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Whatever else you do, get a tape of this guy -- audio or video (video would be best, but it's probably not feasible). Then make your decision in your own time: quit and give it to the president in a goodbye interview, send it to the president anonymously, even send a copy to a minority (especially black) applicant anonymously and watch the fun.
It's especially good if your company does any business with the feds; federal contractors are supposed to meet certain standards for hiring minorities, handicapped, etc., that other companies don't.
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