Iran joins Venezuela, Libya to say no harm in $100 oil

TEHRAN (Reuters) – OPEC’s leading oil price hawk Iran joined Venezuela and Libya on Sunday to say it saw no need for the cartel to consider raising crude supplies to rein in crude prices now near $100 a barrel.


Congress urged to raise debt limit

WASHINGTON (Reuters) – The Congress must allow the country to borrow more to avoid a debt default that would wreak havoc on financial markets and imperil the U.S. economy, Democratic and Republican lawmakers said on Sunday.

Christie says no plans for 2012 presidential race

WASHINGTON (Reuters) – New Jersey Governor Chris Christie, Jr. repeated on Sunday that he had no plans to pursue a bid for the Republican 2012 presidential nomination.

Tunisia forces fight presidential guards at palace

TUNIS (Reuters) – Tunisian special forces fought a heavy gun battle with members of the ousted president’s security force Sunday, a military source said, and the prime minister promised a new government would be announced Monday.


Thaw of Earth’s icy sunshade may stoke warming

OSLO (Reuters) – Shrinking ice and snow cover in the Northern Hemisphere is reflecting ever less sunshine back into space in a previously underestimated mechanism that could add to global warming, a study showed.

Kappa Beta Phi, Wall Street’s Secret Society, Elects New Members

This weekend a tight-lipped group of power brokers elected two new members into Kappa Beta Phi, Wall Street’s secret society founded in 1929, Bloomberg reported.

The organization, dubbed “Wall Street’s Frat” by the WSJ elected Barclays M&A chief Paul Parker and Leon Black, a senior managing director at buyout firm the Apollo Group, in a posh ceremony at Manhattan’s St. Regis Hotel.

While the group’s members aren’t fond of talking to the press, there is reportedly a loose hierarchy of members. The group reportedly uses titles like “grand swipe, grand smudge and grand loaf,” Bloomberg notes.

Bloomberg reporter Max Abelson was seated outside the lobby and relayed this strange anecdote. Here’s Abelson:

“As the evening began, a reporter seated in the lobby watched people enter the hotel, where a night in the Astor Suite costs about $1,050. When a man appeared holding a photograph of the reporter in a gray T-shirt giving a thumbs-up sign — a profile photo from his Facebook page — the reporter promptly left.”

Last year, the Wall Street Journal got rare access to a Kappa Beta Phi induction ceremony, even nabbing one of the event’s pamphlets. Among those listed as the organization’s “Exalted Avisory Council (Past Grand Swipe’s)” were former Bear Stearns CEOs Jimmy Cayne and Alan D. Schwarz and Home Depot co-founder Kenneth Langone.

Inductees, referred to as “neophytes” by members, are traditionally required to sit at tables with long black table cloths, and, at least in last year’s ceremony, are required to preform for the crowd. Last year, shipping magnate Peter Georgiopoulos reportedly performed a version of the “What a Feeling” song from the 1980s hit “Flashdance.”

Read more: Paul Parker, Leon Black, Wall Street, Wall Street Secret Society, Kappa Beta Phi, Robert Benmosche, Business News