Jan 11, 2018

Why Wall Street hasn't been hit by #MeToo yet

The 'Fearless Girl' statue stands facing the 'Charging Bull' on Wall Street. Photo: Jewel Samad / AFP via Getty Images

Bloomberg's Max Abelson looked at why the #MeToo movement, which has swept through almost every industry nationwide, has yet to make an impact on Wall Street.

Why it matters: Women in finance aren't immune to bad behavior from their colleagues — they too have been grabbed, harassed, humiliated and propositioned — but the industry has been particularly skilled at keeping them from going public. According to Abelson's interview with 20 current and former Wall Street women, they say they have stayed quiet because "they have a lot to lose by speaking out, no certainty about what they’d gain, and legal agreements that muzzle them."

  • Legal implications: Abelson points to Wall Street's increased concern about being brought to court. The industry tries to avoid any legal fallout by having new employees "sign away their rights to sue." As a result women who choose to speak up must do so through a private arbitration system.
  • The amount of money at stake: "People spend their entire educational and professional career trying to get to this pot of gold, and some guy dropping his drawers is not going to get in the way of that,” said Jennifer Hatch, who started her career at J.P. Morgan and is now a managing partner at Christopher Street Financial.
  • The "boys club" culture: Women told Abelson that the industry is so male-dominant that "they worry that pointing fingers would permanently alienate bosses, colleagues, and even rivals."
  • Settlements and nondisclosre agreements, like in other industries, are a very common form of keeping women quiet.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 1,347,803 — Total deaths: 74,807 — Total recoveries: 277,402Map.
  2. U.S.: Total confirmed cases as of 11:30 p.m. ET: 368,196 — Total deaths: 10,986 — Total recoveries: 19,828Map.
  3. Trump administration latest: President Trump's economic adviser Peter Navarro warned White House colleagues in late January the coronavirus could take over half a million American lives and cost close to $6 trillion, memos obtained by Axios show.
  4. 2020 update: Wisconsin Supreme Court blocks governor's attempt to delay in-person primary voting delayed until June.
  5. States latest: West Coast states send ventilators to New York and other states with more immediate need — Data suggest coronavirus curve may be flattening in New York, Gov. Andrew Cuomo said.
  6. World update: U.K. Prime Minister Boris Johnson moved to intensive care as coronavirus symptoms worsen.
  7. Stocks latest: The S&P 500 closed up 7% on Monday, while the Dow rose more than 1,500 points.
  8. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Docs: Navarro memos warning mass death circulated West Wing in January

Image from a memo to President Trump

In late January, President Trump's economic adviser Peter Navarro warned his White House colleagues the novel coronavirus could take more than half a million American lives and cost close to $6 trillion, according to memos obtained by Axios.

  • By late February, Navarro was even more alarmed, and he warned his colleagues, in another memo, that up to two million Americans could die of the virus.

Driving the news: Navarro's grim estimates are set out in two memos — one dated Jan. 29 and addressed to the National Security Council, the other dated Feb. 23 and addressed to the president. The NSC circulated both memos around the White House and multiple agencies.

Go deeperArrow58 mins ago - Health

Wisconsin Supreme Court blocks governor from delaying state's primary

Tony Evers. Photo: Nuccio DiNuzzo/Getty Images

Wisconsin's Supreme Court on Monday blocked an executive order by Gov. Tony Evers (D) that attempted to delay in-person voting for the state's primary election — currently scheduled for Tuesday — until June 9.

Driving the news: Judges ruled 4-2 along ideological lines that Evers does not have the power as governor to unilaterally postpone the election, despite the fact that the state has a stay-at-home order in place due to the coronavirus pandemic.

Go deeperArrowUpdated 1 hour ago - Health