*(New York, NY) – Rev. Jesse L. Jackson’s 18thAnnual Wall Street Project Economic Summit, “Where Wall Street, Main Street & Silicon Valley Converge,” continued Wednesday in New York City by releasing research on the challenge Minority Women-Owned Business Enterprise (MWBE) investment firms face, a keynote address by Los Angeles Clippers Owner and former Microsoft CEO Steve Ballmer during the Access to Capital Luncheon and panel discussions on the Business of Hip Hop – Examining Next Steps and Sports After the Cheering Stops: The Next Generation of Athlete Dealmakers — the day culminated with the Gala Fundraiser Reception.
The release of Expertise = Equality: The Challenge of MWBE Investment Firms Managing Money for Corporate Pension Funds, Endowments & Foundations is part of RainbowPUSH/Wall Street Project’s ongoing efforts to equalize opportunities for African American economic empowerment. RainbowPUSH/Wall Street Project examined the private sector asset management industry in the U.S.; specifically, the utilization of lack-owned money management firms at the top 100 corporations and the top 25 endowments and top 25 foundations. During the first session, Money Where it Matters … speakers engaged in a conversation about ways to improve the utilization of MWBE asset management firms. Ariel Investments’ Chairman, CEO & CIO John W. Rogers, Jr., said: “change starts with us. We need to become wealth creators and challenge the status quo … The institutions that need so much public money, exclude us from managing their endowments. We need to fight for inclusion. It can be done.”
During part two of Access to Capital session, Securing the Money Minority Businesses Need to Grow, two key points were made concerning minority businesses and government contracts. Louis Green, CEO of Supplier Success and former President/CEO of the Michigan Supplier Development Council, said more than a third of minority businesses do not even consider applying for a loan. Teri Coaxum, Regional Advocate for the Small Business Administration, said government contracts allow minority businesses to grow.
The Access to Capital Luncheon featured a keynote address by LA Clippers Owner and former Microsoft CEO Steve Ballmer. Ballmer told the audience about his recent meeting with Rev. Jackson in Los Angeles where the two discussed how high school students should also be required to study civics and economics, in addition to general education subjects. He added it was imperative that students graduate with knowledge about civil rights and how the world works, for success.
The Wall Street Project Economic Summit honored Sidney Dillard, Partner, Corporate Investment Banking Division, Loop Capital; Robert F. Smith, Chairman & CEO, Vista Equity Partners; and Donna Sims Wilson, President, Smith Graham & Co. Investment Advisors, L.P. during the Access to Capital Luncheon. “I’ve refused to allow racism and sexism to hinder me, where there is a will, there’s a way,” said Donna Sims Wilson. “Do excellent work, it speaks for itself. Stay on the cutting edge. Be prepared for change, stated Wilson.”
The Business of Hip Hop – Examining Next Steps focused on strengthening the entrepreneurs and citizens of the Hip Hop community in the areas of politics, economics and entertainment. Rev. Jackson said: “hip hop generates awareness that is essential for growth in the U.S. It’s a struggle for consciousness. It’s a method for getting the message out. We have to learn to play the game of Wall Street with Hip Hop.”
The sports session, After the Cheering Stops: The Next Generation of Athlete Dealmakers, examined ways in which professional athletes can maximize their brand, exposure and platform and turn them into meaningful ventures that can serve them well in the post-career pursuits. Other sessions included Building It Together: Why Strategic Partnerships Work and Why Diversity Matters.
The Wall Street Project Economic Summit closes Thursday, January 15 with a focus on Corporate Boards, Economic Expansion in Africa, Faith & Community Leaders, a Chief Investment Officers discussion and Succeeding on the Web and with Google. The Summit will conclude with an Awards Luncheon featuring Congresswoman Maxine Waters.
Media attending the Summit should report to:
Media Room | Carnegie Suite East, located 3rd Floor – Media should check in to receive credentials (must be pre-approved)
Media Room Office Hours
Thursday, January 15 | 8:30 a.m. – 3:00 p.m.
*Email [email protected] to register and cover the Summit
The Rev. Jesse Jackson, joined by local elected officials and community leaders, will tour Interfaith Medical Center and hold a press conference on the importance of health care services provided by safety net hospitals, and the role they play in providing economic stimulus vital to the recovery and revitalization of inner-city neighborhoods at 7: 30 a.m. TOUR, 8:00 a.m. PRESS CONFERENCE at the, Interfaith Medical Center, 1545 Atlantic Avenue, Brooklyn, NY.
The 2014 Honorary Co-chairs are: Cloves C. Campbell, Jr., Chair, National Newspaper Publishers Association (NNPA), Cynthia D. DiBartolo, Esq., Chief Executive Officer, Tigress Financial Partners LLC and Chairperson, Greater New York Chamber of Commerce, Earl G. (Butch) Graves, Jr., President & Chief Executive Officer, Black Enterprise, Alfred C. Liggins, Chief Executive Officer and President, Radio One, Inc./TV One, LLC, The Honorable Charles B. Rangel, U.S. Representative, D-NY 13th Congressional District, James Reynolds, Jr., Co-Founder, Chairman and Chief Executive Officer Loop Capital Markets, John W. Rogers, Jr., Chairman, CEO & Chief Investment Officer, Ariel Investments, LLC, and Clifford C. Swint, Executive Vice President, Capital Markets, MFR Securities, Inc.
The Wall Street Project Economic Summit brings entrepreneurs, corporate executives and the nation’s political leadership together to increase business and employment opportunities for minorities. The Rainbow PUSH Coalition is a progressive organization protecting, defending and expanding civil rights to improve economic and educational opportunity. The full agenda can be found online at www.rainbowpushwallstreetproject.org. Live broadcasts of some sessions can be viewed at www.facebook.com/enovativetv.
To register, visit: www.rainbowpushwallstreetproject.org or call (646)-569-5889.
Notable Quotes from Day 2
Money Where it Matters: Managing Corporate, Endowment & Foundation
“Real economic empowerment comes from entrepreneurship and extending economic opportunities to underserved communities, said Orim Graves, Executive Director, National Association of Securities Professionals (NASP). “0.2% of money is managed by minority financial management firms.”
“Change starts with us. We need to become wealth creators and challenge the status quo” said John W. Rogers, Jr., Chairman, CEO & Chief Investment Officer, Ariel Investments, LLC. “The institutions that need so much public money, exclude us from managing their endowments. We need to fight for inclusion. It can be done.”
Access to Capital – Part II: Securing the Money Minority Businesses Need to Grow
“You need to have a relationship with your community bank. It is not only interested in your money but also in your community. Use it as an advisor,” said B. Doyle Mitchell, Jr., President & Chief Executive Officer, Industrial Bank.
“33% of minority businesses do not even consider applying for a loan,” said Louis Green, Chief Executive Officer, Supplier Success, former President-Chief Executive Officer, Michigan Supplier Development Council.
“Government contracts are important. They allow your business to grow,” said Teri Coaxum, Regional Advocate, Small Business Administration (SBA).
Access to Capital Luncheon
“We have launched a campaign called the boardroom accountability project asking companies to change the rules to elect directors to the boards of major companies,” said Scott M. Stringer, New York City Comptroller.
Business of Hip Hop – Examining Next Steps
“Nothing else matters, it’s about ownership. It’s not about telling your children to get a ‘good job.’” said Rapper Ed Lover, Vice President of Hip Hop TV, LLC. “It is by design you don’t hear positive music on the radio anymore. Hip hop saved my life. Hip Hop can make a change globally.”
“Our hip hop artists can build up our community, or tear us down,” said Freeway Rick Ross. “If we teach our artists how to give off positive messages, it can really help our communities.”
Building it Together: Why Strategic Partnerships Work
“Build relationships so you can grow. Use them strategically for your business,” said James Reynolds, Jr., Co-Founder, Chairman and Chief Executive Officer, Loop Capital Markets. “In every business you are in sales. Relationships allow you to find that first client to sell to.”
“Having longstanding strong relationships with clients mitigates the risk of conducting business, allows you to create a sustainable business and enables you to be bold in other areas of your business,” said Christopher J. Williams, Chairman and Chief Executive Officer, Williams Capital Group, LP. “Always consider cultural differences while structuring strategic relationships.”