Corporations

The largest companies in the U.S. – those with gross annual revenues of at least $20 billion – report a larger representation of women and other underrepresented groups on their boards of directors. Seventy percent have at least two women and 53 percent have two or more directors from underrepresented groups. Women managers, however, are increasingly opting out of high-end careers when companies fail to meet their professional needs and goals. Fewer than 15 percent of Fortune 500 officers and directors are women, and graduate business schools (unlike law and medical schools) have far fewer women than men applicants. NCRW is supporting efforts to make the corporate environment more welcoming and the career ladder more accessible to women and people of color.

TREASURY SECRETARY FORUM--Ms. Foundation President Sara Gould Advises Geithner to Bail Out Responsibly

Posted November 24, 2008 by Linda Basch

Linda Basch: What three recommendations do you have for Timothy Geithner, our next Treasury Secretary?

Sara Gould: First, we must strongly urge that the next Secretary ensure that the $700 billion bailout and other actions designed to address the economic crisis prioritize getting relief to communities that need it most. It’s not enough to rely on support for large banks to trickle down to middle and low-income people who are disproportionately affected by the plummeting economy—particularly when the banks’ share of the bailout came with few regulations and the conditions it did come with are being defied (see Naomi Klein’s article in The Nation).  Instead, the next Treasury Secretary should require that financial institutions use the bailout money for lending to consumers—instead of to boost the value of its shares. In addition to accountability and comprehensive regulations that apply to bailed-out banks and beyond, s/he should insist upon transparency and reveal exactly where the money is going and how it is being used. It is especially critical that the bailout money be used to help people who are facing or already in foreclosure—the majority of whom are likely women and people of color, as they were most likely to receive sub-prime loans in the first place. One promising option is to support FDIC chairperson Sheila Bair’s proposal to use $25 billion of the bailout to provide mortgage relief to homeowners. Her proposal would offer incentives to loan servicers to restructure mortgages, making payments more affordable. Second, an economic stimulus should be passed quickly. It should include immediate relief such as the extension of unemployment benefits as well as programs like job creation and training that will ensure economic stability for low- and middle-income people over the long-term. Any economic stimulus package should be sure to address the urgent needs of those who have been most impacted by the crisis, especially low-income women, women of color and their families. Recent statistics show that women are losing jobs at twice the rate of men. Third, we must return to a system of progressive taxation in which people with high incomes and net worth provide a larger share of tax revenues. New revenue should go towards domestic stimulus programs such as job training and infrastructure rebuilding as well as for key social and economic supports that have been eroded over the last two decades.


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Former Goldman Sachs Partner Speaks Out on Behalf of Women

Jacki Zehner, a former partner at Goldman Sachs and a dear and longtime friend of the Council's, has a powerful post up right now at Huffington Post, titled  "Why Are Goldman's Women Invisible (Asks a Former Goldman Sachs Partner)." The piece takes Goldman to task for its under-representation of women in leadership.  I urge you to comment on the post, and to read Jacki's blog, PursePundit,  for the real deal on women in the financial sector.  Jacki bravely tells it like it is!  The Council is currently working on a paper with Jacki focused on the severe underrepresentation of women in fund management positions that


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Financial Crisis: What If...?

October 31, 2008 posted by Linda Basch


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