“The bursting of the stock market bubble, combined with the changing face of the American population, has led to a surge in business fraud and corruption prosecutions and investigations.”- New York Times/ June 9, 2002. “President Bush appealed to Congress on Saturday (July 20, 2002), to take quick and decisive action to fight corporate fraud that has eroded trust in big business and a cast of pall over economic recovery.”- Associated Press/July 21, 2002. “In areas ranging from jobs to homeownership to politics, Blacks continue to make gains, but equality with Whites remains a far-off goal, the National Urban League says in its annual report on the state of Black America.”-Associated Press/July 22, 2002.

That’s scary news indeed. So, the question African-American News&Issues wants answered is: how do young Black adults (graduating from colleges throughout the nation) see their future? We went straight to young Black youths and asked that question, insofar as after another big corporation collapse (WorldCom) the largest ever, many young Black adults began to wonder what the future holds for them. Not surprisingly, Enron and WorldCom were the only two bankrupt corporations that they (most college students, who aren’t into commerce, business, or other fields that would’ve made us more conscious of the nation’s economy) knew about.

It quickly became obvious, that from a young Black person’s perspective that what’s happening in corporate America now, has never happened in the past. Young people, aren’t inclined to dwell on what’s happening in the real world, outside the confines of their classrooms, therefore most of them are thinking that maybe this was new to everyone. They weren’t used to major corporations filing for bankruptcy and destroying people lives. If you’re among that number, AAN&I’s research is likely to disappoint you. After researching corporate fraud, I quickly learned that in the 1980s President Bush’s brother, Neil Bush was involved in the Silverado Savings and Loan scandal.

The U.S. Committee concluded that of three-quarters of all Savings and Loan insolvencies appeared to be linked to serious misconduct by senior insiders or outsiders. Neil Bush was almost sent to prison behind this but paid a fine instead. President Bush has promised a full investigation into the WorldCom’s accounting problems following word that the long-distance telephone provider improperly booked $3.8 billion over the past five quarters. “We will fully investigate and hold all people accountable for misleading not only shareholders but employees as well”, said Bush, who called the news “outrageous.”

The fact is, this will not be the last time a company will go bankrupt because someone was greedy and got caught up. WorldCom will cut 17,000, jobs about a quarter of its work force. But, the question still remains how do young Black adults see their future now after the collapse of these companies?  “With the fall of all of these companies, I’m afraid of leaving my under paid retail job to go out to experiment with large corporations because my current employment is more stable than those businesses,” said recent PVAMU graduate Tawana Williams. “They (corporate employees) already have more experience in those jobs than us because they have been doing it longer. Corporate bankruptcy simply means that we now will face more competition in the job market.”

From personal observation, many young adults are looking into companies that appear to be secure and maybe have a lesser chance of going out of business. Because of this, young Black adults are taking jobs that are not in the field that they majored in, in college. Some recent college graduates are going back to school to get a teaching certificate. They believe a teaching job is a security blanket because districts are always looking for teachers, especially Black teachers ones.

Others are going into one of the branches of the military. They say the only thing to worry about in the armed services is war. What became very clear as I concluded my first assignment for AAN&I was that although my generation is smart enough not to take anything for granted, they remain unafraid about their future. Many apparently still believe in America and aren’t about to stop believing that their education will see them through hard times. This article’s headline asked, “Has greed stolen the future?” That’s an intimidating question, but after completing my personal poll and interviewing a cross section of young Black college graduates, I must conclude that young Black adults sincerely believe, “Nothing has changed except that it’s even harder.”

Even so, it’s reassuring that most of the interviewees say that they are used to that anyway, when it comes to trying to get a job or just to get ahead. AAN&I also learned that young Black adults are now more aware of various company sponsored savings and retirement plans and are interested in knowing how to invest whatever money they have, in the right places. And as I concluded my research, I was left with the idea that many young Black adults are convinced that “the right places” are themselves.

Therefore many are now trying to invest their money in education and energy in themselves, rather than take a chance on big corporations that may go up in flames. Some are even considering doing like our grandparents did back when they where younger - put their money under their mattress or put it in the house somewhere where no one can find it. That way they know where their money will be when they want it. But, even doing this isn’t safe.  Seni Hazzan, chief executive officer and managing principal of JOL, LLC, a diversified holding corporation with interests in financial services, private equity investing, real estate, family edutainment, publishing and retail businesses, in his recently released “Rebuilding from Ground Zero: An Empowering Guide to Building and Securing Wealth” suggests “You are your dream’s biggest investor! No matter how limited your financial resources, know-how, or time all crucial to executing your dream, you yourself hold the highest stakes as far as your visions are concerned.”

Before this (Corporate America’s collapse) most of us looked at the world differently. It’s not so much that we don’t look at the world the same way, but we realize it’s going to be even harder to get where we want to be because of these incidents. Nevertheless, we will just have to work even harder.