This false parastatal was raided by white Wall Street "advisers," bandits and insiders with speculative mortgage loans on non-existent land, unsecured loans and by whimsical pillaging schemes; and out right theft. All this was facilitated by Congress, which in 1870, amended the original charter, which had limited Freedman's bank investments to only government back securities. That devious amendment opened up the spigot to thieves and crooks. Meanwhile black officers and board members took the blame, and shame, for the failure, although they did not profit. All the branches' money was returned to Washington, D. C., not invested locally, where raised by law. Their white "financial friends" got the ex-slaves' hard-earned money. Congress never repaid these losses that it and various Presidents made possible, despite decades of attempts by black politicians into the early 1900s! It was rape by a presumptive government backed parastatal, that was nothing but a conduit for fraud and theft of black people's money, faith, thrift, and zeal for collaborative enterprise!
http://www.thefreedictionary.com/parastatal
http://www.ask.com/wiki/Freedman's_Savings_Bank?o=2800&qsrc=999&ad=doubleDown&an=apn&ap=ask.com
African American History
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March 3, 1865 - President Lincoln signed legislation to incorporate the Freedmen’s Savings and Trust Company, commonly known as the Freedmen’s Bank. The bank was set up to received deposits only “by or on behalf of persons heretofore held in slavery in the United States, or their descendants.” At its peak, the bank operated 37 branches in 17 states and the District of Columbia making it one of the first multi-state banks in the nation and by 1870 nearly all the branches were run by African Americans. The bank was closed in June, 1874 due to massive fraud by upper management and the board of directors and the economic instability resulting from the Panic of 1873. “The Freedmen’s Saving Bank: A Chapter in the Economic History of the Negro Race” was published in 1927.
Tuesday, March 3, 2015
FREEDMEN'S SAVINGS BANK AND TRUST: A FALSE AND FRAUDULENT PARASTATAL
This false parastatal was raided by white Wall Street "advisers," bandits and insiders with speculative mortgage loans on non-existent land, unsecured loans and by whimsical pillaging schemes; and out right theft. All this was facilitated by Congress, which in 1870, amended the original charter, which had limited Freedman's bank investments to only government back securities. That devious amendment opened up the spigot to thieves and crooks. Meanwhile black officers and board members took the blame, and shame, for the failure, although they did not profit. All the branches' money was returned to Washington, D. C., not invested locally, where raised by law. Their white "financial friends" got the ex-slaves' hard-earned money. Congress never repaid these losses that it and various Presidents made possible, despite decades of attempts by black politicians into the early 1900s! It was rape by a presumptive government backed parastatal, that was nothing but a conduit for fraud and theft of black people's money, faith, thrift, and zeal for collaborative enterprise!
http://www.thefreedictionary.com/parastatal
http://www.ask.com/wiki/Freedman's_Savings_Bank?o=2800&qsrc=999&ad=doubleDown&an=apn&ap=ask.com
African American History
Please like and share
March 3, 1865 - President Lincoln signed legislation to incorporate the Freedmen’s Savings and Trust Company, commonly known as the Freedmen’s Bank. The bank was set up to received deposits only “by or on behalf of persons heretofore held in slavery in the United States, or their descendants.” At its peak, the bank operated 37 branches in 17 states and the District of Columbia making it one of the first multi-state banks in the nation and by 1870 nearly all the branches were run by African Americans. The bank was closed in June, 1874 due to massive fraud by upper management and the board of directors and the economic instability resulting from the Panic of 1873. “The Freedmen’s Saving Bank: A Chapter in the Economic History of the Negro Race” was published in 1927.