Business writer Kevin Roose has unearthed the
secrets of the elite Wall Street fraternity, Kappa Beta Phi, arguably one of
the most private societies, known for it's Wall Street Chapter of high-ranking
executives.
According to Roose, his experience "sounds like
something Occupy Wall Street would invent if they wanted people to hate bankers
even more".
In January 2012, Roose slipped past the sign-in desk
at the annual black-tie induction dinner held by Kappa Beta Phi at the St Regis
Hotel in New York.
The event hosted some of the biggest names on Wall
Street, including Robert Benmosche, AIG CEO, Ace Greenberg, former Bear Stearns
chairman, Marc Lasry, hedge fund billionaire and Michael Novogratz, Fortess
Investment Group billionaire.
The fraternity gathered at the hotel to mock Occupy
Wall Street protesters, the movement against social and economic inequality
that began in 2011.
Roose also revealed that new members were forced to
participate in a rigorous initiation process, which involved dressing up (above) in
women's wigs and wearing gold-sequined skirts.
The Wall Street chapter of Kappa Beta Phi, whose
president is Alfred E Smith IV, was founded in 1929 prior to the stock market
crash. It is the only remaining chapter of the society. It was founded on the
basis to "keep alive the spirit of the 'good old days of 1928 to
1929'."
The dinner Roose attended was the 80th anniversary.
Wilbur Ross, an American investor known for restructuring failed companies,
welcomed the crowd with a speech that marked the importance of "continuous
drinking, both in bull markets and bear markets".
He then carried on denouncing
the academic honor society Phi Beta Kappa as homosexuals.
Later that evening, the inductees performed in drag
as part of their initiation. Some members of the audience threw wine-soaked
napkins.
Among the performers was Paul Quelly, a private
equity executive, who cracked jokes.
Quelly said:
"What's the difference
between Hillary Clinton and a catfish? One has whiskers and stinks, and the
other is a fish."
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