The building of the Black financial world.
Black Enterprise › Vol. 26 Nbr. 1, August 1995
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Summary
Black-owned financial institutions and investment firms - Black Enterprise 25th Anniversary: Saluting the Past, Shaping the Future
The history of Black entry into securities trading is chronicled and the pioneers are remembered. The leading players in today's Black presence on Wall Street and in securities firms around the country are discussed. The issue of corporate business vs. dealing with Black mayors is examined.See the full content of this document
Extract
The building of the Black financial world.
PIVOTAL PERIODS IN HISTORY ARE GENERALLY invisible to those living in them. Looking back, 1970 was a year when literary, political, social and business events thrust a new generation of African Americans into positions of power and influence. In that year, Maya Angelou's I Know Why the Caged Bird Sings was published, the Census Bureau documented white flight from cities, Ken Gibson was elected the first black mayor of Newark and Charles Rangel defeated Adam Clayton Powell Jr. for Harlem's congressional seat.
Change also came to Wall Street. On February 12, Joseph L. Searles III, a former aide to New York City Mayor John Lindsay, became the first black floor member of the New York Stock Exchange (NYSE). Between then and August 7, 1970, he traded securities before selling his seat on the exchange and moving on to corporate finance. But even with Searles' success, few would have predicted that black-owned investment firms would prosper both domestically and internationally. Now, by contrast, few...See the full content of this document
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