![]() ![]() ![]() "Blacks were poor and, due to segregated housing, their homes were worth less. "The catch-22 of Black banking is that the very institutions needed to help communities escape the deep poverty inevitably become victims of that same poverty," Baradaran writes. She reveals how housing segregation, racism and Jim Crow credit policies created "an inescapable economic trap for Black communities and their banks," and challenges the idea that Black banking and "community self-help" is the key to Black economic progress. Mitchell was inspired by Mehrsa Baradaran's award-winning book, "The Color of Money: Black Banks and the Racial Wealth Gap," the blog post says.īaradaran, a professor of law at UC Irvine Law, explores the persistent racial wealth gap by examining the history of Black banking, from when the Emancipation Proclamation was signed in 1863 to today. He then teamed up with Netflix treasurer Shannon Alwyn to develop the program. It was Aaron Mitchell, director of talent acquisition at Netflix and Harvard Business School alum, who proposed the idea to Netflix CEO Reed Hastings. ![]()
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