Undercover among the 1 per centers: book recounts Warren Stephens in a rebel cap | Arkansas Blog

Tuesday, February 18, 2014

Undercover among the 1 per centers: book recounts Warren Stephens in a rebel cap

Posted By on Tue, Feb 18, 2014 at 8:13 AM

click to enlarge BUM'S RUSH: Undercover reporter unwelcome at Wall Street fraternity rite. - NEW YORK MAGAZINE
  • New York magazine
  • BUM'S RUSH: Undercover reporter unwelcome at Wall Street fraternity rite.
New York magazine provides a book excerpt from a man, Kevin Roose, who went undercover in the secret initiation dinner of a Wall Street fraternity — the 1 percent of the 1 percent. Shades of Mitt Romney, the sights he saw at the dinner in January 2012. They included Little Rock tycoon Warren Stephens singing new lyrics, tailored to Wall Street, to "Dixie." The performance was captured on audio. From the excerpt:

• Warren Stephens, an investment banking CEO, took the stage in a Confederate flag hat and sang a song about the financial crisis, set to the tune of “Dixie.” (“In Wall Street land we’ll take our stand, said Morgan and Goldman. But first we better get some loans, so quick, get to the Fed, man.”)

Here's the audio of Stephens' performance.

Roose, by the way, was discovered and angrily ushered out.

“Give me that or I’ll fucking break it!” Novogratz yelled, grabbing for my phone, which was filled with damning evidence. His eyes were bloodshot, and his neck veins were bulging. The song onstage was now over, and a number of prominent Kappas had rushed over to our table. Before the situation could escalate dangerously, a bond investor and former Grand Swipe named Alexandra Lebenthal stepped in between us. Wilbur Ross quickly followed, and the two of them led me out into the lobby, past a throng of Wall Street tycoons, some of whom seemed to be hyperventilating.

Once we made it to the lobby, Ross and Lebenthal reassured me that what I’d just seen wasn’t really a group of wealthy and powerful financiers making homophobic jokes, making light of the financial crisis, and bragging about their business conquests at Main Street’s expense. No, it was just a group of friends who came together to roast each other in a benign and self-deprecating manner. Nothing to see here.

Roose's conclusions:

The first and most obvious conclusion was that the upper ranks of finance are composed of people who have completely divorced themselves from reality. No self-aware and socially conscious Wall Street executive would have agreed to be part of a group whose tacit mission is to make light of the financial sector’s foibles. Not when those foibles had resulted in real harm to millions of people in the form of foreclosures, wrecked 401(k)s, and a devastating unemployment crisis.

The second thing I realized was that Kappa Beta Phi was, in large part, a fear-based organization. Here were executives who had strong ideas about politics, society, and the work of their colleagues, but who would never have the courage to voice those opinions in a public setting. Their cowardice had reduced them to sniping at their perceived enemies in the form of satirical songs and sketches, among only those people who had been handpicked to share their view of the world. And the idea of a reporter making those views public had caused them to throw a mass temper tantrum.

The first report on this appeared in the New York Times and we'd earlier noted Stephens for his appearance there in drag, required of new inductees in the fraternity, Kappa Beta Phi.

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