The Return of the Boom-Boom Room

Fight disinformation. Get a daily recap of the facts that matter. Sign up for the free Mother Jones newsletter.

Sallie Krawcheck recently left her job as president of the Global Wealth and Investment Management division of Bank of America. Nathaniel Popper of the LA Times tells the broader story:

The financial industry, long known for its boys-club environment, has only a small fraction of women as top executives. And that small cadre has been thinning out in recent years, with the most recent example Krawcheck’s departure as BofA’s president of global wealth management. Her departure is part of a broader trend in the financial industry in recent years: Female employees are losing their jobs at a faster clip than men. From 2007 to 2010, 12.5% of women in the financial industry lost their jobs, compared with 8.8% of men, according to an analysis of government statistics by the Economic Policy Institute. By comparison, in the overall economy during the same period, it was men who lost jobs at a higher rate.

….The finance industry has not historically been known as a welcoming place for women. The cigar and strip-club reputation was confirmed by a lawsuit against Smith Barney in the 1990s, which accused it of turning a blind eye to raunchy, sexist behavior. The lawsuit later became the subject of a book called “Tales From the Boom-Boom Room.”

The attention brought by the suit spurred wide-scale changes that helped stamp out overt discrimination and open up hiring. A decade ago, the number of women in finance was rising.

Well, that was nice while it lasted, I suppose. The irony here, of course, is that you can make a pretty good case that the entire credit bubble of the aughts — and the subsequent massive recession caused by its bursting — was basically a product of male testosterone run amok. So what’s the answer during the cleanup stage? Get rid of the women!

Yes, our world is insane. Why do you ask?

HERE ARE THE FACTS:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate