Wall Street has a lot of problems one other problems too often talked about is
that
Brett culture now we're learning about this because an investigation a
Bloomberg did they interviewed three dozen different frat members
who revealed details about the way that that former frat members in Wall Street
maintain this hierarchy where they bring in frat members they provide them with
inside information
we'll show you some the way they do that but just to give you an idea of why this
is important to why this is so helpful to the frat
but many of these Wall Street firms have
a very lucrative intern not internship programs
and getting those internships can be the first step to actually getting a job
there and that's how they maintain themselves
and it's incredibly competitive so some other
are up to three times more competitive than Princeton University's record-low
acceptance rate as one example Goldman Sachs
had a 350 investment banking interns is here
they'd seventeen thousand applicants almost any advantages you have is going
to be significant we're talking about jobs they can pay
over a hundred thousand dollars and lead to careers in Wall Street the summer the
way that they did this
they provided frat members currently in college with special code
phrases and handshakes to use the interviews
rooted to get let them know that their member they are would provide lists of
questions that were gonna be asked that be sent to the frats
or the frats would have one member come get interviewed
and then go back and provide them with recommended answers the questions are
asked things like that
and basically providing any sort of inside at information or access that
they could
and named when they found out that they were remembered the frat they put the
resume on the top of the pile
things like that let me guide this houseboat worked well as I don't know
how you feeling well
bird I it's all based on relationships et al it usually doesn't win out or else
I would all be fuckin we just got here
I and II its ok to do with higher insurance is it turns out the
would just get past them based on people you know like maybe for example cops
Irish Cup at Sandown iris jog jobs to other Irishman who might become cops are
absolutely lol I was part of that system
he he worked it so he got to be a beat cop for twenty five years
good for him yeah right now yeah I've made nearly one
28-5 by the time your doctor like that mean that without Street bribes
right you don't count that I got Street Brighton redoing your gross but not for
the grimy that like to
this is how it works in a additional income when you're telling me that
I haven't seen you in Steve O'Shea can bring a couple other something with
uncomplicated hand gestures and stuff like that yet
they they have been ordering shakeout I is that you don't want to I already have
it
you don't like there are who you know as you guys know what I like best friends
in the world was in a frat
University Virginia right pose at Michaels your 'em
so funnies alaska expect yeah totally and every story that he tells about that
makes me think well that sounds like a lovely college existence they sat around
they played poker they went out together they get together and go on a baseball
trip every year
it seems wildly that is so clearly the exception like
what my third act as president no friends
what kind of Persia go to college
it's a brand beer were already right you to bring a new fuckin world for you in
the first thing you do with tried again and some club it's not gonna let that
guy into the game for the wrong fuckin family
but you but we were all your press I
the sororities are worse ago the only reason I ever thought about being a brat
was because I dunno do thing which is a night so I i
yeah yeah I'd like a brother
really fast so wondering who this is significant that is because favoritism
but because it's a very targeted sorta favoritism if Wall Street is filling its
positions based on these
these alumni connections to fraternities then that means that women are getting
his positions that means in many cases minorities both both Jews but also
racial minorities are not getting the same sort of opportunity
that these predominantly white male fraternity members are getting
no I could have been a brat have when I was in college if I just
hell that I get my ass eight seconds longer I
I was like oh no oh I now I gotta make friends because I i
I okay now let me say upper frets a little bit lokito the
of course I know plenty people were frats & and Michael was Tebow was
my nephew us on was and they had a great time in
mainly was to drink in the party and you know i mean girls is your organization
to give to the poor
fathom and correctly
now the AM I would be doing to you charity right and so keep that to be
fair that right
but and i know i will accept for their own they do that's a reality alive
you're a Jimmy
great but it sucks because its he is john pointed out
your schooling so many people from that equation
Chris oh you've eliminated all women make because they're not in the frats
that
that Wall Street is doing the secret handshake sunray I mean there's not a
this
shortage or not part of the story great and then
it will the my guess is the black rats are participating in the Goldman Sachs
handshake with wood
whatever thing it has a raid and so even take a guess
yeah look display jewish attorneys a center right now I N
every fraternities their friend and there's some good ones and those ones
that do the spanking in the
I'll walk wit all dat azz up right of course of course right
but overall we can have this man we can't live like this is a real real
issue
this is something like somebody's got to do something about brain because if they
were
if you took it instead of practice change the word to
a all anything I like all-white
the organization all whatever right
just put it as a different group then the government would have to step in go
way way way we can all white organization into a secret handshake
your your job to whites right you can't do that that's a legal right
so now I don't know this rises to that level but this
this is look financial jobs it sucks for the rest of us
but are the most lucrative jobs in america in your shutting out a huge
percentage a people
by doing this now it's not official it's not like there's no way you could break
in
but these guys is John explain having enormous advantage
and also it's not like it's not significant it's not like bakers are
giving an advantage to Pratt members
like this is a this is an industry that not too long ago
crashed our economy because apparently they're choosing people based on
what they know about secret handshakes rather than what they know about the
stock market
like they may can say all they want but no with still competence is really
important and hard work and I'm sure that every member Wall Street
works hard to some extent but apparently the criteria that they're choosing
people based on
is flawed in some fundamental way and this may be just the part but it is a
part of it and so they need to consider that in the future
in the next time you hear about like 20 the Masters of the Universe in these
geniuses on walls renew good boswell understand
member the guy holding the agony as s okay that's the guy was raise a bunch of
frat boys
and their main town is known one another right now I'm not that they're dumb guys
there's a lot of them went to the prince is no harm in sup
but yes the its partly who they know old
there not some magic geniuses join organization that excludes other people
on some arbitrary credit criteria led by the way schools um I miss criteria let
me tell you why
experience to a frat a bunch of guys on my don't worry like join this one friend
milic age and you should join
my pledge but I'm ok and I went out with them when they were walking around
and the other big brother and they the brother says to them because their
pledges
yeah he says hey dog get down on your knees in
tie my shoelaces I was like okay well I was there yeah I was rapidly like
there's no way I'm joining me here
play but the guy who does join that not every guy but look
the selection process you go through so when somebody says hey
we're gonna make that trade it might not be the right thing to do but you
remember when you tie my shoelaces
and what we talked you about listening and taking orders
you can do the same thing here okay we're carrying personality right
and that is not necessarily the right group you want to select the Run
unfortunately the most important industry which affects all the rest the
industries