It’s Equal Pay Day! Just Not For Everyone; JP Morgan Chase Chief Urges…Confidence; Wells Fargo Whistleblower Gets Last Laugh. Sort of.

100% Wrong!

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It might be 2017, but in a lot of ways it may as well be 1917. For some inexplicable reason a pay gap still exists between men, women and people of color. So weird, right? Hard to believe, but on average women still make 80 cents for every dollar a man gets. That’s assuming we’re taking about white, straight women. It all goes precipitously downhill from there. It’s a good thing women have an advocate in the form of Facebook COO Sheryl Sandberg.  Her nonprofit LeanIn.org has just whipped out its latest campaign, with a little help from Funny or Die, called #20percentcounts.  Because it absolutely does. One of the more startling facts of data from the Institute for Women’s Policy Research shows how closing that offensive 20% pay gap would actually lift over three million working women out of poverty. Out. Of. Poverty. In honor of Equal Pay Day, look for 20% discounts from several businesses to draw attention to this issue. For the full list, stop on by at LeanIn.Org.

Sauce-d…

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Well, if Jamie Dimon is saying it then it must be so. The JP Morgan Chase & Co. CEO just regaled us with his annual letter and started by saying just how friggin’ awesome the United States is and how it is “stronger than ever before.” But. It’s a big but. More like a BUT. He then goes on to discuss how “…something is wrong” with our country. He does, after all, sit on the President’s business forum, so I guess he would notice a few things that are…amiss.  For instance, he’s not digging the labor market, or rather there aren’t enough laborers in it. Of course, inner-city schools made a brief appearance in the letter, along with destructive anti-trade policies, infrastructure spending, corporate taxation, and those ever-pesky excessive regulatory rules. Dimon really took a lot of issue with all those banking regulations that are apparently marring the business landscape of the country. In all fairness, he would know a thing or two about that. Dimon feels the public should start showing a little more (un)conditional love towards our great big, fiscally-motivated financial institutions. The takeaway, according to Dimon’s letter? “Confidence is the ‘secret sauce’ that, without spending any money, helps the economy grow.” Got that? Confidence = Secret sauce=economic growth .Who knew?

Awkward…

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In all the talk about Wells Fargo’s illegal activities and all-around bad behavior, it seems a very important figure got lost – that being the very brave whistleblower who called out the bank over its fraudulent account opening activities. Said whistle-blower lost his job in 2010 after calling to complain to the bank’s very own ethics hotline, in addition to his supervisors,  about his suspicions that Wells Fargo was engaging in some problematic business practices. Now, not only was the bank ordered to hire him back, but it also has to pay him…wait for it…$5.4 million. Of course, that number pales in comparison to the $185 million worth of settlements that Wells Fargo has had to cough up already. But still, it’s gotta hurt for Wells Fargo. Well, cry me a river. Because after all, that $5.4 million is meant to cover back pay, damages, compensation and, of course, legal fees. This payout also has the dubious distinction of being the largest award ever ordered by OSHA. Naturally, Wells Fargo is not happy with the ruling and plans to fight it. As for the employee’s plans to return to Wells Fargo, well, that remains to be seen.

 

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Gravity Payments Sets a Happy Standard for Minimum Wage; It’s Equal Pay Day – So Help Do Something About It!; Why Tax Day Doesn’t Have to be Taxing

To whom should I submit my resume?

Image courtesy of iosphere/FreeDigitalPhotos.net

Image courtesy of iosphere/FreeDigitalPhotos.net

It’s a good day to be a minimum wage worker at Gravity Payments. The CEO and founder of the Seattle-based credit card payment processing company, Dan Price is generously – very generously – going to be giving most of his staff of 120 really big raises. I mean REALLY BIG. Mr. Price decided all this after he read an article about a study detailing how income affects happiness. The magical number, or rather salary, at which people’s happiness takes hold is a little more than $70,000. So Gravity Payments decided to set its minimum wage at $70,000 a year. The average salary there was (as of Friday, anyway) $48,000 a year, with minimum wage employees already earning more than the federal minimum wage. But now more than 30 people will now get at least double what they are already making. Mr. Price will pay for all these new raises by reducing his salary by $1 million and also using a big chunk of the company’s $2.2 million profit.  Mr. Price does’t see this as a loss, or even as charity. Instead, the prescient CEO sees it as an investment, as happy employees are conducive to happy clients and attract more business.  And what’s not happy about that?

While we’re on the topic of income inequality…

Image courtesy of  2nix/FreeDigitalPhotos.net

Image courtesy of 2nix/FreeDigitalPhotos.net

It’s not only the day before Tax day, today also marks Equal Pay Day. Patricia Arquette was spot on in her Oscars acceptance speech which had more to do with income inequality than…well, thanking her very well compensated team. Too bad Ms. Arquette wasn’t armed with the latest report from the National Partnership for Women and Families  at the time. Women “lose more than $490 billion to the wage gap every year.” But that’s just the dismal wretched beginning. On average, women as a whole make 78 cents for every dollar a man makes in the same job. Have kids? That takes it down another penny. But it only gets worse as African American women make 64 cents on the dollar while Latinas only earn 56 cents on the dollar. Single mothers, whose struggles are infinitely higher, make 58 cents for every dollar a man makes. Mad enough now? Help change things. Click here.

Not that you needed to be reminded…

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Image courtesy of vectorolie/FreeDigitalPhotos.net

We’re just hours away from the dreaded Tax Day as gazillions of Americans are getting ready to submit all the tedious details about their fiscal activities. But take comfort in knowing that businesses across the United States are offering the tax-weary all sorts of nifty discounts, coupons and somewhat generous offers. Need a tax extension? Instead of getting a penalty for filing late, get yourself a coupon for an extension. Both E-File.com and TaxExtension are graciously offering discounts of 15-20% off those pesky extension filings. Given this whole emotionally taxing situation, HydroMassage is also offering a coupon for a free massage. But don’t wait. It’s only good through April 17 and I am pretty sure there are no extensions for that one. If all this fiscal drudgery has your appetite on overdrive, there are a bunch of eateries offering all kinds of offers and discounts. McDonalds has a “buy one get one for one cent” on Big Macs and Quarter Pounders. More of a whopper fan? Burger King’s also got a “buy one get one free” deal on those burgers. If Boston Market’s more your thing, then go with a friend  – or not – to buy one dinner and get the second one free. In select Hard Rock Cafes your singing skills, provided you have any, might get you some free grub between 5-7 pm. As for all those trees that were sacrificed in the name of preparing your tax returns, Staples, Office Depot and OfficeMax stores are offering to shed between 2-5 lbs. of documents and other pieces of paper you’d be happy never to see again.