- Dec 14, 2000
- 68,143
- 10
- 81
http://www.chicagotribune.com/news/poli...tory,1,4613040.story?coll=chi-news-hed
A plan to lease four downtown parking garages for $563 million won the approval of the City Council's Finance Committee on Monday, but not before an angry alderman vowed to file suit to block the transaction.
Morgan Stanley's Investment Management Division was the high bidder for a 99-year lease for the city's Millennium Park garage and three facilities owned by the Chicago Park District-the Grant Park North, Grant Park South and East Monroe Street garages.
But Ald. Dorothy Tillman (3rd) contended that Morgan Stanley violated a city ordinance by failing to disclose past ties to slavery in a required filing with the city.
Companies that do business with the city must reveal if they or their predecessor firms once had investments in slavery or profited from the slave trade.
The city Law Department concluded that Morgan Stanley correctly checked the "no" box. J.P. Morgan and Co. had slavery connections, but Morgan Stanley could not be considered a successor, according to city lawyers. Its founders once worked for J.P. Morgan, but left in 1935 to form the investment banking firm.
With the help of attorneys active in the reparations movement, Tillman said she will file suit.
Referring to the 99-year length of the proposed garage lease, Tillman declared, "My people suffered for 400 years, and there would not be J.P. Morgan if black folks didn't work free."
Ald. Edward Burke (14th), the committee's chairman, said, "I think there may be a legitimate difference of opinion. Ald. Tillman has articulated that. If she goes to court, hopefully we will get the direction of the court."
urrh. wow. not really sure what to say. just fricken amazing.
A plan to lease four downtown parking garages for $563 million won the approval of the City Council's Finance Committee on Monday, but not before an angry alderman vowed to file suit to block the transaction.
Morgan Stanley's Investment Management Division was the high bidder for a 99-year lease for the city's Millennium Park garage and three facilities owned by the Chicago Park District-the Grant Park North, Grant Park South and East Monroe Street garages.
But Ald. Dorothy Tillman (3rd) contended that Morgan Stanley violated a city ordinance by failing to disclose past ties to slavery in a required filing with the city.
Companies that do business with the city must reveal if they or their predecessor firms once had investments in slavery or profited from the slave trade.
The city Law Department concluded that Morgan Stanley correctly checked the "no" box. J.P. Morgan and Co. had slavery connections, but Morgan Stanley could not be considered a successor, according to city lawyers. Its founders once worked for J.P. Morgan, but left in 1935 to form the investment banking firm.
With the help of attorneys active in the reparations movement, Tillman said she will file suit.
Referring to the 99-year length of the proposed garage lease, Tillman declared, "My people suffered for 400 years, and there would not be J.P. Morgan if black folks didn't work free."
Ald. Edward Burke (14th), the committee's chairman, said, "I think there may be a legitimate difference of opinion. Ald. Tillman has articulated that. If she goes to court, hopefully we will get the direction of the court."
urrh. wow. not really sure what to say. just fricken amazing.
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