Kappa Beta Phi is a secret honor society, mentioned in a Wall Street Journal article that appeared on January 16, 2009, for Wall Street financial executives.
The purpose of the organization is largely social and honorific. The current honor society meets once a year at a black-tie dinner held at the St. Regis Hotel to induct new members. [ ... ]
The organization was founded in 1929 prior to the stock market crash.[1] Its stated purpose is to "keep alive the spirit of the 'good old days of 1928-29.'"[1] Prior to the St. Regis, the annual dinner was held at the Downtown Athletic Club.
It's all a big joke to them -- the obliterating of pensions, millions of families losing homes, crushing unemployment, lives destroyed. In 2009, just a few months after the devastating crash, they sang a parody song titled "We've All Lost Dough Together". This year, the current "Grand Swipe", Wilbur L. Ross Jr., who the New York Times called "a dean of vulture investing", made this joke for the bankster crowd:
“We have members from every firm that has failed, as well as members from those that will fail in the future,” he said to loud laughter.
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