In a historic deal,
M.R. Beal & Co, a black-owned investment bank, was announced as the senior manager and sole book runner for the $1.3 billion Personal Income Tax (PIT) bond issuance of the
Dormitory Authority of the State of New York (DASNY).
This is the largest lead underwriting deal given to a minority-owned investment bank in the history of New York.
"It's really historical in the sense that this is the first time in the finance capital of the world that we've had an MWBE firm really be a true senior lead banker and sole book runner on a deal of this magnitude," said Paul T. Williams Jr., DASNY's president. "To have an MWBE firm in the lead demonstrates -- not just to folks here in New York but across the country -- that these firms have arrived."
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New Black Charity Leaders
Mary J. Blige: This international R&B superstar has become an advocate for women by co-founding the Foundation for the Advancement of Women Now (FFAWN), opening the Mary J. Blige Center for Women in Yonkers, NY, and adopting an all-girls public high school in the Bronx, NY by serving as a mentor and providing college scholarships.
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New Black Charity Leaders
Mary J. Blige: This international R&B superstar has become an advocate for women by co-founding the Foundation for the Advancement of Women Now (FFAWN), opening the Mary J. Blige Center for Women in Yonkers, NY, and adopting an all-girls public high school in the Bronx, NY by serving as a mentor and providing college scholarships.
New Black Charity Leaders
Chris Rock and Malaak Compton-Rock: Chris Rock has donated quietly for many years to his local Salvation Army where he spent time as a youth, but his wife Malaak Compton-Rock is taking the couple's philanthropy to new heights through her organization The Angel Rock Project, and its program Journey for Change that empowers youth through global service. Want to learn 100+ ways to live a life of service? Check out her new book, 'If It Takes a Village, Build One.'
New Black Charity Leaders
Usher: This R&B superstar wants to groom the next generation of leaders and philanthropists! Usher's New Look Foundation provides career development, service opportunities, mentorship, and grants for youth led service projects through its Camp New Look Leadership Academy, Moguls in Training program, and Powered By Service, an initiative designed to get young people involved in changing their communities and the world. At the initiative's launch in 2009, Usher pledged $1 million dollars to the project, which has plans to mobilize over 5,000,000 youth in a global call to service.
New Black Charity Leaders
Hill Harper: This Harvard law school graduate-turned-actor has helped motivate youth through his MANifest Your Destiny Foundation, a non-profit organization that provides young men and women with nurturing support systems, resources, encouragement, and guidance through mentorship, scholarships and grant programs. Harper regularly travels around the country providing motivational workshops to youth and educators, and has authored two books, 'Letters to a Young Brother' and 'Letters to a Young Sister' to further help our youth develop productive futures.
New Black Charity Leaders
Alicia Keys: As the co-founder and global ambassador for the non-profit organization Keep A Child Alive, Alicia was inspired to support HIV/AIDS treatment initiatives after a trip to Africa. Because of her dedicated efforts, the organization has raised millions of dollars for AIDS patients in Africa and India, ensuring that they receive life saving medical treatment.
New Black Charity Leaders
Rodney Peete and Holly Robinson-Peete: Actress Holly Robinson-Peete became an advocate for autism after her son was diagnosed with the disorder. In an effort to help others living with the autism, Holly and her husband Rodney recently released the books, 'Not My Boy' and 'My Brother Charlie.' Inspired by their son and Holly's father who passed from a battle with Parkinson's disease, the couple formed hollyrod4kids with the mission to help improve the quality of life of people plagued with devastating life circumstances.
New Black Charity Leaders
Steve Harvey: This best-selling author and syndicated radio personality is on a mission to mentor young boys and help groom the next generation of leaders through the Steve Harvey Mentoring Weekend for Young Men, the Steve Harvey Disney Dreamers Academy and the Steve Harvey Foundation. He shared on his foundation's blog, "...you are blessed to become a blessing period. God does not bless us to become blessings and not reach back and give in our community."
New Black Charity Leaders
Alonzo & Tracy Mourning: This philanthropic couple each have initiatives that inspire, empower and enrich the lives of youth in Miami, Florida. In 1997, Alonzo founded Alonzo Mourning Charities, which has raised over $7 million for non-profits serving at-risk children and youth, and the Overtown Youth Center for underprivileged youth. His wife Tracy created the Honey Shine Mentoring program for young girls. Due to their charitable efforts, a high school was named in their honor -- Alonzo and Tracy Mourning Senior High Biscayne Bay Campus!
New Black Charity Leaders
The deal will involve tax-exempt and taxable bonds used to fund the State University of New York educational facilities. The contract is significant for minorities in the financial services industry, where African Americans are not very well represented. According to the 2007
Securities Industry and Financial Markets Association Diversity Practices report, five percent of all financial services employees are
African American. However, most of the employees are part of the administrative staff, making up 11 percent of the total. Only 1.4 percent of all managing directors are African American.
As a finance professor, I've seen the lack of diversity in this industry up close. Even within the field of finance academics,
black scholars are incredibly rare, and African Americans are unable to obtain admission to Ph.D. programs. I was the only African American in the country to get a Ph.D. in finance during the year 2002, which was a shock to me. I would not argue that my feat was due to any type of extraordinary intelligence on my part. Instead, it was due to the institutional barriers I'd seen shutting out other black people along the way.
One thing that African Americans must learn is that an understanding of money and finance can go a long way toward liberating our community from the crushing weight of racism. America is a historically racist country, but with economic power comes social power. Our ability to build our own destiny lies within our understanding of the keys to financial freedom.
Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action resident of the Institute for Black Public Policy. To have Dr. Boyce's commentary delivered to your e-mail, please click here. 
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By: Bryan R. Adams on 6/08/2010 5:25PM
Thank you for covering this. Last month, I had the pleasure of hearing MR Beal's president, Donna Sims Wilson speak on money as she picked up an honor from WorldofMoney.org at the Museum of American Finance in NYC. Not enough people know about the many careers (not just the sexy ones), that are available to those who apply themselves. As we hear more about those who make history in certain fields, it may provide an incentive for more people to investigate these professions as viable career paths.
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By: l2lake on 6/09/2010 10:20PM
While this is a nice oppty. for this firm, we'll see how that money is invested, will this firm only invest with white run firms or will this money be given a spin thru other investments that are black owned?? We still glorify firsts as if it's life changing hope for all black folks and that is never the case. White people know what they are doing when they put money in the pockets of one black person, to be held up as an example of progress, while the door slams shut for all other blacks. When the power and wealth of this country is shared more equitably then we as a people can see opportunities like this as real progress, but this "one at a time" rule for black america imposed by white america only goes to prove that true equality in America will come when "Hell freezes over"...lol
I do hope for the best for this firm but caution to those who see this as anything more than what it is, one black business getting a "one in a billion" chance to manage a billion dollars, while smaller whiter firms easliy get the oppty. to manage multiple billions just because....keep hope alive...hmmm
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