Robert Reich – Jul 14, 2020
Former Secretary of Labor Robert Reich exposes the hypocrisy of billionaires’ empty Black Lives Matter statements.
Wall Street banks and corporate executives wasted no time trying to establish themselves as allies of the Black Lives Matter movement, professing support for the historic protests against police killings. But when you peel back their PR stunts and press releases, the truth comes into focus: far from being the solution to systemic racism in America, these billionaires and their corporations are actively perpetuating it.
Jamie Dimon says his bank, JPMorgan Chase, must “be inclusive in our work and the neighborhoods where we operate” — but his bank shelled out $55 million to settle a discrimination lawsuit. Meanwhile, only 4% of JPMorgan’s top executives are Black.
Larry Fink, CEO of investment firm BlackRock, says that racism “must be addressed on both a personal and systemic level” — but his firm is one of the largest investors in the private prison operators GEO Group and CoreCivic.
Amazon has plastered “Black Lives Matter” all over its website — but refuses to give its predominantly Black warehouse workers paid sick leave.
Walmart recently announced that it would create a center on racial equality, but has overworked and mistreated its Black employees for decades.
Don’t be fooled by this corporate virtues signaling. Wall Street and corporations profit from and reinforce systemic racism in America. It’s time they back up their lofty rhetoric with fundamental change.