1
00:01:04,000 --> 00:01:05,439
Is that them?

2
00:01:08,480 --> 00:01:10,015
Jesus Christ.

3
00:01:10,080 --> 00:01:12,606
Are they going to
do it right here?

4
00:01:18,192 --> 00:01:20,126
You guys ever been
through this before?

5
00:01:20,576 --> 00:01:22,367
No.

6
00:01:22,369 --> 00:01:25,871
It's best to ignore it, keep your
head down, and go back to work.

7
00:01:25,936 --> 00:01:26,943
Go on.

8
00:01:33,616 --> 00:01:34,927
Don't watch.

9
00:01:53,712 --> 00:01:55,663
Timothy Singh?

10
00:01:55,728 --> 00:01:58,350
Yes.
I'm afraid we have to speak with you.

11
00:01:58,416 --> 00:01:59,471
Come.

12
00:02:14,031 --> 00:02:15,342
Eric Dale?

13
00:02:16,047 --> 00:02:17,102
Excuse me?

14
00:02:17,167 --> 00:02:18,302
Eric Dale?

15
00:02:19,599 --> 00:02:21,486
No.
Sorry?

16
00:02:21,550 --> 00:02:23,054
I'm not Eric Dale.

17
00:02:23,118 --> 00:02:24,877
I'm so sorry.

18
00:02:24,943 --> 00:02:26,541
He's my boss.

19
00:02:26,815 --> 00:02:28,238
He's down the hall.

20
00:02:28,303 --> 00:02:29,581
Thanks.

21
00:02:43,790 --> 00:02:46,061
Excuse me, Mr. Dale?

22
00:02:47,022 --> 00:02:48,269
This way.

23
00:02:56,749 --> 00:02:57,966
Okay.

24
00:03:36,014 --> 00:03:38,972
I am obviously sorry
that we are here today.

25
00:03:39,038 --> 00:03:43,964
But these are extraordinary times,
as you very well must know.

26
00:03:44,029 --> 00:03:46,236
Look, I run
Risk Management.

27
00:03:46,301 --> 00:03:49,435
I don't really see how that's a
natural place to start cutting jobs.

28
00:03:49,501 --> 00:03:51,868
We hope you understand
this is in no way personal.

29
00:03:51,933 --> 00:03:54,972
The majority of this floor
is being let go today.

30
00:03:57,405 --> 00:04:00,892
Ms. Bratberg is now going to run through
the details of what the firm is offering.

31
00:04:02,541 --> 00:04:04,269
Okay.

32
00:04:04,333 --> 00:04:08,475
Mr. Dale, the firm is offering you a
six-month severance at half your salary.

33
00:04:08,540 --> 00:04:11,980
You will keep all unvested
options that you currently hold.

34
00:04:12,044 --> 00:04:13,980
Health will be extended
through that period.

35
00:04:14,045 --> 00:04:20,108
You have until tomorrow at 4:47 to either
take the offer or it will be revoked.

36
00:04:20,173 --> 00:04:21,420
Do you understand?

37
00:04:22,860 --> 00:04:24,524
Yes.

38
00:04:24,588 --> 00:04:25,980
Unfortunately, Mr. Dale,

39
00:04:26,044 --> 00:04:28,603
due to the highly sensitive
nature of your work here,

40
00:04:28,668 --> 00:04:31,996
the firm has to take certain
precautions for security purposes

41
00:04:32,060 --> 00:04:35,514
that may seem punitive
in nature.

42
00:04:35,580 --> 00:04:37,499
I hope, considering your

43
00:04:39,340 --> 00:04:41,739
over 19 years of
service to the firm,

44
00:04:41,805 --> 00:04:44,940
you will understand that these
measures are in no way a reflection

45
00:04:45,004 --> 00:04:47,755
of the firm's feelings
towards your performance

46
00:04:47,884 --> 00:04:49,611
or your character.

47
00:04:50,380 --> 00:04:52,875
I don't understand.

48
00:04:52,940 --> 00:04:56,778
She's apologizing for
what's about to happen.

49
00:04:56,843 --> 00:05:00,634
Your company e-mail, access to the
server, access to the building,

50
00:05:00,699 --> 00:05:05,802
and your mobile data and phone service
will all be severed as of this meeting.

51
00:05:05,868 --> 00:05:09,178
And this gentleman
will take you to your office

52
00:05:09,243 --> 00:05:11,610
so you can clear out
your personal belongings.

53
00:05:15,340 --> 00:05:19,275
What about what I'm currently working on?
I'm in the middle of something that...

54
00:05:19,340 --> 00:05:23,930
The firm has worked out its transition
plan and is prepared to move forward.

55
00:05:23,995 --> 00:05:26,442
But we do appreciate
your concern.

56
00:05:26,508 --> 00:05:31,114
We understand that this is difficult.
And here is my card.

57
00:05:31,179 --> 00:05:32,666
Please contact me in
the next few weeks

58
00:05:32,732 --> 00:05:35,018
if you need any assistance with
this transition in your life.

59
00:05:41,067 --> 00:05:42,090
Sir.

60
00:05:48,907 --> 00:05:49,993
Okay.

61
00:05:51,451 --> 00:05:52,537
Okay.

62
00:05:54,362 --> 00:05:55,417
Okay.

63
00:06:20,874 --> 00:06:22,057
Hey.

64
00:06:27,354 --> 00:06:28,985
I'm sorry.

65
00:06:30,442 --> 00:06:32,713
You still alive?
Uh-huh. For now.

66
00:06:33,450 --> 00:06:34,985
Congratulations.

67
00:06:36,266 --> 00:06:37,945
It was a bloodbath.

68
00:06:38,010 --> 00:06:39,193
I heard.

69
00:06:41,626 --> 00:06:43,705
Listen, Eric,

70
00:06:43,770 --> 00:06:45,977
if there was something I could
have done, I would have done it.

71
00:06:46,041 --> 00:06:47,001
I know.
All right?

72
00:06:47,066 --> 00:06:49,497
Yeah, I know. I know.

73
00:06:50,250 --> 00:06:51,369
Okay.

74
00:06:52,042 --> 00:06:53,257
Just tell me,

75
00:06:53,882 --> 00:06:55,529
who was it?

76
00:06:55,593 --> 00:06:57,641
Come on, Eric.
Come on, Will.

77
00:06:57,706 --> 00:06:59,432
Rogers?
I'm not going to say, you know.

78
00:06:59,497 --> 00:07:00,809
You know me.
Robertson?

79
00:07:04,729 --> 00:07:06,744
That cunt. I knew it.

80
00:07:06,810 --> 00:07:08,232
I knew I shouldn't have fucking
gone to her last year.

81
00:07:08,297 --> 00:07:10,089
It wasn't anyone.
Eric, you know what it was?

82
00:07:10,153 --> 00:07:11,369
It was bad luck, and
that's all it was.

83
00:07:11,433 --> 00:07:12,488
Yup.

84
00:07:13,130 --> 00:07:14,056
Yup.

85
00:07:16,153 --> 00:07:17,721
All right, well, good luck.

86
00:07:17,785 --> 00:07:18,967
Will?

87
00:07:19,657 --> 00:07:20,935
Come here.

88
00:07:23,401 --> 00:07:25,192
I was just in the middle
of a lot of shit right here

89
00:07:25,257 --> 00:07:27,129
that I think somebody
needs to take a look at.

90
00:07:27,864 --> 00:07:30,456
Eric, listen,

91
00:07:30,521 --> 00:07:32,344
they're telling us everybody
needs to get out of here.

92
00:07:32,408 --> 00:07:34,423
Just leave their stuff.

93
00:07:34,488 --> 00:07:36,984
And while we appreciate
your concern,

94
00:07:38,777 --> 00:07:41,240
this is not your
problem anymore.

95
00:07:45,912 --> 00:07:46,871
Good luck.

96
00:07:51,721 --> 00:07:53,032
Thank you.

97
00:08:00,249 --> 00:08:02,311
Right this way, Mr. Murphy.

98
00:08:22,088 --> 00:08:24,551
Eric, I'm very sorry.
Yeah.

99
00:08:24,616 --> 00:08:27,335
Did they say what was
going to happen with us?

100
00:08:27,400 --> 00:08:29,350
Jesus, Seth.
What?

101
00:08:29,415 --> 00:08:31,815
It's going to get pretty ugly
around here for a while.

102
00:08:31,880 --> 00:08:35,463
But, you know, you guys
will be all right.

103
00:08:35,528 --> 00:08:37,575
Good luck, Eric.
All right.

104
00:08:40,168 --> 00:08:43,527
I'll see you around, okay?
All right. Thank you.

105
00:09:03,639 --> 00:09:04,487
Eric.

106
00:09:07,256 --> 00:09:09,574
I wanted to say thanks.

107
00:09:09,639 --> 00:09:12,054
It's not necessary.
Well, it is.

108
00:09:12,119 --> 00:09:14,614
You were the person
around here that I...

109
00:09:14,616 --> 00:09:15,734
I know.

110
00:09:19,191 --> 00:09:20,758
Hey, look,

111
00:09:20,823 --> 00:09:23,222
I was working on something, but
they wouldn't let me finish it.

112
00:09:23,287 --> 00:09:25,766
So, take a look at it.

113
00:09:27,463 --> 00:09:28,614
Be careful.

114
00:09:49,079 --> 00:09:50,742
<i>We're sorry.</i>

115
00:09:50,807 --> 00:09:54,038
<i>The telephone you are calling from
is not in service at this time.</i>

116
00:10:00,694 --> 00:10:01,813
Robertson!

117
00:10:01,879 --> 00:10:03,653
Sarah Robertson.

118
00:10:03,718 --> 00:10:04,869
Sarah.

119
00:10:06,278 --> 00:10:08,550
You shut off my phone?

120
00:10:08,614 --> 00:10:10,885
Eric, I didn't do anything.

121
00:10:10,950 --> 00:10:12,197
Fuck you.

122
00:10:36,037 --> 00:10:38,932
Well, that was
fucking hideous.

123
00:10:38,998 --> 00:10:41,588
It's gonna get worse
before it gets better.

124
00:10:41,653 --> 00:10:42,916
You think?

125
00:10:44,325 --> 00:10:45,380
Much.

126
00:10:47,077 --> 00:10:48,613
You got any Nicorettes?

127
00:10:49,637 --> 00:10:52,868
I'm out of Nicorettes.

128
00:10:52,932 --> 00:10:56,452
Which means in about 10 minutes
I'm going to kill someone.

129
00:11:01,446 --> 00:11:02,532
You all right, Sam?

130
00:11:03,733 --> 00:11:05,300
My dog is dying.

131
00:11:09,349 --> 00:11:11,268
I'm sorry.

132
00:11:11,332 --> 00:11:15,892
Just got off the phone with the vet.
Fucking tumor on her liver.

133
00:11:15,956 --> 00:11:20,244
I was spending, like, $1,000 a day
already just trying to keep her alive.

134
00:11:20,309 --> 00:11:21,939
Yeah,

135
00:11:22,004 --> 00:11:25,043
I don't have a fucking clue
what to do about it.

136
00:11:28,084 --> 00:11:30,020
Well, they're
all gone.

137
00:11:32,101 --> 00:11:33,283
So...

138
00:11:36,709 --> 00:11:38,403
How many do we have left?

139
00:11:38,469 --> 00:11:40,003
About 33.

140
00:11:40,068 --> 00:11:43,588
Well, make sure they're all out there.
I've gotta say something.

141
00:11:43,652 --> 00:11:45,923
Yeah, no,
they're ready.

142
00:11:45,988 --> 00:11:47,763
They're ready
for you.

143
00:11:57,541 --> 00:11:59,460
All right, let's hear it.

144
00:12:08,004 --> 00:12:10,370
You're all still here
for a reason.

145
00:12:10,436 --> 00:12:14,706
80% of this floor was
just sent home, forever.

146
00:12:14,771 --> 00:12:17,074
We spent the last hour
saying our goodbyes.

147
00:12:17,139 --> 00:12:19,986
They were good people and
they were good at their jobs,

148
00:12:20,051 --> 00:12:22,146
but you were better.

149
00:12:22,212 --> 00:12:25,219
Now they're gone, they're
not to be thought of again.

150
00:12:25,283 --> 00:12:27,714
This is your opportunity.

151
00:12:28,996 --> 00:12:30,451
On every floor
of this building

152
00:12:30,516 --> 00:12:32,435
and in every office,
from Hong Kong to London,

153
00:12:32,499 --> 00:12:34,003
the same thing is happening.

154
00:12:34,067 --> 00:12:35,954
By the time we're done,

155
00:12:36,020 --> 00:12:40,066
three of every seven guys who were
standing between you and your boss' job

156
00:12:40,707 --> 00:12:42,018
are gone.

157
00:12:42,915 --> 00:12:45,602
That is your opportunity.

158
00:12:48,611 --> 00:12:51,762
I've been with this
place for 34 years,

159
00:12:51,827 --> 00:12:54,706
and I can tell you this is not the last
time that you're gonna go through this.

160
00:12:54,770 --> 00:12:57,394
But you are all survivors.

161
00:12:57,459 --> 00:13:02,866
And that is how this firm, over 107
years, has continued to grow stronger.

162
00:13:02,931 --> 00:13:06,545
So keep your heads high.
Get back to work. Let's hear it.

163
00:13:56,514 --> 00:13:58,721
Everyone's going out, man.
You should... Come on.

164
00:13:58,786 --> 00:14:00,769
No, man. I'm cool.
Thanks.

165
00:14:02,594 --> 00:14:04,929
Okay. Well, if you change your
mind, just give me a call.

166
00:14:04,994 --> 00:14:07,137
I will.

167
00:14:07,202 --> 00:14:08,289
Come.

168
00:14:10,274 --> 00:14:13,344
Where you guys going?
The Grand.

169
00:14:13,409 --> 00:14:15,616
I will call you
when I am done.

170
00:14:15,682 --> 00:14:17,488
All right.

171
00:14:17,553 --> 00:14:19,953
Hey, be glad
you're still alive.

172
00:14:22,193 --> 00:14:23,281
I am.

173
00:14:33,265 --> 00:14:35,600
Have a good night, man.
You, too.

174
00:17:32,814 --> 00:17:34,157
Come on. Come on. Come on.

175
00:17:34,221 --> 00:17:35,725
<i>We're sorry. You've
reached a number...</i>

176
00:17:35,789 --> 00:17:38,108
<i>Fuck me. Fuck!
...that has been disconnected.</i>

177
00:17:48,701 --> 00:17:50,189
Hello?
Hey.

178
00:17:51,821 --> 00:17:54,060
<i>I can't hear you.
What?</i>

179
00:17:54,126 --> 00:17:55,757
Can you go outside?
It's too loud.

180
00:17:55,821 --> 00:17:59,163
Hold on a second. It's loud.
Just give me a second.

181
00:18:02,557 --> 00:18:04,220
<i>All right, what's up?
Hey, where are you?</i>

182
00:18:04,285 --> 00:18:06,812
<i>Lugo.
Okay. Are you with Will?</i>

183
00:18:06,878 --> 00:18:08,860
<i>Yeah. Will Emerson?
Yeah.</i>

184
00:18:08,925 --> 00:18:11,900
Yeah. I think he's
still here. Why?

185
00:18:11,965 --> 00:18:15,388
All right. I need you to get Will, and
I need you guys to come back up here.

186
00:18:15,453 --> 00:18:17,148
<i>Where?
To the office.</i>

187
00:18:17,212 --> 00:18:19,883
<i>What?
I'm serious.</i>

188
00:18:19,948 --> 00:18:23,180
Wait a sec... You want me to get
our boss' boss out of a club

189
00:18:23,244 --> 00:18:25,756
and bring him back to the office
at 10:00 on a Thursday night?

190
00:18:25,820 --> 00:18:28,108
Well, our boss got axed,
so technically he is our boss,

191
00:18:28,172 --> 00:18:31,468
<i>and yes, that is what I want you to do.
Why?</i>

192
00:18:31,532 --> 00:18:33,996
Look, man. Just trust me, okay?
I need you guys back here now.

193
00:18:34,060 --> 00:18:36,268
<i>All right. We'll
be there in 10.</i>

194
00:18:38,204 --> 00:18:39,163
Fuck.

195
00:18:55,165 --> 00:18:58,107
Have I ever told you
how much I love your bag?

196
00:18:58,172 --> 00:18:59,676
No, really.

197
00:18:59,740 --> 00:19:02,203
Do you have a little dress that matches it?
Yeah, I do.

198
00:19:02,268 --> 00:19:05,659
Because you could bounce around
in it like a fucking girl.

199
00:19:05,724 --> 00:19:07,227
Hey!

200
00:19:07,291 --> 00:19:09,883
Look who's burning
the candle at both ends.

201
00:19:09,948 --> 00:19:12,186
Why didn't you come
out with us?

202
00:19:12,251 --> 00:19:15,482
There's no more cuts planned.
You don't have to kiss my arse.

203
00:19:15,548 --> 00:19:17,563
I frankly don't even know
what it is you guys do.

204
00:19:17,628 --> 00:19:19,643
Well, I'm really sorry I had
to bring you guys back here,

205
00:19:19,707 --> 00:19:21,531
but...
That's all right.

206
00:19:21,595 --> 00:19:23,930
What's going on?
Look at this.

207
00:19:23,996 --> 00:19:26,875
Eric gave me this file before he left.
Eric...

208
00:19:26,940 --> 00:19:29,242
Dale. And he told me that he
couldn't quite figure it out.

209
00:19:29,307 --> 00:19:31,131
And the last thing
he said to me

210
00:19:31,195 --> 00:19:34,507
before the elevator doors
closed was, "Be careful."

211
00:19:34,572 --> 00:19:35,350
He said, "Be careful"?

212
00:19:35,374 --> 00:19:36,930
Yeah. So, obviously,
I'm a little curious.

213
00:19:36,971 --> 00:19:38,586
I start to get into
it a little bit,

214
00:19:38,588 --> 00:19:40,379
and I realize that the only
thing that he's missing...

215
00:19:40,444 --> 00:19:44,506
This is not good, Will. All right.
Okay. So what is he doing here?

216
00:19:44,571 --> 00:19:46,715
No, no. Go to model four.
It makes more sense.

217
00:19:46,779 --> 00:19:48,410
Okay. All right.

218
00:19:48,475 --> 00:19:50,362
What is this?

219
00:19:50,427 --> 00:19:53,627
This is basically everything that we
have in our books at any given time.

220
00:19:53,691 --> 00:19:56,186
But, what Eric was trying to
do was to work these numbers

221
00:19:56,250 --> 00:19:59,514
for levels of volatility that fall
outside of the standard VAR model.

222
00:19:59,579 --> 00:20:02,009
What are those levels?
It's fairly complicated.

223
00:20:02,076 --> 00:20:03,610
Simplify.

224
00:20:03,674 --> 00:20:07,034
The volatility levels are set using
historic patterns, basically,

225
00:20:07,099 --> 00:20:09,386
and then stretching those patterns
out another 10, 15% roughly.

226
00:20:09,450 --> 00:20:10,858
All right, so?

227
00:20:10,923 --> 00:20:14,090
So, we are starting to
test those historic patterns.

228
00:20:15,258 --> 00:20:16,778
When?

229
00:20:16,843 --> 00:20:18,314
Today.
Tuesday.

230
00:20:18,316 --> 00:20:21,449
Monday. Last Friday
and Wednesday.

231
00:20:21,451 --> 00:20:23,274
Two Fridays ago.

232
00:20:23,338 --> 00:20:25,017
All right. I get it.

233
00:20:27,050 --> 00:20:28,297
Fuck me.

234
00:20:28,362 --> 00:20:31,337
Once this thing gets going
in the wrong direction,

235
00:20:31,403 --> 00:20:32,921
this is fucking huge.

236
00:20:32,923 --> 00:20:35,626
How huge?

237
00:20:35,690 --> 00:20:37,801
Well, the losses are greater than
the current value of the company.

238
00:20:37,866 --> 00:20:40,937
Projected losses.
The projected losses, Will.

239
00:20:41,002 --> 00:20:43,369
And this is just our floor? Yes.

240
00:20:45,994 --> 00:20:47,209
Where the fuck
is Eric Dale?

241
00:20:47,273 --> 00:20:48,681
I don't know. I tried to
call him. His phone is off.

242
00:20:48,746 --> 00:20:49,977
What do you mean?

243
00:20:50,042 --> 00:20:51,976
They turned everybody's phone
off that they axed today.

244
00:20:52,043 --> 00:20:53,961
Fucking ruthless.

245
00:20:54,026 --> 00:20:55,326
Did you try his personal cell?

246
00:20:55,351 --> 00:20:57,344
Yeah, I called his cell phone.
It's not on.

247
00:20:57,385 --> 00:20:59,721
Call his home.
At this hour?

248
00:20:59,786 --> 00:21:01,961
Yeah. Do we even
know if he's right?

249
00:21:02,025 --> 00:21:04,889
Looks pretty fucking right to me.
It does.

250
00:21:07,609 --> 00:21:09,753
Mrs. Dale, it's Will Emerson.

251
00:21:09,817 --> 00:21:12,601
I'm fine, thank you.
May I speak with Eric?

252
00:21:14,985 --> 00:21:17,096
No, we've tried that.
His phone appears to be off.

253
00:21:17,161 --> 00:21:20,904
Listen, could you have him call
me the moment he comes in?

254
00:21:20,969 --> 00:21:23,401
The moment he walks
through the door.

255
00:21:23,466 --> 00:21:25,129
Thank you so much.

256
00:21:25,193 --> 00:21:26,504
Goodbye.

257
00:21:26,569 --> 00:21:27,880
Where the fuck is he?

258
00:21:27,946 --> 00:21:29,352
Doesn't he have, like, three kids?
So?

259
00:21:29,354 --> 00:21:31,880
Fuck, I don't know,
would you go home?

260
00:21:33,514 --> 00:21:35,176
I know where he is.

261
00:21:36,297 --> 00:21:37,800
I need you two to
go and get him.

262
00:21:37,865 --> 00:21:39,673
There will be a car
waiting for you downstairs.

263
00:21:39,738 --> 00:21:41,432
You need to go.
Right now?

264
00:21:41,497 --> 00:21:43,096
Yeah, right now.

265
00:21:43,160 --> 00:21:44,408
What are you
going to do?

266
00:21:44,473 --> 00:21:46,280
I'm going to call Sam.

267
00:21:50,265 --> 00:21:51,576
Fuck me.

268
00:22:07,336 --> 00:22:09,064
<i>Yes?
It's Will.</i>

269
00:22:09,833 --> 00:22:11,560
It's 11:00 at night.

270
00:22:11,624 --> 00:22:13,832
I know. I'm sorry.
I wouldn't have called.

271
00:22:14,521 --> 00:22:16,775
What's the problem?

272
00:22:16,840 --> 00:22:18,680
I think you need
to get back here.

273
00:22:19,225 --> 00:22:20,408
What?

274
00:22:21,017 --> 00:22:22,423
<i>Sam, listen...</i>

275
00:22:22,488 --> 00:22:24,439
It's 11:00 at night.

276
00:22:24,553 --> 00:22:28,359
I'm well aware of the fucking time, Sam.
I'm telling you, you need to see this.

277
00:22:28,424 --> 00:22:29,800
<i>See what?</i>

278
00:22:29,864 --> 00:22:30,791
It's...

279
00:22:31,464 --> 00:22:33,271
E-mail it to me.

280
00:22:33,320 --> 00:22:36,263
I don't think that that
would be a good idea.

281
00:22:39,143 --> 00:22:40,711
I'm on my way.

282
00:22:46,168 --> 00:22:47,927
Look at these people.

283
00:22:49,800 --> 00:22:53,846
Wandering around with absolutely
no idea what's about to happen.

284
00:22:57,239 --> 00:22:59,046
Right?

285
00:22:59,111 --> 00:23:02,727
Well, I try to not let work
get to me like that.

286
00:23:02,791 --> 00:23:04,887
I've noticed that about you.

287
00:23:06,408 --> 00:23:08,743
Come on. We're 23 years old.

288
00:23:09,687 --> 00:23:11,510
I'm 28.
All right, 28.

289
00:23:11,575 --> 00:23:12,983
Whatever, it's the same thing,

290
00:23:13,048 --> 00:23:17,543
but I made nearly a quarter of
a million dollars last year.

291
00:23:18,824 --> 00:23:20,454
Fuck. For what?

292
00:23:20,520 --> 00:23:23,126
I push numbers around
on a computer screen.

293
00:23:23,191 --> 00:23:25,686
A bunch of glorified crack addicts are
willing to take that information,

294
00:23:25,751 --> 00:23:27,286
and they pretend
to understand it,

295
00:23:27,352 --> 00:23:28,790
and they bet it against some other
jock halfway around the world

296
00:23:28,854 --> 00:23:30,854
who, you know, if he
wasn't doing this,

297
00:23:30,919 --> 00:23:34,406
he'd be in an OTB somewhere, putting
it all on number seven, you know?

298
00:23:34,471 --> 00:23:37,734
At the end of the day,
one guy wins, one guy loses.

299
00:23:38,999 --> 00:23:42,534
You do know it's a little more
complicated than that, right?

300
00:23:42,599 --> 00:23:43,542
Yeah.

301
00:23:50,103 --> 00:23:52,598
It's Will. He wants to know if
we found him. What do I say?

302
00:23:52,663 --> 00:23:55,141
Let's say that we
haven't found him yet.

303
00:23:55,862 --> 00:23:57,046
Okay.

304
00:24:19,382 --> 00:24:20,629
Hey.
Hey.

305
00:24:20,694 --> 00:24:21,749
So?

306
00:24:23,030 --> 00:24:23,989
Eric Dale.

307
00:24:24,054 --> 00:24:26,196
Oh, Jesus.

308
00:24:26,262 --> 00:24:28,725
Before he leaves the building, escorted
by fucking security, by the way...

309
00:24:28,790 --> 00:24:30,358
I had nothing to do with that.
I know.

310
00:24:30,422 --> 00:24:31,733
I'm sorry. Go on.

311
00:24:31,797 --> 00:24:34,101
Before he leaves the building, he
hands this disk to Peter Sullivan.

312
00:24:34,166 --> 00:24:35,509
Who's Peter Sullivan again?
Doesn't matter.

313
00:24:35,574 --> 00:24:37,493
He's one of Eric's guys.
All right.

314
00:24:37,558 --> 00:24:41,679
But before the elevator doors are
closing, the last thing that he says is,

315
00:24:41,704 --> 00:24:42,733
"Be careful."

316
00:24:43,893 --> 00:24:45,492
"Be careful"?

317
00:24:45,558 --> 00:24:46,580
Yeah.

318
00:24:46,646 --> 00:24:47,701
"Be careful"?
Yeah.

319
00:24:47,766 --> 00:24:49,429
Why?
Take a look.

320
00:24:52,358 --> 00:24:54,341
Oh, Jesus. You know I can't
fucking read these things.

321
00:24:54,406 --> 00:24:56,453
Just speak to me in English.

322
00:24:56,454 --> 00:24:58,349
All right. Basically,
this kid, Peter Sullivan,

323
00:24:58,360 --> 00:24:59,909
he gets all inspired
by your pep talk.

324
00:24:59,973 --> 00:25:01,636
Nice job, by the way.

325
00:25:01,701 --> 00:25:04,324
And he delves straight
in after work.

326
00:25:04,389 --> 00:25:05,956
And I think he nailed it.

327
00:25:06,021 --> 00:25:07,460
Nailed it?

328
00:25:07,525 --> 00:25:10,277
Yeah, I think he figured out
what Eric was missing.

329
00:25:10,341 --> 00:25:11,748
And?

330
00:25:11,813 --> 00:25:14,068
It's not good, Sam.

331
00:25:14,133 --> 00:25:17,812
These here are the historical
volatility index limits

332
00:25:17,877 --> 00:25:21,237
which, of course, our entire trading
model relies on pretty fucking heavily.

333
00:25:21,301 --> 00:25:25,348
Well, we're now so levered up that
once it gets outside of these limits,

334
00:25:27,300 --> 00:25:29,140
it gets ugly in a hurry.

335
00:25:29,205 --> 00:25:31,588
And how close to those
limits have we gotten?

336
00:25:31,653 --> 00:25:34,403
Sam, we're beyond close.

337
00:25:34,405 --> 00:25:37,844
We broke through these limits five
or six days in the last two weeks.

338
00:25:37,909 --> 00:25:40,516
Now, somehow we've managed to stay
on the right side of it for now.

339
00:25:40,581 --> 00:25:42,115
For now.

340
00:25:42,181 --> 00:25:45,555
Well, look what happens when we
get on the wrong side of it.

341
00:25:51,156 --> 00:25:52,307
Wait a minute. What
am I looking at?

342
00:25:52,372 --> 00:25:53,523
You're looking at
this figure here.

343
00:25:57,397 --> 00:25:58,899
Whoa. Is that...
Yeah.

344
00:25:58,964 --> 00:26:02,387
And that would not be a bad day
for us, historically speaking.

345
00:26:02,453 --> 00:26:04,995
Is that figure right?
I don't know. I can't be sure.

346
00:26:05,060 --> 00:26:06,052
Where's Eric Dale?

347
00:26:06,116 --> 00:26:07,555
We shut his phone off.
Of course we did.

348
00:26:07,620 --> 00:26:10,148
Yeah. So I called his wife,
who says he's not home.

349
00:26:10,212 --> 00:26:11,812
Yeah, he's probably crying in
some fucking beer somewhere.

350
00:26:11,876 --> 00:26:13,507
Yeah, or worse.

351
00:26:13,571 --> 00:26:14,723
Where's the kid
that did this?

352
00:26:14,787 --> 00:26:16,147
I sent him out
looking for Eric.

353
00:26:16,212 --> 00:26:17,827
You think he knows
what he's doing?

354
00:26:18,964 --> 00:26:20,051
I don't know.
What do I know?

355
00:26:20,116 --> 00:26:21,987
Get him back here.
Get him back here.

356
00:26:33,684 --> 00:26:36,818
What do you think these
girls make in a night?

357
00:26:36,883 --> 00:26:38,098
$1,500?

358
00:26:45,012 --> 00:26:46,578
Two grand?

359
00:26:48,020 --> 00:26:50,162
Two grand.

360
00:26:50,227 --> 00:26:54,129
Fuck. That's...
That's pretty great.

361
00:26:54,835 --> 00:26:56,690
I mean, all considered.

362
00:27:01,491 --> 00:27:02,546
Shit.

363
00:27:02,611 --> 00:27:03,729
Will.

364
00:27:05,650 --> 00:27:07,473
Yep.

365
00:27:07,539 --> 00:27:10,130
No. No, we asked,
and nobody's seen him.

366
00:27:12,979 --> 00:27:14,578
Okay, yep.

367
00:27:27,587 --> 00:27:32,066
All right, so what do you
think Rogers makes in a year?

368
00:27:32,131 --> 00:27:34,273
I don't know, I have no idea.
Come on. Play along.

369
00:27:34,338 --> 00:27:37,186
What year? I don't know.
Last year.

370
00:27:37,250 --> 00:27:39,298
Three quarters
of a million.

371
00:27:41,187 --> 00:27:42,913
Come on.

372
00:27:42,978 --> 00:27:45,090
What?
Oh, it's not even close.

373
00:27:45,154 --> 00:27:46,914
More?
Much more.

374
00:27:47,875 --> 00:27:49,314
A million?

375
00:27:49,378 --> 00:27:51,777
Will Emerson made two and
a half million last year.

376
00:27:51,843 --> 00:27:53,601
Fuck you.
Fuck me.

377
00:27:53,667 --> 00:27:55,873
Fuck you. How do
you know that?

378
00:27:57,026 --> 00:27:58,561
He told me.
He just told you?

379
00:27:58,627 --> 00:28:01,506
I asked him, and
yeah, he told me.

380
00:28:01,570 --> 00:28:03,841
You think that's true?

381
00:28:03,906 --> 00:28:05,506
Yeah, probably.

382
00:28:05,570 --> 00:28:07,361
That's fucked up.

383
00:28:07,427 --> 00:28:11,521
Why is that fucked up?
I don't know, does it seem right to you?

384
00:28:11,586 --> 00:28:14,113
Right? I mean,
right is... Right is...

385
00:28:16,226 --> 00:28:17,377
Jesus.

386
00:28:18,658 --> 00:28:20,129
So what do you think
that means Rogers puts away?

387
00:28:20,193 --> 00:28:23,665
I have no idea, Seth.
This traffic is a fucking nightmare.

388
00:28:38,786 --> 00:28:39,937
Sorry.

389
00:28:46,609 --> 00:28:47,472
Gentlemen.

390
00:28:48,337 --> 00:28:50,384
Will. Mr. Rogers.

391
00:28:50,449 --> 00:28:52,207
Come with us, please.

392
00:28:58,384 --> 00:29:00,432
Sam, this is Seth Bregman
and Peter Sullivan.

393
00:29:00,497 --> 00:29:01,552
Sir.

394
00:29:04,465 --> 00:29:05,967
Will?
Uh-huh?

395
00:29:06,801 --> 00:29:08,560
Where are we going?

396
00:29:08,625 --> 00:29:11,696
We're going to get a second
opinion on your work, Peter.

397
00:29:46,608 --> 00:29:48,719
So, Sam, what
do you have for us?

398
00:29:48,784 --> 00:29:50,703
It'll be here in a minute.

399
00:29:50,767 --> 00:29:52,591
Finding somebody in the copy room at this
hour was a little bit of a challenge.

400
00:29:52,655 --> 00:29:54,271
Okay, let's go right into
the introductions.

401
00:29:54,337 --> 00:29:55,695
This is Sarah Robertson,
who you know.

402
00:29:55,760 --> 00:29:59,103
Chief Risk Management Officer
Ramesh Shah from upstairs.

403
00:29:59,167 --> 00:30:01,711
And David Horn, one of the
firm's in-house counsel.

404
00:30:01,776 --> 00:30:05,070
Nice to meet you all. This is my Head of
Trading, Will Emerson, and this is...

405
00:30:05,135 --> 00:30:08,686
Peter Sullivan and Seth Bregman.
They work in our Risk Department.

406
00:30:08,751 --> 00:30:10,318
Where's Eric Dale?

407
00:30:10,383 --> 00:30:12,303
He was let go today.

408
00:30:14,351 --> 00:30:17,070
Who do you have left
in your Risk Department?

409
00:30:17,135 --> 00:30:20,958
As of today that would be Peter
and our Junior Analyst, Seth.

410
00:30:23,231 --> 00:30:24,479
Really?

411
00:30:25,536 --> 00:30:26,751
Will Emerson?

412
00:30:26,783 --> 00:30:29,455
Yes, please. Just
hand them out.

413
00:30:29,519 --> 00:30:30,511
Thank you.

414
00:30:41,647 --> 00:30:43,726
Apparently, Eric had been
working on this for some time,

415
00:30:43,792 --> 00:30:45,134
but he wasn't
able to finish it.

416
00:30:45,198 --> 00:30:46,830
This morning, as he
left the building,

417
00:30:46,895 --> 00:30:49,486
he handed the program to Peter here
and asked him to take a look at it.

418
00:30:49,551 --> 00:30:53,198
Peter did. He put a few things in
that Eric seemed to be missing,

419
00:30:53,263 --> 00:30:55,342
and this is what came out.

420
00:30:57,007 --> 00:30:58,270
Peter, is this your work?

421
00:31:00,318 --> 00:31:02,141
Mostly Mr. Dale's.

422
00:31:02,207 --> 00:31:03,950
But is this your draft?

423
00:31:04,014 --> 00:31:06,062
Yes.

424
00:31:06,126 --> 00:31:09,757
Again, expanded on the original
work by Mr. Dale. But, yes.

425
00:31:09,822 --> 00:31:11,037
What's your background?

426
00:31:11,103 --> 00:31:12,397
My background?
Your CV?

427
00:31:12,462 --> 00:31:13,678
I've been with the firm
for two and a half years,

428
00:31:13,742 --> 00:31:14,765
working with Eric
that whole time.

429
00:31:14,830 --> 00:31:16,685
But I hold a doctorate
in engineering,

430
00:31:16,750 --> 00:31:19,629
specialty in propulsion, from MIT
with a bachelor's from Penn.

431
00:31:19,694 --> 00:31:22,189
What is a specialty
in propulsion, exactly?

432
00:31:22,254 --> 00:31:24,973
My thesis was a study in the
ways that friction ratios

433
00:31:25,038 --> 00:31:27,790
affect steering outcomes in aeronautical
use under reduced gravity loads.

434
00:31:29,406 --> 00:31:31,597
So, you're
a rocket scientist?

435
00:31:31,662 --> 00:31:33,102
I was. Yeah.

436
00:31:34,126 --> 00:31:35,405
Interesting.

437
00:31:35,470 --> 00:31:37,054
How did you end up here?

438
00:31:37,118 --> 00:31:39,549
It's all just numbers, really.
Just changing what you're adding up.

439
00:31:39,614 --> 00:31:43,181
And to speak freely, the money here
is considerably more attractive.

440
00:31:51,934 --> 00:31:53,277
What time is it?

441
00:31:53,341 --> 00:31:54,749
2:15.

442
00:31:54,813 --> 00:31:58,141
Fuck me. Fuck me.

443
00:31:58,206 --> 00:32:00,572
And I'm guessing by the fact that
you two haven't said anything

444
00:32:00,637 --> 00:32:02,237
that the math checks out.

445
00:32:02,302 --> 00:32:05,469
Look, we'd need some
time to go over this.

446
00:32:05,533 --> 00:32:08,829
But Mr. Sullivan here seems
like he knows what he's doing.

447
00:32:08,893 --> 00:32:10,716
So, it would appear
we have a problem.

448
00:32:10,782 --> 00:32:12,076
Thank you for that.

449
00:32:12,142 --> 00:32:13,357
What time is it?

450
00:32:13,421 --> 00:32:15,132
2:16.
Fuck me.

451
00:32:16,589 --> 00:32:17,804
Fuck me.

452
00:32:25,725 --> 00:32:28,732
Sam, how long under
normal operations

453
00:32:28,813 --> 00:32:31,212
would it take your people
to clear that from our books?

454
00:32:34,557 --> 00:32:35,868
What?

455
00:32:36,573 --> 00:32:38,332
All of it?
Yes.

456
00:32:40,013 --> 00:32:41,292
I don't know. Weeks.

457
00:32:41,357 --> 00:32:43,948
Weeks?
Yeah. Weeks.

458
00:32:44,013 --> 00:32:48,683
But you certainly know that our
business is selling and buying?

459
00:32:48,748 --> 00:32:50,700
It doesn't work for very long
without both components.

460
00:32:50,765 --> 00:32:52,235
We suddenly stop
buying for a day or two,

461
00:32:52,301 --> 00:32:55,308
that's not something you can hide
under the rug. That gets out.

462
00:32:55,372 --> 00:32:59,500
And when it does, this whole thing
comes to an end, and right quick.

463
00:33:00,684 --> 00:33:02,668
I understand.
Do you?

464
00:33:05,676 --> 00:33:06,668
Yes.

465
00:33:08,893 --> 00:33:12,203
How many traders do we have left
between your floor and Peterson's?

466
00:33:12,267 --> 00:33:14,155
I don't know, what...
60.

467
00:33:14,220 --> 00:33:15,643
Jared, as I look
at this more closely,

468
00:33:15,708 --> 00:33:17,979
it is these VAR numbers that
are setting this thing off.

469
00:33:18,045 --> 00:33:19,308
Excuse me.

470
00:33:31,004 --> 00:33:32,763
I warned you
about this last year.

471
00:33:32,828 --> 00:33:34,843
We would not be in this position
if we had done what I...

472
00:33:34,908 --> 00:33:36,795
Please.

473
00:33:36,860 --> 00:33:38,346
As I was saying, and I
speak completely off the record,

474
00:33:38,411 --> 00:33:40,491
it's only a matter of time
before someone else

475
00:33:40,556 --> 00:33:43,275
starts putting these in and they come
up with exactly the same results

476
00:33:43,340 --> 00:33:45,034
and look at exactly what
we're looking at right now,

477
00:33:45,100 --> 00:33:46,059
if they haven't already.

478
00:33:46,124 --> 00:33:47,706
Understood.

479
00:33:47,771 --> 00:33:50,907
And, Sarah, what value would you
allow to be placed on those assets

480
00:33:50,972 --> 00:33:53,243
that might remain on the
books, if they had to?

481
00:33:53,308 --> 00:33:54,779
Why would they still
be on the books?

482
00:33:54,843 --> 00:33:56,554
Because suddenly nobody
wants to fucking buy them.

483
00:33:56,619 --> 00:33:58,026
Fuck you, Sam. Will you give
me a fucking break here?

484
00:33:58,092 --> 00:33:59,578
Excuse me, Jared...

485
00:33:59,643 --> 00:34:01,146
Without an active market,
it would take weeks or months

486
00:34:01,211 --> 00:34:03,210
for me to come up with
an accurate value on them.

487
00:34:03,275 --> 00:34:05,034
You would have to go
block by block.

488
00:34:05,099 --> 00:34:07,066
Look, Jared, it's a very simple
business, right? We talked about this.

489
00:34:07,131 --> 00:34:08,267
Sam.

490
00:34:09,163 --> 00:34:11,370
Will, Peter, and...

491
00:34:11,435 --> 00:34:12,811
What the fuck is his name?
Seth.

492
00:34:12,876 --> 00:34:16,090
Thank you. Seth. Could you
please give us a few moments?

493
00:34:17,980 --> 00:34:19,625
And, Peter?

494
00:34:19,740 --> 00:34:21,210
Has anyone else seen this?

495
00:34:21,275 --> 00:34:22,858
No, no one
aside from us.

496
00:34:22,923 --> 00:34:24,938
And Eric Dale.
Yes.

497
00:34:24,940 --> 00:34:28,553
And can it really be possible that
we don't know where Eric Dale is?

498
00:34:28,618 --> 00:34:30,730
I called his wife, he
hasn't come home yet,

499
00:34:30,795 --> 00:34:33,225
and we turned off
his phone today.

500
00:34:33,291 --> 00:34:34,938
Perfect.

501
00:34:35,002 --> 00:34:36,538
Well, I'd like to
know where he is.

502
00:34:46,554 --> 00:34:49,433
Jesus fucking Christ.
Who is that guy?

503
00:34:49,499 --> 00:34:50,810
Sam's boss.

504
00:34:51,803 --> 00:34:53,978
He looks like he's
15 years old.

505
00:34:54,042 --> 00:34:55,450
He's 40.

506
00:34:55,515 --> 00:34:57,913
Yeah, how does
that happen?

507
00:34:57,978 --> 00:35:00,089
Oh, it happens
all the time.

508
00:35:02,969 --> 00:35:04,442
Except to me.

509
00:35:06,522 --> 00:35:08,409
Kid's a fucking killer.

510
00:35:10,809 --> 00:35:13,369
What are they talking
about in there?

511
00:35:17,610 --> 00:35:19,209
It ain't pretty.

512
00:35:20,330 --> 00:35:21,928
What ain't pretty?

513
00:35:23,178 --> 00:35:25,865
If people stop buying
what we're selling.

514
00:35:29,866 --> 00:35:32,265
Jared.

515
00:35:32,329 --> 00:35:35,128
You cannot be doing what
you're thinking of doing.

516
00:35:35,194 --> 00:35:36,696
Well, I don't see
any other choice.

517
00:35:36,761 --> 00:35:38,168
What does that mean,
we don't have a choice?

518
00:35:38,234 --> 00:35:39,864
Fuck you, you don't
have a choice.

519
00:35:39,929 --> 00:35:42,489
Fuck me? Did you even
look at the numbers, Sam?

520
00:35:42,554 --> 00:35:44,024
Yeah, but what do I know?

521
00:35:44,089 --> 00:35:45,417
Correct me if I'm
wrong, Mr. Shah,

522
00:35:45,481 --> 00:35:47,912
but these numbers,
they don't add up.

523
00:35:47,977 --> 00:35:49,353
One and one no
longer makes two.

524
00:35:49,417 --> 00:35:51,017
Look, if I may, I would like
a little bit more time.

525
00:35:51,082 --> 00:35:52,456
Jared, we can't
tell you yet.

526
00:35:52,521 --> 00:35:54,776
Are you fucking kidding me?
We have talked about this.

527
00:35:54,841 --> 00:35:56,904
We need a little more time
to give you our conclusion.

528
00:35:56,969 --> 00:35:59,944
Okay. We meet again
in 45 minutes.

529
00:36:00,008 --> 00:36:02,552
Sam, do you have the file?
Yeah.

530
00:36:18,921 --> 00:36:20,872
What are you going to do?

531
00:36:23,513 --> 00:36:25,336
Are you gonna call him?

532
00:36:29,913 --> 00:36:31,384
I already have.

533
00:36:42,168 --> 00:36:43,127
Wow.

534
00:36:45,624 --> 00:36:46,775
Jesus.

535
00:36:51,048 --> 00:36:52,776
Wow, that's gorgeous.

536
00:37:01,688 --> 00:37:03,399
It's a long way down.

537
00:37:04,232 --> 00:37:05,543
Yes, it is.

538
00:37:16,775 --> 00:37:18,919
Will, don't do that.
Come on.

539
00:37:21,943 --> 00:37:23,638
You know the feeling
that people experience

540
00:37:23,703 --> 00:37:27,542
when they stand on the edge like
this isn't a fear of falling.

541
00:37:27,607 --> 00:37:30,646
It's the fear that
they might jump.

542
00:37:30,648 --> 00:37:33,591
That's very deep and depressing.
Thank you.

543
00:37:33,655 --> 00:37:35,767
Yeah, well, I'm a little
dark sometimes.

544
00:37:35,831 --> 00:37:38,134
All right. Come down, please, Will.
Please, come on.

545
00:37:38,199 --> 00:37:39,670
Will.

546
00:37:39,735 --> 00:37:41,446
Yeah, fuck it.

547
00:37:41,511 --> 00:37:42,535
Whoo!

548
00:37:44,071 --> 00:37:45,382
Not today!

549
00:37:52,118 --> 00:37:54,598
It looks like they're going to
make us dump this shit.

550
00:37:54,663 --> 00:37:55,702
What?

551
00:37:56,439 --> 00:37:57,845
You watch.

552
00:37:57,911 --> 00:37:59,526
How?

553
00:37:59,591 --> 00:38:00,709
You'll see.

554
00:38:00,774 --> 00:38:02,149
How could they do that?

555
00:38:02,215 --> 00:38:05,158
They can't. It's impossible.
But they'll figure a way.

556
00:38:05,222 --> 00:38:06,806
I've been at this
company for 10 years,

557
00:38:06,871 --> 00:38:10,710
and I've seen things
you wouldn't believe.

558
00:38:10,775 --> 00:38:13,397
When all is said and done,
they do not lose money.

559
00:38:13,463 --> 00:38:16,101
They don't mind if
everybody else does,

560
00:38:16,167 --> 00:38:17,925
but they don't lose.

561
00:38:25,958 --> 00:38:28,198
Will?

562
00:38:28,263 --> 00:38:31,269
Did you really make two and
a half million last year?

563
00:38:31,334 --> 00:38:32,645
Yeah, sure.

564
00:38:35,781 --> 00:38:38,085
How did you
spend it all?

565
00:38:38,150 --> 00:38:39,525
It goes quite quickly.

566
00:38:39,590 --> 00:38:41,349
You know, you learn to spend
what's in your pocket.

567
00:38:41,414 --> 00:38:43,029
Two and a half million
goes quickly?

568
00:38:43,094 --> 00:38:44,949
All right, let's see.

569
00:38:45,014 --> 00:38:46,996
So the taxman takes
half up front,

570
00:38:47,062 --> 00:38:49,172
so you're left with
one and a quarter.

571
00:38:49,238 --> 00:38:51,477
My mortgage takes
another 300 grand.

572
00:38:51,542 --> 00:38:54,740
I send 150 home for my parents,
you know, keep them going.

573
00:38:54,806 --> 00:38:55,956
So what's that?
800.

574
00:38:56,022 --> 00:38:57,493
All right, 800.

575
00:38:58,086 --> 00:39:00,452
Spent 150 on a car.

576
00:39:00,518 --> 00:39:05,445
About 75 on restaurants.
Probably 50 on clothes.

577
00:39:05,510 --> 00:39:08,388
I put 400 away for a rainy day.
That's smart.

578
00:39:08,453 --> 00:39:12,101
Yeah, as it turns out, 'cause it
looks like the storm's coming.

579
00:39:12,614 --> 00:39:14,276
You still got 125.

580
00:39:16,054 --> 00:39:20,501
Yeah, well, I did spend $76,520
on hookers, booze, and dancers.

581
00:39:20,566 --> 00:39:21,717
But mainly hookers.

582
00:39:23,445 --> 00:39:25,396
76,500?

583
00:39:25,461 --> 00:39:27,556
I was a little shocked
initially, but then I realized

584
00:39:27,621 --> 00:39:31,012
that I could claim most of it
back as entertainment. It's true.

585
00:39:36,133 --> 00:39:37,252
Holy shit!
Goddamn!

586
00:39:37,317 --> 00:39:39,012
The cavalry is here!
Come on, we should go.

587
00:39:46,645 --> 00:39:48,212
How old are you?

588
00:39:49,781 --> 00:39:51,380
Forty-three.
Jesus.

589
00:39:56,980 --> 00:39:58,580
This is bizarre.

590
00:40:00,916 --> 00:40:02,932
It's like a dream.

591
00:40:06,741 --> 00:40:10,772
I don't know, seems like we
actually may have just woken up.

592
00:40:13,365 --> 00:40:14,452
Come in.

593
00:40:15,748 --> 00:40:17,859
How do we look?

594
00:40:17,924 --> 00:40:20,499
I should go.
No. You should stay.

595
00:40:20,564 --> 00:40:21,844
So?

596
00:40:22,309 --> 00:40:23,971
It's legit.

597
00:40:24,036 --> 00:40:25,635
The kid killed it.

598
00:40:26,308 --> 00:40:28,483
The formula's worthless.

599
00:40:28,548 --> 00:40:31,267
What does that mean?
It's broken.

600
00:40:31,332 --> 00:40:34,275
There are eight trillion dollars
of paper around the world

601
00:40:34,340 --> 00:40:35,939
relying on that equation.

602
00:40:36,004 --> 00:40:37,155
Well, we were wrong.

603
00:40:37,221 --> 00:40:39,682
No, you mean
you were wrong.

604
00:40:39,748 --> 00:40:41,811
Now, don't get me started.
We discussed this.

605
00:40:41,876 --> 00:40:42,707
I'm heading for
the conference room.

606
00:40:42,771 --> 00:40:44,403
No, I want you
to hear this.

607
00:40:46,132 --> 00:40:47,955
I don't want
to hear this.

608
00:40:48,020 --> 00:40:50,163
How do you think I've stuck
around this place so long?

609
00:40:58,547 --> 00:40:59,986
I called Tuld.

610
00:41:02,452 --> 00:41:04,275
Do we have a contingency
plan here?

611
00:41:04,340 --> 00:41:06,914
A contingency plan?
Yes.

612
00:41:06,979 --> 00:41:10,130
No, we went all
in on this one.

613
00:41:10,196 --> 00:41:13,618
So we've gotten ourselves quite
exposed here, haven't we?

614
00:41:15,587 --> 00:41:17,666
To Tuld or the market?

615
00:41:19,523 --> 00:41:20,771
To both.

616
00:41:42,627 --> 00:41:44,657
He's here?

617
00:41:44,722 --> 00:41:45,538
Mmm-hmm.

618
00:42:13,586 --> 00:42:16,593
Tuld's helicopter just landed.
I know. Come with us.

619
00:42:16,658 --> 00:42:18,737
Where's Sam?
I don't know. You sure you want all of us?

620
00:42:18,802 --> 00:42:19,874
Yes.

621
00:42:25,970 --> 00:42:29,697
One piece of advice for
everyone before we go in there.

622
00:42:29,761 --> 00:42:31,361
This could get a little ugly.

623
00:42:31,426 --> 00:42:33,824
But whatever you do, just tell
the truth. No sugarcoating.

624
00:42:33,890 --> 00:42:35,329
Do not change a word of it.

625
00:42:35,394 --> 00:42:38,961
No one here is smart enough,
including the rocket scientist.

626
00:42:45,585 --> 00:42:47,728
Mr. Cohen.
Morning.

627
00:42:49,441 --> 00:42:51,008
This way, please.

628
00:42:55,698 --> 00:42:57,904
He's already in there
waiting for you.

629
00:42:57,969 --> 00:42:59,408
Excellent.

630
00:43:21,777 --> 00:43:23,088
John.

631
00:43:24,432 --> 00:43:25,840
Please, sit down.

632
00:43:28,496 --> 00:43:30,288
Welcome, everyone.

633
00:43:30,353 --> 00:43:32,896
I must apologize for dragging you
all here at such an uncommon hour.

634
00:43:32,961 --> 00:43:37,024
But from what I've been told, this
matter needs to be dealt with urgently.

635
00:43:37,088 --> 00:43:40,048
So urgently, in fact, it probably
should have been addressed weeks ago.

636
00:43:40,113 --> 00:43:42,288
But that is spilt milk
under the bridge.

637
00:43:42,352 --> 00:43:47,184
So, why doesn't somebody tell me
what they think is going on here?

638
00:43:47,249 --> 00:43:49,887
Mr. Tuld, as
I mentioned earlier,

639
00:43:49,953 --> 00:43:52,656
if you compare the figure
at the top of page 13...

640
00:43:52,720 --> 00:43:56,111
Jared, it's a little early for all that.
Just speak to me in plain English.

641
00:43:57,344 --> 00:43:58,686
Okay.

642
00:43:58,752 --> 00:44:00,463
In fact, I'd like to speak to
the guy who put this together.

643
00:44:00,528 --> 00:44:03,056
Mr. Sullivan, is it?
Does he speak English?

644
00:44:03,058 --> 00:44:04,159
Sir?

645
00:44:04,224 --> 00:44:05,936
I'd like to speak
with the analyst

646
00:44:06,000 --> 00:44:07,311
who seems to have
stumbled across this mess.

647
00:44:07,376 --> 00:44:10,415
Certainly. That would be
Peter Sullivan. Right here.

648
00:44:10,481 --> 00:44:12,719
Oh, Mr. Sullivan, you're here.
Good morning.

649
00:44:12,784 --> 00:44:15,359
Maybe you could tell me what
you think is going on here.

650
00:44:15,424 --> 00:44:19,279
And please, speak as you
might to a young child

651
00:44:19,343 --> 00:44:21,711
or a golden retriever.

652
00:44:21,776 --> 00:44:25,359
It wasn't brains that got me here.
I can assure you of that.

653
00:44:27,023 --> 00:44:27,982
Well, um...

654
00:44:29,360 --> 00:44:32,366
Sir, as you may
or may not know, I work

655
00:44:32,432 --> 00:44:35,854
here for Mr. Rogers as an
associate in the Risk Assessment

656
00:44:35,920 --> 00:44:37,710
and Management Office at MBS.

657
00:44:37,775 --> 00:44:41,342
Please. Just relax. Stand up.
Tell us in a clear voice.

658
00:44:41,407 --> 00:44:43,855
What is the nature
of the problem?

659
00:44:45,743 --> 00:44:46,798
Okay.

660
00:44:48,495 --> 00:44:51,726
As you probably know,
over the last 36 to 40 months

661
00:44:51,808 --> 00:44:54,879
the firm has begun packaging

662
00:44:54,943 --> 00:44:59,869
new MBS products that combine
several different tranches

663
00:44:59,934 --> 00:45:03,902
of rating classifications
in one tradable security.

664
00:45:03,967 --> 00:45:05,982
This has been
enormously profitable,

665
00:45:06,047 --> 00:45:08,221
as I imagine you noticed.

666
00:45:08,287 --> 00:45:09,566
I have.

667
00:45:09,631 --> 00:45:11,775
The firm is currently doing
a considerable amount

668
00:45:11,839 --> 00:45:13,310
of this business every day.

669
00:45:13,374 --> 00:45:16,638
Now, the problem, which is, I
guess, why we are here tonight,

670
00:45:16,703 --> 00:45:20,174
is that is takes us,
the firm, about a month

671
00:45:20,239 --> 00:45:24,285
to layer these products correctly,
thereby posing a challenge

672
00:45:24,350 --> 00:45:26,813
from a Risk Management
standpoint.

673
00:45:26,878 --> 00:45:29,006
And, Mr. Sullivan,
that challenge is?

674
00:45:29,008 --> 00:45:33,118
We have to hold these assets on our books
longer than we might ideally like to.

675
00:45:33,120 --> 00:45:34,925
Yes.

676
00:45:34,990 --> 00:45:37,133
But the key factor here is these
are essentially just mortgages.

677
00:45:37,198 --> 00:45:40,733
So that has allowed us to push
the leverage considerably beyond

678
00:45:40,798 --> 00:45:44,446
what you might be willing or allowed
to do in any other circumstance,

679
00:45:44,511 --> 00:45:48,189
thereby pushing the risk profile
without raising any red flags.

680
00:45:49,855 --> 00:45:51,581
Now... Thank you,
Mr. Sullivan. Sit down.

681
00:45:51,646 --> 00:45:53,966
What I'm guessing your
report here says,

682
00:45:54,030 --> 00:45:56,365
and give me some rope here.

683
00:45:56,430 --> 00:46:00,301
What I'm guessing it says is that
considering the, shall we say,

684
00:46:00,366 --> 00:46:03,406
bumpy road we've been on
the last week or so,

685
00:46:03,470 --> 00:46:08,141
that the figures your brilliant co-workers
up the line ahead of you have come

686
00:46:08,206 --> 00:46:10,397
up with don't make
much sense anymore

687
00:46:10,462 --> 00:46:12,861
considering what's
taking place today.

688
00:46:12,926 --> 00:46:14,556
Actually, not what's
taking place today,

689
00:46:14,621 --> 00:46:17,341
but what's already taken place
over the last two weeks.

690
00:46:17,405 --> 00:46:20,668
So, you're saying
this has already happened?

691
00:46:20,734 --> 00:46:22,045
Sort of.

692
00:46:23,469 --> 00:46:25,740
Sort of.

693
00:46:25,805 --> 00:46:31,356
And, Mr. Sullivan, what does your model
say that, that means for us here.

694
00:46:31,421 --> 00:46:34,044
Well, that's where it
becomes a projection.

695
00:46:34,109 --> 00:46:35,325
But...

696
00:46:37,597 --> 00:46:40,476
You're speaking with
me, Mr. Sullivan.

697
00:46:40,541 --> 00:46:42,491
Well, sir,

698
00:46:42,557 --> 00:46:46,220
if those assets
decrease by just 25%

699
00:46:46,285 --> 00:46:48,684
and remain on our books,

700
00:46:48,748 --> 00:46:52,812
that loss would be greater than
the current market capitalization

701
00:46:52,877 --> 00:46:54,700
of this entire company.

702
00:46:58,060 --> 00:47:01,035
So, what you're telling me

703
00:47:02,412 --> 00:47:05,499
is that the music
is about to stop

704
00:47:06,748 --> 00:47:09,788
and we're going to be left
holding the biggest bag

705
00:47:09,852 --> 00:47:11,324
of odorous excrement

706
00:47:11,388 --> 00:47:14,060
ever assembled
in the history of

707
00:47:15,933 --> 00:47:17,179
capitalism.

708
00:47:21,084 --> 00:47:25,596
Sir, I'm not sure that I would put it
that way. But let me clarify.

709
00:47:25,661 --> 00:47:27,739
Using your analogy,

710
00:47:27,804 --> 00:47:30,779
what this model shows

711
00:47:30,844 --> 00:47:33,307
is the music, so to
speak, just slowing.

712
00:47:34,653 --> 00:47:36,859
If the music were to
stop, as you put it,

713
00:47:36,925 --> 00:47:40,090
then this model wouldn't be
even close to that scenario.

714
00:47:40,156 --> 00:47:42,747
It would be
considerably worse.

715
00:47:46,619 --> 00:47:50,171
Let me tell you something,
Mr. Sullivan.

716
00:47:50,236 --> 00:47:54,651
Do you care to know why I'm
in this chair with you all?

717
00:47:54,716 --> 00:47:57,018
I mean, why I earn
the big bucks?

718
00:47:58,268 --> 00:47:59,419
Yes.

719
00:47:59,484 --> 00:48:02,938
I'm here for one reason
and one reason alone.

720
00:48:03,003 --> 00:48:08,843
I'm here to guess what the music might
do a week, a month, a year from now.

721
00:48:10,123 --> 00:48:11,402
That's it.

722
00:48:12,236 --> 00:48:13,547
Nothing more.

723
00:48:15,659 --> 00:48:18,426
And standing here tonight,

724
00:48:18,492 --> 00:48:23,866
I'm afraid that
I don't hear a thing.

725
00:48:26,459 --> 00:48:27,642
Just

726
00:48:29,979 --> 00:48:31,482
silence.

727
00:48:46,587 --> 00:48:50,602
So, now that we know the music has
stopped, what can we do about it?

728
00:48:51,371 --> 00:48:54,809
Mr. Cohen? Ms. Robertson?

729
00:48:54,874 --> 00:48:58,809
I'm afraid I think this is where
you're supposed to step back in.

730
00:48:58,891 --> 00:49:02,217
Lord knows we've relied enough
on Mr. Sullivan tonight.

731
00:49:03,851 --> 00:49:06,026
What do you have for us?

732
00:49:13,435 --> 00:49:18,233
What have I told you since the first
day you stepped into my office?

733
00:49:18,298 --> 00:49:21,113
There are three ways to make
a living in this business,

734
00:49:21,178 --> 00:49:24,409
be first, be smarter,
or cheat.

735
00:49:25,306 --> 00:49:27,418
Now, I don't cheat.

736
00:49:27,482 --> 00:49:32,249
And although I like to think we have some
pretty smart people in this building,

737
00:49:32,313 --> 00:49:35,704
it sure is a hell of a lot
easier to just be first.

738
00:49:36,474 --> 00:49:38,329
Sell it all. Today.

739
00:49:40,858 --> 00:49:43,305
Is that even possible, Sam?

740
00:49:43,370 --> 00:49:45,193
Yes, but at what cost?

741
00:49:46,921 --> 00:49:48,489
I'll have to pay.

742
00:49:50,154 --> 00:49:51,561
Really?

743
00:49:51,625 --> 00:49:53,065
I think so.

744
00:49:54,105 --> 00:49:56,632
Where is this going
to come back to us?

745
00:49:57,194 --> 00:49:58,968
Everywhere.

746
00:49:59,034 --> 00:50:03,416
Sam, I don't think you to understand
what your boy here has just said.

747
00:50:07,034 --> 00:50:08,600
If I made you,

748
00:50:09,369 --> 00:50:11,161
how would you do this?

749
00:50:16,633 --> 00:50:19,704
You call the traders in for their normal
6:30 meeting and you be honest with them.

750
00:50:19,769 --> 00:50:22,408
Because they're going to know
it's the end either way.

751
00:50:22,473 --> 00:50:25,448
You're going to have to throw them
a bone, and a pretty big one.

752
00:50:25,450 --> 00:50:27,672
And then you've got to come
out of the gates storming.

753
00:50:27,737 --> 00:50:29,912
No swaps. No nothing.

754
00:50:29,977 --> 00:50:32,184
40% done by 10:15. By 11:00,

755
00:50:32,249 --> 00:50:33,655
all your trades
have to be gone

756
00:50:33,721 --> 00:50:36,935
because by lunchtime,
word's going to be out.

757
00:50:37,001 --> 00:50:40,904
And by 2:00 you're going to be selling at
65 cents on the dollar, if you're lucky.

758
00:50:40,969 --> 00:50:44,008
And then the feds are going to be in here,
up your ass, trying to slow you down.

759
00:50:44,010 --> 00:50:45,048
Ramesh?

760
00:50:45,113 --> 00:50:47,576
They can slow you down.
They can't stop you.

761
00:50:47,641 --> 00:50:48,856
It's yours to sell.

762
00:50:49,049 --> 00:50:51,863
But, John, even if

763
00:50:51,929 --> 00:50:55,224
we manage to pull that off,
and that's saying something,

764
00:50:56,585 --> 00:50:59,911
the real question is,
who are we selling this to?

765
00:50:59,960 --> 00:51:02,455
Same people we've been selling
it to the last two years,

766
00:51:02,520 --> 00:51:04,087
and whoever else will buy it.

767
00:51:04,169 --> 00:51:07,687
But, John, if you do this,

768
00:51:07,752 --> 00:51:10,792
you will kill the market
for years. It's over.

769
00:51:12,648 --> 00:51:15,912
And you're selling something
that you know has no value.

770
00:51:15,961 --> 00:51:20,231
We are selling to willing buyers
of the current fair market price.

771
00:51:20,935 --> 00:51:24,391
So that we may survive.

772
00:51:24,392 --> 00:51:27,959
You will never sell anything to
any of those people ever again.

773
00:51:28,023 --> 00:51:29,271
I understand.

774
00:51:29,336 --> 00:51:31,095
Do you?
Do you?

775
00:51:32,327 --> 00:51:33,927
This is it!

776
00:51:33,992 --> 00:51:36,070
I'm telling you.
This is it.

777
00:51:47,000 --> 00:51:48,854
Now, it's 4:00.

778
00:51:48,919 --> 00:51:51,862
Jared, you've got till 5:00 to break
this down and draw me up a plan.

779
00:51:51,928 --> 00:51:56,119
Is there anybody else who knows what's
in here at the moment, block by block?

780
00:51:56,776 --> 00:51:58,566
Eric Dale.

781
00:51:58,632 --> 00:52:00,007
And where is he?

782
00:52:00,072 --> 00:52:03,031
As of today, he's no
longer with the firm.

783
00:52:03,095 --> 00:52:05,478
We have been trying
to locate him.

784
00:52:09,223 --> 00:52:10,246
Carmelo.
Yes.

785
00:52:10,311 --> 00:52:12,710
Get me Eric Dale here by 6:30.

786
00:52:12,760 --> 00:52:14,198
It's done.

787
00:52:14,263 --> 00:52:16,246
We meet back here in an hour.

788
00:52:18,520 --> 00:52:20,213
Sam, let's talk.

789
00:52:32,887 --> 00:52:34,869
This is a hell
of a town.

790
00:52:36,631 --> 00:52:39,510
I've always loved this place,
since the day I arrived.

791
00:52:39,575 --> 00:52:41,045
Everything about it.

792
00:52:49,511 --> 00:52:52,294
Sam, are you going
to go with me on this?

793
00:52:53,975 --> 00:52:55,638
I don't know, John.

794
00:52:57,367 --> 00:52:59,157
This one is very ugly.

795
00:53:00,758 --> 00:53:03,445
You and I,
we're salesmen.

796
00:53:03,510 --> 00:53:06,006
We sell. That's what we do.
It's not complicated.

797
00:53:06,070 --> 00:53:08,037
Exactly.

798
00:53:08,101 --> 00:53:10,598
And you know damn well you
don't sell anything to anybody

799
00:53:10,662 --> 00:53:12,518
unless you think they're
gonna come back for more.

800
00:53:12,582 --> 00:53:16,149
That's the lesson we learned.
And tomorrow, we're done.

801
00:53:16,215 --> 00:53:17,525
But this is it, Sam.

802
00:53:17,590 --> 00:53:19,701
You keep saying that.
What's that supposed to mean?

803
00:53:19,766 --> 00:53:22,068
This is the big one.

804
00:53:22,134 --> 00:53:24,821
Most of us aren't going to
make it out of this one.

805
00:53:24,885 --> 00:53:26,804
Us?
The Street.

806
00:53:27,733 --> 00:53:29,765
What are you talking about?

807
00:53:29,830 --> 00:53:32,132
This isn't the last situation I'm
gonna have to deal with this week.

808
00:53:32,197 --> 00:53:33,828
This is just the start.

809
00:53:33,893 --> 00:53:35,876
It's the start 'cause
you're starting it.

810
00:53:35,941 --> 00:53:39,541
Maybe. But I don't believe that.
Not this time.

811
00:53:39,605 --> 00:53:41,717
The numbers, they just
don't add up anymore.

812
00:53:41,781 --> 00:53:45,204
I agree with you there.
I've been saying that for years.

813
00:53:45,269 --> 00:53:49,397
If this kid out there can
come up with this, then...

814
00:53:49,461 --> 00:53:52,085
Look, I just don't think I can
walk in there knowing what I know

815
00:53:52,149 --> 00:53:54,660
and put the hammer
down on these guys.

816
00:53:54,725 --> 00:53:57,267
When did you start
getting so soft, Sam?

817
00:53:57,333 --> 00:53:59,957
Fuck you, soft.
You're panicking.

818
00:54:02,709 --> 00:54:06,932
If you're the first out of the
door, that's not called panicking.

819
00:54:12,597 --> 00:54:16,275
You're obviously operating with
more information than I have.

820
00:54:18,036 --> 00:54:21,075
But I think this will
destroy this firm.

821
00:54:21,140 --> 00:54:22,644
No one will ever
trust you again.

822
00:54:22,708 --> 00:54:25,396
You're knowingly putting people
out of business, full stop.

823
00:54:27,956 --> 00:54:30,323
You let me deal
with that, Sam.

824
00:54:44,677 --> 00:54:45,666
How'd it go?

825
00:54:46,675 --> 00:54:49,458
This is a fucking shit show.

826
00:54:49,524 --> 00:54:51,955
They're gonna go with it?
Probably.

827
00:54:52,788 --> 00:54:53,939
Jesus.

828
00:54:55,604 --> 00:54:57,427
Remember this day, boys.

829
00:54:59,508 --> 00:55:01,138
Remember this day.

830
00:55:16,115 --> 00:55:18,226
So, what's the
strategy here?

831
00:55:18,291 --> 00:55:19,507
That's where I'm
headed right now.

832
00:55:19,572 --> 00:55:21,331
Downstairs to work
on it with my guys.

833
00:55:21,396 --> 00:55:23,794
No, no. You and
I with John.

834
00:55:29,332 --> 00:55:33,554
I'm not sure that we need one, Sarah.
That's not the way I do things.

835
00:55:33,619 --> 00:55:34,802
Please.

836
00:55:36,883 --> 00:55:39,666
Listen, he knows where
we've stood on this

837
00:55:39,731 --> 00:55:41,682
all along.

838
00:55:41,747 --> 00:55:44,114
That's exactly
my point.

839
00:55:44,178 --> 00:55:48,146
And knowing what was
discussed by both you and I,

840
00:55:48,211 --> 00:55:51,154
I don't see how this could
provide you with anything

841
00:55:51,219 --> 00:55:53,842
other than a false
sense of comfort.

842
00:55:53,907 --> 00:55:57,042
I'm not looking for a sense
of comfort here, Sarah.

843
00:55:58,099 --> 00:56:00,626
I don't think there's
one to be found.

844
00:56:10,690 --> 00:56:12,674
So, again, what's
the strategy here?

845
00:56:15,058 --> 00:56:17,426
I'm just not sure there's
much more to do on this.

846
00:56:18,450 --> 00:56:20,497
It's very simple.

847
00:56:20,562 --> 00:56:23,313
Don't even think about
fucking me on this.

848
00:56:24,337 --> 00:56:26,385
'Cause if we're
going down,

849
00:56:27,443 --> 00:56:29,745
then you damn well
know it'll be together.

850
00:56:31,106 --> 00:56:32,897
No.

851
00:56:32,962 --> 00:56:34,785
I'm not sure that
I do know that.

852
00:56:55,985 --> 00:56:57,201
Hey.

853
00:56:57,681 --> 00:56:59,169
Oh, I'm sorry.

854
00:57:12,225 --> 00:57:14,944
What do you guys think
Tuld made last year?

855
00:57:16,961 --> 00:57:18,561
Would you shut
the fuck up?

856
00:57:18,626 --> 00:57:20,273
86 million.

857
00:57:21,233 --> 00:57:23,984
In bonuses and salary.

858
00:57:24,049 --> 00:57:25,872
Really?
Sure, it's public record.

859
00:57:25,937 --> 00:57:28,144
That is a lot
of fucking money.

860
00:57:29,297 --> 00:57:30,960
He was worth a billion.

861
00:57:31,025 --> 00:57:32,112
Was?

862
00:57:33,185 --> 00:57:34,497
Till today.

863
00:57:35,297 --> 00:57:36,544
Really?

864
00:57:38,081 --> 00:57:39,393
You'll see.

865
00:57:42,241 --> 00:57:44,960
I'm going to get some coffee.
You guys want anything else?

866
00:57:45,025 --> 00:57:47,712
I'm all right.
I could use some real air.

867
00:57:47,777 --> 00:57:49,712
Probably a good idea.
Is it all right, Will?

868
00:57:49,777 --> 00:57:51,567
Is what all right?
If I get out of here for a minute?

869
00:57:51,633 --> 00:57:53,327
Of course, it's not a prison.

870
00:57:53,392 --> 00:57:55,728
You want me to hold your hand?

871
00:57:59,985 --> 00:58:02,543
Why did they put
all this fruit on it?

872
00:58:11,536 --> 00:58:13,488
Hello, Will Emerson.

873
00:58:13,552 --> 00:58:14,671
Hello.

874
00:58:18,128 --> 00:58:19,311
Right.

875
00:58:20,592 --> 00:58:22,879
No, thank you.
I understand.

876
00:58:25,440 --> 00:58:27,214
No, we'll be discreet.

877
00:58:28,688 --> 00:58:30,543
Thank you.

878
00:58:30,608 --> 00:58:32,719
What?
Eric's wife.

879
00:58:32,783 --> 00:58:34,831
He's alive, he's home, he
doesn't want to speak to us,

880
00:58:34,895 --> 00:58:36,303
and he doesn't know
that she rang me.

881
00:58:36,368 --> 00:58:38,238
Where's he live?
Heights.

882
00:58:38,400 --> 00:58:40,463
Shall I call Tuld's guy?
No.

883
00:58:40,465 --> 00:58:42,702
It's Eric. The last thing we need
is those guys going over there.

884
00:58:42,768 --> 00:58:44,143
No, you two go get him
and try to bring him here.

885
00:58:44,208 --> 00:58:46,623
But you got to be back by 6:00 a.m.
All right.

886
00:58:49,696 --> 00:58:51,198
I hate Brooklyn.

887
00:58:56,143 --> 00:58:57,294
May I come in?

888
00:58:57,296 --> 00:58:59,711
Of course.
Please, sit down.

889
00:59:04,959 --> 00:59:06,110
So...

890
00:59:09,951 --> 00:59:12,062
We're going to
do this thing.

891
00:59:15,071 --> 00:59:16,190
Okay.

892
00:59:17,519 --> 00:59:19,342
It's going to be tight.

893
00:59:21,055 --> 00:59:22,782
Is Sam on board?

894
00:59:22,846 --> 00:59:24,126
Not yet.

895
00:59:27,775 --> 00:59:29,566
Sarah,

896
00:59:29,631 --> 00:59:33,694
I need a head to feed to the traders
on the floor and the board.

897
00:59:38,031 --> 00:59:39,918
Is it me or Cohen?

898
00:59:39,983 --> 00:59:41,261
It's you.

899
00:59:50,543 --> 00:59:54,286
Of course, you're well aware
that I filtered several warnings

900
00:59:54,351 --> 00:59:57,230
to you and Cohen
about this a year ago.

901
00:59:57,342 --> 01:00:01,597
I really don't think that's the best
path for you to take at this point.

902
01:00:05,471 --> 01:00:08,253
You're going to be
well taken care of here.

903
01:00:10,878 --> 01:00:12,605
Obviously, it is

904
01:00:13,599 --> 01:00:14,685
quite complicated.

905
01:00:14,750 --> 01:00:16,845
John, I was told under
no uncertain terms...

906
01:00:16,847 --> 01:00:19,037
It was always
a very gray area.

907
01:00:19,102 --> 01:00:23,741
Actually, it was made very clear
at the time by you, me, and Cohen.

908
01:00:25,598 --> 01:00:29,085
I'd really appreciate it if
you didn't fight me on this.

909
01:00:40,717 --> 01:00:43,245
We all fucked this
one up pretty good.

910
01:00:44,046 --> 01:00:45,165
Yes.

911
01:00:47,453 --> 01:00:49,405
We need you to stay here
until this is finished

912
01:00:49,470 --> 01:00:51,644
and the market's closed.

913
01:00:51,709 --> 01:00:53,116
I understand.

914
01:00:55,309 --> 01:00:58,732
They'll go over the numbers
with you downstairs.

915
01:00:58,797 --> 01:01:00,077
Good luck.

916
01:01:17,004 --> 01:01:18,924
Oh, fuck.
Jared's coming.

917
01:01:20,141 --> 01:01:22,156
What's the boy
wonder want?

918
01:01:27,852 --> 01:01:30,156
You got a minute?
Just off to pick up Eric.

919
01:01:30,221 --> 01:01:31,915
Yeah. I know. It will
only take a second.

920
01:01:31,981 --> 01:01:33,451
All right,
what is it?

921
01:01:33,516 --> 01:01:35,851
Tuld and I have
concerns that Sam

922
01:01:35,916 --> 01:01:39,115
may not be willing to step up
and do the right thing here.

923
01:01:39,197 --> 01:01:40,540
This has never
been a problem.

924
01:01:40,605 --> 01:01:41,851
No, it hasn't.

925
01:01:41,916 --> 01:01:44,972
But sometimes, in acute
situations such as this,

926
01:01:45,037 --> 01:01:50,219
often what is right can take
on multiple interpretations.

927
01:01:54,029 --> 01:01:55,515
Sam will step up.

928
01:01:55,580 --> 01:01:58,203
Oh, I know he will.
But if he doesn't...

929
01:01:59,692 --> 01:02:02,875
But if he doesn't, we need
to know that you will.

930
01:02:04,827 --> 01:02:06,107
Thank you.

931
01:02:06,172 --> 01:02:08,139
You need to know
that I will what?

932
01:02:08,204 --> 01:02:11,435
That you'll
step up.

933
01:02:11,500 --> 01:02:14,251
I have no doubt that Sam will
make the right decision.

934
01:02:14,316 --> 01:02:15,914
But just to
make it clear,

935
01:02:15,980 --> 01:02:18,794
he and I have always had the same
interpretation of what's right,

936
01:02:20,604 --> 01:02:23,003
no matter how acute
the situation.

937
01:05:02,376 --> 01:05:03,944
Jesus, that's a nice place.

938
01:05:04,008 --> 01:05:06,215
Yeah, it is.
He just bought it.

939
01:05:07,752 --> 01:05:10,488
I hope it was with cash.

940
01:05:10,553 --> 01:05:13,240
Fuck me, you're a heartless
little shit sometimes.

941
01:05:14,824 --> 01:05:16,264
And it wasn't.

942
01:05:18,264 --> 01:05:20,343
Don't touch any
of the buttons.

943
01:05:26,488 --> 01:05:28,664
What are you doing here?
Hey.

944
01:05:35,224 --> 01:05:38,263
So, Peter finished the model
you were working on.

945
01:05:38,872 --> 01:05:40,374
Really?

946
01:05:40,440 --> 01:05:42,295
It caused a shit storm.

947
01:05:42,360 --> 01:05:43,766
I bet it did.

948
01:05:44,823 --> 01:05:45,991
You think he's right?

949
01:05:46,824 --> 01:05:48,422
I know he's right.

950
01:05:50,599 --> 01:05:51,624
Fuck.

951
01:05:53,592 --> 01:05:54,871
All right.

952
01:05:59,816 --> 01:06:02,055
So Jared Cohen called
an emergency meeting

953
01:06:02,120 --> 01:06:04,023
with the senior
partners last night.

954
01:06:04,087 --> 01:06:06,247
And based on your findings,

955
01:06:06,312 --> 01:06:09,383
they've decided to liquidate
our entire position.

956
01:06:09,960 --> 01:06:11,111
Today.

957
01:06:13,335 --> 01:06:15,286
I'm very sorry
about that.

958
01:06:21,495 --> 01:06:24,662
They're worried about you being out here
and they want me to bring you back.

959
01:06:25,207 --> 01:06:26,838
Please.

960
01:06:26,903 --> 01:06:28,565
I'm just saying.

961
01:06:28,630 --> 01:06:30,262
Fuck them. Fuck them.
Eric...

962
01:06:30,264 --> 01:06:32,758
Don't be rash.
Forget it. I signed my paper. I'm out.

963
01:06:32,823 --> 01:06:35,223
They'll pay you.
They got nothing on me.

964
01:06:35,287 --> 01:06:36,342
They'll pay you.

965
01:06:37,175 --> 01:06:39,318
I've been paid
enough already.

966
01:06:43,223 --> 01:06:44,309
Fuck.

967
01:06:47,479 --> 01:06:49,813
Do you know I built
a bridge once?

968
01:06:50,583 --> 01:06:52,214
Sorry?
A bridge.

969
01:06:53,399 --> 01:06:55,045
No, I didn't know that.

970
01:06:55,111 --> 01:06:57,253
I was an engineer
by trade.

971
01:06:59,366 --> 01:07:03,269
It went from Dilles Bottom, Ohio,
to Moundsville, West Virginia.

972
01:07:03,334 --> 01:07:05,958
It spanned 912 feet
above the Ohio River.

973
01:07:06,023 --> 01:07:09,188
12,100 people
use this thing a day.

974
01:07:09,254 --> 01:07:12,469
And it cut out 35 miles
of extra driving each way

975
01:07:12,535 --> 01:07:14,933
between Wheeling
and New Martinsville.

976
01:07:14,998 --> 01:07:19,733
That's a combined 847,000
miles of driving a day.

977
01:07:21,174 --> 01:07:24,821
Or 25,410,000
miles a month.

978
01:07:26,390 --> 01:07:33,477
And 304,920,000
miles a year saved.

979
01:07:33,542 --> 01:07:37,508
Now, I completed that project in 1986.
That's 22 years ago.

980
01:07:38,565 --> 01:07:40,644
So over the life
of that one bridge,

981
01:07:40,710 --> 01:07:46,564
that's 6,708,240,000
miles

982
01:07:46,629 --> 01:07:49,332
that haven't had
to be driven at...

983
01:07:49,397 --> 01:07:51,701
What? Let's say
50 miles an hour.

984
01:07:51,765 --> 01:07:53,780
So that's what?

985
01:07:53,845 --> 01:07:57,397
That's 134,164,800
hours.

986
01:07:57,462 --> 01:08:01,460
Or 559,020 days.

987
01:08:01,525 --> 01:08:03,603
So that one little bridge
has saved the people

988
01:08:03,669 --> 01:08:04,916
of those two
communities a combined

989
01:08:04,982 --> 01:08:08,307
1,531 years
of their lives

990
01:08:09,301 --> 01:08:11,476
not wasted in
a fucking car.

991
01:08:15,189 --> 01:08:18,292
1,531 years.

992
01:08:18,869 --> 01:08:19,988
Jesus.

993
01:08:31,013 --> 01:08:33,604
I guess you better
get back over there.

994
01:08:37,444 --> 01:08:38,532
Yeah.

995
01:08:42,405 --> 01:08:44,003
Thanks for coming by.

996
01:08:44,068 --> 01:08:45,572
You're welcome.

997
01:08:49,604 --> 01:08:51,012
Who the fuck is this?

998
01:08:51,077 --> 01:08:53,476
I would imagine
it's the firm's people.

999
01:08:53,509 --> 01:08:55,059
What?

1000
01:08:55,124 --> 01:08:57,396
They don't want
any loose ends.

1001
01:08:58,868 --> 01:09:01,506
They fired me.
Fuck them. Fuck them.

1002
01:09:01,572 --> 01:09:04,803
I totally agree. Fuck them.
So come back, take the money,

1003
01:09:04,868 --> 01:09:06,467
you'll be home by 5:00.

1004
01:09:06,532 --> 01:09:08,131
Otherwise, they're going to
fight you on everything.

1005
01:09:08,197 --> 01:09:11,380
They're going to fight you on your
package, your options, everything.

1006
01:09:12,020 --> 01:09:13,235
Be smart.

1007
01:09:19,348 --> 01:09:22,291
Well, you're a better
man than me.

1008
01:09:22,357 --> 01:09:24,915
That's always been true.
Yes, it has.

1009
01:09:30,179 --> 01:09:31,667
House looks good.

1010
01:09:33,284 --> 01:09:34,434
Thanks.

1011
01:09:35,875 --> 01:09:37,955
Hey, Eric.

1012
01:09:38,020 --> 01:09:42,211
Don't beat yourself up too much
about this stuff, all right?

1013
01:09:42,275 --> 01:09:45,378
Some people like driving
the long way home.

1014
01:09:45,443 --> 01:09:47,411
Who the fuck knows, right?

1015
01:10:16,739 --> 01:10:18,338
Ah.

1016
01:10:18,402 --> 01:10:19,778
There he is.

1017
01:10:21,283 --> 01:10:22,146
John.

1018
01:10:23,715 --> 01:10:25,922
How's it looking?

1019
01:10:25,987 --> 01:10:28,961
Cohen's doing a nice
job. It could work.

1020
01:10:29,026 --> 01:10:30,738
What does that mean?

1021
01:10:32,083 --> 01:10:33,809
It means,

1022
01:10:33,875 --> 01:10:36,529
as you very well know,

1023
01:10:36,594 --> 01:10:39,698
that you're a very important
piece of this puzzle.

1024
01:11:10,450 --> 01:11:12,528
That's very generous.

1025
01:11:12,593 --> 01:11:14,033
It's not a gift.

1026
01:11:14,098 --> 01:11:16,720
I need to know you're
with me on this.

1027
01:11:19,890 --> 01:11:21,425
I'm with the firm, John.

1028
01:11:24,130 --> 01:11:26,400
I won't get what I need
from your boys on the floor

1029
01:11:26,466 --> 01:11:27,617
unless they believe you.

1030
01:11:29,762 --> 01:11:32,385
Unless they believe
in you completely.

1031
01:11:36,498 --> 01:11:38,321
Are you in on this?

1032
01:11:39,825 --> 01:11:41,648
I've told you
my reservations.

1033
01:11:41,713 --> 01:11:43,744
You can't have
reservations.

1034
01:11:44,817 --> 01:11:46,704
And I need
to know now.

1035
01:11:48,913 --> 01:11:52,592
Well, John, I am completely with
the firm, as I always have been.

1036
01:11:52,657 --> 01:11:53,920
Excuse me.

1037
01:12:21,153 --> 01:12:23,231
All right, Will,
am I getting fired?

1038
01:12:24,032 --> 01:12:25,456
I don't know.

1039
01:12:28,656 --> 01:12:29,615
Yeah.

1040
01:12:30,848 --> 01:12:32,687
Almost definitely. Yes.

1041
01:12:35,297 --> 01:12:36,720
Are you?
No.

1042
01:12:39,248 --> 01:12:40,656
Seth, it's nothing you did.

1043
01:12:40,721 --> 01:12:42,959
You're just in the wrong
firm at the wrong time.

1044
01:12:42,961 --> 01:12:45,727
Young guys are always
the first to get culled.

1045
01:12:45,792 --> 01:12:47,951
Listen, nothing I'm gonna say is
going to make you feel any better.

1046
01:12:48,016 --> 01:12:51,599
It's just going to suck for a
while, and then you'll be fine.

1047
01:12:55,696 --> 01:12:57,103
You all right?

1048
01:12:58,784 --> 01:13:00,847
Yeah. I'm fine.

1049
01:13:00,911 --> 01:13:04,399
For what it's worth, I'm sorry
this is happening to you.

1050
01:13:05,904 --> 01:13:08,143
Don't be. You didn't
do it to me.

1051
01:13:08,207 --> 01:13:11,422
Still, at least you're going to have
some nice cash to walk away with.

1052
01:13:11,504 --> 01:13:12,975
I guess.

1053
01:13:13,040 --> 01:13:14,655
Shit, this is really going
to affect people.

1054
01:13:14,720 --> 01:13:16,159
Yeah, it's going to
affect people like me.

1055
01:13:16,224 --> 01:13:18,959
No. No. Real people.

1056
01:13:19,616 --> 01:13:21,215
Jesus, Seth.

1057
01:13:21,280 --> 01:13:22,990
Listen, if you really want
to do this with your life,

1058
01:13:23,055 --> 01:13:25,471
you have to believe you're
necessary. And you are.

1059
01:13:25,535 --> 01:13:27,262
People want to live
like this, in their cars

1060
01:13:27,326 --> 01:13:29,838
and the big fucking houses
they can't even pay for,

1061
01:13:29,903 --> 01:13:31,518
then you're necessary.

1062
01:13:31,583 --> 01:13:33,758
The only reason that they all get
to continue living like kings

1063
01:13:33,823 --> 01:13:36,766
is because we've got our fingers
on the scales in their favor.

1064
01:13:36,830 --> 01:13:38,782
I take my hand off,

1065
01:13:39,007 --> 01:13:42,510
then the whole world gets really
fucking fair really fucking quickly,

1066
01:13:42,575 --> 01:13:45,294
and nobody actually wants that.
They say they do, but they don't.

1067
01:13:45,359 --> 01:13:47,454
They want what we
have to give them,

1068
01:13:47,519 --> 01:13:49,886
but they also want
to play innocent

1069
01:13:49,951 --> 01:13:51,566
and pretend they have no
idea where it came from.

1070
01:13:51,631 --> 01:13:53,454
That's more hypocrisy
than I'm willing to swallow.

1071
01:13:53,518 --> 01:13:56,686
So fuck...
Fuck normal people.

1072
01:13:56,750 --> 01:14:00,558
The funny thing is, tomorrow,
if all of this goes tits up

1073
01:14:00,623 --> 01:14:03,869
they're going to crucify
us for being too reckless.

1074
01:14:03,935 --> 01:14:05,693
But if we're wrong

1075
01:14:05,855 --> 01:14:08,350
and everything gets
back on track,

1076
01:14:08,414 --> 01:14:10,829
then the same people are going to
laugh till they piss their pants,

1077
01:14:10,894 --> 01:14:12,365
'cause we're gonna look
like the biggest pussies

1078
01:14:12,430 --> 01:14:14,574
God ever let
through the door.

1079
01:14:18,702 --> 01:14:20,013
You think we're
going to be wrong?

1080
01:14:22,623 --> 01:14:24,189
No, they're all fucked.

1081
01:14:39,342 --> 01:14:40,541
Good morning.

1082
01:14:41,150 --> 01:14:42,269
Peter.

1083
01:14:42,846 --> 01:14:44,284
You want one?

1084
01:14:44,957 --> 01:14:46,077
I don't smoke.

1085
01:14:46,142 --> 01:14:48,381
Oh, that's good.
I don't much either.

1086
01:15:00,542 --> 01:15:02,716
You tired?

1087
01:15:02,781 --> 01:15:05,596
Of what? Remember,
I don't work as hard as you.

1088
01:15:05,661 --> 01:15:06,716
That's not true.

1089
01:15:06,782 --> 01:15:08,476
No, it is, actually.

1090
01:15:12,269 --> 01:15:13,805
We all getting
fired tonight?

1091
01:15:13,869 --> 01:15:15,084
Probably.

1092
01:15:16,301 --> 01:15:18,380
Are they going
to fire you?

1093
01:15:18,446 --> 01:15:20,684
They won't exactly
call it that.

1094
01:15:22,286 --> 01:15:23,852
It'll be a mercy
killing, really.

1095
01:15:23,917 --> 01:15:26,732
You don't have to stand
out here for me.

1096
01:15:26,797 --> 01:15:28,747
No, I don't

1097
01:15:28,814 --> 01:15:31,916
really want to go back
in there just yet.

1098
01:15:31,981 --> 01:15:33,580
I understand that.

1099
01:15:35,821 --> 01:15:37,708
I think I know
your son.

1100
01:15:37,773 --> 01:15:39,115
Really?

1101
01:15:39,181 --> 01:15:42,796
Not well, but he always
seemed like a nice person.

1102
01:15:42,860 --> 01:15:44,893
He is a nice person.

1103
01:15:44,957 --> 01:15:48,652
I guess you could say
worse things about a guy.

1104
01:15:48,717 --> 01:15:51,564
Does he know what's
about to happen?

1105
01:15:51,629 --> 01:15:53,180
What do you mean?

1106
01:15:54,140 --> 01:15:55,835
Did you talk to him?

1107
01:15:56,893 --> 01:15:58,939
No, I hadn't even thought...

1108
01:16:03,676 --> 01:16:04,635
Wow.

1109
01:16:05,596 --> 01:16:07,611
They are all
coming in now.

1110
01:16:08,796 --> 01:16:10,267
Yes, they are.

1111
01:16:15,228 --> 01:16:18,299
Have you ever done
anything like this?

1112
01:16:18,364 --> 01:16:20,539
No, never. Not even close.

1113
01:16:22,107 --> 01:16:23,067
Oh.

1114
01:16:23,996 --> 01:16:25,083
Yeah.

1115
01:16:27,964 --> 01:16:30,331
Are you sure
it's the only,

1116
01:16:31,804 --> 01:16:33,723
or the right
thing to do?

1117
01:16:36,907 --> 01:16:38,155
For who?

1118
01:16:40,620 --> 01:16:42,027
I'm not sure.

1119
01:16:42,828 --> 01:16:44,267
Neither am I.

1120
01:17:17,291 --> 01:17:18,538
Oh, God.

1121
01:18:24,122 --> 01:18:25,561
You all right?

1122
01:18:27,642 --> 01:18:29,817
You're about
to fire me.

1123
01:18:44,969 --> 01:18:48,456
This is all I ever
wanted to do.

1124
01:18:55,370 --> 01:18:56,584
Really?

1125
01:19:24,056 --> 01:19:26,296
They're almost ready for you,
Ms. Robertson. Couple of minutes.

1126
01:19:30,985 --> 01:19:32,247
You as well, huh?

1127
01:19:33,016 --> 01:19:34,775
Yes.

1128
01:19:34,840 --> 01:19:36,151
Jesus.
Yeah.

1129
01:19:38,905 --> 01:19:40,664
Sorry.
Thank you.

1130
01:19:55,000 --> 01:19:58,246
I didn't think they were going
to be able to get you back here.

1131
01:20:00,168 --> 01:20:01,990
Well, they told me
they were going to

1132
01:20:02,057 --> 01:20:04,007
drag me through hell on everything
over the next two years,

1133
01:20:04,072 --> 01:20:06,663
my options,
my health care.

1134
01:20:06,728 --> 01:20:09,063
Or I could come
back here and make

1135
01:20:10,024 --> 01:20:14,103
$176,471 an hour

1136
01:20:14,168 --> 01:20:16,183
to sit quietly
in this room.

1137
01:20:17,623 --> 01:20:20,022
Didn't seem like
much of a choice.

1138
01:20:20,711 --> 01:20:22,151
It never is.

1139
01:20:26,584 --> 01:20:30,199
Obviously, looking back,
it was expressed with

1140
01:20:31,192 --> 01:20:33,783
insufficient urgency,

1141
01:20:33,847 --> 01:20:37,206
but your point was passed on.
I need you to know that.

1142
01:20:38,295 --> 01:20:39,365
Eric.

1143
01:20:39,431 --> 01:20:41,798
It's okay.
I understand.

1144
01:20:41,863 --> 01:20:44,517
Believe me. There was nothing
else you could have done.

1145
01:20:45,255 --> 01:20:46,534
I guess.

1146
01:20:49,479 --> 01:20:52,614
At the time, it didn't seem like
there was much of a choice.

1147
01:20:53,431 --> 01:20:54,902
It never does.

1148
01:21:05,127 --> 01:21:06,821
You have kids, yeah?

1149
01:21:07,719 --> 01:21:08,678
Mmm-hmm.

1150
01:21:16,407 --> 01:21:19,126
So, what's your package
going to be like?

1151
01:21:21,590 --> 01:21:24,757
I don't know.
That's what I'm waiting for now.

1152
01:21:24,822 --> 01:21:27,382
It's probably going
to be pretty good.

1153
01:21:28,406 --> 01:21:29,814
It better be.

1154
01:21:44,950 --> 01:21:48,421
Thank you all for coming in
a little early this morning.

1155
01:21:48,485 --> 01:21:49,669
I know yesterday
was pretty bad,

1156
01:21:49,734 --> 01:21:51,620
and I wish I could say that
today's gonna be less so,

1157
01:21:51,686 --> 01:21:53,925
but that isn't going
to be the case.

1158
01:21:53,990 --> 01:21:55,861
Now, I'm supposed to read this
statement to you all here.

1159
01:21:55,926 --> 01:21:57,333
But why don't you just
read it on your own time,

1160
01:21:57,397 --> 01:22:00,917
and I'll just tell you what
the fuck is going on here.

1161
01:22:00,982 --> 01:22:06,005
I've been here all night meeting
with the executive committee,

1162
01:22:06,070 --> 01:22:09,045
and the decision has been made
to unwind a considerable portion

1163
01:22:09,109 --> 01:22:12,341
of the firm's holdings
and several key asset classes.

1164
01:22:15,141 --> 01:22:18,404
The crux of it is,
in the firm's thinking,

1165
01:22:18,469 --> 01:22:21,700
the party is over
as of this morning.

1166
01:22:21,765 --> 01:22:26,085
There's gonna be considerable turmoil in
the markets for the foreseeable future,

1167
01:22:26,149 --> 01:22:31,108
and they believe it is better
that this turmoil begin with us.

1168
01:22:32,741 --> 01:22:34,564
As a result,

1169
01:22:34,629 --> 01:22:36,980
the firm has decided
to liquidate

1170
01:22:37,045 --> 01:22:41,172
its majority position
of fixed income MBS today.

1171
01:22:43,157 --> 01:22:44,675
These are your packets.

1172
01:22:44,740 --> 01:22:48,164
You will see what accounts
you're responsible for today.

1173
01:22:49,285 --> 01:22:51,620
I'm sure it hasn't
taken you long

1174
01:22:53,028 --> 01:22:55,491
to understand the
implications of this sale

1175
01:22:55,556 --> 01:22:57,411
on your relationships
with your counterparties

1176
01:22:57,476 --> 01:22:59,075
and, as a result,

1177
01:23:00,485 --> 01:23:02,115
on your careers.

1178
01:23:02,180 --> 01:23:06,212
I have expressed this reality
to the executive committee,

1179
01:23:06,276 --> 01:23:07,907
and they understand.

1180
01:23:07,972 --> 01:23:09,363
As a result,

1181
01:23:09,429 --> 01:23:12,884
if you achieve a 93%
sale of your assets,

1182
01:23:12,948 --> 01:23:18,052
you will receive a $1.4
million one-off bonus.

1183
01:23:18,116 --> 01:23:22,355
If the floor as a whole
achieves a 93% sale,

1184
01:23:22,452 --> 01:23:28,819
you will get an additional
$1.3 million apiece.

1185
01:23:28,884 --> 01:23:31,795
For those of you who have never
been through this before,

1186
01:23:31,860 --> 01:23:34,643
this is what the beginning
of a fire sale looks like.

1187
01:23:34,707 --> 01:23:38,259
I cannot begin to tell you how important
the first hour and a half is gonna be.

1188
01:23:38,324 --> 01:23:40,787
I want you to hit
every bite you can find.

1189
01:23:40,851 --> 01:23:44,723
Dealers, brokers, clients.
Your mother, if she's buying.

1190
01:23:44,787 --> 01:23:46,834
And, no swaps.

1191
01:23:47,699 --> 01:23:49,714
It's outgoing only. Today.

1192
01:23:52,980 --> 01:23:57,906
Obviously, this is not going down the
way that any of us would have hoped.

1193
01:23:57,971 --> 01:24:00,723
But the ground is
shifting below our feet,

1194
01:24:00,787 --> 01:24:03,506
and apparently there's
no other way out.

1195
01:24:21,492 --> 01:24:22,546
Guys,

1196
01:24:25,235 --> 01:24:28,242
this is obviously
a very, very unique situation.

1197
01:24:29,170 --> 01:24:31,649
If we are successful today,

1198
01:24:31,715 --> 01:24:35,362
we will have been successful
in destroying our own jobs.

1199
01:24:36,595 --> 01:24:40,306
I cannot promise that
any of you, all of you,

1200
01:24:40,371 --> 01:24:44,626
some of you will be
repositioned within the firm.

1201
01:24:44,691 --> 01:24:49,522
But I can tell you that I am very proud of
the work that we have done here together.

1202
01:24:51,603 --> 01:24:56,338
I've been at this
place 34 years,

1203
01:24:56,403 --> 01:24:58,770
and I can tell you from experience
that people are going to say

1204
01:24:58,835 --> 01:25:01,841
some very nasty things
about what we do here today

1205
01:25:01,907 --> 01:25:05,457
and about what you've dedicated
a portion of your lives to.

1206
01:25:06,194 --> 01:25:08,369
But,

1207
01:25:08,434 --> 01:25:13,617
have faith that in the bigger picture,
our skills have not been wasted.

1208
01:25:13,682 --> 01:25:15,602
We have accomplished much,

1209
01:25:15,667 --> 01:25:18,450
and our talents have been used

1210
01:25:20,723 --> 01:25:23,346
for the greater good.

1211
01:25:23,410 --> 01:25:25,665
Here's your packets.
Get to work.

1212
01:25:59,745 --> 01:26:01,712
<i>City, this is Eric.
Give me Elliot.</i>

1213
01:26:03,185 --> 01:26:04,609
<i>City.
Hey, it's Will Emerson.</i>

1214
01:26:04,674 --> 01:26:05,632
<i>William, how are you?</i>

1215
01:26:05,697 --> 01:26:07,393
I'm all right. How's
the trouble and strife?

1216
01:26:07,457 --> 01:26:09,568
<i>Busting my ass, as always.</i>

1217
01:26:09,633 --> 01:26:11,200
You see, that's what I tried to tell you,
John. Why do you think I'm single?

1218
01:26:11,265 --> 01:26:12,992
<i>I know you did.
What can I do for you?</i>

1219
01:26:13,057 --> 01:26:14,688
Listen. I just got
the tap on my shoulder,

1220
01:26:14,753 --> 01:26:16,640
and we've got some risk over
here that we need to move.

1221
01:26:16,705 --> 01:26:18,912
So today it looks like
my loss is your gain.

1222
01:26:18,977 --> 01:26:20,480
<i>What kind of size
are we talking?</i>

1223
01:26:20,545 --> 01:26:22,384
It should be on your
screen. I just sent it.

1224
01:26:22,449 --> 01:26:24,080
<i>Jesus! Where does this land?</i>

1225
01:26:24,145 --> 01:26:26,160
<i>96 on the dollar.
91.</i>

1226
01:26:26,162 --> 01:26:27,520
All three and we're
done at 94.

1227
01:26:27,585 --> 01:26:29,568
<i>Ninety-three and a half.
Done.</i>

1228
01:26:31,489 --> 01:26:32,832
<i>Trading.
Hello, gorgeous.</i>

1229
01:26:32,897 --> 01:26:34,512
<i>Will, what's happening
over there?</i>

1230
01:26:34,576 --> 01:26:36,016
Well, today's moving day.

1231
01:26:36,081 --> 01:26:38,223
<i>Fuck are you guys
so worked up about?</i>

1232
01:26:38,288 --> 01:26:41,615
You think they tell me anything? All I
know is that today, my loss is your gain.

1233
01:26:41,681 --> 01:26:43,760
Now you're a friendly,
so I've come to you first.

1234
01:26:43,824 --> 01:26:47,567
I got 270 mil at 15 year paying
out a point and a half above par.

1235
01:26:47,632 --> 01:26:50,687
<i>Where's it from?
Where's it from? Do you care?</i>

1236
01:26:50,752 --> 01:26:51,919
<i>No, not really.</i>

1237
01:26:52,209 --> 01:26:53,839
<i>Now, where's the trade?
I'm hearing things...</i>

1238
01:26:53,841 --> 01:26:55,551
<i>Alexis...
You guys are scaring me a little.</i>

1239
01:26:55,553 --> 01:26:58,672
I'm only sharing this
with you right now. 85.

1240
01:27:00,448 --> 01:27:01,407
<i>Done.</i>

1241
01:27:03,008 --> 01:27:05,231
<i>Deutsche.
It's Will Emerson.</i>

1242
01:27:05,296 --> 01:27:07,119
<i>Fuck you, you limey bastard.</i>

1243
01:27:07,184 --> 01:27:08,655
Come on, are you
still angry about that?

1244
01:27:08,720 --> 01:27:11,087
<i>Word is out. I'm
hanging up now.</i>

1245
01:27:12,352 --> 01:27:14,271
<i>Merrill.
Lawrence!</i>

1246
01:27:14,336 --> 01:27:15,855
<i>What the fuck are
you guys doing over there?</i>

1247
01:27:15,921 --> 01:27:17,840
<i>Just a little spring cleaning.
That is not what I'm hearing.</i>

1248
01:27:17,904 --> 01:27:19,471
All right, Lawrence,
are you a buyer?

1249
01:27:19,536 --> 01:27:21,359
<i>I'm not sure anymore.
Where at?</i>

1250
01:27:21,424 --> 01:27:23,247
Well, it sounds like I should
be asking you where at.

1251
01:27:23,312 --> 01:27:24,399
<i>What are we
talking about here?</i>

1252
01:27:24,464 --> 01:27:26,607
Three hundred seventy-five
mil at 30 year mixed.

1253
01:27:26,672 --> 01:27:29,551
<i>Fuck me.
Are you with me on this?</i>

1254
01:27:29,648 --> 01:27:31,871
<i>Sixty-three cents.
Oh, fuck you. I'm hanging up.</i>

1255
01:27:31,936 --> 01:27:34,079
<i>Sixty-three.</i>

1256
01:27:34,143 --> 01:27:36,207
Let me call my man here.
I'll come back to you in five.

1257
01:27:36,272 --> 01:27:38,335
<i>It may be 55 in 5.</i>

1258
01:27:38,400 --> 01:27:41,134
Well, all right, then.
Stay on the line.

1259
01:27:41,199 --> 01:27:43,295
Sam, pick up the phone.

1260
01:27:43,359 --> 01:27:45,727
<i>- Sam, get on the line!
- Yeah.</i>

1261
01:27:45,791 --> 01:27:47,279
<i>I got Lawrence at Merrill.
Where are we?</i>

1262
01:27:47,343 --> 01:27:49,007
<i>Sixty-three cents.
Jesus.</i>

1263
01:27:49,071 --> 01:27:51,422
<i>On what?
375 mix 30.</i>

1264
01:27:51,487 --> 01:27:52,991
<i>Get him to 65 and hit it.</i>

1265
01:27:53,055 --> 01:27:54,958
Are you fucking
kidding me? That's...

1266
01:27:55,023 --> 01:27:58,447
What is that? That's a $131
million loss on a single trade.

1267
01:27:58,512 --> 01:28:00,623
<i>I understand. Hit it.</i>

1268
01:28:01,727 --> 01:28:04,638
Hey, Lawrence.
We're fill or kill at 65.

1269
01:28:04,703 --> 01:28:05,821
<i>It's filled.</i>

1270
01:28:28,526 --> 01:28:29,773
Well done.

1271
01:28:36,525 --> 01:28:38,029
I just want to give
you a heads up.

1272
01:28:38,094 --> 01:28:41,485
They're going to start sending
a few people home now.

1273
01:28:43,598 --> 01:28:44,621
Now?

1274
01:28:44,686 --> 01:28:46,573
Yes, Sam.
No loose ends.

1275
01:28:52,686 --> 01:28:53,997
Of course.

1276
01:28:55,358 --> 01:28:57,149
And for what it's worth,

1277
01:28:58,174 --> 01:28:59,901
you're still good.

1278
01:29:02,557 --> 01:29:05,677
Yeah, I guess someone
upstairs really likes you.

1279
01:29:57,917 --> 01:29:59,003
Sam.

1280
01:30:00,381 --> 01:30:01,883
Please, sit.

1281
01:30:01,949 --> 01:30:05,085
Congratulations are
clearly in order.

1282
01:30:05,149 --> 01:30:08,044
They did the
best they could.

1283
01:30:08,109 --> 01:30:11,836
You did a hell of a job.
And I thank you for it. Come on, sit.

1284
01:30:12,573 --> 01:30:13,915
Excuse me for eating,

1285
01:30:15,644 --> 01:30:17,339
but it's been a long day.

1286
01:30:17,404 --> 01:30:20,347
Can I get you something?
No, nothing. Thanks.

1287
01:30:23,436 --> 01:30:25,387
So, what can I do for you?

1288
01:30:25,452 --> 01:30:26,796
I want out.

1289
01:30:28,236 --> 01:30:30,251
I'm done. I want out.

1290
01:30:32,348 --> 01:30:33,787
It's been a very difficult
day for everyone.

1291
01:30:33,852 --> 01:30:35,099
I need you to release
my options, if they're

1292
01:30:35,163 --> 01:30:37,707
worth anything after today.
I want my bonus. I'm out.

1293
01:30:37,772 --> 01:30:40,459
You'll get your bonus, your options,
and keep your current base.

1294
01:30:40,524 --> 01:30:43,755
But I need you to stay with me
for the next 24 months, okay?

1295
01:30:47,628 --> 01:30:49,483
Oh, come on, Sam.

1296
01:30:49,548 --> 01:30:50,811
Put a smile on your face.

1297
01:30:50,875 --> 01:30:53,499
You did some good today.
You said that yourself.

1298
01:30:53,563 --> 01:30:56,731
Do you know, I'm starting to feel a
little better about this whole thing.

1299
01:30:58,956 --> 01:31:01,562
You're one of the luckiest
guys in the world, Sam.

1300
01:31:01,628 --> 01:31:03,434
Could have been digging
ditches all these years.

1301
01:31:04,524 --> 01:31:06,410
That's true.

1302
01:31:06,475 --> 01:31:09,867
And if I had, at least there'd be some
holes in the ground to show for it.

1303
01:31:11,259 --> 01:31:12,634
Jesus.

1304
01:31:12,924 --> 01:31:15,754
I just don't know how we
fucked this up quite so much.

1305
01:31:19,467 --> 01:31:21,386
When did you start feeling
so sorry for yourself?

1306
01:31:21,451 --> 01:31:23,770
It's unbearable. What?

1307
01:31:23,836 --> 01:31:27,226
So you think we might have put a
few people out of business today.

1308
01:31:27,291 --> 01:31:29,755
That's all for naught.

1309
01:31:29,819 --> 01:31:34,954
But you've been doing that every
day for almost 40 years, Sam.

1310
01:31:35,019 --> 01:31:38,633
And if this is all for naught,
then so is everything out there.

1311
01:31:41,291 --> 01:31:42,922
It's just money.

1312
01:31:43,530 --> 01:31:45,962
It's made up,

1313
01:31:46,027 --> 01:31:47,658
pieces of paper with
pictures on it

1314
01:31:47,723 --> 01:31:51,706
so that we don't have to kill each
other just to get something to eat.

1315
01:31:51,771 --> 01:31:53,626
It's not wrong.

1316
01:31:53,691 --> 01:31:56,762
And it's certainly no different
today than it's ever been.

1317
01:31:58,058 --> 01:32:00,810
1637, 1797,

1318
01:32:00,875 --> 01:32:05,065
1819, 1837, 1857, 1884,

1319
01:32:06,890 --> 01:32:09,225
1901, 1907,

1320
01:32:09,291 --> 01:32:12,985
1929, 1937, 1974,

1321
01:32:13,050 --> 01:32:15,993
1987, Jesus.
Didn't that fucker fuck me up good.

1322
01:32:16,057 --> 01:32:19,065
1992, 1997, 2000, and whatever
we want to call this.

1323
01:32:19,130 --> 01:32:23,641
It's all just the same thing, over
and over. We can't help ourselves.

1324
01:32:23,707 --> 01:32:27,129
And you and I
can't control it

1325
01:32:27,195 --> 01:32:29,945
or stop it or
even slow it.

1326
01:32:30,010 --> 01:32:32,233
Or even ever
so slightly alter it.

1327
01:32:33,097 --> 01:32:35,305
We just react.

1328
01:32:35,369 --> 01:32:37,577
And we make a lot of money
if we get it right.

1329
01:32:37,642 --> 01:32:40,488
And we get left by the side of
the road if we get it wrong.

1330
01:32:40,554 --> 01:32:42,345
And there have always been
and there always will be

1331
01:32:42,409 --> 01:32:44,008
the same percentage
of winners and losers,

1332
01:32:44,074 --> 01:32:45,544
happy fucks and sad sacks,

1333
01:32:45,610 --> 01:32:48,153
fat cats and starving
dogs in this world.

1334
01:32:50,122 --> 01:32:51,161
Yeah.

1335
01:32:52,570 --> 01:32:55,449
There may be more of us today
than there's ever been.

1336
01:32:55,514 --> 01:32:58,776
But the percentages,
they stay exactly the same.

1337
01:33:17,529 --> 01:33:21,208
I'll do it, John, but not
because of your little speech.

1338
01:33:21,273 --> 01:33:24,632
But because I
need the money.

1339
01:33:24,697 --> 01:33:29,144
Hard to believe after all these
years, but I need the money.

1340
01:33:32,424 --> 01:33:33,608
This is the executive
dining room.

1341
01:33:33,802 --> 01:33:36,200
Do you want coffee or tea?
No.

1342
01:33:40,216 --> 01:33:42,104
You gonna keep the kid?

1343
01:33:43,544 --> 01:33:46,583
Keep him? He's
getting promoted.

1344
01:33:46,649 --> 01:33:48,439
It's all hands
on deck now, Sam.

1345
01:33:48,504 --> 01:33:50,792
There's going to be a lot of money
to be made coming out of this mess,

1346
01:33:50,856 --> 01:33:54,392
and we're gonna need all the
brains we can get around here.

1347
01:35:15,111 --> 01:35:16,359
Hello.

1348
01:35:17,766 --> 01:35:19,429
I've called the police.

1349
01:35:19,495 --> 01:35:20,614
Mary.

1350
01:35:21,254 --> 01:35:22,694
Sam.
Yep.

1351
01:35:25,415 --> 01:35:27,109
What are
you doing?

1352
01:35:42,407 --> 01:35:44,293
Sam, what
are you doing?

1353
01:35:46,342 --> 01:35:47,782
Ella died.

1354
01:36:12,437 --> 01:36:16,677
I was driving home from the vet and I
couldn't think of where else to go.

1355
01:36:18,118 --> 01:36:20,772
She belongs here.
I know.

1356
01:36:20,837 --> 01:36:23,269
But, Sam, you don't
live here anymore.

1357
01:36:28,982 --> 01:36:30,612
Are you all right?

1358
01:36:31,766 --> 01:36:33,589
You don't
look so good.

1359
01:36:35,317 --> 01:36:37,397
Yeah, it's been a rough
day all the way around.

1360
01:36:37,461 --> 01:36:39,509
I know, Sammy called.

1361
01:36:39,573 --> 01:36:40,596
Is he all right?

1362
01:36:40,661 --> 01:36:43,605
They got hammered,
but they got out alive.

1363
01:36:43,669 --> 01:36:44,884
Good.

1364
01:36:52,198 --> 01:36:54,500
Well, I'm gonna
go back inside

1365
01:36:56,581 --> 01:36:59,140
and go back to bed.

1366
01:36:59,205 --> 01:37:01,956
The alarm is on, so
don't try and break in.

1367
01:37:11,040 --> 01:37:12,768
Take care of yourself.