|Wall Street on the Rag - Kappa Beta Phi Secret Drag Club|
To kick off the fraternity’s 80th dinner, investment banker Wilbur Ross (known as the group’s “Grand Swipe”) welcome the crowd with a speech that emphasized the “importance of continuous drinking, both in bull markets and bear markets” and mocked the better-known academic honor society Phi Beta Kappa as homosexual wimps. Later, when the inductees performed in drag, some in the audience threw wine-soaked napkins at them.
Among them were RBC Capital Markets executive Rich Tavoso, who warbled an off-key parody called “Mama, Don’t Let Your Babies Grow Up To Be Traders” and was booed. Private equity executive Paul Queally cracked bad jokes, both sexist (“What’s the biggest difference between Hillary Clinton and a catfish? One has whiskers and stinks, and the other is a fish”) and homophobic (“What’s the biggest difference between Barney Frank and a Fenway Frank? Barney Frank comes in different size buns”). At the time of the dinner, Frank was a powerful member of the House Financial Services Committee and the namesake of the Dodd-Frank legislation that more tightly regulated Wall Street.
And investment banking CEO Warren Stephens donned a Confederate flag hat and sang a parody of “Dixie” with the lines:
“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.”
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