Racism has cost the US economy $16 trillion in the last 20 years

  • Centuries of discrimination have created a cavernous wealth gap between Black and white Americans. 
  • Today, Black Americans own an estimated one-tenth the wealth of white Americans — $17,150 for Black families compared to $171,000 for white families.
  • This gap is not only bad for Black people, it’s bad for the US economy, too.
  • Researchers estimate that the racial wealth gap has cost the US economy $16 trillion since 2000. If the gap closed today, the GDP would see a $5 trillion boost in the next five years.
  • Read more stories from Business Insider’s “Inside the racial wealth gap” series »

Since the start of slavery, racism has cost Black Americans an estimated $70 trillion. Today, thanks to centuries of discrimination, the racial wealth gap between Black and white Americans is cavernous.

In 2016, the Brookings Institution estimated that Black Americans own about one-tenth the wealth of white Americans — $17,150

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Orrstown Financial Services (NASDAQ:ORRF) Share Prices Have Dropped 45% In The Last Three Years

In order to justify the effort of selecting individual stocks, it’s worth striving to beat the returns from a market index fund. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. We regret to report that long term Orrstown Financial Services, Inc. (NASDAQ:ORRF) shareholders have had that experience, with the share price dropping 45% in three years, versus a market return of about 42%. And more recent buyers are having a tough time too, with a drop of 42% in the last year. Unfortunately the share price momentum is still quite negative, with prices down 11% in thirty days.

See our latest analysis for Orrstown Financial Services

In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One way to examine how market sentiment has changed over time

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Ex-insurance agent stole from clients, sentenced to 9 years in prison

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Gregory Oliver (Photo: Provided/Clermont County Sheriff’s Office)

A former insurance agent from Milford was sentenced to nine years in prison Monday after officials said he stole over $1.1 million from clients, many of whom were over the age of 65. 

Gregory Oliver, 61, was also ordered to pay more than $990,000 in restitution to his victims, according to a release from the Ohio Department of Insurance.

According to the release, Oliver obtained an Ohio insurance license in 1989 and opened Oliver Financial Services Corporation. He met with insurance companies to sell life insurance and annuity products.

A criminal investigation later revealed that Oliver intentionally withheld, misappropriated or converted more than $1.1 million from at least 17 clients between 2011 and 2018. Many of those clients were over the age of 65, the release states.

Officials said Oliver deposited client insurance premiums into his business account, withdrew funds from client

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