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I Crashed a Wall Street Secret Society

Kaleigh B

I Crashed a Wall Street Secret Society

In 2012, reporter Kevin Roose went to a secret meeting–“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.” What he saw there goes a long way in illustrating the ways in which members of the financial institution are largely removed from the rest of society, from “Main Street.” People like Michael Novogratz, billionaire head of the Fortress Investment Group, talked about the recent financial collapse as if completely removed from–and irresponsible for–it. Roose’s experience helps underscore the dangers of having people like this run (and, indeed, largely dictate) our economy. As Roose pointedly put it, “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.” That’s a terrifying concept.

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