Tag Archives: equity

Reporting

A More Equitable Future

My article for Kogod School of Business

Professor Stacy Merida, Kogod’s new assistant dean of diversity, equity, and inclusion, describes her mission to shape a more inclusive Kogod community.

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What do diversity, equity, and inclusion look like in a university setting? Who are the stakeholders of diversity initiatives? These are challenging questions, and the Kogod School of Business’s new assistant dean of diversity, equity, and inclusion, Stacy Merida, is finding answers. Merida, who teaches music entertainment industry classes in Kogod’s business and entertainment program, accepted the position in January 2021. She is leading the school not only in learning what these terms mean to its students, faculty, and staff but also in implementing meaningful changes based on input from the entire Kogod community.

Merida has a broad view of diversity, equity, and inclusion (DEI) that not only comprises demographic characteristics like gender, race, and ethnicity but all dimensions of a person’s identity, such as immigrant and first-generation status, economic background, education, and more. Of course, some of these characteristics are more salient to people’s identities, and some, because they are more visible to society, affect how people are treated more than less readily observable traits.

“One of our strategic goals is to cultivate a more diverse, equitable, and inclusive Kogod culture where every individual, regardless of background, has the full opportunity to flourish and thrive,” says Merida.

The daughter of a civil rights leader, Merida has been passionate about social justice since her childhood in Alabama. And that passion has driven her throughout her career. Her PhD dissertation examined cultural competency and proficiency in higher education administration. She serves as a board liaison for diversity and inclusion at the Music Entertainment Industry Educators Association (MEIEA) and represents American University as a committee member on the GRAMMY Museum’s diversity, equity, inclusion, and accessibility affiliate committee. Her most recent initiative was reaching out to Historically Black Colleges and Universities (HBCUs) and Hispanic and Tribal Universities to join the MEIEA through free membership.

In her new role as assistant dean, she will implement several initiatives that include creating a DEI task force, DEI fellowships, policy and procedure reviews, ongoing training, and surveying faculty, students, and staff. Her goals include ensuring students and staff reflect the diversity of our global society and transforming the faculty’s makeup to reflect the diversity of the student body. Another major goal is improving the academic outcomes for students from underrepresented, low-income, and other marginalized groups, in addition to securing transparent and more equitable outcomes for staff and faculty.

Diversity, as the word connotes, is about difference. But it is not about eliding or ignoring that difference. Rather, it is about ensuring that difference doesn’t lead to inequitable outcomes.

“There are distinct differences between equality and equity,” Merida explains. “Equity involves giving people what they need to be as successful as non-minoritized groups; conversely, equality is to treat everyone the same.”

Diversity is valuable in all areas but especially important in business. When a company has a diverse culture, it welcomes more viewpoints, allowing it to reach a wider audience. According to a McKinsey & Company report, “Companies in the top-quartile for ethnic/cultural diversity on executive teams were 33 percent more likely to have industry-leading profitability.” Google recently completed a study, Project Aristotle, that identified psychological safety as one of the most important factors of a high-performing team. Employees feeling included and able to be their authentic selves at work frees up their minds and energy to focus on their performance.

“Diversity is extremely important in the business community where different perspectives are and should be highly valued,” says Merida. “Organizations that value diversity and inclusion strive to provide a space where all members are respected. If a system or structure perpetuates inequity and inequality, we should encourage one another to challenge this system or structure.”

Merida is also acutely aware that no one holds just one identity. The term intersectionality, coined by Black feminist legal scholar Kimberlé Crenshaw in 1989, describes how individual characteristics like race, class, and gender interact with each other to form how someone sees—and is seen by—the world.

“Our students will find themselves working with employers, coworkers, and clients from diverse backgrounds,” explains Merida. “By experiencing diversity, we are laying the groundwork for all to be comfortable working and interacting with a variety of individuals of all nationalities.

“However, efforts in this space are nothing new as Kogod is ranked no. 9 by the recent Bloomberg Newsweek Diversity Index for its long-term commitment to diversity. I am exhibit A, as the creation of my position only exemplifies the continuation and broadening of Dean Delaney’s and the DEI committee’s visionary leadership. We are intentional in being the guiding example for our students, faculty, and staff.”

Merida’s new role is a testament to the hard work she and the Kogod community continue to engage in to create a diverse, equitable, and inclusive business school that prepares students not only for successful careers but to be thoughtful, compassionate, and engaged citizens of the world.

Reporting, Reviews

Show Me the Money: Representation of Women + Capital in Media

My article for District Fray Magazine

Shakira sang about she wolves in the closet, which (albeit not) might as well have been a reference to the absence of popular media portrayal of the She Wolves of Wall Street. Kept pent up for far too long, women’s roars are finally falling on some eager ears. 

In reality and on screen, Wall Street has been a boy’s club. Not only are women less represented, but they are also less remunerated. Citi — one of the world’s largest banks– reported in 2019 that its female employees earn 29 percent less than its male employees globally.

But women are wresting the wads away from the dominant grasp in some surprising ways, including starting their own investing clubs and creating new enterprises during the pandemic.

In celebration of Women’s History Month, here are some bankable portrayals of women and money:

  1. Equity–is a corporate thriller that follows Naomi Bishop, an investment banker working on the IPO launch of a Silicon Valley company. While taut and engaging (and thrilling), it is also a very sophisticated exploration of the power dynamics on Wall Street between and among genders. One of the most memorable lines from the movie is Naomi’s deadpan, “I like money.” Taking a Wall Street opening bell hammer to the groan-inducing gold-digger trope, director Meera Mennon, portrays women as enjoying the competition, the chaos, the hard work of their careers but the perks, too (hello, enviable power wardrobe). And while Naomi’s character has been a caretaker for those around her, she reminds us that “Don’t let money be a dirty word. We can like that, too.”
  2. Drug Short on Netflix’ “Dirty Money”–Dubbed the “femme fatale of short trading,” Fahmi Quadir, a brilliant short seller who left a Ph.D. program in algebraic mathematics for a career on Wall Street, takes on drug behemoth Valeant…and wins.The recent Gamestop kerfuffle and techbro Elon Musk’s relentless Twitter beef has shorted short sellers, portraying them as predatory. Fahmi is a testament to a different kind of a short seller–one who looks to identify corporate malfeasance and (yes) reap the rewards. When she says, “I do my work in the shadows,” she is referring to the fact that short selling is sleuthing and hours of poring over quarterly earnings reports. In other words, you won’t find the kind of information Quadir unearths readily available and even less so revealed by the companies themselves. Short selling is especially male-dominated, so this documentary on a world understood by very few is illuminating: “All short sellers are outsiders. And women are especially outsiders in this world,” says Quadir.
  3. Capital in the 21st Century–”We have a mythology that what’s good for Wall Street is good for Main Street, but that’s really never been true,” says Rana Foroohar, financial journalist associate editor of the Financial Times, in this documentary take on Thomas Piketty’s tome of a book. Foroohar’s commentary features prominently in the film. And her recently-released book “Don’t Be Evil: The Case Against Big Tech” is a searing indictment of the extent to which tech behemoths are monetizing our data.
  4. Bethany McLean’s podcast “Making a Killing” Known for her book “Enron: The Smartest Guys in the Room,” journalist and contributing editor to Vanity Fair magazine, McLean takes issues you may think you understand and complicates them, featuring clever titles like “Keynes was wrong. Gen Z will have it worse.” Her more recent 2018 book “Saudi America: The Truth About Fracking and How It’s Changing the World” is also thoroughly engrossing and a must-read for the energy heads out there.

While portrayals of women in finance have been scarce, the tide is certainly turning, as is the cash flow, with more women asserting their seat at the table at this former boys’ bastion.

Reviews

Equity Review

My review of the film Equity for The Eagle

f the women in the film Equity are the “She-Wolves of Wall Street,” the men may well be the hyenas, sneakily feasting on the carrion of the wolves’ spoils. Director Meera Menon offers a female perspective on the epitome of a bastion of male domination. Equity upends the very underpinnings of the financial thriller genre—the glorification (and conflation) of greed and power and the lionization of the “ol’ boy network” as the only interesting and significant players. Like The Big Short and Margin Call, Equity lets us look under the hood of the Wall Street machine, exposing the lifeblood to be as much “scoop” and “perceptions” as it is cold hard facts. The film asks, “Why are women not allowed to like money and to enjoy power?”, Or better yet, as Anne-Marie Slaughter asked, “Why Can’t Women Still Can’t Have It All,” (which, cheekily enough, is actually referenced in the movie).

Naomi Bishop, played with steely intensity by Breaking Bad’s Anna Gunn, is an investment banker adept in helping companies go public. Yet, despite her formidable portfolio, she is only as good as her last IPO, which was not particularly successful. Her smarmy boss’ explanation for why she won’t be getting a promotion is “the perception” that she “rubbed people the wrong way” on her last IPO and that this is “not her year”—very objective criteria, you see. So much for Wall Street’s reliance on data and not emotions. Determined to prove herself (how many times over!?), Naomi sets her sights on Cache, a social network that prides itself on its privacy controls. Unfortunately, there are far too many egos to coddle and no one in Naomi’s circle can be trusted personally or professionally.

Equity’s plot alone is certainly compelling and filled with the kind of tension viewers expect from the genre. The way in which the film provokes the audience into questioning assumptions about gender roles and the corporate environment, however, is its greatest asset. Naomi’s right hand woman Erin (Sarah Megan Thomas, one of the film’s producers) finds out she is pregnant. In one particularly memorable scene, Erin, in the middle of her ultrasound, wants to take a client’s phone call. Her husband pointedly rebukes her, telling her that the client would want Erin to “enjoy her sonogram.”

The film aims to make the viewers squirm and it does so with great aplomb, putting front and center so many of the assumptions about women and making the viewer question them not only in the context of the film but also in one’s response to their portrayal in the film. Meta indeed. This is what is so incredibly ground-breaking about the film–why are we made uncomfortable by Erin’s attitude toward her pregnancy as a nuisance that will ruin her career? Why do we assume Naomi wants to be single and childless and never notice the sacrifices she has made to get to play with the big boys? Why do we assume that women are not supposed to like money?

The way the men are portrayed in Equity is also quite interesting–one gets the sense that like hyenas, they stand by, awaiting to feast on the hard work of others. They are incredibly chauvinistic, paternalistic, but mostly bumbling and terribly inept. The head of Cache, the IPO Naomi launches, is the ubiquitous tech bro, more interested in eating expensive sushi with beautiful women than anything else. In her personal relationship with an investment banker, Naomi’s character shines as the kind of woman we rarely see in films–guarded with business matters and not quick to brag or tell anyone that will listen to her business, literally. The cause of her downfall is not the usual gullibility or lack of foresight–it is people betraying her or not trusting her. We get the sense that while Wall Street is a game, Naomi still plays by its rules. The ones seeking to break them are the men who created them.

Equity also excels is in portraying the process of a company going public in accessible, layman terms. In that sense, it also shows just how reliant the stock world is on gossip, hearsay, hunches, “perceptions,” and tips–the irony is not lost on the viewer, as these are the very things that have been labeled to be the hallmark of the “feminine.”

The film truly shines in upending commonly-held ideas about heroes and antiheroes…or should we say heroines. The women of Wall Street may inhabit a world utterly unfamiliar to us, but the way in which they are forced to navigate around the roadblocks constantly placed in their path will not be. If the film is feminist, it certainly does not blare its politics through a megaphone. The very existence of Naomi on Wall Street is already incredibly impactful and Equity shatters the glass ceiling of everything you might believe about them.

Grade: A