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<p>When Atlanta-based Intercontinental Exchange (a.k.a. ICE) said it was acquiring <keyword id="35191" type="CITY" weightage="60" keywordseo="nyse">NYSE</keyword> Euronext, there were reports that the New York Stock Exchange floor trader days were numbered. </p>
<p>In a private video on Vimeo sent to <keyword id="6371444" type="PERSON" weightage="60" keywordseo="traders">traders</keyword> last week and viewed by Business Insider, NYSE CEO <keyword id="324322" type="PERSON" weightage="60" keywordseo="Duncan-Niederauer">Duncan Niederauer</keyword> says the floor isn't going anywhere. </p>
<p>"As I'm sure as many of you are, I'm tiring of reading a lot of the articles about the impending doom and demise of the <keyword id="6368158" type="ORGANIZATION" weightage="60" keywordseo="trading">trading</keyword> floor. So I thought it would be fun to show you a little backstage tour of what's going on here." </p>
<p><span>In the video, <span>N</span><span>iederauer</span> gives a glimpse at the work being done on the floor. He </span>showed new renderings of the trading floor room known as "the Garage," which is currently undergoing renovation. We've posted them below.  </p>
<p>"Mid to late next year, the two trading rooms that we use for our equities and options businesses here in New York will be completely refurbished with state-of-the-art technology," he said.</p>
<p>The NYSE CEO said the AMEX options folks will be moving into the Garage, which is located just off the main trading floor room. </p>
<p>"So plenty of work going on here to improve the physical plant of the trading floor. Don't believe what you read, we're actually investing in the trading floor, not disinvesting in the trading floor," <span>N</span><span>iederauer</span> added. </p>
<p>These are the architect's renderings of the trading floor: </p>
<p><div class="image-container click-to-enlarge" style="width:620px"><div class="image"><a title_source="Vimeo screenshot" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/51683fb969bedd276900000b-960/screen%20shot%202013-04-12%20at%201.08.11%20pm.png"><span class="click-to-enlarge-icon" title="Click to enlarge"></span></a></div><p class="source">Vimeo screenshot</p></div></p>
<p><div class="image-container click-to-enlarge" style="width:620px"><div class="image"><a title_source="Vimeo screencap" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/516843eb69beddf96e000010-960/screen%20shot%202013-04-12%20at%201.26.26%20pm.png"><span class="click-to-enlarge-icon" title="Click to enlarge"></span></a></div><p class="source">Vimeo screencap</p></div></p>
<p>Here's <span>N</span><span>iederauer</span> in the Garage: </p>
<p><div class="image-container click-to-enlarge" style="width:620px"><div class="image"><a title_source="Vimeo screencap" title_caption="" class="zoomin" href="http://static5.businessinsider.com/image/51684311ecad04c76e000010-960/screen%20shot%202013-04-12%20at%201.22.50%20pm.png"><span class="click-to-enlarge-icon" title="Click to enlarge"></span></a></div><p class="source">Vimeo screencap</p></div></p>

Check Out The New Trading Floor Coming Next Year To The NYSE

<p class="source"><span>Associated Press</span></p><p class="caption">New York Stock Exchange CEO Duncan Niederauer, with hat, and Garth Saloner, Dean of the Stanford Graduate School of Business, ring the closing NYSE bell, via video teleconference, with hundreds of other Stanford MBA students on the Stanford University campus, Dec. 2, 2010.</p><ul class="summary-list"><li>Stanford's Graduate School of Business 2019 employment report highlights starting salaries and trends in its most recent graduating class. </li><li><a href="https://www.gsb.stanford.edu/newsroom/school-news/jamie-schein-named-head-career-management-center">Jamie Schein</a>, Stanford GSB's career management center head and assistant dean, said median and mean base salaries increased from last year by 6% and 5% respectively</li><li>Social impact roles, such as sustainable supply chain management, increased in number this year, more women chose entrepreneurship, and there were record-breaking salaries. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul><p>Stanford's Graduate School of Business is the highest ranked in the US, <a href="https://www.bloomberg.com/business-schools/">according to Bloomberg</a>, and graduates from the program go on to earn salaries well in the six figures.</p><p>Each year, the school releases an employment and compensation report, highlighting salaries and trends in the most recent graduating class. </p><p>This year, both mean and median base salaries increased for the fifth consecutive time. </p><p>Only 5.1% of applicants were accepted into the class of 2019, for a total of 418 students. A majority (70%) of these students actively sought work, while 15% indicated that they wanted to start a new venture after graduating. Interest in starting new ventures decreased by one percentage point from the previous class. </p><p>Jamie Schein, assistant dean of Stanford GSB and head of the center for career management, pointed to three trends within the compensation report. </p><h3>1. Social impact roles increased by 50% this year. Schein defines jobs in social impact as those with a corporate social responsibility focus. </h3><p>"I think a great example is a sustainable supply chain," Schein said. "So you might be going into supply chain management, but the thing that is motivating you to go in that direction is that you're interested in promoting sustainability. So it looks like a regular old operations or supply chain role, but the motivation is really around the impact that it has on say climate change."</p><h3>2. The percentage of women pursuing entrepreneurship has nearly doubled in the past 10 years. </h3><p>Women comprised 40% of students who participated in venture-related activities, nearly double the percentage 10 years ago. </p><p>"The percentage of our students going into entrepreneurship is equal to their representation in the class in general," Schein said. "So we like to see that."</p><h3>3. This year's graduating class posted record-high salaries.</h3><p>Median and mean base salaries increased from last year by 6% and 5% respectively. More than half of the class that sought a job received a signing bonus, which had a median of $25,000. </p><p>Here are the average base salaries that the Stanford class of 2019 received post-graduation, and the percentage of students that went into each industry. The percentage excludes students who are company-sponsored (8%) or starting a new business (15%).</p>

Here's the salary breakdown for Stanford's class of 2019, including the industries that are paying its MBA grads the most

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>Vimeo screencap</span></p></div><p></p></div></div>Duncan Niederauer, the CEO of the New York Stock Exchange will retire at the end of August 2014, he's named Thomas L. Farley, the exchange's current COO, as his successor.</p>
<p> </p>

The CEO Of The New York Stock Exchange Is Retiring

<p class="source"><span>Kairos</span></p><p class="caption">Kairos founders (Left to Right) Ryan Bloomer, Alex Fiance,  Ankur Jain</p>After they arrive in New York City on April 20, the 200 young fellows of Kairos Society will board helicopters bound for the Rockefeller Estate north of Manhattan.<p>There they will attend a dinner, dine with world leaders, and set the agenda for the next two days of discussions aimed at using entrepreneurship to solve the world's biggest problems.</p><p>That, after all, is what Kairos does - gathers together the brightest young minds and connects them with leaders who are grappling global issues.</p><p>At April's meeting, like every Kairos meeting, there will be leaders from a wide range of sectors and disciplines - from former CIA head Michael Hayden to Amazon CTO Werner Vogels; Starwood Group founder Barry Sternlicht, to George Whitesides, the CEO of Virgin Galactic. The list goes on.</p><p>Kairos Society was founded as a fellowship program in 2008 by then-UPenn student Ankur Jain. Since then it has expanded to 55 countries, finding the best and brightest students with a knack for starting businesses, and helped to launch companies around the world. </p><p><span>"When we host these private global meetings, there are no boring speeches or lectures. Instead, think of it like a private dinner party where today's world leaders work side by side with the next generation of entrepreneurs to bring new solutions to the world," Jain told Business Insider last month.</span></p><p><span></span></p><p class="source"><span>Kairos</span></p><p class="caption">Duncan Niederauer with Jain at the NYSE</p><p>Events are free for fellows, but again, they are selective. Perhaps that's why Kairos meetings, despite boasting attendees like President Bill Clinton and <span>former Joint Chiefs of Staff member Admiral William Owens, have flown under the radar.</span></p><p><span>The companies that it has helped to launch, however, have not. </span></p><p><span>The last batch of Kairos companies raised $600 million in funding and now have a $2.5 billion valuation. The group includes startups that seek to solve problems embedded in anything from the US's 401k savings syste</span>m <a href="https://www.myabaris.com/">(it's called Abaris)</a>, to a Colombian company called Mi Aguila tackling the transportation network for the Colombian workforce. </p><p><span>Casper cofounder Neil Parikh got his entrepreneurial start as a Kairos fellow. His first company, called Water Walla, aimed to tackle clean water shortages. </span><span>Kairos members went on to start companies like Periscope (yes, that Periscope), and Clear Motion, a Boston-based company finding a tech solution to bumpy car rides now valued at $1 billion. </span><span><span><br /></span></span></p><p><span><span><span>That is why Kairos is now looking to raise its own 8-figure fund to bankroll the next moonshot ventures from fellows around the world.</span></span></span></p><p><span></span></p><p class="source"><span>Kairos</span></p><p class="caption">Mark Rockefeller at Kairos</p>"We're putting together a fund as a signal to institutional capital, so that they know when we invest, we know this company is ready for the big leagues," Jain said. "It's a way to put our money where our mouth is."<p>After dinner at the Rockefeller estate, Kairos will take over the top of One World Trade Center for a two-part brainstorming meeting. First, <span>world leaders will pitch the fellows on what they believe are the most pressing problems entrepreneurs can tackle. These are spaces where old industries and governments have failed to innovate.</span></p><p><span>Jain told us to think of it like a "reverse Shark Tank."</span></p><p><span>After that, attendees will do a <span>deep dive into a number of emerging technology trends that could help aid the fellows in their quest. That's the end of day two.</span></span></p><p>On day three, the top 50 Kairos fellow companies will present before their peers and investors from all over the world on the floor of the New York Stock Exchange.</p><p><span><span>After that, there's a party. You can't work all the time, after all. Not even when you're trying to save the world.</span></span></p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/bridgewaters-ray-dalio-advice-to-individual-investors-2017-4">Hedge fund legend Ray Dalio to individual investors: Market timing is 'like playing poker' against world's best</a></h3>                                    Please enable Javascript to watch this video

The most powerful meeting of young Silicon Valley players you've never heard of begins today

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>After they arrive in New York City on April 20, the 200 young fellows of Kairos Society will board helicopters bound for the Rockefeller Estate north of Manhattan.</p><p>There they will attend a dinner, dine with world leaders, and set the agenda for the next two days of discussions aimed at using entrepreneurship to solve the world's biggest problems.</p><p>That, after all, is what Kairos does - gathers together the brightest young minds and connects them with leaders who are grappling global issues.</p><p>At April's meeting, like every Kairos meeting, there will be leaders from a wide range of sectors and disciplines - from former CIA head Michael Hayden to Amazon CTO Werner Vogels; Starwood Group founder Barry Sternlicht, to George Whitesides, the CEO of Virgin Galactic. The list goes on.</p><p>Kairos Society was founded as a fellowship program in 2008 by then-UPenn student Ankur Jain. Since then it has expanded to 55 countries, finding the best and brightest students with a knack for starting businesses, and helped to launch companies around the world. </p><p><span>"When we host these private global meetings, there are no boring speeches or lectures. Instead, think of it like a private dinner party where today's world leaders work side by side with the next generation of entrepreneurs to bring new solutions to the world," Jain told Business Insider.</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></span></p><p>Events are free for fellows, but again, they are selective. Perhaps that's why Kairos meetings, despite boasting attendees like President Bill Clinton and <span>former Joint Chiefs of Staff member Admiral William Owens, have flown under the radar.</span></p><p><span>The companies that it has helped to launch, however, have not. </span></p><p><span>The last batch of Kairos companies raised </span><span>$600 million</span><span> in funding and now have a </span><span>$2.5 billion valuation</span><span>. The group includes startups that seek to solve problems embedded in anything from the US's 401k savings syste</span>m <a href="https://www.myabaris.com/">(it's called Abaris)</a>, to a Colombian company called Mi Aguila tackling the transportation network for the Colombian workforce. </p><p><span>Casper cofounder Neil Parikh got his entrepreneurial start as a Kairos fellow. His first company, called Water Walla, aimed to tackle clean water shortages. </span><span>Kairos members went on to start companies like Periscope (yes, that Periscope), and Clear Motion, a Boston-based company finding a tech solution to bumpy car rides now valued at $1 billion. </span><span><span><br /></span></span></p><p><span><span><span>That is why Kairos is now looking to raise its own 8-figure fund to bankroll the next moonshot ventures from fellows around the world.</span></span></span></p><p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>"We're putting together a fund as a signal to institutional capital, so that they know when we invest, we know this company is ready for the big leagues," Jain said. "It's a way to put our money where our mouth is."</span></p><p>After dinner at the Rockefeller estate, Kairos will take over the top of One World Trade Center for a two-part brainstorming meeting. First, <span>world leaders will pitch the fellows on what they believe are the most pressing problems entrepreneurs can tackle. These are spaces where old industries and governments have failed to innovate.</span></p><p><span>Jain told us to think of it like a "reverse Shark Tank."</span></p><p><span>After that, attendees will do a <span>deep dive into a number of emerging technology trends that could help aid the fellows in their quest. That's the end of day two.</span></span></p><p>On day three, the top 50 Kairos fellow companies will present before their peers and investors from all over the world on the floor of the New York Stock Exchange.</p><p><span><span>After that, there's a party. You can't work all the time, after all. Not even when you're trying to save the world.</span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/fbi-securities-fraud-wall-street-mafia-tech-wall-street-journal-2017-2">This is why Wall Street is able to stay one step ahead of federal investigations</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NsN21yOTE6fL620MjeWp51QD8bd-W-72" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The most powerful meeting of young Silicon Valley players you've never heard of

<p><div class="image-container float_right" style="width:480px"><div class="image"><p class="source">Vivian Giang / Business Insider</p><p class="caption"><keyword id="6479429" type="COMPANY" weightage="60" keywordseo="veterans">Veterans</keyword> David Chambers, Danielle Miklos, and Arash Asady walking through the trading floor.</p></div></div></p>
<p>High <keyword id="6358907" type="ORGANIZATION" weightage="60" keywordseo="unemployment">unemployment</keyword> among veterans is exactly what Duncan L. Niederauer, CEO of the <keyword id="35191" type="CITY" weightage="60" keywordseo="nyse">NYSE</keyword> Euronext, wants to end.</p>
<p>Last year, Niederauer launched the NYSE Veteran Associate Program, a 10-week paid internship program that offers veterans hands-on experience and training alongside a NYSE staff. In its sophomore year, the program has 29 vet interns from the ages of 23 to their mid-50s.</p>
<p>The program addresses a serious problem. <keyword id="6359526" type="COMPANY" weightage="60" keywordseo="Military">Military</keyword> personnel who served in Iraq or Afghanistan had an unemployment rate of 10.9% in August 2012, whereas the overall unemployment rate in the U.S. at the time was 7.9%, according to <a href="http://www.bls.gov/news.release/vet.nr0.htm" target="_blank">the BLS</a>.</p>

<p>Niederauer doesn't think he can solve high unemployment by hiring every veteran who comes through the program. He's hoping the NYSE can serve as an example to the thousands of companies listed under the public institution.</p>
<p>"Other companies can do similar programs," Niederauer said in a press release about the program. "They can start hiring and understanding a veterans' background has great transferable skills."</p>
<p>For the first two weeks of the internship, the veterans are in classrooms listening to economists and influencers lecture. Then, for the remainder of their internship, participants are assigned to specific roles where they work side by side with the NYSE staff.</p>
<p><div class="image-container float_left" style="width:480px"><div class="image"><p class="source">Vivian Giang / Business Insider</p><p class="caption">Former combat veteran Mark Otto, now managing director of J.Streicher &amp; Co., shows veteran interns David Chambers, Arash Asady, Danielle Miklos, and Charles Reeder the ropes.</p></div></div>"The aim is to give them exposure and visibility," Ed Hutner, senior vice president of human resources at the NYSE, told Business Insider. "They get a really good overall idea of how the Exchange operates and this will hopefully give them a platform."</p>
<p>Hutner said the chaotic environment that comes with working at the Stock Exchange makes sense for former military personnel as they're typically accustomed to multitasking.</p>
<p>"We’re not asking these vets to come in here to know everything about a certain job. They have leadership and motivation. We can train you on the technical skills."</p>
<p>Business Insider was invited to spend time on the trading floor with a few veteran interns. Here's what they had to say:</p>
<h3>Former Marine David Chambers wants to become a corporate attorney.<strong><br /></strong></h3>
<p>After two tours in Afghanistan, Chambers was discharged from the Marines in July 2012 where he served as an intelligence collector.</p>
<p><div class="image-container float_left" style="width:480px"><div class="image"><p class="source">Vivian Giang / Business Insider</p><p class="caption">Former Marine David Chambers wants to become a corporate attorney.</p></div></div>Chambers speaks fluent Afghan Pashto and his job while in uniform was to intercept and translate enemy communications.</p>
<p>By the end of his service, Chambers was fully aware of unemployment statistics for men like him.</p>
<p>He decided to enroll in school for international affairs at Columbia University. It was through a Veterans Association at the university that Chambers found out about the NYSE's program.</p>
<p>Currently, Chambers is working in the Stock Exchange's compliance unit where he monitors market, systems, and corporate compliance policies. In short, his job requires surveillance of the market and investigating any glitches.</p>
<p>"It's an incredible stepping stone," Chambers said. "If you're interested in learning about a different division, you can reach out and help them out."</p>
<p>Chambers plans on attending law school to become a corporate attorney with a focus on security regulations.</p>
<h3>Danielle Miklos would "like to help regulate the securities industry."</h3>
<p>For seven years, Miklos was a motor mechanic in the U.S. Army. After that, she was an attorney for the next four years. Then, she learned about the internship program with the NYSE and dropped everything.</p>
<p><div class="image-container float_right" style="width:480px"><div class="image"><p class="source">Vivian Giang / Business Insider</p><p class="caption">Danielle Miklos would "like to help regulate the securities industry."</p></div></div>"The Stock Exchange is one of the most intimidating places," Miklos said. "It's one thing to be on the battlefield. It's another thing to be in a place with the brightest people."</p>
<p>The former service woman currently interns in Global Risk Services at NYSE and told Business Insider that there are several skills that you learn in the military that's transferable to the corporate world.</p>
<p>"We pay attention. We dress appropriately. We're on time. We're trained to think about the bigger picture."</p>
<h3>Arash Asady wants to work at an internationally-focused hedge fund that specializes in M&amp;A transactions, debt restructuring opportunities, and credit markets.</h3>
<p>Asady joined the Marines right out of high school and stayed in for the next five years working with signal intelligence.</p>
<p><div class="image-container float_left" style="width:480px"><div class="image"><p class="source">Vivian Giang / Business Insider</p><p class="caption">Arash Asady wants to work at an internationally-focused hedge fund that specializes in M&amp;A transactions, debt restructuring opportunities, and credit markets.</p></div></div>When he re-entered civilian life, Asady finished his undergraduate degree and worked in private equity in Silicon Valley. He recently moved to New York City for a master's program at Columbia University.</p>
<p>"It's been an amazing program so far. You get to network and mentor with so many bright people."</p>
<p>Asady currently works on the London International Financial Futures and Options Exchange and wants to eventually work with a hedge fund.</p>
<p>Lisa L. Dzintars-Pahwul, managing director of human resources at the NYSE, told us that the program has been successful since the beginning. Half of the first-year candidates went on to jobs in government and finance whereas the other half returned to school to finish their degrees.</p>
<p>"We treat recruiting interns like we do full-time candidates," Dzintars-Pahwul said. "Everything that vets bring, from responsibility to loyalty, makes them successful candidates."</p>
<p>"We encourage the thousands of listed companies to follow our example in creating programs for veterans."</p>

Companies Could Learn Something From The New York Stock Exchange's Amazing Veterans Internship Program

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.youtube.com/watch?v=adfXn6MWKCY">screengrab via YouTube</a></span></p><p class="caption">Garth Saloner.</p></div><p></p></div></div>Two weeks after his wife died of cancer, Garth Saloner, dean of Stanford University's Graduate School of Business, reached out to <a href="https://www.gsb.stanford.edu/faculty-research/faculty/deborah-h-greunfeld">Deborah Gruenfeld</a>, another professor at the school.</p><p>"It is so wonderful to see you find your thing and blossom," he wrote. "I hope you are doing OK-I am thinking of you."</p><p>Two months later, they were reportedly in a full-blown romantic relationship, the details of which <a href="http://www.vanityfair.com/news/2015/10/stanford-business-school-sex-scandal?curator=MediaREDEF">Vanity Fair revealed in an unflattering portrayal</a> of Saloner and Stanford and what it calls their "spiraling sex scandal."</p><p>The issue at hand: <a href="https://www.gsb.stanford.edu/faculty-research/faculty/deborah-h-greunfeld">Gruenfeld</a> was still married to but separated from another GSB professor, James Phills, who was later fired from the school.</p><p>Since then, Phills has filed a lawsuit claiming Saloner made decisions about the professor's employment even though he was sleeping with his wife. The ensuing sex scandal at GSB led to the <a href="http://news.stanford.edu/news/2015/september/business-school-dean-091415.html">announcement that Saloner will step down</a> at the end of the academic year.</p><p>The story was first reported<a href="http://poetsandquants.com/2015/09/14/stanford-confidential-sex-lies-and-loathing-at-the-worlds-no-1-business-school/"> in September by Ethan Baron of Poets and Quants</a>, a news website that covers business schools. Vanity Fair has now dug into the story, interviewing Phills - a 55-year-old ex-Harvard wrestler who made the 1984 Canadian Olympic team. He told the magazine that his estranged wife has reduced him to an "angry black man."</p><p>He told Vanity Fair that his portrayal in court was akin to "O.J.-ification."</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.youtube.com/watch?v=KdQHAeAnHmw">screengrab via YouTube</a></span></p><p class="caption">Deborah Gruenfeld.</p></div><p></p></div></div>His not-yet-former wife, Gruenfeld, is a star at Stanford and beyond. She sold her book, "Acting with Power," at auction last fall for nearly $1 million, according to Vanity Fair.</p><p>She also sits on the board of Sheryl Sandberg's <a href="http://leanin.org/">"Lean In" organization</a>, and has counseled Sandberg on issues of gender.</p><p>Vanity fair doesn't let that irony - that Gruenfeld became enmeshed in a sex scandal with her boss while providing expertise on gender issues - go unnoticed. From the Vanity Fair article by Joel Simon:</p><p style="padding-left: 30px;">How does it look for someone who built her career analyzing the abusiveness of the powerful, and who, until a month before she became romantically entangled with the dean, was the G.S.B.'s sexual-harassment adviser, and who, as co-director of Stanford's Executive Program for Women Leaders, counsels high-powered women on how to overcome gender stereotypes, to wind up secretly sleeping with her boss?</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/38021455@N00/246863475/in/photolist-nQ8q6-nPfJu-nPfTV-nPfNR-nQigK-nPfcv-nPfmS-nPeUP-nPfCC-tfZJF-nPBxq-nPuHp-5pDbzK">Flickr/Encore.org</a></span></p><p class="caption">James Phills.</p></div><p></p></div></div></p><p>Phills claims that as his divorce proceedings with Gruenfeld soured, Saloner made it clear that he didn't want him to return to the school, <a href="http://www.bloomberg.com/news/features/2015-10-07/a-sex-scandal-rocks-stanford-s-business-school">Bloomberg</a> has previously reported. </p><p>Below is an excerpt of a Facebook chat that occurred between Gruenfeld and Saloner that Bloomberg published. The first part of the exchange refers to Phills taking leave from Stanford to work at Apple:</p><p style="padding-left: 30px;">Gruenfeld: Maybe he's staying at Apple.</p><p style="padding-left: 30px;">Saloner: Let's hope. We deserve something good tomorrow. We've earned it. …</p><p style="padding-left: 30px;">Gruenfeld: Sadly, deserving has not bought me much so far.</p><p style="padding-left: 30px;">Saloner: The universe owes us. Big time.</p><p style="padding-left: 30px;">Gruenfeld: I agree. Maybe we're turning a corner on that. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.apimages.com/metadata/Index/NYSE-Closing-Bell-Stanford/ce328630da8e4349908f7b2d3c33e316/1/0">AP Photo/Paul Sakuma</a></span></p><p class="caption">New York Stock Exchange CEO Duncan Niederauer, with hat, and Garth Saloner, to his right, ring the closing NYSE bell, via video teleconference Thursday, Dec. 2, 2010</p></div><p></p></div></div>For her part, Gruenfeld suggested in a divorce-court filing that Phills had been spying on her, according to Vanity Fair. <span>She said in the filing that he "gave himself access to my devices by owning them, registering them in his name, buying special applications, and using iCloud," according to the filing quoted by Gruenfeld. </span></p><p>Phills was eventually fired in 2014, and he filed a lawsuit against<span> Saloner and Stanford</span><span> for wrongful termination and discrimination based on race, gender, and marital status.</span></p><p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.facebook.com/StanfordGSB/photos/pb.208357009185713.-2207520000.1429726487./783282521693156/?type=3&amp;theater">Stanford Graduate School of Business/Facebook</a></span></p><p class="caption">Graduates of GSB pose for the camera after their ceremony.</p></div><p></p></div></div>He also claims to want to expose the hypocrisy and cronyism he says takes place a Stanford - an institution that is believed to be a place that imparts ethical leadership on the nation's brightest minds.</span></p><p>Saloner and GSB refute Phills' claims in the lawsuit.</p><p>"As many of you know, the university and I have been vigorously defending a baseless and protracted lawsuit related to a contentious divorce between a current and former member of our faculty," <a href="http://news.stanford.edu/news/2015/september/business-school-dean-091415.html">Saloner wrote in a press release</a>.</p><p>"I have become increasingly concerned that the ongoing litigation and growing media interest will distract all of you from the important work that you are doing and unfairly impact this stellar school's deserved reputation."</p><p>For its part, Stanford says it treated Phills "fairly and equitably." Stanford further said that as soon as the relationship began, Saloner informed Stanford leadership.</p><p>"Dr. Phills' teaching position at Stanford was terminated in 2015 when he failed to return to his university employment after the university had granted him multiple leaves of absence for lucrative opportunities in Silicon Valley, including leaves to work at Apple Inc., beyond what is normally allowed under university policy," Stanford said.</p><p><span>We have reached out to Saloner, Stanford, and James Phills for comment, and we will update this post if we hear back.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/law-school-worth-time-money-analysis-2015-9">Why law school is a waste of money unless you get into a top school</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Zud3Z3cjrL4xIxGc7J4p9TwY2JH3SuX2" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Vanity Fair digs into 'spiraling sex scandal' at Stanford's business school

<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div>
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<p class="source"><span>Defy Ventures/Screenshot</span></p>
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<p><span style="line-height: 1.5em;"><span>Up eight flights of stairs in New York's Flatiron District, the golden late afternoon sunlight is streaming in through the windows. Defy Ventures' CEO and founder Catherine Hoke is speaking to 25&#xa0;</span></span><span style="line-height: 1.5em;">men and women, all dressed in formal attire.</span></p>
<p>&#xa0;</p>
<p><span>But what makes Defy Ventures unique isn't just that it's helping aspiring business owners. It's that these business owners are all ex-convicts and individuals with criminal histories. Some dabbled in drug dealing. Others have DUIs. A couple have done time for violent offenses.&#xa0;</span></p>
<p>&#xa0;</p>
<p><span>But none of that matters - not to Hoke, and not to the executives who have started trickling into the meeting space, owned by Softbank Capital.</span></p>
<p>&#xa0;</p>
<p><span style="line-height: 1.5em;">Hoke's voice echoes through the room.&#xa0;</span></p>
<p><span style="line-height: 1.5em;"><span><span>"If we don't act super welcoming to our executives - a lot of them are dragged here by their friends and are like, 'what's this thing with people with criminal histories?' And my guess is that you guys are a little bit scared of the executives, and they're a little bit scared of you, so if you don't break the ice fast, what happens is it ends up looking like a junior high dance," Hoke says. "And we don't want that."</span></span></span></p>
<p><span style="line-height: 1.5em;"><span>The executives Hoke is referring to are CEOs, lawyers, entrepreneurs, life coaches, and consultants. There's about 50 of them - a hefty turnout - scheduled to come to Defy Ventures' "Executive Evening" tonight. These executives are going to mentor the 25 men and women who have come to learn how to start their own businesses, offering resume critiques and entrepreneurial advice.</span></span></p>
<p>Of course, these aren't your typical mentorees.</p>
<p><span>Hoke thinks ex-convicts can be perfect entrepreneurs - they have the skills from running illegal businesses and natural leadership qualities - but they're often overlooked for typical careers because of their criminal records.</span></p>
<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div>
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<p class="source"><span>Maya Kosoff</span></p>
<p class="caption">Defy Ventures CEO and founder Catherine Hoke speaks to her group of entrepreneurs-in-training.</p>
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<p></p>
</div></div>Hoke tells the EITs-entrepreneurs-in-training, the Defy-given name for those 25 male and female ex-cons - that they're going to bear hug each other tonight. </span></p>
<p><span style="line-height: 1.5em;">"It's 2014, so we're going to give 14 big bear hugs," she says.</span></p>
<p><span style="line-height: 1.5em;"><span>A year after release from prison, up to 60% of formerly incarcerated people don't have jobs, and over two-thirds of the&#xa0;650,000 people who are annually released from prison&#xa0;will be rearrested&#xa0;</span><a href="https://www.govtrack.us/congress/bills/110/hr1593/text">within 3 years</a><span>. Such staggering numbers helped lead Hoke, who founded the&#xa0;</span><a href="http://www.pep.org/">Prison Entrepreneurship Program</a><span>, to establish Defy Ventures in October 2010. The program has produced dozens of successful alumni who now own their own businesses.</span></span></p>
<p><span style="line-height: 1.5em;">Hoke walks the aspiring entrepreneurs through the basic etiquette of networking small talk, which they'll also do with the executive guests.&#xa0;</span><span style="line-height: 1.5em;">By now, many of the night's scheduled executives have arrived. Hoke lifts the floodgates. Everyone stands up, and CEOs and EITs start hugging it out.</span></p>
<p class="embed-spacer"><span>Prior to this evening, the EITs had taken a series of online courses taught by Hoke and entrepreneurial figures like venture capitalist Tim Draper, New York Stock Exchange CEO Duncan Niederauer, and marketing guru Seth Godin.&#xa0;</span><span>And Defy Ventures has proven itself successful - so much so that it's expanding its program to the west coast. Its graduates have success stories, too:&#xa0;</span><a href="http://defyventures.org/what-we-do/meet-our-graduates/">they have their own businesses</a><span>, and some - like Jose Vasquez, <span>Defy's program manager and a graduate of the first Defy Ventures class -&#xa0;</span>even come back to help with new classes of Defy EITs.</span></p>
<p>Defy provides intensive business training similar to an MBA program. And not unlike an advanced degree program, not just anyone can get into the program. From <a href="http://defyventures.org/take-action/become-a-student/">Defy's enrollment website</a>, here's the criteria for Defy Ventures applicants:</p>
<ul class="body-list">
<li>Formerly incarcerated with felony histories ("tougher" criminal backgrounds don't scare us; we prefer a history of leadership in gangs and drug rings)</li>
<li>Ambitious and hungry for legal success</li>
<li>Committed to their personal transformation and a crime-free life</li>
<li>Exceptionally hardworking</li>
<li>Entrepreneurial and willing to "get it done" no matter the obstacles</li>
<li>100% drug free</li>
<li>Available to attend four months of training on Tuesday and Thursday evenings, and all day on Saturdays</li>
</ul>
<p><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">Jose Vasquez interviews the new applicants. To show they're serious, applicants also put down a deposit, pass a drug test, and survive a three-week entrepreneurship "Tryout Boot Camp." </span></p>
<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div>
<div class="image">
<p class="source"><span>Maya Kosoff</span></p>
<p class="caption">Executives and EITs mingle in a speed dating-like activity.</p>
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<p class="embed-spacer"><span style="font-size: 15px; line-height: 1.5em;">Tonight's event is one of the final steps in the boot camp, followed by a Mocktail Competition later this week where the EITs show off their business acumen by competing to produce, price, and serve refreshing nonalcoholic drinks to executives.&#xa0;</span></p>
<p class="embed-spacer"><span style="font-size: 15px; line-height: 1.5em;">At the end of the boot camp,&#xa0;applicants get interviewed by Defy graduate panels, staff, and executives.&#xa0;</span><span style="font-size: 15px; line-height: 1.5em;">Pending successful interviews, the EITs will get accepted into Defy Ventures' Entrepreneurship Fellowship. The EITs get thrown into the MBA-like program, making business plans and competing in business plan competitions in front of a panel of executives from Fortune 500 companies, VCs, and others. After graduating (there's a cap-and-gown ceremony), EITs have access to additional coaching and resources to help them build their own businesses.</span></p>
<p class="embed-spacer">Tonight, however, the EITs all line up along one side of a piece of duct tape on the hardwood floor, and the guests line up alongside the other. It's a game called "step to the line," and it quickly reveals how much the EITs have in common with some of the executives. It's not meant to evoke pity or shame, but rather to show much the EITs have overcome.&#xa0;</p>
<p class="embed-spacer">Hoke reads out a statement, and if it's true, both parties step toward the center, closing the gap between the EITs and the executives. "I like hip-hop music." "I like the Yankees." "I'm over the age of 25." Most everyone on both sides steps to the line for these. But then Hoke starts asking the harder questions.&#xa0;</p>
<p class="embed-spacer">"I heard gunshots in my neighborhood growing up." "I was born to a teenage mother." "I've abused drugs or alcohol for at least one year of my life." "I've been arrested." "I was convicted of a felony." More EITs than executives are stepping toward the line now, but there's a smattering of executives who are, too. "We share a lot of things in common," one EIT says at the end of the activity. "The difference is that we got caught, and you didn't," another adds.</p>
<p class="embed-spacer">The executives and EITs then introduce themselves through a speed dating-like event. The executives introduce themselves one by one, explaining why they'd be the best mentor. They'll round out the night by reviewing and critiquing the resumes and basic business plans the EITs have prepared. And Hoke has some specific rules for the executives, and they apply more broadly to the Defy Ventures program as a whole.</p>
<p><span><span>"Executives, you might hear from some of our EITs some very difficult circumstances. Maybe he's done 18 years in prison. Maybe he's unemployed. Please do not feel sorry for them," Hoke says. "I hate pity. It doesn't help anybody. Pity keeps people poor. Empathy and compassion are cool, though. I want you to treat them with respect like you would any other entrepreneur. If they need a kick in the teeth, give it to them."</span></span></p>

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