What's the skinny on Skull and Bones?

A friend of mine was just telling me about the ultra-secret (well, not anymore), ultra-powerful society of Yale-ites. He told me about how a lot of US presidents have been members, and how the society manipulates things to get more of their members into office.

Was The Skulls based on this society?

I apologize if this has already been addressed…I looked around, but didn’t find any good answers to this question. It seems like most of the information about it comes from conspiracy theorists, whom I have a hard time finding credible.
Nareau

Skull and Bones is a fancy fraternity for Yale students. Its existence has never been secret, but, like many clubs, their activities are. It’s true that many prominent politicians have belonged; that’s because the society invites the rich and well-educated students at Yale to join. Of course, many members don’t go one to become anything special. The same can be said about the Freemasons, especially in the 18th and 19th centuries.

The Skulls is a stoopid stoopid movie with bad acting and an asinine plot, and has nothing to do with reality.