{"id":293284,"date":"2024-08-18T07:10:35","date_gmt":"2024-08-18T07:10:35","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=293284"},"modified":"2024-08-19T07:01:09","modified_gmt":"2024-08-19T07:01:09","slug":"americas-top-banks-host-programs-that-discriminate-against-white-and-asian-men","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=293284","title":{"rendered":"America\u2019s Top Banks Host Programs That Discriminate Against White And Asian Men"},"content":{"rendered":"

Spencer Lindquist \u2013 Daily Wire Aug 16, 2024<\/strong><\/h1>\n

America\u2019s most powerful financial institutions appear to be promoting young professionals on the basis of\u00a0race and sex in the name of diversity, equity, and inclusion (DEI).<\/p>\n

Morgan Stanley and Wells Fargo both hosted summer programs that barred white men unless they happened to be disabled, a veteran, or identify as LGBT. Goldman Sachs held career advancement summits tailored to students of specific demographic backgrounds, while JP Morgan hosted a scholarship and internship program that openly excluded white and Asian students. Bank of America, meanwhile, ran a \u201cdiversity fellowship\u201d program that solicited applicants from non-white, non-Asian racial backgrounds.<\/p>\n

The programs collectively furthered the leftwing DEI agenda, which presupposes certain demographic groups benefit from undue privilege at the expense of oppressed groups. Corporations across various industries have established racially-based hiring and advancement programs to rectify this alleged injustice by engaging in anti-white, and in some cases, anti-Asian discrimination, which may run afoul of the law.<\/p>\n

The financial industry\u2019s embrace of DEI could be disastrous, New Founding<\/a>\u00a0CEO Nate Fischer told The Daily Wire.<\/p>\n

\u201cThe move to DEI reflects a broader trend away from even aiming for the entrepreneurial investment of capital\u2014a primary driver of wealth creation in our country\u2014and toward a bureaucratic, formulaic model of capital allocation that rewards large bureaucratic corporations and other politically connected parties rather than those with the potential to produce strong returns,\u201d Fischer explained.<\/p>\n

Morgan Stanley\u2019s Early Insights<\/a> program, a summer training program that teaches undergraduate students about the financial field, is aimed specifically at those who come from \u201chistorically underrepresented populations\u201d and gives participants the opportunity to apply for a summer analyst position.<\/p>\n

\u201cOne way we demonstrate our commitment to diversity is through our Summer Internship Programs,\u201d Morgan Stanley says, calling it \u201can integral part of our diversity recruiting efforts.\u201d<\/p>\n

\u201cHistorically underrepresented populations in the finance industry include: women, Hispanic, Black, veteran, disabled, LGBTQ+, and first-generation college student populations,\u201d Morgan Stanley states under the header \u201celigibility requirements.\u201d<\/p>\n

Morgan Stanley is far from the only financial institution that appears to discriminate against white and Asian men. Wells Fargo also hosted an MBA Diversity Fellowship<\/a> that similarly steers applicants into a summer internship program and offers $35,000 towards the MBA programs of those who accept and complete the internship program.<\/p>\n

\u201cThe fellowship is designed to be a best-in-class program to pipeline high-potential underrepresented candidates into our Investment Banking Summer Associate Program,\u201d Wells Fargo states. The institution goes on to explain that the term \u201cunderrepresented candidates\u201d includes those who are \u201cfemale, Black\/African American, Latinx\/Hispanic, Asian, Native American\/Alaskan Native and LGBTQIA+ students, as well as protected veterans and people with disabilities.\u201d<\/p>\n

Goldman Sachs Possibilities Summits<\/a> does not appear to be racially-biased at first blush, merely intended for undergraduate students who want to \u201ccultivate top industry skills and explore the wealth of opportunities available at Goldman Sachs.\u201d<\/p>\n

But the company hosts several summits, each aimed at a different identity group. There\u2019s the \u201cBlack Possibilities Summit,\u201d \u201cHBCU Possibilities Summit,\u201d \u201cHispanic\/Latinx Possibilities Summit,\u201d and the \u201cWomen\u2019s Possibilities Summit.\u201d White and Asian men only appear to be eligible if they meet the criteria of other identity-based summits for those who identify as LGBT, are veterans, attend a City of New York school, or are disabled.<\/p>\n

A now-deleted page from JP Morgan advertised an undergraduate scholarship and internship program that appeared to explicitly engage in racial discrimination against white and Asian students. The details of JP Morgan\u2019s \u201cLaunching Leaders Undergraduate Program\u201d have been preserved<\/a> on the Baruch College website.<\/p>\n

\u201cThe program is open to Black, Hispanic and Native American sophomores and juniors from all majors who are interested in financial services and have a 3.5 GPA minimum,\u201d the description reads. \u201cThe Launching Leaders Undergraduate Scholarship includes internship opportunities, as well as scholarships of up to $15,000. It gives talented Black, Hispanic and Native American students the chance to fulfill their career ambitions.\u201d<\/p>\n

A spokeswoman for JP Morgan told The Daily Wire that the company has not hosted the program for \u201cmany years,\u201d but did not respond when asked if the company was willing to state on the record that it would not host discriminatory internship programs in the future.<\/p>\n

Bank of America\u2019s MBA Diversity Fellowship Program \u201cwill award merit-based fellowships to individuals who are Black\/African American, Hispanic\/Latino, Native American, military veterans, LGBT+, students with disabilities and women in their first year of business school.\u201d<\/p>\n

The financial institution adds a caveat, however, and explains \u201cwhile our goal is to target underrepresented groups, all eligible students regardless of background are encouraged to apply.\u201d<\/p>\n

While many of these internship and career opportunity postings do not explicitly bar people from certain backgrounds from applying, they do indicate that those from certain backgrounds are particularly encouraged to apply, and necessitate that those from white or Asian backgrounds meet other criteria that those from other backgrounds are not required to meet as a condition of eligibility.<\/p>\n

David Bernstein, a professor at George Mason\u2019s Antonin Scalia School of Law, told The Daily Wire that companies may still be engaging in illegal discrimination even if they technically allow certain qualified whites or Asians into programs.<\/p>\n

\u201cIf you are giving illegal preferences based on race, they don\u2019t become lawful because you are also giving other preferences not based on race,\u201d Bernstein explained.<\/p>\n

He added that the Biden administration appears to have adopted the perspective that programs like those from these financial institutions do not constitute discrimination before calling this approach\u00a0\u201cclearly inconsistent with Supreme Court precedent.\u201d<\/p>\n

The U.S. Equal Employment Opportunity Commission (EEOC) does discuss<\/a> job recruitment and advertising practices, specifically barring those that show racial preferences.<\/p>\n

\u201cIt is illegal for an employer to publish a job advertisement that shows a preference for or discourages someone from applying for a job because of his or her race, color, religion, sex,\u201d the EEOC explains. \u201cIt is also illegal for an employer to recruit new employees in a way that discriminates against them.\u201d<\/p>\n

The financial and banking sectors are hardly the only industries that have openly discriminated against white and Asian applicants, however. A series of investigations from The Daily Wire revealed that DEI discrimination is commonplace across a range of different industries.<\/p>\n

NASCAR, for example, hosted two different internships<\/a> that explicitly listed certain racial backgrounds as program requirements, only omitting white people. Bernstein told The Daily Wire that NASCAR\u2019s program requirements were \u201cblatantly illegal.\u201d<\/p>\n

\n

"Blatantly Illegal:" NASCAR hosted a paid "diversity internship" that banned white applicants on the basis of their race, my latest report in @realDailyWire<\/a> reveals.<\/p>\n

But it's just one of NASCAR's several racially discriminatory diversity initiatives.<\/p>\n

Thread\ud83e\uddf5 pic.twitter.com\/hDWqsAd1iX<\/a><\/p>\n

— Spencer Lindquist \ud83c\uddfa\ud83c\uddf8 (@SpencerLndqst) August 28, 2023<\/a><\/p><\/blockquote>\n