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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
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