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:
- 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.”
- 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.
- 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.
- 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.