1 00:00:00,142 --> 00:00:04,902 This profit is guaranteed, the money comes from the German tax authorities. 2 00:00:04,982 --> 00:00:07,702 Is that legal? Dr. Hausner? -Absolute. 3 00:00:07,782 --> 00:00:12,942 273,000 euros. Not bad in one fell swoop for your first year as a lawyer. 4 00:00:13,022 --> 00:00:15,222 Now we have to build it out. 5 00:00:15,302 --> 00:00:18,222 The state pays you twice what you are entitled to? 6 00:00:18,302 --> 00:00:20,302 In my opinion that is simply fraud. 7 00:00:20,382 --> 00:00:23,582 I have a few German ones friends at Avidor... 8 00:00:23,662 --> 00:00:26,622 which is a great cum-ex deal in Danish shares. 9 00:00:26,702 --> 00:00:31,382 574 million kroner. Avidor Trade? -Part of a major German bank. 10 00:00:31,462 --> 00:00:36,662 Any foreign bank can claim that she trades Danish shares. 11 00:00:36,742 --> 00:00:41,782 And if I ask for a refund? 12 00:00:41,862 --> 00:00:46,022 No extra bureaucracy for banks. -The current legal situation... 13 00:00:46,102 --> 00:00:49,102 is an open invitation to tax fraud. 14 00:00:49,182 --> 00:00:51,102 This is a big problem. 15 00:00:51,182 --> 00:00:54,822 My apologies. Inger. -But it felt so good. 16 00:00:54,902 --> 00:00:57,022 And you? Do you have a girlfriend? 17 00:00:57,102 --> 00:00:59,222 Hello. -Hello. Olga. 18 00:00:59,302 --> 00:01:02,542 This is not tax evasion. But pure theft. 19 00:01:02,622 --> 00:01:05,382 We must treat them like criminals. 20 00:01:05,462 --> 00:01:09,222 Why hasn't this been digitized? -Per, that's not necessary. 21 00:01:09,302 --> 00:01:12,982 We are deploying additional staff. -The department needs to downsize. 22 00:01:13,062 --> 00:01:17,942 The archive is destroyed. -No, no. That's evidence. 23 00:01:33,061 --> 00:01:39,738 This story is fictional. but based on true facts. Unfortunately. 24 00:01:41,462 --> 00:01:45,137 ...so that the exclusive B02 movement becomes visible underneath. 25 00:01:45,262 --> 00:01:47,982 And how much should it cost? 26 00:01:51,102 --> 00:01:52,502 Excluding VAT. 27 00:01:56,422 --> 00:01:59,462 Just look at that precision work. 28 00:01:59,542 --> 00:02:03,782 Every time the pointer pauses. Can he come to a stop? 29 00:02:05,142 --> 00:02:09,142 Yet the same decision is always made taken: forward. 30 00:02:09,222 --> 00:02:11,862 Always moving forward. Turning around is not an option. 31 00:02:13,742 --> 00:02:17,222 What elegance lies in that relentlessness. 32 00:02:17,302 --> 00:02:18,742 What a beauty. 33 00:02:19,382 --> 00:02:21,222 And what a sadness. 34 00:02:30,662 --> 00:02:32,622 Are you still expecting someone? 35 00:02:34,142 --> 00:02:35,542 Yes, indeed. 36 00:02:36,102 --> 00:02:39,382 Would you like to have a bite to eat? Or something to drink? 37 00:02:39,462 --> 00:02:42,902 Yes, okay. Another glass of red wine, please. 38 00:02:42,982 --> 00:02:45,062 And then I would like... 39 00:02:47,542 --> 00:02:51,062 the steamed cod. -That sounds good. 40 00:02:52,022 --> 00:02:53,462 Here's some bread. 41 00:02:54,262 --> 00:02:55,982 And another glass of wine. 42 00:03:07,622 --> 00:03:09,862 Hello, Mr. Jensen. 43 00:03:09,942 --> 00:03:12,062 Hello, Olga. -Sorry I'm late. 44 00:03:12,142 --> 00:03:14,702 No problem. I only have... 45 00:03:16,262 --> 00:03:20,342 Would you like to eat something? -No. tho. I've already eaten. 46 00:03:25,342 --> 00:03:26,822 My brother. 47 00:03:30,542 --> 00:03:33,062 Do you know Kaikuga's birthplace? 48 00:03:36,862 --> 00:03:39,942 Whether you know Kaikuga's birthplace. 49 00:03:40,022 --> 00:03:42,942 Kierkegaard? -Yes, that's what I say: Kaikuga. 50 00:03:43,022 --> 00:03:46,902 Kaikuga, the great Danish philosopher. 51 00:03:48,742 --> 00:03:54,302 He really is my favorite. A very funny man. 52 00:03:54,382 --> 00:03:57,462 I didn't know that. -Oh no? 53 00:04:00,982 --> 00:04:04,102 They once sent an employee home. 54 00:04:04,182 --> 00:04:06,462 HAN because his shoes were wrinkled. 55 00:04:06,542 --> 00:04:09,022 Rich bastards. What time is it? 56 00:04:09,702 --> 00:04:11,182 23 minutes before. 57 00:04:12,582 --> 00:04:15,462 Every hint of adventure makes them panic. 58 00:04:15,542 --> 00:04:17,782 They may need challenges. 59 00:04:17,862 --> 00:04:19,902 Absolutely not. Believe me. 60 00:04:19,982 --> 00:04:23,782 I just hope not that he shows me his cups again. 61 00:04:24,382 --> 00:04:27,702 You won't believe your eyes, Dr. Hausner. 62 00:04:32,302 --> 00:04:36,582 It took me seven years to get management to do this. 63 00:04:41,622 --> 00:04:44,742 This line here was always way too thin. 64 00:04:45,382 --> 00:04:47,542 Now it points strongly upwards. 65 00:04:47,622 --> 00:04:52,262 That is classic and yet discreet. 66 00:04:52,342 --> 00:04:53,742 Dynamic. 67 00:04:54,222 --> 00:04:56,222 Future-oriented. 68 00:04:56,302 --> 00:04:58,862 Great. -Absolutely, yes. 69 00:04:59,342 --> 00:05:02,462 Good. Now about that fund. 70 00:05:02,542 --> 00:05:08,502 If I understand correctly. would act as a deposit bank. 71 00:05:08,582 --> 00:05:13,662 And we would be there ourselves investing approximately 50 million... 72 00:05:13,742 --> 00:05:19,582 and as short sellers within six months make a profit of eleven percent. 73 00:05:19,662 --> 00:05:23,302 Guaranteed. -Yes, and that profit... 74 00:05:23,382 --> 00:05:28,262 comes from the double refund of capital gains tax. 75 00:05:28,342 --> 00:05:30,862 So it comes from the state treasury. 76 00:05:31,982 --> 00:05:36,382 Legally speaking, the Court has clearly established in 1999... 77 00:05:36,462 --> 00:05:39,462 that short sellers are entitled on a dividend... 78 00:05:39,542 --> 00:05:41,662 and therefore also a refund. 79 00:05:41,742 --> 00:05:44,809 The Court made this decision in 2003 confirmed again. 80 00:06:00,102 --> 00:06:03,502 Like this. Dr. Hausner. We'll think about it. 81 00:06:05,382 --> 00:06:06,782 I only realize it now. 82 00:06:13,182 --> 00:06:16,982 Your bank has been established when Germany didn't even exist yet. 83 00:06:17,702 --> 00:06:20,022 The Habsburg Empire fell. 84 00:06:20,102 --> 00:06:24,382 The German Empire fell. Just like the Weimar Republic. 85 00:06:24,462 --> 00:06:29,142 The Nazis also fell, just like the. But Kargus... 86 00:06:30,382 --> 00:06:32,715 Kargus survived them all. 87 00:06:33,862 --> 00:06:35,782 Yes, and I'll tell you why. 88 00:06:35,862 --> 00:06:40,782 You consider matters in peace. Adventures are not your style. 89 00:06:40,862 --> 00:06:44,422 You don't let yourself be blinded through fairytale profits. 90 00:06:44,502 --> 00:06:48,262 You act like sensible father figures. 91 00:06:49,422 --> 00:06:53,662 About abolishing one You have been writing letters for seven years. 92 00:06:53,742 --> 00:06:56,742 That is the secret of your success: stability. 93 00:06:58,182 --> 00:07:02,782 Thanks for this conversation. You give me a new perspective on the present. 94 00:07:02,862 --> 00:07:04,302 Not as a lawyer... 95 00:07:05,622 --> 00:07:07,022 but as a human being. 96 00:07:08,502 --> 00:07:13,902 You scare me. I don't know if I like it, but you scare me. 97 00:07:14,502 --> 00:07:16,742 Kargus wants to invest 150 million. 98 00:07:16,822 --> 00:07:21,622 Albert even invests privately. He just wanted... How do you say that? 99 00:07:21,702 --> 00:07:24,302 Hello, Fred. He wants a legal report. 100 00:07:24,382 --> 00:07:28,142 Lebert can desert dwellers apply high suns. 101 00:07:29,502 --> 00:07:34,302 I would give daylight lamps to people can wear out in the desert, he says. 102 00:07:46,382 --> 00:07:50,862 I would like to write an advisory report. But I'm super busy. 103 00:07:50,942 --> 00:07:52,382 I know that. 104 00:07:54,182 --> 00:07:58,649 That's why I already prepared it. All you have to do is draw it. 105 00:08:02,222 --> 00:08:05,417 'Trade around the ex-dividend date.' 106 00:08:05,542 --> 00:08:09,182 'Court ruling. No legal objections...' 107 00:08:12,222 --> 00:08:13,982 Good summary. 108 00:08:14,982 --> 00:08:18,662 Eighty? -That's not round. Just do a hundred. 109 00:08:19,662 --> 00:08:22,862 100,000 for something you didn't even write it yourself? 110 00:08:22,942 --> 00:08:24,702 That's almost rude. 111 00:08:26,302 --> 00:08:28,369 That's why you get this extra. 112 00:08:30,222 --> 00:08:33,302 Legislative changes for the new tax year. 113 00:08:39,622 --> 00:08:42,342 Damn. Whose idea was this? 114 00:08:42,422 --> 00:08:45,889 From an ambitious tax man. Mittendorf. do you know him? 115 00:08:47,102 --> 00:08:50,902 My ex-assistant at the tax authorities and even then annoying. 116 00:08:50,982 --> 00:08:53,782 And now the darling from the State Secretary. 117 00:08:54,262 --> 00:08:55,662 Do I understand this correctly? 118 00:08:56,582 --> 00:09:01,582 Banks go short pay double wealth tax? 119 00:09:01,662 --> 00:09:04,942 If this continues, the cum-ex trade becomes meaningless. 120 00:09:05,022 --> 00:09:07,022 The Association must take action. 121 00:09:07,102 --> 00:09:12,102 I note on behalf of the Association that this harms the financial sector. 122 00:09:12,182 --> 00:09:14,182 It's unconstitutional. 123 00:09:14,262 --> 00:09:16,862 I'm still writing today the Economic Council. 124 00:09:16,942 --> 00:09:22,542 Foreign banking associations. The German Investors' Association and the. 125 00:09:22,622 --> 00:09:26,702 Action must be taken. What can the Association do? 126 00:09:26,782 --> 00:09:29,582 I'll call Uhlenbach and Knute. The Liberals. 127 00:09:29,662 --> 00:09:34,382 What if you are the Ministry of Finance itself on the legal ambiguity... 128 00:09:34,462 --> 00:09:38,129 and the related ones double refund indicates? 129 00:09:39,942 --> 00:09:42,822 Why would we do that? 130 00:09:42,902 --> 00:09:46,902 Because the Association has a social conscience. 131 00:09:46,982 --> 00:09:50,142 You commit for a just society. 132 00:09:50,222 --> 00:09:53,462 Your organization rejects that kind of bullshit. 133 00:09:53,542 --> 00:09:55,862 That's why you're introducing a bill... 134 00:09:55,942 --> 00:09:59,822 that cum-ex trade in Germany makes it impossible forever. 135 00:10:02,542 --> 00:10:03,942 I don't understand that. 136 00:10:05,302 --> 00:10:07,702 You come up with a bill... 137 00:10:07,782 --> 00:10:12,662 that in Germany cum-ex-trade makes it impossible forever. 138 00:10:12,742 --> 00:10:16,009 Switzerland for example remains a hospitable country. 139 00:10:37,382 --> 00:10:40,262 Danish tax authorities Copenhagen 140 00:10:48,462 --> 00:10:50,382 Hello, Niels. -Hello. Inger. 141 00:10:51,662 --> 00:10:55,529 I didn't sleep last night. I read your old memo. 142 00:10:56,942 --> 00:11:00,422 Luckily I have him can still be rescued from the archives. 143 00:11:00,502 --> 00:11:02,782 You showed them years ago... 144 00:11:02,862 --> 00:11:08,302 on a double refund of wealth tax. 145 00:11:10,822 --> 00:11:15,982 Oh yes, that old memo. There they are never came back to it. 146 00:11:16,862 --> 00:11:20,862 They must have read it. -Yes, you would think so. 147 00:11:20,942 --> 00:11:22,702 Never got an answer. 148 00:11:22,782 --> 00:11:26,222 All they had to do was get there to make it into a bill. 149 00:11:26,302 --> 00:11:31,662 Yes, yes. They probably had too many other things on their plate. 150 00:11:31,742 --> 00:11:36,142 We can't wait for that. Come on, let's draw up a bill. 151 00:11:36,622 --> 00:11:40,422 We just want the names from foreign shareholders. 152 00:11:43,262 --> 00:11:44,662 Thank you. 153 00:11:56,902 --> 00:12:00,342 Just email me and I will forward it to you to whom it concerns. 154 00:12:00,422 --> 00:12:03,102 Niels emailed them years ago. 155 00:12:03,182 --> 00:12:05,049 Never heard anything about it again. 156 00:12:05,862 --> 00:12:08,422 I will discuss it at the board meeting. 157 00:12:08,502 --> 00:12:10,982 I will ensure that a bill is passed. 158 00:12:11,062 --> 00:12:14,995 That's not necessary. Per. We already have drafted a bill. 159 00:12:15,342 --> 00:12:17,382 What? -Please. 160 00:12:18,462 --> 00:12:23,542 Twenty copies. You don't need them just to distribute. 161 00:12:23,622 --> 00:12:26,582 And legally it is completely watertight. 162 00:12:30,462 --> 00:12:32,022 I have to leave now. 163 00:12:33,222 --> 00:12:35,022 I'll call as soon as I know anything. 164 00:12:41,342 --> 00:12:43,742 So here it is? -Yes. indeed. 165 00:12:43,822 --> 00:12:46,862 This is the birthplace by Soren Kierkegaard. 166 00:12:53,582 --> 00:12:55,049 And now it's a bank. 167 00:12:55,742 --> 00:12:58,009 Yes, indeed. Now it's a bank. 168 00:12:59,302 --> 00:13:00,702 Do you like to dance? 169 00:13:03,582 --> 00:13:04,982 What? Now? 170 00:13:14,262 --> 00:13:15,929 Shall we order something? 171 00:13:16,942 --> 00:13:18,622 Yes, of course. 172 00:13:20,102 --> 00:13:25,742 Two tequila sunrises, please. -Coming soon. 173 00:14:26,102 --> 00:14:30,635 I spoke to Per. They have we had a meeting about it and everything is fine. 174 00:14:32,822 --> 00:14:36,382 Did they agree without objections? -Totally agree. 175 00:14:36,462 --> 00:14:39,582 Now it still has to be done to the Danish Banking Association. 176 00:14:39,662 --> 00:14:43,662 But that is a formality, says Per. -Okay. There's Olga. 177 00:14:48,302 --> 00:14:51,222 Good evening. -Hello. 178 00:14:51,302 --> 00:14:54,182 This is Olga. She is from Serbia. 179 00:14:54,262 --> 00:14:58,662 And she works in a laboratory for blood plasma. 180 00:14:58,742 --> 00:15:00,902 Beats. I'm a vampire. 181 00:15:01,982 --> 00:15:04,142 No, don't be silly. 182 00:15:04,622 --> 00:15:09,142 We take blood plasma in the lab from people who have a lot of it... 183 00:15:09,222 --> 00:15:12,342 and give it to people who have too little. 184 00:15:13,422 --> 00:15:14,822 Just like Robin Hood. 185 00:15:16,982 --> 00:15:21,942 Danish Ministry of Taxes 186 00:15:25,822 --> 00:15:28,102 Okay, grab them. 187 00:15:28,182 --> 00:15:29,582 Now? -Yes. 188 00:15:31,062 --> 00:15:36,217 Chairman of the Danish Banking Association 189 00:15:36,342 --> 00:15:38,542 The bill... 190 00:15:38,622 --> 00:15:42,462 that we are going to present to you is very simple, namely... 191 00:15:42,542 --> 00:15:44,742 Our colleagues get access... 192 00:15:44,822 --> 00:15:48,542 into a database of shareholders who receive a refund. 193 00:15:48,622 --> 00:15:54,462 Only one investor can do this request a refund. 194 00:15:54,542 --> 00:15:57,462 And that brings us to the final point. 195 00:16:00,182 --> 00:16:03,342 KISS. or Keep it simple, stupid. 196 00:16:09,102 --> 00:16:10,622 In connection with that... 197 00:16:10,702 --> 00:16:14,262 I would like to point out a problem that has been around for several years: 198 00:16:14,342 --> 00:16:17,102 DD the double refund of capital gains. 199 00:16:17,182 --> 00:16:21,262 These are business practices that... -Mr. Mittendorf. 200 00:16:21,342 --> 00:16:25,542 RO Is this about the so-called cum-ex transactions? 201 00:16:25,622 --> 00:16:26,862 Yes. precisely. 202 00:16:26,942 --> 00:16:30,982 The Association of Banks already pointed this out to me... 203 00:16:31,062 --> 00:16:33,662 and has also attached a bill... 204 00:16:33,742 --> 00:16:37,622 for this problem very easy to solve. 205 00:16:46,542 --> 00:16:51,422 I'd just like to know why this documentation is actually necessary. 206 00:16:52,422 --> 00:16:55,582 The alleged increase in refunds is based... 207 00:16:55,662 --> 00:16:59,542 over the past three years. But you have an archive, right? 208 00:16:59,622 --> 00:17:03,262 Shall I... That is purely for practical reasons. 209 00:17:03,342 --> 00:17:05,462 Do I understand correctly... 210 00:17:05,542 --> 00:17:09,262 that the tax authorities wants to saddle the banks... 211 00:17:09,342 --> 00:17:12,902 with an untold amount paperwork... 212 00:17:12,982 --> 00:17:17,102 based on a vague impression? -It's not a vague impression. 213 00:17:17,182 --> 00:17:20,382 This problem is already... -I suggest you first... 214 00:17:20,462 --> 00:17:25,502 with concrete evidence of it this so-called tax scandal comes. 215 00:17:25,582 --> 00:17:27,822 As you can read in my advice. 216 00:17:27,902 --> 00:17:32,662 Would it be counterproductive? and legally very unusual... 217 00:17:32,742 --> 00:17:38,182 to foreign institutions to saddle us with our taxes. 218 00:17:38,262 --> 00:17:41,862 Not a single foreigner would still buy German shares. 219 00:17:43,502 --> 00:17:45,822 We certainly don't want that. 220 00:17:45,902 --> 00:17:48,542 If you provide evidence. 221 00:17:48,622 --> 00:17:52,582 Can we start negotiating? about further steps. 222 00:17:52,662 --> 00:17:56,702 To prove this fraud we need their names. 223 00:17:56,782 --> 00:17:59,222 It's that simple. Just their names. 224 00:17:59,302 --> 00:18:03,982 As the Danish government implements a change in the law... 225 00:18:04,062 --> 00:18:06,342 as suggested here. 226 00:18:06,422 --> 00:18:10,062 Will many foreign companies change their policy... 227 00:18:10,142 --> 00:18:13,009 and their activities move elsewhere. 228 00:18:13,862 --> 00:18:18,182 I don't need to elaborate on it disastrous effect this would have... 229 00:18:18,262 --> 00:18:23,542 on our business climate and on the entire Danish labor market. 230 00:18:32,622 --> 00:18:36,622 Excuse me? May I respond to that? 231 00:18:39,382 --> 00:18:42,662 I have this bill scrutinized. 232 00:18:42,742 --> 00:18:46,302 Avoiding it of double capital gains tax... 233 00:18:46,382 --> 00:18:48,582 seems like just an excuse. 234 00:18:48,662 --> 00:18:52,262 The intention is for cum-ex transactions to make it legal. 235 00:18:52,782 --> 00:18:56,942 This law would only increase the fire accelerate and do not extinguish. 236 00:18:57,022 --> 00:19:00,222 The law creates this revenue model exactly possible. 237 00:19:00,302 --> 00:19:02,422 Through a foreign deposit bank. 238 00:19:02,502 --> 00:19:06,422 All you have to do is do that to involve a Swiss bank. 239 00:19:06,502 --> 00:19:08,982 Can you tell us who you are? 240 00:19:09,062 --> 00:19:10,662 Nowak. Anna. 241 00:19:10,742 --> 00:19:13,809 I'm doing my legal internship at this ministry. 242 00:19:14,422 --> 00:19:19,022 Thank you for your concern conveys so convincingly. 243 00:19:20,022 --> 00:19:22,302 Do you see the wrinkles on my face? 244 00:19:24,422 --> 00:19:26,982 The result of 34 years of work experience. 245 00:19:27,062 --> 00:19:32,822 I would like to emphasize. Based on that experience, Minister. 246 00:19:32,902 --> 00:19:36,822 That this bill is based on two things: 247 00:19:36,902 --> 00:19:40,302 reasonableness and a good dose of common sense. 248 00:19:42,182 --> 00:19:47,502 -Many thanks for your coherent explanation about this situation. dear colleague. 249 00:19:47,582 --> 00:19:52,862 Then let's move on to the adjustment in article 14. paragraph 9. 250 00:19:57,862 --> 00:20:01,862 This took a different turn than I had hoped for. 251 00:20:01,942 --> 00:20:03,222 I'm very sorry. 252 00:20:03,302 --> 00:20:06,262 Ultimately, Hesseldahl is right. 253 00:20:06,342 --> 00:20:09,182 We will have to prove that fraud. 254 00:20:09,262 --> 00:20:14,342 If we had proof, that is, files showing double reimbursement. 255 00:20:14,422 --> 00:20:17,062 Would they then agree to the law? 256 00:20:17,142 --> 00:20:21,022 Yes. Naturally. Immediately. That's what it's all about. 257 00:20:21,102 --> 00:20:25,235 But I want you something else show. Come have a look. 258 00:20:27,022 --> 00:20:29,622 This will be your new office. 259 00:20:31,182 --> 00:20:35,222 A fantastic modern office complex in Hoje-Taastrup. 260 00:20:35,302 --> 00:20:39,822 All tax departments under one roof. Modern facilities. 261 00:20:39,902 --> 00:20:42,702 Light, easy to use. comfortable. 262 00:20:43,542 --> 00:20:48,062 We are going to work smarter. Slimmed down and above all cheaper. 263 00:20:48,142 --> 00:20:52,275 We will perform twice as much with half the staff. 264 00:21:04,622 --> 00:21:07,662 Oh, happy. No parking fine. 265 00:21:14,862 --> 00:21:17,102 Boy. Hoje-Taastrup. 266 00:21:17,182 --> 00:21:21,902 And then they want so much fire people. Hopeless. 267 00:21:22,342 --> 00:21:24,742 Yes, it certainly is. 268 00:21:28,102 --> 00:21:32,222 Switzerland (a particularly hospitable country) 269 00:21:37,302 --> 00:21:38,702 Finally peace. 270 00:21:41,102 --> 00:21:43,102 Quite honestly... 271 00:21:43,182 --> 00:21:46,742 I started to feel dizzy when I read through your brochure. 272 00:21:47,502 --> 00:21:50,222 Every time I thought I got it. 273 00:21:50,302 --> 00:21:52,835 I immediately lost the thread again. 274 00:21:53,422 --> 00:21:54,822 Just like driving a car. 275 00:21:54,902 --> 00:21:58,737 Everyone does it, but no one can explain how it works. 276 00:21:58,862 --> 00:22:01,182 With you as a discreet deposit bank... 277 00:22:01,262 --> 00:22:05,595 we can create a fantastic fund building for exclusive clients. 278 00:22:06,182 --> 00:22:11,302 Your cum-ex fund is a perfect fit in the new course of our bank. 279 00:22:12,022 --> 00:22:13,782 'Climb to the top.' 280 00:22:13,862 --> 00:22:17,422 We prefer arbitrage transactions. Because cum-ex... 281 00:22:17,502 --> 00:22:21,182 Yes. that term calls out some ambivalent associations. 282 00:22:24,302 --> 00:22:27,342 A code language, you could say. 283 00:22:27,422 --> 00:22:29,022 I love code languages. 284 00:22:30,142 --> 00:22:33,222 Then all we are left with is our fee. 285 00:22:33,302 --> 00:22:39,702 You invoice Kargus Bank each 24 million for securities brokerage... 286 00:22:39,782 --> 00:22:43,542 that is transferred discreetly to your WOOD INC. 287 00:22:43,622 --> 00:22:46,182 In the Cayman Islands. -Great. 288 00:22:48,622 --> 00:22:52,862 Everyone's babbling about one now dangerous real estate bubble in the US. 289 00:22:52,942 --> 00:22:55,102 Subprime market, blah blah blah. 290 00:22:57,262 --> 00:23:01,622 No, 2008 will be a fantastic year for the financial markets. 291 00:23:01,702 --> 00:23:03,102 Absolute. 292 00:23:04,622 --> 00:23:07,982 The new office complex is extremely remote. 293 00:23:08,062 --> 00:23:11,502 It's going to take ages to get to work. 294 00:23:11,582 --> 00:23:13,902 The opener is there. -Thank you. 295 00:23:15,862 --> 00:23:21,542 I have to commute much longer. Just when Olga finally comes to visit. 296 00:23:22,342 --> 00:23:23,742 How annoying. 297 00:23:26,822 --> 00:23:29,302 Why don't you just marry Olga? 298 00:23:30,062 --> 00:23:34,542 I hardly know her. But that's not even the point. 299 00:23:36,142 --> 00:23:41,022 Olga thinks I have a lot of money. She thinks all Danes are rich. 300 00:23:41,102 --> 00:23:46,142 No one has money in her home country. She definitely doesn't like my sexy body. 301 00:23:47,262 --> 00:23:50,982 Have you made love? You want to know that, don't you? 302 00:23:52,502 --> 00:23:53,902 Was it good? 303 00:23:55,182 --> 00:23:59,115 I don't know what it was like for her. But afterwards she said... 304 00:24:00,422 --> 00:24:06,102 "I..." What did she say again? Oh yes. "You looked like a wild Viking." 305 00:24:06,182 --> 00:24:09,742 Okay, okay. Niels the Terrible. -Yes. 306 00:24:10,982 --> 00:24:14,942 A toast to Niels the Terrible. -And to Olga. 307 00:24:15,022 --> 00:24:16,822 And on Olga. -The Beauty. 308 00:24:25,582 --> 00:24:29,342 Niels? I want to show you something. -Okay. 309 00:24:29,422 --> 00:24:33,102 I tried something at home. You really have to see this. 310 00:24:35,182 --> 00:24:39,702 They say we'll get the names if we can prove fraud. 311 00:24:39,782 --> 00:24:41,062 Here's the proof. 312 00:24:41,142 --> 00:24:44,862 Shareholders receive a dividend. We withhold taxes. 313 00:24:44,942 --> 00:24:48,275 For foreign shareholders? -Correct. This is... 314 00:24:49,942 --> 00:24:52,262 the tax withheld. 315 00:24:53,382 --> 00:24:59,422 Some foreign shareholders get half of the tax back. 316 00:25:00,942 --> 00:25:03,742 But if we have more than half payout... 317 00:25:04,502 --> 00:25:06,902 so we have much less left over. 318 00:25:07,822 --> 00:25:08,982 Then we know for sure... 319 00:25:09,062 --> 00:25:13,462 that some get much more than what they are entitled to. 320 00:25:13,542 --> 00:25:15,982 Good morning. -Good morning, Judith. 321 00:25:16,062 --> 00:25:19,742 Maybe we should focus on one company. 322 00:25:19,822 --> 00:25:22,822 But which one? -You shout something. Whatever. 323 00:25:23,462 --> 00:25:25,622 Nice day. -Yes, you too. 324 00:25:51,262 --> 00:25:52,702 Hello, Inger. -Hello. 325 00:25:52,782 --> 00:25:55,262 I have the figures from Carlsberg. -Okay. 326 00:25:55,342 --> 00:25:58,502 Last year Carlsberg... 327 00:25:58,582 --> 00:26:03,302 360 million kroner in dividends to foreign shareholders. 328 00:26:03,382 --> 00:26:07,062 The tax authorities withheld 101 million of this. 329 00:26:07,142 --> 00:26:09,502 According to your water glass theory... 330 00:26:09,582 --> 00:26:13,942 so we had 50 million kroner have to pay back. 331 00:26:14,022 --> 00:26:16,742 And how many do we have? actually refunded? 332 00:26:16,822 --> 00:26:19,222 83 million crowns. 333 00:26:21,702 --> 00:26:25,302 So we have 33 million kroner too much refund. 334 00:26:25,382 --> 00:26:27,542 To one company in one year? 335 00:26:31,262 --> 00:26:34,182 This may be an exception. No idea. 336 00:26:38,182 --> 00:26:42,049 Can we check this? among the ten largest Danish companies? 337 00:26:42,462 --> 00:26:44,182 Of course. -Nice. I like this. 338 00:26:44,262 --> 00:26:46,102 Fine. -Thank you. Niels. 339 00:26:59,902 --> 00:27:01,302 Sven is there. 340 00:27:01,702 --> 00:27:03,302 Okay. -I called him. 341 00:27:03,382 --> 00:27:05,049 Maybe he can help. 342 00:27:05,902 --> 00:27:08,142 He understands money matters. 343 00:27:08,222 --> 00:27:12,302 Like Reschke understood? -What exactly happened? 344 00:27:12,382 --> 00:27:17,222 I'll tell you. You remember Still Reschke, from the savings bank? 345 00:27:17,302 --> 00:27:19,742 I said to Reschke at the time: 346 00:27:19,822 --> 00:27:23,062 Don't mess with my money. I still need that. 347 00:27:23,142 --> 00:27:28,382 Okay, I'll watch the news. I hear constantly talking about a financial crisis. 348 00:27:28,462 --> 00:27:31,502 So I started asking whether my savings are safe. 349 00:27:31,582 --> 00:27:34,542 Turns out Reschke having invested everything... 350 00:27:34,622 --> 00:27:41,222 in bonds of a bank called Lehman Brothers. Everything is gone. 351 00:27:41,302 --> 00:27:44,742 37,000 euros. All gone up in smoke. 352 00:27:46,942 --> 00:27:48,982 And you know what Reschke said? 353 00:27:50,182 --> 00:27:53,182 Yes. that's bad luck. 354 00:27:55,182 --> 00:27:57,462 They had to put him against the wall. 355 00:27:57,542 --> 00:27:59,822 I would pull the trigger myself. 356 00:28:03,302 --> 00:28:05,942 37,000 is not the end of the world. 357 00:28:06,782 --> 00:28:08,462 Are you serious now? 358 00:28:09,102 --> 00:28:12,942 It took me 47 years to save that 37,000. 359 00:28:13,022 --> 00:28:15,742 I worked myself out for 47 years. 360 00:28:15,822 --> 00:28:18,422 So that I like it as an old man can take it easy. 361 00:28:18,502 --> 00:28:20,462 I will reimburse it. No problem. 362 00:28:20,542 --> 00:28:23,502 Don't do that now. You need that money yourself. 363 00:28:23,582 --> 00:28:27,062 Mom, I earn 37,000 in just over a week. 364 00:28:30,902 --> 00:28:33,662 Out. -Very tasty, Mom. 365 00:28:33,742 --> 00:28:37,262 I don't take money that was stolen from workers. 366 00:28:37,342 --> 00:28:39,742 Out, you stupid bastard. Fuck off. 367 00:28:39,822 --> 00:28:43,342 No. -Out. Get out. Out. you. 368 00:28:43,422 --> 00:28:45,462 Fuck off. -Don't touch me. 369 00:28:46,062 --> 00:28:49,422 Arrogant bastard. Get out of here. 370 00:29:00,942 --> 00:29:02,702 22 missed calls 371 00:29:08,302 --> 00:29:10,822 Touraine and Franzen Lawyers. -What is? 372 00:29:10,902 --> 00:29:13,542 Mr. Lebert. -Mr. Bruck, please. 373 00:29:13,622 --> 00:29:15,502 I'll connect you. -Thank you. 374 00:29:17,102 --> 00:29:21,022 Are you deaf? Everything is being overhauled. Capitalism is coming to an end. 375 00:29:21,102 --> 00:29:26,142 That's absurd. Legally we are... -Shut up. Nothing legal. 376 00:29:26,222 --> 00:29:28,342 Don't you follow the news? 377 00:29:32,862 --> 00:29:36,182 Didn't Bruck call? -My phone is turned off. 378 00:29:36,262 --> 00:29:38,302 Frankfurt is turned upside down. 379 00:29:38,382 --> 00:29:40,862 Bruck and the board are in panic. 380 00:29:40,942 --> 00:29:43,542 All cum-ex trading must stop immediately. 381 00:29:46,822 --> 00:29:50,022 What have you done to your car? -What? What do you mean? 382 00:29:50,782 --> 00:29:52,382 He's kind of dirty, right? 383 00:29:54,342 --> 00:29:57,182 Get in. -Bernd... 384 00:30:01,462 --> 00:30:02,742 And now? -Just drive. 385 00:30:02,822 --> 00:30:05,942 Where to? -I'll tell you soon. 386 00:30:06,022 --> 00:30:07,902 After the barn turn left. 387 00:30:12,382 --> 00:30:15,102 You don't mean that. -Drive in. 388 00:30:17,142 --> 00:30:18,542 Unbelievable. 389 00:30:39,222 --> 00:30:42,462 Yes, a lot is going to collapse. Some banks are going bankrupt. 390 00:30:42,542 --> 00:30:48,102 Millions will lose their homes. Their savings, their pension. 391 00:30:48,182 --> 00:30:51,942 That's true. Not our fault. Nothing to be done about it. 392 00:30:52,782 --> 00:30:57,822 You know what everyone is craving right now? As thirsty and in the desert? 393 00:30:59,062 --> 00:31:02,542 Towards safe investments. Without risk. 394 00:31:02,622 --> 00:31:07,182 With guaranteed profits. Not by banks, but by the state. 395 00:31:07,262 --> 00:31:12,062 Not by a chaotic one. near-bankruptcy country, but by the German state. 396 00:31:12,142 --> 00:31:15,622 But we can't do a cum-ex trade more floating at Touraine. 397 00:31:15,702 --> 00:31:17,862 No, he's going bankrupt too. 398 00:31:18,942 --> 00:31:21,262 What do you mean? -I... 399 00:31:23,542 --> 00:31:26,902 I've been thinking. Just an idea. 400 00:31:26,982 --> 00:31:28,982 And you can safely say no. 401 00:31:31,302 --> 00:31:35,422 Would you like it? to set up a company with me? 402 00:31:37,462 --> 00:31:40,422 The two of us? -And some employees. 403 00:31:40,502 --> 00:31:44,942 We're taking over Touraine's office. Hausner. Lebert and Associates. 404 00:31:46,222 --> 00:31:49,889 Just think about it. You don't have to decide right away. 405 00:31:51,302 --> 00:31:56,502 I don't have to wait long for that to think. Of course I want that. 406 00:31:59,462 --> 00:32:01,582 Banks collapse... 407 00:32:03,502 --> 00:32:07,302 millions of people lose their homes... 408 00:32:09,062 --> 00:32:11,222 pension funds are going bankrupt 409 00:32:22,982 --> 00:32:24,942 Here they are. -Nice. 410 00:32:25,022 --> 00:32:28,822 Vestas. Novo. Hansen... 411 00:32:28,902 --> 00:32:33,502 Coloplast. A.P. Moller. Group and Dong Energy. Please. 412 00:32:35,462 --> 00:32:38,102 Good work, Niels. -Yes, but wait a minute. 413 00:32:43,062 --> 00:32:47,702 So we have them all way too much money given back. 414 00:32:49,582 --> 00:32:50,982 Indeed. 415 00:32:53,702 --> 00:32:57,635 As if the banks weren't enough already have caused problems. 416 00:33:06,182 --> 00:33:07,582 Are you okay, Inger? 417 00:33:07,942 --> 00:33:11,342 Don't think I'm defeated. I'm just angry. 418 00:33:11,542 --> 00:33:13,422 I'm so angry. It's... 419 00:33:14,502 --> 00:33:16,862 But this is coming to an end now. 420 00:33:18,702 --> 00:33:22,742 We're going to handle this and ensure that Per keeps his word. 421 00:33:29,982 --> 00:33:32,422 He who remains silent agrees. 422 00:33:49,702 --> 00:33:52,422 I will still miss this old building. 423 00:34:57,302 --> 00:34:59,382 We're done. -Come in. 424 00:35:04,502 --> 00:35:06,142 Forward... 425 00:35:06,222 --> 00:35:07,982 always moving forward... 426 00:35:08,062 --> 00:35:09,942 NO WAY BACK there is no way back 427 00:35:10,022 --> 00:35:12,097 NO WAY BACK Listen up, everyone. 428 00:35:12,222 --> 00:35:16,502 The Ministry of Finance has published an update. Read that carefully. 429 00:35:16,582 --> 00:35:17,662 In summary: 430 00:35:17,742 --> 00:35:21,782 short transactions the ex-dividend date are not prohibited. 431 00:35:21,862 --> 00:35:24,822 Unless there is an appointment with the short seller. 432 00:35:24,902 --> 00:35:30,862 So from now on our language will be: No agreements with short sellers. 433 00:35:30,942 --> 00:35:33,822 Clearly? -Do short sellers even exist? 434 00:35:36,062 --> 00:35:37,462 Do they really exist? 435 00:35:41,062 --> 00:35:44,622 We don't know. -Correct. 436 00:35:44,702 --> 00:35:49,702 Questions whether short sellers exist. It's like asking if God exists. 437 00:35:50,702 --> 00:35:53,702 Maybe. But maybe not. 438 00:35:53,782 --> 00:35:55,915 Did everyone understand that? -Yes. 439 00:35:56,462 --> 00:35:59,942 This applies to telephone calls and conversations, with anyone. 440 00:36:00,022 --> 00:36:05,102 And of course especially for documents: emails, faxes... 441 00:36:06,302 --> 00:36:08,702 and handwritten notes. 442 00:36:08,782 --> 00:36:12,142 If I am one of you would ever catch... 443 00:36:13,302 --> 00:36:16,342 at the mention of the word short seller... 444 00:36:16,422 --> 00:36:19,222 then he can immediately start looking for new work. 445 00:36:20,422 --> 00:36:21,902 Is that clear? 446 00:36:24,222 --> 00:36:25,862 Is that clear? -Yes. 447 00:36:26,702 --> 00:36:28,302 Then let's get started. 448 00:36:28,382 --> 00:36:31,582 Applause for you. guys. You can do this. 449 00:36:39,982 --> 00:36:42,462 Do you know the god Zeus? -Yes. 450 00:36:42,542 --> 00:36:45,675 He fell in love on a woman named Leda. 451 00:36:45,822 --> 00:36:48,462 Zeus then turned into a swan. 452 00:36:48,542 --> 00:36:49,942 Okay. -Yes. 453 00:36:50,022 --> 00:36:56,462 Later she has sex with the swan and then she gives birth to an egg through her vagina. 454 00:36:56,542 --> 00:37:00,542 And inside that egg there was a person sitting there: Helena. 455 00:37:00,622 --> 00:37:04,022 And Helena is the most beautiful woman throughout Greece. 456 00:37:04,102 --> 00:37:07,622 So beautiful that it will lead to a big war. 457 00:37:16,382 --> 00:37:20,222 What? Are you going to give me now? propose marriage? A proposal? 458 00:37:20,862 --> 00:37:25,022 No, I just have to just tying my laces. 459 00:37:26,302 --> 00:37:30,542 Would you consider it? 460 00:37:31,182 --> 00:37:33,742 What then? -O. wait a minute. 461 00:37:39,502 --> 00:37:41,169 Would you like to marry me? 462 00:37:43,102 --> 00:37:44,582 Are you crazy or something? 463 00:37:44,982 --> 00:37:48,622 No, I'm not crazy. -What do you actually mean? 464 00:37:48,702 --> 00:37:50,902 Do you want me to come live in Denmark? 465 00:37:50,982 --> 00:37:54,942 Yes. But that's where you might want to go think about it for a moment. 466 00:37:59,542 --> 00:38:03,262 No. No. I don't need to go there for a while to think about. 467 00:38:04,982 --> 00:38:08,382 Do you want to try it on? -Yes. Yes, yes, yes. 468 00:38:09,982 --> 00:38:12,115 On this finger, in Serbia. -Okay. 469 00:38:14,582 --> 00:38:15,982 It suits you beautifully. 470 00:38:44,782 --> 00:38:47,022 Sven Lebert? -Alex? 471 00:38:47,982 --> 00:38:50,302 Unbelievable. Hello. 472 00:38:51,542 --> 00:38:52,982 Nice to see you. -Certainly. 473 00:38:53,062 --> 00:38:54,582 You look good. 474 00:38:55,302 --> 00:38:57,542 How are you? What are you doing now? -I... 475 00:38:58,742 --> 00:39:00,222 Do you remember Isabel? 476 00:39:00,902 --> 00:39:05,782 Yes, of course. Isa. I now have two children with her. 477 00:39:06,662 --> 00:39:11,182 Wow. Congratulations. -I just came from a parent meeting. 478 00:39:11,262 --> 00:39:12,822 Around here? -Yes. 479 00:39:12,902 --> 00:39:15,382 No. this is the fastest way home. 480 00:39:18,222 --> 00:39:21,622 And what are you doing here? -I work here. Up there. 481 00:39:22,902 --> 00:39:26,022 No. anyway. -Really, on the 32nd floor. 482 00:39:26,102 --> 00:39:28,022 Come on. -I'm a partner. 483 00:39:28,102 --> 00:39:29,702 You're kidding me. 484 00:39:47,142 --> 00:39:49,382 It continues even further. Come. 485 00:39:49,462 --> 00:39:51,982 Sven Lebert. -Just stop now. 486 00:39:54,902 --> 00:39:56,302 Tell me honestly. 487 00:39:57,742 --> 00:39:59,142 Are you a millionaire? 488 00:39:59,742 --> 00:40:01,982 27 fold. Yes. -What? 489 00:40:02,582 --> 00:40:07,022 This man treats. Champagne. But the best you have. 490 00:40:10,302 --> 00:40:11,702 Now seriously. 491 00:40:13,302 --> 00:40:15,262 What exactly are you doing here? 492 00:40:16,022 --> 00:40:18,622 Mainly arbitrage transactions. 493 00:40:18,702 --> 00:40:20,782 Arbitrage transactions? -Yes. 494 00:40:21,622 --> 00:40:22,942 How? 495 00:40:23,022 --> 00:40:27,742 We benefit from trade discrepancies around the ex-dividend date. 496 00:40:29,982 --> 00:40:32,582 Trade around the ex-dividend date? 497 00:40:32,662 --> 00:40:37,462 So cum dividend on the one hand and ex-dividend on the other. 498 00:40:38,582 --> 00:40:40,222 So short transactions. 499 00:40:41,222 --> 00:40:43,422 Didn't we once have that as a case study? 500 00:40:43,502 --> 00:40:44,902 Yes. Correct. 501 00:40:45,982 --> 00:40:49,102 What I didn't understand at the time... 502 00:40:50,822 --> 00:40:55,489 is how those short sellers part get from the profit. How does that work? 503 00:40:55,902 --> 00:40:58,235 Do you promise this will stay between us? 504 00:40:58,822 --> 00:41:02,982 I've put all that behind me. I am now a full-time father. 505 00:41:05,142 --> 00:41:09,342 There are no direct agreements with short sellers. That is forbidden. 506 00:41:09,422 --> 00:41:11,422 The law is clear about that. 507 00:41:11,862 --> 00:41:15,782 We speak to someone who speaks to someone who speaks short sellers. 508 00:41:15,862 --> 00:41:19,622 The market takes care of the rest. Can you call that an appointment? 509 00:41:27,062 --> 00:41:28,462 I'm going to pee. 510 00:41:30,422 --> 00:41:34,022 Must be a 27-time millionaire still do that yourself? 511 00:42:07,622 --> 00:42:09,142 Excuse me? 512 00:42:13,182 --> 00:42:15,502 Dr. Lebert? -Yes? 513 00:42:16,182 --> 00:42:17,662 Can I speak to you for a moment? 514 00:42:20,022 --> 00:42:24,622 We have information about your company that we would not like to pass on. 515 00:42:31,662 --> 00:42:36,702 I'm on my way. Urgent. Not by telephone. 516 00:42:50,982 --> 00:42:53,062 What do you think of my watch? 517 00:42:56,582 --> 00:42:58,502 You immediately fell for it. 518 00:42:59,262 --> 00:43:03,542 Cost me $12 in Pattaya. Not bad, right? 519 00:43:04,262 --> 00:43:06,902 You don't see a difference, just admit it. 520 00:43:06,982 --> 00:43:10,049 If you know anything about watches. You see it like this? 521 00:43:10,462 --> 00:43:15,129 The open back made of sapphire glass. The platinum bezel, even the glass... 522 00:43:15,302 --> 00:43:17,462 I didn't fall for it at all. 523 00:43:38,622 --> 00:43:41,062 What's going on? -Bernd. we... 524 00:43:43,422 --> 00:43:45,062 We are being blackmailed.