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The Firing of The BLS Commissioner Reaffirms: President Trump Only Believes In Fake Facts

“When power makes truth expendable, only the brave will keep records.” — HBCU Money Editorial Board

On August 1, 2025, the United States crossed a threshold most democracies fear but few anticipate with precision the moment a nation’s statistical agency becomes a political target not for corruption, but for accuracy.

Following a weaker-than-expected jobs report with just 73,000 jobs added in July and significant downward revisions to prior months, President Donald Trump abruptly ordered the firing of Dr. Erika McEntarfer, Commissioner of the Bureau of Labor Statistics (BLS). The justification? The data embarrassed him. The evidence? None. The implications? Profound.

For over a century, the BLS has served as the impartial scorekeeper of the American labor market. Its reports help inform everything from Federal Reserve monetary policy to wage negotiations, business expansion decisions, and university research. Most critically, the BLS is the foundation for public trust in employment data, a cornerstone of economic legitimacy.

Trump’s dismissal of Dr. McEntarfer, who was confirmed with bipartisan support and is regarded as a rigorous labor economist, did not challenge methodology, nor did it cite misconduct. Instead, it was an overt signal: when facts contradict the leader’s narrative, the facts must go.

This act is not merely executive overreach. It is an institutional decapitation. And it represents the clearest break yet from the post-WWII consensus that government data should be nonpartisan, methodologically sound, and politically untouchable. In a global economy, this is the equivalent of a currency devaluation not of the dollar, but of America’s data credibility.

When leadership no longer trusts or permits accurate data, policy becomes reactive, erratic, and performative. Investors, entrepreneurs, and institutions rely on the BLS to signal economic direction. Without it, credit markets misfire, fiscal policy lacks direction, and monetary policy becomes unmoored. For African American-owned banks, real estate firms, and HBCU endowment managers, this degrades their ability to assess employment trends in Black communities, apply for federal workforce grants, or time bond offerings based on unemployment benchmarks. Even philanthropic giving strategies may suffer if the poverty, wage, and employment data they are based on becomes manipulated or suppressed.

America’s strength lies in its institutions, not its individuals. By removing the head of a critical statistical agency on political grounds, the White House has signaled that no institution is beyond coercion. This undermines the rule of law and places civil servants especially those in technocratic roles on notice: loyalty matters more than evidence. African American civil servants, many of whom have worked tirelessly to diversify and reform these institutions from within, may see decades of credibility erased. It’s a chilling reminder that representation within agencies means little if those agencies are subject to autocratic whim.

International investors, trade partners, and credit agencies track U.S. labor data as a proxy for global economic health. If they begin to suspect that U.S. statistics are manipulated, they may hedge their investments, slow trade, or reevaluate the reliability of U.S. fiscal metrics. In the long-term, this can impact foreign direct investment in African American economic zones, HBCU research partnerships with global firms, and even diaspora remittance flows, if currency stability is affected by market anxiety.

Perhaps most dangerously, Trump’s decision follows a long trajectory of undermining truth-based systems elections, public health, the judiciary, and now economic data. This creates a vacuum in which conspiracy becomes conventional wisdom. In such an environment, fake facts become state currency. This has severe implications for African American institutions. Much of African American advocacy whether for reparations, investment, or educational equity rests on data. If national data sources are neutered or politicized, then the burden of proof shifts unfairly onto communities already under-resourced in research infrastructure.

HBCUs, Black think tanks, and African American foundations must view this firing not as a political blip, but a doctrine in action. When truth becomes negotiable, institutions that depend on it must move from passive reliance to active defense. HBCUs with strong economics, political science, or data science departments such as Howard, Spelman, and FAMU should develop Black-centered labor and socioeconomic data initiatives. These should complement, verify, or challenge federal data when necessary.

Institutions should also create safeguards digital, legal, and procedural to document how and when data manipulation may be occurring. This includes archiving historic BLS data, creating public dashboards, and writing explanatory briefs for the community. In addition, the next generation of data scientists, economists, and statisticians trained at HBCUs must be equipped not only with technical skill but a political consciousness of how truth is weaponized. Their work should be rooted not just in method, but in mission.

There is also an urgent need for civic engagement. African American policy organizations must pressure Congress to enact legal protections that insulate agencies like BLS, Census, and the Congressional Budget Office from political interference. Civil society must create watchdog coalitions that expose attempts to politicize data or intimidate public servants. Parallel to this, an emergency data defense fund backed by foundations and Black philanthropic leaders could help institutions respond rapidly to threats against data integrity.

Dr. McEntarfer’s firing is not merely about jobs data. It is about whether America will continue to govern itself by fact or by fiat. For African Americans, who have fought centuries of data invisibility, distortion, and misuse from redlining to police profiling the stakes are especially high.

The Bureau of Labor Statistics was once seen as above politics. That era is over.

African American institutions must now assume a new role not just consumers of data, but defenders of its integrity. If truth is to survive, it will not be because it was protected by tradition, but because it was guarded by those with the most to lose from its disappearance.

Disclaimer: This article was assisted by ChatGPT.

If the State Won’t Pay, the Rich Must: The $27.5 Billion Endowment Public Broadcasting Now Requires

“In the absence of state support, those with capital must decide: will they merely enjoy the benefits of a stable society—or invest in the institutions that make it possible?”
Arielle Morgan, Senior Fellow, Institute for Civic Infrastructure

The withdrawal of $1.1 billion in federal funding from the Corporation for Public Broadcasting is not merely a fiscal adjustment—it is a structural dislocation. It marks the effective end of a decades-long social contract in which the U.S. government ensured the existence of a nationwide, non-commercial broadcasting ecosystem intended to serve the public interest. For PBS, NPR, and their hundreds of affiliate stations across the country, the clock is now ticking toward an uncertain future.

But if the U.S. government is no longer willing to fund public broadcasting, another powerful bloc may have to: the ultra-wealthy and the corporations that have long built brand equity on the back of public trust and public platforms. In other words, the very elite who most benefit from stability, reliable information, and a functioning democracy may now be expected to underwrite one of its most foundational institutions.

The price tag? $27.5 billion.

A Simple, Uncomfortable Equation

To replace $1.1 billion in federal funding with investment returns, the equation is straightforward. Using a conservative draw rate of 4%—commonly applied by universities and foundations to ensure long-term preservation of capital—an endowment of $27.5 billion would be required to generate that annual payout.

This is not a charity exercise. It is a capital strategy.

To reach this target, two basic donor models stand out:

  • 275 individuals contributing $100 million each
  • 2,750 individuals contributing $10 million each

These figures are within striking distance of the top echelon of American wealth. As of 2024, the United States had over 800 billionaires and more than 23,000 centi-millionaires (individuals with $100 million or more in net worth). Put bluntly, it would require only 1.2% of America’s centi-millionaires to secure the future of public broadcasting in perpetuity.

What’s at Stake for the Elite

There is a growing recognition—even among the ultra-wealthy—that civil society must be preserved, even if governments no longer have the capacity or political will to do so. The fragility of liberal democracy, demonstrated by political polarization, misinformation, and institutional distrust, poses long-term risks not only to the electorate but also to markets, capital flows, and reputational value.

Public broadcasting—independent, educational, and widely trusted—has long been a stabilizing force in this ecosystem. Its reach into rural towns, inner cities, and suburban households makes it a conduit for shared narratives and factual baselines. It is not exaggeration to say that NPR and PBS, through All Things Considered, NewsHour, Frontline, and Sesame Street, have helped preserve a measure of social cohesion in a deeply divided country.

For the ultra-wealthy, losing this infrastructure would not simply be a cultural loss. It would be a strategic risk.

Hence the question: if the state won’t fund it, why won’t they?

The Precedent Is There

Large-scale philanthropic endowments are nothing new. In the past two decades:

  • Michael Bloomberg has donated over $3.3 billion to his alma mater Johns Hopkins University.
  • MacKenzie Scott has given away over $16 billion since 2019.
  • The Gates Foundation operates with a $67 billion endowment and deploys billions annually to global health and education initiatives.
  • Ken Griffin recently contributed $300 million to Harvard University.

Yet public broadcasting—a sector with tangible civic impact—has rarely drawn the same scale of contribution. This may be due in part to its status as a federal recipient, which gave the impression of permanence and stability. That illusion has now evaporated.

What remains is the opportunity to build a truly private-public media model—one whose operating capital is drawn from private wealth but whose editorial independence is legally insulated from donor interference.

A Corporate Response to a Public Crisis

Philanthropists are not the only entities positioned to act. Corporations, particularly those with vested interests in news, content, or public trust, have a strategic imperative to help capitalise such an endowment. Among the most obvious candidates:

  • Technology firms such as Apple, Amazon, Google, and Meta, which dominate digital content distribution and advertising, but face persistent scrutiny over misinformation and platform responsibility.
  • Media conglomerates such as Comcast, Disney, and Paramount, whose own news divisions benefit from a well-informed public and a credible informational ecosystem.
  • Financial firms such as JPMorgan Chase, Goldman Sachs, and BlackRock, for whom geopolitical and social stability underpin long-term asset growth.

Indeed, a structured vehicle—such as a Public Broadcasting Endowment Corporation (PBEC)—could allow corporations to make long-term contributions that are tax-deductible, reputationally beneficial, and materially impactful. Their names need not appear on programming or editorial decisions; the return on investment would be brand credibility and a stronger civic framework.

Moreover, such a fund could become a flagship ESG initiative—aligning corporate interests with measurable civic outcomes.

Structuring the Capital Stack

A diversified funding approach would enhance resilience and buy-in. A potential framework:

Donor TypeTarget ContributionTotal
275 HNWIs @ $100M$27.5 billion100%
OR
1,000 HNWIs @ $10M$10 billion36%
100 Corporates @ $100M$10 billion36%
Broad-based campaign$7.5 billion28%
Total$27.5 billion100%

A broad-based campaign could also complement elite contributions. Imagine a national “Democracy Dividend” campaign: one million Americans pledging $1,000 annually for ten years. That alone would yield $10 billion—a testament to public commitment alongside private wealth.

From Pledge Drives to Private Equity

Public broadcasting has traditionally raised funds through grassroots donations and corporate underwriting. But this model is no longer viable on its own. What is required is a transition from pledge drives to portfolio management.

The envisioned endowment would be governed by a professional board and investment committee, structured similarly to major university endowments. Earnings would be deployed annually to:

  • Sustain local PBS and NPR affiliates, especially in underserved areas
  • Support original investigative journalism and children’s educational content
  • Fund innovation in digital and streaming public media
  • Preserve and digitize historic programming archives
  • Maintain emergency broadcast systems and rural information networks

Crucially, editorial integrity would be enshrined by legal charter—preventing donors or sponsors from influencing content.

Philanthropy as Infrastructure

Too often, philanthropy is reactive—applied to symptoms rather than systems. An endowment, by contrast, is structural. It is a recognition that certain institutions are too important to be left at the mercy of annual budgets, market swings, or election cycles.

The erosion of federal support for public broadcasting is a warning signal. The infrastructure of civic life—fact-based journalism, educational programming, and communal storytelling—requires capital insulation, not just ideological support.

This is not about saving Big Bird or Masterpiece Theatre. It is about fortifying one of the last remaining platforms where Americans—regardless of political identity or geography—encounter one another not as algorithms or enemies, but as citizens.

Will the Wealthy Step Up?

The government has walked away. The funding gap is real. But the wealth to close it is readily available.

If even a fraction of the world’s wealthiest individuals and corporations stepped forward with capital rather than condolences, the future of public broadcasting could shift from a question of survival to a model of strategic, sovereign independence.

In the end, it is not about whether we can raise $27.5 billion. It is whether the people most capable of doing so will finally recognise that their wealth is not a wall—but a bridge to a more stable, informed, and democratic society.

🎯 Key Facts

  • Total CPB federal subsidy rescinded: $1.1 billion
  • This funding supports both PBS and NPR, primarily by supporting local member stations.
  • Goal: Replace $1.1 billion per year in perpetuity through investment returns from an endowment.

📊 Endowment Calculation Assumptions

To generate $1.1 billion annually, the endowment must safely yield that amount without depleting principal.

ScenarioInvestment ReturnAnnual Draw RateRequired Endowment
Conservative5% return4% draw$27.5 billion
Moderate6% return4% draw$27.5 billion
Ambitious8% return5% draw$22 billion

Rule of Thumb:

  • Endowment needed = Annual Budget ÷ Draw Rate
  • So for $1.1 billion with a 4% draw:
    $1,100,000,000 ÷ 0.04 = $27.5 billion

🏛️ Comparisons to Similar Institutions

InstitutionEndowmentNotes
Harvard University$50.7B (2024)Largest university endowment
Bill & Melinda Gates Foundation$67B (2024)Largest U.S. philanthropic fund
NPRN/ADoes not have a large central endowment
Howard University$1B (2024)Largest HBCU endowment

🔄 Alternatives or Supplements

If not a full endowment, partial coverage models could include:

  • A $5B–$10B endowment paired with annual fundraising
  • Public-private consortiums involving universities, foundations, and philanthropists

💡 Final Recommendation

To fully replace the $1.1B annual CPB subsidy, a minimum $27.5 billion endowment would be needed under conservative investment assumptions.
This figure ensures long-term sustainability without needing annual appropriations or political reauthorization.

Disclaimer: This article was assisted by ChatGPT.

Building Bridges for the Future: How Claflin University and Africa University Are Reimagining HBCU-African Higher Education Partnerships

“The regeneration of Africa means that a new and unique civilization is soon to be added to the world.” — Dr. Edward Wilmot Blyden

In a world increasingly threatened by climate change, biodiversity loss, and global inequality, it is not only science that must rise to meet the moment—it is institutions. The historic collaboration between Claflin University, a leading Historically Black College and University (HBCU) in Orangeburg, South Carolina, and Africa University in Zimbabwe is a testament to what the future of Pan-African higher education cooperation can and must look like.

As seen in the powerful image of four smiling graduates—young scholars representing Africa University’s Class of 2025—this partnership is more than symbolic. These four AU alums were awarded Master of Science degrees in Biotechnology and Climate Change through an online program with Claflin University. It marks a significant step forward in bridging the gap between HBCUs and African universities, offering not just degrees, but transformation, elevation, and a realignment of institutional relationships across the African Diaspora.

Claflin University’s Dr. Gloria McCutcheon, a seasoned environmental scientist and scholar, alongside Africa University’s Dr. James Salley, deserves our deepest thanks and congratulations for stewarding this visionary effort. This is more than an academic exercise. It is an investment in Black global agency—an institutional architecture that boldly resists the neo-colonial fragmentation of Black intellect and instead forges knowledge capital across oceans.

The Institutional Revolution: Why It Matters

Historically, relationships between HBCUs and African universities have been underdeveloped. While shared historical and cultural lineages run deep, formal cooperation in research, degree programs, and faculty development has often been episodic and underfunded. This is due in part to a lack of intercontinental policy alignment, but also due to the structural underinvestment in both HBCUs and African institutions of higher learning.

Yet this partnership challenges that stagnation. By aligning their academic missions, Africa University and Claflin University are modeling a future where Black institutions on both sides of the Atlantic are no longer rivals for Western validation, but co-creators of global excellence.

Biotechnology and climate change are not only timely fields—they are strategic. These disciplines shape the future of agriculture, health, water, and energy. As climate change disproportionately affects the Global South, it is imperative that scientists and researchers from Africa and the African Diaspora lead in developing regionally grounded and globally relevant solutions. The MS program is designed with this in mind, empowering graduates with the tools to confront challenges that affect their communities directly.

This is the praxis of Black institutional sovereignty. It is not merely symbolic, it is materially transformational.

Online Education as Pan-African Infrastructure

One of the most remarkable elements of this partnership is its fully online format. In doing so, it sidesteps the exorbitant costs and restrictive visa policies that often inhibit African students from accessing U.S.-based graduate education. Rather than uprooting scholars from their communities and obligations, this model allows them to remain embedded in the ecosystems they intend to serve.

It is also a vital counterpoint to the often exploitative model of international student tuition dependency seen at many Predominantly White Institutions (PWIs). Instead of recruiting African students primarily as revenue sources, this partnership honors them as scholars and change-makers—collaborators in knowledge production, not customers.

This is especially crucial as online education technologies mature and expand access. The future of African Diaspora cooperation must be hybrid and tech-savvy, using every digital tool available to scale education, connect institutions, and reinforce the sovereignty of Black intellectual spaces.

Claflin’s leadership in this area signals what is possible for other HBCUs. Morehouse School of Medicine has already begun integrating global health partnerships, and Howard University has longstanding African studies initiatives. Yet this direct academic program collaboration between Claflin and Africa University sets a new precedent—one that should become a norm, not an exception.

The Bigger Picture: Climate, Biotechnology, and Black Sovereignty

The selection of Biotechnology and Climate Change as the focus of this master’s program is a strategic masterstroke. Climate adaptation, agricultural sustainability, and bio-innovation are the battlegrounds of the 21st century. From Nairobi to New Orleans, African-descended people are often the first to feel the tremors of ecological collapse. We are also, too often, the last to benefit from the technological revolutions responding to it.

By placing young African scholars at the cutting edge of these fields, Claflin and Africa University are not just preparing students for careers—they are preparing them to lead revolutions. Innovations in biotech can reshape everything from vaccine distribution to drought-resistant crops. Expertise in climate change can determine which communities survive sea-level rise, which economies can adapt to volatile weather, and which governments can formulate climate justice policies that center the most vulnerable.

This partnership builds knowledge that is simultaneously scientific and sovereign. It reflects a belief that Black students should not just study solutions crafted elsewhere, but invent their own. In a world that too often imposes external “development” frameworks on African nations and communities, this program declares: we are the architects of our own future.

A Framework for Expansion: What Comes Next?

One successful cohort is a seed. But the real question is how to scale this model.

Here are five recommendations:

  1. Joint Endowments – HBCUs and African universities should pursue shared endowment vehicles that fund joint programs, scholarships, and research. Such funds would represent a new kind of transatlantic educational capital—independent, mission-driven, and Pan-African in structure.
  2. Faculty Exchange Pipelines – Beyond student exchanges, institutions must prioritize reciprocal faculty exchange programs. African professors teaching at HBCUs (physically or virtually) and vice versa would broaden curricular offerings and deepen cultural fluency. HBCU Faculty Development Network is the perfect conduit to sponsor the programming infrastructure for such an exchange.
  3. Shared Research Institutes – HBCUs and African universities could establish co-branded research institutes focusing on themes like climate change, food security, public health, and digital governance—topics where the Global Black experience offers unique insights.
  4. Diasporic Accreditation Models – One major barrier is credential recognition. A Pan-African accreditation body could facilitate mutual recognition of degrees and allow smoother transitions for students moving between institutions in the Diaspora.
  5. Government & Philanthropy Engagement – African governments and HBCU-aligned philanthropies must see this kind of partnership as strategic infrastructure. They must fund it accordingly. Every dollar spent here is a dollar spent on self-determination.

The Role of Leadership

Credit must be given where it is due. Dr. Gloria McCutcheon’s work at Claflin demonstrates what it means for faculty to move beyond the classroom and into institution-building. Her leadership not only provided the academic structure for the MS program but built the trust and collaborative framework that such international partnerships demand.

Likewise, Dr. James Salley’s leadership at Africa University—an institution that has long carried the banner of Pan-African Christian higher education—has been instrumental. AU was founded on the principle of serving Africa through excellence, and this collaboration expands that mission into the Diaspora.

This is what visionary leadership looks like: daring to connect what colonialism sought to divide.

The Image as Testament

Courtesy of Claflin University

The image that inspired this article—four young scholars, standing confidently in front of a brick building, adorned in the sunlight of new opportunity—represents more than a graduation. It is a visual declaration of Pan-African potential. Their smiles, their presence, their achievement—each affirms the power of institutions that choose cooperation over competition, legacy over ego, and elevation over exploitation.

They are not just Claflin graduates or Africa University alumni. They are trailblazers of a new academic order—one that transcends borders and builds Black excellence into the very structure of education itself.

Final Thoughts: Pan-African Pedagogy Is The Future

In a century defined by ecological upheaval, technological disruption, and renewed global competition, the African Diaspora cannot afford fragmented institutions. HBCUs and African universities must see each other as natural allies—extensions of a common historical, intellectual, and cultural struggle.

This Claflin-AU partnership is not just a program. It is a model of what is possible when Pan-African Diaspora institutions collaborate with purpose. It is a rejection of dependency and a commitment to capacity-building. It is the beginning of an educational ecosystem rooted in mutual respect, sovereign vision, and Pan-African commitment.

Let it grow. Let others follow. Let this be the future of Pan-African education—intercontinental, interdisciplinary, empowering, and unapologetically transformative.

Congratulations again to the Class of 2025. Your success is our collective success.

#SCUMCConference #elevationandtransformation

HBCU Money™ Turns 13 Years Old

By William A. Foster, IV

Life is a hard battle anyway. If we laugh and sing a little as we fight the good fight of freedom, it makes it all go easier. I will not allow my life’s light to be determined by the darkness around me. – Sojourner Truth

HBCU Money is officially a teenager. Usually the teenage years are a rough and tumultuous time and it is hard to see that being any differently for us. The current social and political climates that we are about to experience over the next four years will test our patience and fortitude. It is vital that HBCU Money stays a voice of focus, strategy, and guidance in the African American institutional space as it relates to economics, finance, and investment.

It is inherent that we continue to strengthen and build our African American institutional ecosystem. It is also vital that that ecosystem build bridges of connection with the African Diaspora institutional ecosystem. We must throw off the shackles of isolationism and island mentality that plagues us so deeply. Before we make decisions we must ask ourselves is there an African American institution that exist that serves that need or want. If it is not there, then we must discuss building it. Where is the HBCU that has an African American MBA that teaches us how to build and run businesses from our interest? Where is the HBCU that has a law school focused on African American agriculture and real estate? Where is the African American bank focused on export-import for African American businesses? Are we using our talents to enhance ourselves individually or are we using our talents to enhance our institutions that enhance the collective? These are just a few of the vital things we are missing in our financial infrastructure.

There is not much that needs to be said, but plenty that needs to be done.

Island Mentality: Alabama State University’s $125 Million Decision Highlights HBCUs’ Continued Failure To Connect With The African American Financial Sector

Negro banks, as a rule, have failed because the people, taught that their own pioneers in business cannot function in this sphere, withdrew their deposits. – Dr. Carter G. Woodson

What is an ecosystem? How do you develop an ecosystem? Can we develop an African American ecosystem? It seems to be a question that a room full of African American institutional leadership have little understanding of based on the institutional decisions that are continuously made. In their academic paper entitled Economic Ecosystems, Philip E. Auerswald and Lokesh M. Dani, “An ecosystem is defined as a dynamically stable network of interconnected firms and institutions within bounded geographical space. It is proposed that representing regional economic networks as ‘ecosystems’ provides analytical structure and depth to theories of the sources of regional advantage, the role of entrepreneurs in regional development, and the determinants of resilience in regional economic systems.” The most vital part of that definition being interconnected firms and institutions. African American institutions in general at every turn fail to understand this concept and HBCUs are no exception. This is especially true of HBCUs choice of banks and now Alabama State University’s recent decision to forego a plethora of African American Owned Investment and Asset Management firms and hand $125 million to another European American owned investment firm. African American capital once again reinforcing European America’s financial ecosystem – not ours.

It is almost a redundant story at this point. African American institutions all operating on their own island and failing to interconnect and intertwine with each other. African America from individual to institutions all do what is best for themselves individually and not what is best for the collective and certainly not what connects and strengthens the collective. See Hampton University and North Carolina A&T State University decisions to leave an HBCU conference for a PWI one. To that vein is why over 90 percent of African America’s $100 billion in annual tuition revenue goes into PWIs and not HBCUs/PBIs. HBCUs provide very little means of an example for the community to follow. Instead, HBCUs are a glaring headlight of just how poorly African American institutions perform in strategically integrating themselves within the African American ecosystem, especially economically. There are no reports on HBCUs engagement with the African American private sector because HBCUs do not seemingly see that as important. How many of HBCU graduates work for African American owned companies? How much HBCU athletic sponsorship dollars come from African American owned companies/partnerships? How much of the HBCU endowment is invested in African American firms? These are basic questions that any leadership of an HBCU should be able to answer. Unfortunately as Jarrett Carter, Sr., founder of HBCU Digest, once eloquently put it, “Many HBCUs are just trying to be PWI-adjacent.”

Is $125 million a lot of money? Context matters. To any individual, most would agree $125 million is significant. To institutions, it varies on size, scope, and goals. For African American Financial Institutions, almost down to even the largest of our firms having an $125 million account would see their bottom line acutely move. Providing perspective on the landscape, Pension and Investments reports, “The global asset management industry showed some signs of recovery in 2023, with total assets under management (AUM) rising 12% year-over-year to nearly $120 trillion, according to research by Boston Consulting Group.” For African American Asset Managers, “The largest Black-owned asset managers are responsible for more than $253 billion in assets, according to FIN Searches data. Vista Equity Partners is the largest Black-owned firm in the industry, with the private equity manager handling $103.8 billion in assets.” African American Owned Asset Managers only account for 0.2 percent of the global AUM. By contrast, the Top 10 non-Black asset managers have $22 trillion assets under management which accounts for almost 20 percent of global AUM.

The asset management firm that Alabama State University chose according to World Benchmarking Alliance, “Neuberger Berman is a private employee-owned investment management firm (leadership pictured above) headquartered in New York, USA. It was founded in 1939 and has offices in 39 cities across 26 countries. The firm manages equities, fixed income, private equity and hedge fund portfolios for global institutional investors, advisors and high-net-worth individuals. It managed USD 460 billion of assets (under management) in 2021 and employed 2,647 staff in 2022.” This means that Alabama State University’s $125 million is equal to 0.02 percent of assets under management for Neuberger Berman. A drop in the bucket. The entirety of assets at African American Owned Asset Management firms is only 55 percent of Neuberger Berman assets under management. Alabama State University’s $125 million would have lifted the ENTIRE African American Owned Asset Management’s AUM by 0.05 percent. A move that would have strengthened the African American economic and financial ecosystem.

African America as a community talks about the circulation of the dollar or our lack thereof constantly, but what is virtually never talked about is the circulation of the African American institutional dollar being the largest part of that conversation. It is a fairly accepted statistic that the African American dollar does not stay in the African American community for a day, while other communities see their dollar stay in their communities for weeks and in the case of the Asian American community for almost a month. We often think of the circulation of our dollar like everything else, on an island or as an individual. An individual going and buying food from even an expensive African American owned restaurant is $100-200, but an HBCU building a new building means the opportunity for a new loan worth tens of millions for an African American owned bank, it means tens of millions for an African American owned construction company, so on and so forth. Instead, Bethune-Cookman University borrows from a notorious predatory lender to the African American community in Wells Fargo and almost finds itself losing those buildings due to foreclosure.

HBCU alumni know little about the state of finances or the movement of the money at their alma maters. HBCU administrators either willfully withholding the information or inept themselves of the importance of the information and providing it. Both are problematic. The notion that HBCUs cannot find African American investment firms is a painful thought knowing that a Google search would bring up the HBCU Money African American Owned Bank Directory at the very least. The likelihood is more in line with what Mr. Carter said in that a good deal of HBCU leadership simply wants to be like their PWI counterparts is far more likely. This would explain the debacle “donation” accepted by Florida A&M University’s president recently where a simple Google search would have avoided such embarrassment. Instead, Alabama State University’s Neuberger Berman relationship and a plethora of others instances (a decade ago when we reported “Spelman College & Regions Bank – A Failure To Disclose”) is that likely they are simply mimicking PWI actions and unwittingly reinforcing the PWI/European American ecosystem to say the least. Unfortunately, that mimicking reinforces another community’s economic and financial ecosystems not ours and why you may never see OneUnited Field at any HBCU’s athletic facility. Because we are holding out for J.P. Morgan, Bank of America, or Wells Fargo to show us the same love they show PWIs. Not acknowledging those are not our community’s banks.

If HBCUs are simply going to behave as PWI-adjacent institutions, then it is hard to argue with why over 90 percent of African Americans who go to college are not choosing HBCUs. For many it becomes a question of why get a knockoff when they can get the real thing. After all their ice is colder. HBCUs, HBCU alumni associations, and HBCU support organizations as a whole are not making decisions related to African American institutions ecosystem’s interests and interconnectivity and that is most glaring in the poor institutional decisions we are making in regards to our institutional finances and endowments.