IN DEBT WE TRUST

The first “due diligence” checklist included “is the founder lying?” Finance stays poetic.

✗ FAKE
Due diligence is the investigation made before a transaction, and the term spread in the United States after the Securities Act of 1933. No first checklist is documented.

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“Cash flow” was first described by a poet watching money leave his wallet dramatically.The first stock ticker was a parrot repeating prices. It also screamed “SELL!” at inconvenient times.The first fee was charged for “convenience.” The convenience was disappointment.The first accountant invented spreadsheets to avoid emotions. Numbers don’t ask how you’re feeling.The largest Ponzi scheme in history was operated by Bernie Madoff, totaling $65 billion. Wall Street’s most expensive magic trick.The first loan agreement was sealed with a handshake and a suspicious stare. Legal departments cried from the future.See all In Debt We Trust facts →

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