group's history of what's the deal with them yes so it's essentially a switch the name of five beta kappa which is the name normally for honor groups in the ne there used to be a ton of the. societies now there's just one left it's wall street and it's it's essentially like a friars club they make jokes at one another's expense and sometimes at the expense of politicians and regular old schmoes who are some of the famous members of yes wilbur ross was what was called the grand swipe. somebody who is kind of the master of ceremonies but there are others like michael bloomberg who wasn't intended it's when kevin roose went but he's a member john corps and hasn't been back since he kind of embarrassed himself but. greenberg. larry fink these are just a few of the many many members who've been around i mean this organization has been around since the great depression it's incredible to me all those names you know you ask the question does. i get it wrong kappa beta find out thinking right out of eighty five do they have any sway over the global financial markets right so not is not as a group

this dinner has been going on for over 80 years, this group called kappa beta phi.my questions always what happens to these guys as they get older and more powerful? how does the psychology of wealth change them, you know, as they mature? so i thought, you know, i've got to at least try to get into this thing. i went to a tux rental place in midtown. i got myself a cheap tux. i put it on and i went to the st. regis hotel and waltzed right in. it was unbelievable. >> you just watched it. did you take your iphone out to record? >> i did. i had my phone out to record. the only time -- so i was there an hour and a half, two hours. i saw the entire dinner, people doing skits and ketches. the neophytes, the rack of lam dinner. at the very end i took out my phone to record a picture and a guy at my table sort of grabbed me and said, what are you doing here? >> then they very, very, very quickly hustled you out of there, kicked you out of there. >> they tried to convince me not to write my story. >> they're essentially trying to bribe you into silence. >> they'll say things

. >> it's called the kappa beta phi an 80-year-old wall street secret society.t's made up of former heads much aig, goldman sachs, city group, anyone who is anyone on wall street is involved in this thing. they have an annual din wrer they take a bunch of neofeiths as the induckees are called, and mick them dress up in drag, perform skits and musical numbers. and a lot of those skits and musical numbers have to do with making jokes about the bailouts there was one song that they did that was a parody of abba's dancing queen that was called bailout king. >> jon: bailout king. and they all kind of dance around, everyone lost their-- like that kind of thing. >> exactly. i felt like i was witnessing like the i lum nationali, it was like -- --. >> jon: the induction ceremony to opus dei and when they found out you it is a chilling home. what are you doing, observing our ritual. >> they grabbed my labels. there were attempts to bribe me to not, to get me to not write the story. no one has ever been inside this thing from the outside. and so i think they were just terr

his undergraduate degrees from princeton phi beta kappa and his masters and doctorate in economics or from harvard. he a4 been named cbo director he taught at harvard and was on the staff of the council of economic advisers and the federal reserve ordinance served as treasury secretary for economic policy. just before his selection as head of the cbo he was senior fellow in economic studies program at brookings. the biographical portion of our program has ended and now on they botanical details as always we are in the record here. please no live blogging or trading or other means of riling while the breakfast is underway. there is no embargo when the session ends except that our friends at c-span have agreed not to air the video of --

rihanna graduated five bedded kappa atphi beta berkeley. places where my conservative credentials are recognized. if you see rihanna keller and her colleagues on the move you know one thing for sure, justin bieber is on the move. thank you to ann and nbc broadcasting. she is the recipient of the lifetime achievement award. ann may beprice for that she convinced jay carney to shave his beard. one of the many people congratulating ann is her husband, bill, a position. we are glad to hear that under obamacare, she can keep the doctor that she has. [laughter] congratulations, deidre, on the lynch award. i understand that they are working on a new paper for people who are not staying in hotels. it is always a pleasure to share friend, with my good steny hoyer of maryland. are happy to be here with cathy mcmorris rodgers. we are so proud of her. she is here to offer rebuttal to my remarks. enter rand paul and the others. i'm so glad that we are joined by senator thune. he is an avid runner. so much so that he is been called the fastest man in con

. >> to nicole's point, you snuck into the kappa beta phi. what did you find?ains one of the most bizarre things i've ever seen. this is a society of wall street executives that meet once a year. >> is this where the "wolf of wall street" scenes come? >> if martin sorcorsese got fro this a writer he would say we have to cut this. >> these are photos you took. what is going on there? >> these are photos. for every class of inductees the neophytes as they are called have to dress up in drag. these are some of the most powerful executives on wall street. they do skits and they perform comedy acts and a lot of them are mocking things like the 99% and the bailouts and making sexist jokes about various celebrities. it really was -- i snuck in and just sat there and watched this whole thing. at the end of this i had to sort of out myself and it was chaos. i really thought i might have left there on a stretcher. >> why? what happened? you said i am kevin roose? >> someone saw me take a picture with my phone. and he was at my table with me. and he said, who are you? as

>> a secret society called kappa beta phi, membership exists important wall street executives from bigffair at the st. regis. i thork i've got to see this. i was curious how they go up the chain, how their psychology changes. i waltzed into the dinner. >> nobody stopped you. >> i was in a rented tuxedo. i looked terrible. i was 20 years younger than everyone. i think they thought i was part of the catering staff. i watch the whole thing unfold with skits and off color jokes, making fun of regulators, occupiers. >> you make a moral judgment in the book what they are doing is horrible. >> it is horrible. >> here is my question. i saw a lot of comments on the article online where people said this is what happens at an office party all the time. >> sure. but this is not just any office party. these are the most important people in the world of finance. >> and they had the audacity to make fun of regulators, kevin? >> shocked. shocked. >> telling public jokes -- >> that's not what you said, said making fun of regulators. >> making sexist jokes about left wing politicians. i think what you h

rihanna graduated five bedded kappa atphi beta berkeley.als are recognized. if you see rihanna keller and her colleagues on the move you know one thing for sure, justin bieber is on the move. thank you to ann and nbc broadcasting. she is the recipient of the lifetime achievement award. ann may beprice for that she convinced jay carney to shave his beard. one of the many people congratulating ann is her husband, bill, a position. we are glad to hear that under obamacare, she can keep the doctor that she has. [laughter] congratulations, deidre, on the lynch award. i understand that they are working on a new paper for people who are not staying in hotels. it is always a pleasure to share friend, with my good steny hoyer of maryland. are happy to be here with cathy mcmorris rodgers. we are so proud of her. she is here to offer rebuttal to my remarks. enter rand paul and the others. i'm so glad that we are joined by senator thune. he is an avid runner. so much so that he is been called the fastest man in congress. i am not sure that as a complim

and graduating phi beta kappa from berkeley, a university of california at berkeley. and i mention that because it is one of the places in america where my conservative credentials are very recognized. [laughter] and if you notice, but rihanna and her cnn colleagues and jumping up and hurrying to the door, you know one thing is for sure, justin beaver is on the move. i'm so proud of and compton for so much. and and abc, tv, radio, broadcasting. proudly she is the recipient of tonight's washington press club foundation lifetime achievement award. the bigger price for and maybe it she convinced jay carney to shave his beard. one of the many people congratulating end tonight is her husband bill, a physician. very glad to hear that under obamacare she can keep the doctor that she has. [laughter] [applause] end to deidre, congratulations to you and the net on receiving the award. how wonderful. as you know, ken allen's usa today. i understand they are also working on a newspaper for people who are not staying in hotels. [laughter] always a pleasure to share the day as with

his undergraduate degree is from princeton phi beta kappa and received his master's and doctorate from harvard. one of this dissertation committee member spoke to us this morning larry summers. we also had marty feldstein and greg. our speaker was previously an assistant professor at harvard served on the staff of counsel of economic risers for the federal reserve board federal reserve board and deputy assistant secretary for economic policy at the treasury. before he became cbo doug was a senior fellow at the economic studies program at the brookings institute. that kind of ends my biographical background. many people no doug and his work from an administrative standpoint. we will try to get some questions in. i know we have done a little tax for time so at this time i would like to invite his presentation and take you an day hopefully right after he presents. thank you. [applause] >> thank you. it's great to be back. i'm afraid i'm going to mostly stand here while i talk. rather than just focusing on the budget this morning i thought it would be useful to spend most of my time talkin

his undergraduate degree is by princeton taught by beta kappa, received his master's from harvard, one of his dissertation committee member spoke to us this morning. he also had marty feldstein. our speaker was previously an assistant professor at harvard served on the staff of council of economic advisers and served as deputy assistant secretary for economic policy of the treasury. before he became cbo doug was a senior fellow in the atlantic studies program at the brookings institute. that kind of men's my biographical background. many people know doug and his work. from an administrative standpoint we will try to get some questions then. i know we have been little taxed for time. so at this time would like to invite dug his presentation and we will take some q&a. [applause] >> thank you. it is great to be back. i am afraid that i will mostly stand here while i talk. rather than just focusing on the budget this morning at the audit would be useful to spend most of my time talking about the cbo perspective on the economic outlook and then i will wrapup by talking about the budget. and

his undergraduate degrees from princeton phi beta kappa and his masters and doctorate in economics or from harvard. he a4 been named cbo director he taught at harvard and was on the staff of the council of economic advisers and the federal reserve ordinance served as treasury secretary for economic policy. just before his selection as head of the cbo he was senior fellow in economic studies program at brookings. the biographical portion of our program has ended and now on they botanical details as always we are in the record here. please no live blogging or trading or other means of riling while the breakfast is underway. there is no embargo when the session ends except that our friends at c-span have agreed not to air the video of -- one hour to give reporters a chance to file. if you would like this question please do the traditional thing and i will happily call on one and all. i will start off by offering her guess there pertains to make open, to the move to questions around the table. thanks for doing this. appreciate it. >> thanks very much for having me here and i appreciate th