Billions of dollars have been poured into the Black Lives Matter (BLM) organization and its related causes by corporations during the past few years according to a new funding database, with recently collapsed banks like Silicon Valley Bank (SVB) and Signature Bank among the list of funders.
SVB, which collapsed last week, donated $70.65 million to the organization. Signature Bank, which was shut down by regulators on March 12, contributed $850,000.
Exelon gave $3.1 billion, Fifth Third Bancorp gave $2.8 billion, Starbucks gave $1.6 billion, and Citigroup gave $1.1 billion. PNC Financial Services, Facebook, and New York Life Insurance funded over a billion dollars each.
Other major donors who made triple-digit contributions include BlackRock which donated $810 million, CVS Health with $600 million, PayPal with $535 million, Mastercard with $500 million, Pepsi with $400 million, and Google with $370 million.
BLM Activism Funding, Corporate Wealth Transfer
In a March 14 Newsweek opinion piece, the Claremont Institute Center for the American Way of Life pointed out that the BLM protests which ransacked 200 American cities in 2020 had resulted in as much as $2 billion in property damages.Meanwhile, local BLM chapters are spending millions on initiatives aimed at defunding police departments, imparting school children with marxist doctrines like queer theory and critical race theory, and teaching kids to “hate themselves, their peers, and their country.”
Banks are issuing subprime loans to end alleged “systemic racism” while corporations provide money that helps bail out “violent rioters and criminals.”
As examples, the institute points to the $30 billion “Racial Equity Commitment” program by JP Morgan Chase that intends to “close the racial wealth gap” as well as Microsoft’s $250,000 contribution to a bail fund for BLM rioters—the Minnesota Freedom Fund.
Questionable Spending
BLM members have been blamed for using the organization’s funds on personal expenses. In September last year, Shalomyah Bowers, head of BLM Global Network Foundation, was accused of stealing over $10 million in donations for “on-the-ground work.”In April 2022, it was reported that BLM co-founder Patrisse Cullors bought a $5.8 million property in October 2020, with the purchase made using donations received by the organization.
Tax forms from May 2022 revealed that BLM had paid close to $2.17 million in service fees to Bowers Consulting firm between July 2020 and June 2021.