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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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Florida Breaks Its Record for New Daily COVID-19 Cases and Hospitalizations

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The Sunshine State now accounts for 20% of all new COVID-19 cases nationwide.


Florida Becomes COVID Epicenter

Florida reported 10,207 COVID-19 hospitalizations on Sunday, marking its largest single-day count to date. The grim record comes just one day after the Centers for Disease Control and Prevention released data showing that the state had counted 21,683 new infections Friday, its highest record of daily cases since the start of the pandemic.


Florida has become the new epicenter of the most recent U.S. outbreaks driven by the delta variant. The state now accounts for one out of every five new cases, and the weekend numbers are highly significant because they surpass previous records that were logged before vaccines were readily available.

Notably, Florida’s vaccination rate is actually the exact same as the nationwide average of 49% fully vaccinated, according to The New York Times tracker. In fact, Florida’s rate is the highest among the top 10 states currently reporting the most COVID cases.

While Gov. Ron DeSantis (R) has encouraged Florida residents to get vaccinated, he and the state’s legislature have also made it much harder for local officials to enforce protections to mitigate further spread.

DeSantis Bars Masking in Schools

On the same day that the state reported its highest cases ever, DeSantis signed an executive order banning school districts from requiring students to wear a mask when they go back to school later this month.

The move directly contradicts guidance issued by the CDC last week, which recommended that everyone inside K-12 schools wear a face covering.

DeSantis, for his part, has repeatedly claimed the spikes are part of “seasonal” increases driven by more people being indoors and air-conditioning systems circulating the virus. Still, he argued also Friday that he did not think masks were necessary to prevent children from transmitting COVID in the classroom, where they are inside with air conditioning.

At the same time, last week, Florida reported more than 21,000 infections among children younger than 19.

Florida is not the only state that has banned schools from requiring masks. In fact, many of the states suffering the biggest spikes have done the same, including Arkansas, Oklahoma, and Texas — which all currently rank among the top 10 states with the highest per capita COVID cases.

See what others are saying: (The Washington Post) (NPR) (Axios)

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Biden to Mandate COVID Vaccines for Federal Workers as CDC Changes Masking Guidance

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News of the efforts came on the same day that the U.S. reported more than 100,000 new daily COVID cases for the first time since February.


Federal Vaccine Mandate

President Joe Biden will announce Thursday that all federal employees must get vaccinated against COVID-19 or consent to strict testing and other safety precautions, White House officials told reporters Tuesday.

Earlier in the day, Biden said he was considering the requirement but did not provide any more information.

While the officials also said the details are still being hashed out, they did note that the policy would be similar to ones recently put in place by California and New York City, which respectively required state and city workers to get the jab or submit to regular testing.

Also on Tuesday, the Centers for Disease Control and Prevention updated their guidelines to recommend that Americans who live in areas “of substantial or high transmission,” as well as all students and teachers, wear masks indoors regardless of their vaccination status.

Delta Causes Spikes, But Vaccines Still Prove Effective

The renewed COVID mitigation efforts come as the delta variant is driving massive surges all over the country.

Coronavirus cases have quadrupled throughout July, jumping from a weekly average of 11,799 on the first day of the month to 63,248 on Tuesday, according to The New York Times tracker. Tuesday also saw new daily infections topping 100,000 for the first time since February, with more than 108,000 reported, per The Times.

While the vast majority of new infections are among people who have not been vaccinated, there have also been increasing reports of breakthrough cases in people who have received the jab. 

Those cases, however, do not mean that the vaccines are not effective. 

No vaccine prevents 100% of infections. Health officials have said time and time again that the jabs are intended to prevent severe disease and death, and they are doing just that.

According to the most recent data for July 19, the CDC reported that only 5,914 of the more than 161 million Americans who have gotten the vaccine were hospitalized or died from COVID-19 — a figure that represents 0.0036% of vaccinated people.

While safety precautions may be recommended for some people who have received the vaccine, many media narratives have overstated the role breakthrough cases play in the recent spikes. As New York Magazine explains, it is imperative to understand these new mask recommendations are not happening because the vaccine is not effective, but because not enough people are getting the vaccine.

“Because breakthrough infections have so often made the news due to their novelty, that can create a perception of more cases than are actually happening — particularly without more robust tracking of the actual cases to provide context,” the outlet wrote.

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

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Wisconsin Police Deny Planting Evidence in Viral Video, Release Their Own Body Cam Footage

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The footage police released shows that during a search, officers found a corner tear from a plastic bag inside a backseat passenger’s pocket. An officer then discarded it into the car after determining that it was empty.


Viral Video Appears To Show Officer Planting Evidence

The Caledonia Police Department in Wisconsin has responded to a viral cell phone video that appears to show an officer planting a small plastic baggie inside of a car during a traffic stop.

The now-viral footage was posted to Facebook by a man who goes by GlockBoy Savoo.

The user, who also filmed the clip, wrote in his post’s caption that the officer did this “just to get a reason to search the car” and said the cop didn’t know he was being recorded by the passenger.

Source: Facebook/ GlockBoy Savoo

Police Shut Down Accusations With Their Own Footage

After that video spread across social media, many were outraged, calling the Caledonia police dirty for seemingly planting evidence. All the outrage eventually prompted the department to announce an investigation Saturday.

Within hours, the department provided an update, claiming that officers didn’t actually plant any evidence or do anything illegal.

Police shared a lengthy summary of events, along with two body camera clips from the incident. That statement explained that the driver of the vehicle was pulled over for going 63 in a 45mph zone.

Two passengers in the backseat who were then spotted without seatbelts were asked to identify themselves and step out of the car. During a search of one passenger’s pockets, an officer pulled out “an empty corner tear” from a plastic baggie.

Police claim the corner tear did not contain any illegal substances, though they said this type of packaging is a common method for holding illegal drugs.

In one body cam clip, an officer can be heard briefly questioning the backseat passenger about the baggie. Then, that piece of plastic gets handed off to different officers who also determined it as empty before the officer in the original viral video discarded it into the back of the car.

The officer can also be seen explaining where the plastic came from to the passenger recording him.

“Aye, bro you just threw that in here!” the front seat passenger says, as heard in his version of the events.

“Yeah, cause it was in his pocket and I don’t want to hold onto it. It’s on their body cam that they took it off of him…I’m telling you where it came from, so. It’s an empty baggie at the moment too, so,” the officer replies.

The department went on to explain that while it would discourage officers from discarding items into a citizen’s car, this footage proves that evidence was not planted.

Authorities also noted that no arrests were made in this incident and the driver was the only one issued a citation for speeding. The statement added that since four officers were present at the scene, police have more than six hours of footage to review but they promised to release the footage in full in the near future.

See what others are saying: (Heavy)(CBS 58) (Milwaukee Journal Sentinel)

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