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Morning Coffee: Women at Merrill given lessons on massaging male bankers’ egos

Don't stamp your feet if you want to get ahead

Don't stamp your feet if you want to get ahead

Another day, another outrageous anecdote from the annals of Merrill Lynch – except that while the outrageous interview question we cited several weeks ago dated back to the 1970s, the latest outrage happened in 2009.

Several female trainees at Merrill Lynch have complained that they were handed a copy of the book, ‘Seducing the Boys Club: Uncensored Tactics from a Woman at the Top‘ by their (male) boss and told to follow its advice. Among other things, the book recommends stroking ‘men’s egos with flattery and manipulation,’  never criticizing a man in public, never trying to get what you want by stamping your feet, and never forgetting that if you’re a woman you have to be better than a man if you want to get ahead.

The book’s author, Nina DiSesa, was invited to give a talk at Merrill Lynch and confessed surprise that her book is now part of a discrimination suit being brought by the women.  In fact, the talk she gave at Merrill went down very well, said DiSesa. A few of the Merrill women even emailed her to follow up afterwards.

Meanwhile:

For 18 years, SAC Capital made average returns of 30%. (Bloomberg) 

SAC has never encouraged, promoted or tolerated insider trading and takes its compliance and management obligations seriously. “ (WSJ)

5 signs Steve Cohen was engaged in insider trading. (Fortune)

“A company reaps what it sows. SAC seeded itself with corrupt traders.” (Guardian)

Cohen and his colleagues own more than half the capital in SAC. Even if investors pull out, the fund can keep going. (|BreakingViews)

Cohen was known for quirks such as his disdain of ringing phones, which created a silent trading floor, and maintaining the firm’s temperature at a breezy 69F so traders would not be too comfortable. (Guardian)

UK ECM bankers expect a lot of IPOs to take place in the 2nd half of the year. (Financial News)

Former co-CIO of Goldman Sachs quantitative investment strategies group dead at 56. (PIO Online)

Big redundancies could be coming soon to Toronto’s banking sector. (Bloomberg)

Meredith Whitney says Wall Street’s biggest job cuts are yet to come. (Bloomberg)

Lloyd Blankfein on risk management: I have no trouble filling my time with things to worry about. (CNBC)

Fabrice Tourre: On more than one occasion, he referred to “bonds” but it sounded more like “bones.” (DealBook) 

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