From Ninety to Zero: Goldman Sachs CEO David Solomon & Robin Hood CEO Wes Moore

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 6 April 2021

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

NYC-based nonprofit Robin Hood has teamed up with corporate giants like Starbucks, McKinsey, and Goldman Sachs to launch NinetytoZero, an initiative aimed at eliminating the 90% wealth gap between white and Black families in the United States. Robin Hood CEO Wes Moore underlines how corporate decisions to hire and promote Black talent and invest in Black-owned businesses can make a tangible difference in America’s wealth disparity. Goldman Sachs CEO David Solomon discusses his involvement in the initiative, acknowledging the role Wall Street plays in issues across the rest of the country. Solomon addresses junior banker burnout and equity market transparency in his first interview since the “Goldman Sachs 13” controversy and the Archegos Capital billion-dollar fiasco originally made headlines. Plus, Americans are getting back to live sports, and China’s breaking into the crypto economy.

Transcript

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0:00.0	This is Squawk Pod. I'm C. M. C. C. C. C. C. C. Cramer, today on our podcast.
0:07.0	Taking on the racial wealth gap in America, one corporate giant at a time,
0:12.0	nonprofit Robin Hood's new 90 to zero initiative,
0:15.2	CEO Westmore.
0:16.5	Even if you're not going to do this to be selfless,
0:18.7	do this to be selfish.
0:20.3	Because your customers are moving on their values.
0:24.0	Our corporate weight and our corporate heft actually can change the scope of society.
0:29.1	And Goldman Sachs, Chairman and CEO David Solomon is jumping aboard,
0:33.0	and he's working with a lot of change in banking,
0:36.3	from racial inequality to junior banker burnout
0:38.9	to managing the fallout from the Arcogos capital
0:41.6	billion dollar fiasco.
0:43.0	When we look at the concentration of some of these positions, it's reasonable to have a debate
0:47.0	about whether or not there should be more transparency in equity markets around some of these complex equity products.
0:53.0	Plus the NCAA have a new men's basketball champion.
0:57.0	Secretary Yellen is proposing a global minimum corporate tax and digital currency around the world.
1:02.0	I have to admit at that point when I... tax and digital currency around the world.
1:03.0	I have to admit at that point's when I get confused.
1:06.0	Money is so hard to understand in the first place, Andrew.
1:09.0	It's Tuesday, April 6, 2021.
1:12.0	Squawk Pod begins right now.
	...

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