Trump's new cabinet pick Wilbur Ross reportedly served as head of a secret Wall Street frat
The 79-year-old was a senior policy adviser to Trump during his campaign. He amassed his estimated $2.9 billion wealth working first at investment bank Rothschild Inc. before starting his own investment firm, WL Ross & Co.
It's that Wall Street background which reportedly earned him membership into secret Wall Street fraternity Kappa Beta Phi.
While the invitation-only fraternity is secret, there is a little first-hand information about Ross' membership in Kevin Roose's book "Young Money" which includes a chapter on Kappa Beta Phi and its 80th induction dinner in 2012.
Roose adapted a portion of his book for New York Magazine, recounting how he snuck into the party and was eventually caught and thrown out. The excerpt details Ross' welcoming statements at the dinner. Roose wrote:
"It was January 2012, and Ross, wearing a tuxedo and purple velvet moccasins embroidered with the fraternity's Greek letters, was standing at the dais of the St. Regis Hotel ballroom, welcoming a crowd of two hundred wealthy and famous Wall Street figures to the Kappa Beta Phi dinner. Ross, the leader (or 'Grand Swipe') of the fraternity, was preparing to invite 21 new members - 'neophytes,' as the group called them - to join its exclusive ranks."
Kappa Beta Phi has existed since before the 1929 stock market crash, and includes some of the biggest names on the Street, Julia LaRoche reported for Business Insider.
Those names reportedly include former New York City mayor Michael Bloomberg, former head of Citigroup's wealth management Sallie Krawcheck, and Jon Corzine, a former New Jersey governor and CEO of now-bankrupt brokerage firm MF Global.
Largely an honorific society, members meet annually at the St. Regis Hotel for their black-tie dinner to induct new members.
Ross has never confirmed his membership, but in Roose's book, the author recounts how intense the situation became when members of the fraternity realized he was a reporter:
"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."
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market