Original subtitles

At the peak of my form, lady.

Good night, Nettie.

Would you order the car to be out front?

Yes, madame.

I think I'll go down to the office for a while.

Fewster, let me tell you the reason I'm here.

You know all about Winterchem, and you know Winterchem...

...depends a great deal on its connection with Borough National Bank.

I've been very concerned about Borough National Bank's stability.

Mr. Winters, the fact that I am the bank examiner...

...I'm not allowed to discuss any findings.

I hired a private detective. I hired him to check on you because...

On me? You hired him to check on me personally?

I happen to know...

...that you took a very low-interest loan. Am I right?

For the purchase of a house from First New York.

Is that correct, Mr. Fewster?

This low-interest loan, Mr. Fewster...

...some people might consider it to be unethical.

Others, even as a bribe.

And of course, that would be criminal.

You're asking for information that concerns something bigger...

...than Borough National Bank.

Fewster, I guarantee you...

...you'll have my protection.

Now you just tell me what you know.

I discovered...

...an account, 21214.

Mr. Winters, is the tape machine running?

Yes.

Please, sir, turn it off.

London branch.

They're rolling over 90 million!

I think we can all go home and get some rest now.

- Night, guys. - Night.

Good night.

Why only 90 million? What about the other 5?

We're gonna pay the balance of 5 to First New York. Account 21214.

Do me a favor, will you? Get me all our Saudi records.

Look at this slippage.

All over the last couple of years.

Every month, 8 million, 7 million, 7 million...

...all to that same account number, 21214, First New York.

Could be anything.

An adjustment in the general portfolio or loans.

Be nice to know more about that account.

I'll worry about it later.

Jesus, what a night.

I feel like the sack of Carthage.

What happened at the bank last night?

You act like a man who just had a reprieve from the electric chair.

No, I don't think it can wait until you come to New York.

Mr. Fewster, I can come to Washington today to see you.

Well, I'd like to see you today if that's possible.

Well, where would you like to meet? I can meet anywhere you want.

In a parking lot?

No, that's fine.

Brown station wagon.

What's the license number?

Would 2:00 be all right?

Thank you very much. I appreciate it, Mr. Fewster. Thank you. Yes.

Kay, cancel my 1:00. I'm gonna take the noon shuttle...

...to Washington. And would you have a car reserved for me at the other end?

- Mr. Fewster? - Mrs. Winters, please get in.

I'm sitting on something.

I'm sorry.

Do you always meet people like this?

I don't meet people at all.

Not prime customers of the bank I've just examined.

I'm sorry you insisted on coming down here, Mrs. Winters...

...because I can't tell you anything.

I need to know what you told my husband about Borough National.

I told him nothing.

Mr. Fewster...

...I found the tape.

Now, there's enough on that to get you in trouble.

But there's not enough to help me, and I have to know.

I have to know if the bank is rocky...

...if it's losing money. - It isn't money.

It's where the money is going. And...

...I can't talk about it. - Well, at least give me your worksheets...

...your notes, your... - I can't.

They'd know where you got it in five minutes.

Look, if it's... If it's your job you're worried about...

...Winterchem will find you something. - You don't understand.

All...

All I knew was that Borough National was in trouble, that it had...

...something to do with this account and some Arab Eurodollars.

But...

...what I didn't know was how big this must be.

How desperate they are to keep it all secret.

Because...

...when I started to follow up on it...

...I was told that...

...it was a confidence factor...

...that 21214 was a sensitive area. And...

- What? - Well...

...I got offered a loan...

...at a very low interest.

A bribe...

...which I took.

God help me.

So...

So, Mrs. Winters, we're not just talking about my job.

- We're talking about prison or worse. - Worse?

Mrs. Winters, please, just leave it.

I can't leave it. I need your proof.

Your husband couldn't leave it, and look what happened to him.

Charlie?

Are you...? Are you saying this had something to do...

...with Charlie's death? - I don't know.

I don't know. I don't know. I can't be sure.

But he found out, and he died, didn't he?

Mrs. Winters, Mrs. Winters, they're all over me, and I... I...

If I tell them you came to see me, what happens to you?

And if I don't, what...? What happens to...? To me?

L...

I thought...

I thought it was all over when I took the bribe.

But it's never gonna end...

...is it?

Mrs. Winters.

There's a Dunkin' Donuts in the Rockville Shopping Center.

I'll meet you there at 4:00.

I'll need some time to get my notes.

This is going to be over, Mr. Fewster.

I promise you.

It's gonna end.

All right. Stand by.

- Hello, Mr. Smith. - Sam...

...I left some papers up in Mr. Emery's office.

- No problem. I'll sign you in. - Thanks.

- Anything up? - No.

Have a good night.

That's one of the rewards of working at night, no phone calls.

- Good evening, Henry. - Evening, Mr. Emery.

You've got a hectic week ahead of you, there's the IMF conference. Johnson's...

That's one of his problems. We take count.

Europe development speech is next Thursday.

Not this year. Mrs. Emery's taking care of the Girl Guides.

That's enough scouting.

Tell George that when he writes...

...that community trust speech he can forget Adam Smith.

I know it was enough.

I don't understand how we could've been so wrong on interest rates.

Warren went long on bonds again, tried to cover himself.

I'll accept his being wrong but not his refusal to admit it.

- You gonna talk to him about it over lunch? - A drink should do it.

Maybe Chase can afford him. We can't.

- Just part of the image. - What about that little list of yours?

- I'm not gonna need you tonight, William. - Yes, ma'am.

Hub?

Hey.

I'd just about given up on you.

- Oh, thank God you're home. - Yeah, where you been?

- Oh, just hold me. - Oh, I was getting worried about you.

- Just hold me. - Tell me if you're okay.

Something awful happened in Washington.

What were you doing in Washington?

It was an accident. You know, one of those close calls.

I feel so silly.

I think I need a drink.

While you're at it, get one for me.

Scotch on the rocks with a twist.

Mr. Emery there? Hub Smith calling.

No. This won't keep. Can't you find him?

Look, I have to talk to him.

If he calls in, tell him...

Tell him we've got to talk about 21214...

...before anything else happens.

That's right...

...21214.

I can't speak for the president of the United States.

He runs his shop. I run mine.

But I'll tell you this.

Bankers are more dependable than governments.

We don't lie to ourselves.

We can't afford to.

Isn't that right, Hub?

I'd like to think so.

We've just been joined by a most distinguished banker.

About 20 years ago, he sat where you are...

...drinking in my words with the same skepticism that I see on some of your faces.

How do you account for the fact that for 30 years after the Depression...

...there hasn't been a single major bank failure?

Now there's one every 18 months.

Herstatt in Germany. Franklin National here.

The international character of banking today makes everyone vulnerable to everything.

Somebody sneezes in Zurich, we say gesundheit in New York.

The important thing to realize is...

...that everything is interconnected.

We're all in this together.

- This is Hub Smith with Borough National. - Professor Aikens, it's a pleasure.

Will you excuse us for a few minutes? I'll catch up with you later.

Well, you're a surprise.

People will start talking about us, fella. What are you doing?

As a matter of fact, right now I'm trying to keep my temper.

See, after that flutter we had at Borough National yesterday...

...there was one Saudi Eurodollar deposit that didn't roll over.

It was transferred instead to First New York.

So I went over and had a little talk with your computer about that stray 5 million.

You set me up, Max.

You didn't want me to save Borough National.

You just wanted me to keep them afloat for you to siphon off that Arab money.

You've been doing it for months.

Is that a fact?

Don't dance with me, Max.

You have 21214 listed as a foreign-exchange account.

But you don't buy other currency with those dollars. You buy gold.

But you have to do it slowly because if anybody finds out what's going on...

...the dollar will drop, and all the Saudi investments over here won't be worth shit.

You're being a little wild and woolly here, aren't you, fella?

There have been some perfectly normal transactions...

...that wouldn't raise an eyebrow anywhere.

Borough National is just the tip of the iceberg, isn't it, Max?

I checked the inflows in 21214.

There are billions coming in on a regular basis...

...from Arab and OPEC accounts you control in at least 15 other banks.

You're moving the Arabs into gold.

- You're taking them out of the dollar. - That isn't a crime.

It isn't against the law. It isn't even a conspiracy.

Just a routine banking operation.

And if we didn't handle it, they'd find a lot of other people who would.

Goddamn it, Max. You don't just do this on your own.

You go to the Comptroller of the Currency...

...the Federal Reserve Board, the secretary of the Treasury.

- You call the president, for chrissake. - And start a real panic?

Have you ever seen anyone in government keep his mouth shut...

...about anything for five minutes?

Go ahead. Call the Treasury.

Call the Comptroller. But I'll tell you what's going to happen.

When the Arabs learn that word of what they're doing is out, they may panic...

...move a big chunk of funds too fast or the wrong way.

Really destabilize the monetary markets.

Then the dollar will collapse.

Whereupon there'll be a lot of jawboning by the president, and that won't work.

Then they'll go to selling gold, and that won't work either.

Then they'll have to go to capital controls. Freeze foreign assets...

...stop any money from going in or out, and that will be the end of all the markets.

That will really be the finish. Then you'll see a worldwide depression that'II...

...make the 1930s look like a kindergarten.

In two months, you'll have breadlines in Detroit, riots in Pittsburgh.

In six months, you'll see grass right over Rodeo Drive.

And Michigan Boulevard and Fifth Avenue.

And I won't have done it, Hub, you will.

All because you tried to stop a movement that couldn't be stopped anyway.

Listen to me, Hub.

Money, capital has a life of its own.

It's a force of nature, like gravity.

Like the oceans. It flows where it wants to flow.

This whole thing with the Arabs and gold is inevitable. We're just going with the tide.

The only question is...

...whether you want to let it go like an unguided missile and raise hell...

...or whether you want to keep it in the hands of responsible people.

Keep it channeled, keep it quiet.

Believe me, Hub. The dollar will hold. Believe me.

The system will be fine, providing nobody panics.

I'm looking at you, Hub.

Well...

...I've listened patiently to your somewhat fantastic story...

...with one puzzling question in mind.

If you wish to say something to the Arabs, say it.

Why come to me?

Because you know how to get to them.

Sometimes. If they wish to be gotten to.

And exactly what is it I'm to tell them?

That I...

...know that they're involved in a secret financial manipulation...

...and that they want it kept secret.

And so I'm prepared to trade, Mr. Naftari, my silence...

...in exchange for Winterchem.

But you have Winterchem.

Our contract has to be renegotiated...

...so that if Borough National goes under...

...I don't lose my company to the Saudis.

My silence is the only leverage I have.

Forgive me...

...but silence about what? Some secret financial manipulation?

You expect them to believe me if I use those words?

Just tell them 21214.

You realize, of course, that they may reject your whole story as preposterous.

They may not even wish to discuss it.

I'll take my chances.

If they don't get back to me, they'll have to take theirs.

There's something else they should know.

While I've spoken to no one about this...

...I've taken the precaution of putting the evidence I have in a safe place.

Very well, then. I will pass it on.

I so enjoyed your work in films, Mrs. Winters.

What a pity you decided to give it up.

Hello?

Sorry, partner, I missed the damned 5:00 shuttle from Boston.

I just got into LaGuardia.

Why don't you go ahead. I'll catch up with you at the opera.

Listen, you're tired.

Why don't you just finesse it. It's only a benefit.

Well, I am pretty whacked.

Go on home. I'll call you tomorrow.

- You swear? - In blood.

Hey, maybe we can get off somewhere by ourselves this weekend.

Just the two of us. Alone.

- Call me. Okay? - Okay.

Nettie, first thing tomorrow I want all the locks in the house changed.

Changed my mind.

Mrs. Winters is not here.

That's okay, Nettie, I'll wait for her.

- Hello? - Is Mrs. Winters there?

I'm afraid she's out for the evening.

Well, then could you give her a message, please? I'm calling on behalf of Mr. Naftari.

He asked me to say he's been in touch with the other party...

...in regards to the 21214 matter, as Mrs. Winters requested.

And they suggest a meeting at 11 tomorrow.

Eleven tomorrow. I'll tell her.

Hi, Mr. Smith.

Excuse me.

Okay, what the hell have you been playing with Sal?

I have nothing to say to you.

What do you know about 21214?

- Enough. - Enough what?

Enough to protect myself.

- Against what? - Against you.

Borough National can go under. You're not taking me with it.

I'm through depending on you, Hub.

I went to the Saudis. I'm cutting my own deal.

Sorry, partner. I guess I just lost confidence.

- Do you know what you've done? - What I've done?

- Smile. - What?

Smile.

I have to go. Have a nice evening.

Leave me alone.

Get out! It's not your driver! Get out!

Get out! He's not your driver!

Get out!

Lee, are you all right?

I didn't know.

I swear to God, I didn't know.

Yes, Emery here.

What? Not possible. They couldn't.

Everything that goes to them clears through me, personally.

I'm afraid the matter is out of my hands now, Mr. Emery.

Whatever they're planning is out of yours too.

- It's not the children? - No, no. Business.

Absolute nonsense.

Okay.

The Arabs yanked every penny they had with us.

They hit all the other outfits too, so it's across-the-board.

Every bank in the country is gonna be struggling for liquidity...

...trying to cover those cash withdrawals.

We're dumping everything.

Treasury bills, bonds, Fannie Maes, commercial papers, we want it all sold.

Fed Funds, Eurodollars, borrow whatever you can find up to 200 million.

Foreign exchange, no positions. Bullion, grab what you can get.

All right, let's hit it...

...and pray.

Maybe we could try to borrow in Frankfurt...

...or Zurich.

Swiss International owes us a favor.

It's over, Roy.

Twenty-nine percent for three-month money with no nibbles.

- We may have to go to 30. - The market's starting to react already.

One large bank is bidding 27 percent for six-month Eurodollars.

Dollar down 4 percent against the sterling.

I'm running low on contracts. I need contracts!

One thousand! Gold jumped $ 100 in 30 seconds.

Dollar down by 5 percent against the franc.

Borrowers stepping up the bids.

Fed doing another round of repos at 30 percent.

The customers wanna know what's happening.

Do I tell them what we're doing?

Tell them anything, Barney, except what we're doing!

Stock market's off 75 points.

The dollar's depreciated 10 percent and moving down.

They even yanked the Eurodollar deposits that weren't due.

First New York is practically down the tubes, and gold just went over 2000.

By tonight, that'll be cheap.

Hi, Virginia. It's me.

I want you to listen and listen very carefully.

As soon as you hang up, I want you to go to the closet...

...take the suitcase and get to the bank.

It began eight days ago when a group of Arab investors...

...withdrew billions of dollars from U.S. Banks.

That, in turn, started a chain reaction on the world money markets.

Dollars, pounds, marks, francs, yen, not one currency escaped.

This scene, outside a Manhattan bank was duplicated all over the world...

...as people saw their life savings become worthless...

...in a matter of hours.

Good evening. I'm George Page in New York.

And this is another in our series of reports on the world economic crisis.

The growing paralysis of the industrial world...

...has left millions without jobs, without money...

...and without hope.

Crowds of unemployed poured into Washington yesterday.

They stood in silent protest before the nation's leaders.

At the same time, more than a million people packed St. Peter's Square...

...where the pope urged calm and nonviolence.

The pontiff asked for prayers for world leaders...

...prayers and peace and reason.

But the last 24 hours have been marked by growing protests...

...and ever-increasing violence.

Last night, demonstrators burned American currency...

...in front of the White House.

And attempts to put out the fires led to a confrontation with police.

Every hour, from every corner of the globe...

...there are new reports of outraged crowds demanding action.

A bankrupt world seems to be teetering...

...on the very edge of anarchy.

And now for continued coverage from around the world.

A statement was issued from the OPEC meeting today...

...that the leading oil-producing nations would resume oil exports...

...as soon as the international monetary markets have stabilized.

The panic has spread across political and philosophical boundaries.

The U.S.S.R. And the developed Eastern European Communist countries...

...dependent on Western trade and capital...

...have witnessed the same riots that have taken place in the West.

The economic summit conference will be attended by leaders...

...of the West, the East and the Third World.

Said one, "There is a need for unity of purpose and resolve...

...unequaled since the end of World War II. "

At this time of crisis, there has been a turning to the past as well as the future.

Words spoken by Franklin D. Roosevelt in the depths of the Depression...

...were quoted in the Senate today.

"This is preeminently the time to speak the truth...

...frankly and boldly.

Nor need we shrink from honestly facing conditions in our country today.

This great nation will endure as it has endured...

...will revive and will prosper.

We face our common difficulties. They concern, thank God, only material things.

Each age is a dream that is dying...

...for one that is coming to birth. "

I've been worried about you.

How are you?

Like everybody else.

Looking for a way to begin again.

You're gonna need a partner.