Govt May Mandate More Diversity on Wall Street
http://www.politico.com/news/stories/0710/40313.html
"A little-noticed section of the Wall Street reform law grants the federal government broad new powers to compel financial firms to hire more women and minorities — an effort at promoting diversity that’s drawing fire from Republicans who say it could lead to de facto hiring quotas. "
I thought it was interesting, especially since I thought there was already quite a bit of diversity on Wall Street. From what I've heard, something like 30-40% of analysts and associates in i-banks are minorities. Something like 20% Asian, 5-7% Indian(from India), 5% black, 5% Latino. Does that sound correct?
I know women are pretty underrepresented, but my sense was always that Wall Street is pretty meritocratic and a lot of entry level guys are from minority ethnic groups (especially Indian/Asian). Or is the Indian/Asian/minority percent lower than what I'vebeen told?
Assuming that quotas are really imposed on the Street, I think things could get interesting.
Indians/Asians aren't
Indians/Asians aren't considered minorities in the affirmative action sense. From what I know it's only blacks/latinos/native americans.
Promoting diversity is
Promoting diversity is racism. Allowing diversity is the only right thing to do;
I feel sorry for the competent minorities who earned their jobs, as their perceived status will be dragged down by the bunch of undeserving minorities that will be hired as a result of this.
I'm also more and more fed up with the entire diversity culture - I refuse to feel guilty for being a white, educated, ambitious and anarcho-capitalistic individual with a low time preference and a sound understanding of economic and political philosophy.
Why aren't Asians minorities? They suffered too you know. Maybe it's because they have a culture that promotes honesty and hard work and couldn't care less about bling bling and being the coolest kid in town?
Oh, I see. Well, then I
Oh, I see. Well, then I suppose certain minorities (Asian/Indian/Mid Eastern) must be pretty overrepresented. It seems like a lot of the associates/analyst profiles online feature an Asian or Indian person. I haven't worked on the Street, but I would guess that quotas would hit them the hardest. By the way, for anyone that's in the know, I'd be curious what the demographics of a typical analyst/associate pool would look like. I've seen women put at 10-20%, but I've never seen any type of ethnic breakdown.
For Indians, I know a lot of them come from overseas and attend Ivy League MBA programs. So that may account for some level of overrepresentation. For Asians, lots of them at the undergrad level if good b schools and also, to a lesser extent, MBA programs..
Diversity programs are
Diversity programs are poison.
I know several Black/ Hispanic analysts who are all-stars. I also know diversity hires who are an embarrassment and were only hired for the color of their skin. Diversity analysts ruin it for ethnic analysts.
"Diversity" is crap, there is only merit which i blind to any color.
well to be fair, most of the
well to be fair, most of the financial institutions already have "quotas" and promote "diversity"- they just place minorities (the dumb ones who are just being hired b/c of their race, not merit) in crappy back office jobs where they can't break anything.
deleted for double post
deleted for double post
Affirmative_Action_Walrus
well to be fair, most of the financial institutions already have "quotas" and promote "diversity"- they just place minorities (the dumb ones who are just being hired b/c of their race, not merit) in crappy back office jobs where they can't break anything.
+1
Diversity in theory is
Diversity in theory is great...
But in reality from what I've seen it's not that great at all
I grew up in a part of the country that's considered by many to be very "diverse"
So statistically it looked diverse, in reality what I ended up seeing in the cafeteria was that all the people of an ethnic group would generally sit with one another.
So you had your black table, your asian table, your hispanic table, etc. So yes my high school was "diverse" but the actual amount of interaction and intermingling between the different ethnic groups was relatively minimal.
Wall Street already has programs aiming for diversity hiring, bringing in underrepresented minorities to positions that may not be otherwise available to them. SEO is an example of this.
I am all up for diversity if it actually works. Who wouldn't benefit from being able to work with and interact with people with a different background from themselves? But the way it's implemented in reality unfortunately doesn't necessarily allow this to happen.
"Diversity" is such bullshit.
"Diversity" is such bullshit. I didn't get any "equal opportunity" to tryout for NCAA basketball. Nor was there any diversity in open auditions for Hollywood movies. Why the fuck are the few industries where Asians have an advantage due to their cultural background the ones that have quotas being set?
. double post
. double post
http://en.wikipedia.org/wiki/
http://en.wikipedia.org/wiki/Minority_group
"A minority is a sociological group that does not constitute a politically dominant voting majority of the total population of a given society."
That definition fits Indian and Asians just as much as Black and Mexicans.
You know what I think is racist? Telling people who come from very poor countries (India and China), who cross an ocean and come to a country to make a better life, who study hard because it is their ticket out of poverty, who are model citizens, contributing to this wonderful country, becoming doctors and engineers, and saying to them that they are not minorities. Minorities in this country are just people with a significant bitching factor who this country has to continually help and benefit with no discernible change in fundamental behavior or class status.
Oh, thats right, I am white and I was born to oppress and deny people of color a good life. Let me clarify though because apparently I only oppress one color and not Indian brown or Asian yellow. I am basically a terminator, programmed to keep one specific color in poverty even though they have been citizens of this country and free for a long time now. Pretty funny how brown Indians can come over on a boat and be here for a year and be doing better than other people who have enjoyed the benefits and freedom of America forever now.
Yawn. You know why no one discusses the topic of race in this country? It is because no one gives a shit. I do me and you do you. Every company has "diversity" requirements. Every college has affirmative action. We are doing everything possible to make things equal.
My solution. Could we just fire 20% of the white people, evict them from their houses, take their cars and give them to minorities. I will happily live in a box for a couple weeks if that means I never have to hear anymore pissing and fucking moaning. My two year old niece doesn't bitch and moan as much as full grown adults.
Wait, I forgot, the CIA invented AIDS and crack cocaine. My bad.
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Anthony .
http://en.wikipedia.org/wiki/Minority_group
"A minority is a sociological group that does not constitute a politically dominant voting majority of the total population of a given society."
That definition fits Indian and Asians just as much as Black and Mexicans.
You know what I think is racist? Telling people who come from very poor countries (India and China), who cross an ocean and come to a country to make a better life, who study hard because it is their ticket out of poverty, who are model citizens, contributing to this wonderful country, becoming doctors and engineers, and saying to them that they are not minorities. Minorities in this country are just people with a significant bitching factor who this country has to continually help and benefit with no discernible change in fundamental behavior or class status.
Oh, thats right, I am white and I was born to oppress and deny people of color a good life. Let me clarify though because apparently I only oppress one color and not Indian brown or Asian yellow. I am basically a terminator, programmed to keep one specific color in poverty even though they have been citizens of this country and free for a long time now. Pretty funny how brown Indians can come over on a boat and be here for a year and be doing better than other people who have enjoyed the benefits and freedom of America forever now.
Yawn. You know why no one discusses the topic of race in this country? It is because no one gives a shit. I do me and you do you. Every company has "diversity" requirements. Every college has affirmative action. We are doing everything possible to make things equal.
My solution. Could we just fire 20% of the white people, evict them from their houses, take their cars and give them to minorities. I will happily live in a box for a couple weeks if that means I never have to hear anymore pissing and fucking moaning. My two year old niece doesn't bitch and moan as much as full grown adults.
Wait, I forgot, the CIA invented AIDS and crack cocaine. My bad.
yo mamma so fat she wore a X on her t shirt and a helicopter tried to land on her
A little history lesson for
A little history lesson for everyone:
http://en.wikipedia.org/wiki/Coolie
http://en.wikipedia.org/wiki/Chinese_American_history
http://en.wikipedia.org/wiki/Japanese_American_int...
I don't know, being used as replacement slave labor, anti immigration sentiments, interned during WW2, nuked twice, yet nothing, not even a complaint. Take a look at any college campus and tell me if you see a defeated or oppressed people.
I am not saying that there is not a disparity or possibly biased opinions, but the idea there is some mass racist conspiracy that only is directed towards one race is retarded.
Standardized tests are biased towards one group over another? That is probably the most racist thing I have ever heard.
http://news.medill.northwestern.edu/chicago/news.a...
I know it is just a blog, but read it and see what it says. It says because certain minorities answer questions correctly at a lower percentage than others the tests are culturally biased.
No, they are biased towards having a basic education. I completely agree that inner city schools need more funding and we need to do more to promote education and college in inner city communities, but the plain fact is I cannot go into someones house and turn off the TV and force them to read. I cannot prevent single family households. I cannot tell people to idolize and strive to be doctors, lawyers, business men, etc.
Standardized tests favor people who have a solid foundation in math, reading, writing, etc. The answer is not to call the tests racist or give certain groups a higher score. The answer is to try and teach whatever group that is falling below the standards the necessary skills to succeed.
Math, english, science, history, all color blind. Learn the equation, remember certain dates, I before E, except after C, on and on. Learn the basics, build on them and you will be fine.
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Although all three of these
Although all three of these cases have to do with affirmative action in university admissions as opposed to the workplace, the discussion and opinions in these cases are an interesting read:
Gratz v. Bollinger
Grutter v. Bollinger
Regents of the University of California v. Bakke
See my other WSO blog posts
Anthony .
http://en.wikipedia.org/wiki/Minority_group
"A minority is a sociological group that does not constitute a politically dominant voting majority of the total population of a given society."
That definition fits Indian and Asians just as much as Black and Mexicans.
You know what I think is racist? Telling people who come from very poor countries (India and China), who cross an ocean and come to a country to make a better life, who study hard because it is their ticket out of poverty, who are model citizens, contributing to this wonderful country, becoming doctors and engineers, and saying to them that they are not minorities. Minorities in this country are just people with a significant bitching factor who this country has to continually help and benefit with no discernible change in fundamental behavior or class status.
Oh, thats right, I am white and I was born to oppress and deny people of color a good life. Let me clarify though because apparently I only oppress one color and not Indian brown or Asian yellow. I am basically a terminator, programmed to keep one specific color in poverty even though they have been citizens of this country and free for a long time now. Pretty funny how brown Indians can come over on a boat and be here for a year and be doing better than other people who have enjoyed the benefits and freedom of America forever now.
Yawn. You know why no one discusses the topic of race in this country? It is because no one gives a shit. I do me and you do you. Every company has "diversity" requirements. Every college has affirmative action. We are doing everything possible to make things equal.
My solution. Could we just fire 20% of the white people, evict them from their houses, take their cars and give them to minorities. I will happily live in a box for a couple weeks if that means I never have to hear anymore pissing and fucking moaning. My two year old niece doesn't bitch and moan as much as full grown adults.
Wait, I forgot, the CIA invented AIDS and crack cocaine. My bad.
You do realize that most of the Indians and Asians who come to the USA to study or work are from their respective countries' upper classes right? just b/c they look brown doesn't mean they were bathing in the river Ganges and eating cockroaches for supper back in India, fairly confident that no one from the "untouchable" caste is making it over here.
Furthermore, Asians and Indians for the very most part don't live under the poverty line in the USA, unlike the majority of blacks and hispanics. In fact, I would wager that the average Asian/Indian family in the USA earns more than the average white family. This is the reason that Asians/Indians are not treated as minorities for educational and employment purposes.
Finally, regarding standardized tests- inner city blacks and hispanics receive hands-down the worst education in the country. They have the worst teachers and the worst resources- not to mention the fact that their home life is inevitably unstable and full of drugs/violence/negative peer pressure. Do you think that if you had grown up in such an environment you would have been prepared to do well on the SAT? Wouldn't you think that 99 times out of a 100, the white/asian/indian middle-upper class kid is going to do better than you because he/she went to a good high school and his/her parents paid for an SAT tutor?
I'm not supporting affirmative action or making any statements, I'm just trying to point out that it is fairly silly to:
1)put asians/indians in the same group as blacks/hispanics for educational/employment purposes
2)think that blacks/hispanics don't have significant disadvantages concerning standardized testing
Affirmative_Action_Walrus
accountspayable
LOL
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accountspayable
Affirmative_Action_Walrus
I'd like to see a Wall Street
Learn Financial Modeling
Interview Guides
Resumes
On the SAT they removed the
soitwouldseem wrote: On the
Look Away, It's Now Diamonds
Without thread hijacking,
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Anthony . wrote: Without
Look Away, It's Now Diamonds
Anthony . wrote: Without
Yeah, whats so funny is no
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Anthony . wrote: Without
http://www.amnestyusa.org/bus
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This pisses me off so much.
well be happy you don't have
Affirmative_Action_Walrus
Look Away, It's Now Diamonds
I am the other
WSO Conf - June 29, 2013
naprison
Anthony .
Anthony .
Of course someone with the
I am glad that some with
*someone
monty09 wrote: I am the other
http://www.curiousnotions.com
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Diversity / affirmative
http://www.tnr.com/book/revie
faciamviam
Look Away, It's Now Diamonds
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Me or the person who
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walrus
brooksbrotha wrote: This
It would be interesting to
jrotmensen wrote: Diversity /
I win here, I win there...