Well, my fraternity, for one, is 50/50 -- the program itself is secret, but a lot of our events are held in public for everyone to see if they care to find us...
Mainly, the reason it's secretive is a two fold process:
a) It entices people to join to actually find out what's so great about joining the greek system, I know I wouldn't have been curious about it if I extensively knew what my peers had really gone through;
b) The experience really changes you when you don't know what to really expect from your pledgehood;
c) Bonding. Combining the past with the present with the sharing of what happened before with what happened now and what will happen in the future, just within the group.
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