The Federal Deposit Insurance Corporation (FDIC) is under public scrutiny following an in-depth report by The Wall Street Journal revealing a purported “party culture” within the agency. The report outlines allegations of inappropriate behavior and harassment among employees and supervisors, bringing to light incidents that include a San Francisco-based supervisor inviting employees to a strip club and a Denver-based supervisor engaging in inappropriate conduct with a subordinate.
The report also details instances of senior bank examiners allegedly sending explicit photos to female colleagues, contributing to an atmosphere of harassment within the FDIC. The toxic work environment is said to be fueled by a heavy drinking culture, with an 11-story hotel outside Washington, D.C., used for employee training becoming a hub for excessive partying. The FDIC had reportedly invested over $100 million in the 1980s to build a training complex in Arlington, Va., complete with a hotel, outdoor pool, and rooftop patio.
Social media posts, including content from an Instagram account in 2021, highlight the acceptance of the heavy drinking culture, with one post questioning whether individuals had truly experienced being part of the FDIC if they hadn’t engaged in certain activities.
Former FDIC examiner-in-training, Lauren Lemmer, shared her experiences, revealing that she left the organization in 2013 due to a culture that allegedly denied opportunities for advancement and included inappropriate incidents, such as being followed back to her hotel room and receiving unsolicited explicit photos.
The FDIC has also faced criticism for its handling of major financial institutions, including Silicon Valley Bank, which experienced closure earlier this year. Travis Hill, the FDIC’s vice chairman, acknowledged delays in setting up a platform for potential bidders to review SVB’s finances post-closure.
In response to the allegations, an FDIC spokesman issued a statement to Fox News Digital. The spokesman emphasized that harassment in any form is contrary to the FDIC’s values and commitment to fostering a diverse and inclusive workplace. The FDIC highlighted its training, reporting, oversight programs, and initiatives like Workplace Excellence Councils and Employee Resource Groups, stating that it investigates misconduct and takes appropriate action. The organization expressed a commitment to periodically reviewing programs and policies to ensure alignment with its values.
— Patriotic 🇺🇸Suzanne⭐️⭐️⭐️ (@suzost) November 13, 2023