All language subtitles for Industry.S03E07.Useful.Idiot.720p.MAX.WEB-DL.DDP5.1.x264-NTb[EZTVx.to]

Have you seen
Pierpoint's stock price?

You had a drink yet?

The stock's fucking halved.
Would you blame me?

It was like Omaha Beach
on the floor today.

Serving Prosecco.

Can't afford champagne.

Screaming sell signal, no doubt.

Yeah, I need you to come
to the 13th floor immediately.

- Yeah.
- Yeah?

Hey, hey, why the fuck
did they not cancel this party?

It's too late. You got a...

Haven't seen a day
this bloody since '08.

Don't go home.

Yeah, it's worse there, don't worry.

Don't go to the party.

Whatever's left on the desk's books,
however you're axed

long, short, any product,
get rid of it now.

You've got one hour
of US trading left

then you need to trade Asia.

People might not be
trading with us come morning.

Book any profit. Take any loss.

Clean house.

Hey...

what's going on?

The bell's tolling.

How bad is it?

We'll be talking about
Pierpoint's stock price

in cents, not dollars soon.

The debt we issued to fund
the ESG pivot has matured

and our creditors
are banging down our door

- for money that isn't there.
- How close are we

- to declaring bankruptcy?
- Hours.

The counsel in this room
are working avenues

for a capital injection
to buy us a stay of execution.

That price is low...

I haven't seen price action
this aggressive

- since Lehman Brothers.
- All right. Excuse me.

He's about to come on.

Tom, he's about to come on.

You have the Assistant Secretary.

Graham Steele speaking.

This is Tom Wolsey in dreary London.

I'm told Wilhelmina
brought you up to speed last night.

Yeah, listen,
I've reviewed your situation

and it looks like
you've positioned yourself

as lender, buyer, and seller.

Like J.P. Morgan with WeWork.

Yeah, a one-stop shop.

And you didn't think
this was inappropriately high-risk?

And incestuous? Yup.

For the record, I think it was.

We liked the risk-reward.

In hindsight, not so much.

We're looking
for an emergency cash injection

of around $15 billion
in short order to plug the hole

and give us a chance to restructure.

Yeah, our current share price is $45.

It's now 8.00pm UK, Thursday night.

We need to resolve this

before the US markets open
on Friday, 2.30pm UK.

Okay.

I don't have the reach
or frankly the influence

to advise here.

You're Assistant Secretary
of the Treasury

for Financial Institutions, Graham.

If you don't have the authority
to do your job

I wanna speak to someone who can.

I'm gonna pull the Treasury Secretary
out of her 3.00pm, okay?

Can you get me
at least two more packs of this?

If I run out, I'll have to light up

then it'll all get a bit
too Glengarry in here.

The head of sales
should be at the 150th party.

Keep up appearances.

Trying to contain the issue
to this room is a...

it's a fool's errand.

You okay?

Yeah, just a little...

a foggy head.

It's a little late
for a fireside chat

- don't you think?
- I can stay.

Our voice combined
is a voice which speaks

with the authority of
half a century in this firm.

This is an existential moment.

There are multiple possible outcomes.

So, let's not let them sell our soul

just because there's a gun
to our temple.

Yeah, would you excuse us?

I've spoken to the rest
of the Hanani Publishing Board

and we have decided unanimously

that we are going to take care
of the damages.

We all just wanna move on.

I'm sure you can empathize.

But our PR team
is working around the clock

to stage manage this.

And what we're getting is...

the press want a public face

for this scandal.

What, given a dead one
doesn't work, right?

I mean, she's been through enough.

We'd like to brief the press

that you knew
all about the embezzlement

and we're its main beneficiary.

Now, they won't be able to finger you

from a legal standpoint
but it will be good...

You want her to wear
the fucking Scarlett Letter?

Do you know how this country works?

I mean, they'll hang her up
as a fucking effigy.

It's a lot of money.

Many millions.

And it's the real world.

You know, there are...

caveats and stipulations
to that kind of money.

Yeah, but they'll flay me.

And I mean, they're gonna love it.

I... I didn't do anything.

Come on, I didn't know anything.

I mean, honestly?

It... it doesn't particularly matter.

The truth, it's...

it's not important.

What's important is
what's expedient for all of us.

You can't force her to do this.

We are paying back the families.

It's the decent thing to do.

You wanna publicly shame
a fucking girl who has nothing

to the point of...

never being able
to live a normal life again.

And you're... you're okay with that?

Those are the terms.

The...

alternative is the legal route.

We'll sue the Hanani family.

We'll sue you to claim back

some of the money we pay

in settlement
to your father's victims.

It'll be long.

By your own admission

you aren't capitalized enough
for that kind of fight.

You well know the end of the story

for young women who are hounded
by the tabloids, right?

Accept the money.

Accept your family's culpability
and get on with your life.

What life?

Her boob job's insane.

Rish, why did you pull us
out of the party, man?

Yeah, man,
I was chirpsing this absolute...

- MILF from Risk.
- Stop talking, listen.

The 150 party is a sham.

Have you noticed that none of
the top brass are there?

How could this day get any worse?

- Insolvency?
- The CEO and CFO

were meant to be in London for it.

Where are they?

- Guys, they're upstairs!
- I...

I told you!

That's why
it's so fucking scrote in here.

- Look. Look at the bins.
- Fucking stinks.

I haven't seen a cleaner
on the floor for two days.

Yeah, maybe admin payroll's goosed.

Those at the bottom
get fucked first. But listen...

I am working on an off-ramp for us.

We're gonna be a pod on the buy side.

Yeah, why would you take us with you?

Well, I need a doe-eyed little flirt
for the front of the house.

And Sweetpea's actually smart.

Look, we all deserve
better than this.

Covered in grease,
while the white gloves

laugh at us upstairs.

I can tell you as sure
as Mother Theresa is in hell

they're not thinking about us
up there.

I am.

What happened to your arm,
by the way?

Walked into a door.
Look, get on the phones

and move every position I have, okay?

Senior secured, AAA

BBB, jewels, junk, the lot.

Eric's mandated it.

I'll work our lifeboat. Move!

Do you believe him?

Would you work on the buy side?

Ultimately...

your prognosis is we're dead anyway

- right?
- Yeah.

Look, even if this place
is burning down...

he's still our boss, right?

No!

What is the point

of making this whole desk's
PNL look good

if this goes under, right?

It's like...

it's deckchairs on the Titanic.

It's... Come on, we could, like...

We could, like...

commemorate Pierpoint's last birthday

by getting absolutely fucking hooned.

How many people know
Pierpoint's 150th is a wake?

Look, listen, listen.

How do you fancy a Trequartista

as elegant as me on a Bosman?

A "boss man"?

We're not hiring new fund managers.

You need an execution guy.

Someone who can look at flows, levels

make sure you're not mistiming things

- and losing upside.
- Really?

You're not a little
overqualified for that?

You're not desperate, are you?

All right, final offer, quid pro quo?

Chatter is that LeviathanAlpha
are short Pierpoint in size.

I can give you live missives
from the madhouse.

Ear to the ground in the asylum.

And help you manage
when to take profit or stop out.

Keep me up to date
and maybe we're talking.

And... and...

I wanna bring two smart,
cheap juniors with me.

Sweetpea and Anraj.

If you are a serious fund,
you need to grow.

Do you want me to leave this?

I forgot you were a family man.

I don't need to remind you
how loose I am with my seed.

Thanks.

Speak soon.

Can I knock again tomorrow?

No, thank you.

Has Harper fully moved out?

Yeah. Without a word.

Remember to lock
the back door tonight.

I always forget.

Where are you going?

Yeah, I haven't told Pierpoint

but I've got a job interview
tomorrow morning...

- in Wales.
- What?

Yeah.

I met this guy Pierre

who hooked me up
with a medical research center

attached to a university there.

And, yeah...

they're doing
really cutting-edge work.

Medicine?

Medicine needs its money men.

When was the last time
you left the house?

There are like five paps outside.

I didn't see any.

They're not here for you.

There's nobody out there, Yas.

I promise.

Sorry.

They...

They really...

get in your head.

Why don't you come with me?

I can't promise that I'll be...

exhilarating company, but...

I hired a Zipcar.

I can drive you out of the city.

I really don't see a way out.

You know, a change of setting...

It really helps me

when I'm, you know...

agitated.

No, no, come on.

Let's bail.

Yeah, let's...

let's mistake the open road
for freedom.

Like all culture teaches us to.

Yeah?

- Okay.
- Yeah, okay.

Be ready in twenty.

I'm grabbing a shower.

Who the hell is this?

Tom, this is Eric Tao.

Thirty years sales at Pierpoint
across asset classes.

Closest thing
to a loyal lieutenant I have.

If Pierpoint has such a thing
as an institutional memory...

- Tao is it.
- Okay.

And how important is history
to us here today?

Well, given Bill's kind introduction

I see it as incumbent on me to say

value is determined by history...

which is indivisible from legacy.

Institutions like ours
don't pop up overnight.

"Too big to fail" isn't an insult.

It's a compliment.

Our global interconnectivity
and sheer size are hard-won.

Let's make sure we let
prospective buyers know that

and value us accordingly.

You're putting yourself
at the center of history.

Humble of you.

Not at all.

I'm putting Pierpoint at the center
of the economic history

of the 20th and 21st century.

So, your purpose here is to belabor

how Pierpoint is
a "star on the American flag"?

This is an American bank.

I need practical thinkers

who present workable options
to me, not zealots.

Please hold
for the US Treasury Secretary.

Tom.

Madam Secretary.

Graham filled me in on the situation.

I don't wanna waste your time.

The Treasury can't offer you
a solution.

Not today.

Not tomorrow.

Oh, Jesus...

You of all people understand the risk
if Pierpoint collapses?

We've dropped another 10%
the last hour of US trading.

Surely, the lesson from '08 is that

administration should act early
to stop contagion.

Tell me exactly
where you were in '08, Tom.

If I remember correctly

I was the Vice Chair
of the Federal Reserve

and you were...

What?

Singing acapella
with the Whiffenpoofs at Yale?

I actually do
a very stirring rendition

of "Radio Ga Ga" to this day.

The lesson from '08
is no more bailouts.

We're not asking
for TARP scale relief here.

'08 happened.

Moral hazard isn't a thing.

Nobody will care.

We're asking for less than
a tenth of the packet.

You are out of your mind

if you think we're putting our hands
into the coffers

for a financial institution

in an election year!

Pull on her heartstrings.
It's worth a shot.

She's a Democrat.

She only pretends to have a heart.

Think about what you're doing.

The only person you're hurting
is the man on the street.

The people on the pavement
foot the check.

The people
you're supposed to protect.

And in the immediacy

the person who is footing
the check eventually

does not want to know
they are footing it right now.

It's an election year.

So, you'll gladly let us fail?

Oh, you're all salaried
capitalists, right?

Order some Chinese takeout
and find a solution.

I think the President
might have something...

The President still thinks
we're at war with Japan.

Goodbye, and good luck.

Well, so much for "too big to fail."

Surely, there are a number
of sovereign wealth funds

that'd like to grow their stake
in Pierpoint.

Well, no, hear me out. Hear me out.

Credit Suisse was the last bank
to go through this kind of thing

and the Gulf clearly had
a huge appetite

- for a legacy banking name.
- And look how that ended

with them being subsumed into UBS,
their biggest rival.

I'm sorry, but I think I speak
for our 45,000 employees

when I stand in opposition
to the idea of Pierpoint's name

being used to reputation,
to reputation...

- Launder.
- Launder.

I know the fucking word, thank you.

Reputation launder,
that sort of state-backed money.

Right, Eric?

Their values are anathema
to everything we hold dear.

Quibbling over
the cultural provenance

of the capital that could save us

feels indulgent.

Could be time
for some... some realpolitik.

Oh, this from Madam ESG?

I guess morals really do become
more flexible in an emergency.

Or maybe the answer's closer to home.

Let's take a minute.

Eric, let me steal you. Now.

Phillip, can I have a word?

Yeah.

The fuck are you doing?
Don't correct me.

I don't need you to finish
my fucking sentences.

- Bill, I was just trying to...
- No... you listen to me.

It's a royal court in there,
you understand?

It's getting rather pungent
in here, isn't it?

Too much meat in the room.

I thought tonight was more important

than jockeying
for favor and position.

I thought we cared
about the soul of the firm.

We do.

The more senior we become,
the more influence we have.

Listen...

Wilhelmina, she's not the head

of Banking Asset Management,
Corporate Credit.

But her... her ideology
gave her a crusader's zeal

to instruct those people.

She wanted to be proven right
and be first on ESG.

That's why she pushed
this shit so hard.

That's why we overstretched.

She should be strung up for it.

This is all going to end in a purge.

Which for us means...

a putsch.

How does Eric Tao...

"Global Head
of Institutional Securities"

sound to you?

And follow in your slipstream?

I wonder what they're talking about.

Whatever outcome suits them.

It's key we lay as much shit
as we can at her feet.

She can be ESG's headstone.

Bury it beneath her.

Oh-fucking-kay.

Mitsubishi is live.
I've been close to them

since my stint
in Tokyo in the aughts.

I've been priming them
on a capital injection angle

for the last few weeks.

It'll allow us to fight another day
and keep Pierpoint's autonomy.

When I'm CFO

I'll fucking drag you up with me.

I'll place you anywhere in the world.

How do you still
have the energy for this?

What else is there?

"The action is the juice."

They're fundamentally
non-toxic, right?

So that means you could get it
to be as integrated

into your daily life as...

- as your morning coffee.
- You are talking about

magic mushrooms, right?

Well, the active ingredient
is psilocybin.

Yeah,
but it's in pharmaceutical form.

In Little Labs product.

So, surely the whole point

is to get as mashed out of your own
fucking head as possible?

No, no, it's clearly
an attitudinal thing.

You know, it's about dose,
and mindset, setting.

You know, it...

it's not about taking
a fucking hero dose

and seeing the face of God,
or whatever.

It's about an overall heightening

in your day-to-day state.

Your...

Your introspection, your compassion.

- I mean, do I sound stupid?
- Word of warning

you have no idea how annoying it is
just listening to someone

proselytizing about the benefits
of hallucinogens.

It's like, it's just...

it's like you've joined a cult.

Honestly.

Finally, you're a lot more
fucking animated.

Only took you having to put
someone down to get you there.

Anyway

you're missing the point,
you know, this is just...

it's a chance for me.

You know,
to do something off my own bat.

For once.

It's Maxim.

I can call him back.

I need to piss.

Hey, Maxim.

- Where are you?
- Big Basin.

South of San Fran.

I'm not sure
being alone with my thoughts

is worth the $5,000 a week
I'm paying, but...

Yeah, well, your mind
is squalid enough to need airing

so, it's probably money well spent.

Look, I'm sorry for falling
out of your life.

Been dealing with my own shit,
you know?

I saw those
appalling photos of Charlie

and honestly, I...

I couldn't sleep.

You know,
I'm supposed to lock my phone

in a lockbox here, but...

who am I kidding?

Just keep having to use it!

Okay. So...

what is it?

Look, for all the reservations I had
about your father

you need to know

the company were complicit
in all of the fucked-up shit he did.

How?

I have some pretty heinous

anti-woke pals at Hanani

who are on the board with me

and they hate its "new hypocrisy."

The NDAs your father had

don't just cover his personal life.

Some of Charlie's women

only started working for
Hanani Publishing

after they had signed.

Hanani gave them these made-up jobs

bogus accounting lines
on the payroll.

Rose and the company
bought their silence for years

just as much as he did.

They're trying to make me
the face of this thing.

Yeah.

Because it's an open secret at Hanani

maybe it's a matter of time
before someone leaks it.

If they feed you to the press now

your vestigial board seat means

you'll be perfectly placed
to be tarred

if it ever comes to light.

You're pre-packaged to take the blame
as you're already the headline.

That sneaky little cunt.

Look, someone slipped me
a screenshot of the payrolls.

The women with the NDAs
have a check next to their name.

Well, can you send it to me?

Yeah, I can.
But it's probably illegal

to send this kind
of proprietary information.

Your lawyer will advise you
not to use it

but I'll send it along.

I just don't think they should be
compounding your guilt.

Sorry...

grief.

I don't wanna tell you
how to feel about him.

You know,
I think Charlie found it difficult

to see people as people.

Yeah, you don't fucking say.

Take care.

- Is everything all right?
- Yeah.

Super fucking duper.

So, this is it, right?

This is the product
that you're selling

- if you get the job?
- Yeah.

Probably isn't the place
to take it properly though.

Right.

You hungry?

Yeah.

Yeah, I'm fucking starving.

Come on then.

Oh, gosh, I do it all the time,
it's great.

- Yeah.
- Yeah.

So, the rooms are next to each other.

Six and seven.

Sorry that we're so late.

Check-out is at 11.00
and breakfast is from 7.00.

- Great, thank you.
- Thanks.

Just as a pre-warning, the...

kettle in your room
is a little bit iffy.

Oh, is there any way
that I could get one that works?

Not tonight, sadly.

It's just... it's a pretty
basic amenity, though, no?

She can use mine. It's all right.

Right, I'm gonna go dump the bags
and then we'll grab a bite?

Yeah. Thank you.

- Thank you. Enjoy your stay.
- Cheers. Thank you.

So, do you two work together?

No, we're a couple.

Oh, I just...

I thought with the separate rooms...

We're very religious.
Do you have a lighter?

Yes.

Yeah, I got your email.

What do you expect me
to do with this?

Well, I mean, it's leverage,
you know?

It's like evidence
of their complicity.

This is on Rose's head.

Yeah, have you thought
about what making this public

would do to the victims?

I mean, these women, like you,
have been through a lot.

Leaking this to the public
would re-traumatize them.

I didn't think about that, no.

A publicity battle
is gonna be very hard

but we can win it.

They go low, we go high.

All right?

Speak later.

That cunt never answers.

Tom, Tom, I've engaged Mitsubishi
in substantive talks...

- regarding a nine-billion...
- Michael... Sorry.

Michael Stone from Barclays
is on his way into the building.

Michael and I have
a personal relationship.

Horse driven mostly.

Off the record,
they've always been interested

in our business.

Okay, so what's the play?

Sell a division?

They did do that with Lehman's core
North American operations.

Given that our share price
has now closed at $35

we are, by all accounts,
a distressed asset.

They might weigh buying us wholesale.

We need strategic investment,
not a sale.

In our 150th year,
we cannot become a subsidiary

to a fucking British
high street bank.

I appreciate how romantic
a soul you have

in a room like this, truly

but we need to be practical.

Barclays buying Pierpoint
may be our best option.

Mr. Stone, welcome.

Oh, call me Michael, please.

Please, this way.

- Yep.
- Yeah, H.

Listen, you might have hit
your take profit level.

The Barclays CEO just arrived
and he looks like he means business.

And Pierpoint's stock will rip
on any merger or takeover chatter.

That's Nagasaki for your short.

It's definitely him?

Oh, yeah.
And he looks horny for assets.

Thanks.

Hey, you know,
I can't hire three people, Rish.

What do you wanna do?

Babes, come on,
you know it's only ever been me.

Okay.

Come in after this all shakes out
and we'll talk.

And how would the floor take a sale
to fucking Barclays?

Maybe they just want somewhere
to come to work.

You don't have 20 years of options.

I've never sold a goddamn share.

A Brit takeover
would decimate it all.

You'd keep your deferreds.

- Chump change.
- So now we see your real motivation.

And what's your motivation?

Brokering a deal that obliterates us

so long as you're central enough
to keep your seat at the table?

You know what?

I think I've finally made up
my mind about you.

- Oh, go on, please. Enlighten me.
- Yeah, you wanna take this offline?

Does that fake macho bullshit
ever actually work?

You have the imagination
of a fucking...

- Michael!
- Phillip.

Hi.

Hi.

Wilhemina, we spoke on the phone.

- Yes, we did.
- Nice to see you, hi.

Tom Wolsey.

Oi, oi.

Bon appétit.

What the fuck is that?

- You're kidding?
- No.

I got 'em to put scraps on
and everything.

Honestly, what is it?

Well, it's a battered sausage.

I am not eating a battered sausage.

Have a chip, at least.

- Okay.
- Don't be such a snob.

How perfect is this?

You know...

you could probably invite
that impressionable young girl

up to your room and fuck her silly.

'Cause...

there's not gonna be any...

room hopping tonight here.

Just FYI, you know.

As fun as that might be.

What are you doing?

What do you mean?

You don't have to.

Not everything with us
has to be a fucking game.

Whatever vulnerability

that you're feeling right now...

sit in it.

All right?

'Cause we are...

we are beyond the game.

Sorry.

I'm sorry.

I don't know why I act like that.

I don't know.

I'm good at making people
feel like I love them.

But...

I don't know that I ever have.

Have you?

Yeah.

Girlfriend at school. Izzy Boon.

I was fucking obsessed.

It's just my first instinct
whenever I feel anything

like...

love, or care...

I just wanna make it ugly
as quickly as I possibly can.

You know,
turn it into something else.

Turn it into sex.

You know, anything else.

Right.

I don't know what to say.

Look, all I know is...

except for the first time...

in a long time...

I've got this feeling in my stomach.

And I couldn't work out what it was.

But I know now...

that it's anticipation.

It's excitement for the future.

Our short is about to turn.

How do you know?

Well...

Listen, I think we are
diametrically opposed

when it comes to the relationship
between information

and how it's traded upon, right?

I think

everything and everyone

is moving in a big sludge of grey.

Don't over-intellectualize this shit.

What have you done?

I have it on good authority

Michael Stone
has just gone into Pierpoint.

It's an acquisition target.

We need to take profit
before they buy it

and Pierpoint stock rallies.

No, I don't think we should do that.

Why?

Think about the risk-reward.

I mean, what percentage chance

do you ascribe to him
being there to buy it?

I mean, like a hundred percent.

It's too big a coincidence.

They're throwing a party
for financial luminaries, no?

And look, I mean, even if it's true

so the stock gets a bump
on the headline.

I mean, what about the due diligence,
the regulator, the government?

Balance that against
what we stand to gain

if we hold the line,
if Pierpoint trades to zero.

Where's your stomach?

I just don't know what it looks like
to the regulator

if we're always on the right side
of this trade

at precisely the right time.

What aren't you telling me?

Again, moving forward with honesty.

I know Pierpoint are terminally ill.

How?

I overheard it.

In the toilet.

In Pierpoint?

Holy fucking cunting Christ. I...

Okay, that...

is a completely different beast.

I mean, trading on anything
that you hear in there

is privileged information.

They... know we were in there.
There's cameras, there's records.

Okay, but, like,
how is an SEC, FCA investigation

gonna put anything together
based on that?

It would be speculative at best.

What, we took a meeting
and placed a short?

Lock us up. Throw away the key.
Come on!

Okay, okay.

The whole thing
is fucking information soup.

That is the point!

You've backed us
into a major fucking corner.

Okay, well...

I've said my piece.

Yeah.

People damn Lehman

because of poor risk management
in one area...

housing derivatives.

But we benefited hugely

from acquiring the bond trading
and EM businesses.

I'm sure Pierpoint's suite will be...

similarly exciting
synergistically for us.

We can give the market
the soft signal this is happening

and allay the share price,
stave off any more panic.

Give us some breathing room.

Can I ask,
would we be Barclays-Pierpoint

or Pierpoint-Barclays?

Do we care about the cosmetics?

As someone who's been here
longer than a fortnight

you should care about
the weight of our name.

If you're addressing me

could you look me in the face,
please?

Do we care about saving the name

or saving the jobs
of the people who work for us?

Well, maybe you can tell us.

Or maybe our potential suitor

is best placed
to answer that question?

You guys are trading off
a 150-year reputation

which we respect, of course.

But practically

we are interested
in your infrastructure.

Now, as time is of the essence

may I make some phone calls?

I mean, you know,
that is if you're still interested?

Please.

Tell me how that was appropriate.

What's inappropriate
is not drilling down

on what this guy means
by "infrastructure."

Is that our... our tech,
our terminals?

Is that the fucking building
in Midtown, what?

I'm sure that'll be shaken out.

Go fuck yourself.

I do that regularly, thank you.

Can I ask what the actual fuck it is
you're doing here?

You're barely 40.

You're a fucking
British management consultant.

Bill, calm down.

What we need is a capital injection

so we're not backed into a corner
and into a deal not on our terms.

We need thinking time.

It's a Band-Aid.
A Band-Aid is not a solution.

Mitsubishi will tide us over.

They want us to be us.

With no stipulations.

There is no such thing as free money.

We will thrash out
a palatable acquisition multiple

for all parties

but I guess we can now shake hands.

That's pending dotting the I's
and crossing the T's

for the regulator.

And we'll pen an announcement
to cushion the share price.

- That's great news.
- Yeah.

So, this is what death feels like.

One hundred and fifty years
to build it...

A two-minute phone call
to bring it all down.

Bill can't behave like that

when the rest of Barclays
management come in.

He has our best interests at heart.

Has he promised you the world
if he comes out on top?

He has a habit of doing that.

Why is he turning this
into a political zero-sum game?

These factions, it's child's play.

If we play this right
and quell the in-fighting

everyone in the room will be safe.

Do...

do I count as in the room?

Get in Bill's ear.
That's how you count.

Bring him to heel

convince him not to embarrass us

in front of the people
who are offering us a lifeline.

You don't buy that BS
about the workforce, do you?

The guy usually pops a chub
for reducing headcount.

He's weaponizing them.

He's self-interested.

He just wants to play Christ
with the Mitsubishi plan.

We both know it's not gonna work.

And as far as he's concerned...

you're a useful idiot.

Otto, look, I wouldn't be calling you
if it wasn't a last resort.

And I feel terrible
about going behind her back

but I need my working relationships

to be predicated on trust and...

on that basis, I...

I think it's becoming untenable
with Harper.

Are you coming to bed?

You're one of
my best-performing projects.

What's happened?

She's been reckless with our AUM.

Reckless how?

Legally.

Oh, you mean she's reckless
with my money?

That is simply something
I cannot countenance.

I'm sick of talking around the fact

that you are solely to blame
for Pierpoint's insolvency.

It was a strategy
agreed upon by a committee.

It was only a committee
when it failed.

Bill, can...

I have bad news.

We need significantly more time

to get this over the line
with the regulator.

We don't have any more time.

Talk straight. What's going on?

Well, between us

I've just got off the phone
with the Chancellor.

He understands the gravity
of the situation

but he can't be seen to be ratifying

the effective bailout
of another bank.

He's on thin ice as it is

and he's got this bloody caucus
of populist Tory backbenchers

making his life hell.

So, yeah.

Sorry, I can't be of more help.

So, what, we're just at the mercy

of someone else's ambition?

Aren't we always?

Look, I need to get some sleep.

Best of luck.

Fuck!

So, this is what we have
at the moment.

The Chancellor now looks like an ally

of the financial sector's lawlessness

and weak

for kowtowing to an influential group
of backbenchers.

Led by his successor?

Are we ready for that move?

Maybe after the election.

But these headlines
won't hurt your chances.

Eddie, thank you for staying so late.

Let's have this online
before the country wakes up.

Got it.

...fashion-adjacent lifestyle.

That's immediately a red flag.

He's a hundred percent a misogynist
and possibly a psychopath.

What in the good fuck is going on?

You better have sold the rest
of my fucking positions!

Where have you been?

Been playing the fruities...

- with a client.
- Some...

some guy keeps calling
the desk for you.

Who?

Vin? Vinnie.

- Vinay?
- That's the one.

- He called here?
- Yeah.

You're a dickhead.

A fucking dickhead.

So, Anraj is on Ecstasy.

He was catatonic drunk

but, hey, he insisted and...

Well, we... we dragged some people
to the floor and, hey...

can't fire us twice, right?

You bully me 'cause you were

- bullied at school, innit?
- Shut the fuck up!

No, you're pure
small man syndrome, bruv.

You've got no taste, bruv.

Look at your car,
your taste level is dead.

Why didn't you sell my fucking axes?

Your IG Explore page

- must be a crime against humanity.
- Shut the fuck up!

Nah, I'm done being quiet.

Now, look, we're not...
we're not thick, Rishi.

We're not gonna play Santa

wrapping coal in a bow
for your clients.

We're not gonna torch
our reputations in the market

selling your worthless positions.

Why would we?

To what end anyway?

Best of luck drowning.

Fuck.

What's the time, please?

It's just gone 4.00am.

Okay.

We have around ten hours
'til US open.

Put a fucking solution
in front of me.

Mitsubishi is still in play.

I can wake the head
of their London office.

They... want this as much as us.

This solve is not viable long term
given the state of our balance sheet.

To assuage market fears

all that matters is we can prove
we've plugged the immediate hole.

Why do you keep talking
when the value add of your ideas

is less than zero?

We need to pivot.

Mitsubishi...

Wake them up. Get them in the room.

(Japanese) Shotaro,
can we pick up the conversation

on that opportunity
we've been discussing?

Yes!

It's on. It's on!

Eric.

Oh, it's a good thing Tom said yes.

I soft-launched this to Mitsubishi's
European executive committee already.

It's lunchtime in Japan, right?

Oh, they're just in from Duesseldorf
where the European subsidiary is.

Now, they're gonna come with terms
that Tom finds attractive

because I've prepped them
on the financials.

So let's take a fast twenty
and call an associate in IBD up

to triple-check
the numbers in the deck.

No missteps.

Fast twenty still takes twenty.

I need stronger nicotine.

Any delivery vessel,
I'm beyond caring.

Yas?

I just wanted to make a cup of tea.

What the fuck have you done?

Hey, hey. Come on, come on.

Are you hurt?

Hey, hey, Yas, look at me.

Have you taken something?

Look, what have you taken?

Rob. Do you think I'm a bad person?

- No! No, you're not a bad person.
- Yes, you do.

Rob, look at me,
tell me that you think

- that I'm a bad person.
- You're not a bad person.

Tell me that I'm allowed
to wanna do bad things.

What?

You can do what you want.

I want you.

I want you. Oh, you're hard.

What are you doing?

- Come on. Just stop.
- I want you.

Stop...

Stop... stop.

Henry used to get hard
when I cry too.

Hey.

Bill tells me
you've been here 30 years.

Aren't you bored?

Been dropped into a few
of these restructurings.

They all have their own mythos
and history, but...

ultimately,
they're much of a muchness.

They're corporations.

Not the people.

The people are different.

Are they really?

There's a self-centeredness

at the heart of Bill's
romanticization of it all.

False heroism.

Do you think there's room
for nobility in there?

I was hoping Bill
would be my mouthpiece

to the wider Pierpoint family but...

he seems like more of a problem
than a solution.

You're not a romantic, are you?

What do you believe in?

I don't believe in anything.

I believe in the trade.

When it works.

When it stops working.

By the way

nostalgia is only useful
when you're selling something.

Any color that'll help us
in the pitch?

Nope.

A whole lot of nothing.

Deck look good to your eyes?

Perfect.

I'll see you out there.

I'll see you out there.

(Japanese)
It's very nice of you to come here.

Welcome to London.

Thank you for meeting us so early.

I'm sorry it's a little ripe in here.

- Where the hell are you going?
- I gotta take this.

Thanks for calling me back.
Sorry, it's early.

Bill Adler told me about a connection

that landed you on my desk.

Can you flesh that out for me
a little?

Did you enjoy your stay?

Very much, thank you.

Did you want a bandage?

Sure.

Do you reckon she's a Libra?

I threw in an extra 20 quid
for the busted kettle.

- Oh, thanks.
- That's all right.

Cheers.

Cheers.

Have a safe trip.

Our proposal is that
the Mitsubishi financial group

invest $9 billion
in equity in Pierpoint

for a 19% interest in the company

on a fully diluted basis.

How did that get there?

As I was saying,
our friends at Mitsubishi

are the best partners we could have.

They have enough dry powder
to buy up our distressed debt

and to support the other assets
on our books.

And they want us to be us.

They have reverence for our name.

We want to help build Pierpoint
back to what it could be

in its 150th year.

We expect a very healthy ROI for you

on a decade-long horizon.

But of course,
apologies for the small inaccuracy

on page 12.

What inaccuracy?

I am assuming this reference
is linked incorrectly.

It looks like you are linking
to enterprise value

instead of equity value.

It's causing a 15% decrease
in the true P-E multiple

which would otherwise be 7.6 times...

well below peers.

I'm so sorry we missed this.

That's like a two to three percent
uplift in IRR.

After ten years of what we know

will be a mutually
beneficial relationship.

How could we have missed that?

It's sloppy.

Eric?

Bill, it's fine. Leave it.

It's late.

It happens.

It's just a book.

That's a huge decrease
in the valuation.

How didn't I spot it?

Bill, you did spot it.

What? When?

We ran through it about an hour ago.

I raised it again
in the bathroom just now.

You said it wasn't
a deal breaker in the room.

That they know the numbers already.

Which they do.

We can move on.

That didn't happen.

Did it?

It's not mission-critical here.

No, it is. When did we discuss it?

I... don't think we did, did we?

- Maybe I'm just misremembering...
- I think you can move on.

You have to understand

it's very important
that I didn't misremember...

Bill...

What's going on?

Hey, Bill...

There's no shame.

I'm so...

I'm so sorry...

I've been quite sick

and I... I really didn't wanna
bring it up in this forum, but...

You are fit to continue...

Gentlemen and...

lady...

could you give us five?

This isn't what we expect
in these circumstances.

There should be
multiple layers of review.

My apologies.

I'm so sorry.

I should have just breezed
past it but it's...

it's quite important...

it's quite important for my prognosis

- that I...
- What's wrong with you?

I have a malignant tumor. I...

I've not noticed much, if any,
cognitive impairment.

- That's why...
- And you've been keeping this

to yourself?

You shouldn't be in here.

Your health
is of paramount importance.

My performance
has never been compromised.

Apart from when it just mattered.

High stress. No sleep.

This isn't the place for a sick man.

Look...

I want you to go home.
That isn't a suggestion.

I'm fit to work
if I say I'm fit to work.

I want you to go rest.

Eric...

why don't you put Bill in a cab?

Come on.

It's okay, come on.

- Hello.
- Hi, Denise.

I've slept on it and I don't wanna
take Rose's offer.

And I know

I have thought
about the implications.

But it's Rose and Hanani, okay?

They're the ones
that are being inhumane.

And you can think that
I'm meeting them on their level

if you want, that's fine.

But they have literally
given me no choice.

- Have you stopped to think about
- Yeah. Yes...

how this is going
to affect the other victims?

Of course,
I have thought about that, Denise.

Of course, I have.

But you have to understand

it is them, or it is me.

How was it?

So...

they've had their funding
from the university totally cut off.

They balked at the idea

of any commercial application
of psychedelics.

Only lab condition trials
on treatment

for various mental disorders.

- Why?
- Well, it's still illegal.

But Little Labs...

they wanna be the first mover.

Imagine being early on cannabis
in California.

Sorry.

Well, no.

See, they've been flirting
with the idea

of relocating
to Silicon Valley, right?

And they said if I can help unlock
VC dollars for 'em out there

then there might be
a position open...

Head of Business Development.

- What?
- Yeah, I know.

I couldn't believe it as well.

So, wait, would that mean
that you move to the States?

Maybe...

Here.

Sleep will help. I'll...

I'll get a couple more hours
and come straight back in.

I don't think anyone in there
wants that.

Stay home.

For yourself.

I'll smooth out Mitsubishi.
It'll work.

Peer to peer?

Stay home.

More time for your family.

The institution doesn't suffer.

Doors opening.

You made me distrust my...

For what?

Doors closing.

You Harper Stern?

Yeah.

Otto wants to see you.
Get in the car.

Now?

He'd prefer it.

Well, I hope he's getting
the care he needs.

I've heard that...

tumors can have certain...

neurological effects

as pertains to people's willingness

to take risk.

Well...

while I take some responsibility
for my bullishness

over ESG as a concept...

Bill had the underlying relationship
with Debt Syndicate

from his bond trading days.

He was the one
pushing their appetite for risk.

Yes.

Fixed income
was more Bill's background.

Hell, we can't let someone go
because of their declining health.

But...

Eric...

as the closest to him...

if you think
an indefinite period of absence

would be in his best interest...

it is something
our executive committee

would be willing to consider.

He has seemed a little...

out of sorts.

While I respect
the rules of the game...

I find pinning this all on a sick man

morally unconscionable.

But tomorrow is more
important than yesterday

for Pierpoint.

So fuck him then, right?

Is Mitsubishi worth pursuing?

It's a Band-Aid. No more.

Phillip was onto something
when he told us

that we should be looking
towards the Gulf.

So I've brokered an introduction.

Ali, gentlemen...

it's Pierpoint's anniversary.

How would you like to buy
a piece of history?