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 {{a|systems|{{image|bad apple|jpg|}}}}{{dpn|/bæd ˈæpl/|n|}}One of those mischievous human imps occupying unobserved crevices in the great steampunk machine who, by their human frailty, ruin the best-laid plans of the machines.
-On the convenional wisdom, [[bad apple]]s find and exploit [[Zero-day vulnerability|zero-day flaws]] in the system, ''which is [[Air crashes v financial crashes|what we should expect bad apples to do]]''. These they will find them exactly where the system least expects them to be found, and is therefore not looking: apparently harmless, sleepy backwaters. [[LIBOR]] submissions. Delta-one stock index swaps. [[Archegos|margin lending]].
+On the conventional wisdom, [[bad apple]]s are the remaining fly in the ointment between us and the sunlit uplands of [[financial services utopia]]. Once the last one can be removed all will be well in perpetuity.
-But who the bad apples are depends on who is asking, and, critically, ''when''.
+The JC wonders whether we should be quite so surprised. Bad apples gonna be bad.  They will always find and exploit [[Zero-day vulnerability|zero-day flaws]] in the system, ''which is [[Air crashes v financial crashes|what we should expect bad apples to do]]''. These they will find them exactly where the system least expects them to be found, and is therefore not looking: apparently harmless, sleepy backwaters. [[LIBOR]] submissions. [[Enron|The accounting department]]. The [[Kweku Abodoli|Delta-one index swaps desk]]. In a [[Archegos|family office]].
+But ''who'' the bad apples are depends on who is asking, and, critically, ''when''.
 Often, the people who look like heroes — NASDAQ chairmen, visionary innovators, star traders —''before'' the fact only start to look like bad apples ''after'' it. And vice versa.
 ===Before and after fact: a play in two acts===
+Quiz time: taking the information supplied about who everyone thought was hero and bad apple before a famous catastrophe, fill in who you think was who ''after'' the event.
-====Before-the-fact====
+{| class="wikitable"
-*'''Heroes''': Nick Leeson, Jeff Skilling, Ken Lay, Jerome Kerviel, Kweku Abodoli, Elizabeth Holmes, Arif Naqvid, Charlie Javis, Jo Lo, Bernie Madoff, Sam Bankman-Fried.
+|+ Caption text
+|-
+! Incident !! colspan="2"|Before !!colspan="2"| After
+|-
+! || Hero|| Bad Apple || Hero || Bad Apple
+{{aligntop}}
+| [[Enron]] ||Jeff Skilling<br>Ken Lay<br>Andrew Fastow || Fortune Journalist Bethany MacLean<br>Short-seller Jim Chanos || _______ || _______
+{{aligntop}}
+| [[Madoff]] || Bernie Madoff<br>Fairfield Sentry<br>The [[SEC]]||Option Trader Harry Markopolos <br>Barron’s Journalist Erin Arvedlund || _______ || _______
+{{aligntop}}
+| [[Barings Bank|Barings]]|| Nick Leeson<br>Peter “not terribly difficult” Baring || Er || _______ || _______
+{{aligntop}}
+| [[Archegos]] || Bill Huang <br>Co-heads of Prime Brokerage, everywhere || Junior credit officer || _______ || _______
+{{aligntop}}
+| [[FTX]] || Sam Bankman-Fried<br>Caroline Ellison || Matt (So it’s a ponzi scheme?) Levine || _______ || _______
+{{aligntop}}
+| [[WireCard]]||  Markus Braun<br>Jan Marsalek<br>[[BaFin]]|| FT Journalist Dan McCrum<br>Internal lawyer Pav Gill<br>Short-seller Matthew Earl  || _______ || _______
+|}
+====Before the fact====
+*'''Heroes''': Nick Leeson, Jeff Skilling, Ken Lay, Andrew Fastow, Jérôme Kerviel, [[Kweku Abodoli]], Elizabeth Holmes, Arif Naqvid, Charlie Javis, Jo Lo, Bernie Madoff, Sam Bankman-Fried.
 *'''Bad apples''': Fortune journalist [[Enron Corporation|Bethany MacLean]] (Enron). Contrarian hedge fund trader [[Collateralised debt obligation|Michael Burry]] (Subprime). Madoff whistleblower [[Harry Markopolos]]. FT journalist [[Wirecard|Dan McCrum]] (Wirecard). The formalist system systematically ignored them, fired them, tried to put them in prison.