Description: Exteriors of building and signage at the Bank of New England; Neworld Bank exterior shots and close up of sign; The First National Bank of Boston exterior signage; 1st American Bank for Savings exterior and close shot of signs.
Collection: Ten O'Clock News
Date Created: 10/22/1982
Description: Downtown exteriors of Boston banks. Monolithic view of Federal Reserve Bank from Summer Street. High rises in financial district. Keystone building. Severe angle view of Shawmut. Revolving clock at entrance to State Street Bank. Hornblower & Weeks, Hemphill, Noyes sign. First National Bank of Boston. Gillette headquarters along water.
Collection: Ten O'Clock News
Date Created: 11/25/1977
Description: Marcus Jones reports on the affirmative action program at the Bank of Boston. Twenty percent of the employees at the bank are minorities. Interview with Charles Gifford from the Bank of Boston, who says that a diverse workforce makes sense. Gifford says that the bank will hire any qualified candidate, regardless of race. Gifford adds that he would like to hire more minorities in top bank positions. Jones reports that bank managers have set affirmative action goals that exceed federal requirements because they believe that an integrated workforce is good for business. Interview with Rosa Hunter, the Director of Affirmative Action Planning for the Bank of Boston. Hunter talks about the bank's commitment to diversity. Jones reviews statistics concerning minority professionals and minority managers at the Bank of Boston. He notes that most minority employees are hired for entry-level and mid-level positions. The edited story is followed by additional b-roll footage of Bank of Boston employees in the offices and cafeteria. This edition of the Ten O'Clock News also included the following item: Meg Vaillancourt reports on affirmative action in the Boston Fire Department
1:00:10: Visual: Shots of Bank of Boston employees riding on an escalator in a Bank of Boston building; of a sign for the Bank of Boston. Shots of tellers helping customers in a Bank of Boston office. Marcus Jones reports that the Bank of Boston employs almost 20,000 people; that 20 percent of the employees are minorities. Shots of an African American bank teller; of employees eating lunch in a cafeteria. Jones reports that the bank has doubled its number of minority employees in the past ten years; that bank executives see room for more minorities among their employees. V: Footage of Charles Gifford (Bank of Boston) being interviewed by Jones in his office. Gifford says that a diverse work force makes sense regardless of affirmative action guidelines. Shots of the interior of the Bank of Boston; of customers and tellers inside of the bank. Jones reports that the Bank of Boston receives federal funding; that the Bank of Boston is obligated to comply with federal affirmative action guidelines. Jones notes that the bank management has often set goals which exceed federal requirements. Jones reports that the bank managers believe that an integrated workforce is good for business. V: Shots of employees in a Bank of Boston office. Footage of Gifford saying that the Bank of Boston is growing; that they need more employees. Gifford says that the bank will be at an advantage if it is known as an employer who is open to all. Gifford says that he wants the bank to hire people according to qualifications and performance. Jones reports that Rosa Hunter (Director of Affirmative Action Planning for the Bank of Boston) has worked at the Bank of Boston for 21 years; that Hunter has directed the Bank of Boston's affirmative action effort for two years. V: Footage of Hunter being interviewed by Jones. Hunter says that the Bank of Boston is committed to diversity; that the Bank of Boston will continue its diversity efforts regardless of court rulings against affirmative action programs. Shot of an African American employee at the Bank of Boston. Jones reports that the number of minority managers at the Bank of Boston increased from 4.3% to 9.7% between 1978 and 1988. Jones notes that the number of minority professionals at the Bank of Boston increased from 6.6% to 12.4% from 1978 to 1988. V: On-screen text and visuals detail statistics on the percentage of minority managers and the percentage of minority professionals at the Bank of Boston. Shots of employees eating at a cafeteria. Jones reports that minority employees are being hired for entry-level and mid-level postions; that few minority employees are being appointed to top-level management positions. V: Footage of Gifford saying that the bank is not satisfied with the low number of minority and female employees among its top positions. Gifford says that he expects those numbers to improve because the bank is open to promoting qualified employees to top positions regardless of race or gender. Shot of an African American female bank employee in a Bank of Boston office.
Collection: Ten O'Clock News
Date Created: 06/15/1989
Description: Christy George reports that poor Boston neighborhoods lack access to banking services. Banking leaders met with community leaders today to announce an agreement that will provide better banking services to poor neighborhoods. George reviews the details of the agreement, which will provide bank branches, loans, and increased investment to poor neighborhoods. At the meeting Richard Pollard (Massachusetts Bankers Association) says that redlining did not take place in the 1980s. Charles Stith (Organization for a New Equality), Bruce Bolling (Boston City Council), Willie Jones (Community Investment Coalition), John Hamill (Shawmut Bank),Ronald Homer (Boston Bank of Commerce), and Michael Dukakis all speak out in favor of the proposal. This edition of the Ten O'Clock News also included the following items: Julian Bond at Harvard University and Christopher Lydon interviews Sarah Small
1:00:06: Visual: Aerial shot of Somerville. Shot of residents walking on a street in Roxbury. Shots of street signs for Blue Hill Avenue and Dudley Street; of a Western Union office in Roxbury; of signs in the window of the Western Union office. Shot of a man walking into the Western Union office. Christy George reports that poor communities lack access to banking services. George reports that Boston banks have few branches in poor communities. V: Footage of Michael Dukakis (Governor of Massachusetts) at a gathering of Massachusetts bankers. Dukakis shakes hands with meeting attendees. George reports that Dukakis outlawed the practice of redlining in the 1970s; that bankers and business leaders were upset about the law. George says that poor communities still lack banking services in spite of the law. George reports that Dukakis has supported a program to get banks to give better service to poor communities. V: Footage of Dukakis standing with banking leaders and community leaders at the meeting. Footage of Richard Pollard (Massachusetts Bankers Association) saying that he will not admit that redlining has been taking place in the 1980s; that redlining is illegal. Shots of banking leaders and community leaders socializing. George says that banking leaders met with community leaders today. George reports that banking leaders have agreed to open 10 to 15 new branches of downtown banks in poor neighborhoods over the next five years; that banking leaders have agreed to open 20 to 35 new ATM machines in poor communities. George reports that banking leaders have agreed to restructure mortgage programs; that the new program will grant mortgages to families earning as little as $27,000 per year. George reports that the banks will participate in a $100 million affordable housing pool to finance renovation and construction of affordable housing. George reports that bank leaders will support a $10 million corporation which will direct investments to minority-owned businesses. V: On-screen text details the specifics of the agreement between bank leaders and community leaders. Footage of Charles Stith (Organization for a New Equality) at the meeting. Stith encourages the leaders to join hands and raise them in the air. The leaders raise their hands and say "Amen." Stith stands next to Bruce Bolling (Boston City Council). Shots of Dukakis and other leaders. Shots of the media; of Stith. George reports that the leaders need to decide how to monitor progress; that both sides were optimistic about the plan. V: Footage of Stith speaking at the meeting. Stith says that it has taken a long time to reach an agreement. Footage of Bolling speaking at the meeting. Bolling says that the agreement is like "a Catholic marriage"; that there is no divorce. Footage of John Hamill (Shawmut Bank) speaking at the meeting. Hamill says that the agreement is not like a new marriage; that the agreement is "a renewal of vows." Footage of Ronald Homer (Boston Bank of Commerce) speaking at the meeting. Homer says that "the only way to say 'I love you' in business is with money. Footage of Dukakis saying that the agreement is "fantastic." George says that the agreement was reached when communication between the two sides improved. V: Footage of Pollard speaking at the meeting. Pollard says that the community used to have the feeling that the banks had unlimited funds with which to provide mortgages. Pollard says that the banks needed to explain their business model to the community. Footage of Willie Jones (Community Investment Coalition) speaking at the meeting. Jones says that the banks have realized that poor communities are looking for basic services instead of "bells and whistles." George stands in a residential neighborhood. George reports that banking rules have made it difficult for poor people to qualify for loans and mortgages. George reports that banks have restructured their rules to allow access for poor people. George notes that the banks will make money in poor communities; that they will not make as much money as in wealthy communities.
Collection: Ten O'Clock News
Date Created: 01/15/1990
Description: Hope Kelly reports on a legislative hearing in Boston on alleged redlining practices by Boston banks. Kelly reports that the Federal Reserve Bank released a study finding evidence of redlining practices. Kelly notes that the banking industry reacted strongly to the accusations. Kelly's report includes footage from the legislative hearings. Barney Frank (US Congressman) and Benjamin Hooks (Executive Director, NAACP) condemn redlining practices. Richard Pollard (Chairman, Massachusetts Banking Association) and Richard Syron (President, Federal Reserve Bank) say that they do not believe that the banks are engaged in redlining. Kelly reviews the findings of the study. She adds that the study does not conclude if the findings reflect redlining or discrimination on the part of lenders. Kelly quotes Ray Flynn (Mayor of Boston), Michael Dukakis (Governor of Massachusetts), and Joseph Kennedy (US Congressman) as saying the redlining practices cannot be tolerated. Kelly interviews Pollard. Pollard says that banks are not engaged in redlining. He adds that banks need to better serve the needs of minority communities. Kelly notes that the legislative hearing addressed solutions to the problem of redlining, but did not talk about the problem of racism. This tape includes additional footage of the legislative hearing, with various speakers both in agreement and disagreement with the study.
1:00:05: Visual: Footage of Barney Frank (US Congressman) at a congressional hearing in Boston. Franks says that people of color are being denied their rights because of their skin color. Hope Kelly reports that Frank and other officials said that there is irrefutable evidence showing that Boston banks are engaged in discriminatory lending practices. V: Footage of Benjamin Hooks (Executive Director, NAACP) saying that banks across the nation are engaged in discriminatory lending practices. Kelly reports that the banking industry reacted strongly to the comments. V: Footage of Richard Pollard (Chairman, Massachusetts Banking Association) saying that he does not think that Hooks read the study. Kelly reports that the Federal Reserve Bank issued a study on August 31, 1988. Kelly quotes the study as finding that "the number of mortgage loans. . .is 24% lower in black neighborhoods than in white, even after taking into account economic and other non-racial neighborhood characteristics that might contribute to such disparities." V: Shot of Hooks, Michael Dukakis (Governor of Massachusetts), Richard Syron (President, Federal Reserve Bank), and Ray Flynn (Mayor of Boston) at the congressional hearing. Shot of Syron speaking. On-screen text and visuals detail the study findings. Kelly notes that the study does not conclude whether the findings reflect redlining or discrimination on the part of lenders. V: Footage of Syron speaking at the hearing. Syron says that he does not believe that Boston banks are engaged in redlining or discriminatory practices. Footage of Hooks saying that the African American community often knows through experience what the white community must find out through studies. Kelly reports that city and state officials were sympathetic to Hooks's viewpoint. Kelly quotes Flynn as saying that the findings are disturbing; that discriminatory practices cannot be tolerated. Kelly quotes Joseph Kennedy (US Congressman) as saying that "there is a serious problem of racially discriminatory lending in this city." Kelly quotes Dukakis as saying that "racial bias in any form is contrary to the very principles upon which this nation and Commonwealth were founded." V: Shot of Flynn, Syron, and Dukakis at the hearing. Quotes by Flynn, Kennedy and Dukakis appear written in text on-screen. Kelly reports that the bankers disagreed with the officials. V: Footage of Pollard being interviewed by Kelly. Pollard says that the study contains no evidence showing that banks are involved in the practice of redlining. Pollard admits that people in disadvantaged neighborhoods are ill-served by the financial community. Pollard says that bankers are part of the larger financial community; that bankers will be part of the solution to the problem. Shots of the congressional hearing; of Kennedy at the congressional hearing. Shots of Kweisi Mfume (State Representative) at the hearing; of attendees at the hearing; of Bruce Bolling (Boston City Council) at the hearing. Kelly reports that speakers at the hearing focused on solutions to the problem; that few talked about the larger issue of racism at the heart of the problem. V: Shots of Flynn; of attendees at the hearing.
Collection: Ten O'Clock News
Date Created: 09/29/1989
Description: Federal Reserve Bank, Keystone building, Travelers building, First National Bank, Shawmut Bank, Post Office Square, Custom House, Sixty State Street, back of City Hall, financial district. pans, various views.
Collection: Ten O'Clock News
Date Created: 08/13/1979
Description: No audio. Boston bank building exteriors. First National Bank of Boston. Shawmut. State Street Bank. Fidelity.
Collection: Ten O'Clock News
Date Created: 10/04/1982
Description: Marcus Jones reports on the competion of renovations at the Renaissance Building in the Grove Hall district of Roxbury. The project was funded with money from the city's only minority-owned bank and was overseen by minority architects and contractors. Jones adds that the building is a cornerstone of the Grove Hall revitalization effort. People hold a celebration for the completion of the restorations. A crowd stands outside of the building. Virginia Morrison (Neighborhood Development Corporation of Grove Hall) and Don Muhammad (Muhammad's Mosque) address the crowd. Muhammad says that gang activity will decline as more renovation takes place in the neighborhood. Interview with Trevor Blake (TTB Construction Inc.) and Ernest Scott, a businessman, about the renovations. Blake talks about the challenges faced by minority businesses and contractors. Scott says that renovations and increased foot traffic will force the drug trade out of the area. Jones reports that the city of Boston has committed an additional $50,000 to the Grove Hall revitalization effort.
1:00:01: Visual: Footage of a gathering to celebrate the restoration of the Renaissance Building in the Grove Hall district of Roxbury. Virginia Morrison (Neighborhood Development Corporation of Grove Hall) addresses the gathering. Morrison says that the building makes a statement on behalf of Muhammad's Mosque, of the Grove Hall Board of Trade, of the Prince Hall Masonic Lodge, of the residents of the area. Morrison says that the building represents the way that the residents of the area intend to live. Shot of a man tearing off paper above the door to reveal the street number. Marcus Jones reports the newly renovated Renaissance Building is located at 483 - 487 Blue Hill Avenue. Jones says that the building was "an eyesore" for more than a decade; that the building is now the cornerstone of the Grove Hall revitalization effort. V: Footage of Morrison addressing the gathered crowd. Supporters stand behind her, including Don Muhammad (Muhammad's Mosque). Morrison says that the building cost $1,276,000 to renovate; that the building was renovated by qualified African American workers from the community. Shot from an upper window of the Renaissance building, of the intersection of Blue Hill Avenue and Cheney Street. Shots of people looking at the interior of the newly-renovated building. Shot of the newly renovated kitchen. Jones reports that the project was funded with money from the city's only minority-owned bank; that the project was overseen by minority architects and contractors. Jones reports that the building includes twelve apartments on the upper floors of the building; that there is retail space on the bottom level. V: Shot of a man exiting the Ernest Scott Insurance Agency. Footage of Trevor Blake (TTB Construction Inc.) standing in one of the apartments. Blake talks about the challenges faced by African American businesses and contractors. Footage of Ernest Scott (businessman) saying that the whole neighborhood is improving. Jones reports that Scott's Insurance Agency has operated on Blue Hill Avenue for over thirty years. Jones notes that Scott's business is one of the new tenants in the Renaissance Building; that Scott believes that businesses and residents need to fight the gangs and drug dealers in the neighborhood. V: Shot of the exterior of the Ernest Scott Insurance Agency. Shot of a man fixing lettering to the interior of a window of the Insurance Agency; of an employee and customer at the Insurance Agency. Footage of Scott saying that foot traffic and business activity puts a damper on the drug trade. Scott says that participants in the drug trade will be forced out of the area. Shots of traffic on the street in the Grove Hall area; of the crowd gathered in front of the Renaissance Area. Jones reports that community organizers hope to refurbish the entire Grove Hall district within five years; that Ray Flynn (Mayor of Boston) has committed an addtional $50,000 to the effort. V: Footage of Muhammad addressing the crowd outside of the Renaissance Building. Muhammad says that the Grove Hall community deserves the same respect and resources as any other neighborhood. Muhammad says that gang activity will dwindle as more renovation takes place in the neighborhood. The crowd claps for Muhammad. Morrison approaches the microphone.
Collection: Ten O'Clock News
Date Created: 03/12/1990
Description: This tape features Marcus Jones' second report in a three-part series on the life of Jackie Robinson (baseball player) in honor of the fortieth anniversary of Robinson's entry into major league baseball. Jones reports on Robinson's career after baseball and his active participation in the civil rights movement. Jones notes that Robinson was the first African American to reach the level of vice-president in a major corporation when he was named to that post at the Chock Full O'Nuts company. Jones reviews Robinson's role in the civil rights movement and his political activity during the 1960 presidential elections. Jones reports that Robinson co-founded the Freedom National Bank in Harlem in 1963, which was the first bank in the US to be run by African Americans. Jones talks about Robinson's disappointment when white teammates from professional baseball refused to join him for the March on Washington in 1963. Jones' report includes footage from interviews with Rachel Robinson (wife of Jackie Robinson), Ambassador Franklin Williams (friend of Jackie Robinson), Mal Goode (journalist), and Clem Labine (former Brooklyn Dodger). Jones' report also features footage of the civil rights movements and footage of Robinson in the 1960s. Jones' report includes footage from the film Jackie Robinson: An American Journey. Tape 2 of 3
1:00:01: Visual: Footage of Jackie Robinson walking off of a baseball field. Text on screen reads, "Jackie Robinson's American Dream." Black and white shot of an older Robinson waving goodbye; of the exterior of Ebbets Field; of a newspaper headline reading, "Giants get Robinson." Shot of a black and white photo of Robinson in a suit. Marcus Jones reports that Jackie Robinson left baseball in 1957; that Robinson chose to retire instead of be traded to the New York Giants. Jones reports that Robinson signed on as vice-president of personnel for Chock full o'Nuts company; that Robinson was the first African American to reach the level of vice-president in a major corporation. V: Black and white footage of Robinson in a baseball uniform; of Robinson in a business suit; of a sign for "Chock full o'Nuts." Black and white footage of Robinson with his employees; of Robinson meeting with a group of people. Jones reports that Robinson played an active role in the civil rights movement. V: Footage of Rachel Robinson (Jackie Robinson's wife) saying that Robinson wanted to be a part of the civil rights movement. Black and white footage of African American students integrating white schools; of African American picketers outside of a Woolworth lunch counter; of an African American man confronting a police officer; of Martin Luther King (civil rights leader); of an African American man being pushed by white men; of fire hoses being used on African American demonstrators; of African American picketers with protest signs. Footage of Ambassador Franklin Williams (friend of Robinson) saying that Robinson identified with the NAACP; that Robinson was an active chairman of the Freedom Fund Campaign. Jones reports that Robinson advocated equal opportunities for African Americans in all areas; that Robinson's stature drew attention to the cause. V: Footage from Jackie Robinson: An American Journey. Footage shows Robinson campaigning for civil rights. Robinson rides in a convertible through an African American neighborhood. Footage of Williams saying that Robinson drew great crowds; that women would pay to have him kiss them on the cheek. Footage of a Nelson Rockefeller presidential campaign rally in 1960. Robinson is visible in the crowd. Jones reports that Robinson supported Nelson Rockefeller (presidential candidate) in 1960; that Robinson campaigned for the Republican nominee Richard Nixon (1960 Republican presidential nominee) after Rockefeller lost the nomination. V: Shot of a black and white photo of Nixon and Robinson. Footage of Williams saying that Robinson believed that African Americans would be strengthened if they were represented by both of the major parties. Footage of a campaign debate in 1960 between Nixon and John F. Kennedy (1960 Democratic presidential nominee). Footage of Williams saying that Robinson had great respect for Nixon at the beginning of the 1960 presidential campaign; that Robinson eventually became disillusioned with the Republican Party. Shot of a black and white photo of Nixon and Robinson. Black and white footage of Kennedy's inaugural speech. Jones reports that Robinson continued to fight for equality for African Americans; that Robinson pushed for Mal Goode (journalist) to be hired as the first African American TV news correspondent. V: Shots of black and white photos of Robinson; of Robinson and Goode. Footage of Goode reflecting on the sacrifices made by the previous generation of African Americans. Jones reports that Robinson co-founded Freedom National Bank in Harlem in 1963; that the bank was the first bank to be run by African Americans. V: Shots of Freedom National Bank in Harlem. Black and white footage of Robinson talking about the importance of Freedom National Bank. Jones stands in front of Freedom National Bank. Jones reports that Robinson worked to free the African American community from the constraints of racism. V: Footage of Williams talking about the idea of a bank run by African Americans, in which whites could participate. Black and white footage of Robinson talking about the importance of registering African Americans to vote. Black and white footage of African Americans marching in the South in 1963; of whites standing behind a Confederate flag; of two white men waving a small Confederate flag. Jones reports that Robinson spent a lot of time in the South in 1963. V: Black and white footage of Robinson and King; of Robinson addressing a crowd about the need for equal rights. Shots of a black and white photo of King. Black and white shot of Robinson picking up a telephone. Black and white aerial shot of the March on Washington in 1963. Jones reports that Robinson was disappointed when his white Dodger teammates refused to join him for the March on Washington in 1963. V: Footage of Clem Labine (former Brooklyn Dodger) saying that he regrets not joining Robinson for the March on Washington. Black and white shot of Robinson addressing a crowd. Jones reports that Robinson started a construction company in 1970; that the company was dedicated to building low-income housing. V: Shots of Robinson at a construction site; of Robinson looking at architectural plans; of Robinson throwing out a baseball at a ballgame. Jones reports that Robinson died in October of 1972. Jones stands outside of Ebbets Field Apartments. Jones says that Robinson's ideals still live on.
Collection: Ten O'Clock News
Date Created: 08/05/1987
Description: David Boeri reports on the Bank of Boston's new mortgage program for low- and moderate-income city residents. President of Bank of Boston Ira Stepanian and Robert Mahoney announcing the new program to the media at a press conference at a Roxbury branch of the Bank of Boston. Boeri reviews the terms of the program. He notes that many houses in the area are not eligible for the program because their sale prices are too high. Interview with Roxbury resident Diana Strother, who says that many residents do not make enough money to take advantage of the program. Interview with Leon Wilson from the Bank of Boston about the terms of mortgages under the program. Boeri notes that the units in the Fort Hill condominium complex are too expensive to qualify for the Bank of Boston program. Interview with Boston resident Alvin Wilkins and realtor Eve Moss about housing prices in the area. Interview with Bruce Marks from the Hotel and Restaurant Workers Union. Marks calls the Bank of Boston program a "public relations scam" if it does not truly help low-income residents with followup steps.
1:00:03: Visual: Footage of Ira Stepanian (President, Bank of Boston) speaking to the media at a Roxbury branch of the Bank of Boston. Stepanian says that the Bank of Boston would like to help to solve some of the city's problems. Shots of media and audience members listening to Stepanian. David Boeri reports that Stepanian talked about the Bank of Boston's new mortgage program for city residents. Boeri notes that the new program is called First Step With Rate Advantage. Boeri describes the terms of the mortgages offered under the program. Boeri reports that the first year's rate is 8.65%; that the maximum purchase price cannot exceed $140,000 for a single unit; that the maximum purchase price cannot exceed $185,000 for a two-family home; that the maximum purchase price cannot exceed $225,000 for a three-family home. Boeri notes that individuals making $35,000 or less are eligible for the program; that families making $45,000 or less are eligible. V: On-screen text details the terms of the mortgages offered under the program. Footage of Robert Mahoney (Bank of Boston) addressing the audience at the Roxbury branch of the bank. Mahoney says that the program serves the needs of a certain segment of the population. Shots of African American women in the audience. Boeri notes that some Roxbury residents say that the program is out of reach for them. V: Footage of Diana Strother (Roxbury resident) saying that Roxbury residents pay the highest rents in the city; that the average income in Roxbury is $15,000. Strothers says that most Roxbury residents do not make enough to take advantage of the program. Footage of Leon Wilson (Bank of Boston) being interviewed by Boeri. Boeri notes that it is difficult to find a house for $140,000 in this neighborhood. Boeri asks about monthly mortgage payment on a $140,000 house. Wilson says that residents would pay $1,100 per month if they made a downpayment of $14,000. Boeri reports that it is hard to find houses which meet the eligibility requirements of the program. V: Shot of a condominium complex in Fort Hill with units for sale. Shot of Boeri talking to a small group of people on the front porch of one of the Fort Hill condominium buildings. Boeri notes that condominium units in a Fort Hill development are selling between $149,000 and $165,000. Boeri notes that the condominiums do not meet the eligibility requirements of the Bank of Boston program; that the condominiums are not affordable for many residents. V: Shot of homes on a residential street. Footage of Alvin Wilkins (Boston resident) being interviewed by Boeri. Boeri asks Wilkins if it is possible to find homes for $140,000 in the area. Wilkins says that homes selling at $140,000 need a lot of repair. Wilkins says that it is impossible to find a home which is ready to move in to at that price. Footage of Eve Moss (realtor) saying that the average mortgage payment for one of the Fort Hill condominiums is $1,200. Moss says that it is difficult to make those mortgage payments on a salary of $45,000 or less. Footage of Wilson saying that the Bank of Boston is trying to provide an opportunity for some people to own a home. Footage of Bruce Marks (Hotel and Restaurant Workers Union) says that the Bank of Boston is pulling a public relations scam if they are trying to bill the program as an example of a low- and moderate-income home ownership program. Marks says that he would like to see a program which is truly aimed at low- and moderate-income people. Footage of Mahoney addressing the audience at a Roxbury branch of Bank of Boston. Boeri reports that many hope the program's next step will be a bigger one.
Collection: Ten O'Clock News
Date Created: 05/10/1989
Description: Interview with Peter Lynch, retiring manager of Magellan mutual fund at Fidelity. He talks about changes for the worse in the business during his time on the stock market, as well as the uselessness of speculating on the U.S. economy as a whole. He talks about why he's retiring. Sounds cuts out at the very end.
Collection: Ten O'Clock News
Date Created: 04/13/1990
Description: Meg Vaillancourt reports that the Federal Reserve Bank has released a study finding that banks in Boston are guilty of redlining. Vaillancourt notes that three times as many mortgages are approved in Boston's white neighborhoods as in African American neighborhoods. Vaillancourt reviews the findings of the study. Vaillancourt interviews African Americans on the street. They talk about their experiences in applying for mortgages. Vaillancourt reports that African Americans earn less than whites on average. She adds that these economic factors do not explain the gap in mortgage lending practices. Vaillancourt interviews Joseph Kennedy (US Congressman). Kennedy condemns redlining practices. He adds that banks should not practice discrimination, noting that many banks receive federal funds. Vaillancourt reports that Boston banks have agreed to change their lending practices. She adds that meetings between community activists and banks are scheduled for next month. Vaillancourt's report is accompanied by footage of employees and customers in banks and shots of residential homes.
1:00:14: Visual: Shots of residential homes in suburban areas. Meg Vaillancourt reports that home prices are on the rise. Vaillancourt notes that race can also be obstacle to home ownership. V: Footage of an African American man being interviewed at Downtown Crossing in Boston. The man says that he is turned down every time he applies for a mortgage. Footage of an African American woman being interviewed at Downtown Crossing. The woman says that she has had to submit a great deal of paperwork when applying for a mortgage; that she has been examined more carefully than her income would merit. Footage of Joseph Kennedy (US Congressman) saying that redlining is practiced across the nation; that many officials try to deny it. Vaillancourt reports that the Federal Reserve Bank has released a study which finds that three times as many mortgages are approved in Boston's white neighborhoods as in Boston's African American neighborhoods. V: Shot of an African American woman looking out of the window of an apartment building. On-screen visuals and text detail the findings of the study. Footage of an African American man being interviewed at Downtown Crossing. The man says that banks seem to believe that African Americans do not have money. Footage of another man being interviewed. The man says that there should be no discrimination in lending practices. Shots of homes in a residential neighborhood; of two white women and a child standing in front of one of the homes. Vaillancourt reports that some blamed economic factors instead of race for redlining practices. Vaillancourt quotes statistics which show that African Americans earn less than whites on average; that homes in African American neighborhoods cost less; that there is less development in African American neighborhoods. V: Shots of residential homes in a variety of neighborhoods. Vaillancourt notes that economic factors do not explain the gap in mortgage lending practices. Vaillancourt quotes the study as finding that a 24% difference in mortgages between white and African American neighborhoods is found even when economic factors are taken into account. Vaillancourt reports that the study found that economic factors do not explain the gap in lending practices. V: On-screen text and visuals detail the study findings. Footage of Kennedy saying that poor people are receiving credit; that people of color are being denied access to credit. Vaillancourt reports that the banking industry is in crisis after the savings and loan scandal; that many banks have been forced to close. Vaillancourt notes that taxpayers are bailing out some banks; that banks are having a hard time collecting on bad loans. V: Shots of employees and customers in the lobby of a bank; of a client filling out a loan application; of bank employees sitting at their desks while helping customers. Shot of an African American bank employee helping a white customer with a loan application. Footage of Kennedy saying that banks have access to federal funds; that banks receiving federal funds should not practice discrimination. Shot of two triple-decker houses in a residential neighborhood. One of the houses is dilapidated. Vaillancourt reports that Boston banks have agreed to change their lending practices; that meetings between community activists and banks are scheduled for next month. V: Footage of the first African American man at Downtown Crossing. The man says that he has been forced to look elsewhere for loans; that the banks' lending practices will not stop him.
Collection: Ten O'Clock News
Date Created: 08/31/1989
Description: Hope Kelly reports that the Boston Bank of Commerce is sponsoring the Home Ownership Loan Pool, to encourage homeownership loans for residents in minority neighborhoods. The neighborhoods of Roxbury, Dorchester, and Mattapan have received little investment money in the past. Kelly's report includes footage from a press conference with Ronald Homer (President, Boston Bank of Commerce) and community leaders. Bruce Bolling (Boston City Council) speaks out in support of the new program. Homer talks about the Home Ownership Loan Pool. Homer says that concessionary-rate lending does not serve the long-term interests of the community. Kelly reviews the details of Homer's proposal. Kelly notes that housing is scarce in Roxbury while vacant lots are plentiful. Kelly interviews Gus Newport (Dudley Street Neighborhood Initiative). Newport says that disinvestment has been a problem in the greater Roxbury neighborhood. Kelly, Newport and Gertrude Fidalgo (community worker) take a walk in the Dudley Street neighborhood. Fidalgo says that development of vacant lots will create safer conditions in the area. Kelly notes that new housing developments are planned for the area. Kelly's report includes footage of workers at the Dudley Street Neighborhood Initiative building.
1:00:09: Visual: Shots of vacant lots in the Roxbury neighborhood of Boston. Hope Kelly reports that vacant lots in Roxbury are only 1.5 miles from downtown Boston. V: Footage of Gus Newport (Executive Director, Dudley Street Initiative) being interviewed near a vacant lot by Kelly. Kelly notes that these lots would have been developed years ago if they were in a different part of the city. Newport agrees with Kelly. Newport says that no bank financing was available to developers interested in the Roxbury neighborhood. Footage of Bruce Bolling (Boston City Council) speaking at a press conference. Bolling says that there has been "a process of disinvestment" in the Roxbury community for over thirty years. Bolling says that the members of the community must determine the direction of the community's growth. Shots of the attendees of the press conference, including Juanita Wade (Boston School Committee), Charles Yancey (Boston City Council), Gail Snowden (Bank of Boston), Don Muhammad (Roxbury community leader) and Newport. Shot of Mel King (community activist) listening at the entrance to the room. Kelly reports that the neighborhoods of Roxbury, Dorchester, and Mattapan have not received much investment money in the past; that a new bank program will provide financing in those neighborhoods. V: Footage from the press conference. Bolling sits at a table with Ronald Homer (President, Boston Bank of Commerce) and two others. African American community leaders stand behind them. Homer talks about a proposal which encourages banks to commit a portion of their loan portfolios to serve the greater Roxbury area. Kelly reports that the Boston Bank of Commerce is the only bank in Massachusetts that is owned and operated by African Americans. Kelly reports that the Boston Bank of Commerce is sponsoring the Home Ownership Loan Pool. Kelly reports that the loan pool encourages banks to set aside $250 million in loans for minority neighborhoods; that $25 million of the loans are to be set aside for first-time home buyers at below-market mortgage rates. Kelly reports that $100 million of the loans are to be set aside for the renovation or purchase of existing housing stock; that $500,000 be set aside for a home ownership and financing resource center. V: Shot of the exterior of the Boston Bank of Commerce. On-screem text and visuals detail the specifics of the Home Ownership Loan Pool. Footage of Homer at the press conference. Homer says that the Boston Bank of Commerce has taken a stand in the past against concessionary-rate lending. Homer says that concessionary-rate lending is not a useful way to serve the community in the long-term. Shots of attendees at the press conference including Newport, Juanita Wade (Boston School Committee) and Charles Yancey (Boston City Council). Kelly reports that Homer and others believe that concessionary-rate lending may be a good short-term solution. Kelly reports that Newport agrees with Homer. Kelly notes that Newport is the former mayor of Berkeley, California. V: Shot of the exterior of the Dudley Street Neighborhood Initiative building. Shot of Newport standing inside the building. Shots of staff members doing office work at the Dudley Street Neighborhood Initiative. Kelly reports that the Dudley Street Neighborhood Initiative was founded in 1984; that the Initiative has eminent domain power and zoning authority over 1.5 square miles of Roxbury land. Kelly notes that housing is scarce in Roxbury; that vacant lots are plentiful in the area. V: Shot of a map of Roxbury in the Dudley Street Neighborhood Initiative office. Footage of Newport and Kelly standing in front of a map of Roxbury. Newport points out the vacant lots in the area. Newport says that the Roxbury area has the most vacant land of any neighborhood in the city. Shots of Kelly, Newport and Gertrude Fidalgo (community worker) on a snowy street in Roxbury. They pass by a vacant lot. Kelly reports that 364 units of housing are planned for Roxbury; that most of those units will be affordable. V: Footage of Newport saying that disinvestment has been a major problem in the area. Kelly says that the banks are responsible for the initial disinvestment in the neighborhood. V: Footage of Newport saying that it is hard to believe that these conditions exist so close to downtown Boston. Footage of Fidalgo saying that she would not want to walk through this area because there are no streetlights or houses. Fidalgo says that more housing will create safer conditions in the neighborhood. Shots of a vacant lot and the surrounding area.
Collection: Ten O'Clock News
Date Created: 12/28/1989
Description: David Boeri reports on expansion plans by the State Street Bank. The bank's activities are focused on mutual funds, pension funds, and informational services, and it has a presence on the international scene. The bank needs approval from the State Banking Commission before opening an office in Tokyo. Critics accuse the bank of abandoning its local responsibilities. State Banking Commission Hearing. State Senator Bill Owens says that the bank does not provide credit to low- and moderate-income neighborhoods. William Edgerly, Chairman of the State Street Bank and Trust says that the bank does not provide a full range of consumer services. Interview with Edgerly, who says that the bank needs to go global in order to be an industry leader. He adds that the bank is committed to the local community. Interview with Diane Strother from the Massachusetts Affordable Housing Alliance, who says that the bank does not do enough for the community. Boeri reports that affordable-housing advocates want the bank to renew its commitment to low-income neighborhoods.
1:00:13: Visual: Shots of the exterior of the State Street Bank building on Franklin Street. David Boeri reports that the State Street Bank has been in operation in Boston since 1792; that the bank has been expanding in the 1980s. V: Footage of William Edgerly (Chairman, State Street Bank and Trust) saying that the bank needs to go global in order to be a leader in the industry. Shots of the exterior of the bank; of the entrance to the bank. Boeri reports that loans are a small part of the bank's business; that the bank's focus is on mutual funds, pension funds, and informational services. V: Shots of the floor of the New York Stock Exchange (NYSE) on October 13, 1989; of a NYSE official banging a gavel. Footage of Edgerly saying that the bank is no longer a regional bank; that the bank is now a national and international bank. Shots of the floor of the stock exchange in Tokyo; of business workers on a busy street. Shots of Japanese workers at the Tokyo stock exchange; of a screen listing stocks at the Tokyo stock exchange. Boeri reports that State Street Bank has a presence on the international scene in London, Luxemborg, and Hong Kong; that the bank is planning an office in Tokyo. Boeri reports that advocates of affordable housing have challenged the bank's plans. V: Footage of William Owens (State Senator) at a hearing of the state banking commission. Owens says that poor urban neighborhoods remain in the "backyards" of the multinational banks. Shots of attendees and audience members at the hearing of the banking commission. Boeri reports that State Street Bank needs approval from the banking commission before it opens an office in Tokyo; that the bank remains a state bank. Boeri reports that critics say that the bank has abandoned its local responsibilities. Boeri notes that critics say that the bank has shut down branch offices in Dorchester, Roxbury, and other neighborhoods. V: Shots of audience members at the hearing. Footage of Owens addressing the banking commission. Owens says that the State Street Bank is responsible for a decrease in access to banking services in minority neighborhoods. Boeri stands in front of the State Street Bank building. Boeri reports that the Community Reinvestment Act (CRA) requires banks to provide credit to their local communities. Boeri notes that a bank can have its applications denied if it does not provide credit to low- and moderate-income neighborhoods. Boeri adds that critics want the State Street Bank to take care of business in Boston before opening up a Tokyo office. V: Footage of Edgerly addressing the banking commission. Edgerly says that the State Street Bank is a wholesale bank; that the bank does not provide a full range of consumer services. Shots of audience members at the hearing. Boeri notes that State Street Bank officials say that the bank does not do home mortgages. V: Footage of Edgerly being interviewed by Boeri. Edgerly says that the State Street Bank is devoted to helping the local community become successful. Shot of Edgerly at the bank commission hearing. Boeri reports that Edgerly helped to form the Boston Housing Partnership and the Boston Compact. V: Footage of Diane Strother (Massachusetts Affordable Housing Alliance) saying that the bank does not do enough for the community. Shots of the exterior of the State Street Bank building. Boeri reports that housing advocates want the approval of the bank's Tokyo office to be linked to a renewed effort by the bank to provide banking services and loans to low-income neighborhoods.
Collection: Ten O'Clock News
Date Created: 10/13/1989