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Reginald F. Lewis: A Wall Street Titan

By 1983, Reginald F. Lewis’ dream was to “do the deals himself,” thereby establishing the venture capital firm TLC Group, LP. The firm purchased the failing McCall Pattern Company for a reported $22.5 million. After successfully reviving McCall, Lewis sold it for $90 million. He later outbid Citicorp and purchased TLC Beatrice International for $985 million. It was the largest offshore buyout in American history at the time.

Published

3 years ago

November 6, 2022

Oakland Post

Reginald F. Lewis. Photo courtesy of Wikimedia Commons, the free media repository. (Photo: reginaldlewis.com)

By Tamara Shiloh

In 1965, a select group of Black students participated in a summer school program funded by the Rockefeller Foundation and held at Harvard Law School. Each student lobbied for acceptance in the program, which introduced them to legal studies. One student’s confidence and leadership skills made him stand out: Reginald F. Lewis (1942–1993).

Lewis made such an impression that Harvard Law welcomed him as a student that fall. This acceptance made him the only person in the law school’s 148-year history to be admitted before applying.

In 1968, Lewis began his career with the New York City firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, where he practiced corporate law. He served as counsel to the New York–based Commission for Racial Justice and represented The Wilmington 10, a group of civil rights activists who had been unjustly convicted of an arson fire in 1971. He successfully forced North Carolina to pay interest on the Wilmington 10 bond. In 1970, after networking with colleagues, he opened Wall Street’s first African American law firm.

By 1983, Lewis’ dream was to “do the deals himself,” thereby establishing the venture capital firm TLC Group, LP. The firm purchased the failing McCall Pattern Company for a reported $22.5 million. After successfully reviving McCall, Lewis sold it for $90 million. He later outbid Citicorp and purchased TLC Beatrice International for $985 million. It was the largest offshore buyout in American history at the time.

Looking back, in 1960, Lewis told a friend, “I know that what I’d like is to be the richest Black man in America.” He was on his way. TLC became the first Black-owned company to pass the billion-dollar mark with its annual sales of $1.8 billion.

Lewis had strong influences in his life from childhood. Growing up in East Baltimore, his parents, grandparents, uncles, and aunts always encouraged him to “be the best that you can be.”

Young Reginald’s grandmother instilled in him the importance of saving, “even cutting and peeling strips from the bottom of a tin can and nailing it to the floor of a closet to protect his savings,” according to his website.

He set up a delivery route at age 10, selling the Afro American newspaper. What began with 10 customers grew to more than 100 over two years. Even then young Reginald had the business savvy to sell his route at a profit.

About Lewis, former-president Barack Obama commented: “[He] had the work ethic, the skills, and the know-how. Beyond that, he had the temperament, the self-assurance, and the confidence that he belonged there. Being the first of anything requires a certain mindset. Reginald Lewis had it.”

Lewis’ life was cut short by his untimely death after a short illness in January 1993. He was 50 years old.

Learn more about young Reginald Lewis and the challenges he overcame as he transformed himself from ordinary to extraordinary in Lin Hart’s “Reginald F. Lewis Before TLC Beatrice: The Young Man Before the Billion-Dollar Empire.”

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Newsom, Pelosi Welcome Election of First American Pope; Call for Unity and Compassion

“In his first address, he reminded us that God loves each and every person,” said Newsom. “We trust that he will shepherd us through the best of the Church’s teachings: to respect human dignity, care for the poor, and wish for the common good of us all.” Newsom also expressed hope that the pontiff’s leadership would serve as a unifying force in a time of global instability.

Published

9 minutes ago

May 19, 2025

Oakland Post

Pope Leo XIV. Screenshot.

By Bo Tefu, California Black Media

Gov. Gavin Newsom and First Partner Jennifer Siebel Newsom on May 8 issued a statement congratulating Pope Leo XIV on his historic election as the first American to lead the Catholic Church.

The announcement has drawn widespread reaction from U.S. leaders, including former House Speaker Nancy Pelosi, who called the moment spiritually significant and aligned with the values of service and social justice.

In their statement, the Newsoms expressed hope that the newly elected pope would guide the Church with a focus on compassion, dignity, and care for the most vulnerable. Newsom said he and the First Partner joined others around the world in celebrating the milestone and were encouraged by the pope’s first message.

Newsom also expressed hope that the pontiff’s leadership would serve as a unifying force in a time of global instability.

“May he remind us that our better angels are not far away — they’re always within us, waiting to be heard,” he said.

Pelosi, a devout Catholic, also welcomed the pope’s election and noted his symbolic connection to earlier church leaders who championed workers’ rights and social equality.

“It is heartening that His Holiness continued the blessing that Pope Francis gave on Easter Sunday: ‘God loves everyone. Evil will not prevail,’” said Pelosi.

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IN MEMORIAM: Nate Holden, State Senator and Longtime Los Angeles Councilmember, Dies at 95

Los Angeles County Supervisor Janice Hahn described Holden as “a lion” in the State Senate and a force to be reckoned with on the Los Angeles City Council.” Hahn added that she learned a lot working with Holden when she was a new councilmember.

Published

36 minutes ago

May 19, 2025

Oakland Post

Former Los Angeles Councilmember and California State Sen. Nate Holden. File photo.

By Bo Tefu, California Black Media

Former Los Angeles City Councilmember Nathaniel “Nate” Holden, a prominent figure in the city’s politics, passed away at the age of 95, his family confirmed on May 7.

Holden, who represented South Los Angeles for 16 years on the City Council and served one term in the California State Senate, was widely regarded as a forceful advocate for his community.

Los Angeles County Supervisor Janice Hahn described Holden as “a lion” in the State Senate and a force to be reckoned with on the Los Angeles City Council.”

Hahn added that she learned a lot working with Holden when she was a new councilmember.

Holden’s journey to political prominence began in the segregated South, where he was born in Macon, Georgia, in 1929. He often recalled the childhood moment when he first heard the governor of Georgia vowing to continue suppressing Black people.

“Doing the best you can for the people. Law and order. Make sure that people’s communities are safe. I did it all,” said Holden, reflecting on his legacy.

Holden is survived by his sons, including former California Assemblymember Chris Holden, who represented a district in Southern California that includes Pasadena and Altadena in Los Angeles County and cities in San Bernardino County.

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Gov. Newsom and Superintendent Thurmond Announce $618 Million for 458 Community Schools Statewide

The initiative aims to break down barriers to learning by providing essential services such as healthcare, mental health support, and family engagement alongside quality education. This round of funding marks the final phase of the CCSPP grants, which have already provided support for nearly 2,500 community schools statewide.

Published

1 hour ago

May 19, 2025

Oakland Post

State Superintendent of Public Instruction Tony Thurmond. File photo.

By Bo Tefu, California Black Media

California Governor Gavin Newsom and State Superintendent of Public Instruction Tony Thurmond announced today the approval of over $618 million in funding to support 458 community schools. The funds were unanimously approved during the May meeting of the State Board of Education and are part of the state’s $4.1 billion California Community Schools Partnership Program (CCSPP), the largest of its kind in the nation.

Governor Newsom emphasized the importance of these schools in providing comprehensive resources for families, stating, “California continues to find and support innovative ways to make schools a place where every family and student can succeed.”

Superintendent Thurmond highlighted the positive impact of these community schools, noting, “Our Community Schools continue to serve as exemplars of programs that activate resources across the whole school community to educate the whole child.”

The initiative is part of California’s broader effort to transform public schools, including expanding access to free school meals, universal transitional kindergarten, and comprehensive teacher support. The funds awarded on May 7 will help schools address foundational needs such as early childhood education, mental health services, and family engagement.

The CCSPP was established in 2021 and expanded in 2022. With today’s allocation, the program has provided funding to a total of 2,500 schools, benefiting some of the most underserved communities in the state. The initiative continues to prioritize the health and well-being of students, which research has shown is key to academic success.

To get more information about the California Community Schools Partnership Program, visit the CDE’s community schools’ webpage: www.cde.ca.gov/ci/gs/hs/ccspp.asp.