Kappa Beta Phi
Encyclopedia
Kappa Beta Phi is a secret honor society, mentioned in a Wall Street Journal article that appeared on January 16, 2009, for Wall Street financial executives.
The purpose of the organization is largely social and honorific. The current honor society meets once a year at a black-tie dinner held at the St. Regis Hotel to induct new members. The current President is Alfred E. Smith IV
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Its Latin motto is Dum vivamus edimus et biberimus (While we live, we eat and drink.)
The organization's officers bear odd titles such as Grand Swipe (the President), Grand Smudge, Grand Loaf and Master at Arms. The annual dinner has been described by the Wall Street Journal as "Part Friar's Club roast, part 'Gong Show.'" New inductees sit at a long table with a black tablecloth at the front of the room. Each inductee is expected to perform in a variety show to entertain the members, and many inductees benefit from professional coaches and writers to prepare them for their performances. Backed by a five-piece band, the inductees performed renditions of well-known tunes with lyrics modified to satirize Wall Street.
The purpose of the organization is largely social and honorific. The current honor society meets once a year at a black-tie dinner held at the St. Regis Hotel to induct new members. The current President is Alfred E. Smith IV
Alfred E. Smith IV
Alfred E. Smith IV, born May 24, 1951, served as Chairman of the Board of Saint Vincent's Catholic Medical Center. In December 2006, after 35 years on Wall Street, he retired from his position as Managing Director of Bear Wagner Specialists LLC, a specialist and member firm of the New York Stock...
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History
The organization was founded in 1929 prior to the stock market crash. Its stated purpose is to "keep alive the spirit of the 'good old days of 1928-29.'" Prior to the St. Regis, the annual dinner was held at the Downtown Athletic Club.Members
About 15 to 20 new members are inducted each year. Historically, the organization has inducted top executives of various Wall Street firms, including:- Michael BloombergMichael BloombergMichael Rubens Bloomberg is the current Mayor of New York City. With a net worth of $19.5 billion in 2011, he is also the 12th-richest person in the United States...
- New York City mayor - Jon CorzineJon CorzineJon Stevens Corzine is the former CEO of Goldman Sachs and of MF Global, and a one time American politician, who served as the 54th Governor of New Jersey from 2006 to 2010. A Democrat, Corzine served five years of a six-year U.S. Senate term representing New Jersey before being elected Governor...
- New Jersey Governor - Laurence D. FinkLaurence D. FinkLaurence D. "Larry" Fink is the chairman and chief executive officer of BlackRock, an American multinational investment management corporation. BlackRock is the largest money-management firm in the world.-Early life and education:...
- CEO of BlackRock - Richard GrassoRichard GrassoRichard A. "Dick" Grasso was chairman and chief executive of the New York Stock Exchange from 1995 to 2003, the culmination of a career that began in 1968 when Grasso was hired by the Exchange as a floor clerk...
- former head of the New York Stock ExchangeNew York Stock ExchangeThe New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010... - David KomanskyDavid KomanskyDavid H. Komansky is the former chairman and CEO of Merrill Lynch & Company.Komansky grew up in a family of Russian Jewish immigrants and Irish Catholics. He joined the U.S. Coast Guard before getting a degree from the University of Miami in 1965...
- former CEO of Merrill Lynch - Sallie KrawcheckSallie KrawcheckSallie L. Krawcheck , is the former president of the Global Wealth & Investment Management division of Bank of America. GWIM includes Merrill Lynch and U.S. Trust, the largest wealth management business in the world at $2.3 trillion in client assets...
- former head of Citigroup's wealth management division - Kenneth LangoneKenneth LangoneKenneth Langone, is a venture capitalist, investment banker and financial backer of The Home Depot, and a former director of the New York Stock Exchange. He was elected as director of Yum! Brands effective October 7, 1997, and is a member of the Audit Committee. Langone is also a trustee of New...
- former chair of the New York Stock Exchange compensation committee - Martin LiptonMartin LiptonMartin Lipton is an American lawyer. He is a founding partner of the law firm of Wachtell, Lipton, Rosen & Katz specializing in advising major corporations on mergers and acquisitions and matters affecting corporate policy and strategy. He has written and lectured extensively on these subjects...
- founding partner of Wachtel Lipton Rosen & Katz - Alan SchwartzAlan SchwartzAlan D. Schwartz is an executive chairman of Guggenheim Partners, LLC, an investment banking firm based in Chicago and New York. He was the last CEO Bear Stearns before its acquisition by JPMorgan Chase & Co., having succeeded James E. Cayne who remained chairman.-History at Bear Stearns:Alan...
- former Bear Sterns President - Mary Shapiro - Chair designee of the Securities and Exchange Commission
- Diana Taylor - former New York State Superintendent of Banks
- Sanford Weill - former CEO of Citigroup
- John C. WhiteheadJohn C. WhiteheadJohn Cunningham Whitehead is an American banker and civil servant, currently a board member of the World Trade Center Memorial Foundation and, until his resignation in May 2006, chairman of the Lower Manhattan Development Corporation.-Biography:He was born in Evanston, Illinois...
- former chair of Goldman Sachs & Co. - Howard L. Blum - Former Chairman of Ladenberg Thalmann
Traditions
The organization's name is a reversal of Phi Beta Kappa, and instead of a key, the members wear a fob tied to a red ribbon around their necks. While Phi Beta Kappa's key includes a hand pointing at three stars, which symbolize that society's principles of morality, friendship and learning, Kappa Beta Phi's key has images of a hand, a beer stein, champagne tumbler and five stars. The stars represent Hennessy cognac and the hand represents the drinker.Its Latin motto is Dum vivamus edimus et biberimus (While we live, we eat and drink.)
The organization's officers bear odd titles such as Grand Swipe (the President), Grand Smudge, Grand Loaf and Master at Arms. The annual dinner has been described by the Wall Street Journal as "Part Friar's Club roast, part 'Gong Show.'" New inductees sit at a long table with a black tablecloth at the front of the room. Each inductee is expected to perform in a variety show to entertain the members, and many inductees benefit from professional coaches and writers to prepare them for their performances. Backed by a five-piece band, the inductees performed renditions of well-known tunes with lyrics modified to satirize Wall Street.