Just so you know:
The lease of four downtown Chicago parking garages to Morgan Stanley will go forward despite objections raised because of the company's alleged ties to slavery.
In a 37-to-8 vote, the Chicago City Council approved the 99-year lease of the garages to the huge banking concern.
Alderman Dorothy Tillman says she will go to court to block the deal.
Under a city ordinance sponsored by Tillman in 2002, a company that falsely claims no past connections to slavery loses its city contracts.
Tillman contends the disclosure requirement applies to Morgan Stanley because it is a successor firm of J-P Morgan and Company.
But Corporation Counsel Mara Georges says there is no direct tie. She says three mortgage bankers who had been employed by J-P Morgan joined mortgage bankers from another firm to form Morgan Stanley.
Okay. So Morgan Stanley’s ties to slavery are pretty tenuous. They allegation stems from the discovery by Tillman’s daughter that Riggs, Peabody and Co., a predecessor of J.P. Morgan Chase, allowed 13,000 slaves to be used as collateral on loans and wound up owning 1,250 slaves when those loans went south. Morgan Stanley split from JP Morgan back in the thirties. So technically there are some ties there.
But then again, Morgan Stanley is going to pay hundreds of millions to Chicago for those leases. And at least 37 Chicago city councilfolks think that’s a whole lot more important than slavery.
Despite alleged ties to slavery, Morgan Stanley gets Chicago contract [Associated Press in WQAD]