Meet the Kappa Beta Phi of Wall Street

Journalist Kevin Roose infiltrated the party of the Wall Street secret society Kappa Beta Phi. What Roose found is Wall Street titans gleefully making fun of woman, gays and how they got bailout money after the economy crashed in 2008.

The new inductees to Kappa Beta Phi had to dress in drag. Remember, these are the people Republicans say are too heavily taxed because they are job creators.

Paul Queally, of Welsh, Carson, Anderson, & Stowe, brought Ted Virtue, of MidOcean Partners, for a Q and A that involved telling sexist jokes about Hillary Clinton.

Q: “What’s the biggest difference between Hillary Clinton and a catfish?” A: “One has whiskers and stinks, and the other is a fish”

Queally also told a homophobic joke about former Congressman Barney Frank.

Q: “What’s the biggest difference between Barney Frank and a Fenway Frank?” A: “Barney Frank comes in different-size buns”

Investment banker Warren Stephens sang a reworked version of Dixie on how Wall Street went to the Federal Reserve for money after they blew up the economy.

“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 new inductees sang a reworked version of "I Believe" from The Book of Mormom. In this version God was going to give these future Masters of the Universe seven figure bonuses.

“I believe that God has a plan for all of us. I believe my plan involves a seven-figure bonus.”

Roose was discovered recording the dinner party. Alexandra Lebenthal, President & CEO, Lebenthal & Co, LLC, and investor Wilbur Ross attempted to bribe Roose into killing his story.

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.”

There are very powerful people in the financial industry in Kappa Beta Phi. They make jokes about receiving bailout money. The americans that lost their jobs and homes didn't get billions of dollars from the federal government.