Elizabeth Warren REALLLY Wants To Be The Champion of a Wall Street #MeToo Movement

LReed's picture
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"Warren, the finance industry's leading critic in Congress, asked the Securities and Exchange Commission what it's done to ensure banks have established policies and disciplinary systems to prevent sexual harassment. The Massachusetts Democrat and two other senators also asked the Financial Industry Regulatory Authority, which oversees broker-dealers, for data on the prevalence of abuse in the industry.
Wall Street firms have come under increased scrutiny for how they handle sexual harassment as high-profile allegations of misconduct rattle Hollywood, politics and the media. Because of agreements many employees sign with financial firms, victims often settle privately and the complaints may never become public.

"The world of finance is not immune from this harassment," said the letters, which were co-signed by Warren, Nevada Democrat Catherine Cortez Masto and California Democrat Dianne Feinstein. "The silence appears to result from strong 'cultural and financial forces' in the industry that discourage speaking out, including the payout of large settlements with nondisclosure agreements to harassment victims, class-action prohibitions, and forced arbitration."

For Finra, the lawmakers want to know how many sexual harassment claims have been dealt with through the regulator's arbitration system since 2010. They also want to know what kind of data the agency has on Wall Street terminations tied to harassment. The senators asked that the SEC and Finra respond to their requests by March 14.

Finra has been in touch with Warren's staff regarding the senators' request and looks forward to working with them on the issue, a Finra spokesman said. An SEC spokeswoman has no immediate comment."

Classic Liz Warren schtick. It's not like it's a bad thing to want to curb sexual harassment - but you do have to wonder if that's the actual intention, or if this is another way for her to use all of the finance industry as a whipping boy as a part of her campaign gimmick. Thoughts?

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Comments (8)

Mar 1, 2018

They love to focus on the boogeyman that is Wall Street. The banks are far more diverse than the liberal tech companies. Where is that outrage?

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Mar 1, 2018

The hate for banks is crap but the outrage for tech is definitely there, what are you talking about?

Mar 1, 2018

I haven't seen signs like there was against the banks. There is no 'Fearless Girl' statute in SV, no marches in SV.

Mar 1, 2018

Irrelevant. The fact is the gender disparity in tech is widely talked about and covered. Companies are now even putting out diversity reports outlining gains in female hiring... and wtf does the fearless girl status have to do with anything?

Mar 1, 2018

She will certainly find many such cases of settlements and arbitration. The thing about finance is that the perpetrators have the money to sue for and the victims have the money to lawyer up. I'm sure there's tenfold more abuse that goes on in restaurants for example, but there's no point of trying to sue if you can't afford a lawyer and your manager has nothing to give.

They should make settling Sexual Harassment cases with pay-offs and NDAs illegal. I think that would fix incentives on both sides. No more blackmail and no more rich guys behaving like creeps because they have the money to get away with it.

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Mar 1, 2018

She is also throwing stones in a glass house. Light was recently shed on Congress' slush fund for harassment settlements. I would bet overwhelmingly that most were democrats.

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Best Response
Mar 1, 2018

I thank god every day liberals are not in charge of our country

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Mar 1, 2018