Kappa Beta Phi, the banking frat that was founded before the 1929 market crash, and which allegedly includes some of the Street’s most senior execs and regulators on its membership rolls, held its annual induction dinner Thursday, Bloomberg says.New members this year reportedly included Josh Harris, a senior managing director at Apollo Management and No. 655 on Forbes 2010 billionaires list; and Paul Parker, the global head of M&A at BarCap.
Part of the process is for the “neophytes” – as the frat calls its novices – to entertain the fraternity.
Parker apparently played a video filmed years earlier of Lehman Brothers staffers (he used to head up the failed bank’s M&A unit) loading up a time capsule.
AIG CEO Robert Benmosche was at the dinner too.
The frat feasted on lobster salad, shrimp, pigs-in-a-blanket, lamb chops and pistachio ice cream.
And here’s a glimpse of the night, from Bloomberg,
A bald man in a tuxedo walked into Manhattan’s St. Regis Hotel, muttered to a uniformed attendant and was ushered to an elevator. A woman in a fur hat the size of a lampshade followed, then a man in a topcoat, who licked his lips as he walked under a ceiling painted with naked cherubs.
Photo: Milken Institute
As the evening began, a reporter seated in the lobby watched people enter the hotel, where a night in the Astor Suite costs about $1,050. When a man appeared holding a photograph of the reporter in a grey T-shirt giving a thumbs-up sign — a profile photo from his Facebook page — the reporter promptly left.Past and present members of the frat include SEC chairman Mary Schapiro (an SEC spokesman said she hadn’t been a member for 10 years), Sidney Weinberg (who was then head of what is now Goldman Sachs), James “Jimmy” Cayne (president of Bear Stearns), Michael Bloomberg, Larry Fink and Sandy Weill.
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