How Frat Boys Land Jobs on Wall Street

In YouTube Posts by Hlarson2 Comments

 

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“A report by Max Abelson and Zeke Faux published this week by Bloomberg reveals that a different kind of male culture is dominant in the real world of high flying Wall Street executives. Abelson and Faux report that a network of fraternity brothers exists that effectively tilts the playing field against women, among others.”

Read more: http://www.rawstory.com/rs/2013/12/26/wolves-of-wall-street-how-a-network-of-frat-boys-tilts-the-field-against-women/

Cenk Uygur, Jimmy Dore, John Iadarola and Ben Mankiewicz of The Young Turks discuss. Tell us what you think in the comment section below.

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Comments

  1. I live in Estonia, in Europe and there is a tendency in some government ministries to hire mostly members of fraternities and sororities. While it does link to conspiracy theories and corruption etc. among some critics, it also has another side to it. The Estonian fraternities and sororities are rather similar to the corps of German universities and perhaps are considered to be more elitist in a way (they wear suits and “coloured” regalia most of the time). However, they do not invite new members in based on some arbitrary classification (except for nationality for either the Estonian or Russian corps and gender for either fraternities and sororities). Everyone is welcome to join and decent attitude, accepting the rules and membership fees are the only criteria.

    Before the war, most ministers, most bankers, enterpreneurs and diplomats were members of the student organisations. This was however caused by the fact that it was extremely common for educated people to be part of student organisations. This continues to this day, but on a smaller degree. Consider having two possible candidates for a job. They are both very skille, but one is a member of a student organisation and one is not. You don’t know almost anything about the other person, but you know that the first one is a patriot, a lifelong member of an organisation, where you have several friends from (perhaps you are both from the same organisation), you know where you can find information about that person and that you think alike in many aspects.

    So there are no secret handshakes, no discrimination, no conspiracy, no violations of law and no corruption in that. There are just connections and trust and so one can see why members of fraternities and sororities are preferred by other members of fraternities and sororities. And in a small society, where there are about 20 student organisations and about 20% of students from each graduating year may be members of the organisations, there are many such cases where some critics might see corruption and conspiracy.

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