Posted on 11/23/2020 5:24:11 AM PST by karpov
The biggest banks in the U.S. will give Black-owned businesses advantageous terms on a crucial type of financing that companies use to manage their cash flow, a novel effort to narrow the wealth gap between white and non-white communities.
Banks made multibillion-dollar commitments to expand lending to Black consumers and businesses after the wave of protests throughout the U.S sparked by the killing of George Floyd. The targeted lending is meant to correct decades of discrimination in lending whereby banks denied loans to Black borrowers or steered them toward products with high interest rates and other terms many couldn’t afford.
As part of those promises, Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. say they will lower charges to Black- and other minority-owned companies in supply-chain finance programs. Companies use supply-chain finance to manage short-term spending needs, similar to the way a consumer might use a credit card.
In a typical supply-chain finance deal, a bank will pay a company’s supplier faster than the normal payment terms, which, depending on the industry, typically vary from 30 to 180 days. In return for getting paid early, the supplier agrees to receive slightly less than it would get by waiting, and pays the bank a fee.
The company pays back the bank the full amount down the road, improving its working capital by padding out the time it gets to hold on to its cash. The bank profits by keeping the difference between what it paid the supplier and what it received from the company.
As part of their diversity efforts, the banks will pay Black-owned suppliers earlier than other customers or charge them lower fees, the banks say.
(Excerpt) Read more at wsj.com ...
I thought businesses were not allowed to charge customers different prices based on race. Calling Bill Barr. If banks overcharged black businesses in the past, they should reimburse those businesses, not discriminate against non-blacks now.
Hmm...I recall easy peazy home loans for blacks in the past. And how did THAT work out?
Under Marxists it going to be back to the plantation for all except their Masters!
I Can’t Wait till the banks get ####ed :)
And they are.
But then again, somehow the loss will hit us.
lmao... just remember this a couple years from now when these same banks ask for another tax payer bailout because of all the bad debt...
Ha! Won’t be touched. But what I’d do is get with the local GOP office and ask for a list of black republican register voters and send out pamphlets knowing what they offer. It could increase minority bank accounts and perhaps business numbers. Mission done and liberals can’t cry about it.
So as all these ‘commitments’ come about whether like this or to BLM or related to colleges admissions or any other number of situations will whites just sit back accept this?
No bank bailouts this time. They decided this on their own. I’m all for helping minority business but making decisions based on skin color instead of the individual is a recipe for disaster.
Discrimination against Whites and other races .
Sue these bastards Woke WS suckers .
So instead of lending according to creditworthiness, skin color is the main factor. Not outstanding bad debt, length of accounts or other assets. This should end well.
It’s the 50s oppression all over again, except now it’s the exact opposite side of the coin. Whites are the ones being oppressed. And culturally, mankind hasn’t gained a thing. We’ve traded one evil for another.
When Obama was a "community organizer" he sued banks for not giving mortgages
to people on welfare, disability, UI.....people without income from jobs.
As President, Obama sued banks for burdening people on welfare, disability, UI.....
without income from jobs, for giving people mortgages they could never hope to pay back.
“banks will pay Black-owned suppliers earlier than other customers or charge them lower fees, the banks say”
And I bet the standards are lower for loans, etc. The rest of us will pay higher fees.
Let me introduce you to history...
1) This has been demanded.
2) This will be done.
3) The bastardization of the free market will produce rotten fruit from this rotten tree.
4) Banks will be charged with predatory lending and exploitation.
Rinse and repeat.
Oh, so much for equality under the law, right?
Hope it gets to the Pacific Legal Foundation in California who take on exactly these types of cases.
Californians, as deep blue as we are (unfortunately) just rejected a return to preferences, quotes and favoritism, i.e., AA.
“President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.
As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.”
More white privelege.
Banks funded Hitler, Stalin, Chavez, Maduro, Mugabe ... the list is endless. Sooner or later people will realize that all the isms couldn’t exist without corrupt banks keeping them solvent.
Thats what our 401Ks are gonna be for, bailing out the banks!
I think anything can happen on any given day at this point.
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