Posted: Nov 11 2008 11:05pm ET
I imagine the code review went like this:
"Hey wait, that function never returns -- it's infinitely recursive!"
"Yes, but we get a payout on each recursion"
"...How soon can you get it into production?"
void createCommissions( shittyLoans )
commissions = 0.0
// Shitty loans get securitized as CDO
cdo = BulgeBracketFirm.formatAsCDO( shittyLoans )
// Ratings get assigned to the securitized debt, AAA
aaaDebt = RatingsAgency.formatAAA( cdo )
// Wall Street makes money selling debt to investors
commissions += BulgeBracketFirm.Sell( aaaDebt, bulls)
// Hedge the CDO with a Swap.
cds = BulgeBracketFirm.createDefaultSwap( cdo )
// There is two sides to the trade, notice that is never the Firm
longSide = cds.getLongSide()
shortSide = cds.getShortSide()
// Cash was coming in from selling the short side of the Swap
commissions += BulgeBracketFirm.sell( shortSide, bears)
// The long side was crap loans, so rinse and repeat?
return createCommissions( longSide )