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This Is What Racism Sounds Like in the Banking Industry - The New York Times
By Emily Flitter
Dec. 11, 2019

This is the kind of inequitable behavior where small ripples create big waves that eventually crash heavily on people who have done nothing wrong. All other things being equal, African-Americans have been, and are, systematically not afforded the benefits and opportunities that members of other identifiable groups receive. Across millions of interactions and decades of time, this has resulted in gross disparities in both wealth and social connections, which serves to further perpetuate ancient, racist myths. When organizations like JP Morgan are caught continuing to further this indefensible, unequal treatment, it presents an ethical inflection point. Members of other groups who have been given an unfair advantage relative to African Americans have an opportunity to help correct an injustice by divesting from enterprises that have provided generations of unearned rewards.

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Lemme get this straight. A big guy walks into your firm with $825k he wants to invest. If you treat him right, he'll make money, and so will you. So you...treat him like a second-class citizen and drive him away? I thought this was the arena where free-market capitalism helps bring justice through opportunity. Guess I was wrong.

One of the many reasons that Nazi Germany lost WWII was that they couldn't resist starving and killing Jewish slaves when the military desperately needed their work product. The fog of hallucinatory racism caused the Germans to shoot themselves in the face. What's happening here is on the same continuum.
African-Americans  banking  discomforts  financial_services  JPMorgan_Chase  racism  under_appreciated  letters_to_the_editor 
10 weeks ago by jerryking
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