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America's "Largest Minority-Owned And Operated Investment Bank" Shuts Down
Solyndra, Ener1, and now Kaufman Bros - The current economy may not be very good at creating jobs, even minority-focused ones, but its track record in inverse job creation is rapidly becoming second to none. Bloomberg reports that "Kaufman Bros. LP, the minority-owned investment bank that helped unwind U.S. stakes in bailed-out financial companies, ceased operations as of yesterday, according to a notice posted on its website. Chief Executive Officer Benny Lorenzo told employees that New York-based Kaufman was closing immediately in a meeting yesterday after trading closed, according to two people with knowledge of the matter, who declined to be identified because they weren’t authorized to speak publicly. Neither Lorenzo nor Chief Financial Officer Gerard Durkin returned messages left on their office and mobile phones yesterday and today." More amusing is the following description: "The company, which also has offices in San Francisco, said it was sought out by institutional investors, hedge funds and government agencies to help meet diversity goals." No comment. The closure notice can be found on the company's website. And so another bank bites the dust. Many more coming.
More:
Kaufman was founded in 1995 and billed itself as “the country’s largest minority-owned and operated investment banking and advisory firm” focused on technology, media, telecommunications, green technology and health care. The firm said in June that it helped advisory clients raise more than $50 billion since 1999.
The company, which also has offices in San Francisco, said it was sought out by institutional investors, hedge funds and government agencies to help meet diversity goals. Kaufman’s website said the firm participated in public offerings of Citigroup Inc. and American International Group Inc. as the U.S. Treasury Department disposed of stakes accumulated when it bailed out the firms during the financial crisis.
Lorenzo was born in the Dominican Republic and holds degrees from Cornell University and Harvard Business School, according to a company statement. He acquired a majority stake in March 2009 and became chairman and CEO in June of that year, according to the firm. Co-founder Craig Kaufman ceded those titles and became a managing director with co-founder Robert Kaufman, the firm said. Craig Kaufman didn’t respond to a message left at his office.
And here is why bank earnings in Q1 are going to be the worst yet:
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Steve Sailer has written extensively on the "Minority Mortgage Meltdown" which is clearly the most underreported factor in the collapse of the economy, all thanks to .gov
If one is non-white then one is looked upon with great favor by the governments, fed, state, local.
This video of Robert Reich and Charles Rangel discussing Stimulus Jobs really torqued me, but it wasn't on Brian Williams or the Today show, I would have thought maybe Stephanapolus or Matt Lauer would have discussed this or Gregory on Meet the Press, but shockingly NO, nothing.
http://www.youtube.com/watch?v=nT1TkLgfinE
I agree that the "ownership society" that Clinton and G.W. pushed was a totally flawed and misguided policy and that yes government does play favorites with the few educated minority candidates and that is wrong for all sorts of reasons.
But there is also ample evidence that during the housing boom mortgage lenders (and some of the biggest players) were specfically targeting minorities with rip off loans that they didn't need. I have a black friend who is very succesful in fortune 500 america who was pushed into a no documentation loan. Fortunately for her she was savy and smart enough to turn that down and insist on a traditional 30 year , income documented loan.
http://www.nytimes.com/2011/12/22/business/us-settlement-reported-on-cou...'
Our economy would collapse if the wealthy weren't permitted to take money from rubes.
The systemic fraud went far beyond simple discriminatory offerings into outright victimization via clear-cut fraud:
http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2010/10/25/how-a-gang-of-predatory-lenders-and-wall-street-bankers-fleeced-america-and-spawned-a-global-crisis.aspx
http://www.nationofchange.org/fraud-and-folly-untold-story-general-electric-s-subprime-debacle-1325956044
ANYONE SERIOUS ABOUT ANOTHER 4 YEARS OF THIS CLOWN BETTER WAKE UP AND QUIT THE KOOL AID.
And in other Breaking News:
America - Largest Minority-Owned (1%) Country - Shuts Down!
Warren Buffett last seen applying black-face.
More likely wiping it off - now that the Kaufman "job" has been done!
Ohhhhh noessss. No more Bank of the Brother's :(
These faux bitchez are pikers, the real diversity theft per Reuters linked by JS mineset : "Citing unnamed sources, Der Sonntag said the purchase price for the (Swiss)bank's good assets was somewhere between 2.5 and 3 percent of the 21 billion-franc total, putting the price tag somewhere around 500 and 600 million francs." Affirmative Action clowns in USA should maybe get some "DERS" or "The Honorable" or " His Majesty" or "CEO" or "CFO" in front of their names if they want to run with the big boys. GBA and RICO all banksters, their hore politicians and IMPEACH the current DOJ, all 10k of the liars, thieves and non-bitchez.
When I invest, it matters not what the color the investment manager's color is. The only color that matter is green, and the amount I get back.
eh...the sun is killing you
The race thing goes away when we base hiring and promotion on the content of their character.
god you loser white dudes are sad
concur. they will kiss black ass while it shits on them and beg for more. Disgusting.
At least they didn't vaporize $1.2 billion of customer money...