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Billionaire Pledges to Pay Loan Debt of This Year’s Morehouse College Graduates

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  • Billionaire investor Robert F. Smith promised to pay off the student loan debt of the 2019 graduates at Morehouse College, an all-male historically black school in Atlanta, Georgia.
  • Though the exact amount of the class’ debt is still being calculated, the gift is expected to be around $40 million.
  • This is just one of Smith’s major donations in recent years.

A Generous Gift

Billionaire tech investor and philanthropist Robert F. Smith said he will pay off the student debt for all graduates in Morehouse College’s class of 2019.

Smith announced the news on Sunday while delivering the commencement address at the all-male historically black college in Atlanta, Georgia.

“On behalf of the eight generations of my family who have been in this country, we’re gonna put a little fuel in your bus,” he said. “This is my class, 2019. And my family is making a grant to eliminate their student loans.”

His announcement shocked the nearly 400 graduates, who reacted with cheers and applause.

One graduating student named Aaron Mitchom told the Associated Press that he had drawn up a spreadsheet to calculate how long it would take him to pay off his $200,000 in student debt. According to his math, it would take him about 25 years.

“I can delete that spreadsheet,” he told the AP after the commencement. “I don’t have to live off of peanut butter and jelly sandwiches. I was shocked. My heart dropped. We all cried. In the moment it was like a burden had been taken off.”

Brandon Manor, another graduate, told the New York Times, “Now all of a sudden, I can look at schools I might not have considered, because I am not applying with about $100,000 in undergraduate loans.”

Who is Robert F. Smith?

Smith, the founder and CEO of the private equity firm Vista Equity Partners, is worth an estimated $5 billion and is the richest black man in America, according to Forbes.

The 56-year-old who originally hails from Colorado but now lives in Austin went to Cornell for his undergraduate degree and earned a B.S. in chemical engineering. Afterward, Smith earned his MBA from Columbia Business School.

He went on to work for several companies like Kraft General Foods and then Goldman Sachs, advising companies like Apple and Microsoft before founding his own investment firm.

What does this gift mean?

Smith’s pledge stunned administrators, who called it the largest single gift in the school’s history. The donation also comes at a time where student loan debt has soared to roughly $1.5 trillion, according to recent Federal Reserve data.

Morehouse President David A. Thomas called the gesture “a liberation gift,” telling CNN, “When you have to service debt, the choices about what you can go do in the world are constrained.”

“(Smith’s gift) gives them the liberty to follow their dreams, their passions.”

According to Thomas, the total amount of student debt for the class is still being calculated but the Associated Press estimated that the gift is worth about $40 million.

In return, Smith says he expects the graduating class to pay it forward to give future classes the same opportunity one day.

“Let’s make sure every class has the same opportunity going forward, because we are enough to take care of our own community,” he said.

“We are enough to ensure we have all of the opportunities of the American dream, and we will show it to each other through our actions and through our words and through our deeds.”

Other Major Donations

The billionaire tech executive has managed to stay under the radar for much of his career. While this major donation has thrust him into the spotlight, it is far from his first generous gift.

In 2016, he pledged a $20 million gift to the National Museum of African American History and Culture. That same year, he donated $50 million to Cornell University to go towards its chemical and biomolecular engineering school, and to support black and female engineering students.

In 2017, Smith signed The Giving Pledge, a commitment by some of the world’s richest people – including Bill and Melinda Gates and Warren Buffet – who have promises to giving most of their wealth to philanthropy. In 2018, he gave $2.5 million to the Prostate Cancer Foundation to focus on research and care for African-American men and veterans with prostate cancer.

Before Sunday’s graduation speech, Smith had already donated $1.5 million to Morehouse for scholarships and a new park.

See what others are saying (The New York  Times) (Forbes) (Time)


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Derek Chauvin and 3 Others Ex-Officers Indicted on Civil Rights Charges Over George Floyd’s Death

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  • The Justice Department filed federal criminal charges Friday against Derek Chauvin and three other former Minneapolis police officers after a grand jury indicted them for violating the civil rights of George Floyd.
  • The indictment charges Chauvin, J. Alexander Kueng, and Tou Thao for violating Floyd’s right to be free from unreasonable seizure and unreasonable force. All three, as well as Thomas Lane, were also charged with failing to provide medical care to Floyd. 
  • Chauvin was additionally hit with two counts in a separate indictment, which claims he violated the civil rights of a 14-year-old boy who he allegedly held by the neck and repeatedly beat with a flashlight during a 2017 arrest.
  • Chauvin was already convicted last month of murder and manslaughter over Floyd’s death, which Kueng, Lane, and Thao were previously charged for allegedly aiding and abetting.

Former Minneapolis Officers Hit With Federal Charges

A federal grand jury indicted Derek Chauvin and three other former Minneapolis police officers for violating George Floyd’s civil rights during the arrest that lead to his death last summer, the Justice Department announced Friday.

Chauvin, specifically, was charged with violating Floyd’s right to be free from unreasonable seizure and unreasonable force by a police officer. Ex-officers J. Alexander Kueng and Tou Thao were indicted for willfully failing to intervene in Chauvin’s unreasonable use of force.

All three men, as well as former officer Thomas Lane, face charges for failing to provide medical care to Floyd, “thereby acting with deliberate indifference to a substantial risk of harm to Floyd,” according to the indictment.

In a second, separate indictment, Chauvin was hit with two counts of civil rights violations related to the arrest of a 14-year-old boy in September 2017. During that incident, Chauvin allegedly held the boy by the neck and hit him with a flashlight repeatedly.

The announcement, which follows a months-long investigation by the Justice Department’s Civil Rights Division, comes just over two weeks after Chauvin was found guilty of three state charges of murder and manslaughter in Floyd’s death.

He is currently awaiting his June 25 sentencing in a maximum-security prison.

State-Level Charges

Kueng, Lane, and Thao all face state charges of aiding and abetting second-degree murder and manslaughter.

Kueng and Lane were the first officers to responded to a call from a convenience store employee who claimed that Floyd used a counterfeit $20 bill. Body camera footage showed Floyd sitting in the car and Lane drawing his gun as the officers ordered him out and handcuffed him. 

Floyd can be heard pleading with the officers not to shoot him.

Shortly after, Chauvin and Thao arrived, and the footage shows Chauvin joining the other officers in their attempt to put Floyd into the back of a police car. In the struggle, the officers forced Floyd to the ground, with Chauvin kneeling on his neck while Kueng and Lane held his back and legs. 

Meanwhile, in cellphone footage taken at the scene, Thao can be seen ordering bystanders to stay away, and later preventing a Minneapolis firefighter from giving Floyd medical aid.

Their trial is set to begin in late August, and all three are free on bond. The new federal charges, however, will likely be more difficult to prove.

According to legal experts, prosecutors will have to show beyond reasonable doubt that the officers knew that they were depriving Floyd of his constitutional rights but continued to do so anyway.

The high legal standard is also hard to establish, as officers can easily claim they acted out of fear or even poor judgment.

See what others are saying: (The Washington Post) (The New York Times) (The Associated Press)

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Caitlyn Jenner Says Her Friends Are Fleeing California Because of the Homeless Population

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  • California gubernatorial candidate Caitlyn Jenner sparked outrage after an interview with Sean Hannity on Wednesday that was filmed from her Malibu airplane hangar. 
  • “My friends are leaving California,” she said. “My hangar, the guy right across, he was packing up his hangar and I said, ‘Where are you going?’ And he says, ‘I’m moving to Sedona, Arizona. I can’t take it anymore. I can’t walk down the streets and see the homeless.’”
  • Many criticized Jenner for sounding out of touch and unsympathetic to real issues in California and suggested that she prioritize helping the homeless population rather than incredibly wealthy state residents.

Caitlyn Jenner’s Remarks

California gubernatorial candidate Caitlyn Jenner sparked outrage on Wednesday after suggesting that wealthy people are fleeing the state because of its homeless population.

Jenner sat down for an interview in her Malibu airplane hangar with Fox News’ Sean Hannity. Jenner is one of the handful of Republicans aiming to unseat current Governor Gavin Newsom in a recall election in the fall. While polls show that most Californians do not support recalling Newsom, the conservative-led movement to do so gained enough signatures to land on the ballot.

“My friends are leaving California,” Jenner claimed during the interview. “My hangar, the guy right across, he was packing up his hangar and I said, ‘where are you going?’ And he says, ‘I’m moving to Sedona, Arizona, I can’t take it anymore. I can’t walk down the streets and see the homeless.’” 

“I don’t want to leave,” she continued. “Either I stay and fight, or I get out of here.”

Jenner’s Remarks Prompt Backlash

Her remarks were criticized online by people who thought Jenner sounded unsympathetic and out of touch to the real issues in the state. Many found it hypocritical that Jenner has slammed Newsom for being elite but was so concerned for wealthy people who don’t like having to see unhoused residents on the street.

Rep. Ted Lieu (D-Ca.) called Jenner out on Twitter for seemingly fighting for a small percentage of Californians. 

Unlike you, Dems are focused on the 99% of people who don’t own planes or hangars,” he wrote. “And you know what’s going to help reduce homelessness? The #AmericanRescuePlan, which your party opposed.”

Others suggested she prioritize directly addressing the homeless situation.

“If you don’t like the homeless situation, instead of hiding in your PRIVATE PLANE HANGAR, your campaign should be about helping them,” actress Merrin Dungey said. “They don’t like their situation either. Your lifelong privilege is showing. It’s not a good color.”

Jenner, an Olympic gold medalist and reality star, is one of the most prominent transgender Americans. Because homelessness is such a common issue within the trans community, some were frustrated she was not using her campaign to fix the situation, and rather used it to complain about how it impacted her wealthy friends. 

See what others are saying: (The Hill) (Politico) (Washington Post)

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Derek Chauvin Seeks New Trial In George Floyd Murder Case

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  • A lawyer for Derek Chauvin, the former Minneapolis police officer who was convicted of murdering George Floyd, filed a motion Tuesday for a new trial.
  • Among other complaints about Chauvin’s conviction, the attorney cited “prosecutorial and jury misconduct; errors of law at trial; and a verdict that is contrary to law.”
  • He also claimed the court “abused its discretion” by not granting a change of venue or sequestering the jury for the duration of the trial, arguing that publicity before and during it threatened its fairness. 
  • John Stiles, deputy chief of staff for Minnesota Attorney General Keith Ellison, told CNN, “The court has already rejected many of these arguments and the State will vigorously oppose them.”

Derek Chauvin’s Attorney Files Motion for New Trial

Former Minneapolis police officer Derek Chauvin is officially asking for a new trial, hoping to overturn his conviction for the murder of George Floyd.

His attorney, Eric Nelson, filed court paperwork Tuesday laying out a number of errors he believes were made during Chauvin’s legal proceedings that violated his constitutional rights to due process and a fair trial. Nelson cited alleged issues, including, “prosecutorial and jury misconduct; errors of law at trial; and a verdict that is contrary to law.”

The filing did not cite any specific examples of jury misconduct, but Nelson also argued that the court “abused its discretion” by not granting a change of venue or sequestering the jury for the duration of the trial.

The court proceedings took place in the same city where Floyd was killed and where protesters drew national attention by calling for justice in his name. As a result, Nelson claimed that publicity before and during the trial threatened its fairness. He also argued that a defense expert witness was intimidated after he testified, but before the jury deliberated.

His filing asks for a hearing to impeach the guilty verdict, in part, on the grounds that the 12 jurors “felt threatened or intimidated, felt race-based pressure during the proceedings, and/or failed to adhere to instructions during deliberations.”

It’s unclear exactly what will come of this request, but John Stiles, deputy chief of staff for Minnesota Attorney General Keith Ellison, told CNN, “The court has already rejected many of these arguments and the State will vigorously oppose them.”

For instance, a judge previously denied Chauvin’s request to move the trial in March, saying, “I don’t think there’s any place in the state of Minnesota that has not been subjected to extreme amounts of publicity on this case.”

See what others are saying: (CNN) (NPR) (CBS)

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