Bloomberg Businessweek has apologized after its latest cover, showing black and Latino people wallowing in cash, drew offense at what many saw as racist depictions.

The cover was for a story entitled “The Great American Housing Rebound,” which describes a return to the aggressive mortgage lending practices that created the last housing bubble.

“Racist is a label I try not to use lightly,” tweeted Dan Kennedy, a press critic and professor at Northeastern University. “This is racist. Nice work, Businessweek.”