What is the Point of Frats and Sororities?

I don't know if you saw the news from Cornell. It is disgusting. Check it out. What is the point of these groups? You pay to have friends. You go through pledging which could end in hazing of some form. I went to an open house during college orientation. I was not impressed. They acted like you should join to have access to females at parties. For me it seemed like a waste of money. In this particular case, the school did not really punish the perpatrators. Was it because the parents had money or influence? Was it some male who did not want to hurt these boys futures? As far as I am concerned, if you want to commit adult crimes, you should be processed like a criminal. Sorry if it ruins your future! What about the victim? These idiots never consider them. They tend to victim blame. I think colleges should do away with them. They serve not real purpose.