New York (CNN Business)It's widely understood that excessive leverage and greed set off the 2008 financial meltdown. But Sallie Krawcheck believes another force was at play: Wall Street's stark lack of diversity. Krawcheck, a senior executive at Citigroup (C) and Bank of America (BAC) at the time of the financial crisis, said the white male-dominated trading floors and C-Suites led to groupthink that backfired, badly. CNN Business exclusive: Bank of America CEO warns about excessive corporate debt "Can you imagine if it was 50% females? Do you think the financial crisis would have been worse? Nobody does," Krawcheck told CNN Business on Thursday from the sidelines of the Fortune Brainstorm Finance conference in Montauk, New York. Krawcheck, now the founder and CEO of Ellevest, an investment platform that caters to women, cited research that shows homogeneous teams trust each other too much and high levels of testosterone can lead to elevated risk taking. And other research, … [Read more...] about Sallie Krawcheck: Wall Street’s lack of diversity contributed to the financial crisis
The Women's March Inc. released its first batch of financial records on Thursday, revealing the group brought in more than $2.5 million in its heady first year—before its leadership came under heavy fire from former allies. The documents and the accompanying annual report—provided by the group after a process that can only be described as bizarre—show it spent $1.6 million of those funds on a range of projects. Those include the original March on Washington; the Women’s Convention that took place later that year in Detroit, Michigan; and the 10 Actions 100 Days program aimed at maintaining the march’s momentum and engaging new activists in the nascent movement. The bulk of the money haul came from merchandise sales—More than $1.1 million from the T-shirts, sweatshirts, hats, and tote bags that seemed omnipresent in Washington, D.C. as millions gathered in cities around the country to protest the new Trump administration. Another $596,940 came … [Read more...] about Embattled Women’s March Finally Releases Financial Records
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This week Google and Facebook announced their further involvement in providing financial services. Google announced the development of a checking account, and Facebook announced that its digital wallet will be integrated across all of its services, including Instagram, WhatsApp, Messenger and its social media platform Facebook. Google, Facebook, Apple and Amazon have all entered the financial arena with differing strategies, even though they all have a common interest — enhancing their customers’ behavioral profiles.Enhancing behavioral profiles requires compiling and storing thousands of categories of data. This data can then be analyzed so that companies will be able to better influence buying behavior directly for merchandise or services offered on their platforms or sell access to this data to advertisers. By storing our financial data, companies will build comprehensive profiles for each of us that are more revealing than finger prints, social security numbers or … [Read more...] about Why does Big Tech want in on financial services?
WASHINGTON (AP) — The Democratic-controlled House is on track to pass a measure renewing the charter of the Export-Import Bank, a U.S. agency that provides loans and other help to foreign buyers of U.S. exports. But Friday’s vote appears likely to break mostly along party lines and actually promises to be a setback for the bank, which has always enjoyed sweeping bipartisan support. The White House has issued a veto threat and the legislation is dead on arrival in the GOP-controlled Senate. Republicans say Financial Services Committee Democrats walked away from a bipartisan agreement that had been struck in advance of a committee vote last month. Top panel Republican Patrick McHenry of North Carolina says the measure contains “all their Democrat priorities ... and zero Republican priorities.” … [Read more...] about Partisan vote likely for Export-Import Bank