Activism

Reginald F. Lewis: A Wall Street Titan

By 1983, Reginald F. Lewis’ dream was to “do the deals himself,” thereby establishing the venture capital firm TLC Group, LP. The firm purchased the failing McCall Pattern Company for a reported $22.5 million. After successfully reviving McCall, Lewis sold it for $90 million. He later outbid Citicorp and purchased TLC Beatrice International for $985 million. It was the largest offshore buyout in American history at the time.

Published

2 years ago

November 6, 2022

Oakland Post

Reginald F. Lewis. Photo courtesy of Wikimedia Commons, the free media repository. (Photo: reginaldlewis.com)

By Tamara Shiloh

In 1965, a select group of Black students participated in a summer school program funded by the Rockefeller Foundation and held at Harvard Law School. Each student lobbied for acceptance in the program, which introduced them to legal studies. One student’s confidence and leadership skills made him stand out: Reginald F. Lewis (1942–1993).

Lewis made such an impression that Harvard Law welcomed him as a student that fall. This acceptance made him the only person in the law school’s 148-year history to be admitted before applying.

In 1968, Lewis began his career with the New York City firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, where he practiced corporate law. He served as counsel to the New York–based Commission for Racial Justice and represented The Wilmington 10, a group of civil rights activists who had been unjustly convicted of an arson fire in 1971. He successfully forced North Carolina to pay interest on the Wilmington 10 bond. In 1970, after networking with colleagues, he opened Wall Street’s first African American law firm.

By 1983, Lewis’ dream was to “do the deals himself,” thereby establishing the venture capital firm TLC Group, LP. The firm purchased the failing McCall Pattern Company for a reported $22.5 million. After successfully reviving McCall, Lewis sold it for $90 million. He later outbid Citicorp and purchased TLC Beatrice International for $985 million. It was the largest offshore buyout in American history at the time.

Looking back, in 1960, Lewis told a friend, “I know that what I’d like is to be the richest Black man in America.” He was on his way. TLC became the first Black-owned company to pass the billion-dollar mark with its annual sales of $1.8 billion.

Lewis had strong influences in his life from childhood. Growing up in East Baltimore, his parents, grandparents, uncles, and aunts always encouraged him to “be the best that you can be.”

Young Reginald’s grandmother instilled in him the importance of saving, “even cutting and peeling strips from the bottom of a tin can and nailing it to the floor of a closet to protect his savings,” according to his website.

He set up a delivery route at age 10, selling the Afro American newspaper. What began with 10 customers grew to more than 100 over two years. Even then young Reginald had the business savvy to sell his route at a profit.

About Lewis, former-president Barack Obama commented: “[He] had the work ethic, the skills, and the know-how. Beyond that, he had the temperament, the self-assurance, and the confidence that he belonged there. Being the first of anything requires a certain mindset. Reginald Lewis had it.”

Lewis’ life was cut short by his untimely death after a short illness in January 1993. He was 50 years old.

Learn more about young Reginald Lewis and the challenges he overcame as he transformed himself from ordinary to extraordinary in Lin Hart’s “Reginald F. Lewis Before TLC Beatrice: The Young Man Before the Billion-Dollar Empire.”

Oakland Post

Posts by Oakland Post

Up Next

Stop Hate. Spread Love: California Black Media Campaign Unveiled at L.A.’s Taste of Soul Fest

Don't Miss

Locked Out: Millions of Voters Are Disenfranchised Ahead of Midterm Elections

Oakland Post

Click to comment

Activism

S.F. Black Leaders Rally to Protest, Discuss ‘Epidemic’ of Racial Slurs Against Black Students in SF Public School System

Parents at the meeting spoke of their children as no longer feeling safe in school because of bullying and discrimination. Parents also said that reported incidents such as racial slurs and intimidation are not dealt with to their satisfaction and feel ignored.

Published

3 days ago

May 4, 2024

Oakland Post

Rev. Amos C. Brown, president of the San Francisco NAACP and pastor of Third Baptist Church. Photo courtesy Third Baptist Church.

By Carla Thomas

San Francisco’s Third Baptist Church hosted a rally and meeting Sunday to discuss hatred toward African American students of the San Francisco Unified School District (SFUSD).

Rev. Amos C. Brown, president of the San Francisco NAACP and pastor of Third Baptist Church, along with leadership from local civil rights groups, the city’s faith-based community and Black community leadership convened at the church.

“There has been an epidemic of racial slurs and mistreatment of Black children in our public schools in the city,” said Brown. “This will not be tolerated.”

According to civil rights advocate Mattie Scott, students from elementary to high school have reported an extraordinary amount of racial slurs directed at them.

“There is a surge of overt racism in the schools, and our children should not be subjected to this,” said Scott. “Students are in school to learn, develop, and grow, not be hated on,” said Scott. “The parents of the children feel they have not received the support necessary to protect their children.”

Attendees were briefed last Friday in a meeting with SFUSD Superintendent Dr. Matt Wayne.

SFUSD states that their policies protect children and they are not at liberty to publicly discuss the issues to protect the children’s privacy.

Some parents said they have removed their students from school while other parents and community leaders called on the removal of the SFUSD superintendent, the firing of certain school principals and the need for more supportive school board members.

Community advocates discussed boycotting the schools and creating Freedom Schools led by Black leaders and educators, reassuring parents that their child’s wellbeing and education are the highest priority and youth are not to be disrupted by racism or policies that don’t support them.

Virginia Marshall, chair of the San Francisco NAACP’s education committee, offered encouragement to the parents and students in attendance while also announcing an upcoming May 14 school board meeting to demand accountability over their mistreatment.

“I’m urging anyone that cares about our students to pack the May 14 school board meeting,” said Marshall.

This resource was supported in whole or in part by funding provided by the State of California, administered by the California State Library via California Black Media as part of the Stop the Hate Program. The program is supported by partnership with California Department of Social Services and the California Commission on Asian and Pacific Islander American Affairs as part of the Stop the Hate program. To report a hate incident or hate crime and get support, go to CA vs Hate.

Oakland Post

Posts by Oakland Post

Activism

Oakland Ambassadors Strengthen Ties and Aid Efforts in Ghana

Oakland natives and esteemed members of the African American Sports and Entertainment Group (AASEG), Jonathan P. Jones and Dr. Maritony Efua Jones, recently embarked on a significant journey to Ghana as guests of the World Martial Authority Ghana. This trip signifies a crucial opportunity to bolster partnerships, explore new avenues of collaboration, and contribute to impactful initiatives in Ghana.

Published

4 days ago

May 4, 2024

Oakland Post

Elder Jorg Klebingat, Flint Mensah, Richard Burton, H.E. Dr. Maritony Jones, Amb. Jonathan Jones, Elder S. Gifford Nielsen, Elder Alfred Kyungu. Courtesy photo.

By Post Staff

This trip signifies a crucial opportunity to bolster partnerships, explore new avenues of collaboration, and contribute to impactful initiatives in Ghana.

Upon their arrival at Katota Airport in Accra, Ghana, the Joneses were warmly received by His Royal Majesty Okatakyie Asafo Boakye III, the distinguished king of Sanzule Kingdom in the Eastern Nzema, and Etse Nyamedi of World Martial Authority, Ghana.

Nyamedi accompanied the Joneses to the city of Mepe, which had recently experienced flooding, to assess damages and engage with local leaders, elders, and youth regarding the city’s urgent needs after major floods last fall.

Key concerns and priorities identified by the community include comprehensive flood mitigation measures, agricultural support, housing initiatives, educational enhancements, improved healthcare access, and the development of communal recreational spaces.

The Joneses were also graciously invited to meet with leaders of The Church of Jesus Christ of Latter-day Saints at their headquarters in Accra. This meeting provided insights into ongoing humanitarian efforts in Ghana and explored avenues for collaboration to further assist Ghanaian communities.

The LDS leaders shared their prompt response to the recent flood, demonstrating their commitment to humanitarian aid by dispatching substantial supplies including medical provisions, sanitation items, blankets, and food to assist flood victims just four days after the disaster.

Additionally, Boakye extended a special invitation to the Joneses to his palace, where they were pleasantly surprised with a heartfelt recognition ceremony. Maritony Jones was honored as the Queen Mother of the Sanzule Kingdom in acknowledgment of her dedicated work, while Jonathan Jones was lauded and welcomed as the ambassador of the Sanzule Kingdom, symbolizing a meaningful homecoming to their ancestral land.

The visit not only strengthens ties between Oakland and Ghana but also underscores the collaborative spirit and commitment to meaningful progress and humanitarian endeavors shared by all involved parties.

Oakland Post

Posts by Oakland Post

Activism

Calif. Anti-Sex Trafficking Advocates Discuss Competing Bills, Strategies

Advocates from across California are challenging state officials and community leaders to support legislation that provides resources and services for survivors and victims of human trafficking, as well as assistance as they transition back into civil society.  Some of those advocates are also calling for more effective state policy to curtail trafficking, a crime that has an outsized impact on Black children, particularly girls.

Published

5 days ago

May 3, 2024

Oakland Post

Shutterstock

By Bo Tefu, California Black Media

Some of those advocates are also calling for more effective state policy to curtail trafficking, a crime that has an outsized impact on Black children, particularly girls.

According to the FBI, a report covering a two-year period found Black children accounted for 57% of all juvenile arrests for prostitution. In addition, 40% of sex trafficking victims were Black and 60% of those victims had been enrolled in the foster care system.

“It is time to hold the perpetrators who take advantage of our children accountable,” said the Rev. Shane Harris, a San Diego-based activist, former foster youth and founder of the Peoples Association of Justice Advocates, (PAJA), a national civil rights organization and policy think tank.

“It is time to send a thorough message that if you seek to buy a child for sex, you will pay the highest criminal penalties in this state,” added Harris who was speaking at a rally at the State Capitol earlier this month. Harris was speaking in support of Senate Bill 1414, authored by Sen. Shannon Grove (D-Bakersfield), which calls for people who buy sex from minors to be punished with a felony. The punishment includes a two-year prison sentence and a $25,000 fine.

Harris said the PAJA is the only civil rights organization in the state that supports SB 1414.

Harris urged other Black-led groups who favor anti-trafficking legislation more focused on criminal justice reforms (as opposed to stiffer penalties), to “join the movement.”

Many of those civil rights groups fear that SB 1414 could lead to the incarceration of more Black youth.

Those sentiments were echoed in a panel discussion organized by Black women advocates on April 26 to examine the cause and effects of human trafficking in California’s Black communities. The virtual event was hosted by the Forgotten Children, Inc, a faith-based nonprofit that advocates for survivors and victims of human trafficking through anti-trafficking campaigns and initiatives.

Panelists shared the psychological impact of sexual exploitation on youth and children in the long term.

Author and educator Dr. Stephany Powell shared statistics and information revealing that African American women and girls are the most trafficked nationwide.

Powell, who serves as the senior advisor on law enforcement and policy at the National Center on Sexual Exploitation said that national data indicates that sex trade survivors are disproportionately women of color. She stated that male survivors often go unnoticed because boys rarely report trafficked crimes.

Powell said that decriminalizing prostitution in California could increase human trafficking. She argued that Senate Bill 357, authored by Sen. Scott Wiener (D-San Francisco), which was signed into law in 2022 and legalized loitering for prostitution, caused a surge in street-level prostitution.

Panelist and psychologist Dr. Gloria Morrow shared opposing views on decriminalizing prostitution. She said that decriminalizing prostitution could help survivors gain access to state resources and support.

Despite opposing views, Powell and Morrow agree that the Black community needs resources and educational programs to address human trafficking.