Wall Street has a secret society referred to as Kappa Beta Phi
and recently Kevin Rudd who is a reporter with New York Times Magazine
wanted to website Kevin Rose who is a reporter with New York magazine
out decided to infiltrate them and figure out what they do during their
annual dinner well he found that the top one percent
is just that despicable as you can imagine in fact they got together
and they made fun of the fact that they totally destroyed our economy
they got made for the fact that they got a bailout from the government and US
taxpayers
and they dressed up in dresses and wigs now to show you a few pictures
its a little bit like a fraternity where you necessarily get hazed but they kinda
roast each other a little bit
they're wearing funny clothing they're making cracking jokes that one another's
expense
but when they cracked jokes they also make sure to make fun of the american
people
and people were supposed to be regulating them at the same time
your Sony dress up as women me it's fairly harmless the you know
yet reminds you like an immature thing at a frat would do it cetera
the in the Navy at the sexist jokes are homophobic jokes at him
I'm not overly surprised by any that it's the part where they can to rub it
in on the american people and how they took their money
I support that rubs iraq absolutely so I he writes the following this is Kevin
Roose from New York magazine he says Warren Stephens an investment banking
CEO
took the stage in a confederate flag hat and sing a song about the financial
crisis
set to the tune of Dixie in Wall Street land will take your stand
at said Morgan and Goldman but first we better get some loans so quick
get the Batman all very clever very funny
say so it's not like they don't know if they know it bike I we screw everything
up doesn't matter we got our boys are the bad and this is going to give us
trillions of dollars any Bay
could get a bad grade I
quick pick up your body powered celebrating at the saint regis
they have the same what happens at the saint regis
stays at this thing regis yeah at some point up all Kweli
he's a private equity executive well with Welsh Carson Anderson & Stowe
started making jokes with Ted virtue I he is
or Vertu here's another private equity a bigwig
and they started making photo Hillary Clinton we have a video for that
let's take a quick look at all discussed an hour and I know you're
wine remembers calf very nervous call
hey you should be relief where
is it that I'm I'll good
cats in water it
Wilbur Ross the greatest wife has asked me to ask you a few questions
okay ready want to read request this is very easy
cat the biggest difference between Hillary Clinton
catfish Hillary Clinton had
ish I think one appear in the water and 10 my head
okay no iru
Warner whiskered and and the other
is ish think on what are your comment here
do you know if Governor Jon Corzine I am
go in and John are words I'm I cedar tree
ratings on wall street. know you know it futures
cellmate third-biggest effort required Barney Frank here
for more great already frank you know Fenway Frank I have no idea who do carry
party break comes in different sizes bomb
well hope hope hope oh they're clever bunch over there
they're very very clever and so I mean it's amazing to me that there
so vicious toward Hillary especially considering the fact that hillary
help them out tremendously should a corporatist herself but as jack
mentioned in the production meeting today
it's still not enough they want more you know that Goldman Sachs paid
eloquent 400,000 miles for couple speeches that's not for speeches they're
not wowed by oh wow look to you she said oh that's worth more to that but the
peter is an unofficial bribery issue becomes president you know she told him
in that speech she said or your money's worth
basically because she stole them the criticism that you bankers get
is on fair meanwhile look at look what they're saying about her behind her back
exactly now I'm as part of this annual dinner they have younger members a wall
street come in and it's almost as if they get sworn in they get
involved in the secret society and it's like a rite of passage right and that
they were for these young people as I
neophytes and here's what I Kevin Russo says he experience with them
the neophytes who would change from their drag outfits into Mormon
missionary costumes
broke into their musical finale a parity bit version A but I believe
they hit ballad from the Book of Mormon with customized lyrics like
I believe that God has a plan for all of us I believe my plan involves a
seven-figure bonus
amused I pulled out my phone began recording the proceedings on video
wrong move I at that point he got discovered
okay so before we get to that I do want to say one thing about that
good you know how the right-wing and these guys who
bad financially backed the right-wing no
pretend they're all about God and all this stuff
it if you are if you're right where we actually believes in God and it's not a
punchline to you
well the guys backing your Republican Party and oftentimes democrats as well
but these guys have a lot more money to the republican party
they're laughing at you behind your back then I just live in Italy plan you on a
level that your alert level the bunny franjo
11 EU the back but always got governor made
but it is something wrong yes I gotta
is a damn about God I really bribe everybody I'm get whatever I needed if I
don't get up to go to bed
I got a guy there pay that's what they think about you
I know it's disgusting so at that point he gets discovered
and that's when I someone who is sitting at his table
discovered that he was recordings like what the hell are you
and at that point he has to admit that he's reporter with The New York Times
and always sided panic sets in and a buncha
bigwigs from wall street approach and and they start trying to do damage
control
what person who approached him with Alexander leavin fall she's a bond
investor
and she basically said the following to him yeah people in this group could be
very helpful
if you could just keep their privacy in mind of laws are quote
because that's basically same headliners bribe you like we bribe everybody else
okay UK you snuck in here you got a you got some pictures you got the table
setter
but it sorry we could be very helpful in the me it sounds like a line at a house
a car
it's amazing now Kevin Bruce was not about to compromise his principles and I
absolutely love him for it he writes the following
I wasn't going to be bride of my story but I understand their panic
here after all was a group that included many of the executives whose firms that
collectively wrecked the global economy in 2008
and 2009 and they were laughing of the entire disaster in private
as if it were a long-forgotten lark
and I'm one of the songs they sang
and thats again the thing that gets under my skin here
was a parody Abbas dancing queen and it was called
bailout K they are the bailout Kings
great so they know they know they know they got bailed out they know they got
bailed out by you
and then they laugh at you behind your back and then the guy who is the head of
these proceedings as Wilbur Ross
he's the guy that he kept writing about who's at the leader of this group at the
time
when Kevin who said infiltrated et cetera later
in fact this year wilbur aw Ross
or went on to say the one percent is being picked on
for political reasons definitely yeah these poor poor wealthy people that
totally destroyed the economy
and then turn around and laugh at the American people am a politician but look
out for them
the politicians that they bought yeah they know they're the bailout Kings they
know you bail them out
and once a somebody catches them saying it they're willing to bribe them so that
doesn't get out
and then they turn into all poor us you're picking on us for political
reasons
and so understand this is really important it's never about bashing rich
people
is I'm sure it even in that group of course are plenty of people who aren't
did
in who you know be you know look
there is value in finance obviously right
making the right investments that is is helps the free market get to the
such now there's some private equity that doesn't do that at all that
destroys value
but the main thing we're concerned about is awaiting the rules
so that you don't have free markets and this isn't helping
anybody except those guys in that room and the way you read the rules as you
get rid of regulations you get rid of
it taxes so that you pay lower tax that everybody else that's what they've done
were against unfair rules but here bike seeing the bailout king and all other
things that
Kevin Rose explains they know they're reading the rules they know it
that's why when they're caught they get in a panic and they're like well so we
need to bribe
to make sure you don't tell the American people what we're up to
it's not that we're picking on you purple ago reasons is that you can pick
in Idaho Falls for political reasons
so the you could get richer if you just got rich in a bear market whether it's
bill gates's
Oprah or some other finance guys that earned it the right way
we'll have a problem with that we'll probably you read the rules
you take our money in the lab but us over