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Anchored by Jake Tapper, The Lead airs at 4 p.m. ET on CNN.

Anchored by Jake Tapper, The Lead airs at 4 p.m. ET on CNN.

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February 18th, 2014
06:59 PM ET

'Wolf of Wall Street on steroids': Reporter offers look at a party the 1% doesn't want you to see

(CNN) – The most powerful people on Wall Street are members of a secret fraternity called Kappa Beta Phi, which inducts new members at a black-tie ceremony every year. The event is off-limits to outsiders.

But New York Magazine's Kevin Roose crashed the party two years ago while researching his book "Young Money," which hits shelves today.

Flowing booze, sexist and homophobic jokes, and forcing pledges to dress in drag were just some of the things Roose saw while inside the exclusive party. It seems like exactly the kind of caveman-ish behavior one sees in fraternities, except in this case they were grown men who in some cases, fueled by greed, helped bring the U.S. economy to its knees

Millionaires and billionaires joked cavalierly about receiving bailouts, says Roose, who also heard more than a few mean-spirited one-liners directed at Democratic politicians.

"What's the biggest difference between Hillary Clinton and a catfish?" private equity executive Paul Queally is heard saying. "One has whiskers and stinks. And the other is a fish."

Roose followed eight millennials as they entered the finance world. His book comes out at a time when some of the richest Americans, the so-called 1%, are complaining about society scapegoating them. But Roose argues some of this is their own doing – check out his interview in the video above.

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