It is going to be quite a trip watching Black Lives Matter spend billions of dollars in the coming years — handed to them by the most powerful megacorporations in the world — to tell everyone how “systemically oppressed” they are!
Companies have made extraordinary pledges of support in the face of significant operational and financial challenges. Many have stepped up support for black workers and communities. These monetary commitments are designed to facilitate and support “action for racial justice — to empower, support, and accelerate immediate solutions, as well as work towards long-term systematic transformation.”
What is surprising is the paucity of corporations and the stinginess of the donations. In a sense, this shows the true regard corporate America has for black people and is, in actuality, why marches and demonstrations were required in the first place. The corporations in our BLM response database list earned over $400 billion in 2019. While we understand that the level of uncertainty in the economy warrants conservation of monetary resources, these institutions are the primary beneficiaries of the Fed’s corporate credit facility, a $6.7 trillion dollar expansion in the Federal Reserve’s balance sheet specifically designed to help these corporations.