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Bloomberg on the Frat Pipeline

Bloomberg leads with the shocking revelation that friends help friends get jobs, including fraternity brothers:

Bloomberg Pipeline.jpg

Penn’s Alpha Epsilon Pi, which gave up its charter in 2012 to escape sanctions for hazing, got a member into Morgan Stanley for the fourth year in a row. Dartmouth College’s Alpha Delta, an inspiration for the 1978 comedy “Animal House,” sent someone to the New York-based firm from the fifth consecutive class days after a New Hampshire court reprimanded the chapter for providing alcohol to someone underage, filings show…

The largest U.S. banks say they are meritocracies and run diversity programs to shift an industry that once only let women onto the New York Stock Exchange floor as clerks during wartime shortages. Goldman Sachs added 10 women last year to a partnership that had one when CEO Lloyd C. Blankfein was elected to it in 1988.

“There obviously has been much progress since 20 years ago,” said Siegfried von Bonin, head of Dartmouth’s Alpha Delta chapter. “But the reality is that it’s still very much a male-dominated culture.”…

Fraternity inboxes help show why. One of the recruiting e-mails to Dartmouth’s Alpha Delta arrived last month from an alumnus working in a unit of Wells Fargo & Co. (WFC), the largest U.S. mortgage lender.

The e-mail, a copy of which was obtained by Bloomberg News, was his best chance at reaching the college’s top men for next year’s analyst class in a San Francisco office that has had Dartmouth grads for eight straight years and Alpha Deltas for four, he wrote. Students could e-mail their resumes to him directly, he added, and they’d go to the top of the pile.

I guess that these days when members of the media are faced with a slow news cycle, they still have the Greek system to kick around.

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