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One-Percent Club's Richmond Connection

A UR leader is outed as a member of a Wall Street secret society, and a teller of sexist and homophobic jokes.



Former New York Times reporter Kevin Roose yesterday introduced the world to the secret Wall Street fraternity Kappa Beta Phi and its bizarre rituals, which include dressing and drag and doing weird skits.

His article, which ran in New York Magazine, also outed as a member of said secret fraternity University of Richmond board of trustees member Paul Queally, a major donor for whom an addition on the university’s business school is named. Last year, Queally donated another $10 million to finance a new “Queally Center for Admissions and Career Services.”

Queally’s membership would probably be strange but OK if it weren’t for the sexist and homophobic jokes he was recorded telling as part of a series of short skits presented at the event, which was an induction ceremony for new members that took place in 2012:

Paul Queally, a private-equity executive with Welsh, Carson, Anderson, & Stowe, told off-color jokes to Ted Virtue, another private-equity bigwig with MidOcean Partners. The jokes ranged from unfunny and sexist (Q: “What’s the biggest difference between Hillary Clinton and a catfish?” A: “One has whiskers and stinks, and the other is a fish”) to unfunny and homophobic (Q: “What’s the biggest difference between Barney Frank and a Fenway Frank?” A: “Barney Frank comes in different-size buns”).

In addition to including it in his story, Roose also posted audio of the exchange, which has been listened to 30,000 times at the time of this writing.

Coming from a UR leader, the sentiment would seem to run counter to the school’s push for greater diversity, as outlined in its strategic plan, which calls for fostering an “an authentic culture of inclusivity that seeks and prizes diversity of experience, belief, and thought.”

University of Richmond spokeswoman Linda Evans said in an email the school is “aware of the article” and would have a statement this afternoon.

Queally wasn’t immediately reachable for comment.


Charles A. Ledsinger Jr., rector of the school's board of trustees, issued the following statement reaffirming "the commitment of each of its members to promoting inclusivity, civility and respect."

We are grateful to our faculty, staff and students for their leadership in ensuring we are a welcoming and inclusive community and that we fulfill our responsibility to prepare our students for responsible citizenship, principled leadership, and to flourish in and contribute to a diverse, global workplace and society. We look forward to our continued work together to further our shared aspirations.

Still no word back from Queally.

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