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?
President TrumpDonald John TrumpButtigieg surges ahead of Iowa caucuses Biden leads among Latino Democrats in Texas, California Kavanaugh hailed by conservative gathering in first public speech since confirmation MORE on Friday appealed to the Supreme Court to block a subpoena from House Democrats for his financial documents, the second time Trump asked the justices to shield his records in as many days.At issue is a subpoena from the House Oversight Committee for financial records from Trump's accounting firm Mazars USA.Trump’s latest petition to the high court follows recent losses at the federal appeals court in Washington, D.C., and comes a day after his personal attorneys asked the Supreme Court to intervene in a separate New York suit to prevent the release of his tax returns. The pair of appeals sets the stage for potentially groundbreaking Supreme Court deliberations over the separation of powers, the scope of Congress’ oversight authority and … [Read more...] about Trump asks Supreme Court to block House Dems’ subpoena for financial records