Earlier this month, the New York press club The Society of the Silurians said I’d won its “Excellence in Journalism” award for my online columns for TheStreet.com.
From the judges: “In these searing columns, Antilla highlights the anti-consumer sentiment that has taken hold of significant portions of the Republican Party as it attempts to distance agencies such as the Consumer Financial Protection Bureau.”
My stories also have been entered into the national competition for The National Federation of Press Women, which said this week that I’d won first place in two of its “at-large” contests, which include 27 states that don’t have direct affiliations with NFPW. One winning entry was for my columns for TheStreet about the fleecing of senior citizens by stock brokers. A second winning entry was in the feature category, for my article in The New York Times about sex discrimination at Sterling Jewelers, the biggest retail jewelry operation in the United States. The winners in the “at large” categories have been entered into NFPW’s national competition.
Say you hire a broker. You start out thinking he or she is terrific, of course, or you wouldn’t have signed up in the first place.
And then they wind up churning your account. Or putting you into mutual funds only because the funds generate high fees — for the broker, not you. Or persuading you to buy high-risk products that have no place in a portfolio like yours.
So you get around to thinking you’d like to sue. Well, tough luck, Mr. or Ms. Investor — you can’t. The day you opened that account, you signed a document saying you’d be willing to give up your right to court, and that you’d instead use Wall Street’s private arbitration system if your broker fleeced you. Welcome to Finra arbitration.
Public-minded politicians have tried for years to get laws passed to ban so-called “mandatory arbitration,” but all their efforts have failed. Wall Street’s lobby is a powerful one. Recently, though, a coalition of consumer groups wrote to a task force of the Financial Industry Regulatory Authority (Finra), which runs Wall Street’s arbitration, pressing for more disclosures about investigations of Wall Street’s private tribunals.
In my most recent column for TheStreet, I talk about the secrecy that surrounds Finra arbitration. You can read the column here.
Seventy percent of journalism school students are women, as are 76 percent of students in Columbia University’s prestigious Master of Arts in Journalism program. So what gives that in real-life newsrooms, 60 percent of the seats are filled by men?
I learned those statistics last night at the annual fundraising gala of The Knight-Bagehot Fellowship, a treasure of business journalism that’s been educating mid-career journalists for one-year stints at Columbia University for 39 years.
The keynote speaker was Elisabeth DeMarse, chairman, president and CEO of TheStreet, Inc. From her talk:
“So Columbia J School is doing its bit — it’s manufacturing a trained, credentialed pipeline of female talent. But we are out of synch. There is a gap in hiring and promotion. There is a gap in giving women and minorities a fair chance.”
And a call to action to younger men more prone to being gender- and color-blind:
“Please be leaders. Please hire and help and lift a hand outside of your image, outside of a narrow idea of clubhouse chemistry. After all, isn’t journalism about fairness and objectivity?”
I am not a neutral commentator on Elisabeth. I’m a journalism fellow at TheStreet Foundation and have known her since I joined Bloomberg News in 1995. (She worked for that guy who became mayor of New York City). So I’m biased. That said, consider the closing of her keynote address, and judge for yourself.
Here’s her closing on gender issues: Continue reading
Elderly investors are looking for yield. And elderly investors are suckers for a free meal. Put the two together and you’ve got a recipe for packing the grand ballroom of a Marriott hotel with 300 sixty- and seventy-somethings who are prime targets for a brokerage firm looking to peddle illiquid investments.
David Lerner Associates, a Syosset, N.Y.-based brokerage firm whose founder was barred from the securities business for a year in 2012, is still out there wooing seniors to break bread at a local hotel and hear the pitch for its investments.
I went to one of those dinners at a Marriott hotel in Trumbull, Conn. in June, and wrote about it in my column tonight for TheStreet Foundation. Prominent in the pitch that night was the firm’s non-traded real-estate investment trust, a highly illiquid investment that I sure wouldn’t want my elderly mom to buy.
What’s stunning is that investors trip over themselves to attend Lerner events despite the firm’s history. From my story:
Finra said in a complaint on May 27, 2011 that Lerner and his firm targeted many “unsophisticated and elderly” clients to sell illiquid non-traded real-estate investment trusts that were concentrated in the hotel industry. The firm used misleading marketing techniques to sell the REITs, Finra said. In the months after the complaint, Finra said Lerner sent letters to 50,000 customers in an attempt to “counter negative press.” And even those letters had “exaggerated, false or misleading statements,” according to an amended Finra complaint on Dec. 13, 2011. The $14 million in fines and restitution against the firm was Finra’s largest monetary sanction of 2012, said Michelle Ong, a Finra spokeswoman.
You can read the story here.
Four years ago, a former Goldman Sachs & Co. executive and two of her former colleagues sued the firm, alleging sex discrimination and asking to be certified as a class.
Today, the women filed documents that added to an extensive dossier of allegations. Among the filings was a request that a judge in the Federal district court in Manhattan allow H. Christina Chen-Oster and her co-plaintiffs to proceed in their suit as a class representing a class of women who work — or worked — at the bank.
I wrote about the latest round of filings for TheStreet Foundation today. You can read my column here, but here are a few highlights:
There are the strip clubs. The guys who organize departmental golf games and don’t invite the women. The liberal use of the word “bimbo” to describe Goldman women, many of whom graduate from the same Ivy League schools the men do. And, of course, the very discouraging numbers about pay and promotion. But the biggest deal about Chen-Oster’s brief filed in U.S. District Court for the Southern District of New York court July 1 seeking class action status is the redactions. Because even when women and their lawyers fight bitter battles to get their hands on important documents that expose discrimination, companies always seem to find a way to keep the public from hearing about the worst stuff.
Brokerage firms put an immeasurable amount of energy into making sure the public never sees the real numbers on women, promotions, and compensation. And they get apoplectic at the idea that the public might read allegations like that of former Goldman employee Shanna Orlich, who says she went to a holiday party in 2007 where a male managing director had hired women clad in “short black skirts, strapless tops, and Santa hats” to mingle with the Goldman men.
And yet, somehow, what started as a cluster of professional women at Goldman has mushroomed into a very important case.
Still, there’s much we don’t know. Take a look at the latest filing and scroll through to see the thick black lines that keep you from hearing the whole story.