The Benefactors of Slavery

The legacy of slavery in the United States has deeply intertwined with the economic success of many modern companies and wealthy families. Below, I’ve outlined companies, families, and individuals whose wealth or corporate foundations are tied to slavery. Note that much of this is based on historical research, lawsuits, and public disclosures.

1. Companies That Benefited from Slavery

Many modern corporations either directly benefited from slavery or were tied to industries that relied on enslaved labor, such as banking, insurance, and agriculture.

Banks and Financial Institutions

1. JP Morgan Chase

   • Connection: In 2005, the company publicly acknowledged that two of its predecessor banks—Citizens Bank and Canal Bank in Louisiana—accepted enslaved people as collateral for loans. If borrowers defaulted, the banks took ownership of the enslaved individuals.

   • Disclosure: JP Morgan apologized and created a scholarship fund for African Americans in Louisiana.

2. Wells Fargo

   • Connection: Acquired Wachovia Bank, which was found to have ties to the use of enslaved labor. Wachovia’s predecessors owned enslaved people and used them for construction projects.

3. Citigroup

   • Connection: Has ties to early banking institutions that were involved in financing the slave trade.

4. Bank of America

   • Connection: Traced its origins to banks that were heavily involved in the southern U.S. economy, which was reliant on slavery.

Insurance Companies

1. Aetna

   • Connection: Insured the lives of enslaved people in the 1850s, paying slave owners if the enslaved person died.

   • Apology: Publicly apologized in 2000 for its role in slavery.

2. New York Life Insurance

   • Connection: Sold policies in the 19th century that insured enslaved people, treating them as property.

Railroad and Transportation Companies

1. CSX

   • Connection: Built railroads with enslaved labor, especially in the southern U.S. before the Civil War.

2. Norfolk Southern

   • Connection: Tied to railroad companies that used enslaved labor during construction.

Textile and Agricultural Companies

1. Levi Strauss & Co.

   • Connection: While the company denies direct involvement in slavery, it has been linked to cotton grown by enslaved labor in the 19th century.

2. Brown Brothers Harriman

   • Connection: The oldest private bank in the U.S., it was involved in financing and trading enslaved people.

3. Tobacco and Cotton Industries

   • Many modern agricultural companies grew from plantations that relied on enslaved labor, including those in the southern tobacco and cotton industries.

2. Families That Became Wealthy from Slavery

Certain American families built immense wealth through slavery and related industries. Some of these families remain wealthy and prominent today.

Families Known for Slave Ownership

1. The DeWolf Family (Rhode Island)

   • Connection: The largest slave-trading family in U.S. history, responsible for transporting over 10,000 enslaved Africans.

   • Legacy: The family invested its wealth into industries that laid the foundation for modern American capitalism.

2. The Brown Family (Rhode Island)

   • Connection: Founders of Brown University, which has since acknowledged and studied its ties to slavery.

   • Legacy: Their wealth came from the slave trade and slave-produced goods like sugar and rum.

3. The Breckinridge Family (Kentucky)

   • Connection: Wealthy political family that owned large plantations worked by enslaved people.

4. The Ball Family (South Carolina)

   • Connection: Featured in Edward Ball’s book Slaves in the Family, they owned several rice plantations and enslaved hundreds.

Notable Individual Descendants

1. Anderson Cooper

   • Connection: The CNN journalist is a descendant of the Vanderbilt family, whose wealth stemmed from industries tied to slavery, although not directly from owning enslaved people.

2. Mitch McConnell

   • Connection: The Senate Minority Leader’s family has been documented as owning enslaved people, as revealed in genealogical studies.

3. Thomas Jefferson’s Descendants

   • Connection: Many descendants of the Jefferson family inherited wealth tied to enslaved labor on Monticello, Jefferson’s plantation.

4. James Madison’s Family

   • Connection: Madison, a founding father, owned enslaved people whose labor enriched his estate and descendants.

3. Modern Wealth from Slavery

Many modern fortunes can trace their origins to industries that relied on enslaved labor, even if the connection is indirect:

• Cotton Wealth: The U.S. cotton industry was built on slavery. Major institutions that funded the industry—banks, insurance companies, and railroads—transferred that wealth into the modern economy.

• Elite Universities: Schools like Harvard, Yale, and Princeton were partially funded by donations from families and industries tied to slavery.

4. Efforts to Address the Legacy

Some institutions and families have taken steps to reconcile their ties to slavery:

• Brown University: Established the Center for the Study of Slavery and Justice after uncovering its deep ties to slavery.

• Georgetown University: Acknowledged selling 272 enslaved people to pay off debts in 1838. It now offers reparative scholarships to descendants.

• Edward Ball: Author of Slaves in the Family, he publicly reckoned with his ancestors’ ties to slavery.

Final Thoughts

The connection between modern wealth and slavery is undeniable. While many companies and families have apologized or acknowledged their ties to slavery, the broader economic systems that benefited from slavery’s legacy remain largely unaddressed. Reparations advocates argue that addressing these systems is essential for justice.

Would you like further details on specific companies, families, or how to engage in reparations advocacy?