Episode 3 of The Great Wealth Divide puts the focus onhousing disparities for Black and Latinx communities, including the history of destructive government and real estate industry practices, such as redlining and disinvestment, that negatively affected access to affordable housing and home ownership.
The result has been profound damage or destruction of those communities, such as the South Bronx. This episode present the benefits of financial education to improve home ownership opportunities as well as on-the-ground solutions provided by organizations committed to positive change.
Our guests are:
Nancy Biberman, Founder and President Emerita: Women’s Housing and Economic Redevelopment Corporation (WHEDco)
Blair C. Smith, Former Chief Investment Officer for the Upper Manhattan Empowerment Zone Development Corporation (UMEZ) and CEO of Promethean AB Strategies LLC
Eric Richardson, Founder and CEO of Growth Development Associates
On the second episode of The Great Wealth Divide, we discuss how inadequate access to investment capital, financial education, mentorship, banking, and credit have all contributed to creating a significant disadvantage for Black and Latinx families.
The episode will present programs and solutions which are being applied to reverse these historic disadvantages. Host Dale Favors will be discussing these issues and solutions with the following subject experts:
Jill Johnson: CEO, Institute for Entrepreneurial Leadership (IFEL)
Kenneth Ebie: Executive Director & Chief Development Officer, Black Entrepreneurs, NYC (BE NYC)
Joseph Leitmann-Santa Cruz: Executive Director- Capital Area Asset Builders (CAAB)
The weekly podcast, from WBGO Studios, is focused on solutions to improve and correct the systemic racism which has created the extreme wealth divide between Black and Latinx communities and their white counterparts. We’ll be discussing these issues with thought leaders who are stakeholders engaged in the work to build racial economic equity and wealth in order to create better outcomes for Black and Latinx families.
Listen to this podcast to learn more about why our panelists said the following:
“Capitalism doesn’t work unless there’s a safety net…Everybody has basic human needs.”
“History offers us a sense of the scale of the problem.”
“There needs to be a significant mandated requirement…transparency around making sure you’re investing and giving assignments to people of color to invest in communities of color.”
“We need a hyper renewed focus on driving capital into Black owned small businesses.”
Join host, Dale Favors, for the first episode of The Great Wealth Divide with guests:
Adela Cepeda, Chairwoman, Angeles Investors
Marc Morial, President of the National Urban League; former Mayor of New Orleans
Dr. Khalil Muhammad, Professor of History, Race and Public Policy, Harvard Kennedy School; former Exec. Director of the Schomburg Center for Research in Black Culture
Rob Rodriguez, Assemblyman, 68th District, East Harlem, N.Y.
The Federal Reserve’s recent report “Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances” defined the issue succinctly.
· White family median and mean family wealth: $188,200 and $983,400, respectively. · Black family median and mean family wealth: $24,100 and $142,500, respectively. · Hispanic family’ median and mean wealth: $36,100 and $165,500, respectively.
Today and in subsequent programs, we’ll look at why these disparities exist including how the historic and continuing factors, such as the structural barriers created by systemic economic racism, have caused and continue to perpetuate these huge disparities.
Perhaps most essentially, are the solutions to The Great Wealth Divide. In each episode we will discuss what can be done and what is being done, across the country, to provide actionable solutions to improve the lives within these communities while lifting the country together.
On Wednesday, May 19, WBGO will launch WBGO Studios – the new podcasting unit of the world-premier jazz station, based in Newark, NJ.
WBGO will develop a number of new podcasts under the WBGO Studios banner, joining its three existing podcasts: Jazz United, recently named Podcast of the Year by the Jazz Journalists Association ; The Checkout, which won that honor last year; and SportsJam, now in its 13th year, hosted by WBGO News Director Doug Doyle.
The introduction of WBGO Studios coincides with the release a new four-part podcast series, The Great Wealth Divide, sponsored by JPMorgan Chase. WBGO Studios will also develop new talent in the podcast arena, as well as seek to help strengthen already existing podcasts in our local community. “We are meeting our audiences where they listen,” remarked WBGO President and CEO Steven Williams.
Aligning with WBGO’s mission to serve its listeners with unique and exclusive content, The Great Wealth Divide will offer timely and accessible discussion on issues of finance and socioeconomics with an emphasis on diversity, equity and inclusion. The podcast will be hosted by Dale Favors, the highly regarded managing partner of Adaptive Growth Leadership. Favors’ background includes work with some of the world’s largest hedge funds as well as Morgan Stanley, Bloomberg LP and the Royal Bank of Canada.
The podcast’s producer, Mike Sargent, is a veteran broadcaster, filmmaker and writer, and a leading figure in the movement to cultivate diversity in public media. Episodes will drop every Wednesday, beginning on May 19 and running through June 9, and can be found on WBGO.org, the WBGO app, and wherever you subscribe to podcasts.
Dale Favors has had white mentors on Wall Street, but says knowing other African-American colleagues has been essential
Juliette MICHEL Mon, December 21, 2020, 2:36 PM GMT+8
Being Black on Wall Street has often meant entering a crowded room and seeing nobody else who looks like you.
This is changing, but not that fast. Here are three accounts that shed light on the challenges and benefits of that experience.
– Experiencing ‘social acclimation’ –
Before starting his own consulting firm, Dale Favors worked for leading financial giants including Morgan Stanley, CIBC, Royal Bank of Canada and Piper Jaffray.
One critical element in his early career was the magazine “Black Enterprise” and its list of the top 25 Blacks on Wall Street.
In 1992, “I read that magazine from cover to back cover probably 200 times,” recalled Favors, who proceeded to call the names, one by one.
“That article there allowed me to identify the names and pictures of people who looked like me working on Wall Street. And I knew I could do it.”
He enjoyed the work in his first role in fixed income securities at Morgan Stanley. He had the technical skills for the job, but went through a process of “social acclimation,” he said.
“I had to get properly socialized into an environment that was very much Caucasian,” he recalled.
Favors has had white mentors, but says knowing other African-American colleagues has been essential. One of his mentors at Morgan Stanley was Craig Robinson, brother to former First Lady Michelle Obama.
“We all go through unique experiences being people of color on Wall Street,” he said. “To have other people to talk to about that, that’s so important.”
He appreciates that banks are hiring more from public universities and historically black colleges, but notes that recruits may still need a hand learning the office lingo or getting used to meetings where everyone else is white.
St. Francis College and Wall Street Bound Partner to Prep Under-Represented Students for Careers on Wall Street
More than a dozen St. Francis College students recently wrapped up an innovative online boot camp that aims to prepare young people from underrepresented populations for careers on Wall Street.
With IHS Markit as the sponsor, SFC partnered with Wall Street Bound, Inc., a non-profit that delivered a three-week curriculum of workshops and guest speakers focused on building students’ professional skills and providing them mentorship.
“Our students are extraordinarily talented, but many do not have the exposure to Wall Street that makes it easy to imagine a career for themselves there,” said Miguel Martinez-Saenz, St. Francis College President. “Wall Street Bound introduces students of color to successful women and men — including many who are Black and Brown – and equips them with knowledge that can set the stage for lucrative and fulfilling lives in investing fields.”
Wall Street Bound is the brainchild of former Wall Street institutional equity trader and Chartered Alternative Investment Analyst Troy Prince, who founded the organization in 2019 after a successful career as one of a small number of Black professionals working globally in the capital markets. The organization aims to open Wall Street’s doors to college students of color, by teaching them necessary technical skills and connecting them with internships.