Wall Street secret society Kappa Beta Phi inducts members

http://www.bloomberg.com/news/2011-01-16/top-stories-business-and-finance.html

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. Kappa Beta Phi, the banking fraternity founded before the 1929 stock-market crash that counts Wall Street´s most senior executives and regulators among its past members, held its annual induction dinner behind closed doors at the landmark New York hotel on Jan. 13.

This year´s names included Josh Harris, senior managing director at Apollo Global Management LLC, the buyout firm led by Leon Black, according to two attendees, who spoke on the condition of anonymity because the society´s activities are secret. Harris, 46, was No. 655 on Forbes Magazine´s billionaires list last year. Joining Kappa Beta Phi alongside him was Paul Parker, the global head of mergers and acquisitions at Barclays Capital in New York, who previously led M&A in the U.S. for Lehman Brothers Holdings Inc.

As always, the neophytes, as the group refers to new members, entertained the assembly, the attendees said. Parker, 47, stepped up by playing a video, filmed years earlier, of Lehman colleagues loading up a time capsule, they recounted. American International Group Inc. Chief Executive Officer Robert Benmosche, 66, a Kappa Beta Phi member who disclosed in October that he was undergoing treatment for cancer, was there. He looked energetic, the two attendees said.

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just in case you thought secret societys were made up and didnt exist..wall st has one of its own..and i bet thats a club you and i couldnt get in eh?

401

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~ by seeker401 on January 24, 2011.