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Posts tagged as “Forbes”

Black Harvard, Princeton, Cal Tech and University of Chicago Students Graduate At Higher Rates Than Classmates Overall

According to Forbes.com, statistics from a publicly-available U.S. Department of Education database reveal that six-year graduation rates (a commonly-used metric in higher education) for Black students are higher at Harvard and Princeton than they are for the overall student body (equal at Ivy League sister school Yale), as well as at other highly-selective private institutions like Cal TechUniversity of Chicago, Johns Hopkins University, Case Western Reserve University, and Wake Forest University.

To quote the article:

The U.S. Supreme Court has ruled race-conscious college admissions policies and practices unconstitutional. Affirmative Action opponents have long argued that admitting presumably unqualified applicants of color to highly-selective institutions sets those students up for failure because they can’t do the work.

If completing a bachelor’s degree is a reasonable measure of whether someone has what it takes to succeed in the Ivy League or at another highly-selective university, then federal data from the three institutions where admission slots are among the most coveted in the world confirm that Black students are indeed more than capable and deserving of the opportunities they earned.

At Harvard, it’s 98% for undergraduates overall and 99% for Black collegians. It’s also 99% for Black students at Princeton, compared to 97% of bachelor’s degree seekers there overall. Additionally, 98% of Yale students graduate within six years – the exact same for Black Yalies.

Read more: www.forbes.com/sites/shaunharper/2023/07/03/graduation-rates-higher-for-black-collegians-than-for-students-overall-at-harvard-and-princeton-equal-at-yale/

Global Superstar Rihanna’s Success in Music and Make Up Have Made Her a Billionaire

Thirty three year-old Barbados native Robyn Fenty, best known to the world as singing superstar Rihanna, through the success of her smash hits and cosmetics company Fenty Beauty, has officially become a billionaire.

According to Forbes, Rihanna is now worth $1.7 billion, which makes her the wealthiest woman musician on the planet.

Although Rihanna has ruled the global music charts with hits like “Umbrella,” “The Only Girl In the World,” “Diamonds,” and “Work,” the bulk of her assets come from Fenty Beauty ($1.4 billion) and her lingerie offshoot Savage x Fenty (approximately $270 million).

Forbes estimated that Rihanna owns about 30 percent of Savage x Fenty and about 50 percent of Fenty Beauty, which works to provide consumers with inclusive beauty products that work for a wide range of skin types and colors.

Rihanna has used her amassing wealth to support and create several charities, such as her Clara Lionel Foundation, which she founded in 2012 in honor of her grandparents.

CLF supports and funds education initiatives and emergency response to natural disasters, and advocates for policy and systems change to improve the quality of life for communities across the globe.

Read more: https://www.forbes.com/sites/maddieberg/2021/08/04/fentys-fortune-rihanna-is-now-officially-a-billionaire/?sh=1655f83b7c96

#SaveUSPS: How You Can Support the United States Post Office and Its Workforce

by Lori Lakin Hutcherson (@lakinhutcherson)

Last week, the Washington Post reported the White House rejected a bail out proposal for the United States Post Office, which is suffering mightily due to the coronavirus pandemic.

To quote the article:

“Trump threatened to veto the $2 trillion Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, if the legislation contained any money directed to bail out the postal agency, according to a senior Trump administration official and a congressional official who, like others in this report, spoke on the condition of anonymity.”

“We told them very clearly that the president was not going to sign the bill if [money for the Postal Service] was in it,” the Trump administration official said. “I don’t know if we used the v-bomb, but the president was not going to sign it, and we told them that.” Instead, Sens. Gary Peters (D-Mich.) and Ron Johnson (R-Wis.) added a last-minute $10 billion Treasury Department loan to the Cares Act to keep the agency on firmer ground through the spring of 2020, according to a Democratic committee aide.

The Postal Service projects it will lose $2 billion each month through the coronavirus recession while postal workers maintain the nationwide service of delivering essential mail and parcels, such as prescriptions, food and household necessities.

That work often comes at great personal risk. Nearly 500 postal workers have tested positive for the coronavirus and 462 others are presumptive positives, USPS leaders told lawmakers. Nineteen have died; more than 6,000 are in self-quarantine because of exposure.

Even the $10 billion loan will likely not be enough, according to ForbesPostmaster General Megan Brennan told lawmakers on Thursday that the agency may run out of cash by September thanks to a $13 billion loss in revenue this year.

This crisis threatens the jobs of around 600,000 workers, a large percentage of who are people of color. It also threatens access to voting by mail, census counting by mail, and rural deliveries.

In the past few days, political leaders, journalists, celebrities and concerned citizens have been rallying behind hashtags such as #SaveThePostOffice, #SaveUSPS and #SaveTheUSPS to amplify the issue and publicize ways individuals and communities can help prevent the nation’s Postal Service from destruction:

U.S. Senator Elizabeth Warren says she plans to call on Congress to save USPS.

Sherilyn Ifill, President & Director-Counsel of the NAACP Legal Defense and Educational Fund and sister to the late journalist and broadcaster Gwen Ifill (who was honored with a Black Heritage Stamp earlier this year), encourages citizens to call on Congress and the White House to #SaveTheUSPS:

https://twitter.com/Sifill_LDF/status/1249332960651862016

“AM Joy” host Joy Reid tweeted more suggestions for citizens to support the Postal Service:

Additionally, scores of concerned citizens such as Tina L. Kris are doing their part to take action and spread the word:

New York Times writer Nicole Hannah Jones offers a thread of tweets worth clicking through to read about how USPS workers are disproportionately black and brown, and how devastating it would be to communities to lose post office jobs, benefits and pensions:

https://twitter.com/nhannahjones/status/1249382181719375878

Actor and activist Danny Glover, whose parents both worked for the Post Office, weighed in on the need to protect USPS last July, and offered ideas such as postal banking to help low-income Americans and help the Post Office generate sustaining revenue:

In his excellent opinion piece in USA Today he wrote:

Today, the Postal Service remains a critical source of good jobs for African Americans. Black employees make up 28.6% of the postal workforce — more than double their share of the U.S. population.

In 2018, average Postal Service wages were $51,540 a year, just slightly below the average for all U.S. workers. According to the Institute for Policy Studies, wages were substantially lower in the nine other occupations in which blacks make up at least 25% of employees. For example, home health aides, 26.1% of whom are black, averaged just $25,330 per year. Barbershop employees, 30.8% of whom are black, earned $33,220.

Instead of more cuts, policymakers should do away with the onerous pre-funding mandate and explore new profit sources, such as postal banking. One government report found that expanding services such as check cashing, bill payment and electronic money orders could generate as much as $1.1 billion in annual revenue after five years — all while dramatically expanding financial services for low-income Americans.

To learn more on the history of black postal workers, check out “Defend the Post Office, Defend Black Workers” in Jacobinmag.com.

Michael Jordan Makes Forbes' World's Top Billionaires List For 2nd Straight Year

Michael Jordan (photo via bet.com)
Michael Jordan (photo via bet.com)

article by Mark Lelinwalla via bet.com
For the second straight year, Michael Jordan was named to Forbes‘ World’s Billionaires list, with a net worth valued at $1.14 billion.
The value makes MJ the 1,577th richest person in the world and 486th richest in the United States. That’s up nearly 200 spots from the 1,741st worldwide ranking that Jordan had on last year’s list, which marked his debut on Forbes‘ World’s Billionaires list in 2015. What makes his place all the more special is Jordan is the lone current or former athlete on the prestigious list.
Jordan’s 90 percent ownership share of the Charlotte Hornets accounts for about $500 million of his assets, while his Air Jordan line with Nike continues to thrive in the sneaker market with 32 years in the game.
Carmelo Anthony, whose sneakers are designed by the Jordan Brand, couldn’t be prouder of his mentor.
“It makes me proud. Yeah, it does,” Melo told ESPN. “I remember getting there and seeing where the business was then. I remember sitting in the airport in 2006, coming from the world championship, and I remember when the brand had just hit a billion, and to see where it’s at right now — [nearly $3 billion in sales] — that’s a lot. That’s a lot of growth to be a part of.”
To read more, go to: http://www.bet.com/news/sports/2016/3/03/michael-jordan-makes-forbes–prestigious-list-again.html

Rihanna and Oprah Top Forbes’ List Of Hollywood’s Highest-Paid Women

Singer Rihanna and media mogul Oprah Winfrey have topped Forbes‘ list of Hollywood’s highest-paid women for 2012. Out of a short list of only ten high-powered ladies in entertainment, Oprah landed at the number-one position with her take of $165 million for the period ranging from May 2011- 2012. Britney Spears came in second by earning $58 million. Rihanna’s take for 2012 was $53 million, from her album sales, endorsement deals, and touring revenues. Yet, it was close in the upper echelons of this ranking, with Britney Spears being followed closely by Taylor Swift, who landed at number three with her $57 million dollar income. Ellen Degeneres tied with Rihanna, earning $53 million as well through her television deals.