Photo: Animal House screenshot
It appears the glory days of frat row don’t have to end with graduation if you’re a Wall Streeter.If you become a big wig in your finance career, you might be able to receive an invitation to join the brotherhood Kappa Beta Phi — Wall Street’s exclusive fraternity.
Of course, what’s a fraternity without a big party and a bit of hazing?
The New York Times’ Kevin Roose had an exclusive look into this finance frat and despite the ire being directed at Wall Street and current state of the economy, the group still parties on.
The insignia consists of a beer stein, a champagne glass, a pointing hand and five stars.
The stars stand for Hennessy cognac and the hand is to hold the glass, according to a report in the Wall Street Journal.
Some members wear the insignia tied around their neck with a red ribbon.
- Alan Greenberg, the former chairman of Bear Stearns.
- Robert Benmosche, chairman of AIG
- Meredith Whitney, Whitney Advisory Group
- Martin Lipton, founding partner of the law firm Wachtell, Lipton, Rosen & Katz.
- Michael Bloomberg, Mayor of New York City
- Larry Fink, CEO of Black Rock
- Richard Grasso, former head of the NYSE
- David Komansky, former CEO of Merrill Lynch
- Sallie Krawcheck, former head of BofA Merrill Lynch's global wealth management.
- Kenneth Langone, former chair of NYSE compensation committee
- Sandy Weill, former CEO of Citigroup
- John Whitehead, former chair of Goldman Sachs
The fraternity's leadership consists of a 'Grand Swipe', 'Grand Smudge', 'Grand Loaf' and a 'Master at Arms.'
Billionaire investor Wilbur Ross served as this year's Grand Swipe.
New inductees included billionaire hedge fund manager Marc Lasry, who runs Avenue Capital, Warren Stephens, the chief of Stephens Inc. and Ted Virtue, the chief executive of MidOcean Partners.
The Occupy Wall Street movement was a target of this year's skits.
For example, the members played a video of bond specialist James Lebenthal telling a protester whose face was reportedly tattooed to go home, wash of his face and get back to work, according to the New York Times' Kevin Roose.
Once again, Massachusetts Congressman Barney Frank (D.) was also a target of the roasting. Frank is a huge advocate for more financial regulation and reform.
In 2009, the group reportedly took a jibe at Frank's sexual orientation. He's the first openly gay member of Congress.