POLITICS
Lies, Damned Lies, and Misinformation
I used to think the democratization of information was a good thing. Now, I’m not so sure.
When I landed my first job in finance, I knew next to nothing about the financial markets. A neighbor who was in “the bond business” got me an interview at a startup securities firm. In 1983, the fact that I had sales experience was all it took for them to sponsor me for the securities exam.
I couldn’t afford to screw this up. All my friends were getting jobs at places like IBM and AT&T. I’d flunked out of the University of Arkansas spectacularly, so this job was my chance to redeem myself. Every other guy (there weren’t any women) in my cohort of would-be securities brokers was a former car salesman. I’m certain I was the only one in my group who had attended college. I was also the only Black person.
Out of two dozen candidates, only four of us passed the securities exam.
My employer was a now-defunct Little Rock bond house that operated like the 2000 film Boiler Room. The only difference was that our clients were financial institutions instead of individuals.
The company was licensed to sell several securities, but management was only interested in selling one type of security…
