Definition of CMO Trading: Look for People Dumber Than You and Take Advantage of Them
March 31st, 2009
A number of you have sent links to this piece in New York Magazine about former software programmer (now oyster farmer) Michael Osinski’s reflection on his Wall Street days when he created the software program that turned mortgages into mortgage backed securities, enabling them to be traded around the world. Thanks. It’s well worth reading in its entirety: yet another story about how someone escaped the financial center of the world prior to its implosion, in this case, carrying a fair amount of guilt along with him, which, given the circumstances is quite understandable.
Tim Iacono submits:
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