Axios Feb 17
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#MeToo finally hits Wall Street

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.'"
Kim Hart 7 hours ago
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The new tech divide: social media vs. everyone else

Illustration: Sarah Grillo / Axios

Not so long ago, social media companies were the poster children of the internet’s power to connect. But now that they’re being hammered over mischief on their platforms — which now includes Facebook's Cambridge Analytica scandal — other tech companies are parting ways with them on policy fights and dropping not-so-subtle hints about the need for greater social responsibility.

Why it matters: The tech industry is splintering in the wake of the controversies surrounding social platforms like Facebook, Twitter and Google's YouTube. A wide range of companies — from legacy Silicon Valley firms like IBM and Oracle to business-focused firms like Salesforce and Cisco — want to be seen as responsible players who can be trusted to make wise decisions when faced with tough calls.

Shane Savitsky 7 hours ago
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Austin package bombings suspect is dead

FBI and police officials investigate at the Sunset Valley FedEx store in Austin yesterday. Photo: Suzanne Cordeiro / AFP / Getty Images

The suspect that authorities believe was responsible for the Austin package bombings has died after a confrontation with police, according to the Austin-American Statesman. The man killed himself using an explosive device as law enforcement officials attempted to arrest him overnight.

The break: With the case still seemingly mysterious through Tuesday, it appears authorities were granted a break by the suspect's use of FedEx to ship one of his package bombs. They used video from a FedEx store and other store receipts to obtain a search warrant to inspect his Google search history, ultimately tracking his location to an Austin hotel.

This is a developing story and will be updated.