Bloomberg News: S&P Sued by Ex-Ratings Manager for Targeting Women in Job Cuts
| Bloomberg News Service is reporting that Rosario Buendia, a former managing director in Structured Finance at Standard & Poor’s, has sued S&P’s parent company, The McGraw-Hill Companies, for allegedly discriminating against women when it reorganized the structured ratings unit last year. Buendia’s lawsuit alleges that at least five other women in senior positions in structured finance were ousted and replaced with men. The Bloomberg story quotes McGraw-Hill spokesman Frank Briamonte as saying in a statement, “As a company recognized for treating employees fairly and valuing the contributions of its workforce, we believe this suit to be without merit and will defend against it vigorously.” According to the Bloomberg report, Buendia and her attorney, Matthew Schatz of the Schwartz & Perry LLP law firm in New York, declined to comment on the lawsuit. |
posted by Steve Lubetkin at
6:29 AM
7 Comments:
I don't believe discrimination ends at the senior management level at S&P. As someone who was replaced by a younger employee who possessed far less experience with the organization than I, I am familiar with such tactics at S&P on the support level as well.
I was the Executive Assistant to the last two consecutive Presidents at Standard & Poor's who dedicated 20 years to a corporation that I considered to be my home and my family. I consistently received exemplary performance ratings each and every year for 20 years and treated my position with the highest respect and dignity it deserved. I was well-liked by all of my colleagues and I ensured that I performed my duties well as I supported the leader of the world's most credible rating agency.
Upon the resignation of my last President, Kathleen Corbet, I was notified that my position was being eliminated. How so, when the new President, Deven Sharma, would require an Executive Assistant? I was told that Mr. Sharma preferred to have his (younger and less experienced) Assistant work for him instead of me. Is this discrimination? You bet it is, since I was not offered a comparable nor even lesser position with the company. As a single parent with a son in college and one son in law school, I was faced with the decision to either leave the company empty handed or take a severence package. A fine "how do you do".
So, I give kudos to Rosario Buendia. I wish her well with her lawsuit and I hope she succeeds in exposing Standard & Poor's and McGraw-Hill leadership for what they really are.
I too was told that I was the victim of a "job elimination". I was fired along with 4 other colleagues. However, S&P hired our younger and less experienced replacements prior to letting us go. I am told the replacements are not liked by the business units they are supporting and that they are digging up my group's old research and submitting it as their own. Saddest part is that they are being applauded for it. Too bad, it was a really respectable and good company before Sharma got a hold of it. Now it is just pathetic, with the stock trading at a fraction of what it was b4 Sharma took over. Now there's someone who's job should be eliminated. I wish you best of luck in your lawsuit.
It's not just gender or age discrimination, it's religious too.
As the sole income earner, I was 'forced' into signing the severance package as I do not have thousands of $$ to fight a corporation with deep pockets.
Integrity was stated as a core value of McGraw-Hill. Hypocrisy would be a more accurate value to describe the senior leadership.
I wish Rosario well.
In moderating comments on this post, we inadvertently deleted this comment without publishing it. We regret the inconvenience, but we have no way to contact Cadence, the author.
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Cadence has left a new comment on your post "Bloomberg News: S&P Sued by Ex-Ratings Manager for...":
Discrimination in Joe Held's Technology division is rampant, as well. I watched -- in utter amazement -- as Joe eliminated, fired, or drove away at least five senior-level females in technolgy. He seemed to really, really believe that a woman's place is truly NOT in his realm.
I would testify for this case in a heartbeat -- if asked. The general climate at MHC and S&P is low-level, yet consistent, exclusion for certain women -- the seasoned and experienced ones!
S&P in general, and the CDO group specifically, is a cauldron of discrimination. All senior women either laid off or driven away because they were not being promoted. Rosario, look at the HR records for that group. Its a goldmine!!!
I too was forced out of the S&P London Branch where I was employed as an Associate in QCoE. I also believe that the personnel policy is strongly discriminatory with regards to race (filling positions with Indians and Irish is preferred) and age. In my opinion prevailing at S&P post credit crunch HR policy is incorrect. Certain MDs claimed that more experienced employees had a wrong kind of experience and they should be replaced by younger workers with more modern way of thinking. In my opinion the real problem at S&P was hiring inexperienced, young, and therefore cheaper people for roles bearing enormous responsibility for which, I am sorry to say they were not suitable.
"I would testify for this case in a heartbeat -- if asked. The general climate at MHC and S&P is low-level, yet consistent, exclusion for certain women -- the seasoned and experienced ones!"
If you feel you have something to share, then do it!
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