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Wells Fargo Targets Diversity Then 'Funds A Giant
Elaina Redmond
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9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
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Bag of Status Quo.' What I Learned About
Unconscious Bias In Small Business Contest
Sep 11, 2015 117 views 5 Likes 2 Comments
“Watch” says Wells Fargo “as Five Small Businesses take the next step.” When it
came time to put their money where their corporate mouth was, NO ‘female or
minority owned business’ took this next step.  Surprising?  Yes, it's quite a turn
around how the bank forgot about the very demographic it targeted for this
contest. 
Hi, my name is Elaina Redmond and I was one of the excited 25 finalists in the
contest. I’m an entrepreneur, children’s book author and I also write and perform
comedy. When I heard, prior to the release of the five winners, that I did not win,
my first thought was “OK, financial literacy and civics for kids is not their
direction. That’s fine.”  When I saw the actual list of the five winners, I was
shocked, like when I found out there was no Santa Claus. 
How is it possible NOT one of the awesome woman or minority owned business
finalists had won? What is going on? I decided to do some detective work...  
The contest overview went like this: 25 diverse finalists were chosen out of 3,785
small businesses nationwide. Each business received $1,000 and entrance to the
next round. Out of 25 finalists, five businesses won $25,000 and 6 months of
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
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corporate mentorship valued at $25,000.
This contest sounds like a great opportunity for small business owners, right?
Wells Fargo thought so too! Cheerleaders for diversity, they promoted this strong
theme on their corporate and social media sites. I was drawn in. This is why I was
so shocked that no woman or minority had won as it was the exact opposite of
their inclusive marketing.
I don’t think Wells Fargo intentionally set out to ignore their own marketing
message, but often women and minorities make it to one stage, but not to the very
top. A contest with a glass ceiling. When the time came to give the big
money, the big opportunity, Wells Fargo FAILED BIG at diversifying.
But wait, Wells Fargo did diversify! Let me explain. They chose four white males
and a white business couple straight out of “Leave It To Beaver.” They didn't just
stick with young white working males, but courageously gave business ‘Viagra’ to
the white males over 40. This included a sweet 90 year old man selling
condiments. Wells Fargo, you succeeded in one area! No age discrimination for
white males. Bravo, Don Draper would approve.
When I contacted Wells Fargo, the representative explained that one of the
winning businesses did have a woman partner. She said, “it’s the [little] lady who
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runs things.” Isn't that the standard line for describing a token female from the
Mad Men era?
This rep couldn’t grasp the difference between a ‘woman and minority owned
business’ from a status quo, non-minority business. However, the US government
gets it. Light years ago the government set up the Minority Business
Development Agency (MBDA) and Small Business Association
(SBA) and legislated many laws governing discrimination. 
After this inquiry, I did some research. Guess what, there are NO
discrimination laws that govern national professional contests. Laws
give women and minorities the same rights as the white guys. It’s sad to say, but
sometimes you need to legislate common sense.
My question to Wells Fargo: If an anti-discrimination law were in place, HOW
would you have organized your small business contest differently?
I discovered, through a quick google search, a few groundbreaking statistics in
funding. Go get a tissue as you may need one when you check out the dismal stats.
Senator Maria Cantwell’s 21st Century Barriers on Women’s
Entrepreneurship report, July 2014 says: “Only 4 percent of the total dollar
value of all small business loans goes to women entrepreneurs…. The U.S.
Government has never met its goal of awarding 5 percent of federal contracts to
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
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women owned business.”
IT GETS WORSE…..READY?
The usual money conversation today is on the gap in pay wage, right? Well, guess
what no one is talking about and is shockingly much worse? I'll coin it the
Funding Gap. The report goes onto say “In other words, just $1 of every
$23 in conventional small business loans goes to a woman­owned
business.”
What?! I realize now this Wells Fargo contest outcome is not an anomaly. It is
just one example, the tip of an iceberg, of an existing gigantic glacier of disparity
in support and business funding for diverse humans that are not white males.
Next time, I'll borrow a white guy to entice funding, any volunteers?
Of course, leaving out women and minorities in opportunity is not new.
Unconscious or not, it’s a common occurrence, like breathing in air pollution or
driving over a pothole. It just happens over and over again, slowly damaging us,
while we go on with our lives.
Sheryl Sandberg, a respected business leader inspiring all the females across the
globe to “LEAN IN”, says “It’s long overdue to encourage more women to dream
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
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the possible dream.” We have the dream, Sheryl. We are sitting at the table, but
we’re living in a 21st century version of “be seen, and not heard.”
Today it means “be seen, and not funded”  hence a giant Funding Gap. 
With fancy marketing the illusion of progress is created and doesn't reflect how
funding has not changed in over twenty years. The status quo for diverse humans
is not just a glass ceiling, but it’s glass walls and houses built on unconscious bias
without any ventilation and I’m suffocating.
My business, Spencer Publishing, was the foundation for creating my children’s
book, The Power of the Penny: Abraham Lincoln Inspires A Nation and
for a platform to educate American children on civics, financial literacy, kindness
and character. The irony of carrying Abraham Lincoln’s legacy of equality and
justice forward to the next generation is not lost on me.
Here’s a snippet from my Wells Fargo Contest essay. It shares the story of Angel,
a little eight year old girl who was impacted by an image, an idea, that sparked her
imagination and moved her to aspire to leadership.
Excerpt from contest:
“One highlight was participating in the 5th Annual Social Justice Day for
Peace4Kids, a nonprofit organization serving foster children in Watts, CA. On this
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day, I wore our themed Penny t-shirt Girl For President, as presented in the book.
At the end of the book reading, the kids lined up to make a wish with a penny,
using their mind and heart for their own or someone else’s life.
A volunteer shared with me what happened next. She said, “Angel made her
penny wish to be a teacher, but then she told me, that wasn't her REAL wish.
Angel whispered in my ear, ‘I want to be President.’ Today a whisper of a
dream…tomorrow?” I also dream one day, little girls don’t feel the need to
whisper their big aspirations for fear of ridicule.
While talking with my good friend, the same volunteer at Peace4Kids, about this
contest’s lack of diversity in outcome, she asked me two questions that stopped
me in my tracks.
She asked: “You don’t think everyone wants to see these minority kids succeed,
DO YOU? If your name was John Redmond, do you think you would have won
the contest?”
What do you think the answers are? 
Unconscious bias is prejudice without awareness. It’s like the strangling of human
potential without a judge or jury. Even Google and Facebook have recently
implemented programs to counteract it. Did the five judges Wells Fargo hired to
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
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choose the winners and whom several would be the very mentors of the winners,
get a visit from the spirit of unconscious bias?
Ironically, the same Wells Fargo rep, also a female, pointed out that several
judges were women, implying there could be no bias. Women are entrenched in
societal bias, both as a recipient of ‘second generation gender bias’ and also as
sexist offenders toward other women and often it’s even blatantly conscious.
Let’s look at another example of what could appear to be unconscious bias from
this Wells Fargo contest. There were two finalists whose businesses are both old
school movie theaters and comparable to each other.
The Bijou Theater is owned by two gay women, married lesbians with 6 kids, all
participating in the theater. It’s the oldest theater in the US, multi-functional and
hosts a film festival that started in 2013. Their business goal was infusion of
capital for marketing and building a strategic marketing plan going forward.
The other finalist is The Radford Theater, an old community theater remodeled
for modern times, is owned by a likable white guy, mid 40’s, working with a group
of investors. His business goal was to open the theater balcony, adding 40 new
style, premium seats.
Guess who won? If you said the white guy, you were right! Can I get a shout out
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
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for Status Quo?
I will wrap up with a quote from the Wells Fargo rep, “It was just a coincidence
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
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that there were no women or minority owned businesses. If we do the contest
next year we will factor this in and HOPE to do better.” Next year is here. The
results of Wells Fargo new grand prize winners will be released soon.
I too HOPE that Wells Fargo does better this year and diversifies the winners.
I also HOPE this article inspires you, the reader, to write to your Congress
Representative and Senators to consider creating a law that would dissuade
discrimination and bias governing nationwide professional contests. By having a
law in place, national contests, held by Wells Fargo and other giant companies,
would result in greater diversity and a ripple effect of awareness.
Funding breathes the life force into dreams.
I HOPE this article increases human connectivity. Maybe someone reading this
will expand their portfolio and fund more women and minorities. Maybe a
positive ripple effect of openness and inclusion will shine upon the whole giant
club of white working males, you know, the startup world, entertainment,
business circles, and politics.
I can at least HOPE.
I’m sure you’re wondering what I did with my $1,000 finalist money. I wrote and
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directed a two minute animated cartoon “Abraham Lincoln Saves American
Dream Using The Power Of The Penny” inspiring future generations of
Americans to build real world skills and values that matter.
Abe Lincoln Saves American Dream! Adorable Cartoon
If you would like to support my efforts, donate here. Every dollar will go to books
“Honorable in what we give and what we
preserve. We shall nobly save, or meanly
lose, the last best HOPE of earth.” 
                                             Abraham Lincoln
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for children. For more information and to purchase a copy visit the Penny website
or Amazon. Consider buying a book and donating it to a school or library. Free
videos and a Penny toolkit with activities for teachers and parents are on the
website.
Elaina Redmond is a writer, comedian, producer and an award winning author
and creator of a children's book called The Power Of The Penny: Abraham
Lincoln Inspires A Nation. Elaina graduated from Fordham University at Lincoln
Center, NYC with a degree in economics.
Fun facts: Elaina's grandma was a New York Radio City Rockette and her great
granddad was a NY Supreme Court Justice.
Entrepreneurship, Social Justice
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Maiju Torvikoski
ESL teacher
Great article, very well written, lots of important points you raise there!
Like(1) Reply 3 hours ago
Elaina Redmond
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Daily Pulse: White Collar Criminals Beware, Why
Brazil is Junk, Income Inequality Worries Even
Harvard Elite
Sep 10, 2015 330,894 views 523 Likes 138 Comments
The Justice Department is going after white­collar criminals. In a
memo, Deputy Attorney General Sally Q. Yates instructed federal prosecutors
nationwide to go after individuals, not just companies, involved in corporate
wrongdoing and to pressure companies to turn over evidence implicating their
boards and executives. Yates will discuss the policy today in a speech at the New
York University School of Law.
The announcement seems to address criticism of the DoJ for not being tough
enough on Wall Street following the financial crisis. The US government collected
an unprecedented amount of fines from major banks -- $190 billion at last count -
- but most judicial action ended in settlements. Fines barely dented profits and
none of the executives who made negligent or nefarious decisions faced a judge or
the bars of a cell. As The Atlantic’s William D. Cohan notes in the latest issue, the
Justice Department was much harder on FIFA officials for rigging the attribution
Isabelle Roughol
International editor at LinkedIn // "Curious by profession"
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of a couple World Cups...
***
China’s yuan moves yet one step closer to reserve currency. Premier Li
Keqiang announced the country will be opening up the onshore foreign exchange
market to foreign central banks. So far, they had been trading the yuan in Hong
Kong at a different rate from the mailand. With this, Beijing moves closer to
satisfying IMF requirements for the yuan to join the family of major world
currencies alongside the US dollar, euro, yen and British pound. This summer, it
started to allow the yuan to fluctuate more freely -- with the results you know.
Speaking at the “summer Davos” in Dalian, the prime minister also assured
“Corporations can only commit crimes
through flesh­and­blood people. It’s only fair
that the people who are responsible for
committing those crimes be held
accountable.”
­ Sally Q. Yates, deputy attorney general
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“China won’t see a hard landing in the economy” (he can’t really say anything
else) and ruled out quantitative easing.
***
Because you’ve heard enough about Greece and China, let’s talk about
Brazil. Standard & Poor’s downgraded the country’s sovereign rating to BB+
with a negative outlook aka junk, after 7 years as investment grade. Here’s what’s
going on with the once shining star of the BRICs:
an incredibly unpopular government mired in corruption scandals, with
protests calling for President Dilma Rousseff’s impeachment;
the deepest recession in 25 years at -2.6% in the second quarter and forecast
to last the longest since the 1930s;
a rapidly degrading fiscal situation, with a deficit at 0.5% and debt at 65% of
GDP -- numbers Europe would envy, but that have already been reviewed
down twice this year;
inflation at a decade high, near 10%, with outlook rising every week;
overcapacity and a real estate bubble bursting, with the highest vacancy rate
in Latin America in Rio.
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But at least there’s the Olympics… For more on Brazil, don’t miss daily updates
from our local editor, Rodrigo Brancatelli, who’s taking it all in strides with a
great sense of humor. (Google Translate works wonders.)
***
Apple's event yesterday did not live up to the hype. (When does it ever?)
The company announced a bigger iPad for professionals called, unsurprisingly,
iPad Pro that even comes with a stylus, should be nostalgic for your Palm Pilot.
Slightly better iPhones too and not nearly as cool a Siri upgrade as we had
anticipated. (The beauty of making tech predictions is it never fails to teach you
humility.) John C Abell has all the details but really, it's all in these six lines. 
***
“Shared prosperity is not around the corner.” You’d expect this
conclusion from a Bernie Sanders rally, but maybe not from Harvard Business
School alumni. Yet 71% of this business elite has come to see rising income
inequality, middle-class stagnation, rising poverty, or limited economic mobility
not just as a social issue, but as a problem to their businesses and US
competitiveness, according to a survey by HBS’ Jan W Rivkin, Karen G. Mills and
Michael E. Porter.
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US companies are doing great, respondents said, but are unable or unwilling to
share the gains of prosperity with the average American worker. Two-thirds of
them found that addressing this issue was more urgent than increasing overall
economic growth. And most also found that the issue wouldn’t resolve itself
under current US institutions and policies. When asked how will and how should
future income gains be distributed, this is what HBS alumni answered:
(Even the predictions on the left are low-balling actual income inequality: it’s
estimated that more than half of income gains in 1993-2014 went to the 1%.) So
while the idea is gaining traction, business leaders don’t seem optimistic anything
will be done about it. First comes realization, then comes action?  
*****
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Photo: U.S. Deputy Attorney General Sally Yates speaks during a formal
investiture ceremony for Attorney General Loretta Lynch on June 17, 2015 in
Washington, DC. (Photo by Alex Wong/Getty Images)
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9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 39/44
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 40/44
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 41/44
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 42/44
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 43/44
9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn
https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 44/44

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Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest

  • 1. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 1/44 100% Food Focused Event ­ Attend PROCESS EXPO 2015 | September 15­18 | McCormick Place, Chicago, IL Wells Fargo Targets Diversity Then 'Funds A Giant Elaina Redmond Entrepreneur, Comedian, Host, Author, Writer, Multimedia Producer and Director Follow Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned… About Unconscious Bias InElaina Redmond Daily Pulse: White Collar Criminals Beware, Why Brazil is Junk, Income Inequality Worrie… Isabelle Roughol In Case You Missed It: Yesterday, Apple Changed the World. Again. Justin Bariso iPad Pro, Windows killer? Ian Dudley This is Why You're Not Getting Hired! Brett Berhoff Pulse Publish a postHome Profile Connections Jobs Interests Business Services Try Premium for free AdvancedSearch for people, jobs, companies, and more...
  • 2. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 2/44 Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest Sep 11, 2015 117 views 5 Likes 2 Comments “Watch” says Wells Fargo “as Five Small Businesses take the next step.” When it came time to put their money where their corporate mouth was, NO ‘female or minority owned business’ took this next step.  Surprising?  Yes, it's quite a turn around how the bank forgot about the very demographic it targeted for this contest.  Hi, my name is Elaina Redmond and I was one of the excited 25 finalists in the contest. I’m an entrepreneur, children’s book author and I also write and perform comedy. When I heard, prior to the release of the five winners, that I did not win, my first thought was “OK, financial literacy and civics for kids is not their direction. That’s fine.”  When I saw the actual list of the five winners, I was shocked, like when I found out there was no Santa Claus.  How is it possible NOT one of the awesome woman or minority owned business finalists had won? What is going on? I decided to do some detective work...   The contest overview went like this: 25 diverse finalists were chosen out of 3,785 small businesses nationwide. Each business received $1,000 and entrance to the next round. Out of 25 finalists, five businesses won $25,000 and 6 months of
  • 3. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 3/44 corporate mentorship valued at $25,000. This contest sounds like a great opportunity for small business owners, right? Wells Fargo thought so too! Cheerleaders for diversity, they promoted this strong theme on their corporate and social media sites. I was drawn in. This is why I was so shocked that no woman or minority had won as it was the exact opposite of their inclusive marketing. I don’t think Wells Fargo intentionally set out to ignore their own marketing message, but often women and minorities make it to one stage, but not to the very top. A contest with a glass ceiling. When the time came to give the big money, the big opportunity, Wells Fargo FAILED BIG at diversifying. But wait, Wells Fargo did diversify! Let me explain. They chose four white males and a white business couple straight out of “Leave It To Beaver.” They didn't just stick with young white working males, but courageously gave business ‘Viagra’ to the white males over 40. This included a sweet 90 year old man selling condiments. Wells Fargo, you succeeded in one area! No age discrimination for white males. Bravo, Don Draper would approve. When I contacted Wells Fargo, the representative explained that one of the winning businesses did have a woman partner. She said, “it’s the [little] lady who
  • 4. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 4/44 runs things.” Isn't that the standard line for describing a token female from the Mad Men era? This rep couldn’t grasp the difference between a ‘woman and minority owned business’ from a status quo, non-minority business. However, the US government gets it. Light years ago the government set up the Minority Business Development Agency (MBDA) and Small Business Association (SBA) and legislated many laws governing discrimination.  After this inquiry, I did some research. Guess what, there are NO discrimination laws that govern national professional contests. Laws give women and minorities the same rights as the white guys. It’s sad to say, but sometimes you need to legislate common sense. My question to Wells Fargo: If an anti-discrimination law were in place, HOW would you have organized your small business contest differently? I discovered, through a quick google search, a few groundbreaking statistics in funding. Go get a tissue as you may need one when you check out the dismal stats. Senator Maria Cantwell’s 21st Century Barriers on Women’s Entrepreneurship report, July 2014 says: “Only 4 percent of the total dollar value of all small business loans goes to women entrepreneurs…. The U.S. Government has never met its goal of awarding 5 percent of federal contracts to
  • 5. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 5/44 women owned business.” IT GETS WORSE…..READY? The usual money conversation today is on the gap in pay wage, right? Well, guess what no one is talking about and is shockingly much worse? I'll coin it the Funding Gap. The report goes onto say “In other words, just $1 of every $23 in conventional small business loans goes to a woman­owned business.” What?! I realize now this Wells Fargo contest outcome is not an anomaly. It is just one example, the tip of an iceberg, of an existing gigantic glacier of disparity in support and business funding for diverse humans that are not white males. Next time, I'll borrow a white guy to entice funding, any volunteers? Of course, leaving out women and minorities in opportunity is not new. Unconscious or not, it’s a common occurrence, like breathing in air pollution or driving over a pothole. It just happens over and over again, slowly damaging us, while we go on with our lives. Sheryl Sandberg, a respected business leader inspiring all the females across the globe to “LEAN IN”, says “It’s long overdue to encourage more women to dream
  • 6. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 6/44 the possible dream.” We have the dream, Sheryl. We are sitting at the table, but we’re living in a 21st century version of “be seen, and not heard.” Today it means “be seen, and not funded”  hence a giant Funding Gap.  With fancy marketing the illusion of progress is created and doesn't reflect how funding has not changed in over twenty years. The status quo for diverse humans is not just a glass ceiling, but it’s glass walls and houses built on unconscious bias without any ventilation and I’m suffocating. My business, Spencer Publishing, was the foundation for creating my children’s book, The Power of the Penny: Abraham Lincoln Inspires A Nation and for a platform to educate American children on civics, financial literacy, kindness and character. The irony of carrying Abraham Lincoln’s legacy of equality and justice forward to the next generation is not lost on me. Here’s a snippet from my Wells Fargo Contest essay. It shares the story of Angel, a little eight year old girl who was impacted by an image, an idea, that sparked her imagination and moved her to aspire to leadership. Excerpt from contest: “One highlight was participating in the 5th Annual Social Justice Day for Peace4Kids, a nonprofit organization serving foster children in Watts, CA. On this
  • 7. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 7/44 day, I wore our themed Penny t-shirt Girl For President, as presented in the book. At the end of the book reading, the kids lined up to make a wish with a penny, using their mind and heart for their own or someone else’s life. A volunteer shared with me what happened next. She said, “Angel made her penny wish to be a teacher, but then she told me, that wasn't her REAL wish. Angel whispered in my ear, ‘I want to be President.’ Today a whisper of a dream…tomorrow?” I also dream one day, little girls don’t feel the need to whisper their big aspirations for fear of ridicule. While talking with my good friend, the same volunteer at Peace4Kids, about this contest’s lack of diversity in outcome, she asked me two questions that stopped me in my tracks. She asked: “You don’t think everyone wants to see these minority kids succeed, DO YOU? If your name was John Redmond, do you think you would have won the contest?” What do you think the answers are?  Unconscious bias is prejudice without awareness. It’s like the strangling of human potential without a judge or jury. Even Google and Facebook have recently implemented programs to counteract it. Did the five judges Wells Fargo hired to
  • 8. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 8/44 choose the winners and whom several would be the very mentors of the winners, get a visit from the spirit of unconscious bias? Ironically, the same Wells Fargo rep, also a female, pointed out that several judges were women, implying there could be no bias. Women are entrenched in societal bias, both as a recipient of ‘second generation gender bias’ and also as sexist offenders toward other women and often it’s even blatantly conscious. Let’s look at another example of what could appear to be unconscious bias from this Wells Fargo contest. There were two finalists whose businesses are both old school movie theaters and comparable to each other. The Bijou Theater is owned by two gay women, married lesbians with 6 kids, all participating in the theater. It’s the oldest theater in the US, multi-functional and hosts a film festival that started in 2013. Their business goal was infusion of capital for marketing and building a strategic marketing plan going forward. The other finalist is The Radford Theater, an old community theater remodeled for modern times, is owned by a likable white guy, mid 40’s, working with a group of investors. His business goal was to open the theater balcony, adding 40 new style, premium seats. Guess who won? If you said the white guy, you were right! Can I get a shout out
  • 9. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 9/44 for Status Quo? I will wrap up with a quote from the Wells Fargo rep, “It was just a coincidence
  • 10. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 10/44 that there were no women or minority owned businesses. If we do the contest next year we will factor this in and HOPE to do better.” Next year is here. The results of Wells Fargo new grand prize winners will be released soon. I too HOPE that Wells Fargo does better this year and diversifies the winners. I also HOPE this article inspires you, the reader, to write to your Congress Representative and Senators to consider creating a law that would dissuade discrimination and bias governing nationwide professional contests. By having a law in place, national contests, held by Wells Fargo and other giant companies, would result in greater diversity and a ripple effect of awareness. Funding breathes the life force into dreams. I HOPE this article increases human connectivity. Maybe someone reading this will expand their portfolio and fund more women and minorities. Maybe a positive ripple effect of openness and inclusion will shine upon the whole giant club of white working males, you know, the startup world, entertainment, business circles, and politics. I can at least HOPE. I’m sure you’re wondering what I did with my $1,000 finalist money. I wrote and
  • 11. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 11/44 directed a two minute animated cartoon “Abraham Lincoln Saves American Dream Using The Power Of The Penny” inspiring future generations of Americans to build real world skills and values that matter. Abe Lincoln Saves American Dream! Adorable Cartoon If you would like to support my efforts, donate here. Every dollar will go to books “Honorable in what we give and what we preserve. We shall nobly save, or meanly lose, the last best HOPE of earth.”                                               Abraham Lincoln
  • 12. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 12/44 Report this Written by Elaina Redmond 2 comments for children. For more information and to purchase a copy visit the Penny website or Amazon. Consider buying a book and donating it to a school or library. Free videos and a Penny toolkit with activities for teachers and parents are on the website. Elaina Redmond is a writer, comedian, producer and an award winning author and creator of a children's book called The Power Of The Penny: Abraham Lincoln Inspires A Nation. Elaina graduated from Fordham University at Lincoln Center, NYC with a degree in economics. Fun facts: Elaina's grandma was a New York Radio City Rockette and her great granddad was a NY Supreme Court Justice. Entrepreneurship, Social Justice Follow Like Comment 4 likes Add your comment
  • 13. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 13/44 Maiju Torvikoski ESL teacher Great article, very well written, lots of important points you raise there! Like(1) Reply 3 hours ago Elaina Redmond Show More Newest
  • 14. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 14/44 Daily Pulse: White Collar Criminals Beware, Why Brazil is Junk, Income Inequality Worries Even Harvard Elite Sep 10, 2015 330,894 views 523 Likes 138 Comments The Justice Department is going after white­collar criminals. In a memo, Deputy Attorney General Sally Q. Yates instructed federal prosecutors nationwide to go after individuals, not just companies, involved in corporate wrongdoing and to pressure companies to turn over evidence implicating their boards and executives. Yates will discuss the policy today in a speech at the New York University School of Law. The announcement seems to address criticism of the DoJ for not being tough enough on Wall Street following the financial crisis. The US government collected an unprecedented amount of fines from major banks -- $190 billion at last count - - but most judicial action ended in settlements. Fines barely dented profits and none of the executives who made negligent or nefarious decisions faced a judge or the bars of a cell. As The Atlantic’s William D. Cohan notes in the latest issue, the Justice Department was much harder on FIFA officials for rigging the attribution Isabelle Roughol International editor at LinkedIn // "Curious by profession" Follow
  • 15. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 15/44 of a couple World Cups... *** China’s yuan moves yet one step closer to reserve currency. Premier Li Keqiang announced the country will be opening up the onshore foreign exchange market to foreign central banks. So far, they had been trading the yuan in Hong Kong at a different rate from the mailand. With this, Beijing moves closer to satisfying IMF requirements for the yuan to join the family of major world currencies alongside the US dollar, euro, yen and British pound. This summer, it started to allow the yuan to fluctuate more freely -- with the results you know. Speaking at the “summer Davos” in Dalian, the prime minister also assured “Corporations can only commit crimes through flesh­and­blood people. It’s only fair that the people who are responsible for committing those crimes be held accountable.” ­ Sally Q. Yates, deputy attorney general
  • 16. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 16/44 “China won’t see a hard landing in the economy” (he can’t really say anything else) and ruled out quantitative easing. *** Because you’ve heard enough about Greece and China, let’s talk about Brazil. Standard & Poor’s downgraded the country’s sovereign rating to BB+ with a negative outlook aka junk, after 7 years as investment grade. Here’s what’s going on with the once shining star of the BRICs: an incredibly unpopular government mired in corruption scandals, with protests calling for President Dilma Rousseff’s impeachment; the deepest recession in 25 years at -2.6% in the second quarter and forecast to last the longest since the 1930s; a rapidly degrading fiscal situation, with a deficit at 0.5% and debt at 65% of GDP -- numbers Europe would envy, but that have already been reviewed down twice this year; inflation at a decade high, near 10%, with outlook rising every week; overcapacity and a real estate bubble bursting, with the highest vacancy rate in Latin America in Rio.
  • 17. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 17/44 But at least there’s the Olympics… For more on Brazil, don’t miss daily updates from our local editor, Rodrigo Brancatelli, who’s taking it all in strides with a great sense of humor. (Google Translate works wonders.) *** Apple's event yesterday did not live up to the hype. (When does it ever?) The company announced a bigger iPad for professionals called, unsurprisingly, iPad Pro that even comes with a stylus, should be nostalgic for your Palm Pilot. Slightly better iPhones too and not nearly as cool a Siri upgrade as we had anticipated. (The beauty of making tech predictions is it never fails to teach you humility.) John C Abell has all the details but really, it's all in these six lines.  *** “Shared prosperity is not around the corner.” You’d expect this conclusion from a Bernie Sanders rally, but maybe not from Harvard Business School alumni. Yet 71% of this business elite has come to see rising income inequality, middle-class stagnation, rising poverty, or limited economic mobility not just as a social issue, but as a problem to their businesses and US competitiveness, according to a survey by HBS’ Jan W Rivkin, Karen G. Mills and Michael E. Porter.
  • 18. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 18/44 US companies are doing great, respondents said, but are unable or unwilling to share the gains of prosperity with the average American worker. Two-thirds of them found that addressing this issue was more urgent than increasing overall economic growth. And most also found that the issue wouldn’t resolve itself under current US institutions and policies. When asked how will and how should future income gains be distributed, this is what HBS alumni answered: (Even the predictions on the left are low-balling actual income inequality: it’s estimated that more than half of income gains in 1993-2014 went to the 1%.) So while the idea is gaining traction, business leaders don’t seem optimistic anything will be done about it. First comes realization, then comes action?   *****
  • 19. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 19/44 Report this Written by Isabelle Roughol Missed the last update? Then check out John C. Abell's 'A Big A** iPad, The Apprentices, Don't Pick on Marissa Mayer’ Twice a day we share the news professionals need to know. Never miss one again: Download the brand new Pulse app. Photo: U.S. Deputy Attorney General Sally Yates speaks during a formal investiture ceremony for Attorney General Loretta Lynch on June 17, 2015 in Washington, DC. (Photo by Alex Wong/Getty Images) Featured In Daily Digest Follow
  • 20. 9/11/2015 Wells Fargo Targets Diversity Then 'Funds A Giant Bag of Status Quo.' What I Learned About Unconscious Bias In Small Business Contest | Elaina Redmond | LinkedIn https://www.linkedin.com/pulse/wells-fargo-targets-diversity-funds-giant-bag-status-quo-redmond 20/44
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