Company wins parking contract despite alleged tie to slavery
A Chicago alderwoman failed to stop a $563 million deal to lease four parking garages to a company she says failed to disclose its past connection to slavery. Alderwoman Dorothy Tillman says Morgan Stanley Investment Management, the company that will lease the garages, failed to disclose, as the city requires, that its predecessor, J.P. Morgan & Co., profited from slavery. A city attorney says she determined that Morgan Stanley was formed as a separate company from J.P. Morgan and, under the law, the investment firm was not required to report the link to the old company. Tillman and seven other African-American aldermen voted against the contract, but 37 other city council members, including seven other black aldermen, voted for it.
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