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Inside the Bacchanalian Wall Street Fraternity Party of Billionaire Bankers and Hedge Fund Predators

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A week or so ago, we read in The New York Times about what in the Gilded Age of the Roman Empire was known as a bacchanal - a big blowout at which the imperial swells got together and whooped it up.

This one occurred here in Manhattan at the annual black-tie dinner and induction ceremony for Kappa Beta Phi.  That's the very exclusive Wall Street fraternity of billionaire bankers, and private equity and hedge fund predators.  People like Wilbur Ross, the  vulture capitalist; Robert Benmosche, the CEO of AIG, the insurance giant that received tens of billions in bailout money; and Alan "Ace" Greenberg, former chairman of Bear Stearns, the failed investment bank bought by JPMorgan Chase.

They got together at the St. Regis Hotel off Fifth Avenue to eat rack of lamb, drink and haze their newest members, who are made to dress in drag, sing and perform skits while braving the insults, wine-soaked napkins and petit fours - those fancy little frosted cakes - hurled at them by the old guard. In other words, a gilt-edged Animal House, food fight and all.

This year, the butt of many a joke were the protesters of Occupy Wall Street. In one of the sketches, the bond specialist James Lebenthal scolded a demonstrator with a face tattoo, "Go home, wash that off your face and get back to work." And in another, a member - dressed like a protester - was told, "You're pathetic, you liberal. You need a bath!"