Citigroup Vows to Become ‘Antiracist,’ Review Internal Policies. Bank pledges $1 billion for homeownership, Black-owned firms. CFO Mark Mason cites the U.S. ‘national reckoning on race’

Bloomberg | September 22, 2020 | Jennifer Surane

[karpov]

No excerpt allowed from Bloomberg, story here.

[karpov]

The banks helped create the 2008 financial crisis by loosening mortgage lending standards in the name of "racial justice". Citigroup needed a bailout but seems to have learned nothing. There are intractable racial differences in IQ and criminality that make gaps impossible to close. Until the pandemic lockdowns, Trump's policies were reducing unemployment among all Americans, including blacks.

Citigroup says this on its site:

"[I]f four key racial gaps for Blacks — wages, education, housing, and investment — were closed 20 years ago, $16 trillion could have been added to the U.S. economy. And if the gaps are closed today, $5 trillion can be added to U.S. GDP over the next five years.

These gaps exist based on systemic issues that caused and continue to cause discrimination against Blacks over the years. The gaps in many cases remain wide 60 years after the Civil Rights Movement. In some cases, including in homeownership rates and college degree attainment, the gaps are wider now than in the 1950’s and 1960’s. For each of the gaps faced by Blacks, we identify the degree of the gap between Blacks and whites in wages, labor segmentation, education, wealth, housing and investment and identify the impact closing each gap would have on the U.S. economy. Finally, we outline how we believe governments, corporations, and individuals can work together to eliminate these gaps for good."

[rktman]

#CMTSU!

[dfwgator]

Dammit, now white people actually will have to pay back their loans. Oh well, it was nice while it lasted.

[clintonh8r]

The new,y appointed CEO is....yep, a middle aged white woman, the sweet spot for elite virtue signaling.

[brownsfan]

If I owned stock in Citigroup, I’d dump it like it was on fire.

[dfwgator]

The “gap” is the “ambition gap”.

[God luvs America]

yup....the stupid don’t learn from their mistakes...

[ealgeone]

The US could have saved how much by not enacting the welfare state.

How much has that cost the country? And is still costing the country?

[EBH]

Look...you can lead a horse to water but....

You cannot improve wages, unless the job holder has education. We’ve dumped trillions into schools and nothing changes. We tried desegregation and it failed. Grants etc.

They said we didn’t understand their culture enough to fill in the gaps, so we let them dictate the terms. It has failed too.

Maybe, maybe it really is just the mindset of their own culture and their unwillingness to change out of a failed society? If you keep making bad choices, refuse advantages of opportunity...that is not white culture’s problem. It is your problem, your attitude, and your myth.

[Sgt_Schultze]

Acutally, the banking crisis can be laid at the doorstep of Andrew Coumo - link

[BookmanTheJanitor]

[ealgeone]

how bout we compare the gaps between whites and asians....are they going to do anything about that??

[1Old Pro]

The GAP is the cognitive intelligence gap (inherited) , and ambition gap (environmental)

The Bell Curve: Intelligence and Class Structure in American Life is a 1994 book by psychologist Richard J. Herrnstein and political scientist Charles Murray, in which the authors argue that human intelligence is substantially influenced by both inherited and environmental factors and that it is a better predictor of many personal outcomes, including financial income, job performance, birth out of wedlock, and involvement in crime than are an individual’s parental socioeconomic status. They also argue that those with high intelligence, the “cognitive elite”, are becoming separated from those of average and below-average intelligence.

The book was and remains highly controversial, especially where the authors discussed purported connections between race and intelligence and suggested policy implications based on these purported connections. Shortly after its publication, many people rallied both in criticism and in defense of the book. A number of critical texts were written in response to it.

[budj]

They obviously watch SNL:
https://www.youtube.com/watch?v=yuEBBwJdjhQ

[ActresponsiblyinVA]

Maybe Citigroup can start a campaign called “Black Children Matter.” They are entitled to a stable, 2 parent family with a live in father and live in mother. They need to be taught to value education, obey the law and not resist arrest. Citigroup should lobby to incentivize 2 parent families and not single mothers. Maybe they could study and report on the problems with single families raising children.

[dfwgator]

[aquila48]

Not to mention the unmentionable IQ gap.

[sauropod]

/massive eyeroll.

[aquila48]

“It is your problem, your attitude, and your myth.”

You forgot your IQ...

[OpusatFR]

This has little to do with anti-racism. The banks need a new pool of borrowers PDQ because the millennials are not buying mortgages.

What is the next best pool? blacks and other minorities.

This could well be a debacle if the employment situation declines. There is also a lot of financial education that needs to be done before the banks start loading up people with large amounts of debt. There will not be debt forgiveness.