Apparently the answer is yes. Whether or not your boss doing things to you with whiteboard markers is a new occurrence or you were just scared to come forward and the financial crisis for some reason gave you the courage is unclear.
Since the start of the recession, a growing number of sexual harassment complaints have come from men. Some 16.4% of all sexual harassment claims—or 2,094 claims—were filed by men in fiscal 2009, up from 15.4%, or 1,869 claims, in fiscal 2006, according to the U.S. Equal Employment Opportunity Commission.
Does everyone go with the golden shower/choking you out/nicknaming you “stupid girl” model? Not really. That’s pretty much reserved for the pros. Most of you are getting you simply having your taints grazed while messing around on the desk (I’m not saying that makes it okay or trying to minimize it but I am saying: amatuer hour. Miss).
While male victims sometimes experience behavior like groping and unwanted sexual advances, employment lawyers say increasingly “locker room” type behavior like vulgar talk and horseplay with sexual connotations have been the subject of claims.
If women ran Wall Street, Lehman Brothers, Merrill Lynch and LTCM would all be in business today, according to this article, which today raises the debate that’s been raised just a few (million) times since the crisis started. Females are more risk averse, the presence of testosterone breeds more testosterone (whereas environments with less T ’cause your levels to decrease, as in the case of stay-at-home daddies), women are “more likely to admit that they’re wrong, faster,” men are more likely to engage in pissing matches with each other (which was the subject of Audur Capital founder Halla Tómasdóttir’s doctoral thesis entitled “The Great Big Penis Competition: The Story of Mergers and Acquisitions in Iceland”), blah blah blah. For those of you who want to take this “women make better money managers in the long run” theory (which holds that the ladies might not make you as much money in the short term but probably won’t blow up your firm like some people) for a spin but already have a team in place, a word of advice.
According to Doug Hirschhorn, a “peak performance coach to Wall Street traders” consulted for the story, Andrew Tong is the exception, not the rule. Don’t waste your time trying to find the perfect pair of panties for your male colleagues to report to work wearing. Instead, focus on spiking the girls’ morning coffee with T and teaching them to spit. That’s where you’re gonna see results.
While he was working on his Ph.D. in sports psychology, Hirschhorn got an offer to join what was then one of the largest proprietary trading firms in the country—with 1,200 traders, many of them former sports players—and help them improve their trading. “What was most interesting to me, was that out of the twenty women who were there, five of them were tremendously successful, so the ratio of success for the women was 25 percent, whereas it was maybe 2 percent for the men,” he says. He found that it was easier to teach women when to be more aggressive than it was to lessen the overaggression of the males.
Oh didja now big boy? So you’re saying you were happy to leave after they fired you in February 2008, for failing to make it rain like you used to? You didn’t shout “sexist pigs!” as you were escorted from the building? You didn’t even think it? While you marinade on that, let me just say this: it doesn’t matter. What matters is that the Maestro of the Whiteboard Marker is speaking. Finally, we can point a voice to the phrase “you’re going to have to give me a blow job if you want to make that trade.” While this clip doesn’t touch on Mr. J’s “trading philosophy” but as it seems like he’s actively getting out there and making the rounds in an effort to promote his new fund and raise a little capital, a gripping first person account can’t be too far behind. (Perhaps as part of some sort of Sex and the City-like bus tour, for those ponying up 100 million or more? Just a suggestion.) Also, while the interviewer seemingly avoids bringing up the issue we’d all like to discuss, please note the placement of the marker just over PJ’s shoulder. That was no accident. Well-played, ladies. Continue reading »
So I just got back from the courthouse and I brought with me Andrew Tong’s psychiatric evaluation, which goes into a little more detail than the filing posted earlier. For instance, what was the object inserted in Tong’s ass by Jiang? Whiteboard marker. What else was Jiang doing to him at the time? Choking him. Why was PJ doing all this? Andrew had come to him and said he was no longer able to get an erection, on account of the birth control pills (his wife’s) that he was taking. So Jiang wanted to demonstrate to Andrew that he could, in fact, get wood (which he did during that particular instance). Before Jiang peed in Tong’s mouth, did he slap Tong around a little bit? Yes. How did the first blow job for trade approval go? Not too well. Tong ended up getting physically ill halfway through. Ping let him stop, however, “Mr. Jiang did not allow the trade as the requested fellatio was not completed” (this is not ‘Nam, there are rules). A few weeks later, Tong “agreed to perform fellatio to Mr. Jiang’s satisfaction. Mr. Jiang then allowed Mr. Tong’s trade to go through.”
On another note: in all seriousness, reading through all this, I actually feel bad for SAC and Steve. This does not come off as workplace sexual harassment but rather a workplace affair between two aberrant fetishists, playing out their S&M/water-sports fantasies, which, unfortunately for SAC, took place at the office. As someone pointed out early, nobody pisses in your mouth without your complicity.
It feels like it’s been forever (real time: two years) since the SAC Capital female hormone case, doesn’t it? For those of you who shamefully forget, back in the fall of 2007, a former employee of the hedge fund, Andrew Tong, alleged that his boss, portfolio manager Ping Jiang, had forced him to take female hormone pills as part of a slightly unorthodox philosophy of Jiang’s that male traders needed to be more like women (not as aggressive, etc) in order to maximize returns. Tong also alleged that he was instructed by Jiang to wear dresses, and as a result of the pills, could not perform sexually with his wife, with whom he was trying to have a baby. Unfortunately, at the time, those were all the details we got. The court filings were sealed, and in early 2008, Jiang was fired (but not because of the tranny stuff! Because he didn’t make as much money as the year before, natch). Today, by way of a story by the always awesome reporter Matt Goldstein, we find out a bit more. Goldstein’s article is about the “most feared man on Wall Street,” if you do stuff like insider trade. He’s the guy leading the Galleon investigation for the FBI, and obviously his name is BJ Kang, because how could it not be?
According to Goldstein, court documents and sources indicate that BJ may be “focusing” on SAC next (as previously mentioned, one of the cooperating witnesses in the Galleon case, Choo Beng Lee, worked at the fund for a couple of years). And this isn’t the first time The Beej and SAC have crossed paths. In 2006, BJ was part of the team looking into alleged accounting irregularities at Fairfax Financial, and in 2007, BJ was tasked with looking into “a previously undisclosed investigation involving alleged trading irregularities” at SAC, opened by federal prosecutors in Brooklyn (which was later closed). One person BJ interviewed while checking things out? The lovely Andrew Tong. And speaking of the lady of the hour– litigation on TrannyGate ended last year, and the previously sealed court documents have been opened. Shall we take a peek inside? If we’re up to get down with some slightly disturbing shit, yes! For instance, thongs: And pet-names: And the obligatory sodomy sessions, golden showers:
“You’ll have to give me a blow job if you want to make that trade.”
Ping Jiang, the man who revolutionized trading at SAC Capital, has started his own hedge fund. Previous to branching out on his own, Jiang maximized returns at SAC by *allegedly* requiring those who worked under him to take female hormone pills and wear dresses, operating on the principle that traders were too aggressive, and that Steve Cohen could be made an even richer man if everyone’s voice were a little higher pitched. Jiang was relived of his duties at the Stamford-based firm in March, not because of the push-up bras, but, according to those with their fingers on the pulse of cross dressing, the fact that he wasn’t making any money. Jiang’s new venture will be called Ping Capital Management. No pornification necessary.
Earlier: People Moves: Blanche DuBois Out At SAC Ex-SAC Capital Trader Ping Jiang Starts Hedge Fund [Bloomberg]
CNBC’s Senior Testes-cum-Ovaries Correspondent Charlie Gasparino reports that the Federal Equal Employment Opportunity Commission has closed its investigation of allegations made by a former SAC Capital employee that his superior forced him to take female hormone pills. Junior trader Andrew Tong filed a discrimination lawsuit last year, charging that his boss, Ping Jiang, whose trading philosophy states that men must be more like women, sexually harassed him and made him take estrogen, which supposedly caused strain on Tong’s marriage, and led to him wearing dresses. On Monday EEOC stated that after interviewing dozens of SAC employees, all of which claimed to be wearing tube tops and mini skirts “of our own volition,” that it would not proceed any further. Though Steve Cohen et al are probably pretty pleased with the decision, we hear that Ping is sort of torn– on the one hand, he’s happy that Tong, whose lawsuit continues, has been stripped of a powerful ally. On the other, having been recently tossed aside by the hedge fund for merely not making them any money this year, he’d loved to see those “sexist pigs” fry. If he has go down with them, so be it. EEOC Closes SAC Capital Female Sex Hormone Case [CNBC]
