First day at the WASP school

Due to Federal regulations, a posh, super-WASP, gentile-only school has to admit in one Jewish kid a year. Well, it’s the first day of first grade and the teacher asks each child to stand up and introduce himself. Billy gets up and says “My name is Billy and my daddy is president of IBM”. Then Johnny gets up and and says, “My name is Johnny and my daddy is president of General Motors”. Finally, it’s Moishe’s turn. “My name is Moishe and my parents are in iron and steel”. All the kids start giggling. The teacher asks “Are you sure ?? ” and Moishe replies, “Of course ! My mother IRONS and my father STEALS”.