Wall Street’s Secret Society Elects New Members

Huffington Post

This weekend a tight-lipped group of power brokers elected two new members into Kappa Beta Phi, Wall Street’s secret society founded in 1929, Bloomberg reported.

The organization, dubbed “Wall Street’s Frat” by the WSJ elected Barclays M&A chief Paul Parker and Leon Black, a senior managing director at buyout firm the Apollo Group, in a posh ceremony at Manhattan’s St. Regis Hotel.

While the group’s members aren’t fond of talking to the press, there is reportedly a loose hierarchy of members. The group reportedly uses titles like “grand swipe, grand smudge and grand loaf,” Bloomberg notes.

Bloomberg reporter Max Abelson was seated outside the lobby and relayed this strange anecdote. Here’s Abelson:

“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 gray T-shirt giving a thumbs-up sign — a profile photo from his Facebook page — the reporter promptly left.”

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