08/27/2021
Repost from
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After George Floyd's murder, big business pledged nearly $50 billion for racial justice. Where did the money go?
& I spent months analyzing data. We found:
* 90 percent are loans & investments to address the racial wealth gap
* A tiny fraction of the commitments offered by America’s 50 biggest companies went to organizations focused specifically on criminal justice reform, the cause that sent millions into the streets protesting Floyd’s murder by a Minneapolis police officer.
*Just 8 companies — Apple, Microsoft, Amazon, Google, Oracle, Coca-Cola, PepsiCo and Qualcomm — disclosed contributions to nonprofits directly connected to Black Lives Matter, despite CEOs proclaiming BLM last summer, many for the first time.
* Of the $45.2 billion in loans or investments companies could stand to profit from, more than half was in the form of mortgages. Two banks — JPMorgan Chase & Bank of America — accounted for nearly all of those commitments.
* Of the $49.5 billion total that was pledged, corporations have confirmed disbursing $1.7 billion. Most of the commitments will be spent over the course of several years -- as long as a decade in some cases.
* The $4.2 billion in outright grants represents less than 1 percent of the $525.6 billion in net income earned by the 50 companies in the most recent year.
“Corporations are not set up to wield their power for the greater good as much as we give them credit for, a lot of times,” said Phillip Atiba Goff, a professor at Yale University who co-founded the Center for Policing Equity. “They are constrained by things they feel they need to do to manage their brand in a world where Black liberation does not have consensus.”
Story link in bio.
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