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That sucks, just plain and simple. But then again, that's often how it goes. Ideally, you should build good relationships with as many alumni as possible to maximize your chances of being referred and getting the interview. You're basically shooting for conveying yourself as someone who is 1) passionate about investment banking, 2) willing to work very very very hard to do the work and do it right, and 3) personable, and someone who the alumnus would like to be working with on those nights where you work to 4 am. 1 and 2 are very important, but I'd argue that 3 is the most important.

I understand your frustration, though. I have a very difficult major and had a really bad year in terms of academics last year, so my gpa is low, a good bit below the 3.5 threshold many banks set. As a result, I often don't get the referral even if I developed a good relationship with the alumni because they want to maximize the chances of someone from our school getting the job.

You sound ridiculous - really unfair? C'mon man, what do you expect happens in these situations? If you were in charge of picking who got interviews, and you could recommend your friends without coming across as foolish (ie they have sound resumes) why on earth would you pick anyone else?

This is how business works (or how most things work, for that matter) and it shouldn't surprise you in the slightest. Networking is huge and any research you may have done would have indicated that - there's no way around it.