Lehman Brothers takes a financial hit over ties to slavery

[NNN0LHI]

http://www.suntimes.com/output/news/cst-nws-slave02.html

A financial services firm that employs Mayor Daley's handpicked CTA board chairwoman acknowledged Friday that it has been removed as co-underwriter of a $1.5 billion O'Hare Airport bond issue after failing to file an amended economic disclosure statement spelling out its past ties to slavery.

The decision to remove Lehman Brothers marks the first time that a company has suffered financial consequences for failing to honor a slave disclosure ordinance pioneered in Chicago and copied across the nation.

The punishment comes a few weeks after Lehman Brothers acknowledged that its founders owned not one, but several slaves during the Civil War era and that, "in all likelihood," the firm "profited significantly" from slavery.

At the time, general counsel Joe Polizzotto said the firm was "deeply apologetic" for what it called the "sad part of our heritage" and vowed to do more research before filing an amended disclosure statement.

$500,000 fine