Decades After ‘Boom-Boom Room’ Suit, Bias Persists for Women

Twenty-three women sued Smith Barney for sexual harassment and pay discrimination in an explosive class-action lawsuit filed 20 years ago this month. It became known as the “boom-boom room” suit, named after a basement party room at Smith Barney’s branch office in Garden City, N.Y. Nearly 2,000 women joined the case, exposing the sordid antics of Wall Street’s testosterone-driven culture.

Smith Barney paid $150 million in arbitration awards and settlements in the case, and it and other Wall Street firms rushed to set up anti-harassment training, employee hotlines and programs to recruit women.

Twenty years later, permanent change is less obvious.

“You may no longer have strippers coming for afternoon entertainment, but that doesn’t mean you are treated as an equal,” said Anne C. Vladeck of the New York employment law firm Vladeck, Raskin & Clark. “It’s not quite as blatant as what went on in the boom-boom room, but it’s still there in a way that makes it very hard for women to succeed. Companies on Wall Street are just not changing.”

You can read the full story I wrote for The New York Times here.

Society of the Silurians 2016 Excellence in Journalism Award

The Society of the Silurians said today that I have won the 2016 Excellence in Journalism Award for Commentary and Editorials for my columns for TheStreet.com. From the judges:

“Watch what Wall Street does, not what it says,” Antilla enjoins her readers and, heeding her own counsel, she does just that in a string of columns, built on solid reporting and trenchant analysis, that expose the duplicitous practices unscrupulous stockbrokers employ to intentionally mislead and, ultimately, fleece their clients.

Retirement Fallout From a Penny-Stock Scam: “We Don’t Do Hardly Anything”

Twenty investors await a Finra arbitration hearing in September against two clearing firms that handled their trades in a penny-stock fraud. Did COR Clearing and Wilson-Davis ignore obvious red flags? You can read about it in my column today for TheStreet.com.

Excellence in Financial Journalism Award

The New York State Society of CPAs said today that I have won the 2016 Excellence in Financial Journalism Award for my columns for TheStreet.com.

From the judges:

Susan Antilla used her solid reporting and analytical skills in “Wall Street Has a Unique Way of ‘Protecting’ Small Investors,” as she exposed Wall Street for its efforts to avoid change that could possibly improve access to stockbroker records. Throughout her research, she also called out the securities industry for its empty arguments that tougher regulations would force brokers to drop smaller investors as customers.

 

First place in 2016 Connecticut Press Club Communications Contest

The Connecticut Press Club said today that I have won first place in the “Specialty Articles — Business” category in its 2016 Communications Contest for my stories about cybersecurity weaknesses at the mutual fund company The Vanguard Group.

You can read the stories, published on TheStreet.com, here and here.

SABEW Award for Commentary

I’m honored to have won the “Best in Business” award in the Digital Commentary category from the Society of American Business Editors and Writers (SABEW) for my columns for TheStreet.com in 2015.

From the judges:

Susan Antilla’s columns on underhanded Wall Street practices were a reality check about the institutional forces working against the interests of small investors at a time when more and more “regular” people navigate their own retirement planning. In another column, she explained how gains in workplace gender equity can be illusory, and how a double standard in the behavior of men and women remains.

You can see the terrific work of SABEW winners in the other categories here.

TheStreet.com submitted four of my columns from 2015 to SABEW:

Wall Street Has a Unique Way of Protecting Small Investors

Wall Street makes it hard to dig up dirt on your broker or brokerage firm

Ellen Pao’s case against Kleiner Perkins has Porn Star Talk, High Stakes for Women

Like Anita Hill vs Clarence Thomas, Ellen Pao Lost Kleiner Perkins Gender Fight but Women Gained

How Many Bad Brokers Could There Be? Don’t Play the Percentages

When you consider that 73 percent of financial advisers who get caught engaging in misconduct are still doing business with investors a year later, you could just cross your fingers and hope your broker is one of the good ones.

Better yet, you could leaf through the grim results of a study by three finance professors released earlier this month. They looked at records of 1.2 million people registered with the Financial Industry Regulatory Authority, or Finra, to do business with the public. I wrote about the study in my latest column for TheStreet. You can read it here.

Vanguard Says Sending 71 Account E-Mails to Wrong Investor Was ‘Isolated Matter’

On Feb. 11, a puzzled customer of The Vanguard Group noticed that the firm had sent him 72 emails. But only one of them was meant for him.

Vanguard has a history of problems with online security and security of customer information, which I’ve written about here and here.

For its latest glitch, you can read my column today.

Jamie Dimon’s Makeover: From Whiner to Would-Be Statesman

Remember the Jamie Dimon who couldn’t complain enough about how Wall Street was “under assault” by regulators? Well, these days, he’s saying stuff like this:

I completely understand that society has a perfectly legitimate right to put in structures and regulations and rules that make it fairer, better, cleaner.

You read that right. Perfectly legitimate.

The new, reasonable CEO of JP Morgan Chase talked to Bloomberg Markets magazine on March 1 about the financial system, safety, and the future of his bank.

Before you get too choked up about his noble intentions — he stressed that customers always come first — do remember that we’re talking about a company that just admitted wrongdoing in a case where the Securities and Exchange Commission said it had failed to tell clients that it was favoring expensive, firm-managed mutual funds over cheaper alternatives.

You can read my column for TheStreet here.

Penny-Stock Broker Gets Indicted, But What Took So Long?

On Jan. 6, the U.S. Attorney for the Southern District of New York charged stockbroker Larry S. Werbel with conspiracy, securities fraud, wire fraud, investment adviser fraud and making false statements. But regulators had been aware of Werbel’s dicey recommendations of penny stocks to clueless customers five years before that.The sordid tale is but the latest example of authorities doing too little, too late.

You can read my column for TheStreet here.

Is the Madoff Miniseries Making You Nervous About Your Broker?

As you’re curled up on the couch watching ABC’s Bernie Madoff series, it’s understandable if you start getting a little edgy. What about the guy or gal running your money?

I took the occasion of ABC’s widely watched series to remind investors that there actually are things they can do to check a broker’s record. You can read my column for TheStreet here.

Chamber of Commerce Gives Wall Street, Polluters, What They Ask For

When it comes to the U.S. Chamber of Commerce, you know the drill. Regulation is bad. Dirty energy is good.

And why shouldn’t it be? We are talking, of course, about Corporate America’s biggest booster.

In advance of the annual “State of American Business” speech by Thomas J. Donohue, the Godfather of corporate lobbying, I made some predictions about what the speech would include.  I concede it was not exactly a challenging task. But I did have a little fun with the Chamber’s always-predictable hypocrisies. You can read my column for TheStreet.com here.

Fat Cats, Here’s Your Shot at Fame: 2015′s Most Shameful Award-Winners

Business this year often came out a winner at the public’s expense. But that isn’t all bad, because it gives us an excuse to pause and recognize the dubious accomplishments of the victors.

We begin with the winner of the Whiner’s Award: J.P. Morgan CEO Jamie Dimon is  the man who can’t complain enough about how hard it is to put up with regulations after his company breaks the law.

You can read about Dimon and the other winners of this year’s “Most Shameful” awards in my column today for TheStreet.

Vanguard Group is popular with investors, but not all its employees

Over the years, the mutual fund giant the Vanguard Group has had no peer among financial companies when it comes to goodwill from customers and the media. It regularly dominates various “best” mutual fund lists put together by financial publications. Founder John C. Bogle is so celebrated for his focus on low costs and doing the right thing for the small investor that he’s frequently referred to as “Saint Jack.”

So why is a vocal collection of current and former employees putting so much energy into blasting the heralded operation? I address that question in my latest column for TheStreet, which you can read here.