With all the different takes on the crisis, it wasn’t going to be long before a programmer stood up and summarized his overall contribution to the debacle we find ourselves in today.
Michael Osinski, once a programmer on Wall St, now an oyster farmer in Long Island, gives us his story in the New York Magazine. Working in Salomon Brothers, Lehman and Kidder Peabody, he wrote a lot of the code used in the software to trade bond securities. He traces the evolution of securities and software from simple mortgage backed securities (MBS) to the now complex CDS and CDOs.
It’s a good read. Especially on the train to those oyster farms in Long Island.