Everything Is Fake 4. The Lance Armstrong Defence
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Apr 1, 2026 
Margaret Heffernan, businesswoman and author who critiques Silicon Valley’s hype culture; Bill Harrington, former Moody’s analyst who saw ratings pressure before 2008. They explore contract cheating and AI in education, rating agencies’ compromises, startup “fake it till you make it” lore, Theranos-style hype, and how systemic incentives normalize fakery.
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College Credentials Became High Stakes Necessities
- Growing competitive pressures made university credentials feel like existential tickets to success.
- Dave Tomar argues desperation rose as college shifted from elite education to mass credentialing tied to job market survival.
Ratings Analyst Saw Pressure To Preserve Deals
- Bill Harrington joined Moody's in 1999 and analysed complex debt deals before 2008.
- He initially felt insulated to assess risks, but later saw pressure shift to preserve deal ratings despite problems.
Systemic Incentives Enabled Financial Fakery
- Multiple parties depended on high ratings, so there was collective incentive to accept inflated assessments.
- Bill Harrington notes if a deal missed AAA the whole chain (bankers, lawyers, accountants) wouldn't get paid, fostering tacit collusion.