Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated:
1
00:00:02,000 --> 00:00:07,000
Downloaded from
YTS.MX
2
00:00:08,000 --> 00:00:13,000
Official YIFY movies site:
YTS.MX
3
00:00:24,040 --> 00:00:25,680
ZACH: If you talk
to 100 people,
4
00:00:25,800 --> 00:00:28,680
102 are going to tell you
they hate bankers,
5
00:00:29,920 --> 00:00:33,040
but most people won't
be able to tell you why.
6
00:00:33,160 --> 00:00:35,400
Is it because
we're privileged?
7
00:00:35,520 --> 00:00:37,320
It can't be.
8
00:00:37,440 --> 00:00:40,000
Some of us did dirty jobs
to get through college.
9
00:00:40,120 --> 00:00:42,160
I know one woman who
paid her way through Princeton
10
00:00:42,280 --> 00:00:44,200
working as a call girl
for the mafia.
11
00:00:45,880 --> 00:00:48,200
Is it because
we make a lot of money?
12
00:00:48,320 --> 00:00:50,800
-Well, some of us do...
-[CASH REGISTER DINGS]
13
00:00:50,920 --> 00:00:52,720
...and some of us don't.
14
00:00:52,840 --> 00:00:57,640
In general, people resent
those they perceive
to be on top.
15
00:00:57,760 --> 00:00:59,280
That's how the French
Revolution happened.
16
00:00:59,400 --> 00:01:01,840
[SCREAMING]
17
00:01:01,960 --> 00:01:06,160
And in the end, perception can
matter more than the truth.
18
00:01:06,280 --> 00:01:07,920
You could have been born
like I was,
19
00:01:08,040 --> 00:01:10,120
on the wrong side
of the tracks in Tennessee.
20
00:01:10,240 --> 00:01:11,560
Actually, when you're
from Tennessee,
21
00:01:11,680 --> 00:01:13,440
it's all the wrong side
of the tracks.
22
00:01:13,560 --> 00:01:15,280
[MOBILE RINGING]
23
00:01:15,400 --> 00:01:16,640
But once you get
to Wall Street,
24
00:01:16,760 --> 00:01:18,480
no matter how you got here,
25
00:01:18,600 --> 00:01:20,880
you give up your right to say
you're a man of the people.
26
00:01:21,000 --> 00:01:23,840
Here, we're all the same.
27
00:01:23,960 --> 00:01:25,880
And we all went down together.
28
00:01:26,000 --> 00:01:28,040
[INDISTINCT CONVERSATIONS]
29
00:01:31,360 --> 00:01:33,720
Dick Fuld had given his life
to Lehman Brothers
30
00:01:33,840 --> 00:01:35,160
and was well known
on Wall Street
31
00:01:35,280 --> 00:01:37,400
for his unique personal style.
32
00:01:37,520 --> 00:01:39,360
His nickname is "The Gorilla".
33
00:01:39,480 --> 00:01:41,280
I can't give you
more collateral!
34
00:01:41,400 --> 00:01:44,360
No, not until
we've had a chance
to raise a bit more cap...
35
00:01:44,480 --> 00:01:47,600
We're under-capitalised, yes,
like everyone and their...
36
00:01:47,720 --> 00:01:49,760
Jamie... Jamie. Jamie!
37
00:01:49,880 --> 00:01:50,880
I need you up here today.
38
00:01:51,000 --> 00:01:53,320
Jamie! What do you
want me to do?
39
00:01:53,440 --> 00:01:55,720
-You want me to wire you
now five bil...
-[PHONE RINGING]
40
00:01:55,840 --> 00:01:57,600
No, you're unreasonable!
41
00:01:57,720 --> 00:01:59,640
I've had Paulson
up my ass all week,
42
00:01:59,760 --> 00:02:02,320
our stock's dropped
75% since Monday.
43
00:02:02,440 --> 00:02:04,640
We're in freefall!
Everyone's dumping our stock!
44
00:02:04,760 --> 00:02:06,000
And you ask me for more...
45
00:02:06,120 --> 00:02:07,640
Wait.
Why is this phone ringing?
46
00:02:07,760 --> 00:02:09,600
-You want me to...
-Hello? Hi.
47
00:02:09,720 --> 00:02:10,760
No. Get on the desk.
48
00:02:10,880 --> 00:02:12,720
Hold on.
Jamie, I'll call you back.
49
00:02:12,840 --> 00:02:15,080
Yes, I know, I know, I know.
50
00:02:16,040 --> 00:02:18,560
Christ, you have
no idea what...
51
00:02:18,680 --> 00:02:20,960
Yeah, I...
These ribs are cold.
52
00:02:21,920 --> 00:02:23,240
No, go ahead.
53
00:02:23,360 --> 00:02:26,960
Yeah, give me the list.
Okay, yeah.
54
00:02:27,080 --> 00:02:29,800
-These ribs are cold.
-Some week.
55
00:02:29,920 --> 00:02:31,440
Three times the usual ribs.
56
00:02:31,560 --> 00:02:34,760
ZACH: It's true, Lehman had
been to dark places before,
57
00:02:34,880 --> 00:02:38,080
and Dick Fuld had always
pulled us back from the brink.
58
00:02:38,200 --> 00:02:39,760
When he broke
the disastrous news
59
00:02:39,880 --> 00:02:42,000
to shareholders
over a speakerphone,
60
00:02:42,120 --> 00:02:45,720
he hoped the world
would believe this was just
another one of those times.
61
00:02:45,840 --> 00:02:48,920
We have regretfully
had to write down
62
00:02:49,040 --> 00:02:50,840
our commercial
real estate assets
63
00:02:50,960 --> 00:02:52,600
from 40 billion
64
00:02:52,720 --> 00:02:54,960
to a market value
of 33 billion.
65
00:02:55,080 --> 00:02:56,080
[SIGHS]
66
00:02:57,320 --> 00:02:59,680
The good news is
we have a strategy in place
67
00:02:59,800 --> 00:03:02,600
which we feel
will appease the markets.
68
00:03:02,720 --> 00:03:04,640
We're currently
fine-tuning a plan
69
00:03:04,760 --> 00:03:08,320
to spin off our commercial
real estate portfolio
70
00:03:08,440 --> 00:03:11,760
into another company
which, appropriately,
will be called SpinCo.
71
00:03:13,080 --> 00:03:16,320
There, it won't be a drag
on the balance sheet.
72
00:03:16,440 --> 00:03:17,920
ZACH: The market
wasn't appeased.
73
00:03:22,360 --> 00:03:24,960
There was a run on the bank.
Everyone was dumping shares.
74
00:03:25,080 --> 00:03:28,360
Our rating was
even downgraded.
75
00:03:28,480 --> 00:03:31,480
By Friday afternoon,
we were gasping for breath.
76
00:03:42,640 --> 00:03:45,120
DICK: I want everyone
on message about this.
77
00:03:46,960 --> 00:03:48,360
[INHALES]
78
00:03:48,480 --> 00:03:50,040
Our situation is serious,
79
00:03:51,200 --> 00:03:52,040
but it's not critical.
80
00:03:52,160 --> 00:03:56,600
I repeat,
the situation is not critical.
81
00:03:56,720 --> 00:03:58,920
Bank of America wants us.
82
00:03:59,040 --> 00:04:02,280
Barclays wants us.
We can choose.
83
00:04:02,400 --> 00:04:06,400
And whichever we choose
will fill us with new air!
84
00:04:06,520 --> 00:04:10,920
I need everyone to believe!
85
00:04:11,040 --> 00:04:14,040
You're on the 31st floor,
God damn it!
86
00:04:14,160 --> 00:04:16,520
And I want this message
to trickle downwards.
87
00:04:18,360 --> 00:04:20,080
Can Mr McDade have a minute?
88
00:04:29,000 --> 00:04:30,800
This better be
good news, Bart.
89
00:04:32,840 --> 00:04:35,080
Hank Paulson's flying up here.
90
00:04:36,200 --> 00:04:37,520
Here?
91
00:04:37,640 --> 00:04:40,320
The Federal Reserve.
He's calling a meeting
with the banking chiefs.
92
00:04:40,440 --> 00:04:42,160
What for?
93
00:04:42,280 --> 00:04:44,280
He wants them to bail us out.
94
00:04:44,400 --> 00:04:46,680
He wants our competitors
to bail us out?
95
00:04:46,800 --> 00:04:50,000
He wants us to go to the Fed.
He doesn't want us
in the meeting.
96
00:04:50,120 --> 00:04:52,920
He just wants us to be there,
waiting.
97
00:04:53,040 --> 00:04:55,600
-Somewhere. I don't know.
-Is he kidding?
98
00:04:55,720 --> 00:04:57,560
I'm not going to the Fed
to sit outside
99
00:04:57,680 --> 00:05:01,360
some goddamn boardroom
while Paulson and my enemies
decide my fate!
100
00:05:01,480 --> 00:05:05,040
Look, Dick,
he doesn't want you there.
101
00:05:07,560 --> 00:05:09,000
He just wants us.
102
00:05:12,800 --> 00:05:14,800
[INDISTINCT CONVERSATIONS]
103
00:05:20,680 --> 00:05:21,920
[INAUDIBLE]
104
00:05:22,880 --> 00:05:25,040
Thank you all for coming.
105
00:05:25,160 --> 00:05:26,840
I know it must seem
a rather cruel joke
106
00:05:26,960 --> 00:05:29,240
for you to get a call
at 5:00 on a Friday
107
00:05:29,360 --> 00:05:31,080
asking you to come down
to the Fed,
108
00:05:31,200 --> 00:05:33,680
and I have no doubt
you were all eager
to start your weekends.
109
00:05:33,800 --> 00:05:35,520
I'm sorry if you had plans.
110
00:05:37,000 --> 00:05:39,680
I hope the presence of
Treasury Secretary Paulson...
111
00:05:39,800 --> 00:05:42,840
Jesus, Tim,
we all know each other here.
112
00:05:42,960 --> 00:05:45,760
...will impress upon you
the gravity of the situation.
113
00:05:48,200 --> 00:05:50,760
You've all watched Lehman
take a nosedive.
114
00:05:50,880 --> 00:05:53,960
They're not going to survive
trading on Monday
115
00:05:54,080 --> 00:05:55,400
and we wanted
to ask for your...
116
00:05:55,520 --> 00:05:56,760
Inspiration.
117
00:05:58,920 --> 00:06:00,520
You're the best minds
on Wall Street...
118
00:06:00,640 --> 00:06:04,080
Tim, you know,
I think you can cut the crap
about now, hmm?
119
00:06:07,880 --> 00:06:10,320
There's no public money for
a bail out of Lehman Brothers.
120
00:06:10,440 --> 00:06:13,200
[MEN GASP]
121
00:06:13,320 --> 00:06:16,240
If we can't figure out a way
to keep them standing,
122
00:06:16,360 --> 00:06:19,480
they're going to be bankrupt
when trading opens in Japan
on Monday.
123
00:06:20,560 --> 00:06:22,880
Now, what game
are you playing?
124
00:06:23,000 --> 00:06:24,520
There's no taxpayer money
for this.
125
00:06:24,640 --> 00:06:26,320
-MACK: Bullshit.
-Not a penny.
126
00:06:26,440 --> 00:06:27,880
It's not bullshit.
127
00:06:28,000 --> 00:06:29,960
Well, if it's not bullshit,
what the hell are
we all doing here?
128
00:06:31,160 --> 00:06:33,440
We'll arbitrate,
we'll facilitate.
129
00:06:33,560 --> 00:06:35,840
-We'll broker a deal...
-We get it.
130
00:06:35,960 --> 00:06:37,880
This is your hardball
starting position.
131
00:06:38,000 --> 00:06:39,480
HANK: This is not
a starting position.
132
00:06:40,480 --> 00:06:41,840
This is the position.
133
00:06:43,080 --> 00:06:44,360
TIM: And even if the money
were accessible,
134
00:06:44,480 --> 00:06:47,360
-there would be
no political will...
-JAMIE: Political will?
135
00:06:47,480 --> 00:06:51,200
Was there political will to
bail out Fannie and Freddie?
136
00:06:51,320 --> 00:06:53,840
-Things were different then.
-Five days ago!
137
00:06:53,960 --> 00:06:56,440
-[MEN CHUCKLING]
-MACK: So...
138
00:06:56,560 --> 00:06:57,920
What do you mean?
139
00:06:58,040 --> 00:07:02,040
Arbitrate what?
Facilitate what?
140
00:07:02,160 --> 00:07:04,080
You brought us here
to brainstorm?
141
00:07:04,200 --> 00:07:08,480
Damn it, Jamie, are you
the only one at this table
with no exposure to Lehmans?
142
00:07:08,600 --> 00:07:12,000
Or perhaps you've been
too busy bombarding them
with demands for collateral
143
00:07:12,120 --> 00:07:13,720
to notice that they're
going belly up!
144
00:07:13,840 --> 00:07:15,360
-I have the right!
-Of course.
145
00:07:15,480 --> 00:07:16,840
I have a fiduciary obligation.
146
00:07:16,960 --> 00:07:19,000
How dare you! How dare you...
147
00:07:19,120 --> 00:07:21,240
TIM: Calm down, Jamie,
he didn't mean...
148
00:07:21,360 --> 00:07:24,000
He did mean it!
One more comment like that...
149
00:07:27,280 --> 00:07:29,800
-And why isn't Fuld here?
-You want him here?
150
00:07:29,920 --> 00:07:33,040
HANK: There's plenty
of blame to go around.
151
00:07:33,160 --> 00:07:37,160
But if they go down,
we're all going to take a hit.
[CLEARS THROAT]
152
00:07:39,600 --> 00:07:41,080
You're hanging Lehman
out to dry?
153
00:07:46,600 --> 00:07:48,200
So, do it then.
154
00:07:49,200 --> 00:07:51,160
I got a train to catch.
155
00:07:55,520 --> 00:07:59,000
The West is fucked.
We fucked it up.
156
00:07:59,120 --> 00:08:02,520
Oh, not just you and me,
all of us.
157
00:08:02,640 --> 00:08:06,120
The West,
it's done, it's over.
158
00:08:06,240 --> 00:08:07,960
You wanna call it a game?
159
00:08:08,080 --> 00:08:09,560
This is the game.
160
00:08:09,680 --> 00:08:12,640
You want your
great-grandchildren
speaking Chinese?
161
00:08:12,760 --> 00:08:14,520
The dollar's going to go.
162
00:08:14,640 --> 00:08:18,080
We had Rome, then Europe,
then this.
163
00:08:18,200 --> 00:08:23,640
Us, this thing with cars
and stereos and hula hoops,
164
00:08:23,760 --> 00:08:25,120
and we screwed it all up.
165
00:08:26,640 --> 00:08:30,680
We ran through it all,
this stuff,
166
00:08:30,800 --> 00:08:32,760
and we've come out
on the other side
where it's...
167
00:08:34,640 --> 00:08:36,320
I don't know.
168
00:08:36,440 --> 00:08:37,520
Where is this place?
169
00:08:38,880 --> 00:08:42,080
Oh, yeah,
we have this one weekend
170
00:08:42,200 --> 00:08:44,880
where maybe we can
come up with something
171
00:08:45,000 --> 00:08:47,080
to hold it all together
a little while longer!
172
00:09:12,840 --> 00:09:17,680
KEN: It seems that you've got
about $85 billion worth
of troubled loans
173
00:09:17,800 --> 00:09:21,920
which puts you at least
10 billion underwater.
174
00:09:22,040 --> 00:09:25,000
DICK: Ken, you're
Bank of America,
you're retail.
175
00:09:25,120 --> 00:09:26,440
Let my people go over
the books with you.
176
00:09:26,560 --> 00:09:27,720
KEN: We've been
over the books.
177
00:09:27,840 --> 00:09:29,280
DICK: Yeah, but if we
go over them with you...
178
00:09:29,400 --> 00:09:32,160
KEN: So that you can help us
read them correctly?
179
00:09:32,280 --> 00:09:35,240
Dick, we're not confused
about your numbers.
180
00:09:35,360 --> 00:09:38,680
-Your good assets
aren't enough to...
-Our "good assets"?
181
00:09:38,800 --> 00:09:40,040
We're fucking Lehman Brothers!
182
00:09:40,160 --> 00:09:42,280
Do you know how much
this company's worth?
183
00:09:42,400 --> 00:09:45,000
Well yes, Dick,
I believe I do.
184
00:09:46,640 --> 00:09:47,920
Have you been to Paulson?
185
00:09:48,040 --> 00:09:50,160
We asked him
to take $70 billion
186
00:09:50,280 --> 00:09:53,040
-of the stink
off your books, but...
-70 billion?
187
00:09:53,160 --> 00:09:55,600
Not my number, Dick.
We have a board.
188
00:09:55,720 --> 00:09:57,560
But Paulson's
offering nothing.
189
00:09:57,680 --> 00:09:59,760
He's trying to facilitate
some sort of
190
00:09:59,880 --> 00:10:02,000
private sector
solution, but...
191
00:10:02,120 --> 00:10:06,000
Ken, can you
hold on just one...
192
00:10:06,120 --> 00:10:07,200
Sure.
193
00:10:10,960 --> 00:10:12,200
[TOY SQUEAKS]
194
00:10:13,400 --> 00:10:14,960
[BREATHING HEAVILY]
195
00:10:18,640 --> 00:10:21,560
-I'm here.
-I'll call you
if anything changes.
196
00:10:21,680 --> 00:10:25,840
If it's any comfort,
Paulson is having another
valuation done tonight.
197
00:10:25,960 --> 00:10:29,000
-Another? Of my...
-By a mixed,
disinterested group...
198
00:10:29,120 --> 00:10:30,720
Ken, don't decide
anything yet.
199
00:10:30,840 --> 00:10:33,600
I can get Paulson
to turn around on this.
I'll call you back.
200
00:10:35,760 --> 00:10:37,080
-Zach!
-I'm here.
201
00:10:37,200 --> 00:10:38,920
I want you down
at the Fed tonight.
202
00:10:39,040 --> 00:10:42,160
Get in on that valuation.
Get Paulson on the phone!
203
00:10:42,280 --> 00:10:45,320
-SAMANTHA: I'm on it!
-Mixed? Disinterested?
204
00:10:45,440 --> 00:10:49,280
I bet he's got a team
built from his cronies
at Goldman Sachs.
205
00:10:49,400 --> 00:10:51,920
Band of fucking villains!
206
00:10:52,040 --> 00:10:55,680
Conspiring like
Roman senators!
Private sector... Move!
207
00:10:58,720 --> 00:10:59,760
Paulson's out of reach.
208
00:11:01,400 --> 00:11:02,120
[INHALES DEEPLY]
209
00:11:04,520 --> 00:11:06,160
[EXHALES] Right.
210
00:11:12,520 --> 00:11:13,720
[DIALLING]
211
00:11:16,560 --> 00:11:17,760
[INHALES]
212
00:11:19,640 --> 00:11:21,960
Harvey, it's Dick Fuld.
213
00:11:22,080 --> 00:11:24,480
I need you in my office.
214
00:11:24,600 --> 00:11:26,800
No, I'm afraid it can't.
215
00:11:29,160 --> 00:11:30,320
[SIGHS]
216
00:11:30,440 --> 00:11:32,600
So, there are two banks
courting Lehman right now,
217
00:11:32,720 --> 00:11:35,240
Bank of America,
and Barclays in the UK.
218
00:11:35,360 --> 00:11:37,560
But neither Ken Lewis
nor Bob Diamond will touch it
219
00:11:37,680 --> 00:11:39,600
while it's loaded down
with toxic assets.
220
00:11:39,720 --> 00:11:41,960
You want us to buy
Lehman's toxic assets?
221
00:11:42,080 --> 00:11:45,000
Well, maybe there's a way
you could ring-fence them.
Something.
222
00:11:45,120 --> 00:11:50,400
Look, if you're telling us
that you're not backstopping
anyone any more,
223
00:11:50,520 --> 00:11:52,680
we're going to be
fighting for our lives.
224
00:11:52,800 --> 00:11:56,640
But if you did decide
to buy them,
as a consortium...
225
00:11:56,760 --> 00:12:01,040
That would be...
Is that even legal? [SCOFFS]
226
00:12:01,160 --> 00:12:03,480
Aren't you asking us to risk
our shareholders'...
227
00:12:03,600 --> 00:12:05,240
TIM: That's what you do
every day of your lives,
don't you?
228
00:12:05,360 --> 00:12:07,200
Risk your shareholders' money.
229
00:12:07,320 --> 00:12:10,560
Just running the numbers,
if you took on these assets
as a group,
230
00:12:10,680 --> 00:12:13,760
you'd probably each take
a smaller hit than you would
on a Lehman bankruptcy.
231
00:12:13,880 --> 00:12:16,520
We're not all exposed
to Lehman in the same degree.
232
00:12:16,640 --> 00:12:19,080
Oh, community spirit.
That warms my heart.
233
00:12:19,200 --> 00:12:20,480
You're all exposed.
234
00:12:21,960 --> 00:12:24,040
And you're all in line
in order of size.
235
00:12:24,160 --> 00:12:25,800
Merrill is next,
then Morgan Stanley.
236
00:12:25,920 --> 00:12:28,240
-We're not next.
What are you talking about?
-MACK: That's just bullshit.
237
00:12:28,360 --> 00:12:29,640
Have you read our
quarterly statements, Hank?
238
00:12:29,760 --> 00:12:32,000
Yes, John,
I know your figures.
239
00:12:32,120 --> 00:12:34,120
I even know what you spent
on breakfast.
240
00:12:34,240 --> 00:12:35,960
You're next in line, trust me.
241
00:12:38,960 --> 00:12:43,440
Okay, so I want someone
to buy our toxic assets. Huh?
242
00:12:43,560 --> 00:12:45,400
Where does it end?
243
00:12:45,520 --> 00:12:46,720
Where does it stop?
244
00:12:47,800 --> 00:12:49,160
I mean, why them, and not us?
245
00:12:49,280 --> 00:12:51,560
HANK: Yeah, why them?
246
00:12:52,720 --> 00:12:55,200
Maybe we should
just let them fail.
247
00:12:55,320 --> 00:12:58,000
Maybe that'll be the play
that washes away all our sins.
248
00:12:59,640 --> 00:13:01,080
You decide.
249
00:13:04,160 --> 00:13:07,240
What if we can't agree
on a solution?
250
00:13:11,560 --> 00:13:15,160
Then we have to start
anticipating what will happen
when Lehman does go bankrupt,
251
00:13:16,680 --> 00:13:18,680
and contemplate how
the rest of the world
252
00:13:18,800 --> 00:13:20,120
can contain the damage.
253
00:13:32,760 --> 00:13:34,880
I think Bank of America's
free now.
254
00:13:35,000 --> 00:13:38,040
-They're not courting Lehman?
-No. I think that's dead.
255
00:13:38,160 --> 00:13:41,200
They're liquid.
They love our shop.
256
00:13:41,320 --> 00:13:43,320
-They love retail.
-It's good to have options.
257
00:13:43,440 --> 00:13:45,840
I think we should make a move.
I think you should
give Lewis a call.
258
00:13:45,960 --> 00:13:47,640
It's a bad time to look weak.
259
00:13:47,760 --> 00:13:49,400
We'd only be selling a stake.
260
00:13:49,520 --> 00:13:51,400
You know what people are gonna
think if we sell a stake now?
261
00:13:51,520 --> 00:13:54,240
-What?
-It's a down payment,
the thin end of the wedge.
262
00:13:54,360 --> 00:13:56,800
Who cares what it looks like?
Nobody's lending.
263
00:13:56,920 --> 00:14:00,440
Lehman's falling apart
because they can't borrow
their operating costs.
264
00:14:00,560 --> 00:14:01,720
John,
we need a line of credit,
265
00:14:01,840 --> 00:14:03,040
and we need it from Monday,
266
00:14:03,160 --> 00:14:05,120
or I don't think
we're gonna last out the week.
267
00:14:19,200 --> 00:14:20,640
[FOOTSTEPS APPROACHING]
268
00:14:26,920 --> 00:14:29,640
The first thing
you need to know is
none of this is happening.
269
00:14:29,760 --> 00:14:30,800
The second thing
you need to know is
270
00:14:30,920 --> 00:14:32,160
you don't discuss this
with anyone.
271
00:14:32,280 --> 00:14:34,520
If anyone saw you come in
or sees you go out,
272
00:14:34,640 --> 00:14:36,560
you were here
to advise on the sale.
273
00:14:36,680 --> 00:14:37,920
What's not happening?
274
00:14:39,000 --> 00:14:41,240
We're not considering
bankruptcy.
275
00:14:41,360 --> 00:14:44,480
We do not need to prepare
a Chapter 7 petition.
276
00:14:44,600 --> 00:14:47,640
Barclays wants us,
and Bank of America
will come around.
277
00:14:47,760 --> 00:14:52,400
As an exercise, however,
we will put together
a bare-bones filing
278
00:14:52,520 --> 00:14:56,080
so that we know
every strategic position
has been covered.
279
00:14:56,200 --> 00:14:58,840
And when do you
not want this done by?
280
00:14:58,960 --> 00:14:59,960
This weekend.
281
00:15:00,080 --> 00:15:01,160
[SCOFFS]
282
00:15:01,280 --> 00:15:02,520
[LAUGHS]
283
00:15:04,120 --> 00:15:06,760
First of all,
we don't have a team.
284
00:15:06,880 --> 00:15:09,720
Second, you don't have a team.
285
00:15:09,840 --> 00:15:12,760
Everyone's working on
due diligence for the mergers.
286
00:15:12,880 --> 00:15:15,160
Third, nobody can put together
287
00:15:15,280 --> 00:15:18,440
a bankruptcy of this size
in two days.
288
00:15:18,560 --> 00:15:22,360
And fourth, the government's
not going to let you go down.
289
00:15:22,480 --> 00:15:25,360
Paulson's opening position
is that we sink or swim.
290
00:15:25,480 --> 00:15:27,480
[SCOFFS] Are you kidding?
291
00:15:29,440 --> 00:15:30,640
[SCOFFS]
292
00:15:31,680 --> 00:15:33,320
It would be
a financial disaster
293
00:15:33,440 --> 00:15:36,120
the likes of which the world
has never seen before.
294
00:15:36,240 --> 00:15:39,960
It would be like
the American government
itself going bankrupt.
295
00:15:40,080 --> 00:15:43,280
It would be like the US dollar
being rendered worthless
296
00:15:43,400 --> 00:15:45,120
and everyone being told
to start over
297
00:15:45,240 --> 00:15:48,000
with goats and pebbles.
298
00:15:48,120 --> 00:15:52,720
It would be like Rome selling
the Vatican to the Japanese
to make it a hotel,
299
00:15:52,840 --> 00:15:55,760
and hiring the Pope
as a bellboy.
300
00:15:55,880 --> 00:15:58,200
[SCOFFS] It's just a fantasy.
301
00:15:58,320 --> 00:16:00,560
It's a "through
the looking glass" world.
302
00:16:02,720 --> 00:16:06,440
It's something from
the book of Revelations.
303
00:16:06,560 --> 00:16:09,240
DICK: "And he cried mightily
with a strong voice,
304
00:16:09,360 --> 00:16:13,680
"saying, 'Babylon the great
is fallen, is fallen,
305
00:16:13,800 --> 00:16:16,560
"'and is become
the habitation of devils,
306
00:16:16,680 --> 00:16:19,960
"'and a hold
of every foul spirit,
307
00:16:20,080 --> 00:16:23,840
"'and a cage of every unclean
and hateful bird...'"
308
00:16:23,960 --> 00:16:27,480
"For all nations have drunk
of the wine of the wrath
of her fornication,
309
00:16:27,600 --> 00:16:30,960
"and the kings of the earth
have committed
fornication with her
310
00:16:31,080 --> 00:16:33,080
"and the merchants
of the earth are waxed rich
311
00:16:33,200 --> 00:16:36,000
"through the abundance
of her delicacies."
312
00:16:38,680 --> 00:16:40,600
[CLOCK TICKING]
313
00:16:51,920 --> 00:16:53,160
Okay.
314
00:16:53,280 --> 00:16:55,800
We've only got a few hours
to value this portfolio.
315
00:16:55,920 --> 00:16:58,560
This is gonna be
your best friend.
316
00:16:58,680 --> 00:17:00,440
All right, guys,
I know it looks like a lot,
317
00:17:00,560 --> 00:17:02,800
but if we put on
our best heads, we'll...
318
00:17:08,080 --> 00:17:10,080
[ALL MURMURING]
319
00:17:35,200 --> 00:17:39,760
A lot of people ask me how
the subprime mortgage crisis
brought down Wall Street.
320
00:17:39,880 --> 00:17:42,600
Well, my sister knows.
That's how she got her house.
321
00:17:44,160 --> 00:17:46,600
First, we found ourselves
a house.
322
00:17:50,720 --> 00:17:52,800
Then we found
a mortgage broker.
323
00:17:52,920 --> 00:17:55,880
The waitress down there at
the Cracker Barrel Restaurant
said he could work miracles.
324
00:17:56,000 --> 00:17:59,760
So, we handed him
our pay slips
and he made corrections
325
00:17:59,880 --> 00:18:05,600
using a free programme
you get from the Internet
which changes pictures.
326
00:18:05,720 --> 00:18:08,320
A lot of people use it
to make themselves
look skinnier or prettier,
327
00:18:08,440 --> 00:18:10,880
but we just used it
to make ourselves look rich,
328
00:18:11,000 --> 00:18:13,240
which I'm sure the Lord
would think was not as bad
329
00:18:13,360 --> 00:18:16,080
because you're not changing
the looks God gave you.
330
00:18:16,200 --> 00:18:18,920
You're just changing
what you earn,
which God allows anyway,
331
00:18:19,040 --> 00:18:23,400
because if he didn't,
then nobody would be able
to apply for a different job.
332
00:18:23,520 --> 00:18:27,080
Then, the broker phoned
somebody called "a lender".
333
00:18:27,200 --> 00:18:29,400
Now, she barely even
looked at our paperwork.
334
00:18:29,520 --> 00:18:31,720
She just pushed "send" button
and our forms were approved
335
00:18:31,840 --> 00:18:33,800
and off to New York
where people in white coats
336
00:18:33,920 --> 00:18:37,760
worked throughout the night,
putting all the documents
into different kinds of piles.
337
00:18:37,880 --> 00:18:39,760
Then they send these documents
338
00:18:39,880 --> 00:18:42,800
on to the bankers,
like my brother.
339
00:18:42,920 --> 00:18:44,840
And from now on,
they're called "securities,"
340
00:18:44,960 --> 00:18:47,200
even though nothing about them
has really changed
341
00:18:47,320 --> 00:18:49,440
and they used to just be
called "mortgage contracts".
342
00:18:49,560 --> 00:18:52,080
Then, once they're
called "securities,"
343
00:18:52,200 --> 00:18:53,800
they're a product
that you can sell,
344
00:18:53,920 --> 00:18:56,800
like...like a table,
or makeup.
345
00:18:56,920 --> 00:18:59,000
Now, here's the weird thing
they do.
346
00:19:02,000 --> 00:19:06,200
The bankers pay a man to
give the securities a grade,
like in school.
347
00:19:10,680 --> 00:19:12,080
Now they're called CDOs.
348
00:19:12,200 --> 00:19:14,240
And the bankers,
they buy and sell these
349
00:19:14,360 --> 00:19:16,640
back and forth to each other
for some reason.
350
00:19:16,760 --> 00:19:18,120
Then they mix them up
some more,
351
00:19:18,240 --> 00:19:19,320
staple a few together,
352
00:19:19,440 --> 00:19:21,560
and send them back
to the man for a new rating.
353
00:19:24,480 --> 00:19:27,440
And all the bankers,
they keep buying and
they keep selling the CDOs,
354
00:19:27,560 --> 00:19:30,760
and they keep chopping them up
and putting them back together
in different ways,
355
00:19:30,880 --> 00:19:33,600
and selling them
for double or triple
what they paid for them,
356
00:19:33,720 --> 00:19:37,200
and every time they do this,
the CDO gets
thicker and thicker
357
00:19:37,320 --> 00:19:39,520
and that rating gets
weirder and weirder.
358
00:19:39,640 --> 00:19:42,880
[TELEPHONES RINGING]
359
00:19:43,000 --> 00:19:44,720
Now, the bankers
liked the CDOs so much,
360
00:19:44,840 --> 00:19:46,440
they wanted more
and more of them,
361
00:19:46,560 --> 00:19:48,720
and they didn't care
if somebody wasn't able
to pay their mortgages
362
00:19:48,840 --> 00:19:51,640
because they just wanted
the loan papers
to call securities
363
00:19:51,760 --> 00:19:53,480
and then to turn into CDOs
364
00:19:53,600 --> 00:19:55,600
'cause they're gonna sell them
just as fast as they could
anyway
365
00:19:55,720 --> 00:19:57,680
and make a huge whopping
profit overnight.
366
00:19:57,800 --> 00:19:59,760
So, they didn't care
what the paper's worth.
367
00:19:59,880 --> 00:20:01,640
I mean, paper really
ain't worth nothing
368
00:20:01,760 --> 00:20:05,240
unless two crazy people's
willing to pay each other
for them.
369
00:20:05,360 --> 00:20:07,840
But when a lot of people
didn't pay their mortgages,
370
00:20:07,960 --> 00:20:10,800
some people remembered
that the houses and loans
371
00:20:10,920 --> 00:20:13,960
were somehow
connected to the CDOs
in some funny legal way,
372
00:20:14,080 --> 00:20:15,720
and that this was bad,
373
00:20:15,840 --> 00:20:18,120
then nobody wanted
to buy the CDOs any more.
374
00:20:18,240 --> 00:20:23,440
So, suddenly people owned
and couldn't get rid of a lot
of very, very expensive things
375
00:20:23,560 --> 00:20:25,480
that were really only
worthless paper
376
00:20:25,600 --> 00:20:28,880
that was somehow
connected to things
that weren't even there.
377
00:20:29,920 --> 00:20:31,160
[DOG BARKING]
378
00:20:31,280 --> 00:20:32,600
[WIND WHISTLING]
379
00:20:43,120 --> 00:20:44,120
[SIGHS]
380
00:20:47,440 --> 00:20:48,240
[SCOFFS]
381
00:20:49,400 --> 00:20:52,240
-What?
-This.
382
00:20:52,360 --> 00:20:55,680
We have some of that,
but we've marked it at 75.
383
00:20:56,920 --> 00:20:58,800
-We marked it at 90.
-And we're really...
384
00:20:58,920 --> 00:21:01,080
-I know.
-Yeah, aggressive.
385
00:21:01,200 --> 00:21:06,560
And look at this.
We value this at 43.
386
00:21:09,160 --> 00:21:10,760
You remember
how you valued it?
387
00:21:10,880 --> 00:21:13,080
-[CHUCKLES] You've
marked it at 60. That's...
-I didn't personally.
388
00:21:13,200 --> 00:21:16,040
Yeah, but you're here.
You're the one who's here.
389
00:21:17,400 --> 00:21:19,200
I'm here, but I'm not.
390
00:21:19,320 --> 00:21:22,520
Look, you're...
What do you mean,
you're here but you're not?
391
00:21:22,640 --> 00:21:24,600
I mean, you know, officially.
392
00:21:27,240 --> 00:21:28,040
[SIGHS]
393
00:21:34,560 --> 00:21:35,960
[MOBILE VIBRATING]
394
00:21:44,520 --> 00:21:46,240
Greg.
395
00:21:46,360 --> 00:21:49,440
I wanted your first
thought of the day to be
Bank of America.
396
00:21:49,560 --> 00:21:52,160
-I wanted the first words
you heard to be "call"...
-I'm still in bed.
397
00:21:52,280 --> 00:21:54,040
Now, we need to make
our intentions clear.
398
00:21:54,160 --> 00:21:56,880
Unambiguous, using words
of one syllable.
399
00:21:57,000 --> 00:21:58,720
We want to discuss
a deal today.
400
00:21:58,840 --> 00:22:00,520
With a line of credit
available Monday.
401
00:22:00,640 --> 00:22:03,040
We're so different, you and I.
402
00:22:03,160 --> 00:22:05,120
You know I come from
the school of soft-sell.
403
00:22:05,240 --> 00:22:08,040
-We don't have
time to soft-sell.
-It's not a question of time.
404
00:22:08,160 --> 00:22:09,640
Soft-sell is an energy.
405
00:22:09,760 --> 00:22:10,840
It can be done quickly.
406
00:22:10,960 --> 00:22:13,240
[SIGHS] Now,
I'm going to get up,
407
00:22:13,360 --> 00:22:16,200
I'm gonna have a coffee
before I have another thought.
408
00:22:16,320 --> 00:22:20,320
When you're watching Bart make
his pitch today, just imagine,
next week, being in his place.
409
00:22:20,440 --> 00:22:23,120
What if we save Lehman?
Have you thought about that?
410
00:22:25,320 --> 00:22:28,000
What if we all pool our
resources and rescue them?
411
00:22:28,120 --> 00:22:31,000
What happens
to the next company,
the next one up in size?
412
00:22:32,520 --> 00:22:34,640
It's us, John.
You know it's us.
413
00:22:40,480 --> 00:22:42,160
Can you believe
there's nowhere
to get ribs in the city
414
00:22:42,280 --> 00:22:44,960
this time of the morning?
What's the report?
415
00:22:45,080 --> 00:22:47,640
Uh, they've just finished
going through the books.
416
00:22:47,760 --> 00:22:48,840
What's the overall feeling?
417
00:22:49,680 --> 00:22:53,280
Um... Philosophical.
418
00:22:53,400 --> 00:22:55,600
-Is the Barclays team there?
-Nowhere we can see them.
419
00:22:55,720 --> 00:22:57,240
You mean, you haven't
even seen Diamond yet?
420
00:22:57,360 --> 00:22:58,760
I know he's in New York.
421
00:22:58,880 --> 00:23:01,760
I know he's in New York!
Is he at the Fed?
422
00:23:01,880 --> 00:23:04,560
There's a lot of work
to be done before we have
something to show him.
423
00:23:04,680 --> 00:23:05,920
He's probably sleeping.
424
00:23:06,040 --> 00:23:09,480
Probably? Thanks.
Probably. Probably!
425
00:23:11,080 --> 00:23:12,080
Hey! Hey!
426
00:23:27,040 --> 00:23:29,520
Samantha! I want you
to double security.
427
00:23:29,640 --> 00:23:32,680
I want someone
at every elevator,
on every floor.
428
00:23:32,800 --> 00:23:33,720
And triple the guard
at the front!
429
00:23:33,840 --> 00:23:35,640
-What happened?
-Now!
430
00:23:37,280 --> 00:23:38,520
Security?
431
00:23:42,520 --> 00:23:44,000
BART: So the idea is that
432
00:23:44,120 --> 00:23:46,160
we spin off another company,
a "bad bank,"
433
00:23:47,800 --> 00:23:51,160
where we can place
all of our toxic assets.
434
00:23:52,680 --> 00:23:56,080
We're gonna call it SpinCo.
435
00:23:56,200 --> 00:24:00,720
And we just need the shortfall
funded by outside investors.
436
00:24:00,840 --> 00:24:03,040
We just shift $33 billion
of real estate
437
00:24:03,160 --> 00:24:05,200
into the new company,
a "good bank,"
438
00:24:06,880 --> 00:24:09,480
which we are gonna
call CleanCo.
439
00:24:09,600 --> 00:24:10,960
[ALL SCOFFING]
440
00:24:11,080 --> 00:24:13,600
-JAMIE: And who would
control SpinCo?
-We would.
441
00:24:13,720 --> 00:24:16,400
[LAUGHS] Go on, take it.
442
00:24:16,520 --> 00:24:18,960
Now, Jamie, we need
to set aside our bad debts
443
00:24:19,080 --> 00:24:21,960
so that we can carry on
doing what we do best.
444
00:24:22,080 --> 00:24:25,560
-Which is?
-[CHUCKLES] Jamie. Jamie.
445
00:24:25,680 --> 00:24:27,800
Come on, Jamie.
We're all friends, huh?
446
00:24:27,920 --> 00:24:29,200
Here's 10 bucks
for a happy ending.
447
00:24:31,040 --> 00:24:33,360
MACK: If these valuations
are accurate,
448
00:24:33,480 --> 00:24:35,560
there's a $15 billion hole.
449
00:24:35,680 --> 00:24:38,960
Accurate?
They were done overnight
with a pot of coffee.
450
00:24:39,080 --> 00:24:41,000
If Paulson had let me
put together a team...
451
00:24:41,120 --> 00:24:43,120
Right, yeah.
The blind leading the blind.
452
00:24:43,240 --> 00:24:45,640
Oh, sure, you do
everything by the book,
don't you, Blankfein?
453
00:24:45,760 --> 00:24:49,640
[CHUCKLES] Tell me, Jamie,
could you value a CDO?
454
00:24:49,760 --> 00:24:51,040
No.
455
00:24:51,160 --> 00:24:53,120
-But I know a man who could.
-No you don't, no.
456
00:24:53,240 --> 00:24:55,760
You know a man who'll stamp
triple-A on your ass
457
00:24:55,880 --> 00:24:57,960
if you get him a floor seat
at the Lakers game.
458
00:24:58,080 --> 00:24:59,720
You can't value a CDO?
459
00:24:59,840 --> 00:25:01,880
LLOYD: Whoever says he can
is full of shit.
460
00:25:02,000 --> 00:25:03,160
We might as well
pick a number out of the air.
461
00:25:05,760 --> 00:25:08,600
How much do you need
for the bad bank?
462
00:25:08,720 --> 00:25:10,680
-25 billion.
-What?
463
00:25:10,800 --> 00:25:12,600
Last week, it was
worth 40 billion,
464
00:25:12,720 --> 00:25:13,920
Wednesday, it was 33,
465
00:25:14,040 --> 00:25:15,960
and last night,
it was valued at 21.
466
00:25:16,080 --> 00:25:19,760
If we hurry and buy it now,
we should be able to lose
all our money by Friday.
467
00:25:19,880 --> 00:25:23,280
Our portfolio is supported
by eight billion in equity,
468
00:25:23,400 --> 00:25:25,320
and that is
a conservative estimate.
469
00:25:25,440 --> 00:25:29,200
Conservative? Who taught you
to be conservative, McDade?
Dick Fuld?
470
00:25:33,200 --> 00:25:35,080
Conservative...
Where does this end?
471
00:25:37,480 --> 00:25:39,160
What happens
when Merrill goes down?
472
00:25:40,720 --> 00:25:42,040
We're not going down.
473
00:25:44,080 --> 00:25:47,000
Thain, if you stepped away
from the Bloomberg cameras
474
00:25:47,120 --> 00:25:48,920
long enough to read
your own balance sheet,
475
00:25:49,040 --> 00:25:50,640
you'd see it was
as bad as Dick Fuld's.
476
00:25:50,760 --> 00:25:51,920
LLOYD: No, no, no, no.
477
00:25:52,040 --> 00:25:54,720
Today, we're here to deal
with Lehman Brothers.
478
00:25:54,840 --> 00:25:58,560
Whatever happens next,
maybe Paulson won't be so...
479
00:25:58,680 --> 00:26:00,800
-What?
-Intransigent.
480
00:26:04,760 --> 00:26:06,000
We won't be needing
government money.
481
00:26:09,000 --> 00:26:10,840
I'm afraid I have
to excuse myself.
482
00:26:16,200 --> 00:26:17,200
[DOOR OPENS]
483
00:26:18,920 --> 00:26:19,720
[DOOR CLOSES]
484
00:26:19,840 --> 00:26:21,440
Ken, it's John Thain.
485
00:26:21,560 --> 00:26:25,040
Mr Thain, to what
do I owe this pleasure?
486
00:26:25,160 --> 00:26:29,120
-I'm at the Fed in New York.
-Yes, I heard something
was going on down there.
487
00:26:29,240 --> 00:26:31,400
I heard you've closed
the book on Lehman.
488
00:26:31,520 --> 00:26:35,160
My due diligence team is
flying back this afternoon.
489
00:26:35,280 --> 00:26:36,560
Perhaps, they should stay.
490
00:26:37,400 --> 00:26:38,760
Meaning?
491
00:26:38,880 --> 00:26:42,560
Perhaps, you'd like to
discuss other opportunities.
492
00:26:42,680 --> 00:26:45,680
This sounds like
the sort of chat we should
be having in person.
493
00:26:45,800 --> 00:26:48,560
Yes. I believe it is.
494
00:26:48,680 --> 00:26:50,840
I have Dick Fuld
on the other line.
495
00:26:50,960 --> 00:26:53,400
Tell him I've left
for New York.
496
00:26:53,520 --> 00:26:56,400
I believe he's in the air
already. Any message?
497
00:26:56,520 --> 00:26:57,920
No, he's got my numbers.
498
00:27:05,200 --> 00:27:07,360
Look, if we're going
to get Barclays,
499
00:27:07,480 --> 00:27:10,440
we need to buy it at a premium
to the market value.
500
00:27:10,560 --> 00:27:13,560
-I agree.
-I think we should pay the 25.
501
00:27:13,680 --> 00:27:15,600
You're all crazy!
502
00:27:20,920 --> 00:27:24,120
Bart, Ian,
could you give us a few?
503
00:27:26,920 --> 00:27:27,960
Yeah, okay.
504
00:27:34,680 --> 00:27:35,880
[DOOR OPENS]
505
00:27:37,680 --> 00:27:38,880
[DOOR CLOSES]
506
00:27:39,000 --> 00:27:40,880
I think we should
backstop Lehman.
507
00:27:42,040 --> 00:27:44,160
So, they overvalued
their portfolio.
508
00:27:44,280 --> 00:27:47,280
We all try to maximise
our perceived value.
509
00:27:47,400 --> 00:27:49,160
You wrote the book, Blankfein.
510
00:27:49,280 --> 00:27:51,880
JAMIE: But I think
we should structure
the deal in such a way
511
00:27:52,000 --> 00:27:54,080
that the mortgages
pay us back over time.
512
00:27:54,200 --> 00:27:56,280
Yes. But also,
513
00:27:56,400 --> 00:27:58,520
now we know that
none of us is too big to fail.
514
00:27:59,560 --> 00:28:01,560
None of us is too precious
515
00:28:01,680 --> 00:28:04,160
that the government is gonna
step in at the last minute
and save our asses.
516
00:28:04,280 --> 00:28:06,280
Did he say asses or assets?
517
00:28:06,400 --> 00:28:09,600
I think we might
also talk about structuring
518
00:28:09,720 --> 00:28:13,040
a rainy day fund
for those of us who...
519
00:28:13,960 --> 00:28:15,160
Survive.
520
00:28:37,800 --> 00:28:39,720
-Samantha, get...
-Yes?
521
00:28:42,280 --> 00:28:43,160
Don't worry. I'll do it.
522
00:28:59,480 --> 00:29:01,720
[DIALLING]
523
00:29:07,480 --> 00:29:09,480
[MOBILE RINGING]
524
00:29:12,360 --> 00:29:13,520
Paulson.
525
00:29:13,640 --> 00:29:14,640
[INHALES DEEPLY]
526
00:29:18,280 --> 00:29:19,200
Hank Paulson.
527
00:29:22,480 --> 00:29:23,800
It's Dick.
528
00:29:30,360 --> 00:29:31,560
[SIGHS]
529
00:29:33,640 --> 00:29:35,600
Yeah, I know, Dick,
we helped Bear,
530
00:29:35,720 --> 00:29:37,720
and they're a lot smaller
than you are.
531
00:29:38,720 --> 00:29:40,520
Got any new material?
532
00:29:40,640 --> 00:29:42,120
Have you guys
come up with anything?
533
00:29:43,480 --> 00:29:44,960
Nothing legal.
534
00:29:45,080 --> 00:29:47,400
If you say it would be
illegal to help us
535
00:29:47,520 --> 00:29:49,480
because we're
under-collateralised...
536
00:29:49,600 --> 00:29:51,160
I'd be off your
Christmas list?
537
00:29:52,880 --> 00:29:54,800
I think you do what you do.
538
00:29:56,280 --> 00:29:59,160
I think you get
something in your head...
539
00:29:59,280 --> 00:30:01,680
Just like you do.
540
00:30:01,800 --> 00:30:04,800
I think, maybe the two of us
should learn to dither
a little more.
541
00:30:10,560 --> 00:30:12,080
This is a beautiful old bank.
542
00:30:14,640 --> 00:30:16,120
25,000 jobs.
543
00:30:17,800 --> 00:30:20,040
-History.
-Oh, that history.
544
00:30:22,640 --> 00:30:26,000
We're all made
of the same stuff.
545
00:30:26,120 --> 00:30:30,000
How... How can we just be
cut apart from the rest?
546
00:30:30,120 --> 00:30:31,840
It doesn't make sense.
547
00:30:31,960 --> 00:30:33,800
I don't know if we aren't
making sense now
548
00:30:33,920 --> 00:30:35,920
or if we're just starting
to make sense.
549
00:30:36,040 --> 00:30:39,240
You can't say
we've run out of money.
550
00:30:39,360 --> 00:30:41,920
This isn't the kind of money
you can run out of.
551
00:30:42,040 --> 00:30:43,920
Oh, you're right.
There's money out there.
552
00:30:44,040 --> 00:30:45,840
There's money
all over the place.
553
00:30:45,960 --> 00:30:48,440
It's just not so obvious
how to get your hands on it.
That's all.
554
00:30:48,560 --> 00:30:50,960
-Hank...
-Not to say,
you didn't get close though.
555
00:30:51,080 --> 00:30:54,280
Blackstone, Colony,
JE Robert.
556
00:30:54,400 --> 00:30:56,440
Why jump to sell just after
a dip in the share price?
557
00:30:56,560 --> 00:30:57,920
And Korea.
558
00:31:01,680 --> 00:31:04,080
The money was
on the table, Dick.
559
00:31:04,200 --> 00:31:06,760
Only you never thought
it was enough.
560
00:31:06,880 --> 00:31:08,480
You could've solved
your liquidity problem
561
00:31:08,600 --> 00:31:10,440
right there, but no,
562
00:31:10,560 --> 00:31:13,600
you were just sure that
your luck was going to change.
563
00:31:13,720 --> 00:31:16,040
"If I only hold out
one more trading day."
564
00:31:18,480 --> 00:31:21,280
You were holding
a pair of eights, Dick,
565
00:31:21,400 --> 00:31:23,120
and you bet the farm
on the river card.
566
00:31:25,160 --> 00:31:27,840
If I thought there was a note
of superiority in your...
567
00:31:27,960 --> 00:31:31,240
Time came when you should
have folded, and you didn't.
568
00:31:31,360 --> 00:31:34,240
Something in you told you
to take the leap.
569
00:31:34,360 --> 00:31:36,000
[SCOFFS]
570
00:31:36,120 --> 00:31:38,280
You were remarkable.
571
00:31:38,400 --> 00:31:41,160
The blindness was exquisite.
572
00:31:42,240 --> 00:31:43,720
The problem is
573
00:31:43,840 --> 00:31:46,520
we're not dealing
in months any more.
574
00:31:46,640 --> 00:31:50,160
Now, it's a matter
of hours, minutes.
575
00:31:54,240 --> 00:31:55,840
Let me ask you this.
576
00:31:57,880 --> 00:31:59,960
Is what you're doing now,
577
00:32:00,080 --> 00:32:01,920
is this the thing
that's most likely,
578
00:32:02,040 --> 00:32:04,920
when you look back in a year,
to make you say...
579
00:32:07,440 --> 00:32:08,720
"Shit.
580
00:32:11,120 --> 00:32:13,000
"With what little we knew,
we did it,
581
00:32:13,120 --> 00:32:15,080
"we put the pieces
back together.
582
00:32:17,600 --> 00:32:22,200
"I couldn't see the future,
but I just
583
00:32:22,320 --> 00:32:26,680
"had that luck and it all
fell together just right."
584
00:32:26,800 --> 00:32:28,920
Is that what you're gonna say?
585
00:32:32,000 --> 00:32:33,000
No.
586
00:32:35,320 --> 00:32:37,360
No, I don't think anything
I do this weekend
587
00:32:37,480 --> 00:32:39,080
is going to make me say that.
588
00:32:46,280 --> 00:32:48,080
What would you do,
589
00:32:48,200 --> 00:32:49,880
if you were me?
590
00:32:53,520 --> 00:32:55,640
Don't pick at the bone yard.
591
00:32:56,800 --> 00:32:58,960
Bank of America's dead.
592
00:33:00,560 --> 00:33:02,120
You've got Barclays.
593
00:33:03,800 --> 00:33:05,000
That's what you've got.
594
00:33:06,600 --> 00:33:08,320
Barclays.
595
00:33:08,440 --> 00:33:09,720
[CALL DISCONNECTS]
596
00:33:13,440 --> 00:33:14,240
[EXHALES]
597
00:33:30,320 --> 00:33:32,160
[WATER RUNNING]
598
00:33:47,880 --> 00:33:48,880
[SCOFFS]
599
00:33:58,120 --> 00:33:59,120
[EXHALES]
600
00:34:10,120 --> 00:34:11,480
They agreed to 25.
601
00:34:14,560 --> 00:34:17,160
[SIGHS] And what is
Barclays saying?
602
00:34:17,280 --> 00:34:19,280
They're reviewing some
of the initial deal points,
603
00:34:19,400 --> 00:34:21,200
but their chiefs agreed to 25!
604
00:34:21,320 --> 00:34:24,080
-Dick, it's a victory for us.
-Fuck the chiefs!
605
00:34:24,200 --> 00:34:25,560
How did Barclays react?
606
00:34:26,680 --> 00:34:29,400
We didn't see
anybody from Barclays.
607
00:34:29,520 --> 00:34:32,160
-Diamond wasn't at the Fed?
-Yeah, he could've been there.
608
00:34:32,280 --> 00:34:35,080
You didn't notice
if Bob Diamond was at the Fed?
609
00:34:35,200 --> 00:34:38,320
I heard somebody laughing.
It sounded like his laugh.
610
00:34:38,440 --> 00:34:40,080
Where did you hear
the laughing?
611
00:34:41,000 --> 00:34:44,040
[SIGHS]
Well, sort of all over.
612
00:34:48,480 --> 00:34:49,480
[SIGHS]
613
00:34:52,840 --> 00:34:55,160
Get back to the Fed.
Tell me when Diamond shows.
614
00:35:03,680 --> 00:35:04,680
[DOOR CLOSES]
615
00:35:12,040 --> 00:35:17,320
I understand you sold more
than $30 billion worth of CDOs
616
00:35:17,440 --> 00:35:19,640
at 22 cents on the dollar.
617
00:35:19,760 --> 00:35:22,120
It was a risk-reduction
strategy,
618
00:35:22,240 --> 00:35:23,920
but it left us
well capitalised.
619
00:35:24,040 --> 00:35:26,840
If you were well capitalised,
you wouldn't be here.
620
00:35:26,960 --> 00:35:31,760
But what I want to know is,
what other time bombs
have you got on the books?
621
00:35:31,880 --> 00:35:33,680
Everyone has risky assets.
622
00:35:33,800 --> 00:35:36,520
But you want me
to buy your company as is.
623
00:35:36,640 --> 00:35:40,000
I'm going to need to know
where the dirty laundry
is buried.
624
00:35:41,000 --> 00:35:42,120
[CHUCKLES]
625
00:35:42,240 --> 00:35:45,080
Uh, we don't want
to sell Merrill Lynch.
626
00:35:47,480 --> 00:35:50,080
We want to offer you
a 10% stake.
627
00:35:50,200 --> 00:35:52,680
But we want
to buy it outright.
628
00:35:53,720 --> 00:35:55,160
That's our only position.
629
00:35:58,280 --> 00:36:00,240
I've always loved your shop.
630
00:36:00,360 --> 00:36:03,080
I love how you bring
Wall Street to New Mexico.
631
00:36:04,400 --> 00:36:06,160
We're both retail.
632
00:36:06,280 --> 00:36:09,920
-We're a good fit.
-I only took over Merrill
nine months ago.
633
00:36:10,040 --> 00:36:12,000
I didn't take it over
to sell it.
634
00:36:14,720 --> 00:36:16,840
You see those pictures?
635
00:36:16,960 --> 00:36:19,960
They're what
I call "real art".
636
00:36:20,080 --> 00:36:24,960
They would form the kind of
exhibitions Bank of America
might once have bankrolled,
637
00:36:25,080 --> 00:36:29,760
but now we find ourselves
funding modern art as well,
638
00:36:29,880 --> 00:36:32,120
art that can insult everything
639
00:36:32,240 --> 00:36:34,440
you and I have worked
our whole lives
640
00:36:34,560 --> 00:36:36,720
to make sacred.
641
00:36:36,840 --> 00:36:39,600
Some of it to me looks
like a road accident
642
00:36:39,720 --> 00:36:42,160
or a human being
turned inside out.
643
00:36:42,280 --> 00:36:46,000
But those that matter,
culturally, I mean,
644
00:36:46,120 --> 00:36:49,760
like to stand back,
arms folded,
645
00:36:49,880 --> 00:36:52,280
brows furrowed
in just the right way,
646
00:36:52,400 --> 00:36:55,880
assessing the disturbed minds
of psychopaths
647
00:36:56,000 --> 00:37:00,320
and getting from this
a grim kind of satisfaction,
648
00:37:00,440 --> 00:37:02,040
I freely admit,
649
00:37:02,160 --> 00:37:05,680
remains unavailable
to my own sensibilities.
650
00:37:11,160 --> 00:37:12,720
The Judas Kiss.
651
00:37:14,720 --> 00:37:16,160
Exquisite, isn't it?
652
00:37:18,880 --> 00:37:21,680
But time has moved on,
Mr Thain.
653
00:37:21,800 --> 00:37:23,760
The brand has to move on.
654
00:37:23,880 --> 00:37:26,000
The world is different now.
655
00:37:26,120 --> 00:37:30,280
We are currently financing
an exhibition of paintings
656
00:37:30,400 --> 00:37:34,480
by Francis Bacon
at the Tate Museum in London.
657
00:37:34,600 --> 00:37:37,040
Starts today.
658
00:37:37,160 --> 00:37:39,840
Do you know what
his paintings look like?
659
00:37:41,240 --> 00:37:42,040
[SCOFFS]
660
00:37:43,600 --> 00:37:46,320
I leave that sort of thing
to my wife.
661
00:37:46,440 --> 00:37:50,080
Our name, Bank of America,
is on that exhibition.
662
00:37:54,720 --> 00:37:56,880
History is happening,
Mr Thain,
663
00:37:57,000 --> 00:37:59,920
right here, this weekend.
664
00:38:00,040 --> 00:38:03,160
No one is going to blame you
for keeping up with it.
665
00:38:18,080 --> 00:38:19,120
[SIGHS]
666
00:38:27,440 --> 00:38:29,480
[EXHALES]
667
00:38:37,600 --> 00:38:38,720
[ELEVATOR PINGS]
668
00:38:38,840 --> 00:38:41,040
[ELEVATOR DOOR OPENS]
669
00:38:52,560 --> 00:38:53,560
[DOOR OPENS]
670
00:38:56,440 --> 00:38:59,360
HANK: Is that Diamond?
TIM: No.
671
00:38:59,480 --> 00:39:02,480
Well, I hope he looks pleased
when he reads this.
672
00:39:02,600 --> 00:39:04,760
-I hope he doesn't.
-Why?
673
00:39:05,720 --> 00:39:07,400
Because if he looks pleased,
674
00:39:07,520 --> 00:39:10,200
it might mean he intends to
pull Barclays out of the game.
675
00:39:11,920 --> 00:39:13,120
Whereas if he's poker-faced,
676
00:39:14,840 --> 00:39:17,360
it probably means
he's come to play hardball.
677
00:39:17,480 --> 00:39:19,400
Some people look poker-faced
even when they're happy.
678
00:39:19,520 --> 00:39:22,600
Some people distrust ecstasy.
679
00:39:24,640 --> 00:39:27,120
So, if he goes
for these deal points,
680
00:39:27,240 --> 00:39:29,120
you think our chances are
pretty good then, don't you?
681
00:39:29,240 --> 00:39:31,680
There's a lot of other stuff
to get through,
682
00:39:31,800 --> 00:39:33,360
but this term sheet
looking the way it does,
683
00:39:33,480 --> 00:39:36,040
that's one gigantic problem
off our hands.
684
00:39:36,840 --> 00:39:39,160
I'm glad you think so.
685
00:39:39,280 --> 00:39:42,920
To me,
there's either getting rid
of the whole problem
686
00:39:43,040 --> 00:39:45,640
or being stuck with
the whole problem.
687
00:39:47,360 --> 00:39:49,240
There's nothing in between.
688
00:39:50,360 --> 00:39:51,160
[DOOR OPENS]
689
00:39:53,480 --> 00:39:55,520
It's Diamond. He's coming.
690
00:40:22,760 --> 00:40:24,240
I hear you're talking
to Ken Lewis.
691
00:40:27,080 --> 00:40:28,080
[SCOFFS]
692
00:40:28,200 --> 00:40:32,200
Um, we've had
an informal, um...
693
00:40:34,080 --> 00:40:36,240
Don't worry about it.
694
00:40:36,360 --> 00:40:40,040
We don't need you to stay
if your time can be
better spent elsewhere.
695
00:40:41,560 --> 00:40:42,520
Thank you.
696
00:40:42,640 --> 00:40:43,920
If you can work out
a deal with him,
697
00:40:44,040 --> 00:40:46,120
it's one less thing
we have to worry about.
698
00:40:47,880 --> 00:40:50,280
The world is going
to hell in a hand basket.
699
00:40:50,400 --> 00:40:52,400
AIG is in the building.
700
00:40:52,520 --> 00:40:55,000
They're haemorrhaging
liquidity.
701
00:40:55,120 --> 00:40:58,280
By Wednesday, they're gonna be
worth minus five billion.
702
00:40:58,400 --> 00:41:00,320
[SCOFFS]
703
00:41:00,440 --> 00:41:02,720
Jesus, these numbers.
704
00:41:02,840 --> 00:41:04,200
Twenty years ago,
you never heard them.
705
00:41:05,920 --> 00:41:08,000
Are you going to help them?
706
00:41:08,480 --> 00:41:10,320
AIG.
707
00:41:10,440 --> 00:41:12,280
We have to.
708
00:41:12,400 --> 00:41:13,560
Their credit default swaps
709
00:41:13,680 --> 00:41:15,920
insure half the western
banking system.
710
00:41:16,880 --> 00:41:18,880
If we didn't bail them out,
711
00:41:19,000 --> 00:41:21,080
all that is solid
melts into air.
712
00:41:24,120 --> 00:41:26,240
I'll go and see Lewis.
713
00:41:26,360 --> 00:41:27,680
Hank,
714
00:41:29,000 --> 00:41:30,160
I'm going to push
for a good price.
715
00:41:33,360 --> 00:41:34,680
[CHUCKLES]
716
00:41:34,800 --> 00:41:36,240
I'd expect nothing less.
717
00:41:39,960 --> 00:41:41,160
Oh, and, John.
718
00:41:42,800 --> 00:41:44,760
Just so we're clear,
719
00:41:44,880 --> 00:41:46,920
I'm not telling you
what to do.
720
00:42:03,840 --> 00:42:06,160
-Oh!
-Rise and shine
to a brand-new day.
721
00:42:07,360 --> 00:42:09,160
[GASPS]
722
00:42:09,280 --> 00:42:10,600
I thought I was dreaming.
723
00:42:13,240 --> 00:42:15,440
-We got it?
-They agreed to the terms.
724
00:42:15,560 --> 00:42:17,960
I heard Bob Diamond even had
a little twinkle in his eye.
725
00:42:18,080 --> 00:42:20,440
-He agreed to the terms?
-I heard he liked the terms,
726
00:42:20,560 --> 00:42:23,120
-but that's just
the first hurdle, Dick.
-We got it.
727
00:42:23,240 --> 00:42:25,800
-[CHUCKLES]
-Of course, we fucking got it!
728
00:42:25,920 --> 00:42:27,640
We're the survivors,
aren't we?
729
00:42:27,760 --> 00:42:29,440
Who wouldn't want
Lehman Brothers!
730
00:42:29,560 --> 00:42:31,040
At this price, for Barclays,
731
00:42:31,160 --> 00:42:33,680
it's like Christmas
fucking day!
732
00:42:33,800 --> 00:42:35,760
-Samantha!
-I'm here.
733
00:42:35,880 --> 00:42:37,280
Get me some new clothes. Zach!
734
00:42:37,400 --> 00:42:38,360
I wouldn't go out.
735
00:42:38,480 --> 00:42:40,320
-There's press down there.
-Still?
736
00:42:40,440 --> 00:42:41,280
They're propagating.
737
00:42:41,400 --> 00:42:42,680
Zach!
738
00:42:44,960 --> 00:42:47,240
Go and get rid of the press.
739
00:42:47,360 --> 00:42:49,160
Parasites. Tell them nothing!
740
00:42:49,280 --> 00:42:51,120
Give them nothing, watch them
make something out of it.
741
00:42:51,240 --> 00:42:52,840
We'll have a laugh
about it later. Go!
742
00:42:52,960 --> 00:42:54,120
Maybe you should
turn on the news.
743
00:42:54,240 --> 00:42:56,200
-Just for...
-Why should I watch the news?
744
00:42:56,320 --> 00:42:58,720
We know what's happening.
They don't know what's
happening. Clothes!
745
00:43:02,520 --> 00:43:07,080
-We could accept $35.
-$35?
746
00:43:07,200 --> 00:43:09,400
I know you've had
difficulties, but...
747
00:43:09,520 --> 00:43:12,480
I was prepared to pay at least
a few thousand dollars
748
00:43:12,600 --> 00:43:15,080
for a firm like Merrill Lynch.
749
00:43:17,240 --> 00:43:19,160
$35 a share.
750
00:43:21,560 --> 00:43:26,720
Well, I suppose I could
convince my board
to rise to 25.
751
00:43:26,840 --> 00:43:29,120
I suppose,
with gargantuan effort,
752
00:43:29,240 --> 00:43:33,600
I might convince my board
to drop to 32.
753
00:43:33,720 --> 00:43:37,360
Why don't we just cut the crap
and state the numbers
we'll accept?
754
00:43:37,480 --> 00:43:38,520
29.
755
00:43:39,440 --> 00:43:40,880
-27.
-29.
756
00:43:42,320 --> 00:43:43,520
28.
757
00:43:44,400 --> 00:43:45,520
29.
758
00:43:48,280 --> 00:43:52,160
I stay where I am.
I like where I am.
759
00:43:52,280 --> 00:43:54,840
My title will be
President of Global Banking,
760
00:43:54,960 --> 00:43:56,480
Securities and Wealth
Management.
761
00:43:56,600 --> 00:44:00,120
I'm sure your title won't be
my board's chief concern.
762
00:44:01,280 --> 00:44:03,000
We'll need an answer
by midnight.
763
00:44:05,800 --> 00:44:08,280
You don't have to worry,
Mr Thain.
764
00:44:08,400 --> 00:44:12,160
We have no intentions
of taking your stripes
away from you.
765
00:44:13,440 --> 00:44:15,640
Your face is part
of the package.
766
00:44:19,400 --> 00:44:21,360
Call in the board
for 12:00 noon.
767
00:44:21,480 --> 00:44:24,640
We'll need to ratify Barclays
and I want food.
768
00:44:24,760 --> 00:44:27,040
Catering, goodies, ribs, meat,
769
00:44:27,160 --> 00:44:28,600
champagne, a spread.
770
00:44:28,720 --> 00:44:30,400
You brought us back
from the brink.
771
00:44:30,520 --> 00:44:32,160
This place is my life.
772
00:44:32,280 --> 00:44:34,720
Did you think I was
going to let it go down?
773
00:44:35,800 --> 00:44:37,560
Where else would I go?
774
00:44:37,680 --> 00:44:39,600
What else could I do?
775
00:44:40,760 --> 00:44:42,600
Mmm-hmm. Mmm-hmm.
776
00:44:42,720 --> 00:44:44,800
It's hard not to agree
with you on that score.
777
00:44:47,800 --> 00:44:51,000
Well, then I think we've
covered just about
everything, don't you?
778
00:44:52,640 --> 00:44:55,640
Oh. Don't worry.
779
00:44:55,760 --> 00:44:58,680
I think we both have
our hands tied on this one.
780
00:44:58,800 --> 00:45:01,200
[INDISTINCT CONVERSATIONS]
781
00:45:03,960 --> 00:45:05,200
[DOOR OPENS]
782
00:45:12,240 --> 00:45:13,720
[SIGHS]
783
00:45:13,840 --> 00:45:16,920
Well, gentlemen,
I'm afraid Barclays is dead.
784
00:45:17,040 --> 00:45:19,200
[ALL MURMURING]
785
00:45:19,320 --> 00:45:24,600
By British law, Barclays can't
guarantee Lehman's obligations
without a shareholder vote.
786
00:45:24,720 --> 00:45:26,920
-So why can't they vote?
-HANK: They can.
787
00:45:27,720 --> 00:45:30,960
But not until Tuesday.
788
00:45:31,080 --> 00:45:34,080
Can't the British government
make an exception
for just a couple of days?
789
00:45:34,200 --> 00:45:37,480
They're under no obligation
to do that.
790
00:45:37,600 --> 00:45:40,000
I thought I could get
Darling to issue a waiver,
but I couldn't.
791
00:45:41,920 --> 00:45:43,960
But...
792
00:45:44,080 --> 00:45:47,120
Why can't the Fed just
backstop us till the vote,
793
00:45:47,240 --> 00:45:49,080
I mean,
if it's only two days away?
794
00:45:49,200 --> 00:45:52,680
There is no public money
for a backstop.
795
00:45:53,520 --> 00:45:54,880
Have I said that before?
796
00:45:56,080 --> 00:45:57,480
We're at the end.
797
00:45:57,600 --> 00:46:00,240
The deal is dead.
Now, you need to talk
to your board.
798
00:46:02,080 --> 00:46:03,160
[SIGHS]
799
00:46:05,960 --> 00:46:08,240
[INAUDIBLE]
800
00:46:32,640 --> 00:46:35,400
Harvey, they want you
down the Fed.
801
00:46:35,520 --> 00:46:37,520
They want us to file now.
802
00:46:44,560 --> 00:46:47,400
You're asking me to draw up
the biggest bankruptcy
in history
803
00:46:47,520 --> 00:46:49,680
and you want it done
by midnight?
804
00:46:49,800 --> 00:46:51,320
I heard you were
good at what you do.
805
00:46:51,440 --> 00:46:55,160
[SCOFFS] A reckless bankruptcy
is going to be Armageddon.
806
00:46:55,280 --> 00:46:56,120
We have a programme.
807
00:46:56,240 --> 00:46:58,040
We have a series
of press releases
808
00:46:58,160 --> 00:47:00,520
which we firmly believe
will calm the markets.
809
00:47:00,640 --> 00:47:02,160
Press releases?
810
00:47:03,960 --> 00:47:08,280
Lehman has assets
worth $639 billion.
811
00:47:08,400 --> 00:47:10,000
That's higher than the GDP
812
00:47:10,120 --> 00:47:11,960
of almost every country
in the world!
813
00:47:12,080 --> 00:47:14,040
I know all the arguments
against this!
814
00:47:15,280 --> 00:47:16,840
I've been on the phone
with Dick for six months
815
00:47:16,960 --> 00:47:18,120
trying to get him to sell,
816
00:47:18,240 --> 00:47:21,160
but the price was never
high enough for him!
817
00:47:21,280 --> 00:47:25,040
He thought he had all the time
in the world. Well, he didn't.
818
00:47:25,160 --> 00:47:27,000
He thought he was playing
with the casino's money.
819
00:47:27,120 --> 00:47:29,280
Well, he wasn't.
820
00:47:29,400 --> 00:47:32,080
That's enough now! We've got
to clean up this mess.
821
00:47:34,480 --> 00:47:36,120
Somebody had to fail.
822
00:47:37,560 --> 00:47:39,840
Lehman Brothers has failed.
823
00:48:00,400 --> 00:48:01,280
[SIGHS]
824
00:48:04,600 --> 00:48:06,000
[EXHALES]
825
00:48:20,560 --> 00:48:22,200
[PHONE RINGING]
826
00:48:25,680 --> 00:48:26,920
Mr Lewis's phone.
827
00:48:28,080 --> 00:48:29,160
Donna, it's Dick Fuld.
828
00:48:32,880 --> 00:48:35,560
Is, um, Ken by any chance...
829
00:48:35,680 --> 00:48:37,760
No, he isn't.
830
00:48:37,880 --> 00:48:42,360
Look, I don't think
there's any point
repeatedly calling the house.
831
00:48:42,480 --> 00:48:44,680
Mr Lewis has your messages.
832
00:48:44,800 --> 00:48:47,600
I'm sure if he wants
to call you, he will.
833
00:49:16,440 --> 00:49:18,040
[PHONE RINGING]
834
00:49:21,360 --> 00:49:22,840
[SIGHS]
835
00:49:32,520 --> 00:49:34,520
[RINGING CONTINUES]
836
00:49:41,360 --> 00:49:43,240
[CAMERAS CLICKING]
837
00:49:43,360 --> 00:49:46,120
REPORTER: Can you please
tell us what's happening?
838
00:49:48,600 --> 00:49:50,000
ZACH: I read somewhere
that writing
839
00:49:50,120 --> 00:49:52,520
was originally invented
to keep track of debt.
840
00:49:52,640 --> 00:49:55,200
If that's how history began,
then maybe when we wrote off
841
00:49:55,320 --> 00:49:59,200
this giant mountain of debt,
history came to an end.
842
00:49:59,320 --> 00:50:02,120
It was definitely
the end of history for some.
843
00:50:03,040 --> 00:50:05,520
National economies collapsed.
844
00:50:08,280 --> 00:50:11,560
Ireland and Italy
nearly went bankrupt.
845
00:50:11,680 --> 00:50:13,800
Iceland did.
846
00:50:13,920 --> 00:50:16,600
It was a good thing
George Bush legalised
sleep deprivation
847
00:50:16,720 --> 00:50:18,640
because our
Chief Financial Officer,
848
00:50:18,760 --> 00:50:20,560
who hadn't slept
in three days,
849
00:50:20,680 --> 00:50:23,680
had to stay awake to approve
the bankruptcy petition.
850
00:50:27,680 --> 00:50:30,080
And it had to be done
before midnight.
851
00:50:33,200 --> 00:50:36,000
Some of us expected
big changes, a new age.
852
00:50:37,520 --> 00:50:39,760
Some of us are still waiting.
853
00:50:41,200 --> 00:50:43,080
There was a well-known
con artist who said,
854
00:50:43,200 --> 00:50:45,000
"The reason some people
can be conned
855
00:50:45,120 --> 00:50:48,160
"is because they want
something for nothing.
856
00:50:48,280 --> 00:50:51,240
"Well, I give them nothing
for something."
857
00:50:59,520 --> 00:51:02,880
There was something else
he said.
858
00:51:03,000 --> 00:51:07,280
"People are 99% animal,
1% human.
859
00:51:07,400 --> 00:51:10,800
"And it's the human part
that causes all the trouble."
860
00:51:13,400 --> 00:51:16,120
[SCOFFS] You'd think it would
be the other way around.
861
00:51:18,400 --> 00:51:19,760
[SIGHS]
62394
Can't find what you're looking for?
Get subtitles in any language from opensubtitles.com, and translate them here.