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Commentary: Goldman Sachs Talks Racial Tolerance But Invests in China

Dr. Tom Borelli’s commentary originally published at

Following the tragic death of George Floyd while being arrested by police in Minneapolis, corporate America issued statements and opened up checkbooks to support the black community.

The outpouring to fight racism by companies is an emotional reaction responding to the public sentiment of the moment and exposes corporations as hypocrites if their business practices fall short of their lofty rhetoric.

Take Goldman Sachs for example. The company Chairman and CEO David Solomon responded to the death of Floyd in a message he sent to employees that he shared publicly on LinkedIn.

Solomon expressed his personal sentiment of being “horrified by the continued attacks against the black community highlighted most recently in the U.S. with the deaths of Ahmaud Arbery and George Floyd.”

He urged the importance of being willing to “speak out against injustice and be willing to talk candidly in an environment of honest dialogue.”

To put action behind words, the company created a $10 million Goldman Sachs Fund for Racial Equality—a worldwide effort to financially support organizations that promote economic progress, criminal justice reform, social change, and education.

On the surface, so far so good. However, upon further inspection it’s apparent the company ignored its deep financial ties to China when it announced its support to fight racial intolerance.

Goldman Sachs’ commitment to fight racism globally is totally undermined by its investments in China, a country that is openly racist and responsible for the death of thousands of black lives due to COVID-19.

In China, COVID-19 concerns only ignited a history of racist attitudes against blacks.

A McDonalds in Guangzhou, China banned blacks from entering the fast food restaurant. According to CBS News, a sign at the McDonalds’ said, “black people are not allowed to enter.”

McDonalds’ ban and the evictions of blacks from residences resulting in Africans sleeping in the streets were tied to a concern they were spreading COVID-19.

A story in The Diplomat addressed the current racist actions mentioned above but also lists a number of news stories that documented racism against blacks over the decades.

At Goldman Sachs, fighting racism takes a back seat to money because the investment bank is very bullish on China saying it projects “a very significant future potential” and anticipates getting “a revenue pool in excess of $100 billion across our portfolio of businesses” by the middle of the decade.

Goldman Sachs is also tossing aside ethics by ignoring China’s culpability and negligence over the COVID-19 pandemic.

As we now know, China was aware of COVID-19 in December and worked to hide the epidemic and most importantly, hid the fact the virus could be transmitted from human to human.

Far worse, while China restricted travel within the country to stop the spread of COVID-19 domestically, it allowed its people to travel internationally, thereby infecting the world. It also gobbled up personal protective equipment before the world was aware of the pending pandemic.

The health and economic consequences of China’s outrageous actions are staggering. In the United States alone, COVID-19 will cost approximately $7.9 trillion in reduced economic activity and about 130,000 deaths.

Regarding race implications, black Americans are preferentially harmed by COVID-19. According to AMP Research Lab, black Americans are hardest hit by the virus with a death rate about 2.3 times higher than whites, with rates much higher in specific areas such as Washington D.C., Kansas, and Wisconsin where the death rates are six, five and five times higher, respectively.

The company can’t hide behind the fig leaf that it’s prevented from abandoning investments in China over ethical concerns because it needs to deliver profits to boost shareholder value.

That argument rings false because Goldman Sachs already established the precedent of giving up profits over social consciousness with climate change.

The company announced it will not invest in oil drilling projects in the Arctic and it is also banning financing of thermal coal mines and coal-fired power plants globally.

In its Environmental Policy Framework, Goldman Sachs justified its anti-fossil fuel drilling policy on a host of issues including the environmental impacts and concerns about indigenous people.

The company said, “The unique and fragile ecosystems of the Arctic region also support the subsistence livelihoods of indigenous peoples groups that have populated certain areas in the region for centuries.”

Goldman Sachs’ inconsistent policies regarding minority groups puts a premium on indigenous peoples over blacks.

Goldman Sachs can issue press releases and toss money around the world to fight racism but it is a committed business partner with China—a racist country responsible for tens of thousands deaths including blacks in the United States.

In the end, black lives don’t really matter to Goldman Sachs but hollow public relation stunts do.

Tom Borelli, Ph.D., is a contributor to America’s Voice News and a TV and radio political commentator.

Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times.

Deneen Borelli

Deneen Borelli is the author of Blacklash: How Obama and the Left are Driving Americans to the Government Plantation. Deneen is a contributor with Newsmax Broadcasting. She is a former Fox News contributor and has appeared regularly on “Hannity,” “Fox & Friends,” “Your World with Neil Cavuto,” and “America’s Newsroom.” She has also appeared on Fox Business Network programs “Making Money with Charles Payne,” “The Evening Edit with Liz MacDonald,” and “Cavuto: Coast to Coast.” Previously, Deneen appeared on MSNBC, CNN, the BBC and C-SPAN. In addition to television, Deneen co-hosted radio programs on the SiriusXM Patriot channel with her husband Tom. Recently, Deneen co-hosted the Reigniting Liberty podcast with Tom. Deneen is a frequent speaker at political events, including the FreedomWorks 9.12.2009 March on D.C. which drew a crowd estimated at over 800,000 people. Deneen is also an Ambassador with, a social media platform that promotes free speech, and with the America First Policy Institute (AFPI) which advances policies that put Americans first. Deneen testified before the U.S. House of Representatives Committee on Natural Resources in May 2011 and before the Ohio House Public Utilities Committee in December 2011. Previously, Deneen was a host, Outreach Director with overseeing its outreach program, a Project 21 Senior Fellow, and Manager of Media Relations with the Congress of Racial Equality (CORE). Prior to joining CORE, Deneen worked at Philip Morris USA for 20 years. During her corporate career at Philip Morris she worked in various positions, her last as Project Management Coordinator in the Information Management department where she was responsible for the department’s mandated quality processes, communications, sales information and database management. Deneen began her Philip Morris career as a secretary and advanced to positions of increasing responsibilities. Deneen worked full-time and attended classes at night for 11 years to earn her B.A. in Managerial Marketing from Pace University, New York City. Deneen served on the Board of Trustees with The Opportunity Charter School in Harlem, New York. She appeared in educational videos for children, worked as a runway fashion model, and auditioned for television commercials. Her interests include ancient history, pistol target shooting, photography, and volunteering at her church. Deneen currently resides in Connecticut with her husband Tom.

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