John,
Goldman Sachs thinks it’s acceptable to give a certain amount of money to neo-segregationists. When we raised concerns about recent donations the firm made to neo-segregationists last month, Goldman Sachs officials claimed that because of their capital investments in Black women entrepreneurs, it’s OK that they gave $125,000 directly to neo-segregationists Ed Blum and Stephen Miller.1
It is never OK to fund the leaders and organizations behind the pro-discrimination agenda to restrict Black people’s access to the workplace and our education system, and who are trying to restore Jim Crow-era privileges for white people.
Goldman Sachs isn’t acting alone. Other corporate charities, known as Donor-Advised Funds (DAFs) and that include Fidelity Charitable, Schwab Charitable, Vanguard Charitable and National Philanthropic Trust, have combined to provide more than $24.5 million to neo-segregationists and related groups in just the last few years. Every one of these corporations and their charities have made public statements declaring their support for Black people and diversity initiatives at the same time they were funneling millions of dollars to neo-segregationists figures and organizations. Corporations do not get to simultaneously bolster their reputation by celebrating the financial assistance they give to Black people, while also handing millions to the same neo-segregationists who would make investing in our communities illegal.
It’s time for these corporations to pick whether they want to be on the right side or wrong side of civil rights history.
Tell Goldman Sachs and other corporate charities: Stop Funding Neo-Segregationists!
The funding that Goldman Sachs and other corporate charities are providing is having near daily repercussions. Following pressure from neo-segregationists, the University of North Carolina System Board of Governors, which oversees 17 schools, recently approved a policy repealing the university system’s previous Diversity, Equity and Inclusion requirements that went into effect in 2019.2 Prior to that, Duke University was pressured to eliminate all full-ride scholarships for select Black students.3
The threat from these neo-segregationists is real. On May 23, the conservative-dominated U.S. Supreme Court handed them a win in upholding a South Carolina congressional map that purposely discriminates against Black voters and dilutes Black political power. In a concurring opinion, Justice Clarence Thomas — who replaced Justice Thurgood Marshall on the court — took aim at the landmark Brown v. Board of Education decision, making clear that he believes that historic ruling against segregation should be overturned.
Already, neo-segregationists are moving legal challenges to the Brown decision through the court system, anticipating that they can get the Supreme Court to reverse, or severely weaken, that decision within the next couple of years.4 This is possible only because Ed Blum, Stephen Miller and neo-segregationist groups are getting millions of dollars from Goldman Sachs and other corporate charities to fund their litigation.
Tell Goldman Sachs and other corporate charities: Stop Funding Neo-Segregationists!
Despite the growing neo-segregationist threat, these corporate charities are increasingly under fire for their actions. In May, the National Institute for Workers' Rights (NIWR) called on the Securities and Exchange Commission to investigate Goldman Sachs and their affiliated DAF — Goldman Sachs Gives — for securities fraud because of their donations to neo-segregationist organizations and causes.5 NIWR claims that by undermining its own diversity goals and publicly stated values with these donations, Goldman Sach has misled investors.
As long as millions in corporate donations flow into their coffers, these neo-segregationists will have the resources to keep challenging our bedrock civil rights laws and enshrining pro-white discrimination as a cultural baseline. But with mounting pressure on their core funders, we have the power to do something about it.
Tell Goldman Sachs and other corporate charities: Stop Funding Neo-Segregationists!
SIGN THE PETITIONUntil Justice Is Real,
The Color Of Change Team
References:
1. Goldman Sachs Charitable Gift Fund”, Instrumentl, https://www.instrumentl.com/990-report/goldman-sachs-charitable-gift-fund/
2. Nicquel Terry Ellis, "UNC System Board of Governors votes to repeal DEI policy," CNN, May 23, 2024, https://www.cnn.com/2024/05/23/us/unc-dei-policy-vote-reaj/index.html/
3. Mia Penner, "Duke ends full-ride scholarship program for select Black students in wake of affirmative action ruling," Duke Chronicle, April 10, 2024, https://www.dukechronicle.com/article/2024/04/duke-university-reginaldo-howard-scholarship-program-black-students-affirmative-action-ruling-undergraduates-leadership-program/
4. Pema Levy, “SCOTUS Ducks High School Diversity in Admissions Case,” Mother Jones, February 20, 2024, https://www.motherjones.com/politics/2024/02/scotus-ducks-high-school-diversity-and-admissions-case/
5. Felix Salmon, "Donor-advised funds' identity crisis," May 7, 2024, Axios, https://www.axios.com/2024/05/07/goldman-sachs-charity-securities-fraud-daf/
Color Of Change is building a movement to elevate the voices of Black folks and our allies, and win real social and political change. Please help keep our movement strong.
