Google Workers Fume Over Executives’ Payouts After Sexual Misconduct Claims

SAN FRANCISCO — At Google’s weekly staff meeting Thursday, the top question employees voted to ask Larry Page, a co-founder, and Sundar Pichai, the chief executive, was one about sexual harassment.

“Multiple company actions strongly indicate that protection of powerful abusers is literally and figuratively more valuable to the company than the well-being of their victims,” read the question, which was displayed at the meeting, according to people who attended. “What concrete and meaningful actions will be taken to turn this around?”

The query was part of an outpouring from Google employees after a New York Times article published Thursday reported how the company had paid millions of dollars in exit packages to male executives accused of misconduct and stayed silent about their transgressions. In the case of Andy Rubin, creator of Android mobile software, the company gave him a $90 million exit package even after Google had concluded that a misconduct claim against him was credible.

By Daisuke Wakabayashi and Kate Conger, New York Times

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Fed Proposes Looser Rules for Large U.S. Banks

"The Federal Reserve announced one of the most significant rollbacks of bank rules since President Trump took office," confirms the Wall Street Journal (Oct. 31, Tracy), "with a proposal for looser capital and liquidity requirements for large U.S. lenders." The changes would impact such big U.S. lenders as Capital One Financial Corp., U.S. Bancorp, and over a dozen others. The largest U.S. banks, most notably JPMorgan Chase & Co., would not see any significant rule changes. Approved by a 3-1 vote at a meeting of the central bank's governing board, the draft proposal would divide big banks into four categories based on their size and other risk factors. The proposals received mixed reviews from banks. While some trade groups applauded it, Bank Policy Institute President Greg Baer lamented that the proposal "does not do enough to tailor regulations."

NACD Directors Daily. November 1 2018.

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