Search Results for: Financial Times

Confronting the Top Brass at The New York Times About Pay Discrepancy

Jill Abramson left the New York Times’s executive editor position today and was replaced by Dean Baquet, the managing editor at the newspaper. At The New Yorker, Ken Auletta writes about what happened behind the scenes:

As with any such upheaval, there’s a history behind it. Several weeks ago, I’m told, Abramson discovered that her pay and her pension benefits as both executive editor and, before that, as managing editor were considerably less than the pay and pension benefits of Bill Keller, the male editor whom she replaced in both jobs. “She confronted the top brass,” one close associate said, and this may have fed into the management’s narrative that she was “pushy,” a characterization that, for many, has an inescapably gendered aspect. Sulzberger is known to believe that the Times, as a financially beleaguered newspaper, needed to retreat on some of its generous pay and pension benefits; Abramson had also been at the Times for far fewer years than Keller, having spent much of her career at the Wall Street Journal, accounting for some of the pension disparity. Eileen Murphy, a spokeswoman for the Times, said that Jill Abramson’s total compensation as executive editor “was directly comparable to Bill Keller’s”—though it was not actually the same. I was also told by another friend of Abramson’s that the pay gap with Keller was only closed after she complained. But, to women at an institution that was once sued by its female employees for discriminatory practices, the question brings up ugly memories. Whether Abramson was right or wrong, both sides were left unhappy. A third associate told me, “She found out that a former deputy managing editor”—a man—“made more money than she did” while she was managing editor. “She had a lawyer make polite inquiries about the pay and pension disparities, which set them off.”

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Read Ken Auletta’s October 2011 profile of Jill Abramson

The Big Problem with Financial Journalism

One great problem with financial journalism, especially in the decades leading up to the crash, has been that it’s often written in an argot understandable only to the already highly financially literate. Andrew Ross Sorkin doesn’t usually employ such specialized language. This has led to the mistaken belief that he’s explaining the industry to regular people. In fact, he is a dutiful Wall Street court reporter, telling important people what other important people are thinking and saying. At the same time, he is Wall Street’s most valuable flack. He isn’t explaining finance to the people—you’d be better served reading John Kenneth Galbraith to understand how finance works—he’s justifying it.

The modern finance industry is at a loss when it comes to justifying its own existence. Its finest minds can’t explain why we wouldn’t be better off with a much simpler and more heavily circumscribed model of capital formation. Sorkin likewise can’t make his readers fully grasp why the current system—which turns large amounts of other people’s money and even more people’s debt into huge paper fortunes for a small super-elite, and in such a way as to regularly imperil the entire worldwide economic order—is beneficial or necessary. But the New York Times and Wall Street each need him to try.

Alex Pareene, in The Baffler (2014).

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Photo via Wikimedia Commons

The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?

Longreads Pick

Jed S. Rakoff, a United States District Judge, looks into why there were no criminal charges against bank executives, despite clear findings of fraud:

In striking contrast with these past prosecutions, not a single high-level executive has been successfully prosecuted in connection with the recent financial crisis, and given the fact that most of the relevant criminal provisions are governed by a five-year statute of limitations, it appears likely that none will be. It may not be too soon, therefore, to ask why.

One possibility, already mentioned, is that no fraud was committed. This possibility should not be discounted. Every case is different, and I, for one, have no opinion about whether criminal fraud was committed in any given instance.

But the stated opinion of those government entities asked to examine the financial crisis overall is not that no fraud was committed. Quite the contrary. For example, the Financial Crisis Inquiry Commission, in its final report, uses variants of the word “fraud” no fewer than 157 times in describing what led to the crisis, concluding that there was a “systemic breakdown,” not just in accountability, but also in ethical behavior.

Published: Dec 18, 2013
Length: 16 minutes (4,036 words)

‘Boxing’s not so well kept secret is that, financially, most fighters can never stop’

Longreads Pick

On the past, present and future of Manny Pacquiao, who was knocked out in December and now is returning to the ring. And despite earning more than $200 million, Pacquiao doesn’t have much of it left:

In the Times article, Michael Koncz, singled out Pacquiao’s Achilles’ heel: “The downfall of Pacquiao, if there is one, will be his kindness and generosity. At some point, I fear that’s going to catch up to him.” Beyond Pacquiao’s generosity, he reportedly squandered millions from gambling. That doesn’t even account for his fleet of cars and extensive property holdings, including houses, condos, apartments and such an intense desire to give his money away to the poor he had to hire people simply charged with the responsibility to apologize and prevent him from throwing money at all the open hands spread out before him.

Source: SB Nation
Published: Nov 21, 2013
Length: 25 minutes (6,254 words)

A New York Times Whodunit

Longreads Pick

Why was New York Times CEO Janet Robinson fired? A look inside the political battles and financial troubles that led Arthur ­Sulzberger to let Robinson go (with a $24 million exit package):

“Interviews with more than 30 people who are intimately familiar with different aspects of the Times’ business (none but a spokesperson would speak for attribution—this is the paper of record, after all) have made it clear that Gonzalez’s rise and Robinson’s fall, and the ensuing leadership vacuum inside the paper, were symptomatic of larger forces at work. Even as a new pay wall was erected on the Times’ website last spring to charge customers for access, the company’s performance, including an alarming dive in print advertising when other media companies were beginning to recover, was faltering, and Sulzberger was under pressure both financial and familial to throw Robinson overboard.

“As the paper’s stock price has declined in recent years, there has been increasing unease among the Ochs-Sulzberger clan, who control the paper through a special class of shares. Three years ago, facing huge debt problems, the company suspended the lucrative stock dividend that once flowed quarterly to the family’s 40-plus members, intensifying the need to solve the intractable advertising problems of the newspaper in the digital age and figure out a way to turn the family’s cash spigot back on. Janet Robinson, the company’s advertising brains, found herself caught between her increasingly remote boss and a frustrated family worried over the future of its 116-year-old fortune.”

Author: Joe Hagan
Published: May 28, 2012
Length: 20 minutes (5,085 words)

The Most Important Financial Journalist of Her Generation

Longreads Pick

Profile of The New York Times’ Gretchen Morgenson

Source: The Nation
Published: Jun 17, 2009
Length: 16 minutes (4,131 words)

We Need to Talk About Uber: A Timeline of the Company’s Growing List of Problems

Uber CEO Travis Kalanick (Photo by Wang K'aichicn/VCG/VCG via Getty Images)

In a piece for the Financial Times titled “Fire Travis Kalanick,” Kadhim Shubber wrote of the founder of Uber: “One day we will look back at what will hopefully be the smouldering wreckage of Kalanick’s career and ask how a person so lacking in basic human and corporate ethics was allowed to run a company for so long.”

Founded in 2009, Uber was able to portray itself as an underdog “disruptor” into 2012, galvanizing support to beat back city lawmakers in Boston and Washington, D.C. who sought to impose regulations.

But then their practice of surge pricing during crises came under fire when ride prices doubled in New York City after Hurricane Sandy devastated the metropolis in 2012. When surge pricing reached nearly eight times the fare during a snowstorm in 2013, riders got angry.

At first, few reporters took to criticizing the company. When they did, Uber’s public relations machine responded by trashing those reporters in other outlets. When reports of assaults and misconduct by Uber drivers started to roll in, the company responded by claiming they were not responsible for the incidents because the drivers are “independent contractors.”

And since 2013, the missteps and scandals have only continued to pile up. Here is a not comprehensive timeline of all of the trouble Uber has gotten into to date:

January 2014: Pando reported that an Uber driver suspended after assaulting a passenger in San Francisco had a criminal record, including a felony conviction involving prison time. Uber has no explanation for why the driver cleared the background checks that California mandated they run. That same month, outlets nationwide report on the company getting hit with its first wrongful death suit stemming from a driver killing a 6-year-old girl in a San Francisco crash on New Year’s Eve. That driver also had a criminal record that included a conviction for reckless driving. Read more…

The Lost Art of Getting Lost

Rope bridge, Ladakh, 1981

I have two pieces of major travel cred, neither particularly deserved. One is that I’ve been to all seven continents—in a turn of events I still don’t believe actually happened, a client sent me to Antarctica—and the other is that after traveling by train and hitchhiking, I walked over the Himalayas from Leh, in Ladakh, to Manali, in Himachal Pradesh. When people ask me how I came to make that trip, my answer is absurdly naive. I could not, at the time, cross the Khyber Pass as I had wanted, so I did this instead. My motivation was based in complete idiocy; I was very young, and lucky me, I lived to tell the tale.

This was in 1982, and because it was pre-internet, I had no idea I was part of the wandering population exploring what had been called the Hippie Trail: the overland route traveled by free spirits in the 60s and 70s that “wound through Europe via Yugoslavia and Greece (with a possible island side-trip) to Istanbul…a typical path went to Ankara, then through Iran to Tehran, to Kabul in Afghanistan, through the Khyber Pass to Peshawar and Lahore in Pakistan, and then on to Kashmir, Delhi and Goa in India.”

Today, you can fall into a k-hole of photos from that era—I have a wooden box full of them myself—buses and trains full of backpackers armed with little more than a guide book and a few choice phrases. One could met a handful of Westerners, hang out for a few days, trade information, and go along your way.

My current nostalgia is not for the travels themselves, but for a time when this kind of travel was possible, when one could imagine the porousness of borders, disappearing and reappearing weeks later in a post office phone booth in New Delhi or Cairo trying to call home to let your family know you were fine, and also, still alive.

My absurd travel résumé is why I always have time for the similar sentiments from other voices of this rootless era, and to understand their grief for its loss. Every era is a golden age of travel to those traveling in it. In the Financial Times, Charlie English delivers a eulogy for a geographic freedom that is now in short supply.

Everything was fine, of course: as foreign correspondents say, it always is until something happens. Without exception, the people I met were glad to see me, since I represented the outside world, which, Timbuktiens felt, had forgotten them. The famous little caravan town has always loved visitors, and until recently they were a considerable source of income. The highlight of the tourist season in the 2000s was the Festival in the Desert, a showcase of Malian and international music organised by Manny Ansar. Eight or nine hundred foreigners would come, Ansar told me, and spend money all over town: “They paid for travel, they paid in the restaurants, they paid for souvenirs, they rented camels, tents.” But the violence in the desert put a stop to that, and by the time of my visit Timbuktu was filled with unemployed tour guides, empty hotels, and its famous manuscript libraries were shut.

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On Becoming a Woman Who Knows Too Much

National Security Adviser Condoleezza Rice waits for remarks by President Bush after he attended a military briefing at the Pentagon Monday, May 10, 2004. (AP Photo/Gerald Herbert)

Hawa Allan | “Becoming Meta,” from Double Bind: Women on Ambition | April 2017 | 18 minutes (4,661 words)

For many women, the idea of ambition is complicated. Too often when we’re are described as ambitious, it’s hard to tell whether it’s a compliment or a criticism. Often, it’s an all-out accusation. For the essay collection Double Bind, editor Robin Romm tasked 24 women writers with considering their own relationships to ambition. Hawa Allan‘s essay “Becoming Meta” is a meditation on the mantra of I’ll show you that drove her to achieve—first as the only black student in her elementary school’s gifted and talented program, then as a law student, and finally as a law firm associate, hungry for the validation of the “rainmaker” partners whose ranks held no one that looked like her.

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A noun is the proper denotation for a thing. I can say that I have things: for instance that I have a table, a house, a book, a car. The proper denotation for an activity, a process, is a verb: for instance I am, I love, I desire, I hate, etc. Yet ever more frequently an activity is expressed in terms of having; that is, a noun is used instead of a verb. But to express an activity by to have in connection with a noun is an erroneous use of language, because processes and activities cannot be possessed; they can only be experienced. —Erich Fromm, To Have or to Be?

I have been to a few Madonna concerts in my day, so I may or may not have been straining to get a view around the pillar planted in front of my discount seat when I beheld the superstar kick up into a forearm stand in the middle of the stage. For non-initiates, a “forearm stand” is a yoga pose wherein you balance your entire body on your forearms—lain parallel to one another on the ground, and perpendicular to your upper arms, torso, and legs, all of which are inverted skyward. Imagine turning your body into an “L.” And then imagine Madonna doing the same, except spotlighted before thousands of gaping fans in a large arena.

I hadn’t done any yoga at that point, so the irony of Madonna flaunting her ability in a discipline meant to induce inner awareness was totally lost on me. I just thought it was cool. Precisely, I interpreted Madonna’s forearm stand as a demonstration of power—power that was quiet yet fierce. An expression of power that I immediately decided I wanted to embody. So, not too long thereafter, I went ahead and enrolled in a series of free, introductory lessons at yoga studios across Manhattan and Brooklyn. My modus operandi: take advantage of the introductory classes and skip to another studio (once I no longer had a discounted pass). I was doing this, I told myself at the time, to test out different teachers—to find “the right fit.” In hindsight, I can see that this was just an excuse for being itinerant and cheap.

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