Wednesday, October 01, 2003

Racism is a thing of the past present.

African Americans were almost three times as likely as whites to be charged markups on loans financed by General Motors Acceptance Corp., according to an analysis by an expert working for minority borrowers in a lawsuit against the nation's second-largest auto lender.
When charged a markup - a higher-than-normal interest rate - black borrowers paid an average of $1,229 in extra interest over the life of the loans, compared with the average of $867 paid by whites, the study of more than 1.5 million GMAC loans made between 1999 and April of this year concluded.
"I have conducted numerous statistical tests of the data and conclude that the disparate impact against African-Americans cannot be explained by creditworthiness or other legitimate business factors," [Vanderbilt University business professor Mark A.] Cohen wrote [in the report].

I wonder: How much more do black consumers have to pay for the same goods as white consumers over the course of a lifetime?