Wal-Mart is noted for making money both from lower wholesale prices and from low employees' pay. When employees in Quebec sought to unionize in order to bargain for better pay, Wal-Mart shut down their store. A Wal-Mart in Saskatchewan managed to unionize in 2008 and remain unionized, but the battle against unions continues apace.
So now, Goldman Sachs is planning to use the Wal-Mart decision in the U.S. to win its own case of discrimination. Goldman Sachs and Wal-Mart deserve each other.
Goldman Sachs fights bias lawsuit, cites Wal-Mart
By Moira Herbst - Reuters(Reuters) - Goldman Sachs Group Inc (GS.N) said a recent landmark decision throwing out a class-action lawsuit against Wal-Mart (WMT.N) means it should not face a wide-ranging case accusing it of systematic bias against women.
The investment bank in court papers said the three women who sued it last year have highly individual claims that cannot be readily applied to a wider class of plaintiffs.
Last month, the U.S. Supreme Court said a gender bias case against Wal-Mart on behalf of a group believed to exceed 1.5 million workers could not proceed because the plaintiffs' claims did not have enough in common to sue as a group. The plaintiffs allege that Goldman underpays women and promotes them less often than men.
A grant of class-action status can result in larger awards and make it easier for people who otherwise could not sue on their own to recover.
Read the whole article here
11 COMMENTS:
Who wouldn't think they were in bed together?
And all their fellow travelers.
Time to elect a few decent women yet, folks?
I wonder why the TBTF's were never asked to take a haircut like this on their books? Oh that's right...these people don't count!
Central Falls Gives Ballots to Police and Firefighters Asking for 50% Pension Reductions or Risk Losing Everything in Bankruptcy Court
http://globaleconomicanalysis.blogspot.com/2011/07/central-falls-gives-ballots-to-police.html
An audit of the Fed reveals why the establishment resisted an audit for so long – The U.S secretly provided an eye-popping $16 Trillion in secret loans to bailout U.S. and foreign bankers.
http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
Federal Reserve audit highlights possible conflicts of interest
"As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," Sanders said in a statement. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
http://sanders.senate.gov/newsroom/news/?id=9005bc62-9fc2-4fb9-b4cf-4bfa53e68a46
Use your imagination....
Frits Bolkestein: BIS shelters money for dictators and deadbeats
The BIS has played a vital role in creating a more stable and predictable international monetary system. Unfortunately, the fact that both the BIS and its customers have immunity from international jurisdiction and regulation provides an unintended legal loophole to regimes that care very little for the solidity of the international monetary system. From last year's Wikileaks scandal, we know that in the mid-1990s, Nigerian dictator Sani Abacha used that same legal loophole to store billions of dollars that he had stolen from his own people at the BIS, thus protecting it from litigation.
http://gata.org/node/10165
Kevin Slavin: How algorithms shape our world
black box trading-2000 physicists on wall street-math, magic, conflicted behavior.
http://www.ted.com/talks/kevin_slavin_how_algorithms_shape_our_world.html
Book Review: Treasure Islands: Tax Havens and the Men Who Stole the World by Nicholas Shaxson
Perhaps the most striking conclusion, if you're in the UK anyway, is the fact that the City of London acts as the grand-daddy of tax havens. And a defining characteristic of tax havens, Shaxson tells us, "is that local politics is captured by financial services interests (or sometimes criminals, and sometimes both) and meaningful opposition to the offshore business model has been eliminated".
Read more: http://www.seattlepi.com/lifestyle/blogcritics/article/Book-Review-Treasure-Islands-Tax-Havens-and-the-1339404.php#ixzz1T2zPvf8N
Peter Eigen: How to expose the corrupt
Some of the world's most baffling social problems, says Peter Eigen, can be traced to systematic, pervasive government corruption, hand-in-glove with global companies.
http://www.ted.com/talks/lang/eng/peter_eigen_how_to_expose_the_corrupt.html
World Bank
http://en.wikipedia.org/wiki/Robert_Zoellick
The firm’s heightened sense of self-regard was evident in the damning e-mails that have surfaced in investigations, and in its subsequent interactions with governmental bodies like the Financial Crisis Inquiry Commission, which accused Goldman of obfuscating and stalling. It is this infuriating attitude that helps make it such a compelling target. In Washington, the testimony of Blankfein and his colleagues was perceived as being disrespectful. “It was a terrible, terrible performance,” says a former government official. “The arrogance, the condescension, the really kind of minor-league, junior-varsity delay tactics ... It was just very, very poor crisis management.” By July, Goldman had settled with the SEC for $550 million, but the report the subcommittee released this spring revealed exactly what kind of impression they got from the firm. At the press conference, Senator Carl Levin, the chair of the committee, suggested that Blankfein had committed perjury when he’d denied the firm had a “massive” short on the mortgage market. He announced that the subcommittee was forwarding the 639-page report to the Justice Department, with the recommendation it look into prosecuting Blankfein and others at the firm. Levin described Goldman as a “financial snake pit rife with greed, conflicts of interest, and wrongdoing,” and while he mentioned a handful of other firms too, it was, as usual, Goldman Sachs that made the biggest headlines. And not just because of the possible perjury.
http://nymag.com/news/business/lloyd-blankfein-2011-8/index5.html
Perjury? http://en.wikipedia.org/wiki/Perjury
Treasure Islands: Tax Havens and the Men Who Stole the World by Nicholas Shaxson
Perhaps the most striking conclusion, if you're in the UK anyway, is the fact that the City of London acts as the grand-daddy of tax havens. And a defining characteristic of tax havens, Shaxson tells us, "is that local politics is captured by financial services interests (or sometimes criminals, and sometimes both) and meaningful opposition to the offshore business model has been eliminated".
Read more: http://www.seattlepi.com/lifestyle/blogcritics/article/Book-Review-Treasure-Islands-Tax-Havens-and-the-1339404.php#ixzz1T2zPvf8N
The level of corruption cannot be adequately put in words, as the bond
fraud has mixed with counterfeit along with money laundering from
officially sanctioned and protected syndicate enterprise. Since
touching the Kabul outskirts, a vertical integration has come to the
contraband enterprise and its sophistication. The individual investor
has simple motives to make money, but more so to protect against total
ruin, home foreclosure, job loss, deep erosion of life savings,
inability to provide for the family, even becoming a debt slave. The
motive is to prepare for the inevitable implosion and work toward
survival.
http://www.zerohedge.com/news/guest-post-conscience-gold-investor?
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