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Like most of these memes that go around the internet, there are absolutely grains of truth to the story, but the practice of "buck breaking" they're describing simply did not exist. I have never seen any evidence for it, I know of no-one who studies the dynamics of sexual abuse in slavery who has mentioned it and the idea of it being a wide-spread phenomenon is really quite ludicrous when you consider the wider historical context.
Sodomy, as such activity would have been considered during the time of slavery, was proscribed in harsh terms both by law and by cultural convention in antebellum America. The idea that 'festivities' revolving around male-on-male rape, involving a large number of white men in the upper echelons of southern society invited apparently to participate widely and freely, were a prominent part of slaveholding is really quite nonsensical. If nothing else the individuals involved would be exposing themselves to an incredible physical, legal and social risk, regardless of how prominent their status was in wider society, and it would seem to me utterly remarkable that we are supposed to believe this practice involving so many white men was completely widespread and yet never once acknowledged in the historical record. It is, frankly, a fanciful and unnecessary assertion.