Quote of the day: Slavery and Finance
June 27, 2009
A research project at University College London is seeking to explore the specific links between slavery and the city of London. Rather than dismissing the slavery as either pervasive or insignificant the purpose of the project it to document in detail the role of enslavement in the history of colonialism. Here is an interesting quote that implicates slaves in financial dealings:
“In the case of Mr Rothschild, the documents reveal for the first time that he made personal gains by using slaves as collateral in banking dealings with a slave owner. / This will surprise those familiar with his role in organising the loan that funded the UK government’s bail-out of British slave owners when colonial slavery was abolished in the 1830s. It was the biggest bail-out of an industry as a percentage of annual government expenditure – dwarfing last year’s rescue of the banking sector.”
The complete article in the FT is here.