Tom walks through his first illegal trade in chillingly matter‑of‑fact terms: a contact gives him details of an upcoming deal—“here’s the date, here’s the price, here’s the private equity firm”—and at first he just passes it to a friend who is down for the month. Tom explained the fraud triangle: a need (short‑term performance), an opportunity (he could buy up to 0.9% of the fund without approval), and a rationalization (“These other guys are doing it… I’ll do it just this one time”). Across four illegal trades, he personally made just $46,000, which he calls “the price of professional suicide.” The real draw wasn’t the money; it was the illusion of being “on the inside,” part of the in‑group he’d envied since his Wharton days.
The third element is what the CRFB called a “default deficit reduction mechanism”—an automatic set of fiscal guardrails that would kick in once the economy recovers. The mechanism would freeze the automatic growth of spending programs, including Social Security, Medicare, and Medicaid, hold discretionary spending flat, and phase in a graduated surtax on high earners and corporations. Under the group’s estimates, such a mechanism could cut deficits to 3% of GDP within four years, saving $3.5 trillion over five years and $10.25 trillion over a decade.
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Accounts from that time, including my mum’s, emphasise that side of things much more than the dry economic account. One oral history from a secretary called Cynthia who worked from 1958 to 2005 mentions how, once, people used to knock at the door of the office – of course the manager had a separate office – and wait to be called. Then, suddenly, they started walking in because they wanted to speak to him directly. That is the world that computerisation helped to bring to an end, and now it is almost impossible to imagine it existed.。关于这个话题，新收录的资料提供了深入分析