Kappa Beta Phi
The purpose of the organization is largely social and honorific. The current honor society meets once a year at a black-tie dinner to induct new members. The current President is Alfred E. Smith IV.
Chapters of Kappa Beta Phi were known to exist as early as 1912. By the 1930s, dozens of chapters were in existence, primarily on college campuses. The society was known for being made up of men with a sense of humor. Many colleges and traditional fraternities fought to abolish Kappa Beta Phi, as it was often characterized as a fraternity solely for drinking and partying while making a mockery of academics and more reputable organizations such as Phi Beta Kappa. The Wall Street Chapter of Kappa Beta Phi was founded in 1929 prior to the stock market crash, and it is the only remaining chapter of the society. The stated purpose of the Wall Street Chapter is to "keep alive the spirit of the 'good old days of 1928–29.'"
The organization's name is a reversal of Phi Beta Kappa, and instead of a key, the members wear a fob tied to a red ribbon around their necks.
The organization's officers bear odd titles such as Grand Swipe (the President), Grand Smudge, Grand Loaf and Master at Arms. The annual dinner has been described by the Wall Street Journal as "Part Friar's Club roast, part 'Gong Show.'" New inductees are expected to perform in a variety show to entertain the members, and many inductees benefit from professional coaches and writers to prepare them for their performances. Backed by a five-piece band, the inductees performed renditions of well-known tunes with lyrics modified to satirize Wall Street.
Kappa Beta Phi's insignia consists of a beer stein, a Champagne glass, a pointing hand, and five stars. The group’s Latin motto, “Dum vivamus edimus et biberimus,” roughly translates as “While we live, we eat and drink”.
Members of the Wall Street Chapter
- Michael Bloomberg – former New York City mayor
- Jon Corzine – New Jersey Governor
- Laurence D. Fink – CEO of BlackRock
- Richard Grasso – former head of the New York Stock Exchange
- David Komansky – former CEO of Merrill Lynch
- Sallie Krawcheck – former head of Citigroup's wealth management division
- Kenneth Langone – former chair of the New York Stock Exchange compensation committee
- Martin Lipton – founding partner of Wachtell, Lipton, Rosen & Katz
- Alan Schwartz – former President of Bear Stearns
- Robert Rubin - former U.S. Treasury Secretary, former co-chair of Goldman Sachs
- Mary Shapiro – Chairperson of the Securities and Exchange Commission
- Diana Taylor – former New York State Superintendent of Banks
- Sanford Weill – former CEO of Citigroup
- John C. Whitehead – former chair of Goldman Sachs & Co.
- Karnitschnig, Matthew (2009-01-16). "A Wall Street Frat Parties On, Singing 'Bye, Bye to My Piece of the Pie'". Wall Street Journal. p. A1.
- "Hobart College: Kappa Beta Phi Men May Pay a Visit to Lehigh". New York Times. December 8, 1912. pSM19
- "Kappa Beta Phi Dinner: Wall street Chapter to Revive Ghosts of "Good Old Days" Tonight". The Wall Street Journal. June 14, 1932
- Roose, Kevin (January 20, 2012). "A Raucous Hazing at a Wall St. Fraternity". The New York Times.
- Michael Benson (2005). Inside Secret Societies: What They Don't Want You to Know. Kensington Publishing Corp.,. p. 79. ISBN 978-0-8065-2664-5.
- Roose, Kevin (February 18, 2014). "Revealed: The Full Membership List of Wall Street’s Secret Society". Daily Intelligencer. New York magazine. Retrieved February 21, 2014.