Wall Street, Having Lost So Much, Feels Entitled to a Night of Song and Homo Jokes

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This is what Alan Schwartz had to wear when he was inducted. Photo: Everett Bogue; Photos: Getty Images

Goldman Sachs higher-ups with rouged cheeks, clad in cheerleading uniforms? Blackstone employees rapping? The Wall Street Journal's story about last week's induction dinner for new members of Kappa Beta Phi, the exclusive Wall Street society, made us think of Eyes Wide Shut. As in the Kubrick movie, but also as in it makes you want to shut your eyes, but you can't because you have to continue reading lest you miss something such as this:

The inductees, "Neophytes" in Kappa Beta Phi parlance, must perform a variety show for the old crowd ... at the suggestion of last year's class, the male Neophytes appeared in falsies and pigtail wigs, some in gold and bright pink. The men, some sporting a dab of blush, also wore cheerleader skirts and shirts bearing the society's Greek letters.



How wonderhorriful is that? The faltering economy meant there were a lot of no-shows at this year's festivities, and members Jon Corzine, Mayor Bloomberg, and Obama's SEC pick, Mary Shapiro, weren't there to take in the scene, although we can only imagine it was Corzine who came up with the falsies idea.

Alan Schwartz, the CEO whose stewardship at Bear Stearns began just before it ended, managed to make it to see the performances, though, which included a number of jokes at the expense of longtime Bear CEO Jimmy Cayne's weed habit. "There's a need for Wall Street to have a little bit of humor," one member explained to the Journal. "If anything, people needed a little more cheering up this year." And you know what really cheers them up? Gay jokes!

One crude joke took aim at Rep. Barney Frank's treatment of the U.S. taxpayer, with a reference to Mr. Frank's sexual orientation. Mr. Frank is the first openly gay member of Congress.



Sigh. We don't know what annoys us more: The gross, fratty predictability of this or the fact that the Journal didn't repeat the joke.



A Wall Street Frat Parties On, Singing, 'Bye, Bye to My Piece of the Pie' [WSJ]