[UPDATED] A Statement On Our Coverage Of Kate Merli's Retracted Allegations Against Jeffrey Pierce



The text that used to occupy this page was a gleefully cruel celebration of what we believed at the time to be a credible accusation against a hedge fund manager named Jeffrey Pierce. Reports were swirling that day that Pierce had engaged in almost cartoonish examples of sexual harassment and bullying against his CFO, Kate Merli. As is our wont, we textually tore Pierce a new asshole using Merli's accusations and went to town from our invented place on what we often pretend is the moral high ground. As the story unfolded over the following weeks, it became clear that what Merli alleged had not occurred, that Merli's behavior was actually quite problematic, and that Pierce was innocent of everything talked about in our post and in the news stories that we used as our original source material. Merli has actually recanted the entire story, and yet our post remained up, like the aforementioned news reports about this case.

That was unfair to Jeffrey Pierce and the people around him, so we have removed the original text of this post. Our editorial rule is to leave up any post that is built on reporting that has not been retracted, but we feel like the standard here is different. In that vein, we feel that simply removing the post would have been a lazy and sheepish decision, hence this statement. We have also spoken to Jeffrey Pierce and shared the gist of our thoughts with him.

May 2018 was a heady moment for people in our line of work as the #MeToo movement began to make itself evident on Wall Street. We watched with excitement as a long overdue and righteous shift of the sexual harassment paradigm hit the world of finance. We also very much enjoyed watching a bunch of monsters get brought to justice. We will not pretend that the salacious, often horrifying details that these exposes contained were not the kind of thing that snarky gremlins like us live and hope for every day. And that's where things got tricky.

One day we'll look back on it and be glad that we bore witness to this moment in time. But we have to recognize two things; the #MeToo moment is still gaining steam and we have already made problematic choices that we need to learn from. Our post about Jeffrey Pierce should have been more measured and critical. Ones like it will be going forward because we will be better and we need to be if the #MeToo movement is going to have any long-term effect on Wall Street and beyond.