Connect with us

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

on

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

Activism

Oakland Post: Week of March 13 – 19, 2024

The printed Weekly Edition of the Oakland Post: Week of March 13 – 19, 2024

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Activism

Oakland Post: Week of March 6 – 12, 2024

The printed Weekly Edition of the Oakland Post: Week of March 6 – 12, 2024

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Activism

Who are the Alameda County District 4 Supervisor Candidates’ Top Campaign Contributors?

Below, we’ve listed each candidate’s 10 highest campaign contributors. For Miley, two of his top campaign donors also bought their own advertisements to support him and/or oppose Esteen through independent expenditures. Such expenditures, though separate from campaign donations, are also public record, and we listed them. Additionally, the National Organization of Realtors has spent about $70,500 on their own independent expenditures to support Miley.

Published

on

Jennifer Esteen. (Campaign photo) and Supervisor Nate Miley. (Official photo).
Jennifer Esteen. (Campaign photo) and Supervisor Nate Miley. (Official photo).

By Zack Haber

Nate Miley, who has served on Alameda County’s Board of Supervisors since 2000, is running for reelection to the District 4 supervisor seat.

Jennifer Esteen, a nurse and activist, is seeking to unseat him and become one of the five members of the powerful board that sets the county’s budget, governs its unincorporated areas, and oversees the sheriff, Alameda Health System, and mental health system.

District 4 includes most of East Oakland’s hills and flatlands beyond Fruitvale, part of Pleasanton and unincorporated areas south of San Leandro like Ashland and Castro Valley.

Voting is open and will remain open until March 5.

In California, campaign donations of $100 or more are public record. The records show that Miley has received about $550,000 in total campaign donations since he won the previous District 4 election in March 2020. Esteen has raised about $255,000 in total campaign donations since she started collecting them last July. All figures are accurate through Feb. 20.

While Miley has raised more money, Esteen has received donations from more sources. Miley received donations of $100 or more from 439 different sources. Esteen received such donations from 507 different sources.

Below, we’ve listed each candidate’s 10 highest campaign contributors. For Miley, two of his top campaign donors also bought their own advertisements to support him and/or oppose Esteen through independent expenditures. Such expenditures, though separate from campaign donations, are also public record, and we listed them. Additionally, the National Organization of Realtors has spent about $70,500 on their own independent expenditures to support Miley.

Nate Miley’s top campaign contributors:

The California Apartment Association, a trade group representing landlords and investors in California’s rental housing business, has spent about $129,500 supporting Miley’s election bid through about $59,500 in ads against Esteen$55,000 in ads supporting Miley, and $15,000 in campaign donations.

The independent expenditure committee Preserve Agriculture in Alameda County has spent about $46,025 supporting Miley through about $27,200 in their own ads, and $18,825 in donations to his campaign. Preserve Agriculture has supported reelection efforts for former Alameda County DA Nancy O’Malley, and Sheriff Greg Ahern, a republican. It’s received funding from ChevronPG&E, and a the California Apartment Association.

Organizations associated with the Laborers’ International Union of North America, or LiUNA, have donated about $35,000 in total. Construction and General Laborers Local 304, a local chapter of the union representing which represents over 4,000 workers, donated $20,000.

Laborers Pacific Southwest Regional Organizing Coalition, which represents 70,000 LiUNA members in Arizona, California, Hawaii and New Mexico, donated $15,000.

William ‘Bill’ Crotinger and the East Oakland-based company Argent Materials have donated $26,000. Crotinger is the president and founder of Argent, a concrete and asphalt recycling yard. Argent’s website says it is an eco-friendly company that diverts materials from landfills. In 2018, Argent paid the EPA $27,000 under a settlement for committing Clean Water Act violations.

Michael Morgan of Hayward, owner of We Are Hemp, a marijuana dispensary in Ashland, has donated $21,500.

Alameda County District 1 Supervisor David Haubert has donated $21,250 from his 2024 reelection campaign. He’s running unopposed for the District 1 seat.

SEIU 1021which represents over 60,000 workers in local governments, non-profit agencies, healthcare programs, and schools in Northern California, has donated $20,000.

UA Local 342, which represents around 4,000 pipe trades industry workers in Contra Costa and Alameda counties, donated $20,000.

The union representing the county’s deputy sheriffs, Deputy Sheriff’s Association of Alameda County, has donated $17,000.

Becton Healthcare Resources and its managers have donated $14,625. Becton’s mission statement says it provides “behavioral health management services to organizations and groups that serve the serious and persistent mentally ill population.”

Jennifer Esteen’s top campaign contributors:

Mary Quinn Delaney of Piedmont, founder of Akonadi Foundation, has donated $20,000. Akonadi Foundation gives grants to nonprofit organizations, especially focusing on racial justice organizing,

Bridget Galli of Castro Valley has donated $7,000. Galli is a yoga instructor and a co-owner of Castro Valley Yoga.

Rachel Gelman of Oakland has donated $5,000. Gelman is an activist who has vowed to redistribute her inherited wealth to working class, Indigenous and Black communities.

California Worker Families Party has donated $5,000. The organization’s website describes itself as a “grassroots party for the multiracial working class.”

David Stern of Albany has donated $5,000. Stern is a retired UC Berkeley Professor of Education.

Oakland Rising Committee—a collaborative of racial, economic, and environmental justice organizations—has donated about $3,050.

Fredeke Von Bothmer-Goodyear, an unemployed resident of San Francisco, has donated $2,600.

Robert Britton of Castro Valley has donated $2,500. Britton is retired and worked in the labor movement for decades.

Progressive Era PAC has donated about $2,400. Its mission statement says it “exists to elect governing majorities of leaders in California committed to building a progressive era for people of color.”

East Bay Stonewall Democrats Club has donated $2,250. The club was founded in 1982 to give voice to the East Bay LGBTQIA+ communities.

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.