So Goldman Sachs has been hit with a sex discrimination lawsuit alleging the firm is engaged in "systematic and pervasive discrimination" against female employees — who allegedly are paid less and treated worse than their male counterparts.
According to the lawsuit from three ex-employees, formerly a managing director, a vice president and an associate at the firm, Goldman Sachs allegedly retaliated against one of the employees after she reported an attempted sexual assault by a married male colleague. The lawsuit claims it also tolerated racist e-mails and allowed a managing director to hire scantily clad "female escorts" in "Santa hats" for a 2007 holiday party.
Typical scenes inside the Wall Street boys' club.
The lawsuit, detailed by The Wall Street Journal tells how one plaintiff was taken to a topless bar to celebrate the promotion of a male colleague, in which all employees in the group were encouraged to join, and where another was not invited to golf outings in which her male colleagues were invited.
Bloomberg's Ann Woolner says the lawsuit is part of a pattern of sex discrimination lawsuits on Wall Street. Other firms that have been sued include Smith Barney and Merrill Lynch. Woolner writes: "In lawsuit after lawsuit, women who sue Wall Street firms say they do compete, quite successfully, only to find that their bosses ignore the objective evidence of their performance and find ways to promote and pay more to male counterparts who perform the same or worse than they do. What's a girl to do?"
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Just another sign of the Wall Street's dysfunctional culture, one that's so removed from the real world. The allegations in the Goldman Sachs lawsuit would be the kind of stuff that goes on at other Wall Street firms.
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