JAMES NYE dailymail.co.uk A journalist who gate-crashed a secret fraternity of billionaire bankers has laid bare the booze fueled, cross dressing antics of its members as they openly mocked the 99 percent and made light of the enormous government bailouts of 2009. Sneaking into the swanky St Regis Hotel ballroom in January 2012, where he was assumed to be a waiter, Kevin Roose became the first outsider to witness the Monty-Python-esque induction ceremony for Kappa Beta Phi. New members, known as neophytes, traipsed around other masters of the universe dressed in leotards and gold-sequined skirts and wigs - to then perform vaudeville-style acts... Over 200 multi-millionaire and billionaire bankers and financiers were in attendance at the annual event so chock-full of power and money that Roose felt that 'if you had dropped a bomb on the roof, global finance as we know it might have ceased to exist'. Older hands at the fraternity, which has existed since the end of the Great Depression, walk around the well-lubricated dinner wearing 'purple velvet moccasins embroidered with the fraternity’s Greek letters'. Served up a luxury meal of lamb and foie gras, executives from 'nearly every too-big-to-fail bank, private equity megafirm, and major hedge fund' were in attendance at the prestigious and secretive event. Each new member, who has to cross-dress at the start of the evening, is required to perform for the benefit of the other guests in their costume wigs - believing they are safe under the mantra of 'what happens in the Regis, stays in the Regis.'
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