Key word here may be "princelings". Are the two kids you've met children of elites?
In lots of organizations, the key question about a potential new hire is not "is he competent?", or "is he smart?", but rather "can I trust him to follow my agenda, come what may?". In other words, "will he be a reliable member of the team?"
Wall Street....NO; private Hedge fund companies...YES, probably the connection thing.