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Because hindsight is 20/20 and people had preconceptions back then that filled in the gaps, as they do right now.
The gaps are and were actually full of nonsense like "he's my buddy I'll give him money" but people expect the process to be a lot more reliable and solid, because they think they'd be more careful with that kind of money, not realising that to some millions are pocket change (and nobody is careful with pocket change) and that others gamble with other people's money and thus are a lot more cavalier.