African American and Caribbean-American-owned bank joins forces with Merrill Lynch

BY LEAH MULLEN, Black Star News
The earliest Black-owned banks which first opened for business in the late 19th century-were educational, self-help vehicles.

For Black communities, these burgeoning enterprises were the main source of information regarding buying homes, starting businesses and other financial activities.

Reconnecting to this legacy, Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, recently announced an alliance with Merrill Lynch. "Now our customers and communities have access to one of the world's best wealth management experts, right in their neighborhood," says Carver's chairman and chief executive officer, Deborah C. Wright.

"This unprecedented alliance continues Carver's history of identifying the unique financial needs of our communities and helping provide our customers with access to the financial products and services they need to create security and build wealth for themselves and their families."

Dedication to the community has proven profitable for Carver, which is touted as the largest African- and Caribbean-American operated bank in the country. Last year Carver acquired the Brooklyn-based Community Capital Bank in an $11 million deal-the largest in Carver history.

More recently Carver was listed as the top grossing bank on the Black Enterprise top 100 list. Wright attributes Carver's recent gains to "the support of our loyal customers and the hard work of our employees."

The Harlem-based institution first began operations with just one employee on January 5, 1949, the birthday of George Washington Carver, the world renowned scientist after whom the bank is named. From these humble beginnings on West 125th Street, Carver evolved into a thriving enterprise with $655 million in assets and 130 employees. The bank operates eight full service branches in the New York City boroughs of Brooklyn, Queens, and Manhattan.

Wright is proud that all Carver's branches are located in areas predominantly populated by African Americans. To display a sense of unity with the neighborhood, in 2001 when Carver opened it's branch on 117th Street and Malcolm X Boulevard in Harlem, two Adrinkra symbols, WAWA ABA and ERA, meaning "perseverance" and "justice" were featured in the branch's design. Adinkra symbols are used by the Asante people of Ghana and can be found woven into cloth and on walls and pottery.

Wright, who earned A.B., J.D. and MBA degrees from Harvard University, took over the reins of Carver in 1999. As for being listed as the top bank in BE, Wright says "Carver is honored to be listed No. 1 on the BE 100s list of Banks.we are very excited about the coming year and the opportunities it will bring for Carver and our communities."

Before assuming her current position, Wright was President and CEO of the Upper Manhattan Empowerment Zone Development Corporation. She previously served as Commissioner of the Department of Housing Preservation and Development under Mayor Rudolph W. Giuliani. Prior to that appointment, Mayor David N. Dinkins appointed Wright to the New York City Housing
Authority Board.

To subscribe to or advertise in Black Star News, New York’s leading Pan African weekly investigative newspaper, please call 212-481-7745 or send a note to Milton@blackstarnews.com

Excellent post!


Thanks.


Just think about it!

RE: Merrill Lynch - Recruitment / Race Equality Scheme‎
From: Derrick Lynch (raceequalitysecretservice@hotmail.co.uk)
Sent: 17 August 2007 11:44:30
To: ukwealthmanagement@ml.com; diversity_inclusion@ml.com; mlx@ml.com; dwayne_redmond@ml.com



Merrill Lynch europe PLC
Merrill Lynch Financial Centre
2 King Edward Street
London, EC1A 1HQ

Tel:+44-20-7628-1000

Date: 17 August 2007


Dear Lorraine Brown - Merrill Lynch - Advice and Counsel Team,

Thank you for your letter dated 15 August 2007.

I have some comments and questions based on the replies on behalf of Merrill Lynch.


1. I quote Merrill Lynch:

I do not understand how it is that Merrill Lynch can assure me of the above commitment without any evidence unless Merrill Lynch assumes that I and other Black and Non-white people are stupid and/or gullible.



2. I quote Merrill Lynch:

The fact that Merrill Lynch does not distribute diversity statistics publicly is very suspicious. Every company should be proud of its Race Equality/Diversity track record and keen to show how well its Race Equality / Diversity Scheme is working to ensure that Black and Non-white people are not being systematically abused. Every company infested with White Supremacist Racist saboteurs will be ashamed of its Race Equality track record.




3. I quote Merrill Lynch:

The fact that Merrill Lynch finds that there is a necessity for such actions demonstrates that Merrill Lynch is infested with suspect White Supremacist Racist Saboteurs working to exclude, confuse and discourage existing and future Black employees.

From the information provided so far on behalf of Merrill Lynch I suspect that it is reasonable to conclude that Merrill Lynch is a White Supremacist which is the same as a Institutionally Racist Financial organisation that Black / Non-white people should avoid doing business with until such time as evidence is provided to the contrary.

It is therefore my duty to warn other Black / Non-white people that it cannot be said that Merrill Lynch is a safe and non-racist investment organisation.

I am sorry that I cannot at this stage consider Merrill Lynch as a possible future employer. Do you have any further information that might demonstrate that Merrill Lynch is not a White Supremacist Racist infested Financial organisation that might change my mind?


Thank you for your cooperation.

Kind regards

Derrick Lynch
47 Forest Road
Edmonton
London N9 8RU
National Insurance: NE 152754 B




Race Equality Secret Service





--------------------------------------------------------------------------------
From: raceequalitysecretservice@hotmail.co.uk
To: ukwealthmanagement@ml.com; diversity_inclusion@ml.com; mlx@ml.com; dwayne_redmond@ml.com
Subject: Merrill Lynch - Recruitment / Race Equality Scheme
Date: Sat, 11 Aug 2007 14:05:27 +0100



Corporate, Global Markets & Investment Banking Group, Global Private Client
Merrill Lynch Financial Centre
2 King Edward Street
London, EC1A 1HQ

Tel:+44-20-7628-1000




Job: Asset Transition Team Member





Copy:

Job Centre Plus Edmonton
135 Upper Fore Street
Edmonton
London
United Kingdom
N18 2XF



From:
Derrick Lynch
47 Forest Road
Edmonton
London N9 8RU
National Insurance: NE 152754 B:




Date: 11 August 2007


To: Diversity

Copy: Human Resources,


I am writing to find out facts about the performance of the Race Equality / Diversity Scheme in Merrill Lynch as the first and most important stage of seeking employment in the organisation. My experience is in Marketing, Public Relations, Customer Services, Database Design and Management. I am actively looking for work in these areas.

I have to deliver a report to Job Centre Plus about job seeking activity. This inquiry will enable me to demonstrate that I am seeking work and will also serve as a record for myself, Job Centre Plus, Community Networks and other interested parties about the culture, ethos, direction and performance of the organisation contacted.

Before sending in a CV a Job Seeker must be confident that the organisation contacted is not an Institutionally Racist which is the same as a White Supremacist organisation. The way the questions below are answered, or not as may be the case, will provide evidence of how serious the organisation is about the problem of Racism.

White Supremacist, Racists are responsible for the direct and indirect systematic abuse of the non-white community and are the cause of incompetent administration, stress in the work place, child abuse, misappropriation of funds, violent and unjustified arrests, premature deaths, domestic violence and crime on the streets.

Please would you send me the answer to these specific questions. Please would you ensure that no Racist staff answer these questions as White Supremacist, Racist staff will try to lump all these questions together in an attempt to confuse the situation.



I have seen the Merrill Lynch website and I was not able to find the answers there.


1. Are any of the Merrill Lynch departments Institutionally Racist which is the same as White Supremacist?


2. How many of the Merrill Lynch departments have the correct number of Black and Minority Ethnic staff Trustee, Executive, Directorship and Senior Management positions?


3. What checks are in place to ensure that staff in Merrill Lynch departments are not members of Racist organisations?


4. Please would you send me by post and email the performance results of the Merrill Lynch Race Equality/Diversity Scheme that show how it is monitored, managed and evaluated with information about the distribution of Black and Minority Ethnic people in comparison to White people at all levels of management since 2002 to date.


5. Would you please send me by email and by post the Merrill Lynch staff spreadsheet showing the relationship between Ethnicity, Job Grade/Level, Location and Department for each year since 2002 to date.


Please apply the Freedom of Information Act where and if necessary.


I look forward to your reply so that I can communicate the answers to Job Centre Plus and Community Networks.

This is not a complaint. This is an employment enquiry.

Thank you in advance for your cooperation.

Yours in good faith and hope.

Derrick Lynch

Great analysis.

I see this a remedy situation Merrill Lynch can use for the future in case of diversity efforts or lack of. They can now even count Carver employees as their own and unfortunately it probably not the other way around and meet federal diversity guidelines.

Its a takeover and cover up of the worst kind.

It would be great for Carver to claim on of these big banking houses.

Also there is a unwritten class rule in the black community of America that beyond civil rights leaders those that go to Ivy League schools can make decision about the community to big business and government.

I see this as an insult really to hard working people in our community who put their faith in Carver.

I really hope Merrill understand this.

Merrill Lynch

I think when I wrote Lynch-ed was right for this occasion too.

I really wish Carver really did not link up with such a global financial haunted house.

I knew it was going to be over and make black professional people look very bad.

But I held my peace.

I know the folks at Carver are being crushed on every side.

Here are some stories and videos.

This will make Jesse Jackson think twice in doing a Wall Street luncheon. He would have to work three times as hard to gain Wall Street confidence once again if any.

Video:


Lastly