Eternal Suffering

I have three monitors on my desk. The left one shows the order book. The middle one shows Truth Social. The right one shows the investigation queue.

On April 21st, the left screen moved first.

I am a Senior Surveillance Analyst at a commodities exchange. I have held this position for nineteen years. My job is to monitor trading activity for suspicious patterns and generate compliance reports. I am employee of the quarter. I have a mug.

At 19:54 GMT on April 21st, someone placed 4,260 sell orders on Brent crude futures. They did this during post-settlement. The window after the market closes when daily volume is typically in the dozens. Sometimes single digits. Sometimes I watch the screen and nothing happens for forty minutes and I think about whether my daughter is happy.

On April 21st, someone placed $430 million in directional bets in 120 seconds during that window. One hundred and twenty seconds. I timed it on my watch because the system clock rounds to the nearest minute and I have found, in nineteen years, that precision matters to no one but me.

At 20:10 GMT, the President posted on Truth Social that he was extending the Iran ceasefire.

Brent dropped from $100.91 to $96.83.

I flagged the trade. I flag a lot of trades. I want to tell you what happens to my flags.

My flags go into a system called TRACE. Trade Review and Compliance Evaluation. I did not name it. The system generates a report. The report goes to a committee. The committee has a name I am not allowed to share but I can tell you it meets quarterly and the conference room has a credenza with bottled water that is sparkling because someone once put still water in the room and a managing director sent an email about it that was longer than most of my surveillance reports.

The committee reviews my flags. The committee has reviewed all of my flags. Here is the complete record of actions taken on my flags in 2026:

Reviewed.

That's it. "Reviewed" is a status. In compliance, a status is the absence of an action that has been given a name so it looks like one.

Let me show you my flags.

March 9th. Someone bet millions on oil falling at 18:29 GMT. Forty-seven minutes later, a CBS reporter posted that the President said the Iran war was "very complete, pretty much." Oil dropped 25%. Forty-seven minutes. I flagged it.

March 23rd. Someone sold 5,100 lots of Brent and WTI crude futures between 10:49 and 10:50 GMT. Fourteen minutes later, the President posted on Truth Social about a "COMPLETE AND TOTAL RESOLUTION" to hostilities. Oil dropped 11%. Over 13,000 contracts traded in sixty seconds after the post. Fourteen minutes. I flagged it.

April 7th. Someone established a $950 million short position in oil futures at 19:45 GMT. Three hours later, the President declared a two-week ceasefire. Nine hundred and fifty million dollars. I flagged it.

April 17th. Someone placed $760 million in bearish bets twenty minutes before Iran's foreign minister confirmed the Strait of Hormuz would reopen. Seven hundred and sixty million. I flagged it.

April 21st. The $430 million. Fifteen minutes. I flagged it.

That is $2.1 billion in directional oil bets in April alone. Every one of them landed on the correct side of a presidential announcement. Every one of them was placed in a window so narrow you could measure it in bathroom breaks. I flagged every single one.

The CFTC chair told a Congressional committee that his organization has "zero tolerance" for fraud and insider trading. I wrote that quote on a Post-it note and stuck it to my right monitor. The one that shows the investigation queue. The investigation queue has not moved since March.

Zero tolerance. Zero staff. Zero budget. Zero prosecutions under the STOCK Act since it was signed in 2012.

Fourteen years. The law has existed for fourteen years and has been enforced zero times. In compliance, we call that a compliance rate of one hundred percent. No cases filed means no cases lost. You cannot fail an audit you never conduct. We call that excellence.

Last month the White House sent an internal email to staff. I was not on the distribution list but I have read reporting on it and I need you to sit with what I am about to say. The email instructed White House staff not to use insider information to place bets on prediction markets.

The White House had to send a memo telling its own employees not to insider-trade.

I want you to read that sentence again. Not because the instruction was unclear. Because the instruction was necessary. Because someone in the building looked at the same pattern I have been flagging for months on my three monitors and decided the appropriate response was an email.

The President's son sits on the advisory board of Kalshi. He is an investor in Polymarket. Both are prediction markets. Both saw accounts created days before U.S. military action.

One account. I cannot stop thinking about this account. It was called "Burdensome-Mix." It was created in December. On January 2nd, it placed $32,500 on Venezuela's president being removed from power. On January 3rd, Maduro was seized by U.S. special forces. Burdensome-Mix collected $436,000. Then it changed its username. Then it disappeared.

One account is a coincidence. But there were six.

Six accounts were created on Polymarket in February. All bet on U.S. strikes on Iran by the 28th. When the President confirmed the strikes, the six accounts collected $1.2 million between them. Five of the six never placed another bet. The sixth went on to correctly predict the ceasefire date and made another $163,000.

My surveillance system logged all of this. My system logs everything. My system does not have opinions and neither do I. I generate reports. The reports go to committees. The committees meet quarterly. Between meetings, the windows get shorter and the bets get larger.

March 9th: 47 minutes. March 23rd: 14 minutes. April 17th: 20 minutes. April 21st: 15 minutes.

The window is compressing. In March, you had time to make coffee between the trade and the announcement. By April, you had time to send a text. By summer, at this rate, the trade and the announcement will be the same event.

The spokesman said any implication that administration officials are engaged in insider trading is "baseless and irresponsible reporting."

Then the White House sent the email again.

I have been in compliance for nineteen years. I have seen insider trading run out of strip mall offices by men who could not spell "derivative." I have seen pump-and-dump schemes coordinated over WhatsApp by people who used their real names. I have seen a man try to manipulate soybean futures from a Panera Bread.

I have never seen $2.1 billion in perfectly timed trades across five presidential announcements in a single month go uninvestigated.

But I have also never seen a compliance system work this beautifully. Every trade flagged. Every report filed. Every committee briefed. Every quarterly meeting attended. Bottled water: sparkling. Minutes: distributed.

Zero prosecutions.

As long as the flags go up and the cases don't, my performance review says I am meeting expectations.

I am meeting expectations. The system is meeting expectations. The $2.1 billion is meeting expectations. The fourteen-year-old law with zero prosecutions is meeting expectations.

The left screen moves. The middle screen moves. The right screen stays perfectly, immaculately still.

She played bass on 10,000 songs, including the most-played track of the twentieth century. She was paid $55 per session. Her name never appeared on the albums.

Gold Star Studios, Los Angeles, 1964. A woman in a cardigan walks past the receptionist, a Fender Precision bass in her hand like a briefcase. She doesn’t sign autographs. She signs a timesheet.

Her name is Carol Kaye. In three hours, she will record what will become the most-played track of the twentieth century. She’ll pocket fifty-five dollars and head to another studio, on the other side of town, for the next session.

The record label will never put her name on the album.

Between 1957 and 1973, Carol Kaye took part in roughly 10,000 recording sessions. Not as the featured artist, not as a guest, but as a hired hand. She was part of an anonymous collective nicknamed The Wrecking Crew—elite studio musicians who actually played the instruments on your favorite records while the famous bands posed for promotional photos.

The work was relentless. Three albums before the day was over. Stale coffee in paper cups. No rehearsal. The charts arrived minutes before the tape rolled. If you couldn’t read a chart and nail the take in two tries, you didn’t get called for the next session.

Carol could do it on the first try.

She started playing guitar in grimy bars at fourteen because her family couldn’t pay the electric bill. Music wasn’t a romantic dream for her. It was survival. It was a job—factory work with better acoustics and lower pay.

But she was faster and sharper than almost everyone else. She corrected charts in pencil while the producer was still explaining what he wanted. In one session in 1968, she told a famous producer his arrangement sounded like a dying dog. She chose her own line. They kept her version.

That descending bass line that drives the Beach Boys’ “Wouldn’t It Be Nice”? Carol Kaye. The propulsive groove of “These Boots Are Made for Walkin’”? Carol Kaye. The acoustic-guitar intro to “La Bamba”? Carol Kaye. The iconic theme from Mission: Impossible? Carol Kaye.

She invented techniques on the spot, out of sheer necessity. When the bass sound was too muddy for AM radio, she stuck felt under the strings and used a hard pick instead of her fingers. The tone cut through the static like a blade. It became the sonic signature that defined 1960s pop.

Bassists spent years—decades—trying to crack the secret of the Beach Boys’ gear to get that sound. They were studying the wrong people. They should have been studying Carol.

She received no royalties. No residuals. No gold-record ceremony. No credit on the album sleeves. When “You’ve Lost That Lovin’ Feelin’” hit number one, Carol was already back in a studio cutting a soap jingle.

The biggest bands mimed her bass lines on TV variety shows. New York marketing departments decided a mom in classic clothes didn’t fit the rebellious-youth image they were selling. So they simply left her name off the album credits.

For thirty years, almost no one cared. The truth only began to surface in the late 1990s, when music researchers found the same union contract numbers on thousands of hit records. The very documents meant to preserve studio musicians’ anonymity betrayed them.

Think about it. Every time you heard “Good Vibrations,” “River Deep – Mountain High,” the Righteous Brothers, Nancy Sinatra, or Sonny and Cher, you were hearing Carol Kaye. She composed the soundtrack of an entire generation’s youth.

And yet the records still say nothing. She’s now over eighty. She wrote instructional books. She trained countless bassists. She is finally starting to be recognized by music historians who uncovered the truth about The Wrecking Crew.

But she never got what she deserved: her name on those albums. Credit for the music that defined an era. Recognition that those bass lines everyone associates with the “Beach Boys” were, in fact, Carol Kaye’s.

Fifty-five dollars a session. Ten thousand sessions. The most-played track of the twentieth century.