So apparently there are "black" banks opening up ...

[purbeast0]

On the way to work this morning the DJ I listen to had the founder of BET on his radio station talking about his next venture. He was talking about how black folks don't have much they have of their own that can be seen on a national level. He went to say how black people can go anywhere in the country and see BET on television, but that's about it.

He then went on to say he's going to start opening up "black" bank branches all around the country, so that black people will have another black thing they can see all over the country. They said it would focus on education, home mortgages, savings, and one other thing (I can't remember).

Now my question is this ... why? What is this going to achieve? I don't see how the current banks are "white" and alienate black people as it is, so to me this just makes absolutely no sense.

I don't want to start any type of racist discussion here but I just wanted to see if anyone else had heard of this, and what their feelings about this are. If there are any black people that read this I would like to hear what your feelings on this are.

EDIT:

Here's an article about it, and apparently the bank has alrady started and I guess he was discussing his expanding possibilities on the radio this morning. It's called Urban Trust Bank.

Johnson's Urban Trust Bank Makes D.C. Debut

 

[MercenaryForHire]

Originally posted by: purbeast0
On the way to work this morning the DJ I listen to had the founder of BET on his radio station talking about his next venture. He was talking about how black folks don't have much they have of their own that can be seen on a national level. He went to say how black people can go anywhere in the country and see BET on television, but that's about it.

He then went on to say he's going to start opening up "black" bank branches all around the country, so that black people will have another black thing they can see all over the country. They said it would focus on education, home mortgages, savings, and one other thing (I can't remember).

Now my question is this ... why? What is this going to achieve? I don't see how the current banks are "white" and alienate black people as it is, so to me this just makes absolutely no sense.

I don't want to start any type of racist discussion here but I just wanted to see if anyone else had heard of this, and what their feelings about this are. If there are any black people that read this I would like to hear what your feelings on this are.

Call me when he tries to start this, so that I can laugh at him floundering in red tape.

- M4H

 

[bignateyk]

well, unless hes going to be giving some kind of charity (like really low interest rates), or giving loans to those who are normally unable to get them for the purpose of school, etc..., then I think this is pretty fvcking stupid.


And if he is doing this for charity reasons, then I dont think it will last very long.

 

[timur]

Wait you want my opinion lol

 

[Kaido]

Isn't that racist against the rest of us?

 

[j00fek]

another worthless idea

 

[purbeast0]

Originally posted by: MercenaryForHire

Originally posted by: purbeast0
On the way to work this morning the DJ I listen to had the founder of BET on his radio station talking about his next venture. He was talking about how black folks don't have much they have of their own that can be seen on a national level. He went to say how black people can go anywhere in the country and see BET on television, but that's about it.

He then went on to say he's going to start opening up "black" bank branches all around the country, so that black people will have another black thing they can see all over the country. They said it would focus on education, home mortgages, savings, and one other thing (I can't remember).

Now my question is this ... why? What is this going to achieve? I don't see how the current banks are "white" and alienate black people as it is, so to me this just makes absolutely no sense.

I don't want to start any type of racist discussion here but I just wanted to see if anyone else had heard of this, and what their feelings about this are. If there are any black people that read this I would like to hear what your feelings on this are.

Call me when he tries to start this, so that I can laugh at him floundering in red tape.

- M4H

It's his next business venture that is in the works. I will try to find some article online about it, I don't even remember the guys name.

 

[moshquerade]

way to continue promoting separation and segregation just like what Sharpton and Jackson do so they can maintain their positions.

 

[Sinsear]

Originally posted by: Kaido
Isn't that racist against the rest of us?

Yes.

 

[J0hnny]

Well, there are many Chinese family owned retail banks and from what I've seen, they rely on the business of mainly Chinese people who trust their own.

 

[krunchykrome]

I heard about this the other week. What some people don't realize is that the more you recognize color difference by doing things like this, the more you're actually nurturing the problem. Also, one personal observation is that every bank I visit "Wachovia, Provident, Sun Trust", most of the employees are Black. I don't understand what he means by having a "black" bank other than probably having more lenient check cashing policies. But hey, thats just my opinion.

 

[SpecialEd]

opening a national chain of banks only available to 10-15% of the country's population doesn't seem like a good idea to me.

 

[timur]

Originally posted by: bignateyk
well, unless hes going to be giving some kind of charity (like really low interest rates), or giving loans to those who are normally unable to get them for the purpose of school, etc..., then I think this is pretty fvcking stupid.


And if he is doing this for charity reasons, then I dont think it will last very long.

What if it not him doing the charity?

What if he can convince blacks with money to put their money in savings there at a lower interest rate instead of at normal banks?

People buy Priuses to feel good even though they not really saving money, why not deposit their money in a black bank to feel good?

 

[J0hnny]

Originally posted by: Sinsear

Originally posted by: Kaido
Isn't that racist against the rest of us?

Yes.

No it wouldn't be, as long as they don't deny you the same service and lending rates.

 

[K1052]

lol, good luck to him if he wants to compete in the banking industry

oddly enough every BoA branch I go into here is almost completely staffed by hispanics

 

[purbeast0]

Here's an article about it, and apparently the bank has alrady started and I guess he was discussing his expanding possibilities on the radio this morning. It's called Urban Trust Bank.

Johnson's Urban Trust Bank Makes D.C. Debut

 

[timur]

Originally posted by: SpecialEd
opening a national chain of banks only available to 10-15% of the country's population doesn't seem like a good idea to me.

Originally posted by: J0hnny
Well, there are many Chinese family owned retail banks and from what I've seen, they rely on the business of mainly Chinese people who trust their own.

What the proportion of the nation that's Chinese? Are those Chinese banks a bad idea?

 

[J0hnny]

Originally posted by: krunchykrome
Also, one personal observation is that every bank I visit "Wachovia, Provident, Sun Trust", most of the employees are Black. I don't understand what he means by having a "black" bank other than probably having more lenient check cashing policies. But hey, thats just my opinion.

Wow, it's the same for me here in NYC. I'd have to say I've never seen a caucasian bank teller in the last 4 years!

 

[MercenaryForHire]

Originally posted by: purbeast0
Here's an article about it, and apparently the bank has alrady started and I guess he was discussing his expanding possibilities on the radio this morning. It's called Urban Trust Bank.

Johnson's Urban Trust Bank Makes D.C. Debut

/reads

I fail to see what makes that a "black" bank, other than in George Carlin's words:

"When did the word 'urban' become synonmous with the word 'black'?"

- M4H

 

[Pepsi90919]

we have french credit unions, ukranian credit unions, etc etc

 

[Sinsear]

Originally posted by: J0hnny

Originally posted by: Sinsear

Originally posted by: Kaido
Isn't that racist against the rest of us?

Yes.

No it wouldn't be, as long as they don't deny you the same service and lending rates.

But will they? I don't see great diversity on his original venture BET. Breaking the trend here?

 

[bignateyk]

Originally posted by: timur

Originally posted by: bignateyk
well, unless hes going to be giving some kind of charity (like really low interest rates), or giving loans to those who are normally unable to get them for the purpose of school, etc..., then I think this is pretty fvcking stupid.


And if he is doing this for charity reasons, then I dont think it will last very long.

What if it not him doing the charity?

What if he can convince blacks with money to put their money in savings there at a lower interest rate instead of at normal banks?

People buy Priuses to feel good even though they not really saving money, why not deposit their money in a black bank to feel good?

Then I think its just a stupid idea that promotes the misconception that black people are discriminated against when getting loans, etc..., and if anything, will make problems like that worse.

 

[purbeast0]

Originally posted by: MercenaryForHire

Originally posted by: purbeast0
Here's an article about it, and apparently the bank has alrady started and I guess he was discussing his expanding possibilities on the radio this morning. It's called Urban Trust Bank.

Johnson's Urban Trust Bank Makes D.C. Debut

/reads

I fail to see what makes that a "black" bank, other than in George Carlin's words:

"When did the word 'urban' become synonmous with the word 'black'?"

- M4H

The last paragraph there states how they want it to be a bank for minorities, and the way he was talking about it on the radio this morning definitely sounds like he wants it to be the BET of the banking industry.

 

[swimscubasteve]

I think it's a good idea and not racist at all. Just because you target a specific demographic doen't make you a racist.

 

[bignateyk]

Originally posted by: Pepsi90919
we have french credit unions, ukranian credit unions, etc etc

Those are nationalities though. You dont see latino credit unions (well i guess that ones kind of obvious ), asian credit unions, etc...


edit: I dont think the idea is racist, but I certainly think it will hurt movements for equality.