Jackson Promotes Community Investing
Creator: Detroit Free Press
Description: This article entitled, "Jackson promotes community investing", talks about civil rights leader Jesse Jackson investing in Detroit's community.
Date: July 20, 2000
Original Format: Newspaper Clipping
Relation: Historic Little Rock Missionary Baptist Church
Contributor: Kamilah Stinnett
Transcript: Jackson Promotes Community Investing
By Merlin JnBaptiste
The Rev. Jesse Jackson was in Detroit Wednesday to tout investing in local companies as a new way to unlock opportunities for minority communities.
The noted civil rights leader met with clergy and members of their congregations to explain why his group, the Rainbow/PUSH Coalition, has purchased $1,000 worth of stock in 50 publicly traded Michigan companies.
"Inclusion leads to growth," Jackson said at Little Rock Baptist Church on Woodward Avenue. "Where there is growth, everybody wins."
Among the companies selected for investment are the big automakers, Ford Motor Co. and General Motors Corp., discount retailer Kmart Corp., and major auto suppliers Lear Corp. and Federal-Mogul Corp. Also included are minority owned firms such as United American Healthcare Corp. and Caraco Pharmaceutical Labs.
"Some of the firms on the list are supporters of Rainbow/PUSH," said Glenda Gill, interim director for the Detroit bureau of Jackson's organization. "We are honoring a commitment we made to supporters in October."
In Jackson's view, Detroit "represents money, market, talent and location" that many companies have not used effectively. "These companies have a trade deficit in our communities."
Jackson said he is disturbed that 45 percent of Detroiters don't own cars, much less have jobs, in the capital of the auto industry.
He added that there isn't a satisfactory representation of blacks and other minorities, including women, in engineering and spin-off positions of the auto industry, such as automotive suppliers.
Ford spokeswoman Della DiPietro was with Jackson and praised the coalition's efforts.
Comerica Inc. spokeswoman Kathy Pitton said the bank embraces the investment from Jackson's group.
Jackson said his initiative was not part of a local effort to buy stock in May Department Stores. But he supported the dirve spearheaded after a shopper died June 22 outside Lord & Taylor department store in Dearborn.