Well, the original White Coat ceremony was started at Columbia P&S by Arnold Gold, MD, a neurologist on faculty there.
Today the Arnold Gold Foundation sponsors all White Coat ceremonies within both the allopathic and osteopathic realms of medicine, I believe. Along with the White Coat, students receive an Arnold Gold Foundation pin that reads, "Humanism in Medicine," and a book from the Robert Wood Johnson Foundation entitled, "On Doctoring."
The point of the ceremony was to get first-year students to start thinking like doctors so that they may be more compassionate by third-year (or something like that).
Tim of New York City.