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Internships

Supreme Court Arguments May Be Turning Point for N.C.A.A.

March 31, 2021 by Staff Reporter

“It would be easy for schools to label such internships ‘related to education,’ even if a star athlete was given, say, a six-month ‘internship’ at a sneaker company or auto dealership that paid $500,000,” a brief filed in February said. “But fans, student-athletes and everyone else would recognize the reality: that student-athletes were being paid large sums in cash for their athletic play — with the ‘internships’ a thinly disguised vehicle for funneling them quintessentially professional salaries.”

The Supreme Court last considered how antitrust laws applied to the association in 1984, ruling that its restrictions on television coverage of college football games were unlawful. But the decision, National Collegiate Athletic Association v. Board of Regents of the University of Oklahoma, included an influential passage on student-athletes.

“The N.C.A.A. plays a critical role in the maintenance of a revered tradition of amateurism in college sports,” Justice John Paul Stevens wrote for the majority. “There can be no question but that it needs ample latitude to play that role, or that the preservation of the student-athlete in higher education adds richness and diversity to intercollegiate athletics and is entirely consistent with the goals of” the antitrust laws.

The Biden administration filed a brief supporting the athletes in the new case, National Collegiate Athletic Association v. Alston, No. 20-512, saying that the Ninth Circuit had struck the right balance.

“Promoting amateurism widens consumer choice, and thereby enhances competition, by maintaining a distinction between college and professional athletics,” the brief said. But “some of the challenged rules did not actually foster consumer demand.”

Besides the coronavirus pandemic, no issue has recently demanded more of the N.C.A.A.’s attention than the rights of student-athletes, especially whether they should be able to profit from their fame. College sports executives have long feared that loosening age-old rules would effectively professionalize students and open a different array of challenges, but they have faced mounting pressure over the past few years from Congress and many of the nation’s statehouses. Most crucially, a Florida law that directly challenges the N.C.A.A.’s policies is scheduled to take effect this summer, and California legislators are considering a proposal to speed up a similar measure there.

Although the N.C.A.A. has vowed to rewrite its rules, it delayed final approval over the winter after the Trump administration’s Justice Department raised misgivings. And Congress has not rushed to give the association the kind of political and legal cover it craves.

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Filed Under: BUSINESS Tagged With: Alston, Shawne, Antitrust Laws and Competition Issues, Appeals Courts (US), Biden administration, California, College football, Coronavirus, Education, Florida, Football (College), Games, Higher education, Internships, Justice Department, Law, National Collegiate Athletic Assn, PAID, Schools, Student Athlete Compensation, Summer, Supreme Court (US), Television, United States Politics and Government, Wages and Salaries, winter

Seeking return to normal, JPMorgan Chase is planning for summer interns to go to the office.

March 16, 2021 by Staff Reporter

JPMorgan Chase is currently planning for summer interns in New York and London to come to the office this year, people briefed on the matter said on Tuesday, as big financial firms anticipate a return to something approaching normality and the pandemic starts to loosen its hold on the workplace.

The plan to bring back in-person internships in June (not July as was earlier reported here) is another sign that corporate giants believe a version of pre-pandemic working life is near. JPMorgan usually hires hundreds of summer interns each year, and last year’s class, as at most Wall Street firms, was virtual.

In London, the bank plans to let its teams start bringing in employees on March 29, when the British government will end “stay at home” rules imposed in December, according to one of the people briefed on the matter. But in-person staffing will not surpass 50 percent of a building’s capacity, and teams are likely to rely on scheduled rotations of employees.

Big banks, more than many other industries, have been eager to re-establish some level of in-office working, but are wrestling with when and how to do it. Leaders like Jamie Dimon, JPMorgan’s chief executive, and David Solomon, his counterpart at Goldman Sachs, have expressed worries that prolonged remote working could hurt businesses like trading and fray corporate cultures.

Mr. Solomon said at an industry conference in February. “It’s an aberration that we are going to correct as quickly as possible.”

Both JPMorgan and Goldman were among the banks that moved to bring more workers back to the office last summer, though they were forced to ask employees to self-isolate after workers tested positive for Covid-19 cases.

In New York, JPMorgan teams have been allowed to bring some employees into the office at their discretion, in keeping with government rules.

News of JPMorgan’s internship plans was reported earlier by Financial News.

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Filed Under: BUSINESS Tagged With: Banking and Financial Institutions, COVID-19, Government, Industries, Industry, Internships, JPMorgan Chase&Company, New York, Summer

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