Corporate America takes on anti-Asian discrimination
Top business leaders and corporate giants are pledging $250 million to a new initiative and an ambitious plan to stem a surge in anti-Asian violence and take on challenges that are often ignored by policymakers, Andrew and Ed Lee report in The Times.
Donors are a who’s who of business leaders. Individuals who are collectively contributing $125 million to the newly created Asian American Foundation include Joe Bae of KKR, Sheila Lirio Marcelo of Care.com, Joe Tsai of Alibaba and Jerry Yang of Yahoo. Organizations adding another $125 million to the group include Walmart, Bank of America, the Ford Foundation and the N.B.A. The initiative has echoes of the recent effort by Black executives to round up corporate support to push back against bills that would restrict voting.
Anti-Asian hate crimes jumped 169 percent over the past year; in New York City alone, they have risen 223 percent. And Asian-Americans face the challenge of the “model minority” myth, in which they’re often held up as success stories. This shows “a lack of understanding of the disparities that exist,” said Sonal Shah, the president of the newly formed foundation. For example, Asian-Americans comprise 12 percent of the U.S. work force, but just 1.5 percent of Fortune 500 corporate officers.
The group’s mission is broad. It is aiming to reshape the American public’s understanding of the Asian-American experience by developing new school curriculums and collecting data to help influence public policy. But its political lobbying efforts may be challenged by the enormous political diversity among Asian-Americans, Andrew and Ed note.
HERE’S WHAT’S HAPPENING
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Succession hints and other highlights from Berkshire’s meeting
At the annual meeting of Berkshire Hathaway on Saturday, Warren Buffett and Charlie Munger spoke out on a typically broad range of topics, from investing regrets to politics to crypto. (They also picked fights with Robinhood and E.S.G. proponents, for good measure.) Buffett watchers also got their clearest hint yet as to who will succeed the Oracle of Omaha as Berkshire’s C.E.O. when the 90-year-old billionaire finally steps down.
It’s Greg Abel. CNBC confirmed with Buffett that Abel, the 59-year-old who oversees Berkshire’s non-investing operations, would take…