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Wachovia apologizes for slavery ties. Bank's predecessors owned slaves; company hopes to further awareness of African-American history.
June 2, 2005: 9:31 AM EDT
NEW YORK (CNN/Money) - Wachovia Corporation has apologized for its ties to slavery after disclosing that two of its historical predecessors owned slaves and accepted them as payment.
"On behalf of Wachovia Corporation, I apologize to all Americans, and especially to African-Americans and people of African descent," said Ken Thompson, Wachovia chairman and chief executive officer, in the statement released late Wednesday. "We are deeply saddened by these findings."
What is the real point of doing this? I wholeheartedly agree that slavery was bad, but what good does apologizing more than 150 years after the fact really do? It seems like an exercise in futility to me; unless there is some pro-slavery movement afoot that they are trying to counter--but I doubt that's the case.
