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Marketplace All-in-One

A “good ol’ boys” culture at the FDIC

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 8 May 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

A new report from an independent law firm says that big changes are needed at the Federal Deposit Insurance Corporation to address widespread allegations of sexual harassment and discrimination and that FDIC’s management’s response has been “insufficient.” We’ll discuss. Plus, there was a big slowdown of consumer credit growth in March. And can the “Las Vegas of the East” move away from gambling revenue to entertainment?

Transcript

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0:00.0

And you thought your workplace culture was bad.

0:05.0

For marketplace, I'm Sabrie Beneshore and for David Brancaccio.

0:08.0

A new report from an independent law firm says big changes are needed at the Federal Deposit Insurance Corporation

0:15.2

to address widespread allegations of sexual harassment and

0:18.8

discrimination. The FDIC is the agency that ensures bank deposits and helps regulate the country's financial system.

0:25.2

The report says the FDIC's management's response so far has been insufficient

0:30.9

Marketplace's Nancy Marshall Genser reports.

0:34.0

The report says more than 500 people contacted a hotline the law firm set up.

0:38.8

One FDIC employee said a colleague sent her sexualized text messages and continued texting after she filed a complaint

0:46.2

making her fear for her safety. Women in an FDIC field office said their supervisor

0:51.5

routinely talked about their breasts and legs in his sex life.

0:55.3

The report says there's a good old boy culture at the FDIC where wrongdoers aren't held to account

1:00.9

but are transferred instead. The report doesn't call for the resignation of

1:05.1

FDIC Chairman Martin Gruenberg, but it does say cultural and structural change is needed.

1:11.1

I'm Nancy Marshall Genser for Marketplace.

1:15.0

We consumers are lightning up on borrowing.

1:18.0

According to data from the Federal Reserve, consumer credit growth slowed way down in March, grew at a mere 1.5% annual rate compared to 3.6% in February.

1:29.0

Credit card borrowing especially barely moved in March.

1:32.2

After a credit card spending

1:34.0

frenzy the month before

1:35.8

Susan Schmidt is here to talk about it she's head of public equity at the state of

1:38.8

Wisconsin investment board

...

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