Lloyd Blankfein Gary CohnGoldman commissioned its own study re: certain allegations of gender discrimination and the results show there’s a lot that went over Cristina Chen-Oster and Shanna Orlich’s heads. Read more »

At least the undergrad program is; the graduate department is still willing to expose its students to his fabulousness. Read more »

Remember, back in ’08, when Angelo Mozilo cried while telling a bunch of Countrywide shareholders that Bank of America, which had just bought the place, would “reap the benefits of what we have sowed“? Obviously that was was Moz-Speak for “you’re about to find out what it’s like to be forcibly sodomized for all eternity,” but at the time, some people wanted to give him the benefit of the doubt. Maybe he was leaving some neat stuff behind, like buried treasure or something. We now know that, actually, one of the things that the home lender had been “sowing” for a number of years was the basis of a Department of Justice investigation into the fact that the company made it a policy to dick over Hispanic and black people, one of the many gifts Brian Moynihan has been unwrapping since he took over. Read more »

As discussed yesterday, three former employees of Goldman Sachs have filed suit against the bank alleging that it discriminates against females when it comes to pay, promotions and other opportunities within the firm. They also noted that there just generally seem to be a lack of respect for women there. And not just a lack of respect as it relates to their ability to make money but also their skills at golfers. Read more »

A former Bank of America employee, Jack Mitchell, is suing the bank for $60 million for racial bias. Mitchell, an African-American, alleges in the lawsuit that BofA “supported and propagated a racially biased and discriminatory business allocation system.” Christopher Brennan, Mitchell’s attorney, tells us that the system was “akin to apartheid.”
“It wasn’t an accident, It’s a cynical belief on the part of BofA that white customers wouldn’t want to receive banking and investment advice from African-American employees, so they assigned them to minority neighborhoods. And because these are in low-income areas, it placed him at a disadvantage compensation-wise because he had less access to high-net-worth clients who are the particular target of his banking area.”

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