Descendants Of Slaves Owned By Georgetown University Want $1 Billion

Last week we noted that Georgetown University President, John DeGioia, announced plans to grant preferential admission consideration to descendants of slaves formerly owned and sold by the university in 1838 (see “Georgetown To Grant Admission Preference To Slave Descendants“). According to a report of a special “Working Group” of the university, two priests who served as president back in 1838 orchestrated the sale of 272 slaves netting the university $115,000 ($3mm in current dollars) which was used to pay off school debts. The “preference in admissions,” along with an official apology from President DeGioia, was part of the
school’s effort to “atone” for profiting from the sale of enslaved
people.
As part of our note, we suggested that Georgetown should post their “bid” of “preference in admissions” to the officialReparations website so that an official market could be established (see “There Is Now A Marketplace For White People To Make Reparations Payments“). Now, less than a week later, we have an official “offer” from thedescendants of the slaves formerly owned by Georgetown who want “preference in admission” plus a mere $1 billion. Up until now, the 15 point spread on the Ford term loan back in October 2008 was about the most egregious bid/ask gap we’d ever seen but this puts that market to shame.
Per the Washington Post, the descendants of the 272 slaves sold by Georgetown University have already raised $115,000 so they really only need help with the incremental $999,885,000.

This post was published at Zero Hedge on Sep 9, 2016.