Netflix CEO: ‘As a Consequence of Slavery ... Black Families in America Have 1/10th the Wealth of White Families’

EXCERPT:

HASTINGS: “As a consequence of slavery, Jim Crow and housing policy, black families in America have about one-tenth of the wealth of white families. If we’re going to start to close that economic and power gap, we need black banks to be able to invest in the black communities. If every major corporation takes 1% of their cash and deposits it in a black bank, it will be transformative in that sector. Now, it’s not going to solve all of our problems, but it will make a real difference and it’s fairly easy for companies to transfer 1% of their cash to be in the deposit in black banks. So, already Costco has figured out that they want to do that and they’re moving ahead to that, so a credit to Costco. We hope others will do that and we can have a steady investment in black wealth creation which will help heal the divide created by slavery."