Women filed a wave of lawsuits and arbitrations against financial firms in the 1990s and early 2000s, disgusted by a culture of rampant sexual harassment and gender discrimination. The biggest cases of that era collectively drew thousands of participants in class actions and led to large settlements including $150 million against Smith Barney and $250 million against Merrill Lynch.
At a time when the long-term consequences of #MeToo on women’s careers is an open questions, I looked at court records, tracked down plaintiffs and spoke with a dozen employment lawyers to see how things had turned out for the women — and how things had turned out for the men who allegedly harassed them. My findings were sobering. You can read my story today for The Intercept here.
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.
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.