Women aren’t welcome on Wall Street

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While women on average make 77-cents to every dollar a man makes – in some industries that pay gap is even worse – like on Wall Street and in corporate America. As Mother Jones magazine points out – the profession with the biggest pay gap between men and women is a corporate executive - female CEOs only make 69% of what male CEOs make in America.

Once of President Obama’s very first laws passed out of Nancy Pelosi's Congress was the Lily Ledbetter Fair Pay Act, giving women the power to sue employers for gender pay discrimination. Under a Mitt Romney presidency, that doesn’t support fair pay for women – the glass ceiling would stay right where it is.

Thom Hartmann Administrator's picture
Thom Hartmann A...
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hmm.. I prefer that my cynicism did not show through here but ...this is real life in real time so...

Impossible to escape in these down sliding backwards moving times into to the descent of crazy screwedness. Great to know we woman now have the "right" to sue our cheap ass male employers - of either variety: wall street or main street. Unless its a class action lawsuit - a solo woman would need to have a big chunk of change available - minimum of $75,000.00 before she can even THINK about a lotto chance of justice. She'll need to have a strong prayer group to support her efforts - by praying she doesn't end up with a prejudicial young/old white male judge - who knows its HIS courtroom and he can be as prejudicial as he wants to be. (Although we can substitute Black, Hispanic, Asian, and/or female for the judge since prejudicial judicial pomposity has no gender or racial limitations.)

Next where's the money gonna come from - since woman are making less money? And have less opportunities for making money? The jobs at Mac Donald's and Jack in the Box don't count. Unless of course you are a re-pub-lican who has never held a "real" job or done any work job. Oh yeah, there are also some demo-crats with the same lack of real work & job experience.

Change? Real Change? Nope, not yet, not this year, not next year, probably not for another 150 years at the direction we're going. This seems more on point with the reality I have lived and observed:

Lilly Ledbetter Did Not Alter Pay Equity Gap Whatsoever | FDL News ...

Scum of the Girth: Women deserve equal pay for the same job ...www.lsureveille.com › Opinion 5 days ago – As a woman, you'll make less money than a man for the same ...

I'm sure the fellas here - bemoaning the tremendous unfairness of life without urinals in every public restroom for them - will feel better knowing the Ledbetter act helps men along with women.

The Lilly Ledbetter Act of 2009: Emerging Issues | National Women's ...

www.nwlc.org/resource/lilly-ledbetter-act-2009-emerging-issues

Apr 11, 2011 – The Lilly Ledbetter Fair Pay Act's Restoration of Workers' Pay Discrimination Claims ... First, although the Ledbetter Act states that it applies to all claims ... Some courts have held that the Ledbetter Act does not apply to Section ... The Ledbetter Act has made a critical difference to workers. The Act restored the fair pay claims of many individuals around the country whose claims had been eviscerated by the Ledbetter decision. But courts have interpreted the Act in sometimes conflicting ways, and issues surrounding the Act's appropriate interpretation continue to emerge, as discussed in more detail below.

The Lilly Ledbetter Fair Pay Act's Restoration of Workers' Pay Discrimination Claims

Since January 2009, courts around the country have applied the Lilly Ledbetter Fair Pay Act as Congress intended for straightforward pay discrimination cases. In cases involving pay discrimination based on sex, race, disability, and age, courts have recognized that the period during which a worker may file a discrimination claim is renewed by each paycheck marred by discrimination.

Thus, courts have routinely recognized or restored workers' pay discrimination claims in instances in which the claims had not yet been filed, were pending, or were on appeal at the time of the Ledbetter Act. For example:

  • In Mikula v. Allegheny County, the Third Circuit ultimately made clear that after the Ledbetter Act, each discriminatory paycheck renewed the time for filing a pay discrimination claim.[5] In that case, Mary Lou Mikula was hired by the Allegheny County Police Department in March 2001 as a grants coordinator. Mikula was paid $7,000 dollars less than her similarly situated male coworker from her date of hire, and she continued to be paid less despite her repeated requests for a pay increase.[6]
  • In a case involving race discrimination, Goodlett v. Delaware, Randolph Goodlett, an African-American man, alleged that he and other African-American employees were paid less than similarly situated Caucasian employees by the Kent County Department of Elections.[7] Based on the Supreme Court's Ledbetter decision, the Equal Employment Opportunity Commission (EEOC) determined that Goodlett's pay claims were time-barred. But after the passage of the Ledbetter Fair Pay Act, a federal district court held that Goodlett's pay disparity claim survived and that "the 300 day clock for filing a Title VII pay disparity claim starts anew with each discriminatory pay period."[8]
  • In Johnson v. District of Columbia, Paul Johnson, a 66-year-old man with blindness in one eye and insulin-dependent diabetes, had worked as an accountant for more than 17 years at the University of the District of Columbia Finance Office.[9] He consistently received evaluations indicating that his work exceeded expectations, but he was the lowest paid accountant in the office. Johnson brought discriminatory pay claims on, among other bases, his gender and disability. Relying partially on the Ledbetter decision, a federal district court dismissed several of Johnson's claims as time-barred.[10] After Congress passed the Ledbetter Act, the court reinstated those claims, concluding that "there [could] be no dispute" that Johnson could once again seek relief under relevant federal laws.[11]"

Equal Pay -- Will We Ever Get There? An Interview With Lilly Ledbetter www.huffingtonpost.com/.../lily-ledbetter-interview_b_1426865.htm...

media_muse
Joined:
Dec. 10, 2011 3:09 pm

I've always wondered why there weren't more female stockbrokers. I think the ration of women to men is pretty small. I think that while women are just as intelligent as men they may not be as ruthless in general. Something that seems to run rampant on Wall Street.

Bush_Wacker's picture
Bush_Wacker
Joined:
Jun. 25, 2011 7:53 am

I agree with your comments here. Recenty I read in some blog a woman wrote something to the effect the only places women are allowed on wall street is as a stripper for strip parties, or as bikini clad beer servers at the guys parties.

Women on Wall Street: A small group at the top gets smaller - Los ...articles.latimes.com/2011/sep/.../la-fi-financial-glass-ceiling-2011090...

Sep 8, 2011 – Even before Sallie Krawcheck's ouster from a high-ranking job at Bank of America, things weren't looking all that good for women climbing the ...

The finance industry has not historically been known as a welcoming place for women. The cigar and strip-club reputation was confirmed by a lawsuit against Smith Barney in the 1990s, which accused it of turning a blind eye to raunchy, sexist behavior. The lawsuit later became the subject of a book called "Tales From the Boom-Boom Room."

The attention brought by the suit spurred wide-scale changes that helped stamp out overt discrimination and open up hiring. A decade ago, the number of women in finance was rising.

Even during the good times, though, few women were making it into the executive suite — a problem common to other big U.S. companies. While 55% of all employees at U.S. financial firms were women in 2010, only 16.8% of the executive committees at these firms were, according to Catalyst's research. KeyCorp, of Cleveland, is the only bank in the Fortune 500 with a female chief executive.

The recession appears to have exacerbated these problems, which experts have explained in varying ways.

media_muse
Joined:
Dec. 10, 2011 3:09 pm

Yes Bush_Wacker - "Wall Street is one place where it pays to be a guy". Based on my own female experience I say: yup - gap definitely higher on wall street - gap undeniably present everywhere! Gender Wage Gap Is Higher On Wall Street Than Anywhere Elsewww.huffingtonpost.com/.../gender-wage-gap-wall-street_n_136287...Mar 19, 2012 – The number of women on Wall Street has dropped off since 2000, according to FINS, a Web property of Dow Jones & Company. At the same ...

For people in financial-sector jobs -- such as insurance agents, security sales agents, financial managers and clerks -- men outearn women by a wider margin than in any other area of the economy, according to a recent analysis of Census data by Bloomberg News.

Nationwide, across all occupations, women still earn just 77 cents for every dollar that men make. And in the 265 major job categories measured by the Census, there's only one -- personal care and service workers -- where women collect a higher salary than men. Those jobs include positions like butler, valet, house sitter and shoe shiner, Bloomberg reports.

Still, the gap is highest on Wall Street, where women only get between 55 and 62 cents for every dollar their male colleagues earn.

Financial-sector work has grown more and more lucrative in recent decades, and bankers have collected massive paychecks even during the economic downturn of the past four years. But the Bloomberg analysis suggests that the women of Wall Street have to some extent not shared in this prosperity.

The number of women on Wall Street has dropped off since 2000, according to FINS, a Web property of Dow Jones & Company. At the same time, in 2008 and 2009, the number of sexual harassment charges per woman in the financial industry grew higher.

Women often report feeling belittled and marginalized in the male-dominated financial world. FINS reported that some women say they've gotten passed over for big bonuses because they don't socialize with male management as much, and NPR reports that some male bankers are known to talk about visiting strip clubs and even bring prostitutes to the office.

While the gender pay gap on Wall Street is especially striking, the post-recession economy has not been kind in general to women, with men gaining some 768,000 new jobs since mid-2009 even as women lost about 218,000, according to the Pew Research Center......"

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