Not everyone in hip-hop is happy that Bill Cosby wants in.

In an open letter addressed to the famous entertainer and community activist, hip-hop mogul Russell Simmons called out Cosby for what he perceived as efforts to consistently insult and downgrade young African-Americans.

As Cosby and his group, The Cosnarati Band prepare to release their album, “State of Emergency,” they respond to Simmons’ criticism.

From HipHopWired.com

Jumping to their leader’s defense, Supa Nova Slom and Jace The Great of the Cosnarati Band have both released statements on the issue.

Slom contends that while he respects Simmons, he should focus on the positive contributions that Cosby’s made to the community rather than critique his efforts.

“I respect Russell Simmons for all of his contributions to Hip Hop culture but I hope that people do not get distracted and lost in his critiques of Cosby’s past comments but instead they are able to acknowledge what Cosby is doing RIGHT NOW! Cosby is taking a whole other route by investing in politically-charged Hip Hop that does not condemn but instead inspires and uplifts during a time when there is next to none of that happening in the music industry.”

Jace The Great did not acknowledge the Hip-Hop veteran, instead he sang his praises to Bill saying,

“Point blank the problem right now is there is a state of emergency in our communities and we need to act fast. Cosby knowing the power and importance of Hip Hop culture is using it as a means to reach more youth not to condemn them.”

Bill has yet to release a response of his own.

Rap mogul Russell Simmons, who critics say is ushering poor people into further debt with his money card that targets poor and minority communities, denounced what he called “misinformation” and said he is providing a service that gives people a sense of respect and dignity. “The RushCard is a prepaid card, NOT a credit card.  It gives people the convenience of a credit card without the debt,” Simmons said in a statement. “I have watched with pride the way RushCard has changed the lives of hundreds of thousands of people giving them respect and dignity.  It gives underserved communities the tools to get their money right.” Read the rest.

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Simmons Grinds
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Simmons “credit card” attracts $2 billion in deposits. Hip-hop mogul Russel Simmons’ credit-building Visa RushCard has hit the $2 billion deposit mark just when more Americans than ever need a boost on their credit reports. The prepaid Visa Card is similar to a debit card, but it allows people with jacked-up credit to enjoy the luxury of a credit card while repairing their histories. “I’m personally very happy that RushCard is benefiting and empowering people exactly as it was intended,” Simmons said in a statement. The card allows members to track their transactions online while including debt-reducing strategies and restriction to prevent over-drafting or overuse. “In America today, no one should be left out or kept out of having access to the American dream and financial services which a bank account or credit card provides to others. The fact that we have already helped our members manage $2 billion in transactions proves that RushCard is instrumental in providing access to those services that hundreds of thousands of people may not otherwise have.”

The musical greats are lining up for Obama. President-elect Barack Obama’s inauguration committee is promising a diverse lineup of musical luminaries for his blowout Jan. 20 shindig in the nation’s capital. Among those slated to perform are Aretha Franklin, cellist Yo-Yo Ma, violinist Itzhak Perlman, pianist Gabriela Montero and clarinetist Anthony McGill, organizers said Wednesday. The U.S. Marine band will open the ceremony, which will be held on the west side of the U.S. Capitol, the building where Congress convenes. The Marines will be followed by performances by children’s choirs from San Francisco, said Sen. Dianne Feinstein (D-Calif.), who heads the inaugural ceremonies committee. Obama’s inauguration “will be an event of historic proportion,” Feinstein said in a statement. “It is appropriate that the program will include some of the world’s most gifted artists from a wide range of backgrounds and genres.”

Cleveland Cavaliers All-Star and Akron native LeBron James, and entrepreneur and philanthropist Russell Simmons will attend a Register for Change rally for Barack Obama and Joe Biden in Cleveland today at Cleveland’s Willard Park. The duo will urge Ohioans to register before Monday’s deadline and cast their ballots during the early voting period that extends through Election Day. James is a four-time NBA All-Star and a member of the 2008 Gold-medal winning USA basketball team. He is also actively involved in a wide range of philanthropic endeavors, and established the LeBron James Family Foundation, which sponsors activities and programs to help children and families in need.  Simmons is a Hip Hop leader, entertainment mogul and committed philanthropist. In 2007 USA Today named Simmons one of the “Top 25 Most Influential People of the Past 20 Years,” for his groundbreaking vision that has influenced music, fashion, television and film, as well as the 
face of modern philanthropy.