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Categories: Finance & Investments, Law Accounting Insurance & Government, Publishing & Media, Social & Religious Empowerment
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President Barack Obama, in accordance with Public Law 87-20, as amended, proclaimed May 1, 2015, as Law Day, U.S.A., and called upon all Americans to acknowledge the importance of our Nation's legal and judicial systems with appropriate ceremonies and activities in support of this national observance.
I think it is most important that we honor those in the legal profession, our law makers and enforcers, because without them a society based on law and order, with justice and equality for all, will just be a figment of our imaginations.
Our country, the United States of America, is the greatest Country in the World. I have believed this since I was a small child. However, today with the recent images of Ferguson, North Charleston, Staten Island, Cleveland, and Baltimore, many now doubt if indeed we are as great as we think we are, or if we are somehow just fooling ourselves.
Unfortunately the issue of Race and Racial discrimination has once again become front and center since the election of President Barack Obama. While many are afraid to speak about it or acknowledge it, we are facing the reality that we are now in the midst of a new phase of the Civil Rights movement. No one should expect that 400 years of legalized racial discrimination should be resolved simply because we began the implementation of some written civil rights laws just 50 years ago.
Criminal injustice and inequality seem to be the order of the day, and the role of the legal profession, and that of lawmakers and law enforcers has become ever important.
The need for increased racial sensitivity among all the elements and players within the criminal and the civil justice system is similarly becoming more important.
Many within the Black and Brown communities of our great Country now feel that we are under siege with little recourse. And, while the attention is now more focused on the blatant and more easily uncovered inequities within the criminal justice system, it must be obvious to even a casual onlooker that the situation in the civil justice system is probably far worse.
While Black and Brown citizens are easily dragged before the criminal courts at the drop of a hat, Black and Brown civil litigants have difficulty even getting into court. When they do, they are often in jeopardy in a system where the vast majority of decision makers may not have the sensitivity necessary to adequately administer equal justice to such litigants.
What we easily can see in the criminal justice system where police departments have supposedly implemented racial sensitivity training is frightening. So then, imagine what exists in the civil justice system, and in society at large, where those with authority have not even had the benefit of such training.
For example, recent highly publicized reports have identified a County I work in as one of the most egregious purveyors of law enforcement injustice in the entire Country. This County has a judicial system with almost 70 judges, but only 5 of them are African-American, adding to the disconcerting realities for Blacks throughout the system.
The access to adequate redress on the civil justice matters of jobs, housing, education, equal opportunity, wealth building, and other matters of civil inequality is severely lacking in our nation, even at this late date.
The continuing greatness of our country will be tested and measured by how we address the inequities set upon our less fortunate brothers and sisters. For those of us in the legal, law making, and law enforcement professions, the burden will fall on us to be leaders in reclaiming the greatness of America, and in keeping it great.
We will obviously need more Black and Brown lawyers, prosecutors, judges, legislators, political administrators and executives to adequately fight this battle. We need to encourage and provide the means for more of our young people to enter these professions.
Ultimately however, as many have espoused for years, we will need a way to level the economic playing field. Here we need to encourage and provide the means for more of our young people to enter and engage Wall Street.
Corporate America is the ultimate purveyor of equal justice.
Recently I saw some figures on the disparity between the wealth of White, Black, and Brown communities on CNN. Regrettably, the wealth divide between Whites and Blacks in America is getting worse, and quickly so.
For years in the United States we have attempted to build minority economic development in various ways. However, other than increasing our professional class we have been largely unsuccessful, and a widening of the wealth divide has been the result.
40 years ago there were more publicly traded Black owned businesses on Wall Street than there are today, yet the Spending Power of Black Americans alone is now greater that the economies of entire countries like Canada and Australia. Without a Wall Street component we are fast losing control of whatever economic clout we can bring to the table.
Not only do Black Lives matter, Black spending power also matters, and is probably the best tool to redress many of our problems.
My goal is to use whatever expertise I have in the areas of intellectual property, securities, and investment law to do my part in trying to level the playing field in the game of economic wealth building.
Several years ago some of my investment partners and I developed a model for economic development within disadvantaged communities. However, only recently have we been able to begin to try and implement it. We are currently seeking to test it in several disadvantaged areas of the Country.
Our concept for a mechanism of economic development is the Hannaian Economic Development Investment Council (HEDIC). A HEDIC is a special form of Business Development Corporation as established under the 1980 amendment to the 1940 Investment Company Act. HEDICs are designed to be publicly traded Investment Funds which allow facilitated investment and ownership by the residents of the targeted communities. The HEDIC then invests funds raised into targeted businesses within the community resulting in a self directed and controlled development process for the residents of that community.
There is obviously quite a bit more complexity to the process which cannot be covered here, but we believe it is a unique approach that has never been used previously in the economic development of disadvantaged communities. It is the first approach which attempts to introduce a Capital Market Driven Economy, and Wall Street mechanisms, to the age old problem of Black and Brown economic development.
More on the details of HEDICs can be viewed at: http://nationalmex.com/blog/view/16419/the-hannaian-economic-development-investment-council-hedic-for-disadvantaged-communities#.VUgfmdh0zIU
Perhaps the most important point to be made on this law day is that despite the greatness of our Country, we are entering into a new age and phase of the Civil Rights movement which will require the continued involvement of those of us in the legal profession, and those within the lawmaking and enforcement professions.
We therefore have our work cut out for us, with a lot of heavy lifting if we are to maintain the greatness of our nation, and to ensure the peace and well being of all of our citizens going forward.
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