Simply put, Jay-Z 2003 "Black Album" Lyrics, "Fu@k perception/ Go with what makes sense/ Since I know what I'm up against/ We as Rappers must decide what's most important/ And I can't help the Poor if I'm one of them/ So I got Rich and gave back, to Me that's the Win-Win.

Jay-Z told Mr. Belafonte that him being a Rich Black man should be enough to inspire other Black men.

This statement probably initiated the Beef.

Apparently Mr. Belafonte wasn't trying to hear that and so he said "High Profile Artist, Powerful Celebrities have turned their back on social responsibility, that goes for Jay-Z and Beyonce, Mr Belafonte went on by saying that he thinks the Rock Star Bruce Springsteen is Black because he does a lot for the Black Community. 

Hopefully jay-z and Mr. Belafonte will come to terms and squash this Beef.

www.whihh.com will keep you posted.