1. Muriel Siebert was the first woman to have a seat on the New York Stock Exchange, and the first to head one of its member firms, Muriel Siebert & Co. She took leave in 1977 to serve as the first woman Superintendent of Banking for the State of New York. She often appears on talk shows, telling industry to make better use of women: 'Women executives can be a strong competitive force against other countries that still only employ males in executive positions.'
2. Her favourite word is 'risk'. She says: The men at the top of industry and government should risk sharing leadership with women. In these fast changing times we need different viewpoints and experiences. The real risk lies in continuing to do things the way they've always been done.'
3. Her best-known 'risk' was in 1967 when she applied to become the first woman member of the Stock Exchange. Many men on Wall Street were openly against her application. She was turned down by nine of the first ten men she asked to sponsor her application. Before considering her for membership, the Stock Exchange set a new condition: she needed a letter from a bank saying they would lend her $300,000 of the $445,000 seat price. But banks would not lend her the money until the Stock Exchange agreed to admit her! The problem was finally solved and she was elected to membership in December 1967. In December 1997 she celebrated her thirtieth anniversary by ringing the closing bell.
4. Her next career move was to the post of Superintendent of New York State's Banking Department. In the 1970s, banks were facing many difficulties. Interest rates climbed steeply and bank failures became common everywhere. Siebert acted quickly to prevent bankruptcies in New York State. She forced banks to merge, persuading stronger institutions to help weaker ones, and demanded tough action, such as forcing one bank president to cut his salary in half.
5. During this period, she had placed her company in a blind trust run by her employees, that is, a trust which managed a company for her while she held public office. It was a costly mistake: she discovered that three employees had left taking her customer lists with them. She rebuilt the company, and rejected offers to buy her company because: 'As the only woman owner of a Stock Exchange firm I feel an obligation to finish the job I started.'
X 3 points) For questions 1-6, you have to chose the option (, , or D) which best matches the information in the text. Give your reasons.
1. Muriel Siebert was the first woman to
A. own her own company.
B. run a New York bank.
C. join the Stock Exchange.
2. According to Siebert, if more women get into senior positions, it will
A. show that women are just as good as men.
B. make American companies more competitive.
C. encourage American companies to take risks.
3. The worst risk, according to Siebert, is to
A. do nothing.
B. change things too quickly.
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C. employ more men than women.
4. What did Siebert need to do in order to enter the Stock Exchange?
A. find a sponsor and get a bank loan.
B. send the completed application form to her bank.
C. get a seat and ring the closing bell.
5. In the late seventies, one problem faced by companies and financial institutions was that
A. wages were too high.
B. banks often refused to lend money.
C. interest rates kept going up and up.
6. What went wrong with her firm while it was in a blind trust?
A. It lost most of its customers.
B. Nobody would buy it.
C. She still had to finish the job she had started.
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