Wall Street – Cross-Dressing Parties

Background:  http://en.wikipedia.org/wiki/Kappa_Beta_Phi

Members of the Wall Street Chapter

About 15 to 20 new members are inducted each year. Historically, the organization has inducted top executives of various Wall Street firms, including:

The Full Membership List of Wall Street’s Secret Society:  

Kappa Beta Phi – Wall Street Chapter

One-Percent Jokes and Plutocrats in Drag: What I Saw When I Crashed a Wall Street Secret Society

  • GO TO LINK ABOVE TO ACCESS AUDIO OF PERFORMANCES

Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight of Jews at Kristallnacht, Wall Street titans are saying that they’re sick of being beaten up, and this week, a billionaire investor, Wilbur Ross, proclaimed that “the 1 percent is being picked on for political reasons.”

Ross’s statement seemed particularly odd, because two years ago, I met Ross at an event that might single-handedly explain why the rest of the country still hates financial tycoons – the annual black-tie induction ceremony of a secret Wall Street fraternity called Kappa Beta Phi.

Adapted
from Kevin Roose’s bookYoung Money, published today by Grand Central Publishing.

“Good evening, Exalted High Council, former Grand Swipes, Grand Swipes-in-waiting, fellow Wall Street Kappas, Kappas from the Spring Street and Montgomery Street chapters, and worthless neophytes!”

It was January 2012, and Ross, wearing a tuxedo and purple velvet moccasins embroidered with the fraternity’s Greek letters, was standing at the dais of the St. Regis Hotel ballroom, welcoming a crowd of two hundred wealthy and famous Wall Street figures to the Kappa Beta Phi dinner. Ross, the leader (or “Grand Swipe”) of the fraternity, was preparing to invite 21 new members — “neophytes,” as the group called them — to join its exclusive ranks.

Looking up at him from an elegant dinner of rack of lamb and foie gras were many of the most famous investors in the world, including executives from nearly every too-big-to-fail bank, private equity megafirm, and major hedge fund. AIG CEO Bob Benmosche was there, as were Wall Street superlawyer Marty Lipton and Alan “Ace” Greenberg, the former chairman of Bear Stearns. And those were just the returning members. Among the neophytes were hedge fund billionaire and major Obama donor Marc Lasry and Joe Reece, a high-ranking dealmaker at Credit Suisse. [To see the full Kappa Beta Phi member list, click here.] All told, enough wealth and power was concentrated in the St. Regis that night that if you had dropped a bomb on the roof, global finance as we know it might have ceased to exist.

During his introductory remarks, Ross spoke for several minutes about the legend of Kappa Beta Phi – how it had been started in 1929 by “four C+ William and Mary students”; how its crest, depicting a “macho right hand in a proper Savile Row suit and a Turnbull and Asser shirtsleeve,” was superior to that of its namesake Phi Beta Kappa (Ross called Phi Beta Kappa’s ruffled-sleeve logo a “tacit confession of homosexuality”); and how the fraternity’s motto, “Dum vivamus edimus et biberimus,” was Latin for “While we live, we eat and drink.”

On cue, the financiers shouted out in a thundering bellow: “DUM VIVAMUS EDIMUS ET BIBERIMUS.”

The only person not saying the chant along with Ross was me — a journalist who had sneaked into the event, and who was hiding out at a table in the back corner in a rented tuxedo.

Several Kappas at the table next to me, presumably discussing the coming plutocracy.

I’d heard whisperings about the existence of Kappa Beta Phi, whose members included both incredibly successful financiers (New York City’s Mayor Michael Bloomberg, former Goldman Sachs chairman John Whitehead, hedge-fund billionaire Paul Tudor Jones) and incredibly unsuccessful ones (Lehman Brothers CEO Dick Fuld, Bear Stearns CEO Jimmy Cayne, former New Jersey governor and MF Global flameout Jon Corzine). It was a secret fraternity, founded at the beginning of the Great Depression, that functioned as a sort of one-percenter’s Friars Club. Each year, the group’s dinner features comedy skits, musical acts in drag, and off-color jokes, and its group’s privacy mantra is “What happens at the St. Regis stays at the St. Regis.” For eight decades, it worked. No outsider in living memory had witnessed the entire proceedings firsthand.

A Kappa neophyte (left) chats up a vet.

I wanted to break the streak for several reasons. As part of my research for my book,Young Money, I’d been investigating the lives of young Wall Street bankers – the 22-year-olds toiling at the bottom of the financial sector’s food chain. I knew what made those people tick. But in my career as a financial journalist, one question that proved stubbornly elusive was what happened to Wall Streeters as they climbed the ladder to adulthood. Whenever I’d interviewed CEOs and chairmen at big Wall Street firms, they were always too guarded, too on-message and wrapped in media-relations armor to reveal anything interesting about the psychology of the ultra-wealthy. But if I could somehow see these barons in their natural environment, with their defenses down, I might be able to understand the world my young subjects were stepping into.

So when I learned when and where Kappa Beta Phi’s annual dinner was being held, I knew I needed to try to go.

Getting in was shockingly easy — a brisk walk past the sign-in desk, and I was inside cocktail hour. Immediately, I saw faces I recognized from the papers. I picked up an event program and saw that there were other boldface names on the Kappa Beta Phi membership roll — among them, then-Citigroup CEO Vikram Pandit, BlackRock CEO Larry Fink, Home Depot billionaire Ken Langone, Morgan Stanley bigwig Greg Fleming, and JPMorgan Chase vice chairman Jimmy Lee. Any way you count, this was one of the most powerful groups of business executives in the world. (Since I was a good 20 years younger than any other attendee, I suspect that anyone taking note of my presence assumed I was a waiter.)

I hadn’t counted on getting in to the Kappa Beta Phi dinner, and now that I had gotten past security, I wasn’t sure quite what to do. I wanted to avoid rousing suspicion, and I knew that talking to people would get me outed in short order. So I did the next best thing — slouched against a far wall of the room, and pretended to tap out emails on my phone.

The 2012 Kappa Beta Phi neophyte class.

After cocktail hour, the new inductees – all of whom were required to dress in leotards and gold-sequined skirts, with costume wigs – began their variety-show acts. Among the night’s lowlights:

• Paul Queally, a private-equity executive with Welsh, Carson, Anderson, & Stowe, told off-color jokes to Ted Virtue, another private-equity bigwig with MidOcean Partners. The jokes ranged from unfunny and sexist (Q: “What’s the biggest difference between Hillary Clinton and a catfish?” A: “One has whiskers and stinks, and the other is a fish”) to unfunny and homophobic (Q: “What’s the biggest difference between Barney Frank and a Fenway Frank?” A: “Barney Frank comes in different-size buns”).

• Bill Mulrow, a top executive at the Blackstone Group (who was later appointedchairman of the New York State Housing Finance Agency), and Emil Henry, a hedge fund manager with Tiger Infrastructure Partners and former assistant secretary of the Treasury, performed a bizarre two-man comedy skit. Mulrow was dressed in raggedy, tie-dye clothes to play the part of a liberal radical, and Henry was playing the part of a wealthy baron. They exchanged lines as if staging a debate between the 99 percent and the 1 percent. (“Bill, look at you! You’re pathetic, you liberal! You need a bath!” Henry shouted. “My God, you callow, insensitive Republican! Don’t you know what we need to do? We need to create jobs,” Mulrow shot back.)

• David MooreMarc Lasry, and Keith Meister — respectively, a holding company CEO, a billionaire hedge-fund manager, and an activist investor — sang a few seconds of a finance-themed parody of “YMCA” before getting the hook.

• Warren Stephens, an investment banking CEO, took the stage in a Confederate flag hat and sang a song about the financial crisis, set to the tune of “Dixie.” (“In Wall Street land we’ll take our stand, said Morgan and Goldman. But first we better get some loans, so quick, get to the Fed, man.”)

A few more acts followed, during which the veteran Kappas continued to gorge themselves on racks of lamb, throw petits fours at the stage, and laugh uproariously. Michael Novogratz, a former Army helicopter pilot with a shaved head and a stocky build whose firm, Fortress Investment Group, had made him a billionaire, was sitting next to me, drinking liberally and annotating each performance with jokes and insults.

“Can you fuckin’ believe Lasry up there?” Novogratz asked me. I nodded. He added, “He just gave me a ride in his jet a month ago.”

The neophytes – who had changed from their drag outfits into Mormon missionary costumes — broke into their musical finale: a parody version of “I Believe,” the hit ballad from The Book of Mormon, with customized lyrics like “I believe that God has a plan for all of us. I believe my plan involves a seven-figure bonus.” Amused, I pulled out my phone, and began recording the proceedings on video. Wrong move.

The grand finale, a parody of “I Believe” from The Book of Mormon

“Who the hell are you?” Novogratz demanded.

I felt my pulse spike. I was tempted to make a run for it, but – due to the ethics code of the New York Times, my then-employer – I had no choice but to out myself.

“I’m a reporter,” I said.

Novogratz stood up from the table.

“You’re not allowed to be here,” he said.

I, too, stood, and tried to excuse myself, but he grabbed my arm and wouldn’t let go.

“Give me that or I’ll fucking break it!” Novogratz yelled, grabbing for my phone, which was filled with damning evidence. His eyes were bloodshot, and his neck veins were bulging. The song onstage was now over, and a number of prominent Kappas had rushed over to our table. Before the situation could escalate dangerously, a bond investor and former Grand Swipe named Alexandra Lebenthal stepped in between us. Wilbur Ross quickly followed, and the two of them led me out into the lobby, past a throng of Wall Street tycoons, some of whom seemed to be hyperventilating.

Once we made it to the lobby, Ross and Lebenthal reassured me that what I’d just seen wasn’t really a group of wealthy and powerful financiers making homophobic jokes, making light of the financial crisis, and bragging about their business conquests at Main Street’s expense. No, it was just a group of friends who came together to roast each other in a benign and self-deprecating manner. Nothing to see here.

But the extent of their worry wasn’t made clear until Ross offered himself up as a source for future stories in exchange for my cooperation.

“I’ll pick up the phone anytime, get you any help you need,” he said.

“Yeah, the people in this group could be very helpful,” Lebenthal chimed in. “If you could just keep their privacy in mind.”

I wasn’t going to be bribed off my story, but I understood their panic.  Here, after all, was a group that included many of the executives whose firms had collectively wrecked the global economy in 2008 and 2009. And they were laughing off the entire disaster in private, as if it were a long-forgotten lark. (Or worse, sing about it — one of the last skits of the night was a self-congratulatory parody of ABBA’s “Dancing Queen,” called “Bailout King.”) These were activities that amounted to a gigantic middle finger to Main Street and that, if made public, could end careers and damage very public reputations.

After several more minutes spent trying to do damage control, Ross and Lebenthal escorted me out of the St. Regis.

As I walked through the streets of midtown in my ill-fitting tuxedo, I thought about the implications of what I’d just seen.

The first and most obvious conclusion was that the upper ranks of finance are composed of people who have completely divorced themselves from reality. No self-aware and socially conscious Wall Street executive would have agreed to be part of a group whose tacit mission is to make light of the financial sector’s foibles. Not when those foibles had resulted in real harm to millions of people in the form of foreclosures, wrecked 401(k)s, and a devastating unemployment crisis.

The second thing I realized was that Kappa Beta Phi was, in large part, a fear-based organization. Here were executives who had strong ideas about politics, society, and the work of their colleagues, but who would never have the courage to voice those opinions in a public setting. Their cowardice had reduced them to sniping at their perceived enemies in the form of satirical songs and sketches, among only those people who had been handpicked to share their view of the world. And the idea of a reporter making those views public had caused them to throw a mass temper tantrum.

The last thought I had, and the saddest, was that many of these self-righteous Kappa Beta Phi members had surely been first-year bankers once. And in the 20, 30, or 40 years since, something fundamental about them had changed. Their pursuit of money and power had removed them from the larger world to the sad extent that, now, in the primes of their careers, the only people with whom they could be truly themselves were a handful of other prominent financiers.

Perhaps, I realized, this social isolation is why despite extraordinary evidence to the contrary, one-percenters like Ross keep saying how badly persecuted they are. When you’re a member of the fraternity of money, it can be hard to see past the foie gras to the real world.

Copyright 2014 by Kevin Roose. Reprinted by permission of Grand Central Publishing. All rights reserved.

 

Winner Of The Democrat Debate Is…

Judging from the unbiased mainstream liberal media, Hillary Clinton won the Democratic debate last night thanks to her “formidable” performance “combined with her intelligence.” The puke-worthy gushfest from Slate.com can de read here, but is summarized best as follows:

The National Journal is a little more “balanced” -

And here’s the critical moment – in our opinion…

“The first difference is I don’t take money from big banks. I don’t get personal speaking fees from Goldman Sachs,” Sanders said.

Clinton and Sanders then tussled at length over Wall Street regulations.

“Goldman Sachs [was] recently fined $5 billion,” he said. “Goldman Sachs has given this country two secretaries of Treasury — one on the Republicans, one on the Democrats.”

He continued by addressing Clinton directly: “You’ve received over $600,000 in speaking fees from Goldman Sachs in one year. I find it very strange that a major financial institution that pays $5 billion in fines for breaking the laws, not one of their executives is prosecuted while kids who smoke marijuana get a jail sentence.”

Which makes us wonder how the mainstream continues to suckle at the Clinton teet, when this data is exposed…

As we recentlty reported Hillary is now doing worse than in 2008 which explains the unbiased media’s desperation to talk up her debate performance.

Sanders Right About Clinton & Big Banks

Bernie Sanders Is Absolutely Right About Clinton and Big Banks—Here Are the Numbers to Prove It

The Vermont senator recently pointed to how Hillary Clinton’s relationship to Wall Street becomes clear when you look at how much she’s charged for speeches to Goldman Sachs, Morgan Stanley and big banks. As an Intercept article plainly puts it in a headline, her fees for just 12 speeches amounted to “more than most of us earn in a lifetime.”

From The Intercept:

Democratic presidential candidate Bernie Sanders this week assailed rival Hillary Clinton for taking large speaking fees from the financial industry since leaving the State Department.

According to public disclosures, by giving just 12 speeches to Wall Street banks, private equity firms, and other financial corporations, Clinton made $2,935,000 from 2013 to 2015 … Clinton’s most lucrative year was 2013, right after stepping down as secretary of state. That year, she made $2.3 million for three speeches to Goldman Sachs and individual speeches to Deutsche Bank, Morgan Stanley, Fidelity Investments, Apollo Management Holdings, UBS, Bank of America, and Golden Tree Asset Managers. …

To put these numbers into perspective, compare them to lifetime earnings of the median American worker. In 2011, the Census Bureau estimated that, across all majors, a “bachelor’s degree holder can expect to earn about $2.4 million over his or her work life.” A Pew Research analysis published the same year estimated that a “typical high school graduate” can expect to make just $770,000 over the course of his or her lifetime. …

The Associated Press notes that during Hillary Clinton’s time as secretary of state, Bill Clinton earned $17 million in talks to banks, insurance companies, hedge funds, real estate businesses, and other financial firms. Altogether, the couple are estimated to have made over $139 million from paid speeches.

Read more.

—Posted by Natasha Hakimi Zapata

Planned Parenthood Endorses Hillary

Breaking: Planned Parenthood Just Proudly Shared Its Endorsement For This Presidential Candidate – It’s A Doozy

h/t: MSNBC

In its first presidential primary endorsement in its 100-year history, Planned Parenthood announced Thursday it would endorse Democratic candidate Hillary Clinton.

The Planned Parenthood Action Fund, which will officially announce the endorsement Sunday, also said it will spend $20 million in the 2016 presidential race.

“No other candidate in our nation’s history has demonstrated such a strong commitment to women or such a clear record on behalf of women’s health and rights,” said Planned Parenthood’s president, Cecile Richards, in a written statement.

“She’s the most outspoken and frequent supporter of Planned Parenthood,” said a post by the Planned Parenthood Action Fund, “and the only candidate to speak up for Planned Parenthood at the debates.”

Clinton noted in a follow-up tweet that her support for Planned Parenthood is contrasted by the Republican field.

“Yesterday was a preview of what would happen under a Republican president. Every single GOP candidate would defund Planned Parenthood,” she tweeted.

“There has never been a more important election when it comes to women’s health and reproductive rights and Planned Parenthood’s patients, providers, and advocates across the country are a crucial line of defense against the dangerous agenda being advanced by every Republican candidate for president,” she added in a statement.

Wednesday, the House approved a measure that would repeal parts of the Affordable Care Act and strip away federal financing for Planned Parenthood.

Republican front-runner Donald Trump has made his views on Planned Parenthood clear. “Planned Parenthood should absolutely be defunded,” he said in an October interview with Fox News. “I mean if you look at what’s going on with that, it’s terrible.”

In August, as videos were being released showing Planned Parenthood officials engaged in the sale of  fetal tissue, Trump was strident in his condemnation of the organization.

“It is like an abortion factory, which is terrible. So you should defund anyway,” Trump said. Those videos are horrible. Every time you see them, they get worse and worse. And it’s not only that, the messengers are so bad. I mean these people, what they say and the way they… it’s like you are selling parts to an automobile or something. It’s a terrible situation going on with Planned Parenthood. There’s no question about it.”

Hillary Clinton Fleeing The Public

Hillary Clinton now fleeing the public and reporters after being outed as Bride of Frankenfoods

Monsanto

by: Daniel Barker

http://www.naturalnews.com/050214_Hillary_Clinton_Monsanto_biotech_industry.html#ixzz3eLQZwiqX

(NaturalNews) There are a number of very good reasons why Hillary Clinton should never be elected president. The Democratic front-runner for the 2016 presidential election has been embroiled in so many scandals, it’s not easy to know where to start. The Benghazi fiasco? Emailgate? The revelations published in the recently released book titled Clinton Cash that prove just how corrupt she and hubby Bill really are?

No wonder she’s dodging the press…

But there’s an even bigger issue, one that may be the real reason why she hasn’t been answering any questions from journalists in more than a month and is now going to great lengths to hide from reporters.

Hillary has been outed as the “Bride of Frankenfoods” — her cozy relationship with Monsanto, a company widely regarded (and rightly so) as “the most evil corporation on the planet.”

It has been revealed that Hillary Clinton has extremely close ties with Monsanto and that she supports GMO agriculture. This isn’t really news, because her ties to the industry go all the way back to when she worked at the Rose Law Firm in Arkansas, which represented Monsanto and other “Big Ag” corporations.

Her alliances with Monsanto and GMOs didn’t stop there, either. Monsanto and Dow Chemicals (Dow is another one of the heavy hitters in the Frankenfood industry) have each made huge contributions to the Clinton Foundation.

From The Washington Times:

Big ag… has been a big donor to the Clinton Foundation, the family charity at the center of pay-to-play accusations involving foreign donors while Mrs. Clinton ran the State Department.

Monsanto gave the foundation between $501,250 and $1 million. Dow Chemical Company, which is among the top GMO players, gave between $1 million and $5 million, according to financial disclosures by the Clinton Foundation.

And that’s not all — Hillary Clinton’s top campaign staffer in Iowa, Jerry Crawford, is a former Monsanto lobbyist.

Starting to get the picture?

If not, take this next fact into consideration: Only last year, Hillary Clinton made a paid speech at a San Diego biotech convention in which she advised the industry to give its products an “image makeover,” as reported by The Washington Times.

One excerpt from the speech has Clinton telling the audience — which was made up of GMO industry executives and investors — to choose their terminology more wisely:

“Genetically modified sounds Frankensteinish. Drought-resistant sounds like something you’d want. Be more careful so you don’t raise that red flag immediately.

That passage alone should be enough to convince you that Hillary Clinton not only is more than willing to kowtow to the GMO industry but is also ready to engage in whatever devious verbal subterfuge it takes to ram the Frankenfood agenda right down our collective throats.

It’s sickening, don’t you agree?

Make no mistake about it: Hillary Clinton is not the champion of the downtrodden masses, as she would like everyone to believe. She is a corporatist candidate whose mission is to further the interests of the elites, and particularly the agendas of Monsanto and others in the biotech industry.

A vote for Hillary is a vote for Monsanto. And now that this fact is becoming clear to those who blindly supported her (such as the liberal females who rightly are against GMOs, but who didn’t know the “real” Hillary until now), they are ditching her in droves and withdrawing their support for her candidacy.

No wonder she has been avoiding reporters. And though it may benefit her at the moment to do exactly that, she can’t run from the press and public scrutiny forever if she is serious about getting elected.

It will be interesting to see what happens next, now that she has been outed as the Bride of Frankenfoods. Are American voters really dumbed down and apathetic enough to vote her into office anyway? I certainly hope not…

Sources:

http://www.politico.com

http://www.dailymail.co.uk

http://www.naturalnews.com

http://www.washingtontimes.com

http://www.truthwiki.org/the_green_revolution_-_agriculture/

http://www.truthwiki.org/seeds_of_death_unveiling_the_lies_of_gmos/

(ED: 2st published 29 June 2015)

Hillary Clinton’s “Personal” Emails To Be Subpoenaed

Submitted by Tyler Durden on 03/04/2015 15:20 -0500

http://www.zerohedge.com/news/2015-03-04/hillary-clintons-personal-emails-be-subpoenaed

In the aftermath of the revelations that Hillary Clinton had exclusively used a personal email account to conduct state correspondence with diplomatic leaders around the globe and pretty much everyone else, it was only a matter of time before the subpoenas started flying. That time is now and as WaPo reports, the “House investigative committee is preparing to send out subpoenas later Wednesday to gather a deeper look into former secretary of state Hillary Rodham Clinton’s nearly exclusive use of personal e-mails to do her official business as the government’s top diplomat, according to people familiar with the probe.”

As a reminder, here is a sampling of some of the emails Clinton had sent to at least one recipient, Sidney Blumenthal, whose email account had been hacked by the infamous Romanian hacker “Guccifer”.

The Committee is asking for all e-mails related to the attack from all Clintonemail.com accounts and any other staff members’ personal accounts.

The subpoenas are expected to go out to the State Department later Wednesday. The move escalates the panel’s conflict with Clinton and could complicate her expected run for president.