There is a racial bias that is not going anywhere. African Americans should not have to start funds. They should be valuable enough to the existing companies to be trusted and employed. You shouldn't have to say, "Well I've been watching African American funds for a while (that would be the next barrier, they haven't been doing it long enough) and they seem to be ok. Maybe I'll think about investing in one."
I did not imply that, the point was like with any mostly white secotr, is you need to provide opportunities for AA managers to get in. Be it by starting their own funds or managing money at big firms. The average person does not care but the ignorant still do. Also just because a person of a certain race is running a fund, it does not make it a Black, Latino or Asian fund so the second paragraph does not make sense in that context.
Well, you asked. And the answer that I have makes me sad. As optimistic as I am, I have to look at the cards in the light. It will not change to any great extent in any timeframe that makes sense. The greatest asset this country has is one of its largest stumbling points. Sometimes I wonder is racial resistance the necessary balance to changes? Damn, that thought hurts! And let me tell you, the racial bias stigma exists all over. My girlfriend and I argue this point constantly. I scream with disgust when African Americans join an organization and then form a sub group to combat racial resistance. Even before it happens! Because we know it will happen somewhere somehow, we must fight it. We have a consultant friend who was awarded a Fortune 500 contract in her field. It was for a few years and a few million. She called us to see if we knew of some folks who she might tap to spread the wealth. We gave her the names of many competent qualified people to look to for help. A few months later she happened to be in town and we invited her over. I asked her how the project was going and she said just ok. She said the organization was not too happy with the way things were going and she didn't know what to do. We were a bit stunned. We knew that we had given her a good group of folks to help. We immediately offer to help if we could. A week later we flew out to her team meeting. Upon arriving we saw the trouble. The room contained twenty African Americans, period. We then spent two hours viewing tapes of their client work. As the night ended and the team left we sat down to try to understand her logic. I asked her why she omitted all the various other racial groups when making her team selections. She said, "I wanted to make sure that as many African American consultants had work as I could. You know we get overlooked all the time." Now while they were all pretty good, they weren't the best available. We helped her reorganize her team and balanced her players skillsets to complement rather than just make sure folks were working. Long story short, the company awarded her an additional division to now work with and the reviews have been stellar.
Thanks, canyonman for sharing. Stories of the Kirk Wrights, kevin Grahams and Al Bonds of the world depress me mightily.
What good is starting a fund with the interest in attracting funds from ALL races if you have no real ability to attract those funds? Your premise while grand sounding, self-starting, has very little hope of doing that much. And yes, the average person does care. Otherwise this whole discussion would be mute. Sadly enough, I can walk by a car and still cause a little old lady to lock the door. Further, you're correct in that running a fund would not denote ownership. But owning the company that runs it would. And there is that investment barrier again. Based on today's climate, it's understood. Just not liked!
Get rid of affirmative action and there won't be that stigma. If racism really held people back in the industry, why do Asians and Indians have such a great image?
I've worked with many hard working, intelligent, well spoken african americans over the years.....almost all from overseas (europe/africa.....you name it). In my stereotypical view (not prejudiced), the U.S. has created an environment where this need to be 'rewarded or codled'- for being a minority, has created many problems in society for many races....but doesn't reflect anything true about the any of the races in question. It's BS, politics, and loud mouthing that create these problems. Why do "Asians and Indians have such a great image"?----because they do it better, and cheaper. Sometimes you've gotta go with Darwin too, even when it hurts. Actually, we're not all quite created equal, nice idea, but it doesn't hold true in science. That said..........I'm by no means at the top of the totem pole.
Fraud in the securities industry is color blind, as those who have become blinded and obsessed by greed while ensconced in creature comforts, at some point lose perspective and deliberately deny any sense of reality, becoming relentlessly driven to "succeed" at all and any cost; driven to deceit, while both sadly and sadistically destroying anyone trusting enough to be exploited and manipulated. The fact that Mr. Wright deliberately exploited blacks has nothing to do with affirmative action, but with someone who apparently has such disregard and distaste for his own race, that he would promote himself as someone to represent and provide for their interests while in actuality merely screwing them over. This element of deceit is not necessarily uncommon among those of the same racial, ethnic, or cultural background, but perhaps because of the history of suppression of the black community, and because of the severity of the damage done to so many people, it is particularly egregious and with severe ramifications way beyond this one man. And all for what? A swimming pool, luxury cars, and a closet full of shoes. And this is suppose to compare to years, decades, and centuries of sweat and blood?