1 00:00:33,326 --> 00:00:35,677 I mean, you've seen the app's uptake figures? 2 00:00:35,701 --> 00:00:36,941 Millions. 3 00:00:37,021 --> 00:00:40,021 It's a... It's a phenomenon. 4 00:00:40,101 --> 00:00:41,421 Yas, come on. 5 00:00:41,501 --> 00:00:44,381 Whitney wants to leave you holding the bag, okay? 6 00:00:44,461 --> 00:00:46,141 I don't want to see the worst in the world. 7 00:00:46,221 --> 00:00:47,781 I... I want to see what's true. 8 00:00:47,821 --> 00:00:50,021 He is a pathological liar. 9 00:00:50,061 --> 00:00:53,101 Why do you always find a way to pick apart at my stability? 10 00:00:54,181 --> 00:00:55,421 My husband's? 11 00:00:56,501 --> 00:00:59,381 I mean, why would you choose to profit 12 00:00:59,461 --> 00:01:02,261 off of exploding my foundations? 13 00:01:02,341 --> 00:01:03,621 You know it's not personal, Yas. 14 00:01:03,661 --> 00:01:07,101 Do you think anyone’s ever said that and meant it? 15 00:01:07,181 --> 00:01:09,036 I think we owe each other some kind of protection, 16 00:01:09,060 --> 00:01:10,381 so I really need you to hear me 17 00:01:10,461 --> 00:01:13,861 when I say he's not some hobbyist sociopath. 18 00:01:13,941 --> 00:01:15,781 He's a fucking criminal. 19 00:01:15,861 --> 00:01:18,461 You shouldn’t blame yourself for being ensnared by him. 20 00:01:18,541 --> 00:01:21,421 - What are you talking about? - I'm sorry, 21 00:01:21,501 --> 00:01:24,060 but the picture is now irrefutable. 22 00:01:24,141 --> 00:01:26,661 Okay, ask Whitney about Tony Day, 23 00:01:26,741 --> 00:01:28,141 his man in Africa. 24 00:01:28,221 --> 00:01:30,581 The balance sheet, fabrications... 25 00:01:30,621 --> 00:01:32,341 There's not one fucking piece of it, 26 00:01:32,421 --> 00:01:34,060 Yas, that you're talking to that is real. 27 00:01:34,101 --> 00:01:36,821 Okay. And what will your compensation be, 28 00:01:36,861 --> 00:01:39,221 if you manage to convince a few more people? 29 00:01:39,301 --> 00:01:42,060 I mean, you don't even know him. 30 00:01:42,101 --> 00:01:44,421 Anyone who doesn't know you could just as easily say that 31 00:01:44,500 --> 00:01:46,901 you're a abstraction of insecurities 32 00:01:46,941 --> 00:01:48,500 and compensations. 33 00:01:48,541 --> 00:01:49,821 Doesn't make it true. 34 00:01:52,861 --> 00:01:55,981 Let me put this in terms that your ego might listen to. 35 00:01:56,021 --> 00:01:59,461 You have been duped by a man who saw you 36 00:01:59,541 --> 00:02:01,301 and your husband as fools. 37 00:02:01,381 --> 00:02:03,021 And you will always paint an image 38 00:02:03,061 --> 00:02:04,581 of the world that gets you paid. 39 00:02:04,661 --> 00:02:06,381 I mean, what is it that you really want? 40 00:02:06,461 --> 00:02:09,381 You want Henry to resign so the stock price falls. 41 00:02:09,461 --> 00:02:13,141 You're a fucking mercenary, Harper. My God! 42 00:02:13,221 --> 00:02:15,661 There's like no empathy left in you, is there? 43 00:02:16,861 --> 00:02:20,541 Just an imitation of it to entrap people. 44 00:02:27,541 --> 00:02:28,621 Okay. 45 00:02:34,741 --> 00:02:36,381 We’re not closing our Tender short. 46 00:02:36,421 --> 00:02:38,621 We have higher conviction than ever. 47 00:02:38,701 --> 00:02:40,261 And now, a very strong case 48 00:02:40,341 --> 00:02:41,821 which I intend to present tomorrow 49 00:02:41,861 --> 00:02:43,141 at the ALPHA conference. 50 00:02:44,221 --> 00:02:45,381 Til the end? 51 00:02:47,501 --> 00:02:48,621 Until the end. 52 00:02:48,701 --> 00:02:50,381 Maybe I should just call security. 53 00:02:50,461 --> 00:02:51,901 Get you escorted out the building. 54 00:02:53,021 --> 00:02:54,741 Go on, I fucking dare you. 55 00:03:17,100 --> 00:03:19,341 Hey, it's me. 56 00:03:19,421 --> 00:03:21,701 I got your Telegram about SternTao. 57 00:03:21,741 --> 00:03:25,621 I understand you must be feeling very alone. 58 00:03:25,701 --> 00:03:29,941 You needed to hear my voice, so listen to it. 59 00:03:29,981 --> 00:03:32,021 I’m coming to see you after my quarterly with Jacob. 60 00:03:33,581 --> 00:03:34,981 Don't do anything you'll regret. 61 00:03:36,461 --> 00:03:38,541 Keep strong, stay focused. 62 00:03:52,901 --> 00:03:57,181 ♪ And ice cream castles In the air ♪ 63 00:03:57,261 --> 00:04:01,221 ♪ And feather canyons Everywhere ♪ 64 00:04:01,301 --> 00:04:04,541 ♪ I've looked at clouds That way ♪ 65 00:04:04,581 --> 00:04:08,821 ♪ But now they only Block the sun... ♪ 66 00:04:08,901 --> 00:04:13,181 ♪ For he must Resist temptation ♪ 67 00:04:13,261 --> 00:04:17,821 ♪ To join another nation ♪ 68 00:04:17,860 --> 00:04:21,781 ♪ For he is an Englishman ♪ 69 00:04:22,701 --> 00:04:26,541 ♪ He is an Englishman ♪ 70 00:04:35,901 --> 00:04:39,261 ♪ For he is an Englishman ♪ 71 00:04:40,461 --> 00:04:43,861 ♪ He is an Englishman ♪ 72 00:04:45,141 --> 00:04:48,661 Dear Henry. There’s a hole in my bucket. 73 00:04:53,541 --> 00:04:57,141 ♪ For he is an Englishman ♪ 74 00:05:02,341 --> 00:05:06,061 ♪ For he is an Englishman... ♪ 75 00:05:06,141 --> 00:05:08,557 ♪ ♪ And if you care ♪ 76 00:05:08,581 --> 00:05:10,421 ♪ Don't let them know ♪ 77 00:05:10,501 --> 00:05:13,701 ♪ Don't give yourself away ♪ 78 00:05:13,781 --> 00:05:17,861 ♪ I've looked at love From both sides now ♪ 79 00:05:17,941 --> 00:05:22,021 ♪ From win and lose And still somehow ♪ 80 00:05:22,061 --> 00:05:25,781 ♪ It's life's illusions I recall... ♪ 81 00:05:27,221 --> 00:05:28,541 Give me a minute, old boy. 82 00:05:32,701 --> 00:05:34,397 What the fuck are you doing in here? 83 00:05:34,421 --> 00:05:36,477 - In my bedroom while my husband showers? - I'm so sorry. 84 00:05:36,501 --> 00:05:37,854 I took a wrong turn. I was just looking 85 00:05:37,866 --> 00:05:39,117 for someone to make a phone call. 86 00:05:39,141 --> 00:05:41,941 I brought you, um, some flowers, a small housewarming token. 87 00:05:42,021 --> 00:05:43,501 Yasmin, why don't you calm down 88 00:05:43,541 --> 00:05:44,877 and stop jumping down people's throats 89 00:05:44,901 --> 00:05:46,421 at the smallest things? 90 00:05:46,501 --> 00:05:47,821 That's pretty ungenerous. 91 00:05:47,901 --> 00:05:49,781 Being such an exacting cunt is usually a tell 92 00:05:49,861 --> 00:05:51,981 you don't have that much to complain about, darling. 93 00:05:54,221 --> 00:05:55,461 What time's our supper? 94 00:05:57,101 --> 00:05:59,821 - I can't join you guys. - Yeah, but you came to eat. 95 00:05:59,901 --> 00:06:00,941 No, no, I didn't. 96 00:06:00,981 --> 00:06:02,637 I wanted to make sure you guys were settled in. 97 00:06:02,661 --> 00:06:04,661 I got to make some calls for the... 98 00:06:04,701 --> 00:06:06,421 The commerce secretary's coming in tomorrow. 99 00:06:08,061 --> 00:06:09,581 My sincere apologies. 100 00:06:14,501 --> 00:06:15,501 Call me. 101 00:06:20,061 --> 00:06:22,381 Was that entirely necessary? 102 00:06:22,421 --> 00:06:23,941 He's renting the fucking house for us. 103 00:06:23,981 --> 00:06:26,781 - Did you know he was in here? - Of course I didn't. 104 00:06:27,741 --> 00:06:29,941 Do you enjoy the fact he wants to fuck you? 105 00:06:30,021 --> 00:06:31,517 Oh, God, what the hell are you on about? 106 00:06:31,541 --> 00:06:32,981 I'm not an idiot, Henry. 107 00:06:33,061 --> 00:06:34,997 You told me that you sucked that guy’s dick at Winchester! 108 00:06:35,021 --> 00:06:37,741 Darling, that was school, okay? It's basically prison. 109 00:06:37,821 --> 00:06:40,941 Everyone gets a pass for that. You can be a homo at school. 110 00:06:44,661 --> 00:06:46,141 How reassuring. 111 00:06:46,221 --> 00:06:49,221 We all know that the President is a dealmaker. 112 00:06:49,301 --> 00:06:52,341 There's nothing stopping us being dealmakers, 113 00:06:52,381 --> 00:06:54,821 so long as said deal is good for all parties. 114 00:06:54,901 --> 00:06:57,421 The President's misunderstood by people in Europe. 115 00:06:57,501 --> 00:07:00,421 He wants less regulation and freer movement. 116 00:07:00,461 --> 00:07:02,901 A clean break with post-war terms. 117 00:07:02,981 --> 00:07:05,301 Not sure anyone knows what the strategy is. 118 00:07:05,381 --> 00:07:08,061 Some here think Americans got bored of having the best lives, 119 00:07:08,101 --> 00:07:10,301 so they elected a narcissistic dementiac 120 00:07:10,381 --> 00:07:11,421 to detonate it all 121 00:07:11,461 --> 00:07:13,861 so that their kids might earn factory workers' wages 122 00:07:13,901 --> 00:07:16,141 building widgets pathetically stamped, 123 00:07:16,221 --> 00:07:17,421 "Made in America." 124 00:07:17,501 --> 00:07:19,261 In any case, 125 00:07:19,341 --> 00:07:21,181 we are grateful for you sitting with us 126 00:07:21,261 --> 00:07:22,941 and using Tender as a test case 127 00:07:23,021 --> 00:07:25,541 while we continue to thrash out a trade deal. 128 00:07:31,901 --> 00:07:33,821 I, um, 129 00:07:33,901 --> 00:07:37,101 I didn't want to say this last night, but, uh... 130 00:07:37,180 --> 00:07:38,221 What? 131 00:07:39,621 --> 00:07:43,341 After Whitney left, I smelt booze on your breath. 132 00:07:46,501 --> 00:07:47,757 Yeah, well, um... 133 00:07:47,781 --> 00:07:50,781 ...I've repaired my relationship with alcohol. 134 00:07:52,180 --> 00:07:55,541 Okay. It's textbook rationalization. 135 00:07:55,581 --> 00:07:58,101 Look, okay. I don't want to fucking hear it, okay? 136 00:07:59,301 --> 00:08:01,381 I'm my own man. Isn't that what you always say? 137 00:08:06,221 --> 00:08:07,821 When did you start drinking again? 138 00:08:07,861 --> 00:08:11,501 I had a glass of champagne after WebHorizon. 139 00:08:13,981 --> 00:08:15,181 Did Whitney give it to you? 140 00:08:16,221 --> 00:08:19,021 Who cares? I wanted some. 141 00:08:21,181 --> 00:08:22,181 I'm just 142 00:08:23,181 --> 00:08:26,301 concerned that because you seem so, um, 143 00:08:27,381 --> 00:08:29,741 on top of the world right now, 144 00:08:29,821 --> 00:08:31,621 that you think you can control it, 145 00:08:31,701 --> 00:08:33,141 and, Henry, you can't. 146 00:08:33,221 --> 00:08:34,501 Do you know what I think? 147 00:08:35,301 --> 00:08:38,541 I think you want me out of control. 148 00:08:38,621 --> 00:08:40,501 Because that’s how you’re necessary. 149 00:08:48,261 --> 00:08:50,141 Harper came to see me yesterday. 150 00:08:52,341 --> 00:08:55,381 God, don’t let that bitch into our building again. 151 00:08:55,461 --> 00:08:57,021 She can't stand your happiness. 152 00:08:57,101 --> 00:08:58,861 Do you think we've been too kind to Whitney? 153 00:08:58,941 --> 00:09:02,301 She'll distort reality until she ruins us 154 00:09:02,341 --> 00:09:05,381 and somehow the system’s set up to pay her for it. 155 00:09:05,461 --> 00:09:08,301 Do you think he gained our confidence too easily? 156 00:09:08,381 --> 00:09:11,701 Yeah, ours and the world's. I mean, some feat. 157 00:09:11,781 --> 00:09:14,821 Perhaps he deserves a little fucking respect? 158 00:09:14,861 --> 00:09:16,637 You know, you want to argue with our share price? 159 00:09:16,661 --> 00:09:19,221 You want to undermine my success again? 160 00:09:19,301 --> 00:09:21,581 - Just when I'm healing? - Healing? 161 00:09:24,261 --> 00:09:25,661 Yas... 162 00:09:27,821 --> 00:09:29,661 I don't know the right way to love you. 163 00:09:30,901 --> 00:09:31,901 What do you mean? 164 00:09:34,861 --> 00:09:35,901 I don't know... 165 00:09:37,461 --> 00:09:38,901 whether loving you properly 166 00:09:38,981 --> 00:09:43,981 is to make you aware of the things you cannot see. 167 00:09:46,181 --> 00:09:48,901 Or is it more loving to perpetuate your delusions? 168 00:09:52,901 --> 00:09:56,941 Do you not see that people can see how transparent you are? 169 00:10:00,021 --> 00:10:02,341 You think I can't see that you can't 170 00:10:03,421 --> 00:10:06,461 stand me front and center. 171 00:10:10,541 --> 00:10:13,021 I can’t carve you out a place in the world. 172 00:10:19,581 --> 00:10:21,461 I'm literally on the way to dinner 173 00:10:21,541 --> 00:10:22,741 with our fucking auditor. 174 00:10:22,821 --> 00:10:25,101 I mean, some confidence scam Whit’s running! 175 00:10:26,101 --> 00:10:27,421 I'll see you at home, darling. 176 00:10:28,461 --> 00:10:29,461 Bye. 177 00:10:33,701 --> 00:10:36,397 You do understand that I may need more hands at the pump 178 00:10:36,421 --> 00:10:39,101 when it comes to preparing and filing Tender’s audit. 179 00:10:39,181 --> 00:10:41,341 Whitney tells me we're already over-compliant 180 00:10:41,381 --> 00:10:42,461 by IFRS standards. 181 00:10:42,541 --> 00:10:44,781 But there are GAAP standards exclusive to America. 182 00:10:44,861 --> 00:10:46,901 Forgive me, I thought your team remit was global? 183 00:10:47,581 --> 00:10:48,781 Technically speaking. 184 00:10:48,821 --> 00:10:51,501 But I’d humbly suggest a hand-off 185 00:10:51,581 --> 00:10:55,021 to someone with US-facing expertise. 186 00:10:55,061 --> 00:10:58,701 I value you, Jacob, not some uncultured drone 187 00:10:58,781 --> 00:11:00,701 I won't be as inclined to take to dinner. 188 00:11:00,781 --> 00:11:03,661 There have been instances where the... the UK and US 189 00:11:03,741 --> 00:11:06,061 have recognized their audit frameworks as equivalent. 190 00:11:06,781 --> 00:11:07,901 We'll push for that. 191 00:11:10,981 --> 00:11:12,701 You’re quite sure? 192 00:11:12,781 --> 00:11:14,701 When I take you out, we don’t sour the experience 193 00:11:14,741 --> 00:11:16,741 by talking money. It’s perfect. Thank you. 194 00:11:16,781 --> 00:11:18,181 You know, I... I promised myself 195 00:11:18,261 --> 00:11:19,581 a bottle of this for my fortieth, 196 00:11:19,661 --> 00:11:22,461 but the price was just impossible to justify. 197 00:11:22,541 --> 00:11:24,861 What are we, um, what are we celebrating? 198 00:11:25,501 --> 00:11:27,341 Long-standing relationships. 199 00:11:29,141 --> 00:11:30,621 Thank you. 200 00:11:30,661 --> 00:11:33,221 Forgive my ignorance, but, um... 201 00:11:34,501 --> 00:11:36,501 outline for me how an auditor’s recommendation 202 00:11:36,581 --> 00:11:37,621 actually works. 203 00:11:37,661 --> 00:11:41,301 Well, there are checklists, fieldwork, vouching. 204 00:11:41,341 --> 00:11:42,861 Then either a clean report, 205 00:11:42,901 --> 00:11:45,101 a qualified opinion, or an adverse opinion. 206 00:11:45,181 --> 00:11:47,221 What recommendation have you filed? 207 00:11:47,301 --> 00:11:50,021 - Uh, qualified opinion. - Meaning? 208 00:11:50,101 --> 00:11:53,661 Issues exist, but the financials are mostly reliable. 209 00:11:55,301 --> 00:11:57,021 Nobody envies you having to parse 210 00:11:57,101 --> 00:11:58,901 our convoluted balance sheet. 211 00:11:58,981 --> 00:12:00,261 The law of averages says 212 00:12:00,341 --> 00:12:02,821 that any balance sheet question marks in a company 213 00:12:02,901 --> 00:12:05,741 with a footprint like Tender are down to delays in payments 214 00:12:05,821 --> 00:12:09,701 across banking jurisdictions, or abstruse local customs 215 00:12:09,781 --> 00:12:11,141 around filing practices, 216 00:12:11,221 --> 00:12:13,101 as opposed to anything underhand. 217 00:12:13,181 --> 00:12:14,981 Never blame anything on malign intent 218 00:12:15,061 --> 00:12:17,061 that you can equally chalk up to incompetence. 219 00:12:17,101 --> 00:12:18,581 Whitney's 220 00:12:18,661 --> 00:12:22,301 - pretty unimpeachable to my eye. - Eh, nobody's perfect. 221 00:12:24,221 --> 00:12:26,701 - Shall we order? - Now, now, Jacob, you know the one thing 222 00:12:26,781 --> 00:12:29,181 we definitely don’t believe in at Tender is curfew. 223 00:12:29,261 --> 00:12:31,701 In that case, sláinte! 224 00:12:32,581 --> 00:12:33,941 - Cheers. - Cheers. 225 00:12:42,741 --> 00:12:43,781 Hmm. 226 00:12:44,901 --> 00:12:45,981 Now that is good. 227 00:12:46,061 --> 00:12:48,421 Yeah. Worth the wait! 228 00:12:48,501 --> 00:12:49,941 That's very, very good. 229 00:13:02,541 --> 00:13:04,181 Dear Henry. 230 00:13:04,261 --> 00:13:07,021 You have to be the person who makes the other feel safe 231 00:13:07,101 --> 00:13:09,901 in the fullest expression of who they really are. 232 00:14:47,581 --> 00:14:50,421 Everybody wants it. 233 00:15:18,701 --> 00:15:21,861 I’m pretty sure my wife doesn’t love me. 234 00:15:21,941 --> 00:15:24,701 I feel bad for allowing you to get fucked up on my watch. 235 00:15:26,861 --> 00:15:29,821 The only good thing about sobriety is my productivity. 236 00:15:32,341 --> 00:15:34,901 If I was a Muslim, I'd be a fucking billionaire by now. 237 00:15:38,301 --> 00:15:40,621 I found a diary entry from my father once. 238 00:15:40,701 --> 00:15:41,741 It said... 239 00:15:43,181 --> 00:15:46,181 "The world is full of strippers, 240 00:15:46,261 --> 00:15:48,301 sherbet, and fluorescent. 241 00:15:49,941 --> 00:15:51,821 You don’t wanna be anywhere else." 242 00:15:55,221 --> 00:15:57,381 He must’ve forgotten that when he killed himself. 243 00:16:03,021 --> 00:16:04,661 Maybe this is all there is. 244 00:16:07,061 --> 00:16:08,301 Euphoria. 245 00:16:11,701 --> 00:16:13,381 I never believed in suicide. 246 00:16:15,941 --> 00:16:16,981 My mother attempted it. 247 00:16:17,061 --> 00:16:19,181 My father wailed on her relentlessly. 248 00:16:20,861 --> 00:16:22,741 Yeah, I'm not sure I believe that. 249 00:16:25,141 --> 00:16:26,541 Why does everything from your life 250 00:16:26,621 --> 00:16:28,421 sound like a bad novel? 251 00:16:38,741 --> 00:16:42,341 Well, I'm not the scion of a phosphate dynasty. 252 00:16:44,861 --> 00:16:45,941 I figured. 253 00:16:47,621 --> 00:16:48,861 Well, don't worry, man. 254 00:16:49,701 --> 00:16:51,741 I've got plenty of middle-class friends. 255 00:16:54,581 --> 00:16:57,981 You know, a little character fraud is fine 256 00:16:58,981 --> 00:17:01,181 as long as your heart is pure. 257 00:17:01,221 --> 00:17:03,461 That's how I felt about Lumi. I... 258 00:17:04,541 --> 00:17:08,701 No matter what people said, my heart was intact. 259 00:17:10,021 --> 00:17:11,380 Non-negotiable. 260 00:17:19,021 --> 00:17:20,581 Dear Henry. 261 00:17:20,661 --> 00:17:22,581 What if I don't contain multitudes? 262 00:17:30,541 --> 00:17:31,901 I'm very glad to know you. 263 00:17:35,181 --> 00:17:36,221 Hmm. 264 00:17:42,901 --> 00:17:44,661 Where are you going? 265 00:17:44,741 --> 00:17:47,101 I'll be back. I’ve got a flight to catch. 266 00:17:48,301 --> 00:17:50,061 Okay, um... 267 00:17:51,061 --> 00:17:52,501 Yeah, I might crack on. 268 00:17:59,061 --> 00:18:00,941 As ever at ALPHA, 269 00:18:00,981 --> 00:18:05,741 we are honored to introduce the thinkers of the future... 270 00:18:05,821 --> 00:18:07,901 When I start talking, just stand by that door 271 00:18:07,981 --> 00:18:09,301 and usher anyone in. 272 00:18:09,381 --> 00:18:12,381 Ideally, with journalist accreditation around their neck. 273 00:18:12,461 --> 00:18:15,541 Remember that speech you flubbed when you were a grad? 274 00:18:15,621 --> 00:18:18,021 Yeah, don't do that. 275 00:18:18,061 --> 00:18:23,301 ...Harper Stern, SternTao, needs no introduction. 276 00:18:28,741 --> 00:18:32,261 Hello, ladies. 277 00:18:32,341 --> 00:18:35,621 Rather than some mealy-mouthed bullshit about how to get ahead, 278 00:18:35,701 --> 00:18:39,341 I want to use this forum to offer you a front row seat 279 00:18:39,421 --> 00:18:42,661 to a woman doing her job to the best of her abilities. 280 00:18:55,781 --> 00:18:56,821 Tender! 281 00:18:56,901 --> 00:19:00,301 I know we are all very familiar with Tender. 282 00:19:00,381 --> 00:19:04,661 Tender continues to be prized as a high-growth fintech, 283 00:19:04,741 --> 00:19:07,501 but its current market valuation is totally divorced 284 00:19:07,581 --> 00:19:09,701 from its fundamental risk profile. 285 00:19:11,101 --> 00:19:12,781 Our proprietary analysis 286 00:19:12,861 --> 00:19:15,941 suggests that a large portion of Tender's earnings 287 00:19:16,021 --> 00:19:17,781 may be entirely illusory. 288 00:19:17,821 --> 00:19:21,181 For any illusionist, distraction is paramount 289 00:19:21,261 --> 00:19:23,861 to the continued success of the ruse. 290 00:19:24,381 --> 00:19:26,021 Their remodel as a bank, 291 00:19:26,101 --> 00:19:27,901 the seeking of consumer deposits, 292 00:19:27,941 --> 00:19:30,301 is a craven and immoral attempt 293 00:19:30,381 --> 00:19:32,581 to bury past financial irregularities 294 00:19:32,661 --> 00:19:36,061 in an even more complex web of accountancy. 295 00:19:36,141 --> 00:19:39,341 This complexity has been central to their seduction 296 00:19:39,421 --> 00:19:41,581 and confusion of investors, 297 00:19:41,621 --> 00:19:44,421 regulatory bodies, and even governments. 298 00:19:44,501 --> 00:19:47,421 Though they don't want us to focus on it... 299 00:19:47,501 --> 00:19:49,501 ...the market should be examining 300 00:19:49,581 --> 00:19:51,061 Tender's backdated accounts 301 00:19:51,141 --> 00:19:54,581 and their core legacy biz as a payments processor. 302 00:19:54,661 --> 00:19:56,861 Our sum of the parts DCF analysis 303 00:19:56,901 --> 00:19:58,781 would yield a base case price target 304 00:19:58,861 --> 00:20:00,461 of twelve pounds a share 305 00:20:00,541 --> 00:20:03,461 if we assign two to three billion pounds 306 00:20:03,501 --> 00:20:06,741 enterprise value to what we may term their core, 307 00:20:06,821 --> 00:20:08,821 legitimate operations. 308 00:20:10,621 --> 00:20:15,381 But this does not account for the nominal value, 309 00:20:15,421 --> 00:20:18,581 let me rephrase, zero value, 310 00:20:18,621 --> 00:20:23,501 we ascribe to their acquisitions across Africa and Asia Pac. 311 00:20:23,581 --> 00:20:26,621 Listen, we did what nobody else bothered to do, 312 00:20:26,701 --> 00:20:29,141 and we went straight to the source. 313 00:20:29,221 --> 00:20:33,181 There can no longer be any doubt about the associated cash flows 314 00:20:33,261 --> 00:20:35,301 of these "businesses." 315 00:20:35,381 --> 00:20:37,701 The sum total of these forensic red flags, 316 00:20:37,741 --> 00:20:40,901 unexplained cash/debt, false third-party acquisitions, 317 00:20:40,981 --> 00:20:42,421 an untenable valuation, 318 00:20:42,501 --> 00:20:44,421 if earnings are adjusted for reality, 319 00:20:44,501 --> 00:20:47,261 and imminent regulatory and audit triggers 320 00:20:47,341 --> 00:20:50,061 creates the highest-conviction downside scenario 321 00:20:50,141 --> 00:20:53,661 we have seen collectively in our time in markets. 322 00:20:53,741 --> 00:20:56,861 So, this morning, I stand in front of you 323 00:20:56,941 --> 00:21:01,261 to tell you our bear case is now our base case. 324 00:21:01,341 --> 00:21:04,981 SternTao assigns a price target of zero pounds, 325 00:21:05,061 --> 00:21:07,461 zero pence to Tender. 326 00:21:07,501 --> 00:21:10,581 A hundred percent downside from current levels. 327 00:21:10,661 --> 00:21:13,381 SternTao also calls for an end 328 00:21:13,461 --> 00:21:16,421 to lackadaisical forms of oversight. 329 00:21:16,501 --> 00:21:19,701 This must morph to a new aggression, 330 00:21:19,781 --> 00:21:21,181 a fresh audit, 331 00:21:21,261 --> 00:21:23,741 and the publication of qualified financials. 332 00:21:23,781 --> 00:21:26,941 Case studies from the past, Enron, Valeant, Luckin, 333 00:21:26,966 --> 00:21:27,996 teach us 334 00:21:28,021 --> 00:21:32,061 that shorting insolvency is always lucrative. 335 00:21:33,021 --> 00:21:36,341 The short base is primed for explosion. 336 00:21:37,221 --> 00:21:41,261 Any rally now is a bear-market rally. 337 00:21:41,301 --> 00:21:44,421 The emperor's clothes were shed some time ago. 338 00:21:44,501 --> 00:21:47,701 He's naked, he's afraid, as well he should be. 339 00:21:47,781 --> 00:21:50,741 Listen, sentiment will shift. 340 00:21:50,821 --> 00:21:54,061 The fall will be swift. 341 00:21:54,901 --> 00:21:57,701 It is never if, but when. 342 00:21:58,861 --> 00:22:00,181 The "when" is now. 343 00:22:01,261 --> 00:22:02,261 Tick tock. 344 00:22:04,981 --> 00:22:06,101 Thank you. 345 00:22:16,581 --> 00:22:17,781 He's expecting me. 346 00:22:22,861 --> 00:22:23,941 Where is he? 347 00:22:24,021 --> 00:22:25,621 Mr. Day is in London. 348 00:22:25,701 --> 00:22:28,461 London? Why the fuck is he in London? 349 00:22:39,394 --> 00:22:40,396 Yeah, hello. 350 00:22:40,421 --> 00:22:41,837 Henry, where the fuck are you? 351 00:22:41,861 --> 00:22:43,717 Have you seen what Harper’s done to the fucking price?! 352 00:22:43,741 --> 00:22:45,941 Just... just chill. Just fucking chill. 353 00:22:46,021 --> 00:22:50,821 I’m... just caught between things. 354 00:22:50,901 --> 00:22:52,477 I can't believe you would do this to me. 355 00:22:52,501 --> 00:22:54,941 You swore you would never put me in this position again. 356 00:22:55,021 --> 00:22:57,341 Where... where are you? 357 00:22:57,421 --> 00:22:59,237 You have let me sit here for hours 358 00:22:59,261 --> 00:23:00,941 imagining the worst, again. 359 00:23:01,021 --> 00:23:03,901 How could you do this to someone that you love? 360 00:23:03,981 --> 00:23:06,088 Henry, you are going to tell, 361 00:23:06,112 --> 00:23:07,917 me where you are right fucking now! 362 00:23:07,941 --> 00:23:09,021 Dear Henry. 363 00:23:10,061 --> 00:23:14,261 To he who has everything, more will be given. 364 00:23:14,341 --> 00:23:18,221 But whoever does not have, even what they do have, 365 00:23:18,261 --> 00:23:19,701 will be taken away. 366 00:23:19,781 --> 00:23:21,517 We'll begin our descent into City Airport 367 00:23:21,541 --> 00:23:23,301 in around 20 minutes' time. 368 00:23:23,381 --> 00:23:26,021 It's a mild day in London, 15 degrees centigrade, 369 00:23:26,101 --> 00:23:27,901 a sharp breeze from the north-east. 370 00:23:38,981 --> 00:23:42,701 Dear Henry, I'm a pathological optimist. 371 00:23:43,741 --> 00:23:47,501 Dear Henry, we're too close now to lose faith. 372 00:23:47,581 --> 00:23:51,101 Dear Henry, we are hardwired to live. 373 00:23:51,181 --> 00:23:52,941 Halberstram. 374 00:23:53,021 --> 00:23:55,070 There's been a massive spike in volume. 375 00:23:55,094 --> 00:23:56,101 Share price indicates 376 00:23:56,141 --> 00:23:57,901 a large institutional short being built. 377 00:23:57,981 --> 00:23:59,901 Perhaps close to a billion dollars wiped off 378 00:23:59,981 --> 00:24:02,941 our market cap requires a coordinated response. 379 00:24:02,981 --> 00:24:05,861 Someone stupidly gave SternTao a platform for their lies 380 00:24:05,941 --> 00:24:08,141 and the market has taken it hook, line, sinker. 381 00:24:08,221 --> 00:24:10,477 Playbook remains the same. We don't negotiate with terrorists. 382 00:24:10,501 --> 00:24:11,501 Is Yasmin on the call? 383 00:24:11,581 --> 00:24:13,181 Her and her husband are MIA. 384 00:24:13,261 --> 00:24:15,197 Great, so our head of communications bailed on us? 385 00:24:15,221 --> 00:24:16,421 Good fucking day for it. 386 00:24:16,501 --> 00:24:19,461 - Maybe she was overpromoted. - Point taken. 387 00:24:20,261 --> 00:24:22,141 We have a few options. 388 00:24:22,221 --> 00:24:26,261 Renegotiate existing loan terms, some sort of bridge financing... 389 00:24:26,301 --> 00:24:28,381 On top of smaller prudent maneuvers 390 00:24:28,461 --> 00:24:30,501 like expense reduction or layoffs, 391 00:24:30,581 --> 00:24:33,021 selling non-core assets like some acquisitions 392 00:24:33,101 --> 00:24:35,141 in Africa or other satellites. 393 00:24:35,221 --> 00:24:36,821 We need a full refresher on the status 394 00:24:36,901 --> 00:24:38,941 of our Basel III liquidity coverage 395 00:24:39,021 --> 00:24:41,541 and core Tier 1 and 2 positions. 396 00:24:41,621 --> 00:24:43,597 This isn't a call about our cash situation. 397 00:24:43,621 --> 00:24:44,741 It needs to be. 398 00:24:44,781 --> 00:24:46,421 If our price falls any lower, 399 00:24:46,501 --> 00:24:49,061 Pierpoint have a call provision in their billion-dollar bond. 400 00:24:49,141 --> 00:24:51,541 There are other means of raising cash. 401 00:24:51,621 --> 00:24:54,261 Payment deferrals, sale of customer data? 402 00:24:54,341 --> 00:24:55,941 Unacceptable suggestion to anyone 403 00:24:56,021 --> 00:24:57,781 with any fiber sat around this table. 404 00:24:57,861 --> 00:24:59,861 Why are we talking about this like it's real? 405 00:24:59,901 --> 00:25:02,381 It's another farrago of bullshit. 406 00:25:02,461 --> 00:25:04,941 Ferdinand, any further incoming from Pierpoint 407 00:25:05,021 --> 00:25:07,101 and government, play for time. 408 00:25:07,141 --> 00:25:09,581 The price will correct with the right media appearance. 409 00:25:09,661 --> 00:25:11,261 I'll coordinate when I'm back from Accra. 410 00:25:11,301 --> 00:25:12,421 Sure. 411 00:25:14,461 --> 00:25:16,541 I'll be there. Okay. Bye. 412 00:25:17,941 --> 00:25:20,941 Burgess called. Tony Day is gonna play ball. 413 00:25:21,021 --> 00:25:23,221 He's already in the air. Flight lands tonight. 414 00:25:23,261 --> 00:25:24,621 Breakfast is set, 7:00 a.m. 415 00:25:24,701 --> 00:25:26,821 He'll text me the location the morning of. 416 00:25:26,861 --> 00:25:27,929 I am going. 417 00:25:27,953 --> 00:25:29,713 You want some more backup? 418 00:25:33,901 --> 00:25:36,301 Yeah. Sounds good. All yours. Hmm. 419 00:25:36,381 --> 00:25:38,061 Harp. 420 00:25:38,101 --> 00:25:40,701 CNN said Halberstram's slated to speak 421 00:25:40,781 --> 00:25:43,221 on their pre-European open show tomorrow morning. 422 00:25:43,301 --> 00:25:44,557 He'd probably do anything to keep us 423 00:25:44,581 --> 00:25:46,421 from going up against him live 424 00:25:46,501 --> 00:25:50,181 - and muddying his propaganda. - Well, maybe that's what we do? 425 00:25:51,261 --> 00:25:53,541 Oh, by the way, I neglected to tell you 426 00:25:53,621 --> 00:25:56,901 that I saw Preston Carnahan at your presentation. 427 00:25:56,981 --> 00:25:58,061 Crotona Park. 428 00:25:58,141 --> 00:26:00,581 That's, uh, Jesse Bloom's new CIO, right? 429 00:26:00,661 --> 00:26:02,261 You think he's building a position? 430 00:26:02,301 --> 00:26:03,301 - Bannerman. - Hmm? 431 00:26:03,381 --> 00:26:04,861 When did the US come in? 432 00:26:05,581 --> 00:26:07,981 Uh, three minutes ago. 433 00:26:08,061 --> 00:26:10,061 What's Tender done since? 434 00:26:10,101 --> 00:26:11,741 Well, the States are selling 435 00:26:11,821 --> 00:26:13,781 the absolute granny out of it. 436 00:26:13,861 --> 00:26:15,581 They're down twenty percent on day. 437 00:26:15,661 --> 00:26:18,581 - Can you update the PnL, please? - I mean... 438 00:26:18,661 --> 00:26:21,181 Eric, who is this analog shit for, exactly? 439 00:26:21,701 --> 00:26:23,141 It's for us. 440 00:26:23,181 --> 00:26:27,381 Look shit square in the face! A little reflection! 441 00:26:30,541 --> 00:26:33,061 Add the zeros, you coward. 442 00:26:36,301 --> 00:26:38,061 Oh my God. 443 00:26:38,101 --> 00:26:39,861 Ooh, mama! 444 00:26:42,421 --> 00:26:45,421 Okay, we're up three bucks. What an achievement. 445 00:26:45,501 --> 00:26:48,541 - They'll write books about us. - Going from red to black. 446 00:26:48,581 --> 00:26:51,381 You know, my life in markets overlays perfectly 447 00:26:51,461 --> 00:26:53,221 onto my life rooting on the Mets. 448 00:26:53,301 --> 00:26:55,581 - You lose all the time... - Hmm! 449 00:26:55,661 --> 00:26:59,461 ...in new and often thrillingly inventive ways... 450 00:26:59,541 --> 00:27:01,661 ...praying for the counterbalance. 451 00:27:01,741 --> 00:27:07,341 That one miraculous run that makes you live again! 452 00:27:07,421 --> 00:27:09,061 Harpoon! 453 00:27:09,101 --> 00:27:10,901 I can't quite believe it, but you... 454 00:27:10,981 --> 00:27:13,901 you just gave me my favorite ever day in finance! 455 00:27:15,221 --> 00:27:17,021 - And we're only small up? - Hmm. 456 00:27:17,541 --> 00:27:18,621 You feel good? 457 00:27:19,341 --> 00:27:20,341 I guess. 458 00:27:20,381 --> 00:27:22,341 Yeah! 459 00:27:23,541 --> 00:27:24,917 I, uh, I may need to issue 460 00:27:24,941 --> 00:27:27,261 a firm-wide memorandum about today's sell-off. 461 00:27:27,341 --> 00:27:28,501 Should be Yasmin's remit, 462 00:27:28,581 --> 00:27:30,981 but apparently, real work is a foreign concept to her. 463 00:27:31,021 --> 00:27:32,581 She's been sniffing around. 464 00:27:33,421 --> 00:27:35,261 She made me run her through your diary. 465 00:27:35,341 --> 00:27:38,061 Asked for email correspondence between us. 466 00:27:38,141 --> 00:27:39,621 I think she may go to the press. 467 00:27:40,701 --> 00:27:42,101 Does she know what you do for me? 468 00:27:42,701 --> 00:27:44,141 No. 469 00:27:44,221 --> 00:27:46,581 No, I neglected to tell her the difficult positions 470 00:27:46,661 --> 00:27:49,981 I've put myself in explicitly for you. 471 00:27:50,061 --> 00:27:52,461 I felt unsafe since Abu Dhabi. 472 00:27:52,501 --> 00:27:53,797 And what Dolly, my little cousin, 473 00:27:53,821 --> 00:27:55,277 did for you with that hedge fund guy. 474 00:27:55,301 --> 00:27:56,541 I have nothing to say. 475 00:27:56,581 --> 00:27:57,997 You think just 'cause I'm a piece of ass, 476 00:27:58,021 --> 00:28:00,741 I don't have enough gray matter to see through your shit? 477 00:28:00,821 --> 00:28:03,421 Yeah, your old assistant, that “Crohn's disease” chick? 478 00:28:03,501 --> 00:28:05,181 I spent this afternoon calling a few girls 479 00:28:05,221 --> 00:28:06,261 at my agency, 480 00:28:06,341 --> 00:28:08,101 and apparently, she was one of ours, 481 00:28:08,181 --> 00:28:09,557 and they haven't heard shit from her 482 00:28:09,581 --> 00:28:10,621 since she worked for you. 483 00:28:10,701 --> 00:28:12,101 Haley, you know why you were hired. 484 00:28:12,181 --> 00:28:13,341 You knew the benefits. 485 00:28:13,421 --> 00:28:15,341 And like, don’t call her your “little cousin” 486 00:28:15,421 --> 00:28:16,637 'cause we both know what she is. 487 00:28:16,661 --> 00:28:18,941 She's a fucking girl. 488 00:28:19,021 --> 00:28:20,477 And what about your previous assistant? 489 00:28:20,501 --> 00:28:23,301 What, you, like, hushed her up and paid her off? 490 00:28:23,381 --> 00:28:27,221 Or worse, maybe? I mean, where is she then? 491 00:28:27,301 --> 00:28:29,541 You know what? Maybe I should go to the press. 492 00:28:29,581 --> 00:28:31,581 What do you want? 493 00:28:31,661 --> 00:28:34,021 - Five hundred thousand dollars. - Fuck off. 494 00:28:34,101 --> 00:28:35,581 All right, 750. 495 00:28:35,661 --> 00:28:37,781 That's the limit of your ambition? Fuck you. 496 00:28:37,861 --> 00:28:39,661 I've seen the fucking headlines, bitch. 497 00:28:39,741 --> 00:28:41,821 You're gonna have to start answering questions. 498 00:28:41,901 --> 00:28:43,421 Put the whole lot on my pay slip. 499 00:28:43,501 --> 00:28:45,221 If there even fucking is any. 500 00:28:45,301 --> 00:28:46,837 I mean, that's just another irregularity 501 00:28:46,861 --> 00:28:49,701 for them to find, isn't it? And if anyone asks, 502 00:28:49,781 --> 00:28:51,941 I'll play the ditzy assistant you always wanted. 503 00:28:52,021 --> 00:28:54,037 - "I don't know anything." - You don't know anything. 504 00:28:54,061 --> 00:28:55,437 And what difference does that make? 505 00:28:55,461 --> 00:28:56,941 I'm not giving you a dime. 506 00:28:57,021 --> 00:28:59,581 Then live with the consequences of your actions, 507 00:28:59,661 --> 00:29:01,781 you fucking try-hard loser. 508 00:29:13,701 --> 00:29:14,741 Harper Stern. 509 00:29:17,021 --> 00:29:19,261 Do you have a favorite piece of classical music? 510 00:29:20,461 --> 00:29:23,901 I got asked that question In a campus profile once. 511 00:29:26,061 --> 00:29:29,781 And, uh... ...I had no idea what to say. 512 00:29:29,861 --> 00:29:32,461 Nor would I, to be honest. 513 00:29:34,741 --> 00:29:36,837 I wonder if that's why I showed so much of myself 514 00:29:36,861 --> 00:29:39,501 - to you so quickly. - Must be exhausting... 515 00:29:41,141 --> 00:29:42,661 living every moment, 516 00:29:42,741 --> 00:29:46,901 knowing you could be completely undone by one single question. 517 00:29:46,981 --> 00:29:48,821 What about when you misspeak? 518 00:29:48,861 --> 00:29:50,581 Don't tell me you're not 519 00:29:50,621 --> 00:29:53,061 pirouetting through a social minefield. 520 00:29:53,141 --> 00:29:54,261 Their, uh... 521 00:29:55,381 --> 00:29:57,301 sneering nuance of manners, 522 00:29:57,381 --> 00:30:01,621 their insoluble absurdities of class, their bitchy pieties. 523 00:30:01,701 --> 00:30:04,381 The greatest mistake I ever made was moving Tender 524 00:30:04,461 --> 00:30:05,541 to this piss-wet, 525 00:30:05,621 --> 00:30:07,501 history-project of a fucking island. 526 00:30:07,541 --> 00:30:09,317 Maybe you should have stayed in a country 527 00:30:09,341 --> 00:30:11,381 where they didn't care where your money came from. 528 00:30:11,461 --> 00:30:13,237 I’m sure you think I have multiple faces, 529 00:30:13,261 --> 00:30:15,381 but there's millions of people like me. 530 00:30:15,461 --> 00:30:18,421 And I'm sure you're doing psychological acrobatics 531 00:30:18,501 --> 00:30:20,981 to convince yourself you're a normal case. 532 00:30:21,061 --> 00:30:23,301 Whitney, you are a construction. 533 00:30:23,981 --> 00:30:26,421 Don't be so reductive. 534 00:30:26,501 --> 00:30:29,181 Of course, I know about Solomon Asch, 535 00:30:30,101 --> 00:30:31,461 the Milgram experiment. 536 00:30:32,861 --> 00:30:35,701 People's will to be deceived is practically in their DNA. 537 00:30:35,741 --> 00:30:37,621 Who doesn't exploit it? That's business. 538 00:30:37,701 --> 00:30:40,181 Tender 2.0 is a legitimate enterprise. 539 00:30:40,261 --> 00:30:42,941 We have the deposit and user base to prove it. 540 00:30:42,981 --> 00:30:45,701 You know, we're quickly becoming the most popular bank for Gen Z. 541 00:30:45,741 --> 00:30:47,701 Give it a fucking rest, Whitney. 542 00:30:47,781 --> 00:30:50,101 I am sure that a new forensic audit 543 00:30:50,181 --> 00:30:53,581 will find nothing but a fucking Frankenstein 544 00:30:53,661 --> 00:30:57,421 balance sheet of tricks and concealments. 545 00:30:57,501 --> 00:30:58,861 Surely you know as a transplant, 546 00:30:58,941 --> 00:31:01,781 life's an act of becoming, not being, Harper. 547 00:31:01,861 --> 00:31:06,261 You're a conman, boxed in a historic crime. 548 00:31:08,341 --> 00:31:11,421 You are starving for intimacy. 549 00:31:12,501 --> 00:31:13,981 You called me, Whitney. 550 00:31:15,181 --> 00:31:18,101 You know, I got a chill when I heard you speak 551 00:31:18,141 --> 00:31:20,821 about funerals so practically. 552 00:31:20,901 --> 00:31:22,741 Funerals have a function. 553 00:31:23,701 --> 00:31:25,781 It's for ritualistic grieving. 554 00:31:25,861 --> 00:31:32,661 It is a human need to deal with that shit. 555 00:31:35,061 --> 00:31:37,861 Maybe you've never experienced grief before. 556 00:31:37,941 --> 00:31:39,381 My parents are still alive. 557 00:31:40,781 --> 00:31:42,101 My mom just died. 558 00:31:43,421 --> 00:31:44,901 And the funeral helped? 559 00:31:45,501 --> 00:31:46,581 I didn't go. 560 00:31:50,141 --> 00:31:51,397 What kind of person doesn't go 561 00:31:51,421 --> 00:31:52,781 to their mother's funeral, Harper? 562 00:31:52,861 --> 00:31:54,661 I don't know, Whitney. Maybe a monster. 563 00:32:39,101 --> 00:32:40,181 Dear Henry. 564 00:32:41,501 --> 00:32:43,197 How are we supposed to remain virtuous 565 00:32:43,221 --> 00:32:45,181 when the temptation is so great? 566 00:32:47,101 --> 00:32:48,821 Hello? 567 00:32:49,261 --> 00:32:50,261 Hey. 568 00:32:51,781 --> 00:32:53,261 Jonah, it's me. 569 00:32:54,541 --> 00:32:57,741 I, uh, I wasn't sure you were gonna pick up. 570 00:32:57,821 --> 00:33:00,501 Get a lawyer or kill yourself. 571 00:33:00,581 --> 00:33:01,661 Whatever's cheaper. 572 00:33:18,661 --> 00:33:20,661 We need proper eyes on Tony Day. 573 00:33:21,981 --> 00:33:24,221 I think it would be very counterproductive for Mr. Day 574 00:33:24,301 --> 00:33:27,301 or any other weak link to be off-message now. 575 00:33:29,661 --> 00:33:33,021 They have, uh, their methodologies 576 00:33:33,101 --> 00:33:35,701 for people who are asking the wrong questions. 577 00:33:37,621 --> 00:33:39,181 We can relay, if needs be, 578 00:33:39,261 --> 00:33:41,701 that he is no longer on message. 579 00:33:41,781 --> 00:33:45,901 No, I, um, I don’t think we need to escalate. 580 00:33:48,021 --> 00:33:53,061 We can handle the situation without violence. 581 00:33:53,101 --> 00:33:55,581 Good to know you're a man with some red lines. 582 00:33:55,661 --> 00:33:57,557 You know very well we are not dealing with people 583 00:33:57,581 --> 00:33:59,501 who care about red lines. 584 00:34:01,861 --> 00:34:03,861 I know I'm not meant to, uh, 585 00:34:03,941 --> 00:34:05,341 interrogate the cell structure, 586 00:34:05,381 --> 00:34:07,141 but how did you get involved with these guys? 587 00:34:09,101 --> 00:34:10,461 Razoblachenie. 588 00:34:11,220 --> 00:34:12,381 Do you know the word? 589 00:34:14,101 --> 00:34:16,021 It's Russian for exposure. 590 00:34:17,180 --> 00:34:20,101 The bargaining power of the threat of exposure. 591 00:34:20,180 --> 00:34:21,540 What did you do for them? 592 00:34:23,101 --> 00:34:25,501 Credential theft. 593 00:34:25,581 --> 00:34:27,261 They wanted a picture of IBN's client base, 594 00:34:27,301 --> 00:34:29,341 names, networks, spending habits. 595 00:34:30,061 --> 00:34:31,581 Further points of leverage. 596 00:34:32,901 --> 00:34:33,901 In my corporation, 597 00:34:33,941 --> 00:34:36,660 they cleared a path for me to CFO within a decade. 598 00:34:37,781 --> 00:34:40,740 And it was, in hindsight, a boringly easy thing 599 00:34:40,781 --> 00:34:42,180 to rationalize to myself. 600 00:34:43,180 --> 00:34:44,341 You knew who they were? 601 00:34:45,501 --> 00:34:47,341 Not for many years. 602 00:34:48,781 --> 00:34:52,740 After a certain quality of service rendered, 603 00:34:52,821 --> 00:34:55,421 I was able to make a connection that made it clear... 604 00:34:56,501 --> 00:34:58,901 ...I was found by Cozy Bear, 605 00:34:58,981 --> 00:35:01,741 the tech arm of the SVR and the FSB. 606 00:35:03,501 --> 00:35:04,941 The particulars above and beyond 607 00:35:05,021 --> 00:35:08,341 the continued existence of the company are, um, 608 00:35:08,421 --> 00:35:11,101 not really our concern. 609 00:35:14,061 --> 00:35:16,221 Narrative is all that matters now. 610 00:35:17,461 --> 00:35:19,261 Nobody can be off story. 611 00:35:20,661 --> 00:35:24,421 Not me, not you, not Day. 612 00:35:30,061 --> 00:35:31,141 Dear Henry. 613 00:35:32,381 --> 00:35:35,101 Is it really any surprise we seek control 614 00:35:35,181 --> 00:35:36,941 when we are always at the mercy of forces 615 00:35:37,021 --> 00:35:38,501 much larger than ourselves? 616 00:35:40,341 --> 00:35:41,421 You wanna stay over? 617 00:35:42,541 --> 00:35:43,941 I think Mom thought it was weird 618 00:35:43,981 --> 00:35:46,621 you left the restaurant with me, not her. 619 00:35:47,501 --> 00:35:48,501 I'll stay. 620 00:35:49,381 --> 00:35:50,861 I'm glad. 621 00:35:50,941 --> 00:35:52,701 You're gonna kill your old man, you know? 622 00:35:53,741 --> 00:35:54,741 I'd never. 623 00:35:56,621 --> 00:35:57,981 I love him too much. 624 00:36:00,781 --> 00:36:02,781 I, um... 625 00:36:05,021 --> 00:36:06,061 I, uh... 626 00:36:07,861 --> 00:36:09,741 I love you too, honey. 627 00:36:18,741 --> 00:36:20,901 Can we order some dessert up to the room? 628 00:36:22,301 --> 00:36:23,541 Dad, all good? 629 00:36:26,541 --> 00:36:27,621 Dad? 630 00:36:30,501 --> 00:36:33,461 I saw TopJaw’s review of the new restaurant here. 631 00:36:33,541 --> 00:36:35,821 And apparently, they do a great shabu-shabu. 632 00:36:39,661 --> 00:36:43,061 Whatever you want, honey. 633 00:36:47,061 --> 00:36:48,821 You always have a room here? 634 00:36:49,981 --> 00:36:52,101 On standby. 635 00:36:54,861 --> 00:36:56,581 Make me feel big. 636 00:36:56,621 --> 00:36:57,661 Yes, Daddy. 637 00:37:39,021 --> 00:37:42,261 Yeah. 638 00:37:42,341 --> 00:37:44,301 We've dealt with our square mile issue. 639 00:37:44,341 --> 00:37:47,541 I’m told Day’s meeting SternTao and FinDigest for breakfast. 640 00:37:47,621 --> 00:37:49,061 Claridge's, 7:00 a.m. 641 00:37:50,101 --> 00:37:51,501 Dear Henry. 642 00:37:51,581 --> 00:37:53,261 Wealth is the greatest disguise 643 00:37:53,301 --> 00:37:56,141 from our truest, most probable states. 644 00:38:35,341 --> 00:38:36,421 Fuck. 645 00:38:57,421 --> 00:38:58,461 Sit down. 646 00:38:59,461 --> 00:39:02,621 Sit down. Don’t say a thing. 647 00:39:05,061 --> 00:39:06,101 In less than five minutes, 648 00:39:06,141 --> 00:39:07,757 two people are gonna walk through that door, 649 00:39:07,781 --> 00:39:10,341 and they don't know you, and they've done nothing for you. 650 00:39:10,381 --> 00:39:11,797 No matter how sweetly they've spun it, 651 00:39:11,821 --> 00:39:13,941 they're not invested in what happens to you from here. 652 00:39:13,981 --> 00:39:15,381 They view you as an accessory. 653 00:39:15,461 --> 00:39:17,221 They'll use you to burnish their finances 654 00:39:17,261 --> 00:39:20,821 and status in their spheres. I saw actual value in you. 655 00:39:20,901 --> 00:39:23,581 I plucked you from obscurity, and I gave you the world. 656 00:39:23,661 --> 00:39:25,661 Yeah, I'm grateful. 657 00:39:25,701 --> 00:39:28,741 I'm really grateful for that, but how does that help me now? 658 00:39:28,821 --> 00:39:30,701 Everything has led to this exact point. 659 00:39:30,741 --> 00:39:32,141 We're under siege, yes. 660 00:39:32,221 --> 00:39:33,781 We just need one more united front. 661 00:39:33,861 --> 00:39:35,181 I feel like I'm living day to day 662 00:39:35,261 --> 00:39:36,581 with a knife to my throat. 663 00:39:37,101 --> 00:39:38,861 You are. 664 00:39:40,467 --> 00:39:41,476 We all are. 665 00:39:41,501 --> 00:39:43,661 It's the weight of our potential. 666 00:39:44,701 --> 00:39:45,997 Don't let them call us criminals. 667 00:39:46,021 --> 00:39:47,301 It's too easy. 668 00:39:47,781 --> 00:39:48,861 We're brothers. 669 00:39:50,101 --> 00:39:52,501 You remember how I found you? Bankrupt. 670 00:39:52,581 --> 00:39:54,621 I made you a success. 671 00:39:54,701 --> 00:39:56,981 You think our competitors are morally unblemished? 672 00:39:57,061 --> 00:39:58,061 Wake the fuck up. 673 00:39:58,141 --> 00:40:00,661 Whatever we've done to get here will be swallowed up 674 00:40:00,741 --> 00:40:02,701 by our scale and rep. 675 00:40:02,741 --> 00:40:06,821 You can't backfill a lie and make it true. 676 00:40:06,901 --> 00:40:10,541 Look at yourself. 677 00:40:10,581 --> 00:40:12,981 You are wavering at the gaze of Valhalla. 678 00:40:13,061 --> 00:40:14,341 I'm scared, Whit. 679 00:40:14,421 --> 00:40:16,421 Hi, uh, Burgess, 7:00 a.m. 680 00:40:17,701 --> 00:40:19,701 Shit a brick. Is that Whitney? 681 00:40:19,781 --> 00:40:22,181 Clever bastard. 682 00:40:22,261 --> 00:40:25,261 Don't look at them. Look at me. You will impoverish yourself. 683 00:40:25,341 --> 00:40:27,021 You will immiserate yourself. 684 00:40:27,061 --> 00:40:28,821 And whatever protection or relief, 685 00:40:28,861 --> 00:40:30,901 or if you're stupid enough to believe it, immunity, 686 00:40:30,981 --> 00:40:32,261 you've been promised 687 00:40:32,341 --> 00:40:34,021 will not spare you from the single moment 688 00:40:34,101 --> 00:40:36,341 when you wake up in a year or so in a three-star shithole 689 00:40:36,421 --> 00:40:37,501 on a quiet Tuesday morning 690 00:40:37,541 --> 00:40:38,677 when the phone has stopped ringing, 691 00:40:38,701 --> 00:40:40,477 and you realize just how far you fell from grace. 692 00:40:40,501 --> 00:40:41,581 So I'm glad you're scared. 693 00:40:41,661 --> 00:40:43,317 You're on the verge of making the biggest mistake 694 00:40:43,341 --> 00:40:44,341 of your life. 695 00:40:44,381 --> 00:40:46,301 Hey. Whitney Halberstram. Pleasure. 696 00:40:46,341 --> 00:40:48,861 - Ooh! Hmm. We know. - Enjoy your breakfast. 697 00:40:48,941 --> 00:40:50,861 I hear the blueberry pancakes are excellent. 698 00:40:54,381 --> 00:40:56,021 Don't let him intimidate you. 699 00:40:56,061 --> 00:40:58,221 - Can we get you a coffee or... - No. 700 00:40:58,261 --> 00:40:59,997 - No? Okay. - I've had one, thanks. 701 00:41:00,021 --> 00:41:03,981 We do realize how much it takes for you to meet us like this. 702 00:41:04,061 --> 00:41:05,901 You are making the right decision. 703 00:41:05,981 --> 00:41:07,021 Oh, yeah. 704 00:41:08,101 --> 00:41:09,101 Yeah. 705 00:41:11,261 --> 00:41:12,821 - I hope so. - Hmm. 706 00:41:16,021 --> 00:41:17,621 Looks like it's just you in-studio. 707 00:41:17,701 --> 00:41:19,181 Good for me. 708 00:41:34,621 --> 00:41:36,861 Coming to three, ready, camera three. 709 00:41:39,461 --> 00:41:41,621 Do not press a desperate foe too hard. 710 00:41:43,421 --> 00:41:45,421 - Excuse me? - Thank you. 711 00:41:45,501 --> 00:41:48,701 When you surround an army, leave an outlet free. 712 00:41:48,781 --> 00:41:50,821 What if the outlet I use is through? 713 00:41:52,861 --> 00:41:53,981 Through you. 714 00:42:00,821 --> 00:42:02,237 And we’re going live, thank you, 715 00:42:02,261 --> 00:42:05,421 - in five, four, three... - Five, four, three, 716 00:42:05,501 --> 00:42:07,261 two, one. 717 00:42:07,341 --> 00:42:10,101 And we’re live pre the European Opening Bell 718 00:42:10,181 --> 00:42:12,861 the FTSE having its worst day for a month yesterday, 719 00:42:12,901 --> 00:42:15,501 led lower by UK financials and tech. 720 00:42:15,581 --> 00:42:17,941 And Tender down 28 percent. 721 00:42:18,421 --> 00:42:19,421 With me to discuss 722 00:42:19,461 --> 00:42:21,501 an explosive trading day for the company, 723 00:42:21,541 --> 00:42:23,621 Whitney Halberstram, the CFO... 724 00:42:23,701 --> 00:42:26,141 - Why did Eric go and not you? - He insisted. 725 00:42:26,181 --> 00:42:28,501 - Wouldn’t hear a no. - Sad day for a show like this 726 00:42:28,581 --> 00:42:29,981 when you give executive management 727 00:42:30,021 --> 00:42:32,541 of a listed company equal billing with some, 728 00:42:32,581 --> 00:42:34,221 uh, fund manager. 729 00:42:34,301 --> 00:42:38,461 His side, him, his trade book. My side, analysts, 730 00:42:38,541 --> 00:42:40,741 independent auditors, regulators. 731 00:42:40,821 --> 00:42:42,821 You want me to give you a list 732 00:42:42,861 --> 00:42:45,181 of times regulators have been wrong? 733 00:42:45,261 --> 00:42:46,941 How long is your show? 734 00:42:47,021 --> 00:42:49,221 You look very shiny under these lights 735 00:42:49,301 --> 00:42:51,901 for someone so in control. 736 00:42:51,941 --> 00:42:53,661 Like I said, this is not a serious person 737 00:42:53,741 --> 00:42:55,101 you're having on. 738 00:42:55,181 --> 00:42:57,941 Look, when this guy's not garbling 739 00:42:57,981 --> 00:43:00,341 pseudo-MBA word salad about... 740 00:43:00,421 --> 00:43:02,341 ...organic increase of volume, 741 00:43:02,421 --> 00:43:03,877 state of the art merchant compliance, 742 00:43:03,901 --> 00:43:05,221 or whatever the hell that means, 743 00:43:05,301 --> 00:43:08,181 most of the smokescreen he deploys 744 00:43:08,221 --> 00:43:10,021 are blanket aspersions. 745 00:43:10,101 --> 00:43:12,741 Cast enough doubt on everyone else, 746 00:43:12,821 --> 00:43:14,341 none falls on you. 747 00:43:14,421 --> 00:43:16,661 That's defamatory. You gotta keep an eye on him. 748 00:43:16,741 --> 00:43:18,061 Pause, please, gentlemen, 749 00:43:18,101 --> 00:43:20,901 because joining us now, we have the CFO of the site 750 00:43:20,981 --> 00:43:25,661 of most controversy yesterday, Tender’s CFO for EMEA, Tony Day. 751 00:43:25,701 --> 00:43:27,821 Tony, welcome to the show. 752 00:43:27,901 --> 00:43:29,981 Hi, Angela. Thanks for having me on. 753 00:43:30,061 --> 00:43:32,277 - I think it's very important... - What the fuck's going on? 754 00:43:32,301 --> 00:43:34,501 I... I have no idea what he could have said to him 755 00:43:34,581 --> 00:43:35,797 in that time. That's not possible. 756 00:43:35,821 --> 00:43:37,301 - Who? - Whitney. 757 00:43:37,381 --> 00:43:39,581 Whi- Sorry. Whit... Whitney was there? 758 00:43:39,661 --> 00:43:42,621 I thought you said Burgess softened Day up and flipped him. 759 00:43:42,701 --> 00:43:43,997 No, he was there when we arrived, 760 00:43:44,021 --> 00:43:45,701 but when we left, Day was on board with us. 761 00:43:45,781 --> 00:43:47,541 You didn’t think to fucking tell me? 762 00:43:48,301 --> 00:43:50,061 It’s been a busy 48 hours. 763 00:43:50,141 --> 00:43:52,261 Now, as somebody who's lived and worked in West Africa 764 00:43:52,341 --> 00:43:53,901 for a number of years, I can tell you 765 00:43:53,981 --> 00:43:55,821 that some of the structure of the financials 766 00:43:55,901 --> 00:43:58,021 of the... of the companies we own down here, 767 00:43:58,101 --> 00:43:59,861 they are unfamiliar to some auditors. 768 00:43:59,901 --> 00:44:01,861 But, you know, the more pernicious thing 769 00:44:01,941 --> 00:44:04,661 that today has revealed is a typical way of seeing, 770 00:44:04,741 --> 00:44:06,981 imposed by Western institutions, 771 00:44:07,061 --> 00:44:09,381 driven by longstanding prejudices, 772 00:44:09,461 --> 00:44:11,181 without any objective evidence. 773 00:44:11,221 --> 00:44:12,301 I’m gonna call it 774 00:44:12,381 --> 00:44:15,341 the "dark heart of Africa" trope. 775 00:44:15,421 --> 00:44:18,021 I see it all the time on Western media, 776 00:44:18,101 --> 00:44:20,141 the pro-African apologia, 777 00:44:20,221 --> 00:44:22,701 disguising the anti-Africa polemic. 778 00:44:22,781 --> 00:44:25,821 - Come on, guys. - Fuck! What a piece of shit. 779 00:44:25,861 --> 00:44:27,157 I didn't think it was worth mentioning 780 00:44:27,181 --> 00:44:29,621 because he agreed to an on-the-record interview. 781 00:44:29,701 --> 00:44:32,141 His testimony was going to speed the collapse. 782 00:44:32,221 --> 00:44:33,637 Where's the pressure for a new audit 783 00:44:33,661 --> 00:44:34,661 come from without it? 784 00:44:34,741 --> 00:44:36,541 When we open, I hope investors are very clear, 785 00:44:36,581 --> 00:44:37,797 we have done everything in our power 786 00:44:37,821 --> 00:44:40,261 to be as transparent as possible. 787 00:44:41,301 --> 00:44:43,021 I will say I find it objectionable 788 00:44:43,101 --> 00:44:45,077 that you would even platform me on the same program 789 00:44:45,101 --> 00:44:46,581 as a man who stands to benefit 790 00:44:46,661 --> 00:44:48,341 from the lies you broadcast for him. 791 00:44:51,261 --> 00:44:52,381 Save your breath. 792 00:44:53,101 --> 00:44:54,581 Okay, there's absolutely nothing 793 00:44:54,661 --> 00:44:55,957 this gentleman could say about me 794 00:44:55,981 --> 00:44:57,941 I won't willingly say to your viewers 795 00:44:58,021 --> 00:44:59,221 about myself. 796 00:45:00,501 --> 00:45:04,101 He says my fund packages itself as some sort of crusader 797 00:45:04,181 --> 00:45:07,541 for market efficiency and societal good. 798 00:45:07,621 --> 00:45:10,301 I make no claims to that effect. I'm a money manager. 799 00:45:12,061 --> 00:45:14,661 My only operating software is the profit motive. 800 00:45:15,701 --> 00:45:17,861 That and my id. 801 00:45:17,941 --> 00:45:20,181 They're probably indivisible now, 802 00:45:20,261 --> 00:45:25,301 bleeding into every aspect of my life, for good and bad, 803 00:45:25,901 --> 00:45:29,021 often very bad. 804 00:45:29,101 --> 00:45:31,261 However bad you want to tell the audience I am, 805 00:45:31,341 --> 00:45:32,421 let me tell them. 806 00:45:33,741 --> 00:45:34,861 I’m worse. 807 00:45:36,021 --> 00:45:37,901 So make your judgment call. 808 00:45:38,501 --> 00:45:40,781 But once made, 809 00:45:40,861 --> 00:45:42,941 don't let this guy sat across the table from me 810 00:45:43,021 --> 00:45:45,141 off the hook from exactly the same judgment. 811 00:45:45,221 --> 00:45:47,301 Let's give this guy the benefit of the doubt. 812 00:45:47,381 --> 00:45:49,261 Let's even say he's on the money. 813 00:45:49,341 --> 00:45:55,781 Would that outright negate that his enterprise is a fraud? 814 00:45:56,261 --> 00:45:57,261 Wow. 815 00:45:58,261 --> 00:46:01,181 I'm falling into... into his trap. 816 00:46:01,261 --> 00:46:02,581 More and more words. 817 00:46:03,941 --> 00:46:05,541 Let me finish with two. 818 00:46:06,781 --> 00:46:09,461 New audit. 819 00:46:09,541 --> 00:46:11,941 Would Tender submit to a new audit? 820 00:46:12,021 --> 00:46:14,517 You know, we’re audited every year. 821 00:46:14,541 --> 00:46:16,781 Get me, um, get me Jacob on the phone. 822 00:46:17,261 --> 00:46:18,461 Jacob, uh... 823 00:46:18,901 --> 00:46:19,916 Jacob... 824 00:46:19,941 --> 00:46:21,381 What the fuck is his name? 825 00:46:21,461 --> 00:46:24,261 Our auditor! Jacob, Jacob, Jacob... 826 00:46:24,341 --> 00:46:25,421 Jacob Oleander! 827 00:46:25,501 --> 00:46:28,621 Get me... get me Jacob Oleander on the phone now! 828 00:46:29,301 --> 00:46:30,301 Again, 829 00:46:30,341 --> 00:46:32,101 for those in the back. 830 00:46:32,181 --> 00:46:33,421 New audit. 831 00:46:33,501 --> 00:46:35,301 - Hurry up! - Line one. 832 00:46:35,381 --> 00:46:37,061 Thank you very much, gentlemen, 833 00:46:37,101 --> 00:46:39,261 for coming on and discussing... 834 00:46:39,341 --> 00:46:41,381 Jacob. Jacob, hi, um... 835 00:46:43,141 --> 00:46:46,701 Yeah, I enjoyed your company the other night, um... 836 00:46:46,741 --> 00:46:48,461 Yeah, I'm afraid this isn't going to be, uh, 837 00:46:48,501 --> 00:46:50,261 an easy conversation. 838 00:46:53,261 --> 00:46:54,517 I thought you might need, 839 00:46:54,541 --> 00:46:57,581 uh, well... ...I don't know what I thought. 840 00:46:59,061 --> 00:47:00,861 I can only imagine how you must be feeling. 841 00:47:00,941 --> 00:47:03,341 I don't think you can, actually. 842 00:47:04,021 --> 00:47:06,341 Um, how much did you know 843 00:47:06,421 --> 00:47:08,821 about what Whitney's been doing at Tender? 844 00:47:08,901 --> 00:47:09,941 Nothing. 845 00:47:10,941 --> 00:47:12,861 You know, only the way he operates. 846 00:47:13,661 --> 00:47:14,741 What does that mean? 847 00:47:17,581 --> 00:47:19,821 He hired me from an escort agency. 848 00:47:21,101 --> 00:47:22,861 I'm pretty sure all of his assistants 849 00:47:22,941 --> 00:47:24,661 came from the same agency. 850 00:47:24,741 --> 00:47:28,461 He put us in front of guys he wanted to get close to. 851 00:47:30,221 --> 00:47:33,181 Financial guys, investors... 852 00:47:33,261 --> 00:47:38,101 We all had similar profiles. Young, innocent, willing. 853 00:47:38,621 --> 00:47:40,501 To do what? 854 00:47:41,581 --> 00:47:42,581 Well, he... 855 00:47:42,661 --> 00:47:46,221 He told us that we'd be on camera sometimes. 856 00:47:47,061 --> 00:47:49,261 This one time, I flew to Abu Dhabi, 857 00:47:49,341 --> 00:47:53,581 this Emirati guy on the board of some bank, Al-Ma... 858 00:47:53,661 --> 00:47:55,421 - Al-Majeera... - Al-Mi'raj. 859 00:47:55,501 --> 00:47:56,821 Al-Mi'raj. 860 00:47:56,901 --> 00:48:00,221 And all I knew was that there was a room 861 00:48:00,301 --> 00:48:03,741 I needed to get him into in order for it to happen. 862 00:48:05,461 --> 00:48:06,797 Well, what does he do with the videos? 863 00:48:06,821 --> 00:48:09,621 - He... he's extorting people? - I guess. 864 00:48:09,701 --> 00:48:11,301 I mean, that's... 865 00:48:11,381 --> 00:48:13,381 that's not a word he ever used with me. 866 00:48:19,181 --> 00:48:21,421 Sorry, so you... 867 00:48:21,501 --> 00:48:25,301 ...you, me, and Henry. Was that on camera? 868 00:48:34,941 --> 00:48:37,301 What did Whitney want you to do with us? 869 00:48:38,181 --> 00:48:41,661 He said, "Be in their lives." 870 00:48:45,621 --> 00:48:50,061 He exploits, uh, fragile people. 871 00:48:51,101 --> 00:48:52,181 I'm sorry. 872 00:48:54,701 --> 00:48:55,821 What do you want from me? 873 00:48:56,781 --> 00:49:00,101 Yas, listen, this is what I know. 874 00:49:00,941 --> 00:49:03,261 I've used every inch of my body, 875 00:49:03,341 --> 00:49:05,581 clawing my way to every fucking cent. 876 00:49:05,661 --> 00:49:09,261 Only God can judge me. And he doesn't exist. 877 00:49:09,341 --> 00:49:11,301 I'm done fucking clawing. 878 00:49:11,781 --> 00:49:13,581 Access. 879 00:49:13,621 --> 00:49:15,981 Access is what really makes you rich. 880 00:49:16,061 --> 00:49:18,861 And what does that mean to you, exactly? 881 00:49:18,941 --> 00:49:22,261 Uh... Some good tables, tickets to Wimbledon? 882 00:49:22,341 --> 00:49:25,501 - Chiltern burnt down. - I want to meet people. 883 00:49:26,981 --> 00:49:28,781 I want to have what you have. 884 00:49:29,541 --> 00:49:31,101 I don't trust you. 885 00:49:31,181 --> 00:49:33,821 No, but I think you understand me. 886 00:49:36,621 --> 00:49:38,021 Do you understand me? 887 00:49:42,141 --> 00:49:43,581 In any way you ask. 888 00:49:58,581 --> 00:49:59,701 Hello? 889 00:50:04,061 --> 00:50:05,581 Hello. 890 00:50:05,661 --> 00:50:08,821 Hey, you really pinned that motherfucker today. 891 00:50:08,901 --> 00:50:10,741 Can I be honest? 892 00:50:12,021 --> 00:50:14,981 All the things that I thought I knew about you, 893 00:50:15,061 --> 00:50:17,981 I just didn't think you had it in you. 894 00:50:18,061 --> 00:50:21,221 But you did it. It was great. 895 00:50:21,861 --> 00:50:24,341 I was wrong. Where is everyone? 896 00:50:26,421 --> 00:50:29,221 I told them to go get drinks. 897 00:50:29,301 --> 00:50:31,421 - You want to come in here a sec? - Yeah. 898 00:50:37,941 --> 00:50:38,941 Who's this? 899 00:50:40,181 --> 00:50:43,341 You might be standing on the verge of something great. 900 00:50:43,381 --> 00:50:44,861 It's yours. 901 00:50:46,061 --> 00:50:49,661 Not mine. Marvin represents me. 902 00:50:49,741 --> 00:50:52,421 I'm going to let him talk for ease. 903 00:50:52,501 --> 00:50:54,781 It'll be undiluted and clean. 904 00:50:54,861 --> 00:50:56,781 By all means, call me a coward, it'll... 905 00:50:57,821 --> 00:50:59,221 A lot easier on me. 906 00:51:00,581 --> 00:51:02,541 Ms. Stern, my client, 907 00:51:02,621 --> 00:51:05,821 Mr. Tao has instructed me to draw up a Deed of Assignment. 908 00:51:05,861 --> 00:51:07,941 In so doing, he transfers the entirety 909 00:51:08,021 --> 00:51:10,781 of his partnership interest in SternTao to you. 910 00:51:10,861 --> 00:51:12,741 You're dissolving our partnership? 911 00:51:12,821 --> 00:51:14,741 A notice of transfer will be filed 912 00:51:14,821 --> 00:51:17,141 with the appropriate registry bodies. 913 00:51:17,221 --> 00:51:19,821 Mr. Tao has also engaged a tax professional 914 00:51:19,901 --> 00:51:21,021 at his own cost to ensure 915 00:51:21,101 --> 00:51:23,661 you won’t bear any tax liabilities 916 00:51:23,741 --> 00:51:25,181 from the transfer yourself. 917 00:51:30,541 --> 00:51:31,741 Eric, what are you doing? 918 00:51:32,781 --> 00:51:34,661 What the fuck is this about? 919 00:51:34,741 --> 00:51:35,941 My client has informed me 920 00:51:36,021 --> 00:51:38,861 that there are reputational risks 921 00:51:38,941 --> 00:51:41,341 that may render him a "faithless servant" 922 00:51:41,421 --> 00:51:44,181 should he continue to be employed at SternTao. 923 00:51:44,261 --> 00:51:46,901 In the case of the fund's profitability, 924 00:51:46,926 --> 00:51:47,927 by year end, 925 00:51:47,981 --> 00:51:50,341 he asks that his initial investment 926 00:51:50,381 --> 00:51:53,981 be returned and placed into a trust for his daughters. 927 00:51:54,061 --> 00:51:55,981 Given there was no official contract 928 00:51:56,061 --> 00:51:59,021 outlining provisions related to the transfer of interest, 929 00:51:59,101 --> 00:52:01,781 Mr. Tao has waived all entitlements, 930 00:52:01,861 --> 00:52:03,741 bonuses, deferred payments, 931 00:52:03,821 --> 00:52:06,621 and equity interests on departure. 932 00:52:06,701 --> 00:52:08,861 Yeah, and no... no funeral. 933 00:52:10,501 --> 00:52:12,701 Can you please tell me what this is about? 934 00:52:13,781 --> 00:52:15,341 Watching you present... 935 00:52:17,821 --> 00:52:18,861 I thought... 936 00:52:20,501 --> 00:52:25,141 I was incapable of feeling pride 937 00:52:25,781 --> 00:52:28,101 for anyone but myself. 938 00:52:29,301 --> 00:52:30,421 I'm really... 939 00:52:31,941 --> 00:52:34,221 I'm really glad you proved me wrong. 940 00:52:40,981 --> 00:52:42,661 What are you protecting us from? 941 00:52:43,981 --> 00:52:45,141 You need to tell me. 942 00:52:48,341 --> 00:52:49,701 Whatever it is. 943 00:53:01,261 --> 00:53:02,781 I... 944 00:53:02,861 --> 00:53:07,141 I... I don’t want you to remember me that way. 945 00:53:47,381 --> 00:53:49,461 I will always remember you like this. 946 00:54:16,781 --> 00:54:19,501 That was a worthwhile appearance. 947 00:54:19,581 --> 00:54:21,061 We rallied a little this morning, 948 00:54:21,141 --> 00:54:24,021 away from Pierpoint's convertible trigger price. 949 00:54:24,061 --> 00:54:25,661 Well played, chief. 950 00:54:26,381 --> 00:54:27,901 Hey, Ferdinand, please leave us. 951 00:54:29,981 --> 00:54:31,021 Sure. 952 00:54:38,821 --> 00:54:41,701 We cut the oxygen off that wafer-thin story. 953 00:54:45,941 --> 00:54:47,261 Yeah, I called Jacob. 954 00:54:48,741 --> 00:54:51,501 Relieved him of his position 'cause, um... 955 00:54:53,141 --> 00:54:55,461 Tender no longer requires his services. 956 00:54:58,221 --> 00:55:00,061 You need board approval to do that. 957 00:55:02,461 --> 00:55:03,901 Yeah, I don't, actually. 958 00:55:06,661 --> 00:55:09,661 You made me, um, CEO. 959 00:55:09,741 --> 00:55:12,901 Uh, so I’ve informed Companies House. 960 00:55:12,941 --> 00:55:14,541 That was a grave mistake. 961 00:55:17,461 --> 00:55:19,941 - Why? - It's just a grave mistake. 962 00:55:22,101 --> 00:55:24,501 - Why? - Trust me. 963 00:55:24,581 --> 00:55:28,141 See, you can't even bring yourself... 964 00:55:30,501 --> 00:55:31,901 to tell me why. 965 00:55:40,661 --> 00:55:43,541 Yeah, we’ll hear pitches from other auditors imminently. 966 00:55:44,301 --> 00:55:45,477 I don't advise doing that. 967 00:55:45,501 --> 00:55:47,981 You... Do you know what? Fuck your advice. 968 00:55:48,981 --> 00:55:52,221 As if anything you've pushed on me has anything 969 00:55:52,301 --> 00:55:54,341 but your own interests in mind. 970 00:56:09,941 --> 00:56:11,837 I guess, ultimately, you’re gonna do what you’re gonna do. 971 00:56:11,861 --> 00:56:12,861 Yeah. 972 00:56:15,141 --> 00:56:16,341 So in that case... 973 00:56:19,141 --> 00:56:20,741 I guess it's best said like this. 974 00:56:59,301 --> 00:57:00,981 Dear Henry. 975 00:57:01,021 --> 00:57:04,221 I drafted and redrafted an opening to this statement. 976 00:57:04,261 --> 00:57:05,821 I think maybe the time for poetry 977 00:57:05,901 --> 00:57:08,021 and ornament has passed. 978 00:57:08,061 --> 00:57:11,141 Practically, it's very important that you understand everything. 979 00:57:11,941 --> 00:57:13,341 Now that you're implicated. 980 00:57:15,941 --> 00:57:18,341 I write to say we're stronger together, 981 00:57:18,421 --> 00:57:20,101 and we must violently pursue an endgame 982 00:57:20,181 --> 00:57:21,941 which delays our detractors, 983 00:57:22,021 --> 00:57:25,901 making their lives harder to close in on our goal. 984 00:57:28,261 --> 00:57:34,621 It’s, uh, Alfa, Xray, 6-1-2, Lima, Lima, 2-3-4. 985 00:57:34,701 --> 00:57:37,421 People are going to accuse us of criminality. 986 00:57:37,501 --> 00:57:39,021 And parsing the details of our story 987 00:57:39,101 --> 00:57:41,021 in this way is prejudicial. 988 00:57:41,101 --> 00:57:44,661 But it won't stop people making the case against me. 989 00:57:44,701 --> 00:57:46,101 Against us. 990 00:57:46,181 --> 00:57:49,981 And by that very definition, against you. 991 00:57:50,067 --> 00:57:53,269 You see, dear Henry, there's a hole in my bucket. 992 00:57:57,880 --> 00:58:02,858 sync and corrections awaqeded www.addic7ed.com