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.

Quote of the Day: Barney Frank Edition

"I do want to add one thing though to your question about those poor beleaguered bankers who have been forced to do so much to keep from not being able to pay their debts, that they can’t lend money. If they really are running businesses that are so stressed that they can’t do their basic work, why are they paying themselves so much money?"

Barney Frank, on Meet the Press

Daily Kos has the video of Frank's MTP appearance. Host David Gregory, former Treasury Secretary Henry Paulson and CNBC anchor Maria Bartiromo were left speechless. These Wall Street apologists couldn't believe Frank spoke the truth about the unjustifiable executive bonuses.

Lloyd Blankfein was at the helm when Goldman Sachs almost went under. In 2012, Blankfein received a $26. million bonus. So much for the saying about cream rising to the top.

The Differences In How Obama & Frank Deal With the Right

Evidence that Barack Obama still doesn't get it. White House Press Sec. Robert Gibbs said the President believes Charles Grassley, Olympia Snowe and Mike Enzi are working "in good faith" on health care reform. The last time Obama praised Grassley, The Senator said Democrats were advocating euthanasia.

“You have every right to fear. You shouldn’t have counseling at the end of life, you should have done that 20 years before. Should not have a government run plan to decide when to pull the plug on grandma.”

Enzi wrote an op-ed in USA Today against Obama's plan.

According to the non-partisan Congressional Budget Office, a government-run component would actually increase health care spending, cause millions of people to lose the care they like and have, and add trillions to the national debt.

For millions of Americans, the government-run plan would turn into a bureaucratic nightmare, with the efficiency and customer service of the Department of Motor Vehicles or the IRS. Washington bureaucrats would literally decide whether patients would live or die by rationing newer, more expensive therapies.

A CBO report found only 9 million would switch to the pubnlic option. One of the cost savings not calculatyed by CBO is hospitals spent $35 billion in uninsured care. Hospitals paston this cost is passed on to the insured. Preventive and more insured care will lower costs.



Snowe argued in favor of Americans continuing to pay for overpriced insurance.

"If you establish a public option at the forefront that goes head-to-head and competes with the private health insurance market ... the public option will have significant price advantages," Snowe said. But this was her argument against making the public option available as soon as the bill becomes law.

Grassley, Enzi and Snowe will never back a public option. Democrats know this. Obama continues to court the right out some bizarre need for their personal approval. It is disturbing.

Rep. Barney Frank has the correct idea. A female tea bagger referred to health care reform as a "Nazi policy" and held a photoshop picture of Obama as Hitler. Frank asked, "What planet do you spend most of your time."

That is the way to deal with the nutcases. Obama wants to win their approval and feels the progressive base is not important. The result is Senate Democrats abandoning health care reform. Great strategy, Mr. President.

Frank Calls Out GOP on Bonuses

Barney Frank points out the hypocrisy of John Culberson (R-Texas) complant on transparency on TARP and Alan Grayson's Pay For Performance Act. Culberson complained that more time to read the Troubled Assets Relief Program.

A few problems: TARP came from the Bush administartion. In Feb., Sec. Treasury Tim Geithner made a decision for what to do with $300 billion of TARP funds. That month, the Senate voted to ban bonuses. Republicans called for a voice vote. Republicans were unwilling to go on-record voting in support of executive bonuses Sen. Chris Dodd wrote a loophole into the bill.

Frank pointed out that it is illogical for Republicans to complain that the Febuary bill didn't allow enough time to rid of Dodd's loophole and be against Grayson's bill. Republicans can't be against excessive executive bonuses in TARP and for excessive executive bonueses in Grayson bill. Republicans either support TARP money being used for large bonuses or they don't.

Side note: Grayson did not acquit well by walking away from Culberson's question. I think Grayson's bill is poorly written. Republicans had a political opportunity with the AIG bonuses. The GOP decided to back excessive bonuses. Frank is right to call out Republicans on this.

Barney Frank on Tax Cuts

Barney Frank attacks the Republicans mantra of tax cuts solving all problems.

Remember this gem from George W. Bush.

"A surplus in tax revenue, after all, means that taxpayers have been overcharged," the president said. "And usually when you've been overcharged, you expect to get something back." The surplus figure "counts more than any other" in the budget, he said.

Nondiscretionary spending increased 35.8 percent from 2001 to 2006. More Americans are earning less, as the cost of living increases. Bush attempted to spend more while bringing in less tax revenue. The result was a fiscal deficit. This is why Frank and many progressives find the GOP spin about tax cuts to be silly.

Quote of the Day

"[Obama's] going to have to be more assertive than he's been. At a time of great crisis with mortgage foreclosures and autos, he says we only have one president at a time. I'm afraid that overstates the number of presidents we have. He's got to remedy that situation."

Barney Frank

Quote of the Day

"I hope they are not that selfish and unpatriotic. This is going to be a hard sell to a lot of elected officials even with this."

Barney Frank, on CEOs of bailout companies whom refuse to take a pay cut.

Frank made it clear that CEOs of recipiant companies must take a pay cut. Senator John McCain also wants to limit CEO pay.

LGBT Equality Caucus

On June 5th, Rep. Tammy Baldwin(D-Wis.) and Barney Frank (D-Mass.) formed the LGBT Equality Caucus. The group is bipartisan and has 52 members in the House of Representatives.

Baldwin also noted the significance of launching the caucus with bipartisan support. “We have to have the most effective communication possible with both sides,” she said. “Our Republican charter members will be great at educating and being role models for their side of the aisle.”

The two Republican charter members are Connecticut’s Chris Shays and Florida’s Ileana Ros-Lehtinen, but others are expected to join this week. Shays agreed that forming the LGBT Equality Caucus is pivotal in educating fellow lawmakers. But he sees another reason why this particular caucus will be successful. Unlike most caucuses, which are helmed by a Republican and a Democratic cochair, “in this case, you have two cochairs who happen to be one gay and one lesbian -- individuals who have experienced the very discrimination we’re talking about.” That, he said, will show other lawmakers firsthand that being gay is not a threat to the social fabric of the country.

I'm surprised that Ileana Ros-Lehtinen joined the caucus. Her neoconservative heart is surprisingly liberal socially.

In related news: Debbie Wasserman Schultz has been named Vice Chair of the LGBT Equality Caucus.

The Bush Family On Civil Rights

Via Pam Spaulding: only a hypocrite like Bush would say something as shocking as this to Barney Frank.

Before the State of the Union, Frank was talking to his boyfriend on the phone. Bush grabbed the phone to say hello.

After the speech, Frank said, he felt he had to tell Bush what he had done. After all, the president opposes gay marriage, and gay rights groups do not see the president as an ally.

Frank sought out the president, who put his hand on the back of the congressman's head to hear him more clearly in the noisy, crowded room.

"Mr. President, by the way, the person I was talking to when you said to say hello was my boyfriend,'' Frank said he told the commander-in-chief.

"Well. I hope you said how open-minded I am,'' Frank said the president replied.

The Decider refuses to listen to people with dissenting opinions. His definition of "open-minded" is rather bizarre.

Bush attempted to constitutionally ban gay marriage. Bush used gay marriage as a wedge issue to bring out Christian conservative voters.

"The union of a man and a woman is the most enduring human institution, honored and encouraged in all cultures and by every religious faith," Bush said.

"Marriage cannot be severed from its cultural, religious and natural roots without weakening the good influence of society."

Bush's grandfather Prescott was a pro-civil rights Republican. Prescott Bush voted for the Peace Corps and to censure Joseph McCarthy. The Bush family political history follows the downward spiral of the conscious of the GOP.