Nineteen hundred and eighty-seven was a fateful year on Wall Street. In October of that year the stock market crashed, and -- even closer to home -- First Boston's talented Mortgage Finance Department was about to be blown sky high. My business partner and I were the first to depart, founding Wall Street Analytics, Inc., a financial software company. Soon after, department head Larry Fink and much of the rest of the team went off to start BlackRock, Inc., currently the largest money management firm in the world.
As that eventful year progressed, I began putting the finishing touches on the firm's CMO software model. The Cambrian Explosion of new structures continued apace, but I methodically incorporated every new innovation into my structuring language without too much trouble. An idea slowly began to germinate in my mind at the onset of that fateful year: What the world really needed at this critical point in time was not yet another bizarre bond structure. What the world really needed was a comprehensive software package that would allow all market participants, buyers and sellers alike, to compete on a level playing field. There were, perhaps, fewer than half a dozen industry veterans who knew how to build such a program, soup to nuts; and I was one of them.
Investment banking in the 1980s was still considered an elite, relationship-driven enterprise. The old guard didn't quite know how to handle the new software developers, or "quants", that were slowly transforming the nature of their business. Microsoft Corporation's veneration of developers was certainly not the culture on the 38th floor of Park Avenue Plaza. With no $4 billion transactions to my credit in 1987, and a stock market crash hurting the bottom line, my pay grade was frozen and no promotions were forthcoming. If ever there was a time to put my idea to the test, now was it!
In January of 1988, I co-founded Wall Street Analytics, Inc., a two-man operation headquartered in the working class neighborhood of Jackson Heights, Queens. My business partner, Ron Unz, was a talented software developer, businessman and political activist, who had had a brief but rocky tenure at First Boston in the summer and fall of 1987. Our new venture was destined to be both stunningly successful and stunningly ill-fated. Unfortunately, just as our firm began to prosper, our personal relationship rapidly deteriorated. I left the company, and Wall Street in general, in 1991: one of the first casualties in the boom-and-bust business that I had helped to create.
As that eventful year progressed, I began putting the finishing touches on the firm's CMO software model. The Cambrian Explosion of new structures continued apace, but I methodically incorporated every new innovation into my structuring language without too much trouble. An idea slowly began to germinate in my mind at the onset of that fateful year: What the world really needed at this critical point in time was not yet another bizarre bond structure. What the world really needed was a comprehensive software package that would allow all market participants, buyers and sellers alike, to compete on a level playing field. There were, perhaps, fewer than half a dozen industry veterans who knew how to build such a program, soup to nuts; and I was one of them.
Investment banking in the 1980s was still considered an elite, relationship-driven enterprise. The old guard didn't quite know how to handle the new software developers, or "quants", that were slowly transforming the nature of their business. Microsoft Corporation's veneration of developers was certainly not the culture on the 38th floor of Park Avenue Plaza. With no $4 billion transactions to my credit in 1987, and a stock market crash hurting the bottom line, my pay grade was frozen and no promotions were forthcoming. If ever there was a time to put my idea to the test, now was it!
In January of 1988, I co-founded Wall Street Analytics, Inc., a two-man operation headquartered in the working class neighborhood of Jackson Heights, Queens. My business partner, Ron Unz, was a talented software developer, businessman and political activist, who had had a brief but rocky tenure at First Boston in the summer and fall of 1987. Our new venture was destined to be both stunningly successful and stunningly ill-fated. Unfortunately, just as our firm began to prosper, our personal relationship rapidly deteriorated. I left the company, and Wall Street in general, in 1991: one of the first casualties in the boom-and-bust business that I had helped to create.
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