The Lack of Women in the Securities Industry
According to Laura Schnell, a sex-discrimination lawyer, for most of Wall Streets history women were not on the trading floor. Even today women make up less than 15% of brokers, and fewer than 10 percent of managing directors at major firms (Barrett, 1997).But discrimination remains hard to fight; as the industry requires employees to sign away they're right to sue, agreeing instead to closed-door arbitration. Critics to this theory feel that the arbitration system does not work and does not protect the civil rights of employees. As you will see in my research, many statistics and court cases will prove the above statement. I will show you that since the earliest documentation I found in 1978, until current day women in the securities industry are mistreated.Ellen Vargyas is legal counsel for the U.S. Equal Employment Opportunity Commission. She said that female securities workers "are agreeing as condition of employment that the only place (they) can go is the arbitration system." Women are agreeing to this because it has long since been the way things were run on Wall Street for numerous reasons. Now, 2 decades after the first complaint was filed, more and more are starting to roll in. Women are trying to be heard and tr
Securities industry officials argue that they have made great progress in curbing harassment and Discrimination in recent years (Grant, 1997). 7 billion race-discrimination suite from ex-analyst Christian Curry. Rude comments were as common as buy and sell orders. The company would like to avoid having any more suits filed against them. The amounts they are to receive range from $20,000 to $150,000. Case #2 - Morgan Stanley Dean Witter "The Feds have opened the floodgates for sex-bias suits against Morgan Stanley Dean Witter (Martinez, 2000). Wall Street has an insensitive macho, money-centered attitude that many believe make it a difficult place for women to survive. According to Mary Stovall, who was the representative of one of Smith Barony's employee said that these women where proof that securities regulations that prohibit plaintiffs from taking cases to court need to be changed. " The company claims that the initiative "focuses o effecting real change and progress" and it will "help attract, and promote and retain women and minorities on the Street (Bishop, 1998). But she is now widely credited with waking up Wall Street to gender differences. I thought: ''Why was it that women, myself included, could overcome so many obstacles but couldn't get around this issue of investing?'' Then I realized, when I became a mother, that if a woman could take care of children--the hardest thing of all--she should be able to do her finances. Will Diversity Get Top BillingThe percentage of females entering the capital markets and investment banking training programs will increase to 25 percent by December 31, 2000. The approval ends the bulk of litigation that began with a suit filed by three Long Island women who said that the Garden City office at Smith Barney was "more like a college fraternity (Ledger, 1998).
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Acceptance Essays
