Melissa S. Fisher: How Women Rose and Took the Fall on Wall StreetRoundup: Historians' Take
tags: economic history, Bloomberg News, women, Wall Street, Melissa S. Fisher
When Ina Drew resigned as JPMorgan Chase & Co. (JPM)’s chief investment officer last year after reports the bank lost more than $6 billion, the New York Times referred to her as “the woman who took the fall.”
It is up for debate whether financial companies have scapegoated women such as Drew in the aftermath of the financial crisis. What is certain is that just half a century ago it was unimaginable that women might make it high enough in the ranks of Wall Street to take the fall for anything.
Women weren’t entirely invisible. As a 1958 article in the New York Times pointed out, physically, women “play a part in the sense that each weekday the Street’s stone and concrete canyons echo to the click-clack of approximately 60,000 high-heels as secretaries, stenos, bookkeepers, receptionists, ticker operators, file clerks, messengers and pages pour out of subways and into offices.”
But those offices made most women less visible; they had to work not only in these subordinate positions but well behind the scenes. They were on call for powerful men. In the women’s bathroom of at least one company, there were light bulbs labeled with partners’ names. When a partner phoned a secretary from his desk, the corresponding light would go on, and the woman was expected to run out immediately to attend to him....
comments powered by Disqus
- Rubio Surges Into Second In New Hampshire
- Branstad Says Cruz Ran ‘Unethical’ Campaign
- Christie Highlights Santorum’s Endorsement of Rubio
- Portman Comes Out Against Trade Deal
- Megyn Kelly Gets a Book Deal
- A Big List of the Bad Things Clinton Has Done
- An Unambiguous Sign Sanders Won Last Night’s Debate
- Still Friends at the End
- Quote of the Day
- Trump Still Leads as Clinton Slips
- Clinton Can’t Shake Image as Wall Street’s Friend
- Maddow Doesn’t See Sanders Winning
- Why Does the Media Still Shield Chelsea Clinton?
- Bush Jokes His Mother May Have Abused Him
- Rubio Closes the Gap in New Hampshire
- Transcribed Document: Soviet Politburo Discussed CIA Billion Dollar Spy Adolf Tolkachev
- Pentagon withholds Iraq War photos showing detainee abuse
- These Rebels Have Amassed A Library From Syria’s Ruins
- Was 1916 fire at Canadian Parliament set by German saboteur?
- United Nations Calls On U.S. To Pay African Americans Reparations For Slavery
- Juan Cole says America’s inclination to turn to the military started with Manifest Destiny
- History Jobs Drop
- Paul Krugman gives credence to Robert J. Gordon's pessimism about American economic growth
- Harvard President Drew Faust Condemns Free Tuition Proposal from Outsider Overseers Ticket
- Andrew Roberts says Trump is the Mussolini of America with double the vulgarity