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Photo: Volkan Furuncu/Anadolu Agency/Getty Images

"What the Point72 Lawsuit Says About Wall Street: Steve Cohen’s firm is part of an industry in which swagger and jerkdom are conflated with trading aggression" — Barron's "Streetwise" column, by Mary Childs(subscription).

Why it matters: "Like the civil charge that finally stuck after years of government effort to prove his firm traded on insider information, Bonner’s suit outlines a failure to supervise, a tolerance of bad behavior. That would be Cohen and Point72’s responsibility, and yet it can’t be pinned on them alone; they’re part of a culture in which testosterone-laden swagger and jerkdom are conflated with trading aggression and market conviction."

  • "People in finance, that great meritocracy, have been telling one another that they have been spared from #MeToo because they already went through all this in the 1980s and 1990s."
  • And yet. For an industry based on math, it doesn’t add up. A Preqin study last year showed that women account for 26% of junior employees at hedge funds. That figure falls to 11% for senior positions.
  • "This past week, an employee at Steve Cohen’s Point72 Asset Management sued the firm, alleging gender discrimination and pay disparity. "
  • "Executives 'refuse to hire women,' Lauren Bonner’s complaint says, because 'their wives won’t let them.'"
  • "A spokesman for Point72 said 'the hundreds of women at Point72 are vital members of every part of our organization' and that its female investment professional workforce exceeded 'published industry averages.'"

Go deeper

Caitlin Owens, author of Vitals
4 hours ago - Health

Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan

Photo: Alex Wong/Getty Images

President-elect Joe Biden has picked former FDA chief David Kessler to lead Operation Warp Speed, a day after unveiling a nearly $2 trillion pandemic relief plan that includes $400 billion for directly combatting the virus.

Why it matters: Biden's transition team said Kessler has been advising the president-elect since the beginning of the pandemic, and hopes his involvement will help accelerate vaccination, the New York Times reports. Operation Warp Speed's current director, Moncef Slaoui, will stay on as a consultant.

The case of the missing relief money

Illustration: Sarah Grillo/Axios

A chunk of stimulus payments is missing in action, thanks to a mix up that put as many as 13 million checks into invalid bank accounts.

Why it matters: The IRS (by law) was supposed to get all payments out by Friday. Now the onus could shift to Americans to claim the money on their tax refund — further delaying relief to struggling, lower-income Americans.

The post-Trump GOP, gutted

McConnell (L), McCarthy (R) and Trump. Photo: Erin Schaff-Pool/Getty Images

Republicans will emerge from the Trump era gutted financially, institutionally and structurally.

The big picture: The losses are stark and substantial.