Racism is more pervasive in the work environment (and some of it unintentional) than it is in the hood or anything like that. The more people climb the ladder, the more blatant it is ironically. So yes, institutionalized racism does exist. It exists in almost every circumstance.
shyt, black students are more likely to be suspended than their white counterparts for the same offense and are more likely to lose a substantial about of school time because of it. Why do you think so many law students do pro bono work with the Suspension Rights Project? I could go on and on. People who say that it doesn't exist are the worst, because quietly you're saying "yeah I know all this stuff is messed up but forget about it and succeed in spite of it and let's not worry about."
Change does not happen that way. More importantly, stop trying to use extraordinary examples as the barometer. I tell kids all the time to succeed in spite of it. I grew up with my dad telling me to be so undeniably better than the next kid that my race wouldn't matter, that not hiring me, accepting me, etc., would be a loss to the organization or institution. I still live that way, but I'm not ignorant to the fact that I'm a unique example. Take the average white kid from this lazy ass generation and throw them in the hood with those surroundings and you'd get the same result. So you're expecting poor minorities to be way more advanced than their white peers from an academic and will stand point.
That's implicitly what you're saying. Some of what you say I've seen as well.
Let me start off by saying that. 
