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It’s time for Historically Black Colleges and Universities (HBCUs) to get what they deserve. After a 2016 Duke University research paper revealed that HBCUs pay more for loans than other colleges and universities, Congress has decided to revisit the issue at hand and it looks like the change that is needed could soon come. Professor Bill Mayew — one of the researchers on the topic at hand — told AfroTech via email what all of this means for our beloved HBCUs. “Specifically, in an analysis of almost 1,000 colleges, about 10% of which were HBCUs , issuance costs for HBCUs were about 20% more than non- HBCUs because it’s harder for those underwriters to find buyers,” said Professor Mayew in regards to those exact findings. “As an example, our estimates suggest that to issue a $30 million bond, it costs an HBCU about $290,000, versus about $242,000 for a non- HBCU . This $48,000 difference is a significant financial burden. And this effect is much stronger in states that are known to...
The 2020 summer of racial reckoning evoked a massive wave of corporate statements acknowledging the global issue of systemic racism and their social responsibility to hold themselves accountable for it. In addition to these corporate companies, asset managers — whose job it is to manage the retirement savings of millions of Black and brown workers — also hold a weighted responsibility to assist in removing systemic racism from our economic system. Today, nonprofit org Majority Action and the Service Employees International Union (SEIU) released Equity in the Boardroom — the first-ever comprehensive report to reveal how “business as usual” proxy voting from asset managers has shaped the nature of corporate action as it relates to racial justice in 2020. NEW REPORT with @SEIU : @BlackRock and @Vanguard_Group voted to undermine shareholder efforts for racial equity, despite public statements in support of racial justice. More: https://t.co/ksT8kbP0Tm pic.twitter.com/UcM9GI1KNS —...
With the racial injustice happening in cities across the country, people are demanding for brands and public figures to make their views clear on our current social climate. As one of the first beauty brands to publicly support the Black Lives Matter movement, Glossier has pledged a total of $1 million to Black resistance causes and Black-owned beauty brands in the wake of the recent violence against Black people brought on by police. The beauty company issued a moving statement on their social media platforms to show their support for the Black community during this time. View this post on Instagram A post shared by Glossier (@glossier) “We stand in solidarity with the fight against systemic racism, white supremacy, and the historic oppression of the Black community,” the post reads. “Backing up this solidarity with monetary support, Glossier will be donating $500k to organizations fighting racial injustice including Black Lives Matter, The NAACP Legal Defense, and Educational Fund...