Money Does Not End Racism

Since the killing of George Floyd and the rallying cry for social justice and equality around the country, nearly two dozen companies (that I know of) have also expressed outrage and a commitment to help.  In addition to issuing press releases and making statements via social media, numerous companies, like Nike, Inc. and Walmart have decided to throw money on the problem.  Throw money, you say?  Yes, donating their millions is putting a "band aid" on racism----a systemic problem they helped create.  This is obviously a "feel good" moment in time for them and shows their customers that they stand with them.  I guess my question is, where have they been all this time?  George Floyd isn't the first black man to be murdered by police (and definitely won't be the last).

 

Nike, Inc, announced in early June that the company was donating $40 million to black community organizations over the next four years to support social justice organizations.  Of course, the specific organizations weren't identified in the press release, however, Nike President and CEO, John Donahoe, was quoted as saying, "We must educate ourselves more deeply on the issues faced by Black communities and understand the enormous suffering and senseless tragedy racial bigotry creates."  So, did he just have this epiphany after Floyd's murder?  I might also add that Nike has reported investing nearly $420 million over the past five years to the Jackie Robinson Foundation, the Human Rights Campaign, MENTOR and Girl Effect.  

Then we have Walmart who came out and announced they were donating $100 million over five years to a new center on racial equality.  According to their press release, "The Center will seek to advance economic opportunity and healthier living....strengthening workforce development and related educational systems and support criminal justice reform.  This "Center" wasn't identified and $100 million doesn't sound like it will go very far over a five-year-period for all they claim they will do.

Sony Music Group also announced a $100 million dollar fund to support social justice and anti-racist initiatives around the WORLD.  Once again, no specific organizations or groups identified.

Paypal pledged more than $500 million to support black and minority-owned businesses.  According to Black Enterprise, "The Association for Enterprise Opportunity, received $10 million from the pledge and said it would administer $10K grants to 1000 black owned businesses across the country."  Meanwhile, the Census Bureau reports there are more than two million black owned businesses in the U.S.

According to Forbes.com The CEO of Comcast said his company will commit $75 million in cash and $25 million in media over the next three years to fight injustice and inequality against, race, ethnicity, gender equality, sexual orientation or ability.  Once again, no specific organizations identified.

UnitedHealth Group was SPECIFIC.  The Company, which has its headquarters in Minnesota,   announced it will pay for the college education of George Floyd's children and donate more than $10 million to help Twin Cities neighborhoods hurt by the riots, including to $5 million donation to the YMCA Equity Innovation Center of Excellence.     

Don't get me wrong.  The fact that these businesses decided to give money is a good thing (and a GREAT write-off) but the bottom line is, you don't END racism by donating money to charitable causes! Eliminating discriminatory practices begin by changing laws and policies.  Companies must make a conscious effort to open up their boardrooms and offices to qualified blacks and to pay adequate salaries comparable to their white counterparts. Presidents and CEOs' need to hire lobbyists to pressure Congress to add more beef to laws on the books that are supposed to prohibit discriminatory hiring practices.   They must also invest directly into black communities by creating businesses and business opportunities.  

Throwing money "blindly" can often lead to illegal activities such as fraud and embezzlement.  Case in point:  The federal government allowed a Florida man to collect nearly $4 million in coronavirus relief money and he turned around and allegedly spent it on luxury hotels and a Lamborghini.  

Oh, he was white.