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This is where I get stuff off my chest. Some of it is Rhetorical, but most of it is Advisory, Informative, or Inquisitive. All of it is Interesting!!!

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Why does the Devil keep our people apart from his social equality? Is this what Elijah was talking about?

2/27/2014

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#8. Why does the Devil keep our people apart from his social equality? Is this that isht Elijah taught us that if they didn't shield us from it, we would be detested by it and their hold on us would be broken in an instant?

One-Percent Jokes and Plutocrats in Drag


Adapted from Kevin Roose’s book:Young Money, published today by Grand Central Publishing.

“Good evening, Exalted High Council, former Grand Swipes, Grand Swipes-in-waiting, fellow Wall Street Kappas, Kappas from the Spring Street and Montgomery Street chapters, and worthless neophytes!”

Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight of Jews at Kristallnacht, Wall Street titans are saying that they’re sick of being beaten up, and this week, a billionaire investor, Wilbur Ross, proclaimed that “the 1 percent is being picked on for political reasons.”

Ross's statement seemed particularly odd, because two years ago, I met Ross at an event that might single-handedly explain why the rest of the country still hates financial tycoons – the annual black-tie induction ceremony of a secret Wall Street fraternity called Kappa Beta Phi.

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.

Looking up at him from an elegant dinner of rack of lamb and foie gras were many of the most famous investors in the world, including executives from nearly every too-big-to-fail bank, private equity megafirm, and major hedge fund. AIG CEO Bob Benmosche was there, as were Wall Street superlawyer Marty Lipton and Alan “Ace” Greenberg, the former chairman of Bear Stearns. And those were just the returning members. Among the neophytes were hedge fund billionaire and major Obama donor Marc Lasry and Joe Reece, a high-ranking dealmaker at Credit Suisse. All told, enough wealth and power was concentrated in the St. Regis that night that if you had dropped a bomb on the roof, global finance as we know it might have ceased to exist.

During his introductory remarks, Ross spoke for several minutes about the legend of Kappa Beta Phi – how it had been started in 1929 by “four C+ William and Mary students”; how its crest, depicting a “macho right hand in a proper Savile Row suit and a Turnbull and Asser shirtsleeve,” was superior to that of its namesake Phi Beta Kappa (Ross called Phi Beta Kappa’s ruffled-sleeve logo a “tacit confession of homosexuality”); and how the fraternity’s motto, “Dum vivamus edimus et biberimus,” was Latin for “While we live, we eat and drink.”

On cue, the financiers shouted out in a thundering bellow: “DUM VIVAMUS EDIMUS ET BIBERIMUS.”

I’d heard whisperings about the existence of Kappa Beta Phi, whose members included both incredibly successful financiers (New York City's Mayor Michael Bloomberg, former Goldman Sachs chairman John Whitehead, hedge-fund billionaire Paul Tudor Jones) and incredibly unsuccessful ones (Lehman Brothers CEO Dick Fuld, Bear Stearns CEO Jimmy Cayne, former New Jersey governor and MF Global flameout Jon Corzine). It was a secret fraternity, founded at the beginning of the Great Depression, that functioned as a sort of one-percenter’s Friars Club. Each year, the group’s dinner features comedy skits, musical acts in drag, and off-color jokes, and its group’s privacy mantra is “What happens at the St. Regis stays at the St. Regis.” For eight decades, it worked. No outsider in living memory had witnessed the entire proceedings firsthand.

I wanted to break the streak for several reasons. As part of my research for my book,Young Money, I’d been investigating the lives of young Wall Street bankers – the 22-year-olds toiling at the bottom of the financial sector’s food chain. I knew what made those people tick. But in my career as a financial journalist, one question that proved stubbornly elusive was what happened to Wall Streeters as they climbed the ladder to adulthood. Whenever I’d interviewed CEOs and chairmen at big Wall Street firms, they were always too guarded, too on-message and wrapped in media-relations armor to reveal anything interesting about the psychology of the ultra-wealthy. But if I could somehow see these barons in their natural environment, with their defenses down, I might be able to understand the world my young subjects were stepping into.

So when I learned when and where Kappa Beta Phi’s annual dinner was being held, I knew I needed to try to go.

Getting in was shockingly easy — a brisk walk past the sign-in desk, and I was inside cocktail hour. Immediately, I saw faces I recognized from the papers. I picked up an event program and saw that there were other boldface names on the Kappa Beta Phi membership roll — among them, then-Citigroup CEO Vikram Pandit, BlackRock CEO Larry Fink, Home Depot billionaire Ken Langone, Morgan Stanley bigwig Greg Fleming, and JPMorgan Chase vice chairman Jimmy Lee. Any way you count, this was one of the most powerful groups of business executives in the world. (Since I was a good 20 years younger than any other attendee, I suspect that anyone taking note of my presence assumed I was a waiter.)


I hadn’t counted on getting in to the Kappa Beta Phi dinner, and now that I had gotten past security, I wasn’t sure quite what to do. I wanted to avoid rousing suspicion, and I knew that talking to people would get me outed in short order. So I did the next best thing — slouched against a far wall of the room, and pretended to tap out emails on my phone.

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After cocktail hour, the new inductees – all of whom were required to dress in leotards and gold-sequined skirts, with costume wigs – began their variety-show acts. Among the night’s lowlights:


• Paul Queally, a private-equity executive with Welsh, Carson, Anderson, & Stowe, told off-color jokes to Ted Virtue, another private-equity bigwig with MidOcean Partners. The jokes ranged from unfunny and sexist (Q: “What’s the biggest difference between Hillary Clinton and a catfish?” A: “One has whiskers and stinks, and the other is a fish”) to unfunny and homophobic (Q: “What’s the biggest difference between Barney Frank and a Fenway Frank?” A: “Barney Frank comes in different-size buns”).

Bill Mulrow, a top executive at the Blackstone Group (who was later appointed chairman of the New York State Housing Finance Agency), and Emil Henry, a hedge fund manager with Tiger Infrastructure Partners and formerassistant secretary of the Treasury, performed a bizarre two-man comedy skit. Mulrow was dressed in raggedy, tie-dye clothes to play the part of a liberal radical, and Henry was playing the part of a wealthy baron. They exchanged lines as if staging a debate between the 99 percent and the 1 percent. (“Bill, look at you! You’re pathetic, you liberal! You need a bath!” Henry shouted. “My God, you callow, insensitive Republican! Don’t you know what we need to do? We need to create jobs,” Mulrow shot back.)

• David Moore, Marc Lasry, and Keith Meister — respectively, a holding company CEO, a billionaire hedge-fund manager, and an activist investor — sang a few seconds of a finance-themed parody of “YMCA” before getting the hook.

• 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.”)

A few more acts followed, during which the veteran Kappas continued to gorge themselves on racks of lamb, throw petits fours at the stage, and laugh uproariously. Michael Novogratz, a former Army helicopter pilot with a shaved head and a stocky build whose firm, Fortress Investment Group, had made him a billionaire, was sitting next to me, drinking liberally and annotating each performance with jokes and insults.

“Can you fuckin’ believe Lasry up there?” Novogratz asked me. I nodded. He added, “He just gave me a ride in his jet a month ago.”

The neophytes – who had changed from their drag outfits into Mormon missionary costumes — broke into their musical finale: a parody version of “I Believe,” the hit ballad from The Book of Mormon, with customized lyrics like “I believe that God has a plan for all of us. I believe my plan involves a seven-figure bonus.” Amused, I pulled out my phone, and began recording the proceedings on video. Wrong move.

“Who the hell are you?” Novogratz demanded.

I felt my pulse spike. I was tempted to make a run for it, but – due to the ethics code of the New York Times, my then-employer – I had no choice but to out myself.

“I’m a reporter,” I said. Novogratz stood up from the table. "You’re not allowed to be here," he said. I, too, stood, and tried to excuse myself, but he grabbed my arm and wouldn’t let go.

“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.

But the extent of their worry wasn’t made clear until Ross offered himself up as a source for future stories in exchange for my cooperation.

“I’ll pick up the phone anytime, get you any help you need,” he said. “Yeah, the people in this group could be very helpful,” Lebenthal chimed in. “If you could just keep their privacy in mind.”

I wasn’t going to be bribed off my story, but I understood their panic.  Here, after all, was a group that included many of the executives whose firms had collectively wrecked the global economy in 2008 and 2009. And they were laughing off the entire disaster in private, as if it were a long-forgotten lark. (Or worse, sing about it — one of the last skits of the night was a self-congratulatory parody of ABBA’s “Dancing Queen,” called “Bailout King.”) These were activities that amounted to a gigantic middle finger to Main Street and that, if made public, could end careers and damage very public reputations.

After several more minutes spent trying to do damage control, Ross and Lebenthal escorted me out of the St. Regis.

As I walked through the streets of midtown in my ill-fitting tuxedo, I thought about the implications of what I’d just seen.

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 last thought I had, and the saddest, was that many of these self-righteous Kappa Beta Phi members had surely been first-year bankers once. And in the 20, 30, or 40 years since, something fundamental about them had changed. Their pursuit of money and power had removed them from the larger world to the sad extent that, now, in the primes of their careers, the only people with whom they could be truly themselves were a handful of other prominent financiers.

Perhaps, I realized, this social isolation is why despite extraordinary evidence to the contrary, one-percenters like Ross keep saying how badly persecuted they are. When you’re a member of the fraternity of money, it can be hard to see past the foie gras to the real world.
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UCLA Has More NCAA Championships Than Black Male Freshmen

11/11/2013

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Posted: 11/08/2013 5:06 pm EST

The black students at University of California, Los Angeles, sent a strong message about diversity at their school. Namely, the fact that there isn't much when it comes to African-American males, a troubling fact for one of the state's most elite institutions.

A group of students, led by Sy Stokes, posted a video voicing their concerns about the number of black students on campus, and their message is hard to ignore. Stokes, a third-year Afro-American studies student who identifies as black, Cherokee and Chinese, recites a spoken word poem in the video, citing blaring statistics about the university's diversity issue.
According to the school's enrollment statistics, African-Americans make up 3.8 percent of the student population. In the video, Stokes points out that black males make up 3.3 percent of the male student population, and that 65 percent of those black males are undergraduate athletes. Of the incoming men in the freshmen class, only 1.9 percent of them were black.

In an interview with the Daily Bruin, Stokes said he almost dropped out of UCLA during his first year because he felt isolated and uncomfortable. Although he eventually found his niche in the minority community, he said he wanted to raise awareness about the school's lack of diversity before the university's application deadline on Nov. 30.

“We had to do something to put our issues on the map,” Stokes said.

In an email statement to the school paper, Janina Montero, vice chancellor of student affairs, said administrators acknowledge the need for more diversity and are attempting to work within the state's admission parameters.

“We certainly recognize that the low numbers of African Americans and other underrepresented students on campus does lead to a sense of isolation and invisibility,” Montero said in her email statement. “It is difficult to eliminate this painful imbalance without considering race in the admissions process.”

The state of California voted down affirmative action in 1996 and passed Proposition 209, which banned state schools from considering race, gender, ethnicity or national origins in their admissions processes. Black student enrollment has severely decreased since that provision and critics are saying that has to change.

The students' video adds to the ongoing affirmative action debate both inside and outside of the state, raising awareness about diversity at institutions around the country. Stokes said he feels responsible for spreading the word about the unknown challenges of being a minority student at UCLA and the ongoing lack of diversity on campus.

"Being the cousin of Arthur Ashe, I feel as though it is my responsibility to uphold the strong voices of the Black Bruin community," he said. This school has experienced unacceptable instances of injustice recently, and many people are not aware of what is happening at this university."
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REPEAL The Monsanto Protection Act

6/5/2013

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Tell the Senate: Repeal the Monsanto Protection Act

The petition to your senators and Senate leadership reads:

"The Monsanto Protection Act is an outrageous and dangerous giveaway that forces approval of genetically modified foods ahead of our safety. Please support Senator Merkley's amendment to repeal this shameful act of Congress." Automatically add your name: "One of the most outrageous special interest provisions in years." That’s what Senator Jeff Merkley (D-OR) calls the Monsanto Protection Act, which became law in March.1 Now we have an opportunity to stop it. Senator Merkley has proposed an amendment to the Senate Farm Bill that would repeal the Monsanto Protection Act – but it will take serious grassroots pressure to even make sure the amendment comes up for a vote. Senator Merkley was blocked from offering the amendment for a vote last week, but we have another opportunity when the Senate returns from this week's recess, so we need to keep the pressure on. Tell the Senate: Repeal the Monsanto Protection Act. Click here to automatically sign the petition. Cynically dubbed the "Farmer Assurance Provision," the Monsanto Protection Act allows Monsanto and other companies to ignore existing food safety rules, and continue selling genetically modified seeds even if a court has blocked them from doing so. Even worse is how this shameful giveaway became law. It was inserted anonymously, and without review into the must-pass budget bill to avoid government shutdown in March. CNN said that "the law passed without most of Congress even knowing about it."2 Jon Stewart put it a different way: "The laws of the most powerful nation on earth are written with the same level of accountability as internet comments."3 Even from our dysfunctional Congress, this was stunning. Tell the Senate: Repeal the Monsanto Protection Act. Click here to automatically sign the petition. Our system of ensuring the safety of genetically modified foods is already insufficient, and wrought with industry influence. The FDA and USDA routinely approve foods without sufficient review, and often rely on shoddy industry-generated studies to determine the safety of GMO foods. The courts provide a vital check to allow us to challenge approvals that were conducted too hastily – as when federal courts found the USDA’s 2009 approval of Monsanto’s GMO sugar beets to have been based on an insufficient review. But the Monsanto Protection Act strips the courts of the power to halt seed sales, and actually compels the USDA to approve products whose approval the courts have challenged. It’s so outrageous, the USDA says the provision might not be enforceable.4 Now our legislators have an opportunity to undo this appalling act of putting special interests like Monsanto ahead of our health and the safety of our food. Urge the Senate to take action now:

http://act.credoaction.com/go/675?t=5&akid=8053.6298802.R_56MR. Thanks for fighting industry influence in our food. Elijah Zarlin, Campaign Manager
CREDO Action from Working Assets Automatically add your name: Learn more about this campaign 1. "'Monsanto Protection Act' Repeal Effort Officially Backed By Sen. Jeff Merkley," Huffington Post, 5/20/13
2. "Last Minute Legislation: Bad for Our Health," CNN, 3/29/13
3. "Jon Stewart explains the ‘Monsanto Protection Act’," Mother Nature Network, 4/12/13
4. "Group says Monsanto law skirts courts, requires approval of genetically engineered seeds," Politifact, 3/29/13

© 2013 CREDO. All rights reserved.

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