Companies Promised to Donate $200B After George Floyd’s Murder, Where Is It?
As financial leaders argue that investments take time, without revealing any public strategies or details on current efforts, they continue to glean profits just by saying they’re trying.
Landwebs
While more than 1,100 organizations committed a total of $200 billion to racial justice initiatives between June 2020 and May 2021, pledging to invest and distribute those funds over 3-5 years, those promises may have been only worth face value and could also increase their profits more than help resource-starved communities reports Shaun Harper in an op-ed for The Guardian. Harper points out that financial institutions like Bank of America and JPMorgan Chase, which make up 90 percent of overall pledges, are primarily planning to fulfill their commitments via loans.
Meanwhile, he says that Bank of America’s home-planned ownership mortgage programs to eliminate racial inequities will ultimately earn them more profits and do less good than no-strings-attached corporate reparations to Black Americans. In addition, most companies aren’t effectively communicating what they’re doing with the money. And as leaders argue that investments take time, without revealing any public strategies or details on current efforts, they continue to glean profits just by saying they’re supposedly trying.
