3 PM in the afternoon, New York, at a coffee shop on the corner of a street not far from Wall Street.
Deep inside the shop, Luo An and Michael Brey sat across from each other, with no one else around them.
"Those sons of bitches..."
Unlike Luo An, who remained calm while leisurely sipping his cappuccino, Michael Brey's expression was grim. After cursing softly for a while, he asked:
"Luo An, you anticipated this would happen, didn't you?"
Michael Brey believed in numbers; many things in this world could not be distinguished as right or wrong, but numbers could. The results of calculations were either right or wrong, no ambiguity.
Based on federal mortgage default rates and housing loan data, Michael Brey calculated that federal housing prices would inevitably start to decline in 2007.
In 2005, Michael Brey approached investment banks on Wall Street and creatively proposed creating CDS, a financial product for legally gambling based on federal house prices
