of November 22, 1910, a group of newspaper reporters stood disconsolately in the railway station at Hoboken, New Jersey. They had just watched a delegation of the nation's leading financiers leave the station on a secret mission. It would be years before they discovered what that mission was, and even then they would not understand that the history of the United States underwent a drastic change after that night in Hoboken.

The delegation had left in a sealed railway car, with blinds drawn, for an undisclosed destination. They were led by Senator Nelson Aldrich, head of the National Monetary Commission. President Theodore Roosevelt had signed into law the bill creating the National Monetary Commission in 1908, after the tragic Panic of 1907 had resulted in a public outcry that the nation's monetary system be stabilized. Aldrich had led the members of the Commission on a two-year tour of Europe, spending some three hundred thousand dollars of public money. He had not yet made a report on the results of this trip, nor had he offered any plan for banking reform.

Accompanying Senator Aldrich at the Hoboken station were his private secretary, Shelton; A. Piatt Andrew, Assistant Secretary of the Treasury, and Special Assistant of the National Monetary Commission; Frank Vanderlip, president of the National City Bank of New York; Henry P. Davison, senior partner of J.P. Morgan Company, and generally regarded as Morgan's personal emissary; and Charles D. Norton, president of the Morgan-dominated First National Bank of New York. Joining the group just before the train left the station were Benjamin Strong, also known as a lieutenant of J.P. Morgan; and Paul Warburg, a recent immigrant from Germany who had joined the banking house of Kuhn, Loeb

Six years later, a financial writer named Bertie Charles Forbes who later founded the Forbes Magazine (the present editor, Malcom Forbes, is his son) wrote:
"Picture a party of the nation's greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily hieing hundred of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written . . . .

The utmost secrecy was enjoined upon all. The public must not glean a hint of what was to be done. Senator Aldrich notified each one to go quietly into a private car of which the railroad had received orders to draw up on an unfrequented platform. Off the party set. New York's ubiquitous reporters had been foiled . . . Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry . . . . Warburg is the link that binds the Aldrich system and the present system together. He more than any one man has made the system possible as a working reality." [2]

The official biography of Senator Nelson Aldrich states:
"In the autumn of 1910, six men went out to shoot ducks, Aldrich, his secretary Shelton, Andrews, Davison, Vanderlip and Warburg. Reporters were waiting at the Brunswick (Georgia) station. Mr. Davison went out and talked to them. The reporters dispersed and the secret of the strange journey was not divulged. Mr. Aldrich asked him how he had managed it and he did not volunteer the information." [3]

Davison had an excellent reputation as the person who could conciliate warring factions, a role he had performed for J.P. Morgan during the settling of the Money Panic of 1907. Another Morgan partner, T.W. Lamont, says: "Henry P. Davison served as arbitrator of the Jekyll Island expedition." [4]

From these references, it is possible to piece together the story. Aldrich's private car, which had left Hoboken station with its shades drawn, had taken the financiers to Jekyll Island, Georgia. Some years earlier, a very exclusive group of millionaires, led by J.P. Morgan, had purchased the island as a winter retreat. They called themselves the Jekyll Island Hunt Club, and at first the island was used only for hunting expeditions until the millionaires realized that its pleasant climate offered a warm retreat from the rigors of winters in New York, and began to build splendid mansions which they called "cottages" for their families' winter vacations. The club building itself, being quite isolated, was sometimes in demand for stag parties and other pursuits unrelated to hunting. On such occasions, the club members who were not invited to these specific outings were asked not to appear there for a certain number of days. Before Nelson Aldrich's party had left New York, the club's members had been notified that the club would be occupied for the next two weeks.
The Jekyll Island Club was chosen as the place to draft the plan for control of the money and credit of the people of the United States, not only because of its isolation, but also because it was the private preserve of the people who were drafting the plan. The New York Times later noted, on May 3, 1931, in commenting on the death of George F. Baker, one of J.P. Morgan's closest associates, that ...

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