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Kappa Beta Phi Exposed (Redux)

Tyler Durden's picture




 

As we initially exposed over five years ago, with luminary frat brothers and sister such as Jimmy Cayne, Richard Fuld, Stan O'Neil, Martin Gruss, Michael Bloomberg, Jon Corzine, Mary Shapiro, Alan Schwartz, Larry Fink, Larry Fink, Wilbur Ross, James McDonald, this "secret" organization puts the Masons, Bilderbergs, Skull and Bones, Templars, Fight Club and all other secret societies to shame. Now, as New York Magazine infiltrates the inner workings of the "Kappa Beta Phi" society, Liberty Blitzkrieg's Mike Krieger notes the following will confirm what everyone already thought - that a great many of these oligarch financiers are complete and total sociopaths and a menace to society

 

Via ZeroHedge,

I can still remember
How the Dow Jones used to make me smile.
And I learned my trade and had my chance
The music played I did my dance
And I made seven figures for a while.
I can't remember if I cried
when they pulled the plug on Countrywide...
It sucks that Iceland is out of ice....
Bye, Bye to my piece of the pie...
Now I travel coach whenever I fly...
Maybe this will be the day that I die.

 

Via Mike Krieger via Liberty Blitzkrieg blog,

Here’s What Happened When a Journalist Crashed a Wall Street Secret Society

Before we get into this post, let’s review the definition of Antisocial Personality Disorder according to the U.S. National Library of Medicine:

Antisocial Personality Disorder:  A mental health condition in which a person has a long-term pattern of manipulating, exploiting, or violating the rights of others. This behavior is often criminal.

Now for the symptoms:

Symptoms:

A person with antisocial personality disorder may:

  • Be able to act witty and charming
  • Be good at flattery and manipulating other people’s emotions
  • Break the law repeatedly
  • Disregard the safety of self and others
  • Have problems with substance abuse
  • Lie, steal, and fight often
  • Not show guilt or remorse
  • Often be angry or arrogant

How about treatment?

Treatment:

Antisocial personality disorder is one of the most difficult personality disorders to treat. People with this condition rarely seek treatment on their own. They may only start therapy when required to by a court.

Behavioral treatments, such as those that reward appropriate behavior and have negative consequences for illegal behavior, may hold the most promise. Certain forms of talk therapy are also being explored.

Exactly as many of us have said. Jail time and accountability are necessary to stop these people. Bailouts will only encourage continued sociopathic behavior, which is exactly what we have seen. Think about the above as you read the post below. Enjoy…

++++++++++++++

The following article by Kevin Roose was published late last night by New York Magazine, and it recounts what the journalist saw when he crashed Wall Street fraternity Kappa Beta Phi’s private party back in 2012. Some elements of his experience were already published a couple years back in a New York Times piece, but his latest article adds an additional perspective and recounts many outrageous aspects of the event I had never read before. This article is particularly important considering the recent trend of billionaires running around on financial television claiming they are being prosecuted for no reason.

Basically, it will confirm what everyone already thought. That a great many of these oligarch financiers are complete and total sociopaths and a menace to society.

From New York Magazine:

Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight ofJews 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.

 

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.

Yeah Ross, what’s not to love about a guy like you.

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. 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.

If you recall, last year Mr. Benmosche compared anger at Wall Street bonuses to the lynching of black people in the south.

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.

 

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:

 

• 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.”)

 

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.

 

“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.”

This is how these guys talk to everyone, particularly Congress. They are used to getting anything they want because of their money.

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.

Cowards, yes. Dangerous cowards, absolutely.

Full article here, and I highly suggest reading it as it includes some creepy audio from this oligarch frat party.

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Tue, 02/18/2014 - 23:01 | 4451171 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

I don't think any organization puts anyone to shame except the Bohemian Club, which most likely extends to these sick fucks.

Tue, 02/18/2014 - 23:15 | 4451215 American34
American34's picture

NO ONE....and I mean no one...puts Fight Club to shame!

Tue, 02/18/2014 - 23:19 | 4451236 James_Cole
Tue, 02/18/2014 - 23:23 | 4451248 flacon
flacon's picture

There once was a [wo]man named Corzine

[S]he never went to jail. 

Tue, 02/18/2014 - 23:33 | 4451275 BC6
BC6's picture

FREE Jon Corzine!!!

 

Man, that never gets old!

Wed, 02/19/2014 - 00:02 | 4451377 Boris Alatovkrap
Boris Alatovkrap's picture

Larry Fink and other evil twin brother, Larry Fink...?

Wed, 02/19/2014 - 00:27 | 4451439 Urban Roman
Urban Roman's picture

 "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."

What an excellent idea!

Wed, 02/19/2014 - 00:54 | 4451484 El Oregonian
El Oregonian's picture

 

 

There once was a prick named Corzine

Who never had to do any time

It was all understood

that he'd stay in his 'hood

and hang out with the rest of the slime.

 

Wed, 02/19/2014 - 01:20 | 4451521 Beam Me Up Scotty
Beam Me Up Scotty's picture

"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."

What an excellent idea!"

I was thinking that about the conference at Davos actually.

Wed, 02/19/2014 - 01:30 | 4451539 TruthInSunshine
TruthInSunshine's picture

The joke's on them. Not only did they positively lap up the clam chowder, but they gorged on the lobster bisque.

Wed, 02/19/2014 - 02:15 | 4451586 SilverIsKing
SilverIsKing's picture

It's late here but did I miss the part where he explained how he got invited to this shindig in the first place?

Wed, 02/19/2014 - 02:50 | 4451605 philipat
philipat's picture

Duplicare, sorry. fat Finger.

Wed, 02/19/2014 - 04:55 | 4451709 Occident Mortal
Occident Mortal's picture

I am the leader of the most secretive society in the world. 

 

In fact it's so secretive there is only one member, we have only had 1 meeting in our entire history, during which nothing was said.

 

 

It doesn't get any more secret than that.

Wed, 02/19/2014 - 05:31 | 4451726 jbvtme
jbvtme's picture

these reprobates are the visual sign of the cancer in our culture. they are not the cause, which is society's mistaken notion that money is wealth. john locke once said that "true wealth is in a man's labor".  the cancer will disappear when we become self sufficient (as we were before the industrial revolution) and control the production of our food, clothing and shelter. and of course, our local governments. the tools we will need are courage, wisdom and love.

Wed, 02/19/2014 - 08:35 | 4451874 The Mist
The Mist's picture

I call bullshit on this thread. Why would this secret organization allow a reporter inside to share the story?

Wed, 02/19/2014 - 09:39 | 4452052 Polonius
Polonius's picture

Read the article.  He used subterfuge to sneak past the registration desk.

Wed, 02/19/2014 - 02:49 | 4451607 philipat
philipat's picture

How could you overlook The Pilgrims?

And ,of course, The Ashkenazim Society, which meets even more privately, where poor gentile journalists never venture?

Wed, 02/19/2014 - 12:30 | 4452846 JeffB
JeffB's picture

From the article:

 

No outsider in living memory had witnessed the entire proceedings firsthand.

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 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.

“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. ...

 

Wed, 02/19/2014 - 01:29 | 4451538 AlaricBalth
AlaricBalth's picture

Of course Corzine never had to do time. Mary Shapiro, former head of the SEC, has been a long standing member of Kappa Beta Phi, along with Corzine and his cronies. It's an exclusive frat and we ain't in it.

Wed, 02/19/2014 - 00:54 | 4451488 SoberOne
SoberOne's picture

Now, if it were only recorded via google glass. "They Live" comes to mind.

Wed, 02/19/2014 - 00:26 | 4451443 SafelyGraze
SafelyGraze's picture

rather than escorting the reporter out of the gathering, they should have just called the police.

or a watchman.

http://upload.wikimedia.org/wikipedia/commons/1/1b/Slave_kidnap_post_185...

or the mayor or aldermen

 

Wed, 02/19/2014 - 09:59 | 4452137 sessinpo
sessinpo's picture

Heads up: Corzine is set to run Obama's myra program.

Tue, 02/18/2014 - 23:05 | 4451182 mayhem_korner
mayhem_korner's picture

 

 

Give to Caesar what is Caesar's...

Tue, 02/18/2014 - 23:36 | 4451264 LetThemEatRand
LetThemEatRand's picture

Toga?  Oh, wrong narcissist rulers.

Wed, 02/19/2014 - 17:37 | 4454379 Againstthelie
Againstthelie's picture

And libertarians believe the state should not be allowed to forbid these societies...

No wonder why international high finance and it's sociopaths always have loved libertarians as their useful idiots to weaken the only force, that is dangerous to them: the strong nation state.

 

Tue, 02/18/2014 - 23:10 | 4451190 Eireann go Brach
Eireann go Brach's picture

I heard Obama was shining shoes at the event!

Tue, 02/18/2014 - 23:30 | 4451258 TruthInSunshine
TruthInSunshine's picture

Was he in Uncle Tom mode, or blackface?

Obama gives State subsidized (aka taxpayer supported), too-big-to-fail, utterly incompetent, wealth sucking parasitic financial entities better BJs than Clinton could ever imagine possible, daily.

Wed, 02/19/2014 - 01:59 | 4451571 e_goldstein
e_goldstein's picture

Well yeah, that's because B Clinton is a heterosexual rapist while Obama is a queen.

Tue, 02/18/2014 - 23:33 | 4451262 LetThemEatRand
LetThemEatRand's picture

Sure as hell not the Underdog variety.  It's a bird.  It's a plane.   It's a frog.  And you're boiling mutherfucker.  

Lyrics to Underdog theme: When criminals in this world appear / And break the laws that they should fear / And frighten all who see or hear / The cry goes up both far and near / For Underdog! Underdog! Underdog! Underdog! / Speed of lightning, roar of thunder / Fighting all who rob or plunder / Underdog. Underdog! when in this world the headlines read of those whose hearts are filled with greed who rob and steal from those who need to right this wrong with blinding speed goes Underdog! Underdog! Underdog! Underdog! speed of lightning, roar of thunder fighting all who rob or plunder Underdog. Underdog!

Turns out he was just a black dude who likes banker money.

Wed, 02/19/2014 - 00:05 | 4451384 Boris Alatovkrap
Boris Alatovkrap's picture

Lucky for member of bankster class, boiled frog is not complain... but that is end of analogy. Huddled masses is begin to wake up!

Wed, 02/19/2014 - 00:41 | 4451457 LetThemEatRand
LetThemEatRand's picture

Sadly, the huddled masses these days are the hoodies masses.  And they have EBT cards to keep them soundly asleep.  The middle class is also asleep, dreaming about Ferraris they will never own.  Upward mobility means a free scooter at Walmart.

Tue, 02/18/2014 - 23:47 | 4451328 0b1knob
0b1knob's picture

OK "shining shoes" is some sort of sexual act?   Like a "chocolate ascroft"?

Tue, 02/18/2014 - 23:10 | 4451194 Pascal1967
Pascal1967's picture

.... 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..... THANK GOD!

Tue, 02/18/2014 - 23:39 | 4451284 TruthInSunshine
TruthInSunshine's picture

Target Rich Environment

I love real capitalists & despise taxpayer sucking parasites who view debt piled unto the backs of future generations as their and their families personal slush fund.

Wed, 02/19/2014 - 01:45 | 4451549 Bill Shockley
Bill Shockley's picture

No worries about them.

They are trapped in a bubble of their own creation sucking air out of each others lungs.

 

Draw a large circle and put a dot in the center.

 

That dot is where they are trapped, they cannot walk the earth.

 

Poor things.

They are dead.

 

   bill

Wed, 02/19/2014 - 07:28 | 4451788 new game
new game's picture

oh but they can sure as hell fight their way out. they control the courts, mic, police state(s), about a dozen other policing entities, the money system, the political process, government regulatory agencies and your ars when they decide you are a person of interest. now deal with that. admit you are fucked. denial is the first step..

hey, at least we are smart enough to understand the symptoms(effect). now deal with the cause, but first understand their systems of contol!

Tue, 02/18/2014 - 23:11 | 4451198 mayhem_korner
mayhem_korner's picture

The second thing I realized was that Kappa Beta Phi was, in large part, a fear-based organization.

 

Of course it is.  Any "club" whose existence serves only to conjure status out of thin air is rooted in paranoia.  Did he expect to find himself in a room full of quietly-confident models of selflessness?

Tue, 02/18/2014 - 23:17 | 4451227 illyia
illyia's picture

All those empty lamp-posts... all those rusting pitch-forks...

Just waiting...

Tue, 02/18/2014 - 23:31 | 4451272 petolo
petolo's picture

Don't forget the Hempen Cravats.

Tue, 02/18/2014 - 23:27 | 4451260 satoshi411
satoshi411's picture

Any "club" whose existence serves only to conjure status out of thin air is rooted in paranoia. 

*

Thank god that ZH is not an exclusive club /sarc

 

Tue, 02/18/2014 - 23:41 | 4451306 mayhem_korner
mayhem_korner's picture

 

 

The Tylers let you in, right? 

Wed, 02/19/2014 - 00:59 | 4451494 SoberOne
SoberOne's picture

Robert Paulson sent me.

Wed, 02/19/2014 - 01:05 | 4451504 AmericasCicero
AmericasCicero's picture

His name was Robert Paulson.  His name was Robert Paulson.

Wed, 02/19/2014 - 02:14 | 4451583 trader1
Wed, 02/19/2014 - 17:22 | 4454305 trader1
trader1's picture

oh fuck me, now i get the junks...

sorry, that was the french version...

here's that episode in english:

https://www.youtube.com/watch?v=UfH-0VxMMsA

 

jerome bixby was a great screenwriter

Tue, 02/18/2014 - 23:11 | 4451200 skank
skank's picture

Fiddler on the roof - If I were a rich man (with subtitles)
http://www.youtube.com/watch?v=RBHZFYpQ6nc

Tue, 02/18/2014 - 23:12 | 4451202 averros
averros's picture

Nothing a fast-moving lead pill won't cure.

Tue, 02/18/2014 - 23:13 | 4451207 pitterrier
pitterrier's picture

Little Wilber Ross is a beta pussy who gets dressed by his Mommy every morning. He will NEVER know what it feals like to be a real man, ever.  Smart, yes. clever, yes, but a living, breathing pussy, now and foreverr.  One day (if he lives long enough) he will be a waiter in a fine dining establishment.   

Tue, 02/18/2014 - 23:16 | 4451219 lasvegaspersona
lasvegaspersona's picture

I think that the Rothschild family learned a few centuries back: when one is rich and Jewish there will always be the envious who seek to get what you have.

They will use the power of the state so you need to keep close to those who exert the power of  the state.

There will never be an end to the reason why you should be fleeced, stay alert and never assume.

All family members must behave at all times lest their misbehavior be used as an excuse for taking what is yours or deny you access to activities that could be profitable.

Never sit on a board of a company unless you control the company, any problems will be blamed on the Rothschild.

If the Fascists win they will seize your bank.

If the commmunists win they will nationalize your bank.

Don't associate with idiots like those mentioned in the article here.

Aside from that enjoy your wealth.

and just because you are rich and powerful doesn't protect the lives of the extended family...stay alert.

Wed, 02/19/2014 - 10:05 | 4452159 sessinpo
sessinpo's picture

lasvegaspersona       when one is rich and Jewish there will always be the envious who seek to get what you have.

 

Comment

So what is a person that is envious of the Rothchilds because they are rich but they don't care about the jewish part?

Leave out the biggotry. Bad people are bad people no matter what ethnicity.

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