DIRTY DOZEN SPOTLIGHT

DIRTY DOZEN SPOTLIGHT

Citibank’s Dark History and Ties to the Slave Industrial Complex

Welcome to our weekly feature, “DIRTY DOZEN SPOTLIGHT,” where we uncover the unsettling stories of the foundational banking and insurance corporations complicit in perpetuating and profiteering from the slave industrial complex. This week, we shine a light on Citibank and its troubling connection to the horrors of slavery. By bringing these truths to the forefront, we aim to promote awareness, foster accountability, and pave the way for a more just and inclusive future.

Citibank’s Complicity: From the Beginning Founded in 1812 as the City Bank of New York, Citibank’s early years were marked by its founder’s ties to the institution of slavery. Samuel Osgood, a prominent figure in the establishment of Citibank, was a known slave owner. This troubling fact reveals the deep-rooted connection between the bank’s foundation and the slave economy that fueled the nation. Citibank flourished while supporting slaveholders and their businesses during the ante-bellum period profiting from the enslavement of African Americans. The bank provided crucial financial services, loans, and capital to plantation owners, enabling the perpetuation of the slave economy. In doing so, Citibank was complicit in the suffering and exploitation of countless individuals.

Collateralizing Human Lives for Profit: Not only did Citibank facilitate financial transactions and loans related to slavery, but it also treated enslaved individuals as mere collateral. This dehumanizing practice involved using enslaved people as assets against loans, turning human lives into commodities for profit. Furthermore, the bank’s participation in slave auctions further highlights its direct involvement in the buying and selling of enslaved individuals.

Citibank’s Path to Redemption: In more recent years, Citibank has taken steps to acknowledge and address its historical ties to slavery. In 2005, the bank issued a public apology for its involvement and committed to promoting racial equality and economic empowerment. Citibank has also pledged financial support to organizations and initiatives working towards social justice and equality.

Citibank’s entanglement with the slave industrial complex exposes the shadows of its historical legacy. Through our “DIRTY DOZEN SPOTLIGHT” series, we aim to spark meaningful conversations that lead to greater awareness, analysis, and action. By addressing our past, we can forge a future built on justice, equality, and reconciliation. Stay tuned for more features as we continue to shed light on influential entities entwined in the troubling history of slavery.