ARE THERE TWO BLACK AMERICAS - THE HAVES and THE HAVE-NOTS

The disconnect between our Black high-net-worth Businesspersons, Athletes, Entertainers, and Politicians is shameful. You and I are responsible for the billions of dollars they have. However, 90+ percent of those dollars are invested in, or flow through institution that are the primary source of Systemic, Endemic, Economic, financial, and Racist Systems (SEEFIRS). If you are one of the above categories, please search your conscience while you are buying your private jets, yachts, luxury cars and mansions, please stop and think about the rest of us who are struggling under SEEFIRS to make ends meet. The unfortunate reason for this article is that we have no Black controlled institutions large enough to handle high-net-worth Black dollars – they must go to White institutions.

Our Black high-net-worth individuals and organizations have never thought about the fact that we actually have enough billions of dollars and cash flow to create our own, Black-controlled financial institutions. SEEFIRS has so conditioned us that we don’t believe we can create and control our own economic and financial ecosystem. We do not own or control any major financial institutions; therefore, we have no ability to capture, recycle Black wealth, or facilitate and/or transfer our generational wealth. We, as black people, have never owned or controlled a substantial secondary market. What institutions, e.g. Fannie Mae, Freddie Mac, NASDAQ, New York Stock Exchange, Hedge Funds, Pension Funds, Multi-Billion-dollar Insurance Companies. There has never been a Black financial institution that was not considered too big to fail.

In total, the white-controlled SEEFIRS institutions hold and manage trillions, yes, trillions of our dollars. The why here is what’s stopping us from taking control and creating permanent, Black-controlled institutions.

What we need to put in place is an Umbrella Black Nationally Chartered Central Bank and Secondary Market or a Black Controlled Central Liquidity Facility/Secondary Market with a foreign service desk, which would allow African countries to participate in and support this critical historic facility. Under the institutional umbrella would be:

·      Central Reserve Bank/Secondary Market

·      Full-service broker-dealer firm

·      Full-service all-lines insurance company

·      Residential and commercial mortgage servicing company

·      If awarded, a reparations management and distribution service

the federal government as facilitated SEEFIRS since this nation’s independence. White settlers pushed Native Americans off their lands with federal assistance. Slavery was legalized, restricting land giveaways primarily to whites, Blacks were primarily barred from the old-age assistance fund (Social Security). Blacks that owned land were in many cases pushed off or cheated out of their land with little or no government protection. The old and new Jim Crow laws and Red Lining allowed for additional oppression of black Americans. Just recently the only major black-owned 100 year old insurance company, North Carolina Mutual Insurance Company, was placed in liquidation by the North Carolina insurance commission, thereby eliminating the only means of passing on generational wealth within a black controlled company.

These are just a few of the effects of government and institutional            sponsored SEEFIRS. A BCCLF/SM is the only feasible way to bring about financial and economic parity between Black and White institutions, along with reducing the tremendous wealth gap between Black and White families. The federal government has facilitated the development of White-controlled institutions, which have had poor track records when it comes to Blacks. Some of these federally funded and supported White controlled institutions are:

·      The National Cooperative Bank

·      The Federal Reserve Bank

·      The National Credit Union Administration’s Liquidity fund

·      Fannie Mae, Freddie Mac, and the FHA system

Statistically, if we are the government does nothing to eradicate SEEFIRS it is projected that it would take hundreds of years for Blacks to reach financial and wealth parity with white institutions and families.

Both black and white, federal and private institutions have studied and acknowledged this is a critical problem. SEEFIRS underpins the economic, financial, crime levels, employment, and health issues plaguing our communities.

I am seeking funding. Again, we can find ways to fund millions of dollars toward the symptoms and effects of our problems, but not permanent solutions. I am available to talk about any aspects of this mission in more detail if you'd like.

Contact:

George “GC” Clarke

gclarke@bannekercorp.com

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