A krewe that laughs in the face of adversity (on a comparitively regular basis, if history serves!), the Krewe of Pegasus takes its name from the mythic flying horse of Greek mythology, born of the blood of Medusa.  Saddled (pardon the pun) with some incredible circumstances during its existence (Hurricane Betsy took their costumes in 1965, first parade in 1966 rolled in monsoon conditions), perhaps the most intriguing part of the Pegasus history was their avoidance of the 1975 police strike by being the first krewe to restage their parade in the suburbs.  However, the disaster of Katrina has (temporarily we hope) stopped the krewe from marching.
The krewe recently changed its official colours.  They are white, which represents the clouds through which the mighty steed shall ride; and blue, representing the sky in which Pegasus soars;  and Silver, which represents the majesty of his flight.

This krewe shares a Greek theme with the krewes of Adonis, Aphrodite, Argus,  Atlas,  Endymion, Hermes,  Iris,  Jason,  Morpheus,  Muses, Okeanos,  Orpheus, Proteus,  Morpheus,  Pygmalion,  Rhea, Sparta, and  Zeus.

This krewe was stopped from marching in the 149th Carnival  celebrations by Hurricane Katrina.  The krewe shares that bond with Adonis, Aphrodite, Arabi, Atlas, Bards, Choctaw, Cleopatra, Gladiators, Grela, Hermes, L'il Rascals, Mercury, NOMTOC, Oshun, Pontchartrain, Saturn, du Vieux, and Crescent City.