Indian Tribes Ask Wall St. to Finance Development
Representatives of 20 American Indian tribes met Tuesday with financial advisers at the Japanese investment banking firm of Daiwa Securities America Inc. in an unprecedented daylong Wall Street meeting. More business opportunities for native Americans have opened up since the recent passage of an amendment to the Indian Finance Act that enables the government to guarantee tribally issued bonds.
Daiwa’s advisory session was attended by leaders from tribes including the Chickasaw Nation of Oklahoma, the Blackfeet Nation of Montana, the Seminole Tribe of Florida Inc. and the Navajo, who live in areas of Utah, New Mexico and Arizona.
Charles Entwhistle, senior vice president of Daiwa and head of the firm’s American Indian program, said native Americans have been ignored by the New York financial community.
“We’re here for business,” he said. “The American Indian has long been overlooked by Wall Street. That’s coming to an end.”
Takuro Isoda, chairman and chief executive of Daiwa Securities America, who attended the Navajo Economic Summit in July, 1987, said he recently became aware of the “great business potential” that exists in property owned by native Americans.
The tribes who sent representatives to the seminar control land that includes parts of Glacier National Park and the Grand Canyon. The Chickasaw are planning to buy the Arbuckle Wilderness, a 485-acre preserve that is Oklahoma’s biggest tourist attraction.
“We understand and appreciate that each of you represents an independent, sovereign nation within the United States of America, and we are prepared to do business with you as such,” Isoda said.
“Along with its unique legal status, we know that each of your tribes is also unique in its economic goals and opportunities for business,” he added. “We will certainly respect those differences.”
The tribes’ economic plans range from natural resource development and tourism to shopping malls projects. Many Indian leaders also said their tribes intended to buy back land lost years ago in government treaties.
Charles Blackwell, special adviser to Daiwa and a consultant to tribal governments, said Indian economic projects are essential at a time when funding for native Americans is shrinking as a result of federal budget cutbacks.
Focus on Beauty
“We want to survive not only as a people, but as a business,” said Blackwell, a native American with ties to several of the tribes represented. “This is a new dance.”
Oleg Cassini, an Italian fashion designer and active supporter of native American culture, urged the tribal leaders to concentrate on projects aimed at exploiting the beauty of the country’s natural resources.
