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1
00:03:40,803 --> 00:03:43,294
IRA a dollar-franc.
2
00:03:43,640 --> 00:03:45,870
Four-ninety-eight, 40, 60.
3
00:03:46,042 --> 00:03:49,409
The market's going against us.
We're exposed on the 100 million.
4
00:03:49,579 --> 00:03:52,548
- We're gonna have to bail out.
- We'll take a whopping loss.
5
00:03:52,715 --> 00:03:54,740
We can't buck the tide any longer.
6
00:03:54,918 --> 00:03:57,580
Let me know the damage
when you've finished.
7
00:04:00,123 --> 00:04:02,557
- Hold the phones!
- Hold on.
8
00:04:04,394 --> 00:04:08,330
Okay, no arguments. Everybody cover
their short-currency positions.
9
00:04:08,498 --> 00:04:10,762
Buy yen, sterling, francs, marks.
10
00:04:11,234 --> 00:04:12,701
Sell dollars.
11
00:04:12,869 --> 00:04:14,666
We've got 100 million to dump.
12
00:04:14,837 --> 00:04:16,361
No haggling over prices.
13
00:04:18,942 --> 00:04:21,069
- Dollar's off.
- How much?
14
00:04:21,244 --> 00:04:23,542
Two percent against the mark
in 20 minutes.
15
00:04:23,713 --> 00:04:25,578
It started in Frankfurt.
16
00:04:25,748 --> 00:04:29,047
No. I think you'll find it started
about 10 blocks from here.
17
00:04:29,218 --> 00:04:32,346
At Borough National, as a matter of fact.
They're in trouble.
18
00:04:32,522 --> 00:04:35,958
Bailing out of their long-dollar position.
Dumping about 100 million.
19
00:04:36,125 --> 00:04:38,889
Keep talking.
Let me know if it slides further...
20
00:04:39,062 --> 00:04:40,757
...or hits the next big number.
21
00:04:41,931 --> 00:04:45,560
Frankfurt? Borough National New York.
A dollar-deutsche mark.
22
00:04:51,741 --> 00:04:54,403
Would you like...?
Can you make me a market of spot francs?
23
00:04:54,577 --> 00:04:58,104
- Give me another market!
- Another Geneva for 30-60. Want it?
24
00:04:58,281 --> 00:05:01,375
- Sell eight at 30!
- Two, two at 20.
25
00:05:01,551 --> 00:05:04,918
Hello, Bern National.
Yeah, how do you trade in French?
26
00:05:05,088 --> 00:05:08,524
- What's your spot on yen?
- Take two!
27
00:05:08,691 --> 00:05:10,124
- Three.
- You'll only do three?
28
00:05:10,293 --> 00:05:12,124
- Five million.
- We want sterling.
29
00:05:12,362 --> 00:05:13,693
- Four.
- Good.
30
00:05:15,031 --> 00:05:17,591
- What's the dollar-yen, please?
- Five at 75.
31
00:05:18,334 --> 00:05:20,632
- Make it two. That's four.
- Okay.
32
00:05:26,642 --> 00:05:28,473
- Take it.
- Four done.
33
00:05:28,878 --> 00:05:31,847
- Do you want it? Forty-60!
- Sell five at 40.
34
00:05:32,015 --> 00:05:34,313
- They'll only take two!
- Take the lousy two!
35
00:05:34,484 --> 00:05:37,885
- All right, that's just one!
- I love you too. You're beautiful.
36
00:05:38,054 --> 00:05:39,885
How about four? All right, two.
37
00:05:40,056 --> 00:05:42,354
- Help me out.
- What do you mean there's no market?
38
00:05:42,525 --> 00:05:44,186
It's coming? So is Christmas.
39
00:05:44,360 --> 00:05:46,885
I can't get Bern!
They're closed for the day!
40
00:05:47,063 --> 00:05:49,930
- We look like we're having trouble.
- Europe and the Street...
41
00:05:50,099 --> 00:05:52,795
...know we're dumping.
The dollar's dropping like a rock.
42
00:05:52,969 --> 00:05:56,268
All right, we'd better go in.
Long on dollars. Start with Paris.
43
00:05:56,439 --> 00:06:00,808
And tell Borough National
they can have 40 mil on Interbank.
44
00:06:00,977 --> 00:06:04,378
We're going to have to find someone
to ride shotgun over there.
45
00:06:04,547 --> 00:06:08,005
I'm not taking this roller coaster again.
46
00:06:10,887 --> 00:06:13,549
Earlier this week,
the dollar slipped 50 points.
47
00:06:13,723 --> 00:06:16,920
It recovered. But a lot of people
say things are going to get worse...
48
00:06:17,093 --> 00:06:18,321
...before they get better.
49
00:06:18,494 --> 00:06:21,759
Others in the banking community
say it was just a flutter.
50
00:06:21,931 --> 00:06:26,265
But if there's one thing all of us
worry about, it's money. Our money.
51
00:06:26,436 --> 00:06:28,404
In this case, of course, the dollar.
52
00:06:28,571 --> 00:06:31,472
Here tonight to discuss the dollar
is Maxwell Emery...
53
00:06:31,641 --> 00:06:33,666
...president of The First New York Bank.
54
00:06:33,843 --> 00:06:37,973
Mr. Emery has sometimes been called
the lion of American banking.
55
00:06:39,115 --> 00:06:42,710
The dollar's been under pressure
so frequently in our history.
56
00:06:42,885 --> 00:06:45,513
I don't think these times are exceptional.
57
00:06:46,189 --> 00:06:52,685
We go through regular cycles of anxiety.
In fact, we're an anxiety-prone people.
58
00:06:52,995 --> 00:06:56,431
But we've never had anxiety
with so much reason behind it.
59
00:06:56,599 --> 00:07:00,035
Since 1974, when the Arabs
started increasing the price of oil...
60
00:07:00,203 --> 00:07:02,262
...they've amassed billions of dollars.
61
00:07:02,438 --> 00:07:06,499
Until now, they've been very kind to leave
that money largely in American banks.
62
00:07:06,676 --> 00:07:09,941
Mr. Emery, has there ever been
such a concentration of wealth...
63
00:07:10,113 --> 00:07:12,274
...in the hands of one group before?
64
00:07:12,448 --> 00:07:14,780
No, I think probably not.
65
00:07:14,951 --> 00:07:19,012
But I assure you, their interests are ours.
66
00:09:45,568 --> 00:09:47,331
Have a good time.
67
00:09:47,503 --> 00:09:49,061
Thank you.
68
00:09:49,238 --> 00:09:51,798
- Wonderful party.
- Charlie will be by later.
69
00:09:51,974 --> 00:09:54,238
- He's working late at the office.
- See you then.
70
00:09:54,410 --> 00:09:56,344
Enjoy yourself.
71
00:10:15,698 --> 00:10:16,960
Want an educated opinion?
72
00:10:17,300 --> 00:10:21,202
You won't get a glamour boy like Hubbell
Smith to run a rescue operation over there.
73
00:10:21,370 --> 00:10:23,167
He won't touch it with a fork.
74
00:10:23,339 --> 00:10:27,332
He might. If the payoff is big enough.
75
00:10:29,478 --> 00:10:32,845
Could I have a white wine
and a Scotch on the rocks, please?
76
00:10:33,015 --> 00:10:36,883
Well, Max, I hear you rode in
on your white horse...
77
00:10:37,053 --> 00:10:38,714
...and bailed out Borough National.
78
00:10:38,888 --> 00:10:42,790
Well, that fellow down there is trying,
but he's overmatched.
79
00:10:43,292 --> 00:10:46,659
I feel sorry for the poor son of a bitch
who tries to fix that mess.
80
00:10:46,829 --> 00:10:50,424
I said I'd help them
but only if they'd take my boy.
81
00:10:52,668 --> 00:10:54,101
Wanna hear the deal?
82
00:10:54,737 --> 00:10:57,467
I don't know, Max.
I did my time in the trenches...
83
00:10:57,640 --> 00:11:00,507
...when I was running
those problem loans for you.
84
00:11:00,676 --> 00:11:02,337
I had enough crash-and-burn.
85
00:11:05,848 --> 00:11:07,645
Hub...
86
00:11:11,120 --> 00:11:13,816
...I'd consider it a personal favor.
87
00:11:13,989 --> 00:11:16,958
With those turkeys at Borough National,
miracle is a better word.
88
00:11:17,126 --> 00:11:21,085
Now, why do you piss cold water on it
when you know you're interested?
89
00:11:21,263 --> 00:11:23,026
What makes you so sure?
90
00:11:23,199 --> 00:11:27,135
The guy who turns them round
is going to be hero of the week.
91
00:11:27,303 --> 00:11:32,900
And we both know
that you're restless, ambitious...
92
00:11:33,576 --> 00:11:36,807
...and a sucker for a chance
at a star play.
93
00:11:36,979 --> 00:11:41,279
- That's the spirit that built the West.
- Has either one of you seen Lee Winters?
94
00:11:41,717 --> 00:11:45,016
Last time I saw her
she was over by the band.
95
00:11:45,388 --> 00:11:47,015
Something wrong?
96
00:11:47,189 --> 00:11:48,781
Charlie Winters has been murdered.
97
00:11:48,958 --> 00:11:51,119
A mugger broke into his office
and knifed him.
98
00:11:51,293 --> 00:11:53,693
Oh, my God.
99
00:12:03,506 --> 00:12:05,531
Isn't it?
100
00:12:06,609 --> 00:12:09,669
I love the way he plays too. Don't you?
101
00:12:12,181 --> 00:12:16,811
- Hello, Bill.
- Lee, could I talk to you alone?
102
00:12:16,986 --> 00:12:18,544
- Would you excuse us?
- Certainly.
103
00:12:25,561 --> 00:12:27,722
What is it, Hub?
104
00:12:29,465 --> 00:12:31,228
Nothing.
105
00:12:33,269 --> 00:12:37,433
I was just thinking about
the illusion of safety.
106
00:13:28,090 --> 00:13:30,820
- Yes. - You were inquiring
about Charlie Winters...
107
00:13:30,993 --> 00:13:36,363
...the other day. I'm sorry to
have to tell you that he's dead.
108
00:13:38,033 --> 00:13:41,025
I was struck by the coincidence.
109
00:13:41,203 --> 00:13:44,764
Charles Winters.
I'm sorry to hear about that.
110
00:13:44,940 --> 00:13:47,807
I'm sorry to hear about it too.
111
00:13:49,745 --> 00:13:52,612
I just wanted you to be aware.
112
00:13:53,916 --> 00:13:55,406
Good night.
113
00:14:04,527 --> 00:14:07,621
Police have concluded Charles Winters
was murdered by a burglar...
114
00:14:07,796 --> 00:14:10,822
...who panicked when Winters,
who was working late, surprised him.
115
00:14:11,400 --> 00:14:14,335
No other motivations
for his murder have been found.
116
00:14:14,503 --> 00:14:18,496
At his funeral yesterday in New York,
his widow, ex-film star Lee Winters...
117
00:14:18,674 --> 00:14:22,940
...was accompanied by leading members
of the corporate and financial world.
118
00:14:23,112 --> 00:14:26,707
So Lee Winters, the poor girl who
came out of the dirt hills of Arkansas...
119
00:14:26,882 --> 00:14:30,010
...to achieve stardom
as the glamorous Ashley Norman...
120
00:14:30,185 --> 00:14:32,415
...one of Hollywood's
most respected actresses...
121
00:14:32,588 --> 00:14:35,819
...who, at the height of her career,
gave it up to become the wife...
122
00:14:35,991 --> 00:14:37,822
...of a great American industrialist...
123
00:14:37,993 --> 00:14:42,020
...played today her toughest role:
Where to go from here.
124
00:14:42,197 --> 00:14:44,597
There are rumors that things
aren't what they were...
125
00:14:44,767 --> 00:14:47,702
...in the troubled petrochemical empire
built by Winters...
126
00:14:48,237 --> 00:14:52,697
...now facing the critical question
of who will become its next chairman.
127
00:14:52,875 --> 00:14:54,968
And now in a...
128
00:14:56,512 --> 00:14:59,481
Don't take too long.
Hurry back down.
129
00:15:00,950 --> 00:15:05,284
- Gaby, did you take my book?
- What book?
130
00:16:18,727 --> 00:16:21,594
Well, Paris, we're seeing
some pressure out of Zurich.
131
00:16:22,064 --> 00:16:24,624
Eleven's ringing. Who's on 11?
132
00:16:24,800 --> 00:16:26,961
But we think it's topping out.
133
00:16:30,973 --> 00:16:33,703
We're all atwitter.
Let me have your dollar-franc, please.
134
00:16:33,876 --> 00:16:35,844
The question is, is he ready for us?
135
00:16:36,345 --> 00:16:38,176
I've had a balance sheet worked up...
136
00:16:38,347 --> 00:16:41,942
...and a summary of assets.
Is there anything else you might need?
137
00:16:42,518 --> 00:16:45,885
Oh, nothing special.
Your interim financials maybe.
138
00:16:46,055 --> 00:16:49,149
Something showing your cash position,
loan position, deposits.
139
00:16:49,324 --> 00:16:51,724
Also a P & L statement, if you've got one.
140
00:16:51,894 --> 00:16:56,991
The maturity schedules on your commercial
paper. Classifications on your loan portfolio.
141
00:16:57,166 --> 00:17:00,101
Maybe the last examiner's report.
142
00:17:00,269 --> 00:17:02,863
Oh, and your current profit breakdown.
143
00:17:03,238 --> 00:17:04,830
You sure that'll be enough?
144
00:17:05,507 --> 00:17:06,735
For a start.
145
00:17:42,010 --> 00:17:43,910
Cheers.
146
00:17:47,449 --> 00:17:52,318
Well, doctor, you've been on the case
for a while now. What's the prognosis?
147
00:17:52,488 --> 00:17:54,422
Will the patient live?
148
00:17:54,590 --> 00:17:57,286
The patient's been dead for six months
and doesn't know it.
149
00:17:57,926 --> 00:18:00,394
Come on, now. It's not that bad.
150
00:18:00,562 --> 00:18:02,223
No?
151
00:18:04,333 --> 00:18:06,426
Roy, I salute you.
152
00:18:07,736 --> 00:18:10,227
Borough National's your masterpiece.
153
00:18:11,206 --> 00:18:13,674
Well, we may have to tighten our belt.
154
00:18:14,176 --> 00:18:15,438
Try it around your neck.
155
00:18:17,880 --> 00:18:19,370
Okay.
156
00:18:19,648 --> 00:18:24,108
- I'll call Emery. You can bail out.
- No, I took this trip without a parachute.
157
00:18:24,286 --> 00:18:27,653
- This is when the fun begins.
- Smith, this is not some sort of game.
158
00:18:27,823 --> 00:18:30,553
Yes, it is. That's exactly what it is.
159
00:18:30,726 --> 00:18:33,718
You keep talking about a system, Roy.
That's your problem.
160
00:18:34,797 --> 00:18:38,130
You can't beat the system,
but you can win a game.
161
00:18:39,701 --> 00:18:41,692
- How?
- First, we have to find a way...
162
00:18:41,870 --> 00:18:44,168
...to get some profit in here now.
163
00:18:44,339 --> 00:18:46,034
Just 3 or 4 million...
164
00:18:46,208 --> 00:18:49,803
...so we can meet that dividend
and give ourselves a little time to breathe.
165
00:18:50,045 --> 00:18:52,878
A nice, hungry customer
so we can give him a big, fat loan.
166
00:18:53,048 --> 00:18:55,016
Say, a couple 100 million.
167
00:18:55,184 --> 00:18:57,948
- Collect the commission.
- Where are we gonna get the money?
168
00:18:58,120 --> 00:19:01,112
I'll find the money.
What we need right now is a customer.
169
00:19:01,290 --> 00:19:05,283
We really need a company even more
in the shithouse than we are.
170
00:19:05,460 --> 00:19:07,690
If that's possible.
171
00:19:11,099 --> 00:19:13,829
Sit down, Roy.
172
00:19:16,638 --> 00:19:19,732
Talk to me about
the Winterchem Petrochemical Corporation.
173
00:19:19,908 --> 00:19:21,933
We're loaned out to them to the legal limit.
174
00:19:22,878 --> 00:19:27,042
No matter how hungry they are,
we can't give them a thing.
175
00:19:27,216 --> 00:19:29,116
Not even lunch?
176
00:19:30,652 --> 00:19:32,643
I'll start with what you're dying to hear.
177
00:19:32,821 --> 00:19:35,949
We don't need to borrow another dime.
178
00:19:39,294 --> 00:19:41,455
Well, I don't know what to say.
179
00:19:41,630 --> 00:19:43,825
All we have to do is scale down a little.
180
00:19:43,999 --> 00:19:47,332
Think in more modest terms,
and we should weather the storm.
181
00:19:48,237 --> 00:19:51,070
I don't think it makes any sense at all.
182
00:19:51,440 --> 00:19:56,002
This is wrong. You can't cut back on this
company and expect it to ever grow again.
183
00:19:56,178 --> 00:19:58,305
The replacement cost
would be astronomical.
184
00:19:58,480 --> 00:20:00,812
We're grateful for your interest
in Winterchem.
185
00:20:00,983 --> 00:20:03,543
All the public relations
you've put in for the company.
186
00:20:03,952 --> 00:20:07,149
And I know how you must feel,
especially now that Charlie's gone.
187
00:20:07,322 --> 00:20:09,017
Henry, don't patronize me.
188
00:20:09,591 --> 00:20:13,823
You know where we went wrong. We let the
competition walk away with the technology.
189
00:20:13,996 --> 00:20:15,987
Instead of cutting,
we must invest in R & D.
190
00:20:16,164 --> 00:20:18,689
Keep the plants going
until new products are developed.
191
00:20:18,867 --> 00:20:23,600
- Financed how?
- We'll just get ourselves a moneymaker.
192
00:20:24,239 --> 00:20:27,003
There's a small petrochemical plant
in Spain at Valencia.
193
00:20:27,175 --> 00:20:30,838
They're in place.
Their balance sheet looks real good.
194
00:20:31,013 --> 00:20:34,813
And they're for sale. We'd have to invest
in some updating and a sure feedstock.
195
00:20:34,983 --> 00:20:38,384
If we get it, we'll be buying ourselves
a real cash-flow machine.
196
00:20:38,587 --> 00:20:41,579
I hear you, but that kind of capital
is simply not available.
197
00:20:42,090 --> 00:20:43,921
Sorry, good people. I'm running late.
198
00:20:44,092 --> 00:20:46,322
Roy, fill me in on the rest of this later.
199
00:20:46,495 --> 00:20:48,122
Ms. Winters.
200
00:20:48,297 --> 00:20:50,925
- Henry.
- Delighted to have met you.
201
00:20:52,234 --> 00:20:54,293
- Warner.
- Good to see you.
202
00:20:58,440 --> 00:21:02,740
That's a hell of a fella. I think
we're gonna enjoy working with him.
203
00:21:06,281 --> 00:21:11,048
Let me speak with Lee Winters, please.
She's at the far corner table.
204
00:21:11,219 --> 00:21:13,687
Lee, you're gonna be opening
the Palm Beach house soon?
205
00:21:13,855 --> 00:21:15,652
Sorry, Mrs. Winters, a call for you.
206
00:21:16,458 --> 00:21:19,825
Thank you. Excuse me, I'm sorry.
207
00:21:20,696 --> 00:21:22,095
Yes, this is Mrs. Winters.
208
00:21:22,264 --> 00:21:24,255
How good are you
at keeping a straight face?
209
00:21:24,433 --> 00:21:27,561
Because your Valencia deal
happens to be full of holes.
210
00:21:29,771 --> 00:21:32,103
Helen, I can't talk now.
I'm at a luncheon meeting.
211
00:21:32,274 --> 00:21:34,708
- Lf you have some messages...
- Try this on Helen.
212
00:21:34,876 --> 00:21:37,538
Number one, what about
currency translation?
213
00:21:37,713 --> 00:21:40,682
A Spanish plant has peseta obligations.
If the peseta goes up...
214
00:21:40,849 --> 00:21:43,579
...your dollar earnings won't be worth
a plate of frijoles.
215
00:21:43,752 --> 00:21:45,777
Two, how about labor stability?
216
00:21:45,954 --> 00:21:50,118
Half the country's busy slipping bombs
in the pockets of the other half.
217
00:21:50,292 --> 00:21:53,557
Three, Winterchem's tapped out
with us at Borough National.
218
00:21:53,729 --> 00:21:56,493
How do you figure to fund
the acquisition?
219
00:21:58,166 --> 00:21:59,497
I see.
220
00:21:59,668 --> 00:22:01,465
Is that all, Helen?
221
00:22:01,636 --> 00:22:06,039
Sorry, but I didn't wanna embarrass you
in front of Tweedledum and Tweedledee...
222
00:22:06,208 --> 00:22:10,304
...since it's obvious that you wanna be
the new chairman of the board.
223
00:22:12,547 --> 00:22:16,916
No, absolutely not. Would you tell him
I'm out of town, please?
224
00:22:18,854 --> 00:22:23,723
I'm sorry. Some people
just don't understand business.
225
00:22:44,446 --> 00:22:47,006
Absolutely.
Of course we're gonna show a profit.
226
00:22:47,182 --> 00:22:51,380
One, their currency may be unstable, but
they have to sell in international markets...
227
00:22:51,553 --> 00:22:53,578
...so our dollar wouldn't be affected.
228
00:22:53,755 --> 00:22:57,350
Two, the Spanish labor market
happens to be relatively strike-free...
229
00:22:57,526 --> 00:23:00,586
...which you would have known
if you'd bothered to check, as I did.
230
00:23:01,096 --> 00:23:05,362
Three, there are other banks that recognize
a sound investment when they see one.
231
00:23:05,534 --> 00:23:08,367
As for that "chairman
of the board" remark...
232
00:23:08,703 --> 00:23:11,797
...Mr. Smith, I don't know
what you're talking about.
233
00:23:19,081 --> 00:23:21,572
How much stock did you say
her husband left her?
234
00:23:37,099 --> 00:23:38,691
You were saying?
235
00:23:39,768 --> 00:23:41,929
I thought we ought to have a drink on it.
236
00:23:46,708 --> 00:23:48,539
On what exactly?
237
00:23:49,044 --> 00:23:51,308
Your future at Winterchem.
238
00:23:56,084 --> 00:23:58,075
Scotch, if you don't mind, with a twist.
239
00:23:58,253 --> 00:24:01,347
Mr. Smith, you must have me confused
with an executive.
240
00:24:01,523 --> 00:24:03,821
They tolerated me on the board
because of Charlie.
241
00:24:03,992 --> 00:24:09,953
But now that he's gone, I'm just
an ex-movie star coasting into the sunset.
242
00:24:10,132 --> 00:24:12,532
Not someone throwing them
a curve ball at lunch...
243
00:24:12,701 --> 00:24:15,693
...about a Spanish petrochemical plant.
244
00:24:16,671 --> 00:24:18,935
I'd say you coast pretty good.
245
00:24:19,107 --> 00:24:21,041
Where'd you learn the moves?
246
00:24:21,510 --> 00:24:24,001
Charlie involved me a lot in the business.
247
00:24:24,179 --> 00:24:26,807
And when I was an actress,
I had my own company.
248
00:24:26,982 --> 00:24:31,078
I made my own deals.
Charlie always says I have...
249
00:24:34,656 --> 00:24:37,147
Charlie used to say I had good instincts.
250
00:24:42,264 --> 00:24:45,791
Well, we're playing the classic scene,
aren't we?
251
00:24:45,967 --> 00:24:47,594
The banker and the widow.
252
00:24:49,171 --> 00:24:51,469
I'm sorry. I guess this is all too soon.
253
00:24:51,640 --> 00:24:55,041
Of course it's too soon.
Everything's too soon, isn't it?
254
00:24:55,210 --> 00:24:58,475
The company's in trouble too soon.
Charlie died too soon.
255
00:24:58,647 --> 00:25:00,478
So what?
256
00:25:04,686 --> 00:25:06,415
It'd be funny, wouldn't it?
257
00:25:06,721 --> 00:25:10,851
If the banker helped the widow
walk off with the chairmanship.
258
00:25:14,396 --> 00:25:16,193
Hilarious.
259
00:25:16,631 --> 00:25:18,792
You mind telling me how?
260
00:25:18,967 --> 00:25:22,698
- Your Valencia deal.
- I thought you said it was full of holes.
261
00:25:22,871 --> 00:25:25,601
I thought you said
you didn't wanna be chairman.
262
00:25:26,241 --> 00:25:28,471
Too bad because Ackerman's
just blowing smoke...
263
00:25:28,643 --> 00:25:32,909
...about all this so-called support.
Nobody really wants to sell off.
264
00:25:33,081 --> 00:25:35,709
Nobody wants to be on the board
of a shrinking company.
265
00:25:35,884 --> 00:25:38,375
You nail that deal, you have a real shot.
266
00:25:38,553 --> 00:25:40,316
Providing they took me seriously.
267
00:25:40,488 --> 00:25:44,356
Come up with the 500 million to buy
that plant, and they'll take you seriously.
268
00:25:45,994 --> 00:25:49,293
All you need is the okay
from Ackerman to go after it.
269
00:25:50,865 --> 00:25:53,959
And I'm in a position to put you
together with the money.
270
00:25:54,736 --> 00:25:56,328
There are risks involved.
271
00:25:59,708 --> 00:26:02,302
I've never been afraid of risks.
272
00:26:03,979 --> 00:26:07,312
That was Scotch with a twist.
273
00:26:10,185 --> 00:26:12,915
For one thing, I'm not gonna get the okay.
274
00:26:13,622 --> 00:26:15,852
Aren't you the man that told me
Winterchem...
275
00:26:16,024 --> 00:26:17,753
...was borrowed out with the bank?
276
00:26:17,926 --> 00:26:19,689
I'm the man.
277
00:26:19,861 --> 00:26:23,854
- Where's the money supposed to come from?
- Private placement. Outside source.
278
00:26:24,032 --> 00:26:27,024
- Direct?
- Through an agent I know.
279
00:26:27,202 --> 00:26:29,762
We'd have to negotiate with his people.
280
00:26:29,938 --> 00:26:34,875
Probably be a joint venture if they put up
the capital and share the profits.
281
00:26:37,045 --> 00:26:40,378
And the bank collects 1 percent
for setting it up.
282
00:26:40,915 --> 00:26:45,352
On 500 million, that's 5 million profit.
No risk to you.
283
00:26:46,888 --> 00:26:51,757
You have a very profitable
sense of humor, Mr. Smith.
284
00:26:52,227 --> 00:26:55,196
You wouldn't deny me a little incentive,
would you?
285
00:26:55,997 --> 00:26:57,862
No.
286
00:27:02,504 --> 00:27:04,734
Was that on the rocks or straight up?
287
00:27:05,006 --> 00:27:07,474
Of course, we do have to handle her
very carefully.
288
00:27:07,642 --> 00:27:11,271
Yes. She is sitting on the largest block
of company stock.
289
00:27:11,446 --> 00:27:15,974
If she sells her stock to some outfit,
we could all be out on our collective ass.
290
00:27:16,151 --> 00:27:18,016
I say to hell with her damn stock.
291
00:27:18,186 --> 00:27:22,054
What's she gonna do, unload
600,000 shares? That's her meal ticket.
292
00:27:22,223 --> 00:27:25,124
This isn't The Washington Post,
and she's not Katherine Graham.
293
00:27:25,894 --> 00:27:30,490
And I'll tell you, that woman is not going
to negotiate any deals for this management.
294
00:27:30,665 --> 00:27:32,895
Ever.
295
00:27:34,703 --> 00:27:37,228
Would you ask Mrs. Winters
to come in, please?
296
00:27:38,173 --> 00:27:40,505
Next thing she'll want
to be chairman of the board.
297
00:27:46,514 --> 00:27:50,211
Now, Lee, we want you to know
you'll always have a home at Winterchem.
298
00:27:50,385 --> 00:27:53,786
Remember, we'll always be happy
to hear any suggestions you might have.
299
00:27:53,955 --> 00:27:56,446
- Mr. Ackerman, please.
- One moment, please.
300
00:27:56,691 --> 00:27:59,023
- At least we didn't overestimate him.
- Hello.
301
00:27:59,194 --> 00:28:00,855
- Warner, this is Hub.
- Hi, what's up?
302
00:28:01,029 --> 00:28:03,691
Nothing special. I just thought
it was time we sat down...
303
00:28:03,865 --> 00:28:07,164
...and had a talk
about rescheduling your loans.
304
00:28:07,635 --> 00:28:09,694
- Maybe lunch next week?
- How about Thursday?
305
00:28:09,871 --> 00:28:11,532
Right, fine.
306
00:28:11,706 --> 00:28:15,608
By the way, I had a talk
with that Japanese conglomerate...
307
00:28:15,777 --> 00:28:18,268
...that's buying up every company in sight.
- Did you?
308
00:28:18,446 --> 00:28:21,142
Yeah, Shigemitsu-Han.
309
00:28:21,316 --> 00:28:23,807
They wanted to talk about
the Winterchem financials.
310
00:28:24,919 --> 00:28:27,444
Of course, I wouldn't,
but I thought you ought to know.
311
00:28:27,622 --> 00:28:30,182
No problem.
They tried to take us over last year...
312
00:28:30,358 --> 00:28:32,258
...but couldn't get enough stock.
313
00:28:32,427 --> 00:28:34,952
Well, in that case, we can all relax.
314
00:28:35,130 --> 00:28:36,757
So where do you guys like to eat?
315
00:28:36,931 --> 00:28:39,525
How about the Bibliotheque
next Thursday at 1?
316
00:28:39,701 --> 00:28:42,761
- Thursday at 1, right.
- See you then.
317
00:28:44,172 --> 00:28:48,131
I can't wait to see their faces
when they think I'm gonna sell my stock.
318
00:28:48,309 --> 00:28:49,776
- Hello.
- Helen.
319
00:28:49,944 --> 00:28:55,905
Would you contact Shigemitsu-Han and ask
if we can have lunch Thursday at 1.
320
00:28:56,184 --> 00:28:57,412
Thursday at 1.
321
00:29:25,680 --> 00:29:27,580
Hi, Lee.
322
00:29:48,837 --> 00:29:50,702
So she won't sell her stock, huh?
323
00:29:50,872 --> 00:29:52,931
Good move, Warner.
324
00:29:53,775 --> 00:29:57,302
Well, I'm starved. How about you guys?
325
00:29:57,912 --> 00:30:00,472
- I could use a drink.
- So could I.
326
00:30:02,383 --> 00:30:04,374
How did I do?
327
00:30:05,019 --> 00:30:07,351
Ackerman didn't eat a bite.
328
00:30:08,223 --> 00:30:10,555
- How long do we have to wait?
- As long as it takes.
329
00:30:10,892 --> 00:30:13,360
- Lf it takes.
- Patience, patience.
330
00:30:13,528 --> 00:30:16,088
They have to huddle first.
331
00:30:16,264 --> 00:30:21,224
Look unconcerned, get back to the office
and argue a little bit.
332
00:30:21,603 --> 00:30:25,562
They're probably flipping a coin right now
to see who has to make the call.
333
00:30:29,744 --> 00:30:31,371
Yeah.
334
00:30:31,613 --> 00:30:33,581
Right, put him on.
335
00:30:37,819 --> 00:30:39,912
Guess who lost.
336
00:30:41,523 --> 00:30:43,491
Hey, Warner, long time no see.
337
00:30:43,658 --> 00:30:47,754
Hi. Listen, Hub,
I know you'll think I'm nuts...
338
00:30:47,929 --> 00:30:53,367
...but we may let Lee Winters check out the
financing on that Spanish thing after all.
339
00:30:53,535 --> 00:30:57,266
She's got an idea she can find
the 500 million somewhere privately.
340
00:30:57,438 --> 00:31:00,999
She'll probably give away the family jewels
to get it.
341
00:31:01,809 --> 00:31:05,370
Would it make you happier
if I kept an eye on her for you?
342
00:31:06,281 --> 00:31:08,943
Jesus, could you?
That would be really terrific.
343
00:31:09,117 --> 00:31:11,915
- We don't want to look like total idiots.
- Consider it done.
344
00:31:12,220 --> 00:31:15,519
Hub, I want you to know
we'll always be grateful.
345
00:31:15,690 --> 00:31:18,181
Just your friendly neighborhood banker.
346
00:31:18,826 --> 00:31:20,794
They'll always be grateful.
347
00:31:21,930 --> 00:31:23,158
We're not there yet.
348
00:31:23,331 --> 00:31:27,392
You still have to meet the agent
for the 500 million tonight at Emery's.
349
00:31:28,236 --> 00:31:30,830
Any ideas on how I should handle it?
350
00:31:31,005 --> 00:31:32,836
Straightforward.
351
00:31:33,007 --> 00:31:35,373
We've got nothing to hide.
352
00:31:36,144 --> 00:31:37,873
Do we?
353
00:31:48,823 --> 00:31:54,784
Please, Ms. Winters, excuse me.
I know this isn't the time or place...
354
00:31:54,963 --> 00:31:58,194
...but did your husband ever mention
Jerry Fewster?
355
00:31:58,366 --> 00:32:02,530
There's someone named Fewster. Did your
husband ever mention anything about him?
356
00:32:03,338 --> 00:32:04,828
In what connection?
357
00:32:05,006 --> 00:32:09,136
- You mean he didn't?
- I don't know. What was it about?
358
00:32:09,310 --> 00:32:13,770
No, if he didn't mention it, that's fine.
It's fine.
359
00:32:14,082 --> 00:32:17,882
- What did you say the name was?
- No, it doesn't matter.
360
00:32:18,052 --> 00:32:19,917
I'm sorry I bothered you.
361
00:32:26,060 --> 00:32:30,224
- Excuse me, does he work here?
- You mean Mr. Fewster?
362
00:32:30,665 --> 00:32:34,328
He's one of the federal bank examiners
who come in.
363
00:32:34,702 --> 00:32:36,829
He's very nervous.
364
00:32:42,810 --> 00:32:45,608
I don't believe Mr. Winters
told her anything.
365
00:32:45,780 --> 00:32:49,978
She looked right at me.
She didn't know what I was talking about.
366
00:32:51,919 --> 00:32:53,511
That's my train.
367
00:32:53,688 --> 00:32:57,749
Well, if you hear from her again,
we expect to hear from you.
368
00:32:57,925 --> 00:32:59,449
Okay?
369
00:33:01,863 --> 00:33:04,058
Not gonna eat your hot dog, huh?
370
00:36:04,579 --> 00:36:06,979
- Well, here they are.
- Oh, Hub.
371
00:36:07,148 --> 00:36:09,639
- I was concerned.
- Courtney, I'm sorry we're late.
372
00:36:09,817 --> 00:36:12,411
- You know Lee Winters?
- Good evening. Lovely to have you.
373
00:36:12,587 --> 00:36:14,953
Would you take her down by Max?
374
00:36:21,362 --> 00:36:23,023
- Good evening.
- Good evening.
375
00:36:23,197 --> 00:36:26,132
- Sorry we're late.
- Don't worry about it. So glad you're here.
376
00:36:26,300 --> 00:36:29,133
- Hello, Hub.
- Sorry, Max, got caught in traffic.
377
00:36:29,737 --> 00:36:31,967
Lee, I'd like you to meet Sal Naftari.
378
00:36:32,139 --> 00:36:33,629
How do you do, Mr. Naftari?
379
00:36:33,808 --> 00:36:38,541
Mrs. Winters, at last. I was beginning
to be afraid I might not get to meet you.
380
00:36:38,713 --> 00:36:41,841
For a few seconds there,
I had doubts myself.
381
00:36:42,016 --> 00:36:45,508
But I can't tell you how happy
I am that we made it.
382
00:36:45,686 --> 00:36:48,382
Oh, Mrs. Winters, I was just telling Max
before you came...
383
00:36:48,556 --> 00:36:52,253
...that I've just come back from Paris.
The state of the dollar is in crisis.
384
00:36:52,426 --> 00:36:55,395
I don't know what you naughty bankers
are gonna do to us next.
385
00:36:55,563 --> 00:36:58,157
Do you know that I couldn't buy
a single thing?
386
00:36:58,332 --> 00:37:01,392
It's awful. I'm gonna have to wear
American clothes all summer.
387
00:37:02,904 --> 00:37:04,769
- Two percent.
- Not this time.
388
00:37:05,172 --> 00:37:07,265
Okay, 2 and a half.
389
00:37:07,975 --> 00:37:09,237
Eight.
390
00:37:09,410 --> 00:37:12,004
Eight? Why 8?
391
00:37:14,215 --> 00:37:16,183
It's a woman. Makes it tougher.
392
00:37:19,520 --> 00:37:23,012
Hub, get it out of your head.
I've got a lock on this.
393
00:37:23,190 --> 00:37:26,091
These people are unpredictable.
They make up their own minds.
394
00:37:26,560 --> 00:37:29,461
I'm only the agent.
I can only make the introductions.
395
00:37:29,630 --> 00:37:31,825
The rest is up to you.
396
00:37:33,134 --> 00:37:37,571
If my deal is too rich, you're always
welcome to try it on your own.
397
00:37:38,139 --> 00:37:41,734
- Okay, 8.
- Plus a fee of 300,000 for contingencies.
398
00:37:41,909 --> 00:37:45,276
- Such as?
- Lf I knew, they wouldn't be contingencies.
399
00:37:49,684 --> 00:37:53,142
I'll get right on it, providing,
of course, that's acceptable.
400
00:37:53,754 --> 00:37:55,619
Also, she'll have to travel.
401
00:37:56,090 --> 00:37:57,614
They'll want a meeting.
402
00:38:36,630 --> 00:38:38,291
- We welcome you.
- Thank you, Khalid.
403
00:38:38,466 --> 00:38:40,900
We're glad to be here.
My associate, Mrs. Winters.
404
00:38:41,068 --> 00:38:44,504
- How do you do?
- Mrs. Winters, welcome. Please.
405
00:39:00,821 --> 00:39:02,516
Come.
406
00:39:11,465 --> 00:39:13,399
I believe you know my father, Ahmed.
407
00:39:13,567 --> 00:39:15,535
Of course.
408
00:39:15,703 --> 00:39:18,194
He thanks you for honoring us
with your visit.
409
00:39:18,372 --> 00:39:21,102
Not at all.
You honor us with the invitation.
410
00:39:21,275 --> 00:39:23,402
And Mrs. Winters.
411
00:39:23,778 --> 00:39:25,006
How do you do?
412
00:40:13,961 --> 00:40:17,522
I feel like a beggar asking them
for alms, and I hate it.
413
00:40:17,698 --> 00:40:20,166
You and the rest of the world.
414
00:41:06,147 --> 00:41:08,411
I thought we had an appointment.
415
00:41:08,582 --> 00:41:10,709
This is an appointment.
416
00:41:34,008 --> 00:41:36,772
Mrs. Winters, please.
417
00:41:37,211 --> 00:41:39,475
Hub, good to see you.
418
00:41:42,249 --> 00:41:46,345
To begin with, I'm sure you will be pleased
to hear we have decided to make the loan.
419
00:41:48,322 --> 00:41:50,552
But first, I think it
best to go over this...
420
00:41:50,724 --> 00:41:53,625
...to make sure we are clear
on the main points.
421
00:41:54,094 --> 00:41:55,322
Point one...
422
00:41:55,496 --> 00:41:59,933
...the sum is to be 500 million,
of course, for the plant in Valencia...
423
00:42:00,100 --> 00:42:02,660
...the money to be drawn
in units of 50 million.
424
00:42:03,037 --> 00:42:04,629
At times to be negotiated.
425
00:42:04,805 --> 00:42:06,500
Yes, of course.
426
00:42:06,674 --> 00:42:08,733
Point two, Winterchem to hold title...
427
00:42:08,909 --> 00:42:12,811
...but profits to be shared
on an equal basis.
428
00:42:12,980 --> 00:42:16,416
Point three, Mrs. Winters' stock
will stand as security...
429
00:42:16,584 --> 00:42:18,779
...for the entire transaction.
430
00:42:18,953 --> 00:42:21,854
- Point four...
- Excuse me.
431
00:42:22,022 --> 00:42:24,422
That means if something happens,
I lose all my stock.
432
00:42:25,659 --> 00:42:27,149
Mrs. Winters...
433
00:42:27,328 --> 00:42:29,728
...I should tell you
there are those in the family...
434
00:42:29,897 --> 00:42:32,559
...who do not think we should be
making this offer at all.
435
00:42:33,267 --> 00:42:36,100
I assume if you could've found
venture capital of this sort...
436
00:42:36,270 --> 00:42:38,363
...for a company like Winterchem
in America...
437
00:42:38,539 --> 00:42:42,031
...you would not be coming
all the way to Arabia looking for it.
438
00:42:42,309 --> 00:42:46,245
If you are able to arrange better terms
elsewhere, you are free to do so.
439
00:42:48,949 --> 00:42:50,610
Shall I continue?
440
00:43:00,527 --> 00:43:02,256
Point four...
441
00:43:02,429 --> 00:43:05,296
...after repayment of the principal
has been completed...
442
00:43:05,466 --> 00:43:10,028
...all interest payments must be made
by the 15th day of each month.
443
00:43:10,204 --> 00:43:14,368
If we're ever cash short when a payment
comes due, I could lose the whole company.
444
00:43:14,541 --> 00:43:17,169
Don't worry. We'll cover you on that.
445
00:43:17,544 --> 00:43:18,772
The bank will cover you.
446
00:43:18,946 --> 00:43:20,470
I don't like the risk.
447
00:43:20,648 --> 00:43:23,549
I guess it depends on how bad
you wanna be the chairman.
448
00:43:28,555 --> 00:43:30,648
Well, I guess I should call the cockpit.
449
00:43:30,824 --> 00:43:33,088
Have them radio the office
with the gory details.
450
00:43:33,260 --> 00:43:35,592
Hey, that can wait.
451
00:43:35,763 --> 00:43:37,492
This can't.
452
00:43:45,806 --> 00:43:48,900
You're really ticked off
about the deal, aren't you?
453
00:43:49,643 --> 00:43:51,304
I'm sorry.
454
00:43:51,679 --> 00:43:53,271
I just don't...
455
00:43:53,881 --> 00:43:56,372
I don't like being dependent, that's all.
456
00:43:57,284 --> 00:43:59,718
I was never dependent
on any one studio.
457
00:43:59,887 --> 00:44:02,321
I didn't depend on Charlie.
458
00:44:02,923 --> 00:44:06,859
And if anything goes wrong, I don't like
being dependent on Borough National.
459
00:44:10,097 --> 00:44:11,359
You mean me.
460
00:44:16,770 --> 00:44:18,260
Here.
461
00:44:18,572 --> 00:44:21,040
If you can't live with the deal, forget it.
462
00:44:22,943 --> 00:44:25,377
Tell New York the terms
are unacceptable.
463
00:44:29,950 --> 00:44:32,248
I warn you, I'm a problem.
464
00:44:33,020 --> 00:44:35,682
I'm a bad person
when I get in a corner.
465
00:44:36,457 --> 00:44:39,688
Fine. If you get in a corner,
tell me to go to hell.
466
00:44:39,860 --> 00:44:42,590
In business, that's the ground rules.
467
00:44:44,365 --> 00:44:48,267
But if you think the only thing we've
been doing together is business...
468
00:44:48,435 --> 00:44:50,562
...one of us is a fool.
469
00:45:04,518 --> 00:45:07,214
Would you radio Winterchem
in New York, please?
470
00:45:08,222 --> 00:45:11,282
Tell them we've come to terms
on the whole package.
471
00:45:14,995 --> 00:45:18,396
Well, you got your deal.
You got what you want.
472
00:45:20,067 --> 00:45:23,264
You don't know
the first goddamn thing I want.
473
00:45:25,639 --> 00:45:27,732
It's not the deal.
474
00:45:29,576 --> 00:45:32,101
The world's full of deals.
475
00:45:34,748 --> 00:45:37,717
A partner's somewhat more rare.
476
00:45:50,964 --> 00:45:53,023
I'm still not sure I trust you, you know.
477
00:45:55,335 --> 00:45:57,803
That's a perfect basis for a partnership.
478
00:47:21,255 --> 00:47:23,155
Thirty thousand.
479
00:47:32,633 --> 00:47:35,158
Just bumped him out of 20 million.
480
00:47:42,075 --> 00:47:43,565
I thought you ought to see that.
481
00:47:47,080 --> 00:47:49,378
They just want us to hold it?
Not roll it over?
482
00:47:50,951 --> 00:47:53,010
Doesn't make sense.
483
00:47:54,054 --> 00:47:58,457
They'll lose a ton of interest
if they don't re-deposit that money.
484
00:47:59,726 --> 00:48:01,751
Must be a mistake.
Ask them to send it again.
485
00:48:02,062 --> 00:48:03,461
You got it.
486
00:48:03,630 --> 00:48:06,258
By the way,
how much is the deposit for?
487
00:48:06,433 --> 00:48:08,264
Altogether, 95 million.
488
00:48:11,371 --> 00:48:13,839
Rebecca, let's get a confirmation on that.
489
00:48:14,007 --> 00:48:15,838
Let me have the maturity schedules...
490
00:48:16,009 --> 00:48:19,035
...on those Saudi Eurodollar deposits
we're holding.
491
00:48:19,212 --> 00:48:22,181
The ones that are due now
or all of them?
492
00:48:22,349 --> 00:48:24,249
- The works.
- What's going on?
493
00:48:24,418 --> 00:48:26,818
Nineteen deposits
worth 5 million each are due...
494
00:48:26,987 --> 00:48:29,922
...and the Saudis didn't
give us disposition instructions.
495
00:48:30,090 --> 00:48:32,650
You got 23 more maturing
in the next three weeks...
496
00:48:32,826 --> 00:48:35,522
...which is 210 million we're gonna
have to come up with...
497
00:48:35,696 --> 00:48:38,722
...if they decide not to roll over.
- Two hundred and ten million?
498
00:48:38,899 --> 00:48:41,595
That's practically every cent we carry.
It'll clean us out.
499
00:48:41,768 --> 00:48:44,464
They can't let that money
sit without earning interest.
500
00:48:44,638 --> 00:48:47,402
Even the Arabs aren't that rich.
501
00:48:48,175 --> 00:48:51,975
Maybe they'll advise us through
their London affiliate, I hope.
502
00:48:52,145 --> 00:48:54,807
Forty-60, anything there?
503
00:48:58,919 --> 00:49:01,012
If you wait five minutes,
I'll have an answer.
504
00:49:01,188 --> 00:49:04,316
That yen deal we lost, who was
the customer, and why did we lose it?
505
00:49:04,491 --> 00:49:07,858
Hapsas Oil. First New York
must have wanted the trade badly.
506
00:49:08,028 --> 00:49:11,020
They bid one point over market.
507
00:49:31,785 --> 00:49:33,719
Mr. Naftari returning your call.
508
00:49:33,887 --> 00:49:37,482
- Put him on. I got five minutes to kill.
- Yes, sir.
509
00:49:39,993 --> 00:49:43,622
I don't know. Some guys will go
anywhere to find a topless beach.
510
00:49:43,797 --> 00:49:45,890
Hey, Sal, how's Monte Carlo, you turkey?
511
00:49:46,066 --> 00:49:48,660
- Not bad. Something on your mind?
- No, nothing special...
512
00:49:48,835 --> 00:49:52,566
...except your friend Dawasir doesn't seem
to have both his oars in the water.
513
00:49:52,739 --> 00:49:53,967
What's going on?
514
00:49:54,141 --> 00:49:58,669
They got a couple of Eurodollar
deposits maturing. No big deal.
515
00:49:58,845 --> 00:50:00,745
But they're just letting them sit.
516
00:50:00,914 --> 00:50:02,643
You happen to know anything about it?
517
00:50:02,816 --> 00:50:05,011
Nobody's talked to me.
I haven't heard a word.
518
00:50:05,185 --> 00:50:07,585
Well, Europe's gonna start
closing in a few minutes.
519
00:50:07,754 --> 00:50:10,951
They work through London and Zurich,
and the interest they're losing...
520
00:50:11,124 --> 00:50:12,785
Well, what about it?
521
00:50:12,959 --> 00:50:14,290
Hub, you got a problem?
522
00:50:14,461 --> 00:50:18,989
Hey, listen, if it's okay with them,
it's just fine with me. What do I care?
523
00:50:20,701 --> 00:50:22,032
Then there's no problem?
524
00:50:22,269 --> 00:50:24,669
Yeah, kid, talk to you.
525
00:50:25,772 --> 00:50:27,205
Shit.
526
00:50:41,254 --> 00:50:45,691
He said you don't seem to have
both of your oars in the water.
527
00:50:47,527 --> 00:50:50,792
You cannot pull $95 million
in one chunk...
528
00:50:50,964 --> 00:50:54,127
...from a bank the size
of Borough National.
529
00:50:54,534 --> 00:50:56,627
When I undertook to manage this plan...
530
00:50:56,803 --> 00:50:59,772
...you agreed to do it gradually
in small amounts.
531
00:50:59,940 --> 00:51:02,704
You're now starting to move billions
in a matter of weeks.
532
00:51:02,876 --> 00:51:05,572
The world economic situation
is deteriorating...
533
00:51:05,746 --> 00:51:07,805
...more rapidly than we had thought.
534
00:51:07,981 --> 00:51:10,006
We don't think we can afford
to wait, Max.
535
00:51:10,183 --> 00:51:13,448
There will be no collapse in the
foreseeable future unless you panic...
536
00:51:13,620 --> 00:51:18,387
...and start it with some
damn fool move like this.
537
00:51:18,558 --> 00:51:21,755
And if you are wrong, what then?
538
00:51:22,362 --> 00:51:26,025
We wake up one morning,
our oil is gone.
539
00:51:26,199 --> 00:51:30,727
We find we have sold all we have in
exchange for paper money that is worthless.
540
00:51:34,274 --> 00:51:36,708
You're risking immediate exposure.
541
00:51:36,877 --> 00:51:38,902
We risk it every day.
542
00:51:39,146 --> 00:51:41,910
If Charles Winters
could stumble on that account...
543
00:51:42,082 --> 00:51:45,279
...it's just a question of time
before someone else finds out.
544
00:51:45,552 --> 00:51:48,077
- And when that happens...
- No one else will find out...
545
00:51:48,255 --> 00:51:52,282
...if you revert to your original timetable.
546
00:51:53,693 --> 00:51:55,558
All right, Max.
547
00:51:56,763 --> 00:51:58,788
We'll think about it.
548
00:51:59,966 --> 00:52:02,457
But I'm not sure
what our answer will be.
549
00:52:06,039 --> 00:52:09,304
You're playing with the end
of the world, you know.
550
00:52:10,744 --> 00:52:14,646
The end of the world as you know it.
551
00:52:21,588 --> 00:52:22,850
Europe's closing.
552
00:52:23,223 --> 00:52:25,817
You're on your own. No dispositions.
553
00:52:25,992 --> 00:52:28,017
I don't want anyone playing hero.
554
00:52:28,195 --> 00:52:30,493
- Give me the FYCB.
- Okay, let's hedge ourselves.
555
00:52:30,664 --> 00:52:33,861
Cover at least half the amount
of the deposits for one day.
556
00:52:34,234 --> 00:52:36,259
First New York and Morgan,
24 million each.
557
00:52:36,436 --> 00:52:38,495
Morgan, this is Borough National.
558
00:52:38,672 --> 00:52:41,539
First New York,
let me have your Fed Funds desk.
559
00:52:41,708 --> 00:52:43,608
Listen, we got room for 24, 25.
560
00:52:55,155 --> 00:52:58,420
- Right.
- No problem, get back to you.
561
00:52:58,725 --> 00:53:00,750
- Morgan's tight today.
- First New York's dry.
562
00:53:00,927 --> 00:53:02,724
Come back tomorrow
if we have a problem.
563
00:53:03,096 --> 00:53:05,724
This could be a real situation here,
Europe closing down.
564
00:53:05,899 --> 00:53:10,097
If we can't find the cash to cover those
Eurodollar deposits we're shit out of luck.
565
00:53:13,206 --> 00:53:15,367
Okay, try Boston and Chase, but that's it.
566
00:53:15,709 --> 00:53:19,475
Let's not blow it all over the street.
As long as nobody else knows...
567
00:53:19,880 --> 00:53:21,848
Now what the hell is that?
568
00:53:22,716 --> 00:53:24,479
Dollar's dropping.
569
00:53:24,651 --> 00:53:28,314
Dropping? It's going through
the basement, for chrissake. Why?
570
00:53:28,488 --> 00:53:32,481
Hey, Hub, it's Paris. They heard some
big Arab money is pulling out here.
571
00:53:32,659 --> 00:53:35,059
- They're gonna start shorting dollars.
- They're nuts.
572
00:53:35,228 --> 00:53:37,594
Negative. Kill those calls
to Boston and Chase.
573
00:53:37,764 --> 00:53:40,426
- That's what they said.
- Tell them we're buying.
574
00:53:40,767 --> 00:53:42,394
- We're buying?
- Tell them.
575
00:53:42,569 --> 00:53:44,867
Dollar dropping fast against marks and yen.
576
00:53:45,038 --> 00:53:46,903
Add sterling and guilders to that.
577
00:53:47,073 --> 00:53:50,565
Okay, just button up. No more calls
go out of here until I tell you.
578
00:53:50,744 --> 00:53:54,271
You better call your mama, both of you.
You're gonna be late for supper.
579
00:53:54,681 --> 00:53:58,242
Vince, this is Gil. I'm bottom-fishing.
You got any ideas?
580
00:53:58,485 --> 00:54:01,249
No, no, nothing definite.
581
00:54:01,421 --> 00:54:03,719
I wanted to flag it at the Fed
just in case.
582
00:54:03,890 --> 00:54:05,721
- Hang up.
- No, not much.
583
00:54:05,892 --> 00:54:08,122
Maybe 100 mil or so.
584
00:54:08,662 --> 00:54:12,098
Hang up that phone, Roy, or so help me
God, I'll tear it out of the wall.
585
00:54:17,470 --> 00:54:20,701
Sorry, I'm getting a little static here.
I'll be back to you.
586
00:54:22,909 --> 00:54:25,969
Look, Smith, you can save the dramatics
for some other time.
587
00:54:26,146 --> 00:54:30,014
Are you crazy?
Are you right out of your fucking skull?
588
00:54:30,183 --> 00:54:31,480
Nobody knows we're broke.
589
00:54:31,651 --> 00:54:33,881
I'm busting my ass
to act like business as usual...
590
00:54:34,054 --> 00:54:36,682
...and you call the Federal Reserve Bank.
591
00:54:36,856 --> 00:54:39,086
Why not take an ad
in The New York- fucking-Times?
592
00:54:39,259 --> 00:54:42,023
Everything is drying up on you.
You can't get it anywhere.
593
00:54:42,195 --> 00:54:44,129
I say we go to the Fed and make a clean
breast of it.
594
00:54:44,297 --> 00:54:47,789
And blow everything.
Look, the Fed will never find out.
595
00:54:47,968 --> 00:54:50,835
We'll issue some domestic CDs
to cover the Eurodollar deposits.
596
00:54:51,004 --> 00:54:53,768
By the time we add up our tabs,
it'll be two weeks from now.
597
00:54:53,940 --> 00:54:55,840
By then, everything will be fine.
598
00:54:56,009 --> 00:54:58,273
So we ran a little behind
on bookkeeping. So what?
599
00:54:58,945 --> 00:55:02,403
You can't do that. That's illegal.
That is criminal, for chrissake.
600
00:55:02,615 --> 00:55:04,947
Mildly. We can get by with it
for one night.
601
00:55:05,118 --> 00:55:07,814
- You don't know what's gonna happen.
- Walk to the Fed...
602
00:55:07,988 --> 00:55:10,388
...let them know,
I'll tell you what's gonna happen.
603
00:55:10,557 --> 00:55:11,922
You won't open tomorrow.
604
00:55:12,092 --> 00:55:15,755
With the performance record you've had,
they'll shut our ass down for good.
605
00:55:15,996 --> 00:55:19,193
We gotta sweat it out and pray
the Saudis roll over that 95 million...
606
00:55:19,366 --> 00:55:22,824
...before Europe opens in the morning.
It's the only chance we got.
607
00:55:24,904 --> 00:55:26,701
Come on, Roy, where's your balls?
608
00:55:27,640 --> 00:55:29,904
You're the one who's crazy.
609
00:55:30,443 --> 00:55:34,209
I don't know anything about this.
I am not losing my deniability.
610
00:55:34,381 --> 00:55:36,508
You can hide in the closet
if you want to...
611
00:55:36,683 --> 00:55:38,617
...but you're staying right here.
612
00:55:38,785 --> 00:55:41,754
If I catch you on the phone,
I'll break your fucking arm.
613
00:55:43,523 --> 00:55:46,048
What are you gonna do
if the Saudis ask for that money?
614
00:55:46,226 --> 00:55:49,684
I'll worry about it in the morning.
I gotta get through the night first.
615
00:55:49,863 --> 00:55:54,391
Sorry, Eurodollar section says the market's
getting worse. Liquidity's drying up.
616
00:55:54,567 --> 00:55:56,899
- How much of this is around the floor?
- Not a lot.
617
00:55:57,070 --> 00:56:01,404
Okay, here's the drill. For the rest of the
afternoon, no strong positions, no exposure.
618
00:56:01,574 --> 00:56:03,371
- Keep it humming. You got me?
- Yes, sir.
619
00:56:03,610 --> 00:56:07,137
Hong Kong opens 8:00 our time.
Maybe they'll run it through them.
620
00:56:07,313 --> 00:56:10,680
You and Betsy stay. I'll get back
from reception as soon as I can.
621
00:56:10,884 --> 00:56:13,648
You're not going to that Winters
reception tonight, are you?
622
00:56:13,820 --> 00:56:15,185
We're expected.
623
00:56:15,355 --> 00:56:19,382
And since the only conceivable reason for
our absence would be a crisis at the bank...
624
00:56:19,559 --> 00:56:23,620
...and since that's what we don't want
people to know we're up to our ass in...
625
00:56:23,797 --> 00:56:25,560
...one of us better be there.
626
00:56:25,732 --> 00:56:29,463
She's only the new chairman of the board
of one of our biggest customers.
627
00:56:30,603 --> 00:56:33,367
Excuse me just a second, Howard, Nancy.
628
00:56:33,540 --> 00:56:35,508
- Hello, Mr. Smith.
- Good evening.
629
00:56:35,675 --> 00:56:37,540
Are you over your jet lag?
630
00:56:37,710 --> 00:56:40,770
- Bankers aren't allowed to have jet lag.
- Oh, no?
631
00:56:40,947 --> 00:56:43,711
I feel lucky. Warner's agreed
to be chief operating officer.
632
00:56:43,883 --> 00:56:45,441
Glad to hear it.
633
00:56:45,618 --> 00:56:48,212
Roy Lefcourt sends his congratulations.
634
00:56:48,388 --> 00:56:49,855
He's a little under the weather.
635
00:56:50,023 --> 00:56:51,547
Oh, I'm sorry to hear that.
636
00:56:51,724 --> 00:56:53,715
I appreciate your being here.
637
00:56:53,893 --> 00:56:55,793
Thanks for your help.
638
00:56:57,464 --> 00:56:59,694
This is gonna work out all right.
639
00:57:09,809 --> 00:57:11,674
Oh, thank you.
640
00:57:19,119 --> 00:57:21,144
N- A...
641
00:57:21,688 --> 00:57:24,418
...blank, blank, L-E.
642
00:57:25,892 --> 00:57:27,621
Cremona.
643
00:57:33,399 --> 00:57:35,230
Me, any joy?
644
00:57:35,401 --> 00:57:39,132
No. Nothing moving here
but the leaves on the trees.
645
00:57:39,305 --> 00:57:41,830
Hong Kong opens in 10 minutes.
Want me to take a sniff?
646
00:57:42,008 --> 00:57:44,568
And have it in Paris through
the back door? Better not.
647
00:57:44,744 --> 00:57:46,974
How's our friend bearing up?
648
00:57:48,248 --> 00:57:50,842
I think he has visions
of numbers on his chest.
649
00:57:51,518 --> 00:57:53,748
He's not the only one.
650
00:57:53,953 --> 00:57:57,081
Let's keep the hatches
battened down. Not a word.
651
00:57:58,224 --> 00:57:59,782
Well...
652
00:57:59,959 --> 00:58:01,950
...that sounds fine.
653
00:58:02,462 --> 00:58:05,659
Just keep tracking.
We could get a move out of it.
654
00:58:06,499 --> 00:58:09,195
I'll check in myself if I get a chance.
655
00:58:09,369 --> 00:58:11,337
Not the bank.
656
00:58:12,172 --> 00:58:14,766
I might have to drift over there
for a couple of minutes.
657
00:58:14,941 --> 00:58:16,408
Tonight?
658
00:58:16,576 --> 00:58:19,170
Nothing they couldn't handle themselves.
659
00:58:19,579 --> 00:58:21,877
But I think I better look in on them.
660
00:58:22,248 --> 00:58:25,342
- Don't wait up for me.
- You're so tense.
661
00:58:27,820 --> 00:58:29,447
Are you all right?
56416
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