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Wow, at first I assumed that you were wrong and "minority owned" meant like "minority shareholder" or some economic thing, but Claude seems to agree with your i
by stephen_cagle 2y ago
Wow, at first I assumed that you were wrong and "minority owned" meant like "minority shareholder" or some economic thing, but Claude seems to agree with your interpretation.
That just seems... wild. We are talking about something as fungible as money (or shares), and we are literally saying that we prefer for trading of those monies to come from people who have a certain racial or ethnic background. I'm genuinely surprised that this isn't somewhat illegal?
I suspect that I am misunderstanding something though.
- s1artibartfast 2y agoIt's not that shocking to me. Even the federal government engages in this kind of behavior. For example, the 8(A) business development program has been around since the late 70's, and sets aside government contracts for businesses owned by minorities and the socially disadvantaged. What this firm is doing is far less extreme.
- kasey_junk 2y agoThese policies historically were a reaction to de facto or de jure restrictions on minorities in mainline financial institutions. Black banks especially were chartered to support African Americans who were not allowed to be involved with mainline banks.