College Trustees in Wall Street Club Clash With Campus Culture

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Paul Hawthorne, Getty Images

Kappa Beta Phi, a secret fraternity, held a meeting at the St. Regis Hotel, in New York, where members told jokes that many people found offensive. More than a fifth 
of the group’s members have served on college boards.

When an elite Wall Street fraternity gathered for an induction ceremony at an upscale New York hotel two years ago, members dined on foie gras, dressed up in drag, and laughed at jokes about gay people. Among the members of this secret society were dozens of college trustees and influential donors to some of the nation’s most prestigious universities.

The long-secret inner workings of the fraternity, Kappa Beta Phi, came into public view in February, when