A Raucous Hazing at a Wall St. Fraternity

The chandelier-filled ballroom was teeming with 200 men in tuxedos — and a smattering of women — whose daily decisions can collectively make or break the global financial markets. Most were picking over a lavish dinner that included rack of lamb and crème brûlée. Others were preparing to sing bawdy show tunes.

Kappa Beta Phi, an exclusive Wall Street fraternity whose members include big-name bankers, hedge fund billionaires and private equity titans, met at the St. Regis Hotel in Manhattan on Thursday night for its 80th annual black-tie dinner and induction ceremony.

As always, the event was held in strict secrecy, with members being told that “what happens at the St. Regis stays at the St. Regis.”

A reporter, however, was able to walk in unquestioned and observe the proceedings.

Neither a rough year in the financial markets nor the animus of the Occupy Wall Street movement was enough to dampen spirits at this year’s dinner, which was attended by members like Alan C. Greenberg, known as Ace, the former chairman of Bear Stearns; Robert H. Benmosche, the chairman of the American International Group; Meredith Whitney of the Whitney Advisory Group; and Martin Lipton, founding partner of the law firm Wachtell, Lipton, Rosen & Katz.

The Occupy movement was fodder for several after-dinner skits. In one, a documentary filmed during the protests, James Lebenthal, a bond specialist, joked with a protester whose face was appeared to be tattooed.

“Go home, wash that off your face, and get back to work,” Mr. Lebenthal told the protester.

Reached through his daughter on Friday, Mr. Lebenthal declined to comment.

In another skit, William Mulrow , a senior managing director at the Blackstone Group, put on raggedy clothes to play the part of an Occupy protester. Emil W. Henry Jr., a managing partner at Tiger Infrastructure Partners and a fellow new Kappa, joined him dressed as a wealthy baron.

“Bill, look at you! You’re pathetic, you liberal! You need a bath!” Mr. Henry said, voice full of mock indignation.

“You callow, insensitive Republican!” Mr. Mulrow said. “Don’t you know we need to create jobs?”...


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