This goes back decades, but at the college I attended, the well-known nickname for SAE was “sex and alcohol every time”. I think it was on suspension during my college years as well.
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Many fraternities and sororities have these pejorative silly mnemonic names. They often have nothing to do with the actual local chapter. Some of the sorority ones are quite explicit. For anyone considering (or critiquing) greek life I would ignore the national stereotypes (positive and negative) and national branding (dry, anti-hazing, the balanced man etc) and research the local chapter. Nationals is often just a place to send a check.
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As mentioned on this thread some of the parallels with Duke lacrosse case from Duke newspaper