Meet Sheryl Sandberg: Facebook's Highest-Paid Employee

Sheryl Sandberg

Mark Zuckerberg may be the face of Facebook. But Sheryl Sandberg can take much of the credit for the company's success. As chief operating officer -- and the self-described "grownup" in the room -- she was also the highest-paid employee at the social networking site. Her salary and stock awards last year: a cool $30.87 million, putting her on pace to be one of the wealthiest self-made women in the world once the company goes public.

Mark Zuckerberg

Sandberg, who's second in command at Facebook, is often not just the grownup in the room, but also the only woman, which she finds mind-boggling. As she told an audience at TED in Washington, D.C., "One hundred and ninety heads of state; nine are women. Of all the people in parliament in the world, 13% are women. In the corporate sector, women at the top, C-level jobs, board seats, tops out at 15-16%. The numbers have not moved since 2002 and are going in the wrong direction."

Sandberg, however, is moving in a trajectory that goes straight up: She studied economics at Harvard, where Lawrence Summers, former U.S. Treasury Secretary, took notice of her. He, as you may remember from "The Social Network," was president of Harvard when Zuckerberg was a student.

Summers became her mentor, and after he left to lead the World Bank, he hired her, launching her stellar career. Sandberg eventually ended up at Google and was recruited by Zuckerberg in 2008. As described in a story for the New Yorker, the two met for dinner twice a week for six weeks. Sandberg's husband described the courtship as "dating." They were a match.

Facebook wasn't always a Wall Street darling. When Sandberg started, the company had 70 million users and was losing money. Four years later, the company has reversed course, with 800 million-plus members; it's profitable and soon to be a public company. She is said to be in charge of everything except the product -- which is Zuckerberg's baby.

Sheryl is married to David Goldberg, chief executive officer of Survey Monkey. They have two children and juggle the responsibility of parenting with the demands of work. The shared responsibility of child care made it possible for her continued success. As Sandberg told an audience last year, "The most important career choice you'll make is who you marry."

Not that she doesn't feel pangs of guilt -- far from it. The working mom admitted in the New Yorker profile: "I feel guilty working because of my kids." But she advises women to take care of their careers and says "don't leave before you leave." As she said at TED, "Don't leave the workforce to have kids and not return because you didn't get that job you wanted before you left."

To this end, the woman who stands to become a billionaire when Facebook goes public, also sees that she can't succeed alone. In a commencement address to Barnard College graduates, she said, "We need women at all levels, including the top, to change the dynamic, reshape the conversation, to make sure women's voices are heard and heeded, not overlooked and ignored."

To be sure, Sandberg will not be overlooked or ignored.

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Wall St. rallies on central banks' help for Europe

Central Bank

(Reuters) - Stocks surged on Wednesday after major central banks agreed to make cheaper dollar loans for struggling European banks to prevent the euro-zone debt woes from turning into a full-blown credit crisis.

The Dow posted its best day since March 2009 after the Federal Reserve, the European Central Bank and other major central banks stepped in to head off escalating funding pressures that threaten the key arteries of the world's financial system.

The S&P 500 scored its best daily percentage gain since August.

The central banks' liquidity move touched off a buying frenzy in financial shares. The S&P financial sector index gained 6.6 percent, with Bank of America the most actively traded stock. The stock jumped 7.3 percent to $5.44 on more than 420 million shares traded.

The drama in Europe kept the U.S. stock market on a roller-coaster ride throughout the month. For November, the S&P ended down just 0.5 percent, but the month was marked by sharp daily swings.

"You don't have to fix everything, you have to be on a path towards fixing things," said Tobias Levkovich, chief U.S. equity strategist at Citigroup in New York.

"Markets will reward you for the efforts you are making as long as you are moving in the right direction. It's the carrot and the stick; you get rewarded when you do the right thing, and you get punished when you do the wrong thing."

The Dow Jones industrial average shot up 490.05 points, or 4.24 percent, to end at 12,045.68. The Standard & Poor's 500 Index jumped 51.77 points, or 4.33 percent, to 1,246.96. The Nasdaq Composite Index soared 104.83 points, or 4.17 percent, to close at 2,620.34.

The Dow scored its largest daily gain -- in terms of points and percentage -- since March 23, 2009.

The S&P 500 posted its best daily percentage advance since August 11.

For the month, the Dow gained 0.8 percent, while the Nasdaq slid 2.4 percent.

Other economically sensitive sectors, including energy, materials and industrials, also were strong performers for the day.

Copper and oil futures rose sharply, while the S&P materials sector index jumped 5.9 percent.

The central banks' actions were intended to ensure that European banks, facing a credit crunch, have enough funding amid the euro zone's worsening sovereign debt crisis.

The moves followed an unexpected cut in bank reserve requirements in China, intended to boost an economy running at its weakest pace since 2009.

Among the banks, shares of JPMorgan Chase & Co gained 8.4 percent to $30.97, its biggest daily percentage gain since May 2009.

The gains in financial shares came despite Standard & Poor's move to cut the credit ratings of 15 big banks, mostly in Europe and the United States, late on Tuesday.

Further encouraging investors, the latest U.S. data suggested the U.S. economy was moving more solidly toward recovery. The U.S. private sector added the most jobs in nearly a year in November, while business activity in the U.S. Midwest grew faster than expected in November.

The day's volume was high, with nearly 10 billion shares changing hands during the day on U.S. exchanges compared with the daily average of 7.96 billion shares.

Advancers beat decliners on the NYSE by nearly 7 to 1 and on the Nasdaq, by about 5 to 1.

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Authorities foil NY protest bid to shut Wall Street

Wall Street, U.S.A

(Reuters) - New York police prevented protesters from shutting down Wall Street on Thursday, arresting at least 177 people in repeated clashes with an Occupy Wall Street rally that grew to several thousand strong.

Occupy Wall Street protesters took to the streets in rainy New York and elsewhere in the U.S. for a day of action seen as a test of the momentum of the two-month-old grassroots movement against economic inequality.

Demonstrators targeted bridges they considered in disrepair in cities such as Miami, Detroit and Boston to highlight what they said was the need for government spending on infrastructure projects to create jobs.

In the biggest New York protest since a police raid broke up the protesters' encampment in a park near Wall Street on Tuesday, organizers and city officials had expected tens of thousands to turn out.

A crowd that disappointed organizers throughout the day grew to several thousand after the standard workday ended and labor union activists joined a march across the Brooklyn Bridge, where last month more than 700 people were arrested during a similar march.

"If you look at the crowds today, they are getting larger and more diverse. It's wonderful when you see the unions get involved. It truly shows this movement represents people from all different walks of life," said Terri Nilliasca, 38, a United Auto Workers member from New York.

Many protesters complained of police brutality, pointing to one media image of man whose face was bloodied during his arrest and another of a woman who was dragged across the sidewalk by an officer.

Police reported seven officers were injured, including one whose hand was cut by a flying piece of glass and five who were hit in the face by a liquid believed to be vinegar.

Police barricaded the narrow streets around Wall Street, home to the New York Stock Exchange, and used batons to push protesters onto the sidewalk as they marched through the area to try and prevent financial workers getting to their desks.

Workers were allowed past barricades with identification and the New York Stock Exchange opened on time and operated normally.

Protesters banged drums and yelled "We are the 99 percent" -- referring to their contention that the U.S. political system benefits only the richest 1 percent.

At the Union Square subway stop, one of the busiest in the city, protesters tried to crowd the entrance but police repeatedly moved them against the walls to make way for subway riders.

"The mayor wanted to shut us down at Zuccotti Park, but try shutting this down," said Travis McConnell, 27, of Brooklyn. "They can't. This movement is now worldwide and the more politicians and police try to stop us, the stronger we become."

PROTESTS ACROSS U.S.

In St. Louis, more than 1,000 protesters marched through downtown in support of the Occupy St. Louis movement which was evicted last week from its campsite near the Gateway Arch. The Thursday march was by far the largest since Occupy St. Louis began in support of the New York demonstrators.

In Los Angeles, hundreds of anti-Wall Street demonstrators blocked a downtown street, snarling traffic on surrounding freeways, before police moved in and arrested 23 people.

The Los Angeles protest took place near demonstrators' encampment on the City Hall lawn, and a handful of people in grinning Guy Fawkes masks -- a style hallmark of the Occupy movement -- joined the march.

"I think we're all saying the same thing, but in a million different ways," said Good Jobs LA organizer Sandra Gonzalez, 42, in explaining the relationship between her group, which organized the march, and the nationwide Occupy protests.

At least 300 people gathered at Chicago's Thompson Center, giving speeches in English and Spanish. The protest was focused on jobs with signs reading "We need jobs, not cuts" and "Jobs, schools, equality: end the wars."

The Washington gathering was smaller than hoped for by organizers. One protester in McPherson Square said he expected about 1,000 people while perhaps 200 showed and many left within the hour.

In Dallas more than a dozen people were arrested when police shut down their six-week-old camp near City Hall.

Before dawn on Thursday, police cleared away a protest camp from a plaza at the University of California, Berkeley, where 5,000 people had gathered on Tuesday night.

Protesters say they are upset that billions of dollars in bailouts given to banks during the recession allowed a return to huge profits while average Americans have had no relief from high unemployment and a struggling economy.

They also say the richest 1 percent of Americans do not pay their fair share of taxes.

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