1 00:01:32,326 --> 00:01:33,260 Is that them? 2 00:01:36,797 --> 00:01:39,700 Jesus Christ. Are they going to do it right here? 3 00:01:45,873 --> 00:01:47,841 Have you guys ever been through this before? 4 00:01:48,709 --> 00:01:50,978 - No. 5 00:01:51,512 --> 00:01:53,347 it's best to ignore it. Keep your head down...go back to work. 6 00:01:54,214 --> 00:01:58,318 Go on. 7 00:02:00,521 --> 00:02:04,591 Don't watch! 8 00:02:22,209 --> 00:02:22,676 Timothy Singh? 9 00:02:22,676 --> 00:02:24,645 Yes. 10 00:02:24,912 --> 00:02:28,682 I'm afraid we have to speak with you. 11 00:02:42,362 --> 00:02:43,430 Eric Dale? 12 00:02:44,565 --> 00:02:48,235 - Excuse me? - Eric Dale? 13 00:02:49,169 --> 00:02:50,537 I'm not Eric Dale. 14 00:02:50,971 --> 00:02:53,373 Oh. I'm so sorry. 15 00:02:53,841 --> 00:02:56,343 He's my boss, he's down the hall. 16 00:02:56,343 --> 00:02:58,846 - Thanks. 17 00:03:11,358 --> 00:03:13,994 - Excuse me? Mr. Dale? 18 00:03:14,728 --> 00:03:15,729 This way. 19 00:03:24,905 --> 00:03:26,173 Okay. 20 00:04:03,977 --> 00:04:05,112 I'm obviously sorry ... 21 00:04:05,445 --> 00:04:07,247 that we are here today; 22 00:04:07,848 --> 00:04:10,217 but these are extra ordinary times as you very well must know. 23 00:04:12,052 --> 00:04:13,120 Look, I run risk management... 24 00:04:14,254 --> 00:04:16,456 I don't really see, how that's a natural place to start.. 25 00:04:17,057 --> 00:04:19,026 cutting jobs. - We hope you understand that this is in no way personal. 26 00:04:19,459 --> 00:04:20,961 The majority of this floor is being let go today. 27 00:04:24,965 --> 00:04:26,233 Ms. Bratberg is now going to 28 00:04:26,567 --> 00:04:28,335 run through the details; of what the firm is offering. 29 00:04:31,839 --> 00:04:34,274 Mr. Dale the firm is offering you six months severance, 30 00:04:34,274 --> 00:04:36,777 at half your salary. 31 00:04:36,777 --> 00:04:39,546 You will keep all unvested options that you currently hold. 32 00:04:40,013 --> 00:04:42,516 Health will be extended through that period. 33 00:04:42,516 --> 00:04:44,985 You have till tomorrow at... 4:47 34 00:04:44,985 --> 00:04:47,187 to either take the offer or it will be revoked. 35 00:04:47,821 --> 00:04:49,089 Do you understand? 36 00:04:51,124 --> 00:04:52,292 - Yes. 37 00:04:52,593 --> 00:04:57,731 Unfortunately Mr. Dale, due to the highly sensitive nature of your work here; 38 00:04:58,365 --> 00:05:05,172 the firm has to take certain precautions for security purposes that may seem punitive in nature. 39 00:05:07,274 --> 00:05:09,810 I hope considering your..... over 19 years of service to the firm, 40 00:05:09,810 --> 00:05:12,279 you will understand that these measures are in no way.. 41 00:05:12,279 --> 00:05:14,982 a reflection of the firm's feelings towards your performance.. 42 00:05:15,549 --> 00:05:16,817 or your character. 43 00:05:20,687 --> 00:05:21,788 - I don't understand. - She's apologizing... 44 00:05:21,788 --> 00:05:24,591 for what's about to happen. 45 00:05:24,858 --> 00:05:27,394 Your company email, access to the server, 46 00:05:27,394 --> 00:05:29,897 access to the building, and your mobil data and phone service 47 00:05:29,897 --> 00:05:33,333 will all be severed as of this meeting. 48 00:05:33,834 --> 00:05:38,338 And, This gentleman, will take you to your office. So, you can clear out your personal belongings. 49 00:05:42,876 --> 00:05:45,312 What about the.. what I'm currently working on? 50 00:05:45,946 --> 00:05:50,951 I'm in the middle of something... - The firm has worked out its transition plan. and is prepared to move forward, 51 00:05:51,552 --> 00:05:53,253 But, we do we appreciate your concern. 52 00:05:55,022 --> 00:05:57,558 We understand that this is very difficult; and here is my card. 53 00:05:59,193 --> 00:06:03,330 Please contact me over the next few weeks, If you'd any assistence with this transition in your life. 54 00:06:55,148 --> 00:06:56,049 I'm sorry. 55 00:06:58,352 --> 00:07:01,221 Are you still alive? - Uh huh..For now. 56 00:07:01,288 --> 00:07:02,089 Congratulations. 57 00:07:03,991 --> 00:07:07,427 It's a bloodbath. - I heard. 58 00:07:10,097 --> 00:07:10,964 Listen Eric? 59 00:07:10,964 --> 00:07:14,168 If there was something I could have done, I'd have done it. 60 00:07:19,640 --> 00:07:20,641 Just tell me... 61 00:07:21,542 --> 00:07:22,376 Who was it? 62 00:07:25,646 --> 00:07:27,714 Was it Rogers? - I'm not gonna side, you know me. 63 00:07:27,714 --> 00:07:28,715 Robertson? 64 00:07:34,388 --> 00:07:37,624 That cunt. I knew it. I never should have gone to her last year. 65 00:07:38,058 --> 00:07:39,660 Look it wasn't anyone. It was bad luck. And that's all it was. 66 00:07:43,797 --> 00:07:44,965 Alright, Well...Good luck. 67 00:07:51,004 --> 00:07:55,042 I was just in the middle of alot of shit here that I think somebody need to take a look at. 68 00:07:55,042 --> 00:07:56,076 Eric Listen... 69 00:07:58,512 --> 00:08:01,782 They are telling us that everybody needs to get out of here and just leave this. 70 00:08:02,349 --> 00:08:08,722 And while we appreciate your concern, but it's not your problem anymore. 71 00:08:13,760 --> 00:08:14,661 Good luck. 72 00:08:50,464 --> 00:08:52,132 Eric, I am very sorry. - Yeah. 73 00:08:52,866 --> 00:08:54,101 id they say what was going to happen with us? 74 00:08:55,469 --> 00:08:56,803 Jesus Seth. - What? 75 00:08:57,371 --> 00:08:58,639 It's gonna get pretty ugly around here for a while.. 76 00:08:58,639 --> 00:09:02,209 but you guys will be alright. 77 00:09:08,749 --> 00:09:09,750 I'll be seeing you around. - Alright. 78 00:09:10,150 --> 00:09:11,251 Thank you. 79 00:09:33,774 --> 00:09:36,643 I just wanted to say thanks. 80 00:09:38,045 --> 00:09:39,046 That's not neccessary. - Well, it is. 81 00:09:40,180 --> 00:09:42,950 You were the person around here, that I.. - I know. 82 00:09:48,388 --> 00:09:50,657 I was working on something But they wouldn't let me finish it. 83 00:09:52,693 --> 00:09:53,594 So, take a look at it. 84 00:09:55,462 --> 00:09:56,497 Be careful. 85 00:10:28,295 --> 00:10:30,898 Robertson? 86 00:10:30,898 --> 00:10:31,899 Sarah? 87 00:10:33,934 --> 00:10:35,102 You shut off my phone? 88 00:10:36,236 --> 00:10:37,671 Eric, I didn't do anything. 89 00:10:39,006 --> 00:10:40,107 Fuck you! 90 00:11:04,398 --> 00:11:05,299 It's fucking hedious. 91 00:11:06,633 --> 00:11:08,268 It's gonna get worse before it gets better. 92 00:11:15,108 --> 00:11:16,009 You got any Nicorettes? 93 00:11:18,045 --> 00:11:19,479 I'm out of Nicorettes. 94 00:11:20,714 --> 00:11:22,015 Which means, in about.. 95 00:11:22,449 --> 00:11:23,650 Ten minutes. I'm gonna kill someone. 96 00:11:29,223 --> 00:11:30,491 You alright Sam? 97 00:11:31,458 --> 00:11:32,793 My dog is dying. 98 00:11:37,731 --> 00:11:38,699 I'm sorry? 99 00:11:39,166 --> 00:11:40,534 Just got a phone to the vet, 100 00:11:40,868 --> 00:11:42,903 it's some fucking tumor on her liver. 101 00:11:43,904 --> 00:11:45,672 I must've paid almost a thousand bucks a day already, just to keep her alive. 102 00:11:50,210 --> 00:11:51,478 and I don't have a fucking clue what to do about it. 103 00:11:55,716 --> 00:11:57,718 Well they're all gone. 104 00:11:59,820 --> 00:12:00,721 So? 105 00:12:04,358 --> 00:12:05,726 How many do we have left? 106 00:12:06,226 --> 00:12:09,062 About, Thirty-three. 107 00:12:09,062 --> 00:12:10,130 Make sure everyone is out there, I gotta say something. 108 00:12:12,099 --> 00:12:13,901 Yeah, I know. They are ready. 109 00:12:25,345 --> 00:12:29,516 Alright, Let's hear it! 110 00:12:36,056 --> 00:12:37,224 You are all still here for a reason... 111 00:12:38,358 --> 00:12:41,261 eighty percent of this floor was just sent home... forever. 112 00:12:42,663 --> 00:12:44,097 We have spent the last hour saying our good-byes... 113 00:12:45,098 --> 00:12:46,834 they were good people and they were good at their jobs... 114 00:12:47,734 --> 00:12:48,836 but you all were better. 115 00:12:49,903 --> 00:12:51,805 Now they are gone. They are not to be thought of again. 116 00:12:53,340 --> 00:12:55,909 This is your opportunity. 117 00:12:57,144 --> 00:13:00,781 On every floor of this building and in every office from Hong Kong to London the same thing is happening. 118 00:13:01,748 --> 00:13:03,050 By the time we are done.. 119 00:13:03,584 --> 00:13:04,885 3 of every seven guys; 120 00:13:05,419 --> 00:13:09,656 who were standing between you and your boss's job...are gone. 121 00:13:11,725 --> 00:13:12,693 That is your opportunity. 122 00:13:16,263 --> 00:13:19,132 I've been at this place for thirty-four years. 123 00:13:19,800 --> 00:13:21,802 And I can tell you that this will not be the last time you're gonna go through this. 124 00:13:22,703 --> 00:13:24,204 But you all are survivors... 125 00:13:25,606 --> 00:13:28,408 And that is how this firm over 107 years, 126 00:13:28,976 --> 00:13:30,043 has continued to grow stronger. 127 00:13:30,711 --> 00:13:33,313 So, keep your heads high... and get back to work. Let's hear it. 128 00:14:24,164 --> 00:14:27,034 Everyone is going out man... you should come on. 129 00:14:27,034 --> 00:14:28,035 - Oh, I'm cool. Thanks. 130 00:14:30,604 --> 00:14:32,339 Okay. Well, if you change your mind, jut give me a call. 131 00:14:33,073 --> 00:14:34,308 I Will. 132 00:14:34,808 --> 00:14:35,742 Come! 133 00:14:37,878 --> 00:14:39,613 Where are you guys going? - The Grand. 134 00:14:41,548 --> 00:14:42,683 I'll call you when I'm done. 135 00:14:46,453 --> 00:14:47,721 Hey, Be glad, you're still alive. 136 00:14:49,857 --> 00:14:50,991 I am. 137 00:18:14,995 --> 00:18:17,531 Yeah, Hello. 138 00:18:19,399 --> 00:18:20,834 I can't hear you. 139 00:18:21,635 --> 00:18:27,307 Can you go outside, It's too loud. 140 00:18:31,678 --> 00:18:34,214 Where are you? - Lugo. 141 00:18:34,214 --> 00:18:38,452 Are you with Will? - Yeah, Will Emerson? 142 00:18:38,452 --> 00:18:39,486 Yeah, I think he's still here. 143 00:18:40,053 --> 00:18:43,590 I need you to get Will and I need you guys to come back up here. 144 00:18:43,590 --> 00:18:44,591 Uh, Where? - To the office. 145 00:18:45,425 --> 00:18:46,326 - What? - I'm serious. 146 00:18:47,928 --> 00:18:50,397 You want me to get our boss's boss out of 147 00:18:50,397 --> 00:18:54,001 a club and bring him back to the office... at 10:00 on a Thursday night? 148 00:18:54,034 --> 00:18:57,371 Our boss just got axed,so technically he is our boss, and yes that's what I want you to do. 149 00:18:57,371 --> 00:18:58,338 Why? 150 00:19:00,240 --> 00:19:02,209 Look man, Just trust me okay. I need you guys back here, now. 151 00:19:02,209 --> 00:19:03,177 Alright, we'll be there in ten. 152 00:19:35,342 --> 00:19:36,376 Hey, look who it is, burning the candleat both ends. 153 00:19:37,945 --> 00:19:39,079 Why didn't you come out with us? 154 00:19:39,880 --> 00:19:42,382 There aren't anymore cuts planned. You don't have to kiss my arse. 155 00:19:44,017 --> 00:19:45,252 I frankly, don't even know, what it is you guys do. 156 00:19:46,186 --> 00:19:47,921 Will, I am so sorry I had to bring you guys back.. - That's alright. 157 00:19:52,025 --> 00:19:53,327 Eric gave me this file before he left. 158 00:19:54,928 --> 00:19:56,930 And he told me he couldn't quite figure it out, 159 00:19:58,031 --> 00:20:01,969 And the last thing he says as the doors on the elevator close is 'be careful'. 160 00:20:02,603 --> 00:20:04,805 He said, Be careful? - Yeah, So..obviously..I'm little curious. 161 00:20:05,439 --> 00:20:07,007 I get into it a bit and I realize that the only thing missing.. 162 00:20:08,041 --> 00:20:10,410 This is not good, Will. 163 00:20:12,246 --> 00:20:13,614 Go to model four, it makes more sense. 164 00:20:15,616 --> 00:20:17,017 What is this? 165 00:20:18,418 --> 00:20:22,556 This is basically everything that we have in our books. At any given time. But what Eric was trying to do 166 00:20:22,823 --> 00:20:28,328 is to work this numbers for levels of volatility; that fall outside of our standard VAR model. 167 00:20:28,328 --> 00:20:29,329 What are those levels? 168 00:20:29,129 --> 00:20:30,164 Well it's a fairly complicated... - Simplify. 169 00:20:31,598 --> 00:20:33,400 The volatility levels are set using.. 170 00:20:33,901 --> 00:20:37,137 historic patterns basically, an then stretching those patterns out on a 10-15%... roughly. 171 00:20:37,738 --> 00:20:42,709 Alright, So? - So, We are starting to test those historic patterns. 172 00:20:42,709 --> 00:20:43,744 - When? 173 00:20:43,744 --> 00:20:44,745 Today? 174 00:20:46,213 --> 00:20:47,114 Monday... 175 00:20:48,348 --> 00:20:50,317 Last friday and wednesday.. - Two Fridays ago. 176 00:20:51,084 --> 00:20:52,219 Alright, I get it. 177 00:20:54,621 --> 00:20:57,891 Fuck me. Once this thing gets going in the wrong direction... 178 00:21:00,060 --> 00:21:01,595 It's huge. - How huge? 179 00:21:03,664 --> 00:21:05,933 The losses are greater than the current value of the company...? 180 00:21:06,333 --> 00:21:07,901 Projected...Projected losses...Will. 181 00:21:09,102 --> 00:21:10,204 This is just our floor? - Yes. 182 00:21:14,007 --> 00:21:16,510 Where the fuck is Eric Dale? - I don't know. Tried to call him, his phone's off. 183 00:21:16,510 --> 00:21:20,481 What do you mean? - They turned off everyone's phone who they axed today. 184 00:21:20,948 --> 00:21:23,484 Fucking ruthless. 185 00:21:25,986 --> 00:21:28,489 Call his home. - At this hour? 186 00:21:28,489 --> 00:21:32,826 Yes... Do we even know if he's right? - Looks pretty fucking right to me. 187 00:21:34,761 --> 00:21:36,730 Mrs. Dale. This is Will Emerson 188 00:21:37,798 --> 00:21:39,399 I'm fine, thank you. May I speak with Eric? 189 00:21:42,936 --> 00:21:47,174 No, we've tried that. His phone appears to be off. Listen, could you have him call me? 190 00:21:47,674 --> 00:21:50,177 The moment he comes in... the moment he walks through the door. 191 00:21:51,044 --> 00:21:53,914 Thank you so much. Goodbye. 192 00:21:54,515 --> 00:21:56,917 - Where the fuck is he? - Doesn't he have like three kids? - So? 193 00:21:57,718 --> 00:21:59,119 I don't know, would you go home? 194 00:22:01,155 --> 00:22:02,456 I know where he is. 195 00:22:04,258 --> 00:22:06,793 I need you two, to go and get him. 196 00:22:06,793 --> 00:22:09,329 There will be a car waiting for you downstairs. You need to go. 197 00:22:09,329 --> 00:22:11,798 - Right now? - Yeah, Right now. 198 00:22:11,798 --> 00:22:17,704 - What are you going to do? - I'm gonna call, Sam. 199 00:22:18,205 --> 00:22:20,541 Fuck me. 200 00:22:34,321 --> 00:22:36,890 - Yes? - It's Will. 201 00:22:36,890 --> 00:22:39,359 It's 11 O'clock at night? 202 00:22:39,359 --> 00:22:43,831 I know I'm sorry. I wouldn't have called... 203 00:22:44,431 --> 00:22:46,066 I think you need to get back here. 204 00:22:49,036 --> 00:22:51,572 It's 11 O'clock at night! 205 00:22:51,572 --> 00:22:55,342 I'm well aware of the fucking time! Sam, I'm telling you..You need to see this. 206 00:22:55,709 --> 00:22:58,245 See what? 207 00:22:58,245 --> 00:23:02,182 Email it to me. 208 00:23:02,616 --> 00:23:05,786 I don't think that would be a good idea. 209 00:23:06,620 --> 00:23:07,721 I'm on my way. 210 00:23:12,693 --> 00:23:15,195 Look at these people. 211 00:23:18,465 --> 00:23:22,503 Wandering around, with absolutely no idea.. what's about to happen. 212 00:23:25,005 --> 00:23:29,076 Right? - Well, I try not to let work get to me like that. 213 00:23:29,643 --> 00:23:32,813 I've noticed that about you. 214 00:23:34,181 --> 00:23:38,519 Look, we are twenty three years old... - I'm 28. 215 00:23:41,121 --> 00:23:45,826 I made nearly, a quarter of a million dollars last year... 216 00:23:47,694 --> 00:23:51,265 Fuck! for what...? Pushing some numbers around on a computer screen, 217 00:23:51,298 --> 00:23:55,102 so a bunch of glorified crack addicts could take that information and pretend to understand it, 218 00:23:55,135 --> 00:23:57,905 and then make a bet against some other jock half way around the world who if he.. 219 00:23:57,905 --> 00:24:01,842 wasn't doing this, he'd be putting number seven or you know?? 220 00:24:01,909 --> 00:24:04,444 And at the end of the day one guy win and the other guy loses. 221 00:24:06,980 --> 00:24:09,516 You do know it's a little more complicated than that? Right? 222 00:24:10,017 --> 00:24:10,884 Yeah. 223 00:24:17,825 --> 00:24:19,459 It's Will... He wants to know if we've found him? What do say? 224 00:24:20,093 --> 00:24:22,396 I would say...that we haven't found him, Yet. 225 00:24:51,158 --> 00:24:52,159 Eric Dale... 226 00:24:54,361 --> 00:24:55,662 Oh Jesus... - Before he leaves the building, escorted by fucking security... 227 00:24:56,430 --> 00:24:57,498 I had nothing to do with that. 228 00:24:59,533 --> 00:25:01,768 Before he leaves the building he hands a disk to Peter Sullivan... 229 00:25:02,402 --> 00:25:04,538 Who's Peter Sullivan, again? - Don't matter, One of Eric's guys. 230 00:25:05,105 --> 00:25:07,007 Before, the elevator doors are closing.. 231 00:25:07,608 --> 00:25:08,775 The last thing he says is... 232 00:25:09,676 --> 00:25:10,577 'Be Careful' 233 00:25:14,648 --> 00:25:16,049 'Be Careful'? - Yeah. - Why? 234 00:25:16,049 --> 00:25:17,050 Take a look. 235 00:25:20,954 --> 00:25:23,390 Oh Jesus, You know i can't read this fucking thing! Speak to me in English. 236 00:25:24,057 --> 00:25:29,129 Basically, this kid, Peter Sullivan.. He gets all inspired by you pep talk, Nice job! By the way.. 237 00:25:29,630 --> 00:25:30,931 He dealt straight in, after work. 238 00:25:32,266 --> 00:25:34,501 And I think he nailed it. - Nailed it? 239 00:25:35,102 --> 00:25:36,837 Yeah, I think he figured out what Eric was missing. 240 00:25:39,439 --> 00:25:40,641 ...it isn't good, Sam. 241 00:25:42,042 --> 00:25:43,110 These here are the... 242 00:25:43,644 --> 00:25:49,683 historical volatility index limits, which of course, our entire trading model relies on pretty fuckingheavily... 243 00:25:49,716 --> 00:25:53,153 And well, we are now so levered up. But once it gets outside those limits 244 00:25:54,955 --> 00:25:56,089 it gets ugly in a hurry. 245 00:25:57,024 --> 00:25:58,458 And how close to those limits have we gotten? 246 00:25:59,560 --> 00:26:00,694 Oh Sam, we're beyond close... 247 00:26:02,262 --> 00:26:06,533 We broke through five or six days over the last two weeks, Now somehow, we've managed 248 00:26:06,934 --> 00:26:08,602 to stay on the upside of it... for now... - For now? 249 00:26:10,437 --> 00:26:12,172 Well look.. what happens here when we get on the wrong side of it. 250 00:26:19,546 --> 00:26:20,781 What am I looking at? 251 00:26:20,814 --> 00:26:21,548 You're looking at this figure here. 252 00:26:25,886 --> 00:26:27,054 Wow...is that? - Yeah. 253 00:26:27,120 --> 00:26:28,522 And that wouldn't even be that bad a day for us... historically speaking. 254 00:26:30,057 --> 00:26:31,458 Is that figure right? 255 00:26:32,593 --> 00:26:34,695 Where is Eric Dale? - We shut his phone off. 256 00:26:35,162 --> 00:26:38,632 So, I called his wife. Who says, he's not home. 257 00:26:39,399 --> 00:26:40,434 He's probably crying in a fucking beer somewhere. 258 00:26:41,034 --> 00:26:43,804 Where's the kid who did this? - Out looking for Eric. 259 00:26:44,771 --> 00:26:48,642 Do you think he knows what he's doing? - Get him back. 260 00:27:04,892 --> 00:27:06,059 1500? 261 00:27:07,127 --> 00:27:08,362 2 grand? 262 00:27:40,594 --> 00:27:42,162 Okay, Yeah. 263 00:27:55,509 --> 00:27:58,011 Alright, so come on, What'a you think Rogers makes in a year? 264 00:27:58,011 --> 00:28:00,481 I have no idea? 265 00:28:00,481 --> 00:28:02,916 Come on, play along. 266 00:28:05,486 --> 00:28:06,620 Three quarters of a million? 267 00:28:07,488 --> 00:28:08,956 Come on. 268 00:28:11,124 --> 00:28:12,192 Not even close. 269 00:28:13,994 --> 00:28:14,962 Much more. 270 00:28:15,529 --> 00:28:16,530 A million? 271 00:28:17,431 --> 00:28:19,066 Will Emerson made two and half million last year. 272 00:28:21,335 --> 00:28:23,237 How do you know that? 273 00:28:26,173 --> 00:28:27,841 He told me. Well I asked him. 274 00:28:31,545 --> 00:28:34,915 Do you think that's true? - Yeah probably. 275 00:28:35,282 --> 00:28:37,784 That's fucked up. - Why, why's that fucked up? 276 00:28:39,253 --> 00:28:43,357 Does that seem right to you? Right? 277 00:28:44,491 --> 00:28:45,325 Jesus. 278 00:28:46,727 --> 00:28:51,799 So, what do you think that means Rogers puts away? - I have no idea, Seth. This traffic's a fucking nightmare. 279 00:29:12,886 --> 00:29:14,254 ----- Subtitle by D3xt3r ----- 280 00:29:14,288 --> 00:29:15,422 Gentlemen? 281 00:29:18,025 --> 00:29:19,159 Come with us, please. 282 00:29:26,467 --> 00:29:27,968 Sam this is Seth Bregman and this is Peter Sullivan. 283 00:29:34,608 --> 00:29:35,542 Where are we going? 284 00:29:36,343 --> 00:29:38,045 Going to get a second opinion on your work Peter. 285 00:30:14,314 --> 00:30:15,849 So Sam what do you have for us? 286 00:30:16,550 --> 00:30:18,018 Well... they'll be here in a minute. Finding someone in the copy room at this hour was a little bit of a challenge. 287 00:30:20,687 --> 00:30:24,791 Okay, let's go right into introduction. This is Sarah Robertson who you know, chief risk assessment officer.. 288 00:30:25,292 --> 00:30:30,030 Ramesh Shah from upstairs and David Horn one of the firm's in house council. 289 00:30:30,831 --> 00:30:31,965 Nice to meet you all. This is my head of trading, Will Emerson. 290 00:30:32,699 --> 00:30:37,504 Peter Sullivan, and Seth Bregman. They work in our risk department. 291 00:30:37,504 --> 00:30:38,505 Where is Eric Dale? 292 00:30:38,172 --> 00:30:39,306 He was let go today. 293 00:30:42,009 --> 00:30:43,644 Who's left in your risk department? 294 00:30:45,212 --> 00:30:46,580 As of today that would be Peter 295 00:30:47,414 --> 00:30:48,549 and our junior analyst Seth...? 296 00:30:53,187 --> 00:30:55,455 Will Emerson? - Please just hand it out. 297 00:31:09,736 --> 00:31:12,473 Apparently Eric had been working on this for some time but was unable to finish it, 298 00:31:12,940 --> 00:31:14,575 This morning, when he left the building; 299 00:31:14,942 --> 00:31:16,677 He handed the program to Peter here, and asked him to take a look at it. 300 00:31:17,110 --> 00:31:18,145 Peter did. 301 00:31:18,512 --> 00:31:19,947 He put in a few things out that Eric seemed to be missing.. 302 00:31:20,814 --> 00:31:21,882 and this is what came out. 303 00:31:24,685 --> 00:31:26,086 Peter, Is this your work? 304 00:31:27,921 --> 00:31:29,289 Mostly Mr. Dale's... 305 00:31:29,857 --> 00:31:30,891 - But is this your draft? 306 00:31:30,891 --> 00:31:31,925 - Yes. 307 00:31:33,927 --> 00:31:37,931 Again, expanded on original work of Eric's. But yes. 308 00:31:37,564 --> 00:31:38,732 - What is your background? - My background? 309 00:31:39,967 --> 00:31:43,170 Your CV. - I've been with the firm for 2 and half years working with Eric that whole time... 310 00:31:43,237 --> 00:31:47,708 But I hold a doctorate in engineering, speciality in propulsion, from MIT, with a Bachelors from Penn. 311 00:31:47,774 --> 00:31:49,243 What's a specialty in propulsion, exactly? 312 00:31:49,810 --> 00:31:56,183 My thesis was a study in the way that friction ratios effect steering outcomes in aeronautical use under reduced gravity loads. 313 00:31:56,850 --> 00:31:58,018 So, you are a rocket scientist? - I was. 314 00:32:01,788 --> 00:32:04,725 Interesting. How did you end up here? 315 00:32:04,725 --> 00:32:09,229 Well it's all just numbers really, you're just changing what you're adding up... and if I may speak freely; 316 00:32:09,229 --> 00:32:10,230 the money here is, considerably more attractive. 317 00:32:19,540 --> 00:32:20,541 What time is it? 318 00:32:20,541 --> 00:32:22,976 It's 2:15. 319 00:32:25,913 --> 00:32:27,948 And I'm guessing, by the fact that you two haven't said anything that the math checks out? 320 00:32:31,318 --> 00:32:32,686 Look, we'd need some time to go over this, 321 00:32:34,488 --> 00:32:35,989 but Mr. Sullivan here seems to know what he's doing. 322 00:32:35,989 --> 00:32:39,026 So, it would appear we have a problem. 323 00:32:39,793 --> 00:32:42,162 What time is it? - 2:16. 324 00:32:42,162 --> 00:32:43,163 Fuck me. 325 00:32:45,265 --> 00:32:46,366 Fuck me. 326 00:32:53,574 --> 00:32:54,475 Sam.. 327 00:32:54,942 --> 00:32:59,480 How long under normal operations, would it take your people to clear that from our books? 328 00:33:03,016 --> 00:33:03,951 What? 329 00:33:05,118 --> 00:33:06,587 - All of it? - Yes. 330 00:33:07,788 --> 00:33:08,655 I don't know, weeks. 331 00:33:09,556 --> 00:33:10,724 - Weeks? - Yeah, weeks. 332 00:33:11,992 --> 00:33:15,863 But as you certainly know our business is selling AND buying. 333 00:33:16,330 --> 00:33:18,465 Doesn't work for very long without both components. 334 00:33:18,565 --> 00:33:20,167 We suddenly stops buying for a day or two; 335 00:33:21,401 --> 00:33:22,936 that's not something you can ust doesn't hide under the rug, it gets out 336 00:33:23,303 --> 00:33:28,041 and when it does... this whole this thing comes to a end... and right quick. 337 00:33:29,209 --> 00:33:30,077 - I understand. - Do you? 338 00:33:34,448 --> 00:33:35,349 Yes. 339 00:33:36,450 --> 00:33:40,687 How many traders do we have left between your floor and Petersen's? 340 00:33:40,687 --> 00:33:41,655 I don't know, what? Sixty? - sixty. 341 00:33:41,822 --> 00:33:46,693 Jared as I looke at this more closely, it's these VAR numbers that are really setting this thing off. 342 00:34:05,245 --> 00:34:06,880 As I was saying..just speaking completely off the record. 343 00:34:06,880 --> 00:34:09,483 It's only a matter of time before someone else startsputting these in. 344 00:34:09,483 --> 00:34:10,484 and they come up with exactly the same results. 345 00:34:11,318 --> 00:34:12,553 And look at exactly what we're looking at right now; 346 00:34:12,553 --> 00:34:14,388 If they haven't already. 347 00:34:14,388 --> 00:34:15,355 Understood. 348 00:34:15,422 --> 00:34:17,958 And Sarah, what value would you allow to be placed on those assets 349 00:34:19,126 --> 00:34:20,360 that might be left on the books, if they had to? 350 00:34:21,228 --> 00:34:22,229 Why would they still be on the books? 351 00:34:22,896 --> 00:34:26,633 Because suddenly nobody wants to fucking buy them. - Fuck you Sam! Will you give me a fucking break here? 352 00:34:27,701 --> 00:34:30,671 Without an active market, it'd take weeks or months for me to come up with accurate value on them. 353 00:34:31,238 --> 00:34:35,442 You'll have to go block by block. 354 00:34:40,247 --> 00:34:43,484 Seth, Could you please, give us for a few moments. 355 00:34:45,552 --> 00:34:46,687 And Peter? 356 00:34:47,321 --> 00:34:50,791 Has anyone else has seen this? - No one aside from us. 357 00:34:50,824 --> 00:34:51,658 And Eric Dale? - Yes. 358 00:34:52,693 --> 00:34:55,829 And can it really be possible that we don't know, where Eric Dale is? 359 00:34:56,697 --> 00:34:59,800 I called his wife. He hasn't come home yet ...and we turned off his phone today. 360 00:35:02,569 --> 00:35:04,738 Perfect. Well, I'd like to know where he is. 361 00:35:15,849 --> 00:35:16,884 Jesus fucking Christ! Who is that guy? 362 00:35:19,686 --> 00:35:20,821 He's Sam's boss. - He looks like he's fifteen years old. 363 00:35:21,655 --> 00:35:22,990 He's Forty. - Yeah, How does that happen? 364 00:35:26,493 --> 00:35:27,361 Oh it happens all the time. 365 00:35:30,931 --> 00:35:36,136 Except to me. He's a fucking killer. 366 00:35:38,438 --> 00:35:39,306 hat are they talking about, in there? 367 00:35:45,612 --> 00:35:46,513 It aint pretty. 368 00:35:48,081 --> 00:35:49,216 What aint pretty? 369 00:35:51,218 --> 00:35:52,586 If people suddenly stop buying what we're selling.... 370 00:36:00,060 --> 00:36:03,063 Jared, you cannot be doing what you are thinking about doing? 371 00:36:03,130 --> 00:36:03,897 Well, I don't see any other choice. 372 00:36:04,731 --> 00:36:07,468 What does that mean? Fuck you... you don't have a choice. 373 00:36:08,836 --> 00:36:09,903 Fuck me? Did you even looked at the numbers Sam?? 374 00:36:10,204 --> 00:36:12,606 Yes, but what do I know. 375 00:36:12,606 --> 00:36:13,607 Correct me, if i'm wrong, Mr.Shah. 376 00:36:14,041 --> 00:36:15,542 These number, they don't add up. 377 00:36:16,643 --> 00:36:17,444 One and one, no longer makes Two. 378 00:36:17,444 --> 00:36:20,047 If I may, I'd like a little more time. 379 00:36:21,348 --> 00:36:24,384 We have talked about this. - We need a little time before to give you our conclusion. 380 00:36:25,652 --> 00:36:27,087 We meet again in 45 minutes. 381 00:36:28,522 --> 00:36:29,890 Sam, do you have the file? 382 00:36:46,607 --> 00:36:47,641 What are you going to do? 383 00:36:51,912 --> 00:36:53,046 Are you going to call him? 384 00:36:57,451 --> 00:36:58,418 I already have. 385 00:37:13,233 --> 00:37:14,101 Jesus. 386 00:37:19,373 --> 00:37:21,074 Wow. It's gorgeous. 387 00:37:29,383 --> 00:37:30,551 It's a long way down. 388 00:37:31,852 --> 00:37:33,120 Yes, it is. 389 00:37:44,731 --> 00:37:45,999 Don't do that, C'mon. 390 00:37:49,870 --> 00:37:53,874 Did you know the fear most people feel when they stand on the edge like this isn't the fear of falling. 391 00:37:55,609 --> 00:37:56,777 It's the fear that they might jump? 392 00:37:59,446 --> 00:38:00,948 Well, that's very deep and depressing, thank you. 393 00:38:01,615 --> 00:38:03,016 Yeah, well...I'm a little dark.. Sometimes. 394 00:38:04,418 --> 00:38:05,586 Come down, please. C'mon...Will? 395 00:38:07,421 --> 00:38:10,290 Yeah, Fuck it! 396 00:38:11,692 --> 00:38:13,127 Not today. 397 00:38:20,167 --> 00:38:21,702 So it looks like, they are gonna make us dump this shit. 398 00:38:21,702 --> 00:38:22,703 What? 399 00:38:24,171 --> 00:38:25,172 You watch. 400 00:38:25,172 --> 00:38:26,173 How? 401 00:38:27,174 --> 00:38:29,776 You'll see! - How could they do that? 402 00:38:30,177 --> 00:38:32,312 You can't...it's impossible. But they'll figure out a way. 403 00:38:33,247 --> 00:38:35,949 I've been at this place for ten years and I've seen some things you wouldn't.. 404 00:38:37,117 --> 00:38:38,318 you wouldn't believe... 405 00:38:38,786 --> 00:38:42,790 when all is said and done... they do not lose money. They don't mind if everyone else does, 406 00:38:43,891 --> 00:38:45,092 but they don't loose. 407 00:38:54,468 --> 00:38:55,435 Will? 408 00:38:56,703 --> 00:38:59,206 Did you really make two and half million last year? 409 00:38:59,239 --> 00:39:00,274 Yeah..sure. 410 00:39:04,178 --> 00:39:05,345 How did you spend it all? 411 00:39:05,779 --> 00:39:07,114 They expire quickly. 412 00:39:07,548 --> 00:39:09,950 You know, You'll learn and spend what's in your pocket. 413 00:39:09,950 --> 00:39:10,951 Two and half millions goes quickly? 414 00:39:10,717 --> 00:39:11,985 Alright, let's see. 415 00:39:13,053 --> 00:39:16,190 The tax man takes half up front. So, you're left with one and a quarter. 416 00:39:17,291 --> 00:39:18,926 My morgage takes another 300 grand. 417 00:39:19,526 --> 00:39:21,895 I send 150 home for my parents, you know..to keep them going. 418 00:39:22,763 --> 00:39:24,631 So, what's left? - Eight hundred. 419 00:39:26,166 --> 00:39:27,501 I spend 150 on a car. 420 00:39:28,502 --> 00:39:30,237 About 75 in restaurants, 421 00:39:30,237 --> 00:39:33,006 Probably, 50 on clothes. 422 00:39:33,540 --> 00:39:35,008 And I put 400 away for a rainy day... 423 00:39:35,008 --> 00:39:36,009 That's smar. 424 00:39:36,410 --> 00:39:38,712 Yeah, as it turns out. It looks like the storm's coming. 425 00:39:40,347 --> 00:39:41,515 You still got 125. 426 00:39:44,051 --> 00:39:50,791 Yeah, I did spent 76,520 dollars on Hookers, booze and dancers. But mainly, hookers. 427 00:39:51,191 --> 00:39:52,693 76,5..? 428 00:39:53,494 --> 00:39:58,665 Yeah, It was a little shock initially, but then i realise that I could claim most of it off, as entertainment. 429 00:40:14,314 --> 00:40:15,449 How old are you? 430 00:40:17,417 --> 00:40:18,519 43. 431 00:40:24,691 --> 00:40:25,826 This is bizzare. 432 00:40:29,396 --> 00:40:31,431 It's like a...dream. 433 00:40:36,303 --> 00:40:37,538 Well, I don't know, seems like we actually may have just woken up. 434 00:40:41,108 --> 00:40:41,975 Come in. 435 00:40:43,410 --> 00:40:44,378 How do we look? 436 00:40:46,346 --> 00:40:47,247 I should go. 437 00:40:47,247 --> 00:40:48,449 No, you should stay. 438 00:40:48,449 --> 00:40:49,483 So? 439 00:40:50,150 --> 00:40:51,051 It's legit... 440 00:40:51,685 --> 00:40:52,886 the kid killed it. 441 00:40:54,054 --> 00:40:55,022 The formula is worthless. 442 00:40:56,824 --> 00:40:57,825 What does that mean? 443 00:40:57,891 --> 00:40:58,792 It's broken. 444 00:40:58,926 --> 00:41:00,594 There are eight trillion dollars of paper 445 00:41:01,061 --> 00:41:04,097 around the world relying on that equation?? 446 00:41:04,131 --> 00:41:05,866 We were wrong. 447 00:41:06,300 --> 00:41:07,768 No, You mean.. you were wrong. 448 00:41:08,368 --> 00:41:09,002 Don't get me started.... 449 00:41:09,002 --> 00:41:10,003 We discussed this! 450 00:41:10,003 --> 00:41:11,004 I'm heading to the conference room. 451 00:41:11,004 --> 00:41:12,005 No, I want you to hear this. 452 00:41:13,774 --> 00:41:14,808 I don't want to hear this. 453 00:41:15,676 --> 00:41:18,145 How do you think I've stuck around this place so long? 454 00:41:26,386 --> 00:41:27,521 I've called Tuld. 455 00:41:30,457 --> 00:41:31,725 Is there a contingency plan here? 456 00:41:32,092 --> 00:41:33,127 A contingency plan? 457 00:41:34,495 --> 00:41:36,063 - Yes. - No, We went all in on this one. 458 00:41:38,899 --> 00:41:40,267 So, we've got ourselves quite exposed here... haven't we? 459 00:41:43,303 --> 00:41:45,539 To Tuld or the market? 460 00:41:47,808 --> 00:41:49,143 To both. 461 00:42:10,397 --> 00:42:11,331 He's here? 462 00:42:40,694 --> 00:42:42,463 Tuld's helicopter just landed. 463 00:42:42,463 --> 00:42:43,464 I know, come with us. 464 00:42:44,398 --> 00:42:46,834 Where's Sam? - I don't know, You sure..you want all of us? -Yes. 465 00:42:52,739 --> 00:42:56,977 Just one piece of advice for everyone before we go in there. 466 00:42:57,444 --> 00:42:58,712 This could get a little ugly. 467 00:42:59,413 --> 00:43:03,450 but whatever you do... just... tell the truth. No sugar coating. Do not change a word of it. 468 00:43:03,450 --> 00:43:04,451 no one here is smart enough... 469 00:43:04,985 --> 00:43:06,987 Including the rocket scientist. 470 00:43:17,030 --> 00:43:17,931 This way please. 471 00:43:23,337 --> 00:43:24,505 He's already in there waiting for you. 472 00:43:26,340 --> 00:43:27,708 Excellent! 473 00:43:51,732 --> 00:43:53,100 Please sit down. 474 00:43:56,103 --> 00:43:57,137 Welcome everyone. 475 00:43:58,372 --> 00:44:01,275 I must apologize for dragging you all here at such an uncommon hour; 476 00:44:01,809 --> 00:44:03,577 but from what I've been told, this matter needs to be handled urgently! 477 00:44:04,978 --> 00:44:06,914 so urgently, in fact.. it probably should have been addressed weeks ago... 478 00:44:08,081 --> 00:44:09,583 but that is spilled milk... Under the bridge! 479 00:44:11,084 --> 00:44:14,455 So, why doesn't somebody tell me what they think is going on here? 480 00:44:15,289 --> 00:44:17,024 Well, Mr. Tuld.. as I mentioned earlier.. 481 00:44:18,425 --> 00:44:21,395 if you compare the figure at the top page 13... 482 00:44:21,695 --> 00:44:23,063 Jared, it's a ?..just speak to me in plain english. 483 00:44:26,300 --> 00:44:30,337 But I'd like to speak to the guy who put this together... Mr. Sullivan is it? 484 00:44:30,337 --> 00:44:31,338 Does he speak English? 485 00:44:31,338 --> 00:44:32,339 Sir? 486 00:44:32,306 --> 00:44:35,075 I'd like to speak to the analyst who seems to have stumbled across this mess. 487 00:44:35,843 --> 00:44:37,478 Certainly, that would be Peter Sullivan. Right here. 488 00:44:38,479 --> 00:44:40,214 Oh Mr.Sullivan. You are here! Good morning. 489 00:44:40,681 --> 00:44:42,616 And maybe, you could tell me.. what you think is going on here. 490 00:44:44,051 --> 00:44:46,820 And please speak as you might to a young child .. 491 00:44:47,187 --> 00:44:48,422 or a golden retriever. 492 00:44:49,656 --> 00:44:51,892 It wasn't brains, that got me here. I can assure you of that. 493 00:45:00,400 --> 00:45:01,668 Well, sir. As you may or may not know I work for Mr.Rogers. 494 00:45:01,902 --> 00:45:06,006 As an associate in the risk assessment and management office at GSMBS 495 00:45:06,507 --> 00:45:08,208 Just relax, stand up. Tell us in clear voice 496 00:45:09,042 --> 00:45:10,377 What is the nature of the problem. 497 00:45:16,416 --> 00:45:20,721 Yes... Well as you probably know over the last 36-40 months the firm has begun 498 00:45:22,189 --> 00:45:23,824 packaging new MBS products; 499 00:45:24,758 --> 00:45:30,964 that combine several different traunches of rating classification in one tradable security. 500 00:45:32,199 --> 00:45:36,470 This has been enourmously profitable... as I imagine you noticed. 501 00:45:37,004 --> 00:45:38,238 I have. 502 00:45:38,872 --> 00:45:41,542 Well the firm is currently doing a considerable amount of this business every day. 503 00:45:41,542 --> 00:45:45,312 The problem..which is I guess why we are here tonight. 504 00:45:45,312 --> 00:45:47,748 is that it takes us... the firm, about a month... 505 00:45:48,282 --> 00:45:51,485 to layer these products correctly. 506 00:45:51,485 --> 00:45:54,288 thereby posing a challenge from a risk assessment standpoint. 507 00:45:54,755 --> 00:45:56,156 And Mr. Sullivan that challenge is? 508 00:45:56,523 --> 00:46:00,994 We have to hold these assets on our books longer than we might ideally like to. 509 00:46:00,994 --> 00:46:01,995 - Yes. 510 00:46:02,062 --> 00:46:08,035 But the key factor is here is, these are essentially just mortgages, that has allowed us to push the leverage considerably.. 511 00:46:09,169 --> 00:46:11,405 beyond what you might be willing or allowed to do; 512 00:46:11,405 --> 00:46:16,643 in any other circumstance, thereby pushing the risk profile without raising any red flags. 513 00:46:17,511 --> 00:46:20,948 Now, Thank you...sit down. What I am guessing, your report here says; 514 00:46:21,682 --> 00:46:23,383 give me some rope, 515 00:46:24,384 --> 00:46:25,686 what I am guessing, it says is that.. 516 00:46:26,453 --> 00:46:27,721 considering the, shall we say? 517 00:46:28,422 --> 00:46:31,024 bumpy road, we've been on the last week or so. 518 00:46:31,692 --> 00:46:34,828 But the figures your brilliant co- workers up the line ahead of you had come up with.. 519 00:46:35,762 --> 00:46:37,331 don't make much sense anymore; 520 00:46:38,031 --> 00:46:39,600 Considering what's taking place today? 521 00:46:41,168 --> 00:46:42,903 Actually not taking place today... 522 00:46:42,936 --> 00:46:45,372 but what's already taken place over the last two weeks. 523 00:46:45,405 --> 00:46:47,574 So, you are saying , this had already happened? 524 00:46:49,109 --> 00:46:50,043 - Sort of. 525 00:46:53,747 --> 00:46:56,283 And Mr. Sullivan, what does your model say that that means... 526 00:46:57,050 --> 00:46:58,252 for us here? 527 00:46:59,386 --> 00:47:00,521 Well, that's where it becomes a projection. 528 00:47:02,556 --> 00:47:04,324 But... ummm.. 529 00:47:05,259 --> 00:47:06,894 You're speaking with me Mr. Sullivan. 530 00:47:08,228 --> 00:47:09,263 Well... sir... 531 00:47:10,364 --> 00:47:12,466 If those assets decrease.. 532 00:47:13,300 --> 00:47:14,835 by just 25 percent, and remain on our books... 533 00:47:16,370 --> 00:47:17,304 that loss... 534 00:47:18,605 --> 00:47:21,241 would be greater than the current market capitalization of this entire company. 535 00:47:27,414 --> 00:47:28,882 So what you're telling me... 536 00:47:30,050 --> 00:47:31,251 is that... 537 00:47:31,952 --> 00:47:33,120 music is about to stop. 538 00:47:34,922 --> 00:47:39,326 and we are going to be left holding... 'the biggest bag of odorous excrement' 539 00:47:40,260 --> 00:47:45,065 ever assembled in the history of capitalism? 540 00:47:49,103 --> 00:47:50,137 Well sir, I'm not sure I'd.. 541 00:47:51,271 --> 00:47:52,973 put it that way, but let me clarify... 542 00:47:53,373 --> 00:47:54,908 using your analogy, 543 00:47:55,476 --> 00:47:56,977 what this model shows... 544 00:47:58,445 --> 00:48:01,748 is the music, so to speak, just slowing, 545 00:48:02,382 --> 00:48:03,951 If the music were to stop, as you put it, 546 00:48:05,185 --> 00:48:06,220 then this model would not be even close; 547 00:48:07,588 --> 00:48:11,058 to that scenario. It would be considerably worse. 548 00:48:14,328 --> 00:48:15,629 Let me tell you something Mr. Sullivan. 549 00:48:18,232 --> 00:48:23,070 Do you care to know, why I'm in this chair with you all? 550 00:48:23,070 --> 00:48:24,104 Why I earn the big bucks? 551 00:48:26,974 --> 00:48:27,741 - Yes. 552 00:48:27,775 --> 00:48:28,709 I'm here for one reason 553 00:48:29,176 --> 00:48:30,410 and one reason alone. 554 00:48:30,878 --> 00:48:34,748 I'm here to guess, what the music might do, a week, a month, 555 00:48:35,149 --> 00:48:36,583 a year from now. 556 00:48:38,519 --> 00:48:39,353 That's it! 557 00:48:40,020 --> 00:48:40,921 nothing more... 558 00:48:43,624 --> 00:48:44,925 I'm standing here tonight... 559 00:48:46,527 --> 00:48:52,132 I'm afraid that, I don't hear... a... thing... 560 00:48:54,835 --> 00:48:59,907 just... silence! 561 00:49:15,722 --> 00:49:17,958 So, now that we know that the music has stopped, what can we do about it? 562 00:49:20,394 --> 00:49:21,295 Mr. Cohen, Ms. Robertson, 563 00:49:22,930 --> 00:49:26,533 I'm afraid, I think..this is where you are supposed to step back in. 564 00:49:26,800 --> 00:49:30,070 Lord knows we've relied enough on Mr. Sullivan tonight. 565 00:49:31,472 --> 00:49:32,506 What have you got for us? 566 00:49:41,381 --> 00:49:42,416 What have I told you since... 567 00:49:42,950 --> 00:49:44,084 the first day you walked into my office? 568 00:49:46,653 --> 00:49:49,356 There are three ways to make a living in this business... 569 00:49:50,124 --> 00:49:53,127 Be first, be smarter, or cheat. 570 00:49:53,794 --> 00:49:55,462 Now, I don't cheat... 571 00:49:55,462 --> 00:49:59,733 And although I like to think, we've some pretty smart people in this building. 572 00:50:00,667 --> 00:50:03,437 it sure is a hell of alot easier to just be first. 573 00:50:03,437 --> 00:50:06,306 - Sell it all...today! 574 00:50:08,575 --> 00:50:09,643 Is that even possible Sam? 575 00:50:11,145 --> 00:50:12,780 Yes, but at what cost? 576 00:50:15,282 --> 00:50:16,416 I'll have to pay. 577 00:50:17,818 --> 00:50:18,619 Really? 578 00:50:20,087 --> 00:50:21,355 I think so. 579 00:50:22,122 --> 00:50:23,357 Where does this gonna come back to us? 580 00:50:25,793 --> 00:50:26,760 - Everywhere. 581 00:50:27,628 --> 00:50:31,131 Sam, I don't think you seem to understand what your boy here had just said... 582 00:50:35,102 --> 00:50:35,936 if I made you... 583 00:50:37,037 --> 00:50:38,205 how would you do it? 584 00:50:44,645 --> 00:50:46,914 Well, you call the traders in for their normal 6:30 meeting... 585 00:50:46,914 --> 00:50:47,915 and you be honest with them. 586 00:50:47,981 --> 00:50:49,049 B'cos they're gonna know it's the end either way. 587 00:50:50,918 --> 00:50:52,820 so you'd have to throw them a bone, and a pretty big one. 588 00:50:52,886 --> 00:50:54,555 And then, you've gotta come out of the gate storming... 589 00:50:55,489 --> 00:50:56,990 No swaps..no nothing. 590 00:50:57,891 --> 00:51:03,063 40 percent done by 10:15; by 11 O'clock all your trades have to be gone. 'cos by lunch-time 591 00:51:03,063 --> 00:51:04,064 words are gonna be out. 592 00:51:04,665 --> 00:51:08,969 and by two o'clock you'll be getting 65 cents on the dollar, if you're lucky, 593 00:51:09,236 --> 00:51:12,272 and the feds will be in here up your ass; trying to slow us down. 594 00:51:12,272 --> 00:51:14,141 Ramesh? - They can slow you down... 595 00:51:14,141 --> 00:51:17,044 but they can't stop you. it's yours to sell. 596 00:51:17,544 --> 00:51:18,679 John...even if.. 597 00:51:19,580 --> 00:51:23,417 we manage pull that off, and that's saying something... 598 00:51:24,318 --> 00:51:25,352 The real question is... 599 00:51:25,886 --> 00:51:26,720 Who are we selling this to? 600 00:51:27,988 --> 00:51:31,291 The same people we've been selling to for the last two years, and whoever else will buy it. 601 00:51:31,959 --> 00:51:33,660 But John, If you do this. 602 00:51:35,429 --> 00:51:38,866 You would've killed that market for years. It's over. 603 00:51:40,601 --> 00:51:43,904 And you are selling something that you know has no value. 604 00:51:43,904 --> 00:51:45,773 We are selling to willing buyers 605 00:51:46,306 --> 00:51:47,674 at a current fair market price, 606 00:51:48,675 --> 00:51:51,845 so that WE may survive! 607 00:51:52,312 --> 00:51:57,050 You'll never sell anything to any of those people ever again. 608 00:51:57,050 --> 00:51:58,018 - I understand. - Do you? 609 00:51:58,018 --> 00:51:59,153 - Do You??? 610 00:51:59,953 --> 00:52:01,121 This is it! 611 00:52:01,789 --> 00:52:03,457 I'm telling you. This is it. 612 00:52:14,668 --> 00:52:15,736 It's 4:00...O'clock. 613 00:52:16,570 --> 00:52:19,873 Jared you've got till 5:00 to break this down and draw me up a plan. 614 00:52:19,940 --> 00:52:24,344 Is there anyone else who knows what's in there right now, block by block? 615 00:52:24,344 --> 00:52:25,345 - Eric Dale. 616 00:52:26,513 --> 00:52:27,347 Where is he? 617 00:52:27,915 --> 00:52:30,250 As of today he is no longer with the firm. 618 00:52:30,751 --> 00:52:33,754 We have been trying to locate him. 619 00:52:37,391 --> 00:52:38,959 - Carmelo? - Yes? - Get me Eric Dale here by Six. 620 00:52:41,095 --> 00:52:42,129 - Done. 621 00:52:42,229 --> 00:52:43,797 We meet back here in an hour. 622 00:52:46,900 --> 00:52:48,435 Sam, let's talk. 623 00:53:00,547 --> 00:53:01,381 This is a hell of a town. 624 00:53:04,384 --> 00:53:05,452 I've always loved this place. 625 00:53:05,752 --> 00:53:08,288 Since the day i arived. Everything about it. 626 00:53:17,498 --> 00:53:18,799 Sam, are you gonna go with me on this? 627 00:53:22,202 --> 00:53:23,504 I don't know John. 628 00:53:25,706 --> 00:53:27,241 This one is very ugly. 629 00:53:28,408 --> 00:53:30,711 You and I are salesmen. 630 00:53:32,045 --> 00:53:34,515 We sell. That's what we do. It's not complicated. 631 00:53:34,515 --> 00:53:35,549 Exactly. 632 00:53:35,549 --> 00:53:36,517 And you know damn well.. 633 00:53:37,251 --> 00:53:40,487 you don't make a sale unless you think the guy is gonna come back for more, 634 00:53:40,521 --> 00:53:46,360 That's the lesson we learned. and tomorrow we are done. 635 00:53:47,428 --> 00:53:48,562 This is the big one. 636 00:53:50,063 --> 00:53:51,498 Most of us aren't gonna make it out of this one. 637 00:53:53,700 --> 00:53:54,802 - Us? - The street. 638 00:53:54,802 --> 00:53:57,104 What are you talking about? 639 00:53:57,204 --> 00:53:58,172 This isn't the last 'situation' I will have to deal with this week. 640 00:53:59,606 --> 00:54:01,508 This is just the start. 641 00:54:01,542 --> 00:54:04,545 It's the start because you are starting it. 642 00:54:04,611 --> 00:54:05,579 Maybe. But I don't believe that. 643 00:54:05,245 --> 00:54:06,280 Not this time. 644 00:54:07,648 --> 00:54:08,782 The numbers just don't add up anymore. 645 00:54:09,550 --> 00:54:11,618 - Well I agree with you there. I've been saying that for years. 646 00:54:12,953 --> 00:54:16,156 I mean if this kid out there can come up with this thing...? 647 00:54:18,058 --> 00:54:22,029 - I don't think I can go in knowing what I know and put the hammer down on these guys like this. 648 00:54:22,029 --> 00:54:22,996 When did you start becoming so soft, Sam? 649 00:54:25,099 --> 00:54:27,835 Fuck you soft, you're panicking. 650 00:54:30,504 --> 00:54:32,306 If you're the first one out the door; 651 00:54:32,873 --> 00:54:34,308 That's not called panicking. 652 00:54:40,614 --> 00:54:44,017 Well, you are obviously operating with more information than i have. 653 00:54:46,086 --> 00:54:47,221 But I think this could destroy this firm. 654 00:54:48,755 --> 00:54:50,023 No one will ever trust you again. 655 00:54:50,324 --> 00:54:52,426 Knowingly putting people out of business. Full stop. 656 00:54:55,662 --> 00:54:56,864 - Let me deal with that, Sam. 657 00:55:12,379 --> 00:55:13,313 How'd that go? 658 00:55:14,681 --> 00:55:15,916 This is a fucking shit show. 659 00:55:17,151 --> 00:55:18,852 They are gonna go with it? - Probably. 660 00:55:21,355 --> 00:55:22,556 - Jesus! 661 00:55:23,624 --> 00:55:24,625 Remember this day boys, 662 00:55:27,127 --> 00:55:28,529 Remember this day. 663 00:55:44,311 --> 00:55:45,345 What's the strategy here? 664 00:55:47,448 --> 00:55:48,582 Well, that's why i'm headed downstairs, to work it with my guys. 665 00:55:48,916 --> 00:55:51,285 No, not you and I... With John. 666 00:55:57,357 --> 00:55:59,927 I'm not sure that we need one, Sarah. That's not the way I do things. 667 00:56:01,895 --> 00:56:02,896 Please. 668 00:56:04,765 --> 00:56:06,300 Listen, He knows where we are still on this. 669 00:56:08,102 --> 00:56:09,203 All along. 670 00:56:09,736 --> 00:56:11,205 That's exactly my point. 671 00:56:11,772 --> 00:56:13,006 And knowing what was discussed.. 672 00:56:14,308 --> 00:56:19,113 by both you and I. I don't think this could provide you with anything. 673 00:56:19,113 --> 00:56:20,547 other than, false sense of comfort. 674 00:56:21,448 --> 00:56:23,584 I'm not looking for sense of comfort. 675 00:56:25,686 --> 00:56:27,287 I don't think there's one to be found. 676 00:56:38,398 --> 00:56:39,600 So again, what's the strategy? 677 00:56:43,103 --> 00:56:44,805 I'm just not sure there's much more to do in this. 678 00:56:46,306 --> 00:56:47,541 It's very simple. 679 00:56:48,175 --> 00:56:50,277 Don't even think of fucking me on this. 680 00:56:52,746 --> 00:56:54,214 because if we are going down... 681 00:56:55,082 --> 00:56:56,216 you damn well know we'll be together. 682 00:57:00,621 --> 00:57:01,989 No, I'm not sure I do know that. 683 00:57:39,893 --> 00:57:41,095 What do you think Tuld made last year? 684 00:57:44,698 --> 00:57:45,532 Would you shut the fuck up. 685 00:57:46,300 --> 00:57:47,601 86 mil. 686 00:57:49,069 --> 00:57:50,671 In bonuses and salary . 687 00:57:52,406 --> 00:57:53,373 Really? 688 00:57:53,407 --> 00:57:54,007 Sure, it's public record. 689 00:57:56,977 --> 00:57:58,412 He was worth a billion. 690 00:57:59,713 --> 00:58:00,948 - Was? 691 00:58:00,948 --> 00:58:01,815 Until today. 692 00:58:13,827 --> 00:58:15,062 I could use some real air. 693 00:58:15,929 --> 00:58:17,131 Probably a good idea. 694 00:58:37,985 --> 00:58:40,454 Hello, Will Emerson. 695 00:58:41,155 --> 00:58:42,122 Hello? 696 00:58:48,262 --> 00:58:50,431 No, thank you. I understand. 697 00:58:53,333 --> 00:58:54,868 No, we'll be discreet. 698 00:58:57,571 --> 00:58:59,406 What? 699 00:58:59,406 --> 00:59:00,407 Eric's wife. 700 00:59:00,808 --> 00:59:03,477 He's alive, he's home. He doesn't wanna speak to us. He doesn't know she rang me. 701 00:59:04,011 --> 00:59:04,978 Where's he live? 702 00:59:04,978 --> 00:59:05,979 The heights. 703 00:59:06,013 --> 00:59:07,614 Should we call Tuld's guy? 704 00:59:08,382 --> 00:59:11,752 No.it's Eric...the last thing we need is those guys going over there, you two go try to get him. 705 00:59:11,752 --> 00:59:13,587 But you've got to be back here by 6:00 AM. 706 00:59:17,558 --> 00:59:18,492 I hate Brooklyn. 707 00:59:23,764 --> 00:59:24,765 May I come in? 708 00:59:25,833 --> 00:59:27,234 Please, sit down. 709 00:59:37,611 --> 00:59:38,879 So... we are going to do this thing. 710 00:59:43,417 --> 00:59:44,451 - Okay. 711 00:59:45,219 --> 00:59:46,253 It's going to be tight. 712 00:59:48,889 --> 00:59:50,190 Is Sam on board? 713 00:59:50,591 --> 00:59:51,525 Not yet. 714 00:59:55,529 --> 00:59:56,630 Sarah, 715 00:59:57,331 --> 00:59:58,532 I need a head. 716 00:59:59,066 --> 01:00:02,035 to feed to the traders... on the floor and the board. 717 01:00:05,606 --> 01:00:06,807 Is it me or Cohen? 718 01:00:07,608 --> 01:00:08,575 - It's you. 719 01:00:18,252 --> 01:00:19,219 Of course you are... 720 01:00:20,320 --> 01:00:23,023 well aware I filtered several warnings to you and Cohen about this . 721 01:00:23,590 --> 01:00:24,425 A year ago. 722 01:00:25,392 --> 01:00:29,963 I really don't think that's the best path for you to be taking at this point. 723 01:00:33,267 --> 01:00:34,435 you're going to be well taken care of. 724 01:00:38,505 --> 01:00:42,843 Obviously it's quite complicated. 725 01:00:42,910 --> 01:00:44,044 John I was told that in no uncertain terms... 726 01:00:44,945 --> 01:00:46,079 It was always a very grey area. 727 01:00:46,980 --> 01:00:49,149 Actually it was made very clear at the time, 728 01:00:49,583 --> 01:00:51,251 by you and I and Cohen. 729 01:00:53,720 --> 01:00:57,558 I'd really prefer that you didn't fight me on this... 730 01:01:08,335 --> 01:01:11,138 We all fucked this one up pretty good... 731 01:01:15,542 --> 01:01:18,712 We need you to stay here till this is finished and the markets close. 732 01:01:20,080 --> 01:01:21,014 I understand. 733 01:01:23,283 --> 01:01:24,885 They'll go over the numbers with you downstairs... 734 01:01:27,187 --> 01:01:28,555 Good luck. 735 01:01:47,741 --> 01:01:49,209 What's the boy wonder want? 736 01:01:56,116 --> 01:01:57,084 You got a minute? 737 01:01:57,117 --> 01:01:59,787 We're just off to pick up Eric. - Yeah I know. Will only take a second. 738 01:01:59,787 --> 01:02:00,788 - Alright, what is it? 739 01:02:01,555 --> 01:02:05,526 - Tuld and I have concerns that Sam, may not be step up and do the right thing. 740 01:02:06,760 --> 01:02:08,295 - It's never been a problem. 741 01:02:08,295 --> 01:02:09,296 - No, it hasn't. 742 01:02:09,763 --> 01:02:12,032 But, sometimes in an acute situation, Such as this... 743 01:02:12,733 --> 01:02:15,068 often what is right. 744 01:02:15,903 --> 01:02:20,941 Can take on, mutiple interpretations. 745 01:02:22,042 --> 01:02:23,444 - Sam will step up. 746 01:02:23,444 --> 01:02:24,445 - Oh, I know..he will. 747 01:02:24,812 --> 01:02:28,615 But if he doesn't. IF he does not... 748 01:02:29,349 --> 01:02:30,551 We need to know that, You will. 749 01:02:33,687 --> 01:02:34,788 - You need to know that, I will... What? 750 01:02:35,956 --> 01:02:37,357 - That you will step up. 751 01:02:39,326 --> 01:02:41,829 - I have not doubt. That Sam will make the right decision. 752 01:02:41,829 --> 01:02:44,298 But, just to make it clear. 753 01:02:44,298 --> 01:02:47,401 He and I always have the same interpretation, Of what's right. 754 01:02:48,569 --> 01:02:50,637 No matter, How acute... the situation. 755 01:05:29,963 --> 01:05:33,367 Jesus, that's a nice place. 756 01:05:33,367 --> 01:05:34,401 - Yeah, it is.. he just bought it. 757 01:05:35,602 --> 01:05:37,137 - I hope it was with cash. 758 01:05:38,138 --> 01:05:41,675 - Fuck me. You are a heartless little shit sometimes. 759 01:05:42,509 --> 01:05:43,911 and it wasn't. 760 01:05:45,746 --> 01:05:47,347 Don't touch any of the buttons! 761 01:05:54,121 --> 01:05:55,289 What are you doing here? 762 01:05:55,823 --> 01:05:56,657 - Hey? 763 01:06:03,197 --> 01:06:04,932 So..Peter finished that model you were working on. 764 01:06:07,134 --> 01:06:08,001 - Really? 765 01:06:08,035 --> 01:06:09,470 - Caused a shit storm. 766 01:06:10,104 --> 01:06:11,105 I bet...it did. 767 01:06:12,439 --> 01:06:13,440 - Do you think he's right? 768 01:06:14,575 --> 01:06:15,442 - I know...he's right. 769 01:06:27,888 --> 01:06:31,759 Jared Cohen called an emergency meeting of the senior partners last night. 770 01:06:31,792 --> 01:06:33,193 Based on your findings.. 771 01:06:34,261 --> 01:06:37,197 They've decided to liquidate our entire position. 772 01:06:38,632 --> 01:06:39,600 Today! 773 01:06:41,668 --> 01:06:42,970 - I am very sorry about that. 774 01:06:49,410 --> 01:06:52,613 They are worried about you being out here. And they want me to get you back. 775 01:06:52,613 --> 01:06:57,918 - Jesus! - I'm just saying.. - Fuck that. 776 01:06:57,951 --> 01:07:01,588 Don't be rash. - Forget it, I've signed my papers. I'm out! 777 01:07:03,190 --> 01:07:04,091 They will pay you. 778 01:07:05,125 --> 01:07:06,160 - I've been paid enough, already. 779 01:07:15,135 --> 01:07:16,570 Did you know I built a bridge once? 780 01:07:18,906 --> 01:07:19,706 - Sorry? 781 01:07:19,706 --> 01:07:20,707 - A bridge. 782 01:07:21,041 --> 01:07:22,209 - No, I didn't know that. 783 01:07:22,843 --> 01:07:24,211 - I was an engineer by trade. 784 01:07:27,381 --> 01:07:31,151 It went from Dilles Bottom, Ohio to Moundsville West Virgina. 785 01:07:31,485 --> 01:07:32,886 It spans 912 feet above the Ohio river. 786 01:07:34,054 --> 01:07:36,757 12,100 people a day use this thing a day. 787 01:07:37,291 --> 01:07:38,425 And It cut out 35 miles... 788 01:07:39,093 --> 01:07:41,995 of extra driving each way, between Wheeling and New Martinsville. 789 01:07:42,896 --> 01:07:44,064 That's a combined... 790 01:07:44,598 --> 01:07:45,599 847,000 miles of driving, 791 01:07:47,534 --> 01:07:48,469 a day... 792 01:07:48,836 --> 01:07:51,472 Worth 25,410,000 miles... 793 01:07:51,472 --> 01:07:52,473 a month; 794 01:07:54,074 --> 01:07:55,642 and 304 millions 795 01:07:56,176 --> 01:07:57,644 920,000 miles 796 01:07:58,112 --> 01:07:58,979 a year. 797 01:07:58,979 --> 01:07:59,980 Saved. 798 01:08:02,216 --> 01:08:05,152 Now, I completed that project in 1986... that's 22 years ago. 799 01:08:06,653 --> 01:08:09,923 So, Over the life of that one bridge.. that's 6 billion... 708 million... 800 01:08:10,891 --> 01:08:12,693 240 thousand 801 01:08:14,094 --> 01:08:15,295 miles...that haven't had to be driven! 802 01:08:16,964 --> 01:08:19,366 At what? let's say... 50 miles an hour 803 01:08:21,568 --> 01:08:24,271 So, that's a 134 million, 164 thousand 800 hours... 804 01:08:25,072 --> 01:08:26,039 or 805 01:08:26,507 --> 01:08:27,941 559 thousand 20 days... 806 01:08:29,576 --> 01:08:36,049 so that one little bridge has saved the people of those two communities a combined, 1531 years of their lives 807 01:08:36,950 --> 01:08:38,585 not wasted in a fucking car... 808 01:08:42,856 --> 01:08:46,927 One thousand five hundred and 31 years! 809 01:08:46,927 --> 01:08:47,928 - Jesus. 810 01:08:59,039 --> 01:09:00,107 I guess... you better get back over there. 811 01:09:05,746 --> 01:09:06,480 - Yeah. 812 01:09:10,150 --> 01:09:11,752 Thanks for coming by. 813 01:09:11,752 --> 01:09:12,719 - You're welcome. 814 01:09:17,257 --> 01:09:18,692 Who the fuck is this? 815 01:09:19,293 --> 01:09:21,228 I'd imagine, it's the firm's people. 816 01:09:22,329 --> 01:09:23,363 - What? 817 01:09:23,363 --> 01:09:24,465 Tuld doesn't want any loose ends. 818 01:09:26,467 --> 01:09:27,568 He fired me. 819 01:09:28,569 --> 01:09:29,703 Fuck em... Fuck em. 820 01:09:29,803 --> 01:09:31,438 - I totally agree...Fuck them. So, come back... 821 01:09:32,072 --> 01:09:33,340 take the money, You'll be home by five. 822 01:09:34,742 --> 01:09:37,911 Otherwise, they are going to fight you on everything, they are going to fight you on the package, the options... 823 01:09:39,646 --> 01:09:40,581 Be smart. 824 01:09:47,254 --> 01:09:48,455 Well..You're a better man than I. 825 01:09:50,257 --> 01:09:51,792 That's always been true. 826 01:09:51,792 --> 01:09:52,826 Yes, it has. 827 01:09:57,965 --> 01:09:59,133 The house looks good. 828 01:10:01,602 --> 01:10:02,302 Thanks. 829 01:10:02,703 --> 01:10:04,171 Hey Eric... 830 01:10:05,906 --> 01:10:08,575 don't beat yourself up too much about this stuff, alright? 831 01:10:10,344 --> 01:10:11,812 Some people like driving the long way home. 832 01:10:13,113 --> 01:10:14,281 Who the fuck knows. Right? 833 01:10:45,979 --> 01:10:46,980 There he is. 834 01:10:48,782 --> 01:10:49,683 John. 835 01:10:51,418 --> 01:10:52,386 How's it looking? 836 01:10:53,987 --> 01:10:55,355 - Cohen has done a nice job. It can work. 837 01:10:56,657 --> 01:10:57,791 - What does that mean? 838 01:10:59,860 --> 01:11:03,630 It means, as you very well know, 839 01:11:04,598 --> 01:11:08,001 that you are a very important piece of this puzzle. 840 01:11:40,167 --> 01:11:41,235 It's not a gift. 841 01:11:41,769 --> 01:11:44,571 I need to know you are with me on this. 842 01:11:47,474 --> 01:11:48,776 I'm with the firm John. 843 01:11:51,912 --> 01:11:55,916 I won't get what I need out of your boys on the floor, unless they believe you... 844 01:11:57,518 --> 01:12:00,053 unless they believe in you completely. 845 01:12:04,191 --> 01:12:05,225 Are you in, on this? 846 01:12:08,128 --> 01:12:09,696 - I told you my reservations. 847 01:12:09,863 --> 01:12:10,898 You can't have reservations! 848 01:12:13,200 --> 01:12:14,635 And I need to know now. 849 01:12:16,870 --> 01:12:22,676 Look John..I'm completelywith the firm, as I always have been. Excuse me. 850 01:12:46,767 --> 01:12:51,004 Alright, Will. Am I getting fired? 851 01:12:51,739 --> 01:12:52,773 - I don't know. 852 01:12:57,311 --> 01:12:59,947 Yeah, almost definitely. 853 01:13:01,849 --> 01:13:06,019 - Are you? - No. 854 01:13:07,621 --> 01:13:11,492 Seth, its nothing you did. You're just in a wrong firm, in a wrong time. 855 01:13:12,159 --> 01:13:15,596 Young guys are always the one to get called. Listen, nothing i can say'll make you better 856 01:13:15,596 --> 01:13:18,966 It's gonna suck for a while... and then you'll be fine. 857 01:13:24,071 --> 01:13:24,838 You alright? 858 01:13:27,141 --> 01:13:28,242 Yeah, yeah. I'm fine. 859 01:13:28,242 --> 01:13:32,079 For what its worth, I'm sorry this is happening to you. 860 01:13:34,014 --> 01:13:36,550 - Don't be. You didn't do it to me. 861 01:13:36,550 --> 01:13:39,019 - Still, Al least you're gonna have some nice cash to walk away with. 862 01:13:39,019 --> 01:13:41,555 - I guess. 863 01:13:41,555 --> 01:13:45,259 This is really gonna effect people. - Yeah, it's gonna affect people like me. 864 01:13:45,659 --> 01:13:46,794 - No, real people. 865 01:13:47,194 --> 01:13:48,328 Jesus, Seth. 866 01:13:49,129 --> 01:13:52,666 If you really wanna do this with your life. You have to believe you're necessary. And you are. 867 01:13:53,534 --> 01:13:56,270 People wanna live like this. In their cars and their big fucking houses, that they can't even pay for. 868 01:13:56,870 --> 01:13:58,272 Then, you're necessary. 869 01:13:59,239 --> 01:14:01,642 The only reason, that they all get continue living like kings is 870 01:14:02,843 --> 01:14:03,977 'cos we got our fingers on the scales in their favour. 871 01:14:03,977 --> 01:14:04,945 I take my hand off. 872 01:14:06,713 --> 01:14:12,453 Well then the whole world gets really fucking fair, really fucking quickly and nobody asks you one shite. 873 01:14:13,287 --> 01:14:14,455 They want what we've to give them.. 874 01:14:15,089 --> 01:14:18,859 but they also wanna you know, play innocent and pretend they've no idea where it came from. 875 01:14:19,493 --> 01:14:21,895 That's more hypocracy than I'm willing to swallow. So, fuck them. 876 01:14:22,696 --> 01:14:23,831 Fuck normal people! 877 01:14:25,132 --> 01:14:27,167 You know, the funny thing is. Tommorow, if all of these goes tits up. 878 01:14:28,969 --> 01:14:31,672 They're gonna crucify us. For being, too reckless. 879 01:14:31,705 --> 01:14:32,840 But if we are wrong?? 880 01:14:33,407 --> 01:14:34,475 And everything gets back on track. 881 01:14:36,376 --> 01:14:39,179 Well then, the same people are gonna laugh until they piss their pants. 882 01:14:39,747 --> 01:14:42,082 Because, we are gonna look like the biggest pussies that God ever let through the door. 883 01:14:47,020 --> 01:14:48,922 Do you think we are gonna be wrong? 884 01:14:50,791 --> 01:14:52,426 Nah, i don't know..fuck. 885 01:15:06,974 --> 01:15:08,008 Good morning. 886 01:15:08,776 --> 01:15:09,710 Peter... 887 01:15:10,511 --> 01:15:11,445 you want one? 888 01:15:13,213 --> 01:15:14,515 - I don't smoke. 889 01:15:14,515 --> 01:15:17,284 That's good. I don't much either. 890 01:15:28,162 --> 01:15:29,196 Are you tired? 891 01:15:30,431 --> 01:15:31,365 - Of what? 892 01:15:31,965 --> 01:15:33,167 Remember, I don't work as hard as you do. 893 01:15:33,167 --> 01:15:34,168 - Oh, That's not true. 894 01:15:34,368 --> 01:15:35,636 - No it is...actually. 895 01:15:39,807 --> 01:15:42,076 - Are we all getting fired after today? - Probably. 896 01:15:43,911 --> 01:15:45,212 - Are they going to fire you? 897 01:15:46,380 --> 01:15:47,548 - Well, they won't exactly call it that. 898 01:15:50,184 --> 01:15:53,053 but... it'll be a mercy killing really. You don't have to stand out here for me. 899 01:15:55,122 --> 01:15:58,125 - No, I know. I really don't want to go back in there just yet. 900 01:15:59,626 --> 01:16:00,828 - I understand that. 901 01:16:03,397 --> 01:16:04,498 - I think I know your son. 902 01:16:05,432 --> 01:16:06,366 - Really? 903 01:16:06,734 --> 01:16:09,136 - Not well... but, he always seemed like a nice person. 904 01:16:10,504 --> 01:16:11,939 - He is a nice person. 905 01:16:13,006 --> 01:16:14,341 I guess you could say alot worse about a guy. 906 01:16:16,310 --> 01:16:17,511 - Does he know what's about to happen? 907 01:16:19,279 --> 01:16:20,247 - What do you mean? 908 01:16:22,516 --> 01:16:23,917 - Did you talk to him? 909 01:16:23,917 --> 01:16:26,987 - No..I hadn't even thought of it. 910 01:16:33,694 --> 01:16:35,129 - They're all coming in now. 911 01:16:36,463 --> 01:16:37,731 - Yes they are. 912 01:16:42,903 --> 01:16:44,438 - Have you ever done anything like this? 913 01:16:46,006 --> 01:16:49,943 - No... never.... not even close. 914 01:16:55,716 --> 01:16:58,118 - Are you sure..it's the only... 915 01:16:59,586 --> 01:17:01,188 or the... right thing to do? 916 01:17:04,591 --> 01:17:05,559 - For who? 917 01:17:08,328 --> 01:17:09,396 I'm not sure. 918 01:17:10,431 --> 01:17:11,632 - Neither am I. 919 01:18:51,765 --> 01:18:52,699 - You alright? 920 01:18:56,070 --> 01:18:57,671 You are about to fire me. 921 01:19:13,954 --> 01:19:16,924 You know, this is.. This is all I've ever wanted to do. 922 01:19:23,630 --> 01:19:24,832 - Really? 923 01:19:59,767 --> 01:20:00,801 You as well, huh? 924 01:20:00,834 --> 01:20:01,802 - Yes. 925 01:20:03,270 --> 01:20:04,605 - Jesus! 926 01:20:07,141 --> 01:20:07,941 Sorry. 927 01:20:07,941 --> 01:20:09,209 - Thank you. 928 01:20:23,323 --> 01:20:25,626 I didn't think they were going to be able to get you back here. 929 01:20:28,962 --> 01:20:30,731 - They told me they were going to drag me through hell on everything 930 01:20:31,131 --> 01:20:33,667 the next two years.. my options, my healthcare 931 01:20:34,802 --> 01:20:36,336 or I could come back here and make... 932 01:20:37,704 --> 01:20:38,806 $176,471.00 an hour 933 01:20:41,875 --> 01:20:42,709 to sit quietly... in this room. 934 01:20:46,146 --> 01:20:47,714 I couldn't see much of choice. 935 01:20:49,049 --> 01:20:50,184 - It never is. 936 01:20:54,221 --> 01:20:55,823 Obviously looking back, 937 01:20:56,457 --> 01:21:00,294 It was expressed with insufficient urgency... 938 01:21:01,462 --> 01:21:02,796 but your point was passed on... 939 01:21:03,731 --> 01:21:04,898 I need you to know that. 940 01:21:06,767 --> 01:21:07,501 Eric. 941 01:21:07,568 --> 01:21:10,437 Its okay, I understand, believe me. 942 01:21:10,671 --> 01:21:12,005 there was nothing you could have done. 943 01:21:13,674 --> 01:21:14,742 I guess... 944 01:21:17,578 --> 01:21:20,414 at the time... it didn't seem like there was much of a choice. 945 01:21:21,715 --> 01:21:22,883 - It never does. 946 01:21:44,738 --> 01:21:46,306 What is your package going to be like? 947 01:21:49,343 --> 01:21:51,779 - I don't know, that's what I'm waiting for now. 948 01:21:53,280 --> 01:21:54,615 - It probably pretty good. 949 01:21:56,049 --> 01:21:57,217 - It better be. 950 01:22:12,833 --> 01:22:15,269 Thank you all for coming in a little early this morning, 951 01:22:16,537 --> 01:22:20,107 I know yesterday was pretty bad, and I wish I could say that today is going to be less so, 952 01:22:20,107 --> 01:22:21,141 but that isn't going to be the case. 953 01:22:21,975 --> 01:22:24,545 Now, I am supposed to read this statement here to you all here, 954 01:22:24,545 --> 01:22:27,548 but how bout you read it on your own time and I'll just tell you what the fuck's going on here. 955 01:22:28,549 --> 01:22:30,150 I've been here all night. 956 01:22:31,285 --> 01:22:32,653 meeting with the executive committee. 957 01:22:34,021 --> 01:22:40,294 and the decision has been made to unwind a considerable portion of the firm's holdings in several key asset classes. 958 01:22:44,231 --> 01:22:45,766 The crux of it is... in the firm's thinking. 959 01:22:46,266 --> 01:22:48,736 the party is over as of this morning. 960 01:22:49,737 --> 01:22:53,474 There is going to be considerable turmoil in the markets for the foreseeable future. 961 01:22:53,807 --> 01:22:57,177 And they believe... it is better, that this turmoil begin with us... 962 01:23:00,447 --> 01:23:01,515 as a result... 963 01:23:02,549 --> 01:23:03,851 the firm has decided to liquidate 964 01:23:05,018 --> 01:23:07,321 its majority positions of fixed income MBS.. 965 01:23:08,922 --> 01:23:09,890 today. 966 01:23:10,724 --> 01:23:12,025 These are your packets, 967 01:23:12,593 --> 01:23:15,929 you will see what accounts you are responsible for today. 968 01:23:17,398 --> 01:23:18,899 I'm sure it hasn't taken you long to.. 969 01:23:20,601 --> 01:23:22,202 understand the implications of this sale. 970 01:23:23,237 --> 01:23:26,407 on your relationships with your counter-parties and as a result... 971 01:23:28,809 --> 01:23:30,110 on your careers. 972 01:23:30,144 --> 01:23:31,145 I have expressed this 973 01:23:31,545 --> 01:23:32,546 reality 974 01:23:33,313 --> 01:23:36,316 to the executive committee and they understand. 975 01:23:36,350 --> 01:23:36,683 As a result, 976 01:23:37,351 --> 01:23:40,220 if you achieve a 93% sale of your assets... 977 01:23:40,854 --> 01:23:45,292 you will receive a 1.4 million dollar one off bonus. 978 01:23:46,126 --> 01:23:47,361 If the floor as a whole 979 01:23:48,062 --> 01:23:56,203 achieves a 93% sale you will get an additional 1.3 million a piece. 980 01:23:56,804 --> 01:23:58,772 For those of you who have never been through this before, 981 01:23:59,440 --> 01:24:01,675 this is what the beginning of a fire sale looks like. 982 01:24:02,776 --> 01:24:06,213 I cannot begin to tell you how important first hour and half is gonna be. 983 01:24:06,213 --> 01:24:08,482 I want you to hit every bite you can find. 984 01:24:08,749 --> 01:24:10,217 Dealers, brokers, clients... 985 01:24:10,784 --> 01:24:11,819 Your mother, if she respond. 986 01:24:13,754 --> 01:24:14,621 No swaps. 987 01:24:15,222 --> 01:24:18,125 It's outgoing only, today. 988 01:24:20,594 --> 01:24:24,665 Obviously, this isn't going down the way that any of us would've hoped. 989 01:24:25,532 --> 01:24:28,502 but the ground is shifting below our feet, 990 01:24:28,669 --> 01:24:30,971 And apparently, there is no other way out. 991 01:24:50,124 --> 01:24:56,630 Christ... this is Obviously, a very very unique situation... 992 01:24:57,131 --> 01:24:58,298 if we are successful today. 993 01:24:59,600 --> 01:25:02,236 We will have been successful in destroying our own jobs... 994 01:25:04,638 --> 01:25:06,039 I can not promise that any of you.. all of you... 995 01:25:09,109 --> 01:25:10,210 Some of you would be repositioned within the firm. 996 01:25:12,346 --> 01:25:13,514 but I can tell you that, I am very proud of the work we've done here today. 997 01:25:19,253 --> 01:25:20,521 I have been at this place, 998 01:25:21,955 --> 01:25:23,123 34 years, 999 01:25:24,458 --> 01:25:29,963 I can tell you from experience, that people are going to say some very nasty things about what we do here today. 1000 01:25:29,930 --> 01:25:32,733 about what you've dedicated a portion of your lives to. 1001 01:25:35,936 --> 01:25:38,572 But have faith that in the bigger picture, 1002 01:25:39,373 --> 01:25:40,541 our skills have not been wasted, 1003 01:25:41,241 --> 01:25:42,810 we have accomplished much, 1004 01:25:43,277 --> 01:25:44,478 and our talents 1005 01:25:45,179 --> 01:25:46,380 have been used... 1006 01:25:48,382 --> 01:25:49,783 for the greater good. 1007 01:25:51,051 --> 01:25:53,987 Here's your packets, get to work. 1008 01:26:27,287 --> 01:26:29,823 Phone man: City..this is Eric. - Give me Elliott. 1009 01:26:29,823 --> 01:26:32,659 - City. - Hey, its Will Emerson. 1010 01:26:33,660 --> 01:26:34,962 William, how are you? - I'm alright, how's the trouble at scribes? 1011 01:26:34,962 --> 01:26:35,963 - Busting my ass, as always. 1012 01:26:36,296 --> 01:26:38,632 - You see, that's what i've been trying to tell you. John, why do you thing I'm saying this? 1013 01:26:38,632 --> 01:26:39,633 - I know you did. 1014 01:26:39,633 --> 01:26:40,634 What can i do for you? 1015 01:26:40,601 --> 01:26:43,103 - Listen, I just got tapped on my shoulder, 1016 01:26:43,103 --> 01:26:45,572 we've got some words over here that we need to move. 1017 01:26:45,572 --> 01:26:46,573 So, today. It looks like my lost is your gain. 1018 01:26:45,572 --> 01:26:48,075 - What kind of size you're talking about? 1019 01:26:48,075 --> 01:26:50,577 Should be on your screen, I just sent it. 1020 01:26:50,577 --> 01:26:53,113 - Jesus, what is this gonna land? - 96 on a dollar. 1021 01:26:53,547 --> 01:26:55,149 - 91? - Whole three and we're done at 94. 1022 01:26:55,682 --> 01:26:57,217 93 and a half? - Done! 1023 01:26:57,785 --> 01:27:00,054 - This is trading? - Hello, gorgious. 1024 01:27:00,654 --> 01:27:03,157 - Will, what's happening over there? - Today's moving day. 1025 01:27:03,190 --> 01:27:07,327 - What's the fuck are you guys so worked up about? - You think they tell me anything, all i know is that 1026 01:27:07,594 --> 01:27:10,097 today my loss is your gain. Now, you're friendly 1027 01:27:10,097 --> 01:27:12,633 So, I'm coming to you first. I got two seventy mill 1028 01:27:12,633 --> 01:27:15,135 a fifteen year paying at a twenty half a part. 1029 01:27:15,135 --> 01:27:17,638 - Where is it from? - Where is it from? Do you care? 1030 01:27:17,638 --> 01:27:20,074 - No, not really. Now... 1031 01:27:20,074 --> 01:27:23,610 Where's the trade? I'm hearing that you guys.... - I'm only sharing this with you 1032 01:27:23,877 --> 01:27:26,413 right now! 1033 01:27:26,413 --> 01:27:28,882 85... - Done. 1034 01:27:28,882 --> 01:27:31,385 - Deutsche? 1035 01:27:31,385 --> 01:27:33,887 - Its Will Emerson. 1036 01:27:33,887 --> 01:27:36,356 - Fuck you, you lying bastard. - Come on, are you still angry about that. 1037 01:27:36,356 --> 01:27:38,726 Word is out, i'm hanging up. 1038 01:27:38,726 --> 01:27:41,228 - Merryll? - Lawrence. 1039 01:27:41,228 --> 01:27:43,764 - What the fuck are you guys doing over there? 1040 01:27:43,764 --> 01:27:46,667 - Just a little spring cleaning. - That is not what i'm hearing. 1041 01:27:46,900 --> 01:27:49,536 Alright, Lawrence. Are you a buyer? - I'm not sure anymore. Where at? 1042 01:27:50,070 --> 01:27:51,371 - Why, it sounds like I should be asking 'Where at.' 1043 01:27:52,106 --> 01:27:54,241 375 mill at third year mix. - Fuck me.. 1044 01:27:55,509 --> 01:27:58,011 - Are you with me on this? 1045 01:27:58,011 --> 01:28:00,547 63 cents? - or fuck you, I'm hanging up. 1046 01:28:00,547 --> 01:28:03,884 63? - I'll come back to you on five. 1047 01:28:03,884 --> 01:28:04,885 - Maybe, fifty five and five. 1048 01:28:05,819 --> 01:28:08,088 - Well, alright then, stay on the line. 1049 01:28:09,056 --> 01:28:10,424 Sam, pick up the phone. 1050 01:28:10,824 --> 01:28:13,360 Sam...get on the line! 1051 01:28:13,360 --> 01:28:15,829 I got Lawrence in now. - Where are we? 1052 01:28:15,829 --> 01:28:18,665 - sixty three six. - Jesus, and what? 1053 01:28:19,433 --> 01:28:20,534 Get him to sixty five and hit it. 1054 01:28:21,668 --> 01:28:22,870 Are you fucking kidding me on this? 1055 01:28:23,704 --> 01:28:26,206 That's a hundred million lost on a single trade. 1056 01:28:26,206 --> 01:28:30,644 I understand...hit it. 1057 01:28:30,911 --> 01:28:32,713 Well, Lawrence. We'd fill a kill at sixty five. 1058 01:28:32,980 --> 01:28:34,515 - It's filled. 1059 01:28:56,136 --> 01:28:56,970 - Well done. 1060 01:29:04,144 --> 01:29:07,014 I just wanna give you heads up. They're gonna start sending a few people home now. 1061 01:29:11,151 --> 01:29:13,654 Now? - Yes, I know this ends. 1062 01:30:27,995 --> 01:30:29,129 Please sit. 1063 01:30:29,863 --> 01:30:31,265 Congratulations are clearly in order. 1064 01:30:33,400 --> 01:30:34,635 We did the best we could. 1065 01:30:35,669 --> 01:30:36,637 You did a hell of a job. 1066 01:30:38,272 --> 01:30:39,239 And i thank you for that. C'mon sit. 1067 01:30:40,207 --> 01:30:41,275 Excuse me for eating, but... 1068 01:30:43,243 --> 01:30:44,545 It's been a long day. 1069 01:30:45,179 --> 01:30:46,814 - Can i get you something? - No, nothing, Thanks. 1070 01:30:51,919 --> 01:30:53,987 - What can i do for you? - I want out. 1071 01:30:55,823 --> 01:30:57,257 - I'm done, I want out. 1072 01:31:00,627 --> 01:31:03,063 - It's a very difficult day for all... - I need you to release my options, 1073 01:31:03,464 --> 01:31:05,833 If they're worth anything today, I want my bonus, I am out. 1074 01:31:06,066 --> 01:31:06,834 - You'll get your bonus, your options... 1075 01:31:07,167 --> 01:31:09,703 and keep a calm face. But i need you to stay with me for next 24 months.. 1076 01:31:18,545 --> 01:31:19,913 You did some good today, you said that yourself. 1077 01:31:21,115 --> 01:31:22,015 You know... 1078 01:31:22,516 --> 01:31:25,452 I'm starting to feel a little better about all this whole thing. 1079 01:31:26,720 --> 01:31:29,056 You're one of the luckiest guy in the world, Sam. 1080 01:31:29,556 --> 01:31:30,791 You could've been digging dicks all this years. 1081 01:31:33,193 --> 01:31:33,994 That's true. 1082 01:31:33,994 --> 01:31:34,795 - And if i had, at least... 1083 01:31:40,934 --> 01:31:44,104 How the hell did we fuck this up, quite so much? 1084 01:31:47,007 --> 01:31:50,477 - When did you start feeling so sorry for yourself..its unbearable. 1085 01:31:51,478 --> 01:31:54,681 - So, you think we might've put a few people out of business today. 1086 01:31:54,681 --> 01:31:55,682 It's all for note. 1087 01:31:57,451 --> 01:32:01,121 But you've been doing that everyday, for almost 40 years Sam 1088 01:32:02,956 --> 01:32:05,893 If this is all for note, then so is everything out there. 1089 01:32:09,496 --> 01:32:10,731 Its just money. 1090 01:32:11,331 --> 01:32:12,266 It's made up. 1091 01:32:14,001 --> 01:32:15,736 It's pieces of paper with a picture on it. So, we don't have to 1092 01:32:16,470 --> 01:32:17,838 kill each other, just to get something to eat. 1093 01:32:20,040 --> 01:32:21,308 Its not wrong. 1094 01:32:21,308 --> 01:32:22,309 And it's certainly not different today, then it's ever been. 1095 01:32:25,779 --> 01:32:31,051 1637, 1797, 1819, 37..57 1096 01:32:31,919 --> 01:32:33,153 84, 1097 01:32:34,621 --> 01:32:36,590 1901, 07 1098 01:32:37,291 --> 01:32:40,294 29, 1937..1974 1099 01:32:40,994 --> 01:32:43,197 1987, Jesus! Didn't that fucker fuck me up good. 1100 01:32:43,964 --> 01:32:46,433 92, 97..2000 and whatever we wanna call this. 1101 01:32:47,201 --> 01:32:49,570 All just for same thing, over and over..we can't help ourselves. 1102 01:32:51,371 --> 01:32:52,306 And we wanna like uh, 1103 01:32:56,310 --> 01:32:59,380 Control it, or stop it or even slow it. We haven't even since slightly altered. 1104 01:33:00,681 --> 01:33:01,882 We just react. 1105 01:33:03,384 --> 01:33:04,818 We get a lot of money, if we get it right. 1106 01:33:05,652 --> 01:33:07,287 And we get left by the side of road, if we get it wrong. 1107 01:33:08,822 --> 01:33:12,159 And there has always been, and always will be.. the same percentage of winners and losers 1108 01:33:12,159 --> 01:33:13,160 happy fucks and sad sacks. 1109 01:33:13,861 --> 01:33:14,962 Fat cats and starving dogs, in this world. 1110 01:33:20,200 --> 01:33:21,602 Yeah, then maybe more of us today, than there ever been... 1111 01:33:22,336 --> 01:33:24,104 but the percentage, 1112 01:33:24,872 --> 01:33:26,507 they stand exactly the same. 1113 01:33:45,192 --> 01:33:47,861 I'll do it John, not but because of the little speech, 1114 01:33:49,596 --> 01:33:50,898 But because I need the money. 1115 01:33:52,299 --> 01:33:57,705 Hard to believe, after all this years.. But I... need the money. 1116 01:34:08,115 --> 01:34:09,216 Are you gonna keep the kid? 1117 01:34:12,219 --> 01:34:13,387 Keep him? He's gonna promote him. 1118 01:34:14,354 --> 01:34:15,856 Its all hands on deck now Sam. 1119 01:34:16,523 --> 01:34:19,093 There's gonna be a lot of money to be made, coming out of this mess. 1120 01:34:19,093 --> 01:34:21,729 And they're gonna need all the brains, we can get out on here. 1121 01:36:40,601 --> 01:36:44,204 I went home from the vet and I couldn't think of where as to go. 1122 01:36:45,839 --> 01:36:47,107 She belongs here. 1123 01:36:49,076 --> 01:36:52,279 I know, but Sam you don't live here anymore. 1124 01:36:56,617 --> 01:37:01,422 Are you alright? You don't look so good. 1125 01:37:03,023 --> 01:37:04,591 Yeah, it's been a rough day all the way around. 1126 01:37:05,125 --> 01:37:06,427 I know, Sammy called. 1127 01:37:06,427 --> 01:37:07,428 Is he alright? 1128 01:37:08,328 --> 01:37:09,463 They got hammered, 1129 01:37:09,463 --> 01:37:11,865 but got out alive. 1130 01:37:11,865 --> 01:37:12,866 - good. 1131 01:37:19,973 --> 01:37:23,477 Well, I am going to go back inside 1132 01:37:23,477 --> 01:37:26,146 and go back to bed. 1133 01:37:26,747 --> 01:37:30,184 The alarm is on so don't try to break in. 1134 01:37:39,259 --> 01:37:40,594 Take care of yourself. 1135 01:38:15,596 --> 01:38:20,300 ----- Subtitle by D3xt3r -----