On the Edge: Wall Street: Its a Mans World
Since 1996 several sexual discrimination suits have been brought against traditionally male- dominated Wall Street investment firms, including Merrill Lynch, Smith Barney, and Morgan Stanley. In 1998, Smith Barney was forced to pay $ 100 million to 23,000 female employees who claimed they had been propositioned, groped, and otherwise sexually harassed by male employees of the firm. A 1999 discrimination and harassment lawsuit that made similar allegations against Merrill Lynch resulted in a $ 100 million settlement. In 2004, the government settled a lawsuit against Morgan Stanley on behalf of Allison Schieffelin and 100 other women who accused the firm of sexual harassment, of being referred to in obscene terms, and of being unable to attend business meetings held in strip clubs or other places that women would not be inclined to enter, and thus being excluded from significant business activities. They also claimed that the firm maintained a glass ceiling that had barred Schieffelin whose 1998 pay as a bond trader was more than $ 1 million from advancing since 1996. She said that although men around her were promoted, she, though equally qualified, was unable to advance in the firm. Moreover, when she complained to Morgan Stanleys president, her duties were reduced and in 2000 she was fired. Morgan Stanley settled her case for $ 54 million, of which $ 12 million went to Allison Schiefflin, $ 40 million to the other women in the suit, and $ 2 million to promote diversity within the firm. But the fines are small amounts to Wall Street firms that remain male bastions. Many of the women who filed claims against the companies found their careers ruined, while many of the men named in the suits continue to work for their old firms that still maintain a bawdy locker- room atmosphere that discourages full female participation