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The shares of the big banks are open for purchase to anyone on the stock market , doesn't matter your race.
Also many people own shares in these banks and don't even know because they own an index fund that owns all the top companies on the stock market .
Lots of black and others do own shares of these banks and probably don't realize it .
The banks care about money not race , at least these days
you don't think there's been black execs and CEOs of big banks ? Is that based on research or media image.
Quote:
As she describes it, Beth Jacobson and her fellow loan officers at Wells Fargo Bank “rode the stagecoach from hell” for a decade, systematically singling out blacks in Baltimore and suburban Maryland for high-interest subprime mortgages.
These loans, Baltimore officials have claimed in a federal lawsuit against Wells Fargo, tipped hundreds of homeowners into foreclosure and cost the city tens of millions of dollars in taxes and city services.
Wells Fargo, Ms. Jacobson said in an interview, saw the black community as fertile ground for subprime mortgages, as working-class blacks were hungry to be a part of the nation’s home-owning mania. Loan officers, she said, pushed customers who could have qualified for prime loans into subprime mortgages. Another loan officer stated in an affidavit filed last week that employees had referred to blacks as “mud people” and to subprime lending as “ghetto loans.”
As a white conservative male I see no problem with this. Take care of your people, keep your money in your neighborhood, become less dependent on the system. Be more free thinking ect.
"Your neighborhood " though ?
Of course there are neighborhoods majority black or white or Hispanic across the country , but I feel like even if it's 95% one race , the minority should still be considered neighbors and part of the community .
Scenario , there is a Hispanic person that wants to open a business in a " black community " if he goes to the local black owned bank for a loan will they deny him a loan because he is Hispanic ?
I can just see this being bad , and I think it's bad if it's an " Asian bank " that only lends to Asians or Hispanic only lending to Hispanics too or a big bank only lending to whites .
Guess everyone doesn't feel the same which is fine
I guess some feel more comfortable self segregating
People can't put their money where they want , in a bank or in a shoe box or under the mattress . Just saying its silly to say a bank is good because of the race of the owner (s) that's all. I guess we just don't agree
I asked the question ..
"because an owner is black , white , Hispanic , Asian , Muslim etc etc doesn't mean they are good or bad.
Do you ??"
But you didn't respond.
No, that was NOT your original point in the creation of this thread.
A bank, investment firm, financial institution is good if it has solid business practices and act as a fiduciary to its investors. But again, that was not the original thrust of this thread that you created.
But what has been made crystal clear is that you and many others non-blacks are threatened by black financial empowerment. Financial institutions such as Ariel Investments and One United Bank are well know for educating and fostering financial empowerment amongst its customers. That has many of you very shaken for some reason.
I think EVERYONE should get all the financial education they can get .
I think that people should be skeptical about getting advice from banks though , whether it's Bank of America , or one of these black owned banks .
All these banks are in the business of selling financial products .
I think the public library or reliable sources on the Internet is probably the best place for personal finance education .
So you take issue that a bank or investment firm is black owned?
Again, please explain why the black ownership of the bank is so disturbing to you. Are you also disturbed because Banco Popular is Hispanic owned? Is it disturbing that East West Bank is Asian owned?
I was such a naive kid, in high school I worked right around the corner from Banco Popular - People's Bank! - and it sounded so warm and fuzzy and egalitarian. But it's hard to beat such a great name.
So when Black people do the very thing you cry babies continuously cry about, building their own economic base to improve their own communities, you still cry. Look we understand we are fascinating people but please go find another minority to obsess over.
Bingo!
How else are Black people to build up their communities without everybody else crying foul? They complain that we're lazy and shiftless, so we go to school and maintain a career. Once we do, they still complain. Their rhetoric is about as good as a $3 bill.
I'm all for investing my dollars in Black banks and firms if it'll lead to a prosperous community.
It seems from college campuses to the streets, all the new civil rights movements want to go back to segregation. It's really strange to me, but I don't think most of the activists are old enough to remember. I'm not even old enough to remember, and I was born in 1968.
I have no real problem with them encouraging people to support black owned businesses though. Nothing wrong with that.
Civil rights organizations are fighting for justice like they always have. It only seems that way to people that possess either a conscious or subconscious bias against black folks. I can ensure you that black financial empowerment has nothing to do with "supporting segregation". I would think this should be considered common knowledge but I guess not..
Listen katy, during the civil rights movement of the 60s a large portion of white America, but especially white Americans in the south, had nothing but negative critics for the civil rights movement. Today we hear the same negative opinions out of the mouths of the same type of conservatives. Do you think the white supremacists that lost the fight against civil rights just went away? No, they still **** and moan today about things like this and they taught their children the prejudice that has always defined them...
Black financial empowerment is only a threat to white nationalism...
Apparently a lot of celebrities are encouraging black people to move their money to black owned banks.
Is this a positive thing?
Doesn't this kind of go back to the days of segregation?
I get putting your money in a local bank or credit union, but I feel like this type of stuff divides the country more than unites it.
What do you think?
My grandfather died a millionaire. He banked with Black-owned banks because in the 1960s they were the ONLY banks that treated him fairly.
After integration he stayed with those Black banks out of gratitute but for more sophisticated investments he worked with the major white banks.
There is NOTHING wrong with "Black-owned", "Jewish-owned", "Quaker owned" or "Irish-owned" banks as long as they abide by anti-discrimination laws.
We live in a global economy. It would be impossible to go back to economic segregation.
Discrimination is sometimes WORSE in "local" or "regional" banks because their attitudes can be more provincial than the global banks.
Black financial empowerment is only a threat to white nationalism...
Oh stop. You folks make up 12.6% of the population in the US.
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