Smug, self-satisfied, superior. All of those qualities shine out of the picture of the future masters of the universe members of the ultra-exclusive Oxford Bullingdon Club. The behaviour of members of this drinking club would attract a modern day ASBO, but they were insulated from the attentions of the police by their family money and connections. It seems that Gideon was regarded as somewhat beneath other members of the club, as he'd only been to St Paul's and not the preferred Eton or Harrow. All three are top line public schools, St Paul's is just a few hundred quid a year cheaper. Accordingly, Osborne was punished for his parents' poor choice.
One member recalled how at one event Osborne was held upside down by the ankles by his fellow members who would only release if he correctly answered the question: "What are you?" To each incorrect answer Osborne was bumped on the head. Finally he came up with the right answer: "I am despicable."
Marina Hyde adds to that today, with the full quotation.
The young Osborne was held upside down by his fellow members, who banged his head on the floor each time he failed to answer correctly the question: "What are you?" He got it eventually. The unexpurgated answer was: "I am a despicable cunt."