USHCC applauds Facebook for including minority-owned banks

Summary:The United States Hispanic Chamber of Commerce (USHCC) is the latest organization to publicly comment on Facebook's initial public offering (IPO) filing. This time it's approval, not criticism.

The United States Hispanic Chamber of Commerce (USHCC) today applauded Facebook for updating its initial public offering (IPO) filing to include minority-owned banks as underwriters. Facebook originally started with six major banks as its underwriters but then last week increased the number to 31.

The USHCC says 10 of the 31 brokerage firms are minority-owned. The USHCC noticed Chicago-based Cabrera Capital Markets because it's a Hispanic Business Enterprise and member of the USHCC. Nevertheless, the organization also listed nine other minority and/or women-owned firms: Blaylock Robert Van, CastleOak Securities, C.L. King & Associates, Lebenthal & Co., Loop Capital Markets, M.R. Beal & Company, Muriel Siebert & Co., Samuel A. Ramirez & Co., and The Williams Capital Group.

"The USHCC is pleased that Facebook, a global leader in social media, has sought the services of a Hispanic-owned firm like Cabrera Capital Markets," USHCC President and CEO Javier Palomarez said in a statement. "This is certainly a very positive step forward for Facebook, as they entrust this historic transaction to the best firms representing the fastest-growing segment of America's business community. Both Facebook and Cabrera Capital are partners of the USHCC and we couldn't be prouder."

"Facebook, a corporate member of the USHCC, has once again demonstrated its visionary leadership by engaging these top-tier minority-owned firms, which best illustrate our country's diverse human capital and reflect their customer base," USHCC Chairman Nina Vaca said in a statement.

Last month, the California State Teachers' Retirement System told Facebook that a board of directors of seven members is unacceptable, not only because it is small, but because it only features men. A week later, the Institutional Shareholder Services told Facebook that its co-founder and CEO Mark Zuckerberg has too much power.

The USHCC has 2,700 Likes on Facebook.

See also:

Topics: Social Enterprise, Banking, Legal

About

Emil is a freelance journalist writing for CNET and ZDNet. Over the years, he has covered the tech industry for multiple publications, including Ars Technica, Neowin, and TechSpot.

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