a vestige of the old Harvard, that is, the Harvard of elitist, rich, white men: clubs for which one must be "punched" (as opposed to a fraternity in which potential members choose to rush) and then must go through the "punch process"; those fortunate enough to make it to the last round of the process get the privilege of paying 10K a year to be considered douchebags by the rest of the campus, prey on freshmen/bu girls at parties with 5:1 girl-to-guy ratios, and be jerks to freshmen guys
Friend of Harvard Student: Hey, I just saw the Social Network. I don't get it. What are these final clubs?
Harvard Student: Picture it like this: take the worst stereotypes of frats, the worst stereotypes of Harvard, and mix them together.