Editorial Content for She-Wolves: The Untold History of Women on Wall Street
Contributors
Reviewer (text)
Outrageous fortunes are made through the buying and selling of stocks on Wall Street. The trading floors are active whether the prices for financial instruments are high (bullish) or are engaged in a sharp decline (bearish). Throughout much of its early existence, Wall Street was dominated by men. There were a variety of firms with their own exclusivity in terms of hiring practices, including Merrill Lynch, Morgan Stanley and Goldman Sachs. The one commonality amongst them was a non-existent female presence.
The key to gaining a foothold in a male-dominated culture was to be ambitious and make your mark. In the 19th century, Victoria Woodhull and Tennessee Claflin operated their own brokerage house. Nearly a century later, Mickie Siebert would purchase a seat on the New York Stock Exchange. Despite the inroads women had been making in society, most of Wall Street remained a boys’ club.
"SHE-WOLVES is a powerful work about inspiring women who paved the way for future titans of the finance industry."
The 1960s was a time of political and social upheaval. The Civil Rights and Women’s Rights movements went up against an ingrained culture on Wall Street that was hesitant to change. Women began to be admitted to esteemed institutions such as Harvard Business School. Yet they were often ignored by professors and set up to fail with various barriers placed in their way. Despite the obstructionist tactics, women like Lillian Lambert were resolute in meeting any challenge and receiving their degree.
Alice Jarcho’s breaking of the glass ceiling would result from a series of strange twists. She had gone from receptionist to office manager at a financial firm after the mental breakdown of her predecessor. However, she left the firm as they refused to pay for her Series 7 broker’s exam. Her next employer at Oppenheimer paid for the exam and would pave the way for her to trade on the floor of the NYSE.
As the ’60s gave way to the ’70s, the forces of feminism were beginning to make headway in challenging the stodginess of the masculine-favored establishment. Women were being hired at financial firms as arbitrageurs and featured on television programs such as “Wall Street Week.” A woman’s voice was being heard on multiple fronts, and she was providing financial guidance to uninitiated and experienced investors.
SHE-WOLVES charts the ascent of various women as they attempt to climb the formidable ladder of success in the financial markets. The battle would be fought over decades as women like Louise Jones and Marianne Spraggins ran up against harassment and discrimination in an environment dominated by male chauvinism. The fascinating paths of the ladies profiled would take them from storybook highs (seven-figure salaries) to devastating lows (market crashes). The markets were stagnant in the '70s but would be revived in the ’80s on the heels of deregulation and leveraged buyouts.
Paulina Bren, an award-winning historian and a professor at Vassar College, thoroughly highlights the unsung heroines and pioneers who started the liberation of the Wall Street patriarchy. SHE-WOLVES is a powerful work about inspiring women who paved the way for future titans of the finance industry.
Teaser
First came the secretaries from Brooklyn and Queens --- the “smart cookies” who saw that making money, lots of it, might be within their grasp. Then came the first female Harvard Business School graduates, who were in for a rude awakening because an equal degree did not mean equal opportunity. But by the 1980s, as the market went into turbodrive, women were being plucked from elite campuses to feed the belly of a rapidly expanding beast, playing for high stakes in Wall Street’s bad-boy culture by day and clubbing by night. In SHE-WOLVES, award-winning historian Paulina Bren tells the story of how women infiltrated Wall Street from the swinging '60s to 9/11 --- starting at a time when “No Ladies” signs hung across the doors of its luncheon clubs and (more discretely) inside its brokerage houses and investment banks.
Promo
First came the secretaries from Brooklyn and Queens --- the “smart cookies” who saw that making money, lots of it, might be within their grasp. Then came the first female Harvard Business School graduates, who were in for a rude awakening because an equal degree did not mean equal opportunity. But by the 1980s, as the market went into turbodrive, women were being plucked from elite campuses to feed the belly of a rapidly expanding beast, playing for high stakes in Wall Street’s bad-boy culture by day and clubbing by night. In SHE-WOLVES, award-winning historian Paulina Bren tells the story of how women infiltrated Wall Street from the swinging '60s to 9/11 --- starting at a time when “No Ladies” signs hung across the doors of its luncheon clubs and (more discretely) inside its brokerage houses and investment banks.
About the Book
The propulsive story of the women who sought, and gained, a piece of the action on Wall Street.
First came the secretaries from Brooklyn and Queens --- the “smart cookies” who saw that making money, lots of it, might be within their grasp. Then came the first female Harvard Business School graduates, who were in for a rude awakening because an equal degree did not mean equal opportunity. But by the 1980s, as the market went into turbodrive, women were being plucked from elite campuses to feed the belly of a rapidly expanding beast, playing for high stakes in Wall Street’s bad-boy culture by day and clubbing by night.
In SHE-WOLVES, award-winning historian Paulina Bren tells the story of how women infiltrated Wall Street from the swinging '60s to 9/11 --- starting at a time when “No Ladies” signs hung across the doors of its luncheon clubs and (more discretely) inside its brokerage houses and investment banks. If the wolves of Wall Street made a show of their ferocity, the she-wolves did so with subtlety and finesse.
Research analysts signed their reports with genderless initials. Muriel “Mickie” Siebert, the first woman to buy a seat on the NYSE, threatened she’d have port-a-potties delivered if the exchange didn’t finally install a ladies’ room near the dining room. The infamous 1996 Boom-Boom Room class action lawsuit, filed by women at Smith Barney, pulled back the curtain on a bawdy subculture where unapologetic sexism and racism were the norm.
As engaging as it is enraging, SHE-WOLVES is an illuminating deep dive into the collision of women, finance and New York.
Audiobook available, read by Rebecca Lam
