1 00:01:06,928 --> 00:01:10,753 2 00:01:32,349 --> 00:01:33,280 Is that them? 3 00:01:36,802 --> 00:01:39,665 Jesus Christ. Are they going to do it right here? 4 00:01:45,840 --> 00:01:47,865 Have you guys ever been through this before? 5 00:01:48,710 --> 00:01:50,940 - No. 6 00:01:51,490 --> 00:01:53,355 it's best to ignore it. Keep your head down...go back to work. 7 00:01:54,260 --> 00:01:58,340 Go on. 8 00:02:00,490 --> 00:02:04,645 Don't watch! 9 00:02:22,265 --> 00:02:22,634 Timothy Singh? 10 00:02:22,635 --> 00:02:24,640 Yes. 11 00:02:24,955 --> 00:02:28,635 I'm afraid we have to speak with you. 12 00:02:42,390 --> 00:02:43,447 Eric Dale? 13 00:02:44,575 --> 00:02:48,241 - Excuse me? - Eric Dale? 14 00:02:49,164 --> 00:02:50,563 I'm not Eric Dale. 15 00:02:50,971 --> 00:02:53,371 Oh. I'm so sorry. 16 00:02:53,827 --> 00:02:56,326 He's my boss, he's down the hall. 17 00:02:56,327 --> 00:02:58,826 - Thanks. 18 00:03:11,314 --> 00:03:13,998 - Excuse me? Mr. Dale? 19 00:03:14,688 --> 00:03:15,683 This way. 20 00:03:24,950 --> 00:03:26,170 Okay. 21 00:04:04,004 --> 00:04:05,088 I'm obviously sorry ... 22 00:04:05,407 --> 00:04:07,248 that we are here today; 23 00:04:07,889 --> 00:04:10,206 but these are extra ordinary times as you very well must know. 24 00:04:12,042 --> 00:04:13,140 Look, I run risk management... 25 00:04:14,314 --> 00:04:16,458 I don't really see, how that's a natural place to start.. 26 00:04:17,041 --> 00:04:19,017 cutting jobs. - We hope you understand that this is in no way personal. 27 00:04:19,510 --> 00:04:20,954 The majority of this floor is being let go today. 28 00:04:24,962 --> 00:04:26,284 Ms. Bratberg is now going to 29 00:04:26,598 --> 00:04:28,362 run through the details; of what the firm is offering. 30 00:04:31,793 --> 00:04:34,292 Mr. Dale the firm is offering you six months severance, 31 00:04:34,293 --> 00:04:36,792 at half your salary. 32 00:04:36,793 --> 00:04:39,522 You will keep all unvested options that you currently hold. 33 00:04:39,990 --> 00:04:42,489 Health will be extended through that period. 34 00:04:42,490 --> 00:04:44,989 You have till tomorrow at... 4:47 35 00:04:44,990 --> 00:04:47,168 to either take the offer or it will be revoked. 36 00:04:47,802 --> 00:04:49,072 Do you understand? 37 00:04:51,170 --> 00:04:52,350 - Yes. 38 00:04:52,593 --> 00:04:57,814 Unfortunately Mr. Dale, due to the highly sensitive nature of your work here; 39 00:04:58,368 --> 00:05:05,188 the firm has to take certain precautions for security purposes that may seem punitive in nature. 40 00:05:07,303 --> 00:05:09,802 I hope considering your..... over 19 years of service to the firm, 41 00:05:09,803 --> 00:05:12,302 you will understand that these measures are in no way.. 42 00:05:12,303 --> 00:05:14,922 a reflection of the firm's feelings towards your performance.. 43 00:05:15,526 --> 00:05:16,836 or your character. 44 00:05:20,669 --> 00:05:21,797 - I don't understand. - She's apologizing... 45 00:05:21,798 --> 00:05:24,576 for what's about to happen. 46 00:05:24,853 --> 00:05:27,352 Your company email, access to the server, 47 00:05:27,353 --> 00:05:29,852 access to the building, and your mobil data and phone service 48 00:05:29,853 --> 00:05:33,299 will all be severed as of this meeting. 49 00:05:33,828 --> 00:05:38,381 And, This gentleman, will take you to your office. So, you can clear out your personal belongings. 50 00:05:42,927 --> 00:05:45,297 What about the.. what I'm currently working on? 51 00:05:45,964 --> 00:05:50,943 I'm in the middle of something... - The firm has worked out its transition plan. and is prepared to move forward, 52 00:05:51,612 --> 00:05:53,289 But, we do we appreciate your concern. 53 00:05:54,974 --> 00:05:57,577 We understand that this is very difficult; and here is my card. 54 00:05:59,175 --> 00:06:03,383 Please contact me over the next few weeks, If you'd any assistence with this transition in your life. 55 00:06:55,185 --> 00:06:56,092 I'm sorry. 56 00:06:58,283 --> 00:07:01,218 Are you still alive? - Uh huh..For now. 57 00:07:01,253 --> 00:07:02,092 Congratulations. 58 00:07:03,954 --> 00:07:07,488 It's a bloodbath. - I heard. 59 00:07:10,079 --> 00:07:11,003 Listen Eric? 60 00:07:11,004 --> 00:07:14,180 If there was something I could have done, I'd have done it. 61 00:07:19,660 --> 00:07:20,647 Just tell me... 62 00:07:21,507 --> 00:07:22,376 Who was it? 63 00:07:25,712 --> 00:07:27,701 Was it Rogers? - I'm not gonna side, you know me. 64 00:07:27,702 --> 00:07:28,702 Robertson? 65 00:07:34,404 --> 00:07:37,593 That cunt. I knew it. I never should have gone to her last year. 66 00:07:38,070 --> 00:07:39,610 Look it wasn't anyone. It was bad luck. And that's all it was. 67 00:07:43,796 --> 00:07:44,990 Alright, Well...Good luck. 68 00:07:51,054 --> 00:07:55,102 I was just in the middle of alot of shit here that I think somebody need to take a look at. 69 00:07:55,103 --> 00:07:56,103 Eric Listen... 70 00:07:58,592 --> 00:08:01,833 They are telling us that everybody needs to get out of here and just leave this. 71 00:08:02,366 --> 00:08:08,742 And while we appreciate your concern, but it's not your problem anymore. 72 00:08:13,772 --> 00:08:14,651 Good luck. 73 00:08:50,464 --> 00:08:52,114 Eric, I am very sorry. - Yeah. 74 00:08:52,826 --> 00:08:54,121 id they say what was going to happen with us? 75 00:08:55,499 --> 00:08:56,778 Jesus Seth. - What? 76 00:08:57,390 --> 00:08:58,647 It's gonna get pretty ugly around here for a while.. 77 00:08:58,648 --> 00:09:02,216 but you guys will be alright. 78 00:09:08,711 --> 00:09:09,752 I'll be seeing you around. - Alright. 79 00:09:10,188 --> 00:09:11,266 Thank you. 80 00:09:33,779 --> 00:09:36,644 I just wanted to say thanks. 81 00:09:38,039 --> 00:09:39,033 That's not neccessary. - Well, it is. 82 00:09:40,201 --> 00:09:42,952 You were the person around here, that I.. - I know. 83 00:09:48,409 --> 00:09:50,684 I was working on something But they wouldn't let me finish it. 84 00:09:52,729 --> 00:09:53,591 So, take a look at it. 85 00:09:55,456 --> 00:09:56,520 Be careful. 86 00:10:28,350 --> 00:10:30,925 Robertson? 87 00:10:30,926 --> 00:10:31,926 Sarah? 88 00:10:33,956 --> 00:10:35,082 You shut off my phone? 89 00:10:36,262 --> 00:10:37,671 Eric, I didn't do anything. 90 00:10:39,029 --> 00:10:40,093 Fuck you! 91 00:11:04,416 --> 00:11:05,329 It's fucking hedious. 92 00:11:06,687 --> 00:11:08,243 It's gonna get worse before it gets better. 93 00:11:15,125 --> 00:11:16,022 You got any Nicorettes? 94 00:11:18,105 --> 00:11:19,457 I'm out of Nicorettes. 95 00:11:20,714 --> 00:11:22,040 Which means, in about.. 96 00:11:22,476 --> 00:11:23,685 Ten minutes. I'm gonna kill someone. 97 00:11:29,244 --> 00:11:30,448 You alright Sam? 98 00:11:31,419 --> 00:11:32,753 My dog is dying. 99 00:11:37,724 --> 00:11:38,706 I'm sorry? 100 00:11:39,171 --> 00:11:40,553 Just got a phone to the vet, 101 00:11:40,897 --> 00:11:42,960 it's some fucking tumor on her liver. 102 00:11:43,967 --> 00:11:45,713 I must've paid almost a thousand bucks a day already, just to keep her alive. 103 00:11:50,225 --> 00:11:51,517 and I don't have a fucking clue what to do about it. 104 00:11:55,778 --> 00:11:57,709 Well they're all gone. 105 00:11:59,823 --> 00:12:00,704 So? 106 00:12:04,373 --> 00:12:05,719 How many do we have left? 107 00:12:06,254 --> 00:12:09,086 About, Thirty-three. 108 00:12:09,087 --> 00:12:10,087 Make sure everyone is out there, I gotta say something. 109 00:12:12,078 --> 00:12:13,909 Yeah, I know. They are ready. 110 00:12:25,373 --> 00:12:29,526 Alright, Let's hear it! 111 00:12:36,033 --> 00:12:37,278 You are all still here for a reason... 112 00:12:38,398 --> 00:12:41,308 eighty percent of this floor was just sent home... forever. 113 00:12:42,717 --> 00:12:44,115 We have spent the last hour saying our good-byes... 114 00:12:45,092 --> 00:12:46,852 they were good people and they were good at their jobs... 115 00:12:47,725 --> 00:12:48,844 but you all were better. 116 00:12:49,876 --> 00:12:51,781 Now they are gone. They are not to be thought of again. 117 00:12:53,334 --> 00:12:55,908 This is your opportunity. 118 00:12:57,098 --> 00:13:00,797 On every floor of this building and in every office from Hong Kong to London the same thing is happening. 119 00:13:01,746 --> 00:13:03,077 By the time we are done.. 120 00:13:03,588 --> 00:13:04,904 3 of every seven guys; 121 00:13:05,471 --> 00:13:09,659 who were standing between you and your boss's job...are gone. 122 00:13:11,763 --> 00:13:12,723 That is your opportunity. 123 00:13:16,279 --> 00:13:19,154 I've been at this place for thirty-four years. 124 00:13:19,828 --> 00:13:21,843 And I can tell you that this will not be the last time you're gonna go through this. 125 00:13:22,725 --> 00:13:24,225 But you all are survivors... 126 00:13:25,634 --> 00:13:28,436 And that is how this firm over 107 years, 127 00:13:28,984 --> 00:13:30,060 has continued to grow stronger. 128 00:13:30,726 --> 00:13:33,308 So, keep your heads high... and get back to work. Let's hear it. 129 00:14:24,138 --> 00:14:27,038 Everyone is going out man... you should come on. 130 00:14:27,039 --> 00:14:28,039 - Oh, I'm cool. Thanks. 131 00:14:30,599 --> 00:14:32,300 Okay. Well, if you change your mind, jut give me a call. 132 00:14:33,113 --> 00:14:34,334 I Will. 133 00:14:34,832 --> 00:14:35,799 Come! 134 00:14:37,931 --> 00:14:39,642 Where are you guys going? - The Grand. 135 00:14:41,607 --> 00:14:42,713 I'll call you when I'm done. 136 00:14:46,508 --> 00:14:47,748 Hey, Be glad, you're still alive. 137 00:14:49,901 --> 00:14:51,019 I am. 138 00:18:14,980 --> 00:18:17,610 Yeah, Hello. 139 00:18:19,430 --> 00:18:20,880 I can't hear you. 140 00:18:21,670 --> 00:18:27,310 Can you go outside, It's too loud. 141 00:18:31,690 --> 00:18:34,189 Where are you? - Lugo. 142 00:18:34,190 --> 00:18:38,480 Are you with Will? - Yeah, Will Emerson? 143 00:18:38,481 --> 00:18:39,481 Yeah, I think he's still here. 144 00:18:40,020 --> 00:18:43,605 I need you to get Will and I need you guys to come back up here. 145 00:18:43,606 --> 00:18:44,606 Uh, Where? - To the office. 146 00:18:45,440 --> 00:18:46,380 - What? - I'm serious. 147 00:18:47,930 --> 00:18:50,429 You want me to get our boss's boss out of 148 00:18:50,430 --> 00:18:54,014 a club and bring him back to the office... at 10:00 on a Thursday night? 149 00:18:54,049 --> 00:18:57,400 Our boss just got axed,so technically he is our boss, and yes that's what I want you to do. 150 00:18:57,401 --> 00:18:58,401 Why? 151 00:19:00,260 --> 00:19:02,280 Look man, Just trust me okay. I need you guys back here, now. 152 00:19:02,281 --> 00:19:03,281 Alright, we'll be there in ten. 153 00:19:35,400 --> 00:19:36,420 Hey, look who it is, burning the candleat both ends. 154 00:19:37,980 --> 00:19:39,090 Why didn't you come out with us? 155 00:19:39,870 --> 00:19:42,400 There aren't anymore cuts planned. You don't have to kiss my arse. 156 00:19:44,060 --> 00:19:45,320 I frankly, don't even know, what it is you guys do. 157 00:19:46,210 --> 00:19:48,000 Will, I am so sorry I had to bring you guys back.. - That's alright. 158 00:19:52,050 --> 00:19:53,300 Eric gave me this file before he left. 159 00:19:54,960 --> 00:19:56,950 And he told me he couldn't quite figure it out, 160 00:19:58,060 --> 00:20:01,992 And the last thing he says as the doors on the elevator close is 'be careful'. 161 00:20:02,600 --> 00:20:04,820 He said, Be careful? - Yeah, So..obviously..I'm little curious. 162 00:20:05,430 --> 00:20:06,990 I get into it a bit and I realize that the only thing missing.. 163 00:20:08,100 --> 00:20:10,410 This is not good, Will. 164 00:20:12,270 --> 00:20:13,680 Go to model four, it makes more sense. 165 00:20:15,670 --> 00:20:17,010 What is this? 166 00:20:18,450 --> 00:20:22,601 This is basically everything that we have in our books. At any given time. But what Eric was trying to do 167 00:20:22,790 --> 00:20:28,340 is to work this numbers for levels of volatility; that fall outside of our standard VAR model. 168 00:20:28,341 --> 00:20:29,341 What are those levels? 169 00:20:29,180 --> 00:20:30,230 Well it's a fairly complicated... - Simplify. 170 00:20:31,620 --> 00:20:33,390 The volatility levels are set using.. 171 00:20:33,940 --> 00:20:37,150 historic patterns basically, an then stretching those patterns out on a 10-15%... roughly. 172 00:20:37,770 --> 00:20:42,736 Alright, So? - So, We are starting to test those historic patterns. 173 00:20:42,737 --> 00:20:43,737 - When? 174 00:20:43,738 --> 00:20:44,738 Today? 175 00:20:46,220 --> 00:20:47,140 Monday... 176 00:20:48,360 --> 00:20:50,320 Last friday and wednesday.. - Two Fridays ago. 177 00:20:51,070 --> 00:20:52,240 Alright, I get it. 178 00:20:54,690 --> 00:20:57,940 Fuck me. Once this thing gets going in the wrong direction... 179 00:21:00,050 --> 00:21:01,650 It's huge. - How huge? 180 00:21:03,720 --> 00:21:05,930 The losses are greater than the current value of the company...? 181 00:21:06,330 --> 00:21:07,910 Projected...Projected losses...Will. 182 00:21:09,140 --> 00:21:10,220 This is just our floor? - Yes. 183 00:21:13,990 --> 00:21:16,489 Where the fuck is Eric Dale? - I don't know. Tried to call him, his phone's off. 184 00:21:16,490 --> 00:21:20,468 What do you mean? - They turned off everyone's phone who they axed today. 185 00:21:20,980 --> 00:21:23,479 Fucking ruthless. 186 00:21:25,980 --> 00:21:28,479 Call his home. - At this hour? 187 00:21:28,480 --> 00:21:32,850 Yes... Do we even know if he's right? - Looks pretty fucking right to me. 188 00:21:34,780 --> 00:21:36,750 Mrs. Dale. This is Will Emerson 189 00:21:37,830 --> 00:21:39,420 I'm fine, thank you. May I speak with Eric? 190 00:21:42,980 --> 00:21:47,190 No, we've tried that. His phone appears to be off. Listen, could you have him call me? 191 00:21:47,740 --> 00:21:50,170 The moment he comes in... the moment he walks through the door. 192 00:21:51,070 --> 00:21:53,922 Thank you so much. Goodbye. 193 00:21:54,510 --> 00:21:56,840 - Where the fuck is he? - Doesn't he have like three kids? - So? 194 00:21:57,640 --> 00:21:59,100 I don't know, would you go home? 195 00:22:01,190 --> 00:22:02,450 I know where he is. 196 00:22:04,340 --> 00:22:06,839 I need you two, to go and get him. 197 00:22:06,840 --> 00:22:09,339 There will be a car waiting for you downstairs. You need to go. 198 00:22:09,340 --> 00:22:11,839 - Right now? - Yeah, Right now. 199 00:22:11,840 --> 00:22:17,750 - What are you going to do? - I'm gonna call, Sam. 200 00:22:18,230 --> 00:22:20,580 Fuck me. 201 00:22:34,360 --> 00:22:36,859 - Yes? - It's Will. 202 00:22:36,860 --> 00:22:39,359 It's 11 O'clock at night? 203 00:22:39,360 --> 00:22:43,770 I know I'm sorry. I wouldn't have called... 204 00:22:44,440 --> 00:22:46,110 I think you need to get back here. 205 00:22:49,080 --> 00:22:51,579 It's 11 O'clock at night! 206 00:22:51,580 --> 00:22:55,320 I'm well aware of the fucking time! Sam, I'm telling you..You need to see this. 207 00:22:55,770 --> 00:22:58,269 See what? 208 00:22:58,270 --> 00:23:02,170 Email it to me. 209 00:23:02,660 --> 00:23:05,835 I don't think that would be a good idea. 210 00:23:06,665 --> 00:23:07,780 I'm on my way. 211 00:23:12,720 --> 00:23:15,219 Look at these people. 212 00:23:18,439 --> 00:23:22,477 Wandering around, with absolutely no idea.. what's about to happen. 213 00:23:24,970 --> 00:23:29,110 Right? - Well, I try not to let work get to me like that. 214 00:23:29,680 --> 00:23:32,840 I've noticed that about you. 215 00:23:34,250 --> 00:23:38,520 Look, we are twenty three years old... - I'm 28. 216 00:23:41,233 --> 00:23:45,864 I made nearly, a quarter of a million dollars last year... 217 00:23:47,770 --> 00:23:51,260 Fuck! for what...? Pushing some numbers around on a computer screen, 218 00:23:51,295 --> 00:23:55,110 so a bunch of glorified crack addicts could take that information and pretend to understand it, 219 00:23:55,145 --> 00:23:57,947 and then make a bet against some other jock half way around the world who if he.. 220 00:23:57,948 --> 00:24:01,828 wasn't doing this, he'd be putting number seven or you know?? 221 00:24:01,920 --> 00:24:04,440 And at the end of the day one guy win and the other guy loses. 222 00:24:06,990 --> 00:24:09,550 You do know it's a little more complicated than that? Right? 223 00:24:10,050 --> 00:24:10,900 Yeah. 224 00:24:17,850 --> 00:24:19,510 It's Will... He wants to know if we've found him? What do say? 225 00:24:20,140 --> 00:24:22,430 I would say...that we haven't found him, Yet. 226 00:24:51,140 --> 00:24:52,150 Eric Dale... 227 00:24:54,390 --> 00:24:55,660 Oh Jesus... - Before he leaves the building, escorted by fucking security... 228 00:24:56,470 --> 00:24:57,510 I had nothing to do with that. 229 00:24:59,580 --> 00:25:01,780 Before he leaves the building he hands a disk to Peter Sullivan... 230 00:25:02,460 --> 00:25:04,590 Who's Peter Sullivan, again? - Don't matter, One of Eric's guys. 231 00:25:05,180 --> 00:25:07,050 Before, the elevator doors are closing.. 232 00:25:07,690 --> 00:25:08,800 The last thing he says is... 233 00:25:09,670 --> 00:25:10,600 'Be Careful' 234 00:25:14,680 --> 00:25:16,090 'Be Careful'? - Yeah. - Why? 235 00:25:16,091 --> 00:25:17,091 Take a look. 236 00:25:21,040 --> 00:25:23,360 Oh Jesus, You know i can't read this fucking thing! Speak to me in English. 237 00:25:24,020 --> 00:25:29,100 Basically, this kid, Peter Sullivan.. He gets all inspired by you pep talk, Nice job! By the way.. 238 00:25:29,650 --> 00:25:30,910 He dealt straight in, after work. 239 00:25:32,260 --> 00:25:34,550 And I think he nailed it. - Nailed it? 240 00:25:35,130 --> 00:25:36,840 Yeah, I think he figured out what Eric was missing. 241 00:25:39,420 --> 00:25:40,610 ...it isn't good, Sam. 242 00:25:42,100 --> 00:25:43,140 These here are the... 243 00:25:43,650 --> 00:25:49,719 historical volatility index limits, which of course, our entire trading model relies on pretty fuckingheavily... 244 00:25:49,754 --> 00:25:53,200 And well, we are now so levered up. But once it gets outside those limits 245 00:25:55,000 --> 00:25:56,150 it gets ugly in a hurry. 246 00:25:57,060 --> 00:25:58,530 And how close to those limits have we gotten? 247 00:25:59,620 --> 00:26:00,710 Oh Sam, we're beyond close... 248 00:26:02,310 --> 00:26:06,510 We broke through five or six days over the last two weeks, Now somehow, we've managed 249 00:26:06,990 --> 00:26:08,630 to stay on the upside of it... for now... - For now? 250 00:26:10,460 --> 00:26:12,140 Well look.. what happens here when we get on the wrong side of it. 251 00:26:19,576 --> 00:26:20,763 What am I looking at? 252 00:26:20,798 --> 00:26:21,590 You're looking at this figure here. 253 00:26:25,864 --> 00:26:27,082 Wow...is that? - Yeah. 254 00:26:27,117 --> 00:26:28,580 And that wouldn't even be that bad a day for us... historically speaking. 255 00:26:30,120 --> 00:26:31,490 Is that figure right? 256 00:26:32,650 --> 00:26:34,720 Where is Eric Dale? - We shut his phone off. 257 00:26:35,210 --> 00:26:38,691 So, I called his wife. Who says, he's not home. 258 00:26:39,450 --> 00:26:40,482 He's probably crying in a fucking beer somewhere. 259 00:26:41,040 --> 00:26:43,840 Where's the kid who did this? - Out looking for Eric. 260 00:26:44,799 --> 00:26:48,654 Do you think he knows what he's doing? - Get him back. 261 00:27:04,870 --> 00:27:06,100 1500? 262 00:27:07,140 --> 00:27:08,370 2 grand? 263 00:27:40,630 --> 00:27:42,200 Okay, Yeah. 264 00:27:55,550 --> 00:27:58,049 Alright, so come on, What'a you think Rogers makes in a year? 265 00:27:58,050 --> 00:28:00,549 I have no idea? 266 00:28:00,550 --> 00:28:02,980 Come on, play along. 267 00:28:05,525 --> 00:28:06,665 Three quarters of a million? 268 00:28:07,510 --> 00:28:09,040 Come on. 269 00:28:11,165 --> 00:28:12,200 Not even close. 270 00:28:13,965 --> 00:28:14,970 Much more. 271 00:28:15,520 --> 00:28:16,565 A million? 272 00:28:17,445 --> 00:28:19,095 Will Emerson made two and half million last year. 273 00:28:21,355 --> 00:28:23,245 How do you know that? 274 00:28:26,195 --> 00:28:27,895 He told me. Well I asked him. 275 00:28:31,550 --> 00:28:34,950 Do you think that's true? - Yeah probably. 276 00:28:35,280 --> 00:28:37,790 That's fucked up. - Why, why's that fucked up? 277 00:28:39,260 --> 00:28:43,450 Does that seem right to you? Right? 278 00:28:44,540 --> 00:28:45,400 Jesus. 279 00:28:46,770 --> 00:28:51,820 So, what do you think that means Rogers puts away? - I have no idea, Seth. This traffic's a fucking nightmare. 280 00:29:12,905 --> 00:29:14,278 ----- Subtitle by D3xt3r ----- 281 00:29:14,350 --> 00:29:15,410 Gentlemen? 282 00:29:18,070 --> 00:29:19,230 Come with us, please. 283 00:29:26,530 --> 00:29:28,010 Sam this is Seth Bregman and this is Peter Sullivan. 284 00:29:34,590 --> 00:29:35,530 Where are we going? 285 00:29:36,420 --> 00:29:38,090 Going to get a second opinion on your work Peter. 286 00:30:14,370 --> 00:30:15,840 So Sam what do you have for us? 287 00:30:16,580 --> 00:30:18,020 Well... they'll be here in a minute. Finding someone in the copy room at this hour was a little bit of a challenge. 288 00:30:20,700 --> 00:30:24,810 Okay, let's go right into introduction. This is Sarah Robertson who you know, chief risk assessment officer.. 289 00:30:25,340 --> 00:30:30,082 Ramesh Shah from upstairs and David Horn one of the firm's in house council. 290 00:30:30,880 --> 00:30:32,050 Nice to meet you all. This is my head of trading, Will Emerson. 291 00:30:32,770 --> 00:30:37,550 Peter Sullivan, and Seth Bregman. They work in our risk department. 292 00:30:37,551 --> 00:30:38,551 Where is Eric Dale? 293 00:30:38,190 --> 00:30:39,350 He was let go today. 294 00:30:42,010 --> 00:30:43,690 Who's left in your risk department? 295 00:30:45,220 --> 00:30:46,610 As of today that would be Peter 296 00:30:47,470 --> 00:30:48,560 and our junior analyst Seth...? 297 00:30:53,210 --> 00:30:55,480 Will Emerson? - Please just hand it out. 298 00:31:09,730 --> 00:31:12,490 Apparently Eric had been working on this for some time but was unable to finish it, 299 00:31:12,980 --> 00:31:14,590 This morning, when he left the building; 300 00:31:14,970 --> 00:31:16,730 He handed the program to Peter here, and asked him to take a look at it. 301 00:31:17,180 --> 00:31:18,210 Peter did. 302 00:31:18,530 --> 00:31:20,000 He put in a few things out that Eric seemed to be missing.. 303 00:31:20,870 --> 00:31:21,930 and this is what came out. 304 00:31:24,730 --> 00:31:26,080 Peter, Is this your work? 305 00:31:27,960 --> 00:31:29,300 Mostly Mr. Dale's... 306 00:31:29,870 --> 00:31:30,920 - But is this your draft? 307 00:31:30,921 --> 00:31:31,921 - Yes. 308 00:31:33,950 --> 00:31:37,887 Again, expanded on original work of Eric's. But yes. 309 00:31:37,620 --> 00:31:38,730 - What is your background? - My background? 310 00:31:40,000 --> 00:31:43,230 Your CV. - I've been with the firm for 2 and half years working with Eric that whole time... 311 00:31:43,265 --> 00:31:47,755 But I hold a doctorate in engineering, speciality in propulsion, from MIT, with a Bachelors from Penn. 312 00:31:47,790 --> 00:31:49,270 What's a specialty in propulsion, exactly? 313 00:31:49,880 --> 00:31:56,230 My thesis was a study in the way that friction ratios effect steering outcomes in aeronautical use under reduced gravity loads. 314 00:31:56,890 --> 00:31:58,050 So, you are a rocket scientist? - I was. 315 00:32:01,840 --> 00:32:04,762 Interesting. How did you end up here? 316 00:32:04,763 --> 00:32:09,206 Well it's all just numbers really, you're just changing what you're adding up... and if I may speak freely; 317 00:32:09,207 --> 00:32:10,207 the money here is, considerably more attractive. 318 00:32:19,560 --> 00:32:20,580 What time is it? 319 00:32:20,581 --> 00:32:22,951 It's 2:15. 320 00:32:25,950 --> 00:32:27,940 And I'm guessing, by the fact that you two haven't said anything that the math checks out? 321 00:32:31,360 --> 00:32:32,710 Look, we'd need some time to go over this, 322 00:32:34,530 --> 00:32:36,040 but Mr. Sullivan here seems to know what he's doing. 323 00:32:36,041 --> 00:32:39,042 So, it would appear we have a problem. 324 00:32:39,850 --> 00:32:42,230 What time is it? - 2:16. 325 00:32:42,231 --> 00:32:43,231 Fuck me. 326 00:32:45,289 --> 00:32:46,389 Fuck me. 327 00:32:53,590 --> 00:32:54,530 Sam.. 328 00:32:55,030 --> 00:32:59,525 How long under normal operations, would it take your people to clear that from our books? 329 00:33:02,979 --> 00:33:03,912 What? 330 00:33:05,119 --> 00:33:06,597 - All of it? - Yes. 331 00:33:07,760 --> 00:33:08,670 I don't know, weeks. 332 00:33:09,590 --> 00:33:10,740 - Weeks? - Yeah, weeks. 333 00:33:11,980 --> 00:33:15,863 But as you certainly know our business is selling AND buying. 334 00:33:16,360 --> 00:33:18,546 Doesn't work for very long without both components. 335 00:33:18,581 --> 00:33:20,220 We suddenly stops buying for a day or two; 336 00:33:21,440 --> 00:33:23,010 that's not something you can ust doesn't hide under the rug, it gets out 337 00:33:23,390 --> 00:33:28,089 and when it does... this whole this thing comes to a end... and right quick. 338 00:33:29,260 --> 00:33:30,120 - I understand. - Do you? 339 00:33:34,508 --> 00:33:35,402 Yes. 340 00:33:36,530 --> 00:33:40,713 How many traders do we have left between your floor and Petersen's? 341 00:33:40,714 --> 00:33:41,714 I don't know, what? Sixty? - sixty. 342 00:33:41,890 --> 00:33:46,750 Jared as I looke at this more closely, it's these VAR numbers that are really setting this thing off. 343 00:34:05,330 --> 00:34:06,930 As I was saying..just speaking completely off the record. 344 00:34:06,931 --> 00:34:09,496 It's only a matter of time before someone else startsputting these in. 345 00:34:09,497 --> 00:34:10,497 and they come up with exactly the same results. 346 00:34:11,390 --> 00:34:12,600 And look at exactly what we're looking at right now; 347 00:34:12,601 --> 00:34:14,378 If they haven't already. 348 00:34:14,379 --> 00:34:15,379 Understood. 349 00:34:15,490 --> 00:34:18,000 And Sarah, what value would you allow to be placed on those assets 350 00:34:19,170 --> 00:34:20,400 that might be left on the books, if they had to? 351 00:34:21,260 --> 00:34:22,280 Why would they still be on the books? 352 00:34:22,950 --> 00:34:26,630 Because suddenly nobody wants to fucking buy them. - Fuck you Sam! Will you give me a fucking break here? 353 00:34:27,680 --> 00:34:30,710 Without an active market, it'd take weeks or months for me to come up with accurate value on them. 354 00:34:31,210 --> 00:34:35,430 You'll have to go block by block. 355 00:34:40,300 --> 00:34:43,580 Seth, Could you please, give us for a few moments. 356 00:34:45,630 --> 00:34:46,730 And Peter? 357 00:34:47,420 --> 00:34:50,861 Has anyone else has seen this? - No one aside from us. 358 00:34:50,896 --> 00:34:51,670 And Eric Dale? - Yes. 359 00:34:52,700 --> 00:34:55,870 And can it really be possible that we don't know, where Eric Dale is? 360 00:34:56,720 --> 00:34:59,850 I called his wife. He hasn't come home yet ...and we turned off his phone today. 361 00:35:02,630 --> 00:35:04,813 Perfect. Well, I'd like to know where he is. 362 00:35:15,870 --> 00:35:16,890 Jesus fucking Christ! Who is that guy? 363 00:35:19,690 --> 00:35:20,840 He's Sam's boss. - He looks like he's fifteen years old. 364 00:35:21,670 --> 00:35:23,000 He's Forty. - Yeah, How does that happen? 365 00:35:26,530 --> 00:35:27,430 Oh it happens all the time. 366 00:35:30,970 --> 00:35:36,204 Except to me. He's a fucking killer. 367 00:35:38,470 --> 00:35:39,370 hat are they talking about, in there? 368 00:35:45,660 --> 00:35:46,520 It aint pretty. 369 00:35:48,080 --> 00:35:49,250 What aint pretty? 370 00:35:51,200 --> 00:35:52,610 If people suddenly stop buying what we're selling.... 371 00:36:00,040 --> 00:36:03,097 Jared, you cannot be doing what you are thinking about doing? 372 00:36:03,132 --> 00:36:03,930 Well, I don't see any other choice. 373 00:36:04,740 --> 00:36:07,490 What does that mean? Fuck you... you don't have a choice. 374 00:36:08,820 --> 00:36:09,960 Fuck me? Did you even looked at the numbers Sam?? 375 00:36:10,270 --> 00:36:12,670 Yes, but what do I know. 376 00:36:12,671 --> 00:36:13,671 Correct me, if i'm wrong, Mr.Shah. 377 00:36:14,100 --> 00:36:15,630 These number, they don't add up. 378 00:36:16,680 --> 00:36:17,527 One and one, no longer makes Two. 379 00:36:17,528 --> 00:36:20,083 If I may, I'd like a little more time. 380 00:36:21,430 --> 00:36:24,490 We have talked about this. - We need a little time before to give you our conclusion. 381 00:36:25,700 --> 00:36:27,140 We meet again in 45 minutes. 382 00:36:28,547 --> 00:36:29,947 Sam, do you have the file? 383 00:36:46,610 --> 00:36:47,680 What are you going to do? 384 00:36:51,913 --> 00:36:53,091 Are you going to call him? 385 00:36:57,500 --> 00:36:58,460 I already have. 386 00:37:13,270 --> 00:37:14,140 Jesus. 387 00:37:19,365 --> 00:37:21,170 Wow. It's gorgeous. 388 00:37:29,400 --> 00:37:30,600 It's a long way down. 389 00:37:31,880 --> 00:37:33,140 Yes, it is. 390 00:37:44,760 --> 00:37:46,080 Don't do that, C'mon. 391 00:37:49,990 --> 00:37:53,890 Did you know the fear most people feel when they stand on the edge like this isn't the fear of falling. 392 00:37:55,630 --> 00:37:56,760 It's the fear that they might jump? 393 00:37:59,460 --> 00:38:00,950 Well, that's very deep and depressing, thank you. 394 00:38:01,630 --> 00:38:03,070 Yeah, well...I'm a little dark.. Sometimes. 395 00:38:04,420 --> 00:38:05,560 Come down, please. C'mon...Will? 396 00:38:07,400 --> 00:38:10,290 Yeah, Fuck it! 397 00:38:11,770 --> 00:38:13,130 Not today. 398 00:38:20,170 --> 00:38:21,710 So it looks like, they are gonna make us dump this shit. 399 00:38:21,711 --> 00:38:22,711 What? 400 00:38:24,240 --> 00:38:25,260 You watch. 401 00:38:25,261 --> 00:38:26,261 How? 402 00:38:27,280 --> 00:38:29,810 You'll see! - How could they do that? 403 00:38:30,260 --> 00:38:32,350 You can't...it's impossible. But they'll figure out a way. 404 00:38:33,300 --> 00:38:35,990 I've been at this place for ten years and I've seen some things you wouldn't.. 405 00:38:37,100 --> 00:38:38,380 you wouldn't believe... 406 00:38:38,810 --> 00:38:42,840 when all is said and done... they do not lose money. They don't mind if everyone else does, 407 00:38:43,900 --> 00:38:45,130 but they don't loose. 408 00:38:54,456 --> 00:38:55,436 Will? 409 00:38:56,767 --> 00:38:59,220 Did you really make two and half million last year? 410 00:38:59,255 --> 00:39:00,250 Yeah..sure. 411 00:39:04,157 --> 00:39:05,380 How did you spend it all? 412 00:39:05,800 --> 00:39:07,120 They expire quickly. 413 00:39:07,590 --> 00:39:10,020 You know, You'll learn and spend what's in your pocket. 414 00:39:10,021 --> 00:39:11,021 Two and half millions goes quickly? 415 00:39:10,750 --> 00:39:12,080 Alright, let's see. 416 00:39:13,100 --> 00:39:16,280 The tax man takes half up front. So, you're left with one and a quarter. 417 00:39:17,300 --> 00:39:18,970 My morgage takes another 300 grand. 418 00:39:19,550 --> 00:39:21,900 I send 150 home for my parents, you know..to keep them going. 419 00:39:22,800 --> 00:39:24,650 So, what's left? - Eight hundred. 420 00:39:26,210 --> 00:39:27,500 I spend 150 on a car. 421 00:39:28,540 --> 00:39:30,300 About 75 in restaurants, 422 00:39:30,301 --> 00:39:33,023 Probably, 50 on clothes. 423 00:39:33,590 --> 00:39:35,060 And I put 400 away for a rainy day... 424 00:39:35,061 --> 00:39:36,061 That's smar. 425 00:39:36,470 --> 00:39:38,730 Yeah, as it turns out. It looks like the storm's coming. 426 00:39:40,330 --> 00:39:41,540 You still got 125. 427 00:39:44,080 --> 00:39:50,870 Yeah, I did spent 76,520 dollars on Hookers, booze and dancers. But mainly, hookers. 428 00:39:51,210 --> 00:39:52,770 76,5..? 429 00:39:53,610 --> 00:39:58,684 Yeah, It was a little shock initially, but then i realise that I could claim most of it off, as entertainment. 430 00:40:14,370 --> 00:40:15,450 How old are you? 431 00:40:17,440 --> 00:40:18,560 43. 432 00:40:24,710 --> 00:40:25,850 This is bizzare. 433 00:40:29,435 --> 00:40:31,425 It's like a...dream. 434 00:40:36,300 --> 00:40:37,590 Well, I don't know, seems like we actually may have just woken up. 435 00:40:41,120 --> 00:40:41,990 Come in. 436 00:40:43,450 --> 00:40:44,410 How do we look? 437 00:40:46,401 --> 00:40:47,265 I should go. 438 00:40:47,300 --> 00:40:48,480 No, you should stay. 439 00:40:48,515 --> 00:40:49,541 So? 440 00:40:50,190 --> 00:40:51,110 It's legit... 441 00:40:51,710 --> 00:40:52,930 the kid killed it. 442 00:40:54,100 --> 00:40:55,070 The formula is worthless. 443 00:40:56,876 --> 00:40:57,884 What does that mean? 444 00:40:57,919 --> 00:40:58,830 It's broken. 445 00:40:58,990 --> 00:41:00,630 There are eight trillion dollars of paper 446 00:41:01,100 --> 00:41:04,134 around the world relying on that equation?? 447 00:41:04,169 --> 00:41:05,890 We were wrong. 448 00:41:06,360 --> 00:41:07,781 No, You mean.. you were wrong. 449 00:41:08,368 --> 00:41:09,050 Don't get me started.... 450 00:41:09,051 --> 00:41:10,051 We discussed this! 451 00:41:10,052 --> 00:41:11,052 I'm heading to the conference room. 452 00:41:11,053 --> 00:41:12,053 No, I want you to hear this. 453 00:41:13,810 --> 00:41:14,840 I don't want to hear this. 454 00:41:15,710 --> 00:41:18,191 How do you think I've stuck around this place so long? 455 00:41:26,460 --> 00:41:27,590 I've called Tuld. 456 00:41:30,550 --> 00:41:31,730 Is there a contingency plan here? 457 00:41:32,120 --> 00:41:33,150 A contingency plan? 458 00:41:34,570 --> 00:41:36,140 - Yes. - No, We went all in on this one. 459 00:41:38,970 --> 00:41:40,320 So, we've got ourselves quite exposed here... haven't we? 460 00:41:43,320 --> 00:41:45,570 To Tuld or the market? 461 00:41:47,873 --> 00:41:49,193 To both. 462 00:42:10,430 --> 00:42:11,350 He's here? 463 00:42:40,775 --> 00:42:42,525 Tuld's helicopter just landed. 464 00:42:42,526 --> 00:42:43,526 I know, come with us. 465 00:42:44,440 --> 00:42:46,800 Where's Sam? - I don't know, You sure..you want all of us? -Yes. 466 00:42:52,830 --> 00:42:57,050 Just one piece of advice for everyone before we go in there. 467 00:42:57,490 --> 00:42:58,790 This could get a little ugly. 468 00:42:59,440 --> 00:43:03,510 but whatever you do... just... tell the truth. No sugar coating. Do not change a word of it. 469 00:43:03,511 --> 00:43:04,511 no one here is smart enough... 470 00:43:05,020 --> 00:43:07,060 Including the rocket scientist. 471 00:43:17,090 --> 00:43:17,980 This way please. 472 00:43:23,350 --> 00:43:24,510 He's already in there waiting for you. 473 00:43:26,395 --> 00:43:27,752 Excellent! 474 00:43:51,750 --> 00:43:53,150 Please sit down. 475 00:43:56,170 --> 00:43:57,170 Welcome everyone. 476 00:43:58,460 --> 00:44:01,360 I must apologize for dragging you all here at such an uncommon hour; 477 00:44:01,850 --> 00:44:03,620 but from what I've been told, this matter needs to be handled urgently! 478 00:44:05,060 --> 00:44:06,990 so urgently, in fact.. it probably should have been addressed weeks ago... 479 00:44:08,170 --> 00:44:09,590 but that is spilled milk... Under the bridge! 480 00:44:11,110 --> 00:44:14,478 So, why doesn't somebody tell me what they think is going on here? 481 00:44:15,300 --> 00:44:17,040 Well, Mr. Tuld.. as I mentioned earlier.. 482 00:44:18,470 --> 00:44:21,410 if you compare the figure at the top page 13... 483 00:44:21,730 --> 00:44:23,060 Jared, it's a ?..just speak to me in plain english. 484 00:44:26,390 --> 00:44:30,390 But I'd like to speak to the guy who put this together... Mr. Sullivan is it? 485 00:44:30,391 --> 00:44:31,391 Does he speak English? 486 00:44:31,392 --> 00:44:32,392 Sir? 487 00:44:32,330 --> 00:44:35,120 I'd like to speak to the analyst who seems to have stumbled across this mess. 488 00:44:35,880 --> 00:44:37,570 Certainly, that would be Peter Sullivan. Right here. 489 00:44:38,560 --> 00:44:40,260 Oh Mr.Sullivan. You are here! Good morning. 490 00:44:40,740 --> 00:44:42,670 And maybe, you could tell me.. what you think is going on here. 491 00:44:44,110 --> 00:44:46,860 And please speak as you might to a young child .. 492 00:44:47,290 --> 00:44:48,470 or a golden retriever. 493 00:44:49,710 --> 00:44:51,900 It wasn't brains, that got me here. I can assure you of that. 494 00:45:00,410 --> 00:45:01,696 Well, sir. As you may or may not know I work for Mr.Rogers. 495 00:45:01,940 --> 00:45:06,050 As an associate in the risk assessment and management office at GSMBS 496 00:45:06,600 --> 00:45:08,270 Just relax, stand up. Tell us in clear voice 497 00:45:09,070 --> 00:45:10,460 What is the nature of the problem. 498 00:45:16,480 --> 00:45:20,780 Yes... Well as you probably know over the last 36-40 months the firm has begun 499 00:45:22,240 --> 00:45:23,900 packaging new MBS products; 500 00:45:24,839 --> 00:45:31,004 that combine several different traunches of rating classification in one tradable security. 501 00:45:32,240 --> 00:45:36,483 This has been enourmously profitable... as I imagine you noticed. 502 00:45:37,049 --> 00:45:38,293 I have. 503 00:45:38,911 --> 00:45:41,562 Well the firm is currently doing a considerable amount of this business every day. 504 00:45:41,563 --> 00:45:45,267 The problem..which is I guess why we are here tonight. 505 00:45:45,302 --> 00:45:47,780 is that it takes us... the firm, about a month... 506 00:45:48,310 --> 00:45:51,530 to layer these products correctly. 507 00:45:51,531 --> 00:45:54,338 thereby posing a challenge from a risk assessment standpoint. 508 00:45:54,790 --> 00:45:56,200 And Mr. Sullivan that challenge is? 509 00:45:56,580 --> 00:46:01,061 We have to hold these assets on our books longer than we might ideally like to. 510 00:46:01,062 --> 00:46:02,062 - Yes. 511 00:46:02,140 --> 00:46:08,140 But the key factor is here is, these are essentially just mortgages, that has allowed us to push the leverage considerably.. 512 00:46:09,234 --> 00:46:11,463 beyond what you might be willing or allowed to do; 513 00:46:11,498 --> 00:46:16,638 in any other circumstance, thereby pushing the risk profile without raising any red flags. 514 00:46:17,520 --> 00:46:21,010 Now, Thank you...sit down. What I am guessing, your report here says; 515 00:46:21,700 --> 00:46:23,400 give me some rope, 516 00:46:24,430 --> 00:46:25,720 what I am guessing, it says is that.. 517 00:46:26,450 --> 00:46:27,760 considering the, shall we say? 518 00:46:28,430 --> 00:46:31,087 bumpy road, we've been on the last week or so. 519 00:46:31,690 --> 00:46:34,860 But the figures your brilliant co- workers up the line ahead of you had come up with.. 520 00:46:35,830 --> 00:46:37,380 don't make much sense anymore; 521 00:46:38,060 --> 00:46:39,670 Considering what's taking place today? 522 00:46:41,224 --> 00:46:42,930 Actually not taking place today... 523 00:46:42,965 --> 00:46:45,441 but what's already taken place over the last two weeks. 524 00:46:45,476 --> 00:46:47,660 So, you are saying , this had already happened? 525 00:46:49,194 --> 00:46:50,105 - Sort of. 526 00:46:53,800 --> 00:46:56,300 And Mr. Sullivan, what does your model say that that means... 527 00:46:57,110 --> 00:46:58,290 for us here? 528 00:46:59,430 --> 00:47:00,510 Well, that's where it becomes a projection. 529 00:47:02,552 --> 00:47:04,364 But... ummm.. 530 00:47:05,280 --> 00:47:06,910 You're speaking with me Mr. Sullivan. 531 00:47:08,270 --> 00:47:09,290 Well... sir... 532 00:47:10,360 --> 00:47:12,510 If those assets decrease.. 533 00:47:13,320 --> 00:47:14,890 by just 25 percent, and remain on our books... 534 00:47:16,370 --> 00:47:17,290 that loss... 535 00:47:18,650 --> 00:47:21,290 would be greater than the current market capitalization of this entire company. 536 00:47:27,500 --> 00:47:28,950 So what you're telling me... 537 00:47:30,100 --> 00:47:31,300 is that... 538 00:47:31,960 --> 00:47:33,180 music is about to stop. 539 00:47:34,970 --> 00:47:39,403 and we are going to be left holding... 'the biggest bag of odorous excrement' 540 00:47:40,302 --> 00:47:45,098 ever assembled in the history of capitalism? 541 00:47:49,130 --> 00:47:50,170 Well sir, I'm not sure I'd.. 542 00:47:51,350 --> 00:47:52,980 put it that way, but let me clarify... 543 00:47:53,390 --> 00:47:54,900 using your analogy, 544 00:47:55,480 --> 00:47:57,060 what this model shows... 545 00:47:58,470 --> 00:48:01,780 is the music, so to speak, just slowing, 546 00:48:02,440 --> 00:48:04,000 If the music were to stop, as you put it, 547 00:48:05,280 --> 00:48:06,320 then this model would not be even close; 548 00:48:07,680 --> 00:48:11,083 to that scenario. It would be considerably worse. 549 00:48:14,380 --> 00:48:15,730 Let me tell you something Mr. Sullivan. 550 00:48:18,300 --> 00:48:23,115 Do you care to know, why I'm in this chair with you all? 551 00:48:23,116 --> 00:48:24,116 Why I earn the big bucks? 552 00:48:26,990 --> 00:48:27,739 - Yes. 553 00:48:27,774 --> 00:48:28,700 I'm here for one reason 554 00:48:29,240 --> 00:48:30,470 and one reason alone. 555 00:48:30,900 --> 00:48:34,780 I'm here to guess, what the music might do, a week, a month, 556 00:48:35,150 --> 00:48:36,620 a year from now. 557 00:48:38,547 --> 00:48:39,370 That's it! 558 00:48:40,040 --> 00:48:40,920 nothing more... 559 00:48:43,670 --> 00:48:44,970 I'm standing here tonight... 560 00:48:46,600 --> 00:48:52,213 I'm afraid that, I don't hear... a... thing... 561 00:48:54,927 --> 00:48:59,991 just... silence! 562 00:49:15,730 --> 00:49:17,990 So, now that we know that the music has stopped, what can we do about it? 563 00:49:20,400 --> 00:49:21,320 Mr. Cohen, Ms. Robertson, 564 00:49:23,010 --> 00:49:26,568 I'm afraid, I think..this is where you are supposed to step back in. 565 00:49:26,880 --> 00:49:30,129 Lord knows we've relied enough on Mr. Sullivan tonight. 566 00:49:31,530 --> 00:49:32,540 What have you got for us? 567 00:49:41,440 --> 00:49:42,460 What have I told you since... 568 00:49:42,990 --> 00:49:44,090 the first day you walked into my office? 569 00:49:46,730 --> 00:49:49,390 There are three ways to make a living in this business... 570 00:49:50,170 --> 00:49:53,176 Be first, be smarter, or cheat. 571 00:49:53,820 --> 00:49:55,532 Now, I don't cheat... 572 00:49:55,533 --> 00:49:59,740 And although I like to think, we've some pretty smart people in this building. 573 00:50:00,670 --> 00:50:03,460 it sure is a hell of alot easier to just be first. 574 00:50:03,461 --> 00:50:06,337 - Sell it all...today! 575 00:50:08,580 --> 00:50:09,680 Is that even possible Sam? 576 00:50:11,190 --> 00:50:12,850 Yes, but at what cost? 577 00:50:15,327 --> 00:50:16,457 I'll have to pay. 578 00:50:17,850 --> 00:50:18,710 Really? 579 00:50:20,152 --> 00:50:21,441 I think so. 580 00:50:22,180 --> 00:50:23,420 Where does this gonna come back to us? 581 00:50:25,815 --> 00:50:26,838 - Everywhere. 582 00:50:27,710 --> 00:50:31,193 Sam, I don't think you seem to understand what your boy here had just said... 583 00:50:35,130 --> 00:50:35,990 if I made you... 584 00:50:37,060 --> 00:50:38,230 how would you do it? 585 00:50:44,650 --> 00:50:46,950 Well, you call the traders in for their normal 6:30 meeting... 586 00:50:46,951 --> 00:50:47,951 and you be honest with them. 587 00:50:48,000 --> 00:50:49,100 B'cos they're gonna know it's the end either way. 588 00:50:50,948 --> 00:50:52,825 so you'd have to throw them a bone, and a pretty big one. 589 00:50:52,940 --> 00:50:54,570 And then, you've gotta come out of the gate storming... 590 00:50:55,510 --> 00:50:57,070 No swaps..no nothing. 591 00:50:57,990 --> 00:51:03,130 40 percent done by 10:15; by 11 O'clock all your trades have to be gone. 'cos by lunch-time 592 00:51:03,131 --> 00:51:04,131 words are gonna be out. 593 00:51:04,760 --> 00:51:09,012 and by two o'clock you'll be getting 65 cents on the dollar, if you're lucky, 594 00:51:09,290 --> 00:51:12,304 and the feds will be in here up your ass; trying to slow us down. 595 00:51:12,339 --> 00:51:14,200 Ramesh? - They can slow you down... 596 00:51:14,201 --> 00:51:17,063 but they can't stop you. it's yours to sell. 597 00:51:17,570 --> 00:51:18,760 John...even if.. 598 00:51:19,650 --> 00:51:23,476 we manage pull that off, and that's saying something... 599 00:51:24,370 --> 00:51:25,420 The real question is... 600 00:51:25,930 --> 00:51:26,800 Who are we selling this to? 601 00:51:28,000 --> 00:51:31,330 The same people we've been selling to for the last two years, and whoever else will buy it. 602 00:51:32,010 --> 00:51:33,680 But John, If you do this. 603 00:51:35,460 --> 00:51:38,939 You would've killed that market for years. It's over. 604 00:51:40,640 --> 00:51:43,979 And you are selling something that you know has no value. 605 00:51:43,980 --> 00:51:45,830 We are selling to willing buyers 606 00:51:46,320 --> 00:51:47,680 at a current fair market price, 607 00:51:48,720 --> 00:51:51,890 so that WE may survive! 608 00:51:52,360 --> 00:51:57,070 You'll never sell anything to any of those people ever again. 609 00:51:57,071 --> 00:51:58,071 - I understand. - Do you? 610 00:51:58,070 --> 00:51:59,200 - Do You??? 611 00:51:59,980 --> 00:52:01,200 This is it! 612 00:52:01,810 --> 00:52:03,510 I'm telling you. This is it. 613 00:52:14,730 --> 00:52:15,820 It's 4:00...O'clock. 614 00:52:16,650 --> 00:52:19,933 Jared you've got till 5:00 to break this down and draw me up a plan. 615 00:52:19,970 --> 00:52:24,403 Is there anyone else who knows what's in there right now, block by block? 616 00:52:24,404 --> 00:52:25,404 - Eric Dale. 617 00:52:26,510 --> 00:52:27,410 Where is he? 618 00:52:27,990 --> 00:52:30,250 As of today he is no longer with the firm. 619 00:52:30,780 --> 00:52:33,816 We have been trying to locate him. 620 00:52:37,460 --> 00:52:39,030 - Carmelo? - Yes? - Get me Eric Dale here by Six. 621 00:52:41,127 --> 00:52:42,169 - Done. 622 00:52:42,300 --> 00:52:43,890 We meet back here in an hour. 623 00:52:46,947 --> 00:52:48,560 Sam, let's talk. 624 00:53:00,610 --> 00:53:01,470 This is a hell of a town. 625 00:53:04,460 --> 00:53:05,500 I've always loved this place. 626 00:53:05,820 --> 00:53:08,340 Since the day i arived. Everything about it. 627 00:53:17,520 --> 00:53:18,880 Sam, are you gonna go with me on this? 628 00:53:22,263 --> 00:53:23,528 I don't know John. 629 00:53:25,776 --> 00:53:27,297 This one is very ugly. 630 00:53:28,440 --> 00:53:30,780 You and I are salesmen. 631 00:53:32,100 --> 00:53:34,604 We sell. That's what we do. It's not complicated. 632 00:53:34,605 --> 00:53:35,605 Exactly. 633 00:53:35,606 --> 00:53:36,606 And you know damn well.. 634 00:53:37,340 --> 00:53:40,574 you don't make a sale unless you think the guy is gonna come back for more, 635 00:53:40,609 --> 00:53:46,420 That's the lesson we learned. and tomorrow we are done. 636 00:53:47,460 --> 00:53:48,600 This is the big one. 637 00:53:50,150 --> 00:53:51,540 Most of us aren't gonna make it out of this one. 638 00:53:53,750 --> 00:53:54,760 - Us? - The street. 639 00:53:54,761 --> 00:53:57,131 What are you talking about? 640 00:53:57,240 --> 00:53:58,240 This isn't the last 'situation' I will have to deal with this week. 641 00:53:59,580 --> 00:54:01,508 This is just the start. 642 00:54:01,550 --> 00:54:04,640 It's the start because you are starting it. 643 00:54:04,641 --> 00:54:05,641 Maybe. But I don't believe that. 644 00:54:05,320 --> 00:54:06,310 Not this time. 645 00:54:07,720 --> 00:54:08,860 The numbers just don't add up anymore. 646 00:54:09,640 --> 00:54:11,650 - Well I agree with you there. I've been saying that for years. 647 00:54:12,990 --> 00:54:16,220 I mean if this kid out there can come up with this thing...? 648 00:54:18,074 --> 00:54:22,071 - I don't think I can go in knowing what I know and put the hammer down on these guys like this. 649 00:54:22,072 --> 00:54:23,072 When did you start becoming so soft, Sam? 650 00:54:25,150 --> 00:54:27,890 Fuck you soft, you're panicking. 651 00:54:30,550 --> 00:54:32,340 If you're the first one out the door; 652 00:54:32,960 --> 00:54:34,370 That's not called panicking. 653 00:54:40,640 --> 00:54:44,040 Well, you are obviously operating with more information than i have. 654 00:54:46,100 --> 00:54:47,260 But I think this could destroy this firm. 655 00:54:48,830 --> 00:54:50,070 No one will ever trust you again. 656 00:54:50,410 --> 00:54:52,440 Knowingly putting people out of business. Full stop. 657 00:54:55,700 --> 00:54:56,980 - Let me deal with that, Sam. 658 00:55:12,500 --> 00:55:13,450 How'd that go? 659 00:55:14,740 --> 00:55:15,960 This is a fucking shit show. 660 00:55:17,180 --> 00:55:18,870 They are gonna go with it? - Probably. 661 00:55:21,416 --> 00:55:22,575 - Jesus! 662 00:55:23,620 --> 00:55:24,640 Remember this day boys, 663 00:55:27,180 --> 00:55:28,540 Remember this day. 664 00:55:44,330 --> 00:55:45,400 What's the strategy here? 665 00:55:47,530 --> 00:55:48,670 Well, that's why i'm headed downstairs, to work it with my guys. 666 00:55:48,980 --> 00:55:51,340 No, not you and I... With John. 667 00:55:57,500 --> 00:55:59,950 I'm not sure that we need one, Sarah. That's not the way I do things. 668 00:56:01,905 --> 00:56:02,884 Please. 669 00:56:04,780 --> 00:56:06,310 Listen, He knows where we are still on this. 670 00:56:08,155 --> 00:56:09,197 All along. 671 00:56:09,780 --> 00:56:11,240 That's exactly my point. 672 00:56:11,840 --> 00:56:13,050 And knowing what was discussed.. 673 00:56:14,320 --> 00:56:19,198 by both you and I. I don't think this could provide you with anything. 674 00:56:19,233 --> 00:56:20,630 other than, false sense of comfort. 675 00:56:21,540 --> 00:56:23,640 I'm not looking for sense of comfort. 676 00:56:25,760 --> 00:56:27,390 I don't think there's one to be found. 677 00:56:38,500 --> 00:56:39,670 So again, what's the strategy? 678 00:56:43,140 --> 00:56:44,820 I'm just not sure there's much more to do in this. 679 00:56:46,370 --> 00:56:47,590 It's very simple. 680 00:56:48,260 --> 00:56:50,360 Don't even think of fucking me on this. 681 00:56:52,785 --> 00:56:54,265 because if we are going down... 682 00:56:55,170 --> 00:56:56,250 you damn well know we'll be together. 683 00:57:00,640 --> 00:57:02,040 No, I'm not sure I do know that. 684 00:57:39,940 --> 00:57:41,190 What do you think Tuld made last year? 685 00:57:44,760 --> 00:57:45,640 Would you shut the fuck up. 686 00:57:46,330 --> 00:57:47,680 86 mil. 687 00:57:49,130 --> 00:57:50,760 In bonuses and salary . 688 00:57:52,487 --> 00:57:53,418 Really? 689 00:57:53,453 --> 00:57:54,080 Sure, it's public record. 690 00:57:57,040 --> 00:57:58,520 He was worth a billion. 691 00:57:59,786 --> 00:58:01,007 - Was? 692 00:58:01,042 --> 00:58:01,890 Until today. 693 00:58:13,870 --> 00:58:15,090 I could use some real air. 694 00:58:15,950 --> 00:58:17,150 Probably a good idea. 695 00:58:38,070 --> 00:58:40,500 Hello, Will Emerson. 696 00:58:41,250 --> 00:58:42,200 Hello? 697 00:58:48,310 --> 00:58:50,490 No, thank you. I understand. 698 00:58:53,380 --> 00:58:54,930 No, we'll be discreet. 699 00:58:57,670 --> 00:58:59,440 What? 700 00:58:59,441 --> 00:59:00,441 Eric's wife. 701 00:59:00,890 --> 00:59:03,530 He's alive, he's home. He doesn't wanna speak to us. He doesn't know she rang me. 702 00:59:04,040 --> 00:59:05,000 Where's he live? 703 00:59:05,001 --> 00:59:06,001 The heights. 704 00:59:06,060 --> 00:59:07,680 Should we call Tuld's guy? 705 00:59:08,480 --> 00:59:11,754 No.it's Eric...the last thing we need is those guys going over there, you two go try to get him. 706 00:59:11,755 --> 00:59:13,642 But you've got to be back here by 6:00 AM. 707 00:59:17,610 --> 00:59:18,570 I hate Brooklyn. 708 00:59:23,850 --> 00:59:24,840 May I come in? 709 00:59:25,960 --> 00:59:27,260 Please, sit down. 710 00:59:37,650 --> 00:59:38,930 So... we are going to do this thing. 711 00:59:43,459 --> 00:59:44,513 - Okay. 712 00:59:45,270 --> 00:59:46,290 It's going to be tight. 713 00:59:48,950 --> 00:59:50,210 Is Sam on board? 714 00:59:50,620 --> 00:59:51,550 Not yet. 715 00:59:55,610 --> 00:59:56,670 Sarah, 716 00:59:57,380 --> 00:59:58,600 I need a head. 717 00:59:59,090 --> 01:00:02,131 to feed to the traders... on the floor and the board. 718 01:00:05,670 --> 01:00:06,910 Is it me or Cohen? 719 01:00:07,650 --> 01:00:08,610 - It's you. 720 01:00:18,290 --> 01:00:19,300 Of course you are... 721 01:00:20,360 --> 01:00:23,020 well aware I filtered several warnings to you and Cohen about this . 722 01:00:23,620 --> 01:00:24,500 A year ago. 723 01:00:25,460 --> 01:00:30,003 I really don't think that's the best path for you to be taking at this point. 724 01:00:33,280 --> 01:00:34,480 you're going to be well taken care of. 725 01:00:38,540 --> 01:00:42,901 Obviously it's quite complicated. 726 01:00:42,936 --> 01:00:44,110 John I was told that in no uncertain terms... 727 01:00:45,010 --> 01:00:46,170 It was always a very grey area. 728 01:00:47,060 --> 01:00:49,260 Actually it was made very clear at the time, 729 01:00:49,610 --> 01:00:51,280 by you and I and Cohen. 730 01:00:53,780 --> 01:00:57,627 I'd really prefer that you didn't fight me on this... 731 01:01:08,400 --> 01:01:11,158 We all fucked this one up pretty good... 732 01:01:15,610 --> 01:01:18,745 We need you to stay here till this is finished and the markets close. 733 01:01:20,139 --> 01:01:21,103 I understand. 734 01:01:23,330 --> 01:01:24,980 They'll go over the numbers with you downstairs... 735 01:01:27,220 --> 01:01:28,591 Good luck. 736 01:01:47,850 --> 01:01:49,260 What's the boy wonder want? 737 01:01:56,176 --> 01:01:57,120 You got a minute? 738 01:01:57,155 --> 01:01:59,811 We're just off to pick up Eric. - Yeah I know. Will only take a second. 739 01:01:59,812 --> 01:02:00,812 - Alright, what is it? 740 01:02:01,580 --> 01:02:05,620 - Tuld and I have concerns that Sam, may not be step up and do the right thing. 741 01:02:06,820 --> 01:02:08,350 - It's never been a problem. 742 01:02:08,351 --> 01:02:09,351 - No, it hasn't. 743 01:02:09,840 --> 01:02:12,060 But, sometimes in an acute situation, Such as this... 744 01:02:12,740 --> 01:02:15,100 often what is right. 745 01:02:15,940 --> 01:02:20,975 Can take on, mutiple interpretations. 746 01:02:22,100 --> 01:02:23,535 - Sam will step up. 747 01:02:23,536 --> 01:02:24,536 - Oh, I know..he will. 748 01:02:24,850 --> 01:02:28,670 But if he doesn't. IF he does not... 749 01:02:29,370 --> 01:02:30,595 We need to know that, You will. 750 01:02:33,770 --> 01:02:34,860 - You need to know that, I will... What? 751 01:02:36,020 --> 01:02:37,440 - That you will step up. 752 01:02:39,380 --> 01:02:41,879 - I have not doubt. That Sam will make the right decision. 753 01:02:41,880 --> 01:02:44,379 But, just to make it clear. 754 01:02:44,380 --> 01:02:47,500 He and I always have the same interpretation, Of what's right. 755 01:02:48,630 --> 01:02:50,690 No matter, How acute... the situation. 756 01:05:30,060 --> 01:05:33,460 Jesus, that's a nice place. 757 01:05:33,461 --> 01:05:34,461 - Yeah, it is.. he just bought it. 758 01:05:35,670 --> 01:05:37,190 - I hope it was with cash. 759 01:05:38,230 --> 01:05:41,720 - Fuck me. You are a heartless little shit sometimes. 760 01:05:42,540 --> 01:05:43,960 and it wasn't. 761 01:05:45,770 --> 01:05:47,370 Don't touch any of the buttons! 762 01:05:54,160 --> 01:05:55,330 What are you doing here? 763 01:05:55,820 --> 01:05:56,670 - Hey? 764 01:06:03,300 --> 01:06:05,000 So..Peter finished that model you were working on. 765 01:06:07,269 --> 01:06:08,092 - Really? 766 01:06:08,127 --> 01:06:09,540 - Caused a shit storm. 767 01:06:10,190 --> 01:06:11,190 I bet...it did. 768 01:06:12,530 --> 01:06:13,530 - Do you think he's right? 769 01:06:14,650 --> 01:06:15,510 - I know...he's right. 770 01:06:27,910 --> 01:06:31,794 Jared Cohen called an emergency meeting of the senior partners last night. 771 01:06:31,829 --> 01:06:33,220 Based on your findings.. 772 01:06:34,300 --> 01:06:37,210 They've decided to liquidate our entire position. 773 01:06:38,670 --> 01:06:39,650 Today! 774 01:06:41,726 --> 01:06:43,046 - I am very sorry about that. 775 01:06:49,520 --> 01:06:52,678 They are worried about you being out here. And they want me to get you back. 776 01:06:52,679 --> 01:06:58,020 - Jesus! - I'm just saying.. - Fuck that. 777 01:06:58,055 --> 01:07:01,700 Don't be rash. - Forget it, I've signed my papers. I'm out! 778 01:07:03,270 --> 01:07:04,160 They will pay you. 779 01:07:05,130 --> 01:07:06,190 - I've been paid enough, already. 780 01:07:15,210 --> 01:07:16,620 Did you know I built a bridge once? 781 01:07:18,962 --> 01:07:19,762 - Sorry? 782 01:07:19,763 --> 01:07:20,763 - A bridge. 783 01:07:21,070 --> 01:07:22,250 - No, I didn't know that. 784 01:07:22,920 --> 01:07:24,250 - I was an engineer by trade. 785 01:07:27,460 --> 01:07:31,257 It went from Dilles Bottom, Ohio to Moundsville West Virgina. 786 01:07:31,540 --> 01:07:32,980 It spans 912 feet above the Ohio river. 787 01:07:34,130 --> 01:07:36,846 12,100 people a day use this thing a day. 788 01:07:37,400 --> 01:07:38,490 And It cut out 35 miles... 789 01:07:39,210 --> 01:07:42,110 of extra driving each way, between Wheeling and New Martinsville. 790 01:07:43,010 --> 01:07:44,180 That's a combined... 791 01:07:44,690 --> 01:07:45,700 847,000 miles of driving, 792 01:07:47,578 --> 01:07:48,513 a day... 793 01:07:48,890 --> 01:07:51,540 Worth 25,410,000 miles... 794 01:07:51,541 --> 01:07:52,541 a month; 795 01:07:54,120 --> 01:07:55,690 and 304 millions 796 01:07:56,200 --> 01:07:57,690 920,000 miles 797 01:07:58,170 --> 01:07:59,040 a year. 798 01:07:59,041 --> 01:08:00,041 Saved. 799 01:08:02,280 --> 01:08:05,200 Now, I completed that project in 1986... that's 22 years ago. 800 01:08:06,650 --> 01:08:09,970 So, Over the life of that one bridge.. that's 6 billion... 708 million... 801 01:08:10,930 --> 01:08:12,790 240 thousand 802 01:08:14,170 --> 01:08:15,400 miles...that haven't had to be driven! 803 01:08:17,040 --> 01:08:19,450 At what? let's say... 50 miles an hour 804 01:08:21,700 --> 01:08:24,340 So, that's a 134 million, 164 thousand 800 hours... 805 01:08:25,180 --> 01:08:26,130 or 806 01:08:26,580 --> 01:08:28,050 559 thousand 20 days... 807 01:08:29,620 --> 01:08:36,060 so that one little bridge has saved the people of those two communities a combined, 1531 years of their lives 808 01:08:37,000 --> 01:08:38,640 not wasted in a fucking car... 809 01:08:42,870 --> 01:08:46,944 One thousand five hundred and 31 years! 810 01:08:46,945 --> 01:08:47,945 - Jesus. 811 01:08:59,150 --> 01:09:00,200 I guess... you better get back over there. 812 01:09:05,857 --> 01:09:06,563 - Yeah. 813 01:09:10,235 --> 01:09:11,769 Thanks for coming by. 814 01:09:11,800 --> 01:09:12,790 - You're welcome. 815 01:09:17,310 --> 01:09:18,730 Who the fuck is this? 816 01:09:19,340 --> 01:09:21,240 I'd imagine, it's the firm's people. 817 01:09:22,360 --> 01:09:23,398 - What? 818 01:09:23,433 --> 01:09:24,490 Tuld doesn't want any loose ends. 819 01:09:26,550 --> 01:09:27,620 He fired me. 820 01:09:28,666 --> 01:09:29,814 Fuck em... Fuck em. 821 01:09:29,849 --> 01:09:31,490 - I totally agree...Fuck them. So, come back... 822 01:09:32,130 --> 01:09:33,380 take the money, You'll be home by five. 823 01:09:34,760 --> 01:09:37,970 Otherwise, they are going to fight you on everything, they are going to fight you on the package, the options... 824 01:09:39,680 --> 01:09:40,590 Be smart. 825 01:09:47,340 --> 01:09:48,530 Well..You're a better man than I. 826 01:09:50,390 --> 01:09:51,840 That's always been true. 827 01:09:51,841 --> 01:09:52,841 Yes, it has. 828 01:09:58,020 --> 01:09:59,200 The house looks good. 829 01:10:01,661 --> 01:10:02,383 Thanks. 830 01:10:02,750 --> 01:10:04,250 Hey Eric... 831 01:10:06,010 --> 01:10:08,630 don't beat yourself up too much about this stuff, alright? 832 01:10:10,420 --> 01:10:11,890 Some people like driving the long way home. 833 01:10:13,130 --> 01:10:14,340 Who the fuck knows. Right? 834 01:10:46,050 --> 01:10:47,050 There he is. 835 01:10:48,870 --> 01:10:49,750 John. 836 01:10:51,440 --> 01:10:52,400 How's it looking? 837 01:10:54,040 --> 01:10:55,440 - Cohen has done a nice job. It can work. 838 01:10:56,740 --> 01:10:57,880 - What does that mean? 839 01:10:59,940 --> 01:11:03,731 It means, as you very well know, 840 01:11:04,680 --> 01:11:08,078 that you are a very important piece of this puzzle. 841 01:11:40,240 --> 01:11:41,320 It's not a gift. 842 01:11:41,850 --> 01:11:44,640 I need to know you are with me on this. 843 01:11:47,550 --> 01:11:48,870 I'm with the firm John. 844 01:11:51,970 --> 01:11:56,019 I won't get what I need out of your boys on the floor, unless they believe you... 845 01:11:57,600 --> 01:12:00,140 unless they believe in you completely. 846 01:12:04,290 --> 01:12:05,340 Are you in, on this? 847 01:12:08,227 --> 01:12:09,806 - I told you my reservations. 848 01:12:09,950 --> 01:12:11,010 You can't have reservations! 849 01:12:13,230 --> 01:12:14,694 And I need to know now. 850 01:12:16,970 --> 01:12:22,744 Look John..I'm completelywith the firm, as I always have been. Excuse me. 851 01:12:46,830 --> 01:12:51,080 Alright, Will. Am I getting fired? 852 01:12:51,800 --> 01:12:52,820 - I don't know. 853 01:12:57,333 --> 01:13:00,042 Yeah, almost definitely. 854 01:13:01,980 --> 01:13:06,080 - Are you? - No. 855 01:13:07,715 --> 01:13:11,580 Seth, its nothing you did. You're just in a wrong firm, in a wrong time. 856 01:13:12,210 --> 01:13:15,695 Young guys are always the one to get called. Listen, nothing i can say'll make you better 857 01:13:15,696 --> 01:13:19,015 It's gonna suck for a while... and then you'll be fine. 858 01:13:24,103 --> 01:13:24,940 You alright? 859 01:13:27,182 --> 01:13:28,305 Yeah, yeah. I'm fine. 860 01:13:28,340 --> 01:13:32,160 For what its worth, I'm sorry this is happening to you. 861 01:13:34,090 --> 01:13:36,589 - Don't be. You didn't do it to me. 862 01:13:36,590 --> 01:13:39,089 - Still, Al least you're gonna have some nice cash to walk away with. 863 01:13:39,090 --> 01:13:41,589 - I guess. 864 01:13:41,590 --> 01:13:45,280 This is really gonna effect people. - Yeah, it's gonna affect people like me. 865 01:13:45,760 --> 01:13:46,880 - No, real people. 866 01:13:47,225 --> 01:13:48,370 Jesus, Seth. 867 01:13:49,190 --> 01:13:52,750 If you really wanna do this with your life. You have to believe you're necessary. And you are. 868 01:13:53,610 --> 01:13:56,335 People wanna live like this. In their cars and their big fucking houses, that they can't even pay for. 869 01:13:56,975 --> 01:13:58,355 Then, you're necessary. 870 01:13:59,305 --> 01:14:01,710 The only reason, that they all get continue living like kings is 871 01:14:02,880 --> 01:14:04,005 'cos we got our fingers on the scales in their favour. 872 01:14:04,006 --> 01:14:05,006 I take my hand off. 873 01:14:06,755 --> 01:14:12,530 Well then the whole world gets really fucking fair, really fucking quickly and nobody asks you one shite. 874 01:14:13,355 --> 01:14:14,580 They want what we've to give them.. 875 01:14:15,155 --> 01:14:18,915 but they also wanna you know, play innocent and pretend they've no idea where it came from. 876 01:14:19,605 --> 01:14:21,955 That's more hypocracy than I'm willing to swallow. So, fuck them. 877 01:14:22,750 --> 01:14:23,885 Fuck normal people! 878 01:14:25,250 --> 01:14:27,275 You know, the funny thing is. Tommorow, if all of these goes tits up. 879 01:14:29,082 --> 01:14:31,757 They're gonna crucify us. For being, too reckless. 880 01:14:31,792 --> 01:14:32,915 But if we are wrong?? 881 01:14:33,455 --> 01:14:34,500 And everything gets back on track. 882 01:14:36,455 --> 01:14:39,222 Well then, the same people are gonna laugh until they piss their pants. 883 01:14:39,845 --> 01:14:42,154 Because, we are gonna look like the biggest pussies that God ever let through the door. 884 01:14:47,029 --> 01:14:48,966 Do you think we are gonna be wrong? 885 01:14:50,822 --> 01:14:52,466 Nah, i don't know..fuck. 886 01:15:07,030 --> 01:15:08,110 Good morning. 887 01:15:08,860 --> 01:15:09,740 Peter... 888 01:15:10,590 --> 01:15:11,570 you want one? 889 01:15:13,304 --> 01:15:14,541 - I don't smoke. 890 01:15:14,576 --> 01:15:17,333 That's good. I don't much either. 891 01:15:28,180 --> 01:15:29,220 Are you tired? 892 01:15:30,490 --> 01:15:31,460 - Of what? 893 01:15:32,010 --> 01:15:33,190 Remember, I don't work as hard as you do. 894 01:15:33,191 --> 01:15:34,191 - Oh, That's not true. 895 01:15:34,390 --> 01:15:35,690 - No it is...actually. 896 01:15:39,880 --> 01:15:42,150 - Are we all getting fired after today? - Probably. 897 01:15:43,990 --> 01:15:45,280 - Are they going to fire you? 898 01:15:46,450 --> 01:15:47,630 - Well, they won't exactly call it that. 899 01:15:50,260 --> 01:15:53,130 but... it'll be a mercy killing really. You don't have to stand out here for me. 900 01:15:55,230 --> 01:15:58,230 - No, I know. I really don't want to go back in there just yet. 901 01:15:59,670 --> 01:16:00,880 - I understand that. 902 01:16:03,460 --> 01:16:04,580 - I think I know your son. 903 01:16:05,500 --> 01:16:06,440 - Really? 904 01:16:06,840 --> 01:16:09,140 - Not well... but, he always seemed like a nice person. 905 01:16:10,530 --> 01:16:11,980 - He is a nice person. 906 01:16:13,040 --> 01:16:14,370 I guess you could say alot worse about a guy. 907 01:16:16,370 --> 01:16:17,570 - Does he know what's about to happen? 908 01:16:19,330 --> 01:16:20,320 - What do you mean? 909 01:16:22,586 --> 01:16:23,962 - Did you talk to him? 910 01:16:23,963 --> 01:16:27,073 - No..I hadn't even thought of it. 911 01:16:33,750 --> 01:16:35,240 - They're all coming in now. 912 01:16:36,560 --> 01:16:37,800 - Yes they are. 913 01:16:42,960 --> 01:16:44,540 - Have you ever done anything like this? 914 01:16:46,120 --> 01:16:50,035 - No... never.... not even close. 915 01:16:55,790 --> 01:16:58,150 - Are you sure..it's the only... 916 01:16:59,660 --> 01:17:01,260 or the... right thing to do? 917 01:17:04,670 --> 01:17:05,630 - For who? 918 01:17:08,410 --> 01:17:09,510 I'm not sure. 919 01:17:10,560 --> 01:17:11,710 - Neither am I. 920 01:18:51,850 --> 01:18:52,790 - You alright? 921 01:18:56,157 --> 01:18:57,740 You are about to fire me. 922 01:19:14,017 --> 01:19:16,986 You know, this is.. This is all I've ever wanted to do. 923 01:19:23,774 --> 01:19:24,928 - Really? 924 01:19:59,854 --> 01:20:00,905 You as well, huh? 925 01:20:00,906 --> 01:20:01,906 - Yes. 926 01:20:03,359 --> 01:20:04,699 - Jesus! 927 01:20:07,219 --> 01:20:08,031 Sorry. 928 01:20:08,066 --> 01:20:09,295 - Thank you. 929 01:20:23,417 --> 01:20:25,663 I didn't think they were going to be able to get you back here. 930 01:20:29,040 --> 01:20:30,790 - They told me they were going to drag me through hell on everything 931 01:20:31,240 --> 01:20:33,740 the next two years.. my options, my healthcare 932 01:20:34,860 --> 01:20:36,360 or I could come back here and make... 933 01:20:37,790 --> 01:20:38,860 $176,471.00 an hour 934 01:20:41,910 --> 01:20:42,790 to sit quietly... in this room. 935 01:20:46,237 --> 01:20:47,821 I couldn't see much of choice. 936 01:20:49,091 --> 01:20:50,257 - It never is. 937 01:20:54,350 --> 01:20:55,940 Obviously looking back, 938 01:20:56,586 --> 01:21:00,340 It was expressed with insufficient urgency... 939 01:21:01,570 --> 01:21:02,850 but your point was passed on... 940 01:21:03,830 --> 01:21:04,930 I need you to know that. 941 01:21:06,767 --> 01:21:07,589 Eric. 942 01:21:07,624 --> 01:21:10,509 Its okay, I understand, believe me. 943 01:21:10,720 --> 01:21:12,070 there was nothing you could have done. 944 01:21:13,742 --> 01:21:14,774 I guess... 945 01:21:17,610 --> 01:21:20,458 at the time... it didn't seem like there was much of a choice. 946 01:21:21,792 --> 01:21:23,017 - It never does. 947 01:21:44,830 --> 01:21:46,390 What is your package going to be like? 948 01:21:49,460 --> 01:21:51,870 - I don't know, that's what I'm waiting for now. 949 01:21:53,377 --> 01:21:54,688 - It probably pretty good. 950 01:21:56,120 --> 01:21:57,300 - It better be. 951 01:22:12,940 --> 01:22:15,353 Thank you all for coming in a little early this morning, 952 01:22:16,650 --> 01:22:20,190 I know yesterday was pretty bad, and I wish I could say that today is going to be less so, 953 01:22:20,191 --> 01:22:21,191 but that isn't going to be the case. 954 01:22:21,990 --> 01:22:24,630 Now, I am supposed to read this statement here to you all here, 955 01:22:24,631 --> 01:22:27,634 but how bout you read it on your own time and I'll just tell you what the fuck's going on here. 956 01:22:28,660 --> 01:22:30,250 I've been here all night. 957 01:22:31,370 --> 01:22:32,760 meeting with the executive committee. 958 01:22:34,140 --> 01:22:40,378 and the decision has been made to unwind a considerable portion of the firm's holdings in several key asset classes. 959 01:22:44,340 --> 01:22:45,830 The crux of it is... in the firm's thinking. 960 01:22:46,350 --> 01:22:48,811 the party is over as of this morning. 961 01:22:49,820 --> 01:22:53,565 There is going to be considerable turmoil in the markets for the foreseeable future. 962 01:22:53,910 --> 01:22:57,220 And they believe... it is better, that this turmoil begin with us... 963 01:23:00,530 --> 01:23:01,620 as a result... 964 01:23:02,650 --> 01:23:03,900 the firm has decided to liquidate 965 01:23:05,030 --> 01:23:07,400 its majority positions of fixed income MBS.. 966 01:23:08,994 --> 01:23:09,948 today. 967 01:23:10,800 --> 01:23:12,130 These are your packets, 968 01:23:12,640 --> 01:23:16,026 you will see what accounts you are responsible for today. 969 01:23:17,460 --> 01:23:18,960 I'm sure it hasn't taken you long to.. 970 01:23:20,670 --> 01:23:22,290 understand the implications of this sale. 971 01:23:23,350 --> 01:23:26,457 on your relationships with your counter-parties and as a result... 972 01:23:28,885 --> 01:23:30,190 on your careers. 973 01:23:30,225 --> 01:23:31,260 I have expressed this 974 01:23:31,650 --> 01:23:32,620 reality 975 01:23:33,370 --> 01:23:36,379 to the executive committee and they understand. 976 01:23:36,414 --> 01:23:36,780 As a result, 977 01:23:37,430 --> 01:23:40,300 if you achieve a 93% sale of your assets... 978 01:23:41,000 --> 01:23:45,370 you will receive a 1.4 million dollar one off bonus. 979 01:23:46,120 --> 01:23:47,410 If the floor as a whole 980 01:23:48,070 --> 01:23:56,286 achieves a 93% sale you will get an additional 1.3 million a piece. 981 01:23:56,890 --> 01:23:58,820 For those of you who have never been through this before, 982 01:23:59,540 --> 01:24:01,750 this is what the beginning of a fire sale looks like. 983 01:24:02,840 --> 01:24:06,311 I cannot begin to tell you how important first hour and half is gonna be. 984 01:24:06,312 --> 01:24:08,536 I want you to hit every bite you can find. 985 01:24:08,860 --> 01:24:10,280 Dealers, brokers, clients... 986 01:24:10,870 --> 01:24:11,880 Your mother, if she respond. 987 01:24:13,840 --> 01:24:14,720 No swaps. 988 01:24:15,340 --> 01:24:18,216 It's outgoing only, today. 989 01:24:20,690 --> 01:24:24,748 Obviously, this isn't going down the way that any of us would've hoped. 990 01:24:25,620 --> 01:24:28,515 but the ground is shifting below our feet, 991 01:24:28,690 --> 01:24:30,970 And apparently, there is no other way out. 992 01:24:50,201 --> 01:24:56,692 Christ... this is Obviously, a very very unique situation... 993 01:24:57,220 --> 01:24:58,450 if we are successful today. 994 01:24:59,680 --> 01:25:02,300 We will have been successful in destroying our own jobs... 995 01:25:04,730 --> 01:25:06,130 I can not promise that any of you.. all of you... 996 01:25:09,130 --> 01:25:10,220 Some of you would be repositioned within the firm. 997 01:25:12,400 --> 01:25:13,520 but I can tell you that, I am very proud of the work we've done here today. 998 01:25:19,280 --> 01:25:20,620 I have been at this place, 999 01:25:22,020 --> 01:25:23,170 34 years, 1000 01:25:24,550 --> 01:25:30,056 I can tell you from experience, that people are going to say some very nasty things about what we do here today. 1001 01:25:29,990 --> 01:25:32,800 about what you've dedicated a portion of your lives to. 1002 01:25:36,020 --> 01:25:38,650 But have faith that in the bigger picture, 1003 01:25:39,470 --> 01:25:40,580 our skills have not been wasted, 1004 01:25:41,350 --> 01:25:42,880 we have accomplished much, 1005 01:25:43,380 --> 01:25:44,550 and our talents 1006 01:25:45,260 --> 01:25:46,490 have been used... 1007 01:25:48,420 --> 01:25:49,900 for the greater good. 1008 01:25:51,130 --> 01:25:54,047 Here's your packets, get to work. 1009 01:26:27,430 --> 01:26:29,929 Phone man: City..this is Eric. - Give me Elliott. 1010 01:26:29,930 --> 01:26:32,710 - City. - Hey, its Will Emerson. 1011 01:26:33,730 --> 01:26:35,040 William, how are you? - I'm alright, how's the trouble at scribes? 1012 01:26:35,041 --> 01:26:36,041 - Busting my ass, as always. 1013 01:26:36,330 --> 01:26:38,710 - You see, that's what i've been trying to tell you. John, why do you thing I'm saying this? 1014 01:26:38,711 --> 01:26:39,711 - I know you did. 1015 01:26:39,712 --> 01:26:40,712 What can i do for you? 1016 01:26:40,640 --> 01:26:43,139 - Listen, I just got tapped on my shoulder, 1017 01:26:43,140 --> 01:26:45,639 we've got some words over here that we need to move. 1018 01:26:45,640 --> 01:26:46,640 So, today. It looks like my lost is your gain. 1019 01:26:45,640 --> 01:26:48,139 - What kind of size you're talking about? 1020 01:26:48,140 --> 01:26:50,639 Should be on your screen, I just sent it. 1021 01:26:50,640 --> 01:26:53,220 - Jesus, what is this gonna land? - 96 on a dollar. 1022 01:26:53,610 --> 01:26:55,240 - 91? - Whole three and we're done at 94. 1023 01:26:55,810 --> 01:26:57,310 93 and a half? - Done! 1024 01:26:57,865 --> 01:27:00,135 - This is trading? - Hello, gorgious. 1025 01:27:00,745 --> 01:27:03,244 - Will, what's happening over there? - Today's moving day. 1026 01:27:03,245 --> 01:27:07,470 - What's the fuck are you guys so worked up about? - You think they tell me anything, all i know is that 1027 01:27:07,685 --> 01:27:10,184 today my loss is your gain. Now, you're friendly 1028 01:27:10,185 --> 01:27:12,684 So, I'm coming to you first. I got two seventy mill 1029 01:27:12,685 --> 01:27:15,184 a fifteen year paying at a twenty half a part. 1030 01:27:15,185 --> 01:27:17,684 - Where is it from? - Where is it from? Do you care? 1031 01:27:17,685 --> 01:27:20,184 - No, not really. Now... 1032 01:27:20,185 --> 01:27:23,660 Where's the trade? I'm hearing that you guys.... - I'm only sharing this with you 1033 01:27:23,965 --> 01:27:26,464 right now! 1034 01:27:26,465 --> 01:27:28,964 85... - Done. 1035 01:27:28,965 --> 01:27:31,464 - Deutsche? 1036 01:27:31,465 --> 01:27:33,964 - Its Will Emerson. 1037 01:27:33,965 --> 01:27:36,464 - Fuck you, you lying bastard. - Come on, are you still angry about that. 1038 01:27:36,465 --> 01:27:38,849 Word is out, i'm hanging up. 1039 01:27:38,850 --> 01:27:41,349 - Merryll? - Lawrence. 1040 01:27:41,350 --> 01:27:43,849 - What the fuck are you guys doing over there? 1041 01:27:43,850 --> 01:27:46,780 - Just a little spring cleaning. - That is not what i'm hearing. 1042 01:27:47,035 --> 01:27:49,651 Alright, Lawrence. Are you a buyer? - I'm not sure anymore. Where at? 1043 01:27:50,161 --> 01:27:51,518 - Why, it sounds like I should be asking 'Where at.' 1044 01:27:52,250 --> 01:27:54,360 375 mill at third year mix. - Fuck me.. 1045 01:27:55,570 --> 01:27:58,069 - Are you with me on this? 1046 01:27:58,070 --> 01:28:00,569 63 cents? - or fuck you, I'm hanging up. 1047 01:28:00,570 --> 01:28:03,970 63? - I'll come back to you on five. 1048 01:28:03,971 --> 01:28:04,971 - Maybe, fifty five and five. 1049 01:28:05,915 --> 01:28:08,195 - Well, alright then, stay on the line. 1050 01:28:09,150 --> 01:28:10,440 Sam, pick up the phone. 1051 01:28:10,925 --> 01:28:13,424 Sam...get on the line! 1052 01:28:13,425 --> 01:28:15,924 I got Lawrence in now. - Where are we? 1053 01:28:15,925 --> 01:28:18,755 - sixty three six. - Jesus, and what? 1054 01:28:19,555 --> 01:28:20,690 Get him to sixty five and hit it. 1055 01:28:21,745 --> 01:28:22,950 Are you fucking kidding me on this? 1056 01:28:23,795 --> 01:28:26,294 That's a hundred million lost on a single trade. 1057 01:28:26,295 --> 01:28:30,775 I understand...hit it. 1058 01:28:31,030 --> 01:28:32,800 Well, Lawrence. We'd fill a kill at sixty five. 1059 01:28:33,115 --> 01:28:34,640 - It's filled. 1060 01:28:56,210 --> 01:28:57,100 - Well done. 1061 01:29:04,220 --> 01:29:07,100 I just wanna give you heads up. They're gonna start sending a few people home now. 1062 01:29:11,280 --> 01:29:13,770 Now? - Yes, I know this ends. 1063 01:30:28,090 --> 01:30:29,220 Please sit. 1064 01:30:29,990 --> 01:30:31,300 Congratulations are clearly in order. 1065 01:30:33,496 --> 01:30:34,750 We did the best we could. 1066 01:30:35,810 --> 01:30:36,780 You did a hell of a job. 1067 01:30:38,390 --> 01:30:39,360 And i thank you for that. C'mon sit. 1068 01:30:40,300 --> 01:30:41,410 Excuse me for eating, but... 1069 01:30:43,300 --> 01:30:44,650 It's been a long day. 1070 01:30:45,270 --> 01:30:46,850 - Can i get you something? - No, nothing, Thanks. 1071 01:30:51,980 --> 01:30:54,070 - What can i do for you? - I want out. 1072 01:30:55,910 --> 01:30:57,350 - I'm done, I want out. 1073 01:31:00,720 --> 01:31:03,131 - It's a very difficult day for all... - I need you to release my options, 1074 01:31:03,531 --> 01:31:05,903 If they're worth anything today, I want my bonus, I am out. 1075 01:31:06,175 --> 01:31:06,910 - You'll get your bonus, your options... 1076 01:31:07,250 --> 01:31:09,780 and keep a calm face. But i need you to stay with me for next 24 months.. 1077 01:31:18,650 --> 01:31:20,070 You did some good today, you said that yourself. 1078 01:31:21,240 --> 01:31:22,150 You know... 1079 01:31:22,660 --> 01:31:25,523 I'm starting to feel a little better about all this whole thing. 1080 01:31:26,880 --> 01:31:29,110 You're one of the luckiest guy in the world, Sam. 1081 01:31:29,660 --> 01:31:30,880 You could've been digging dicks all this years. 1082 01:31:33,303 --> 01:31:34,060 That's true. 1083 01:31:34,095 --> 01:31:34,860 - And if i had, at least... 1084 01:31:41,020 --> 01:31:44,199 How the hell did we fuck this up, quite so much? 1085 01:31:47,130 --> 01:31:50,563 - When did you start feeling so sorry for yourself..its unbearable. 1086 01:31:51,550 --> 01:31:54,777 - So, you think we might've put a few people out of business today. 1087 01:31:54,778 --> 01:31:55,778 It's all for note. 1088 01:31:57,550 --> 01:32:01,250 But you've been doing that everyday, for almost 40 years Sam 1089 01:32:03,070 --> 01:32:06,000 If this is all for note, then so is everything out there. 1090 01:32:09,585 --> 01:32:10,839 Its just money. 1091 01:32:11,410 --> 01:32:12,310 It's made up. 1092 01:32:14,070 --> 01:32:15,820 It's pieces of paper with a picture on it. So, we don't have to 1093 01:32:16,590 --> 01:32:17,860 kill each other, just to get something to eat. 1094 01:32:20,138 --> 01:32:21,400 Its not wrong. 1095 01:32:21,420 --> 01:32:22,400 And it's certainly not different today, then it's ever been. 1096 01:32:25,850 --> 01:32:31,160 1637, 1797, 1819, 37..57 1097 01:32:32,030 --> 01:32:33,260 84, 1098 01:32:34,670 --> 01:32:36,690 1901, 07 1099 01:32:37,350 --> 01:32:40,360 29, 1937..1974 1100 01:32:41,050 --> 01:32:43,290 1987, Jesus! Didn't that fucker fuck me up good. 1101 01:32:44,050 --> 01:32:46,520 92, 97..2000 and whatever we wanna call this. 1102 01:32:47,280 --> 01:32:49,670 All just for same thing, over and over..we can't help ourselves. 1103 01:32:51,450 --> 01:32:52,400 And we wanna like uh, 1104 01:32:56,350 --> 01:32:59,460 Control it, or stop it or even slow it. We haven't even since slightly altered. 1105 01:33:00,770 --> 01:33:01,940 We just react. 1106 01:33:03,450 --> 01:33:04,890 We get a lot of money, if we get it right. 1107 01:33:05,770 --> 01:33:07,370 And we get left by the side of road, if we get it wrong. 1108 01:33:08,880 --> 01:33:12,240 And there has always been, and always will be.. the same percentage of winners and losers 1109 01:33:12,241 --> 01:33:13,241 happy fucks and sad sacks. 1110 01:33:13,940 --> 01:33:15,040 Fat cats and starving dogs, in this world. 1111 01:33:20,280 --> 01:33:21,700 Yeah, then maybe more of us today, than there ever been... 1112 01:33:22,410 --> 01:33:24,200 but the percentage, 1113 01:33:24,960 --> 01:33:26,600 they stand exactly the same. 1114 01:33:45,230 --> 01:33:47,956 I'll do it John, not but because of the little speech, 1115 01:33:49,701 --> 01:33:50,980 But because I need the money. 1116 01:33:52,370 --> 01:33:57,750 Hard to believe, after all this years.. But I... need the money. 1117 01:34:08,250 --> 01:34:09,320 Are you gonna keep the kid? 1118 01:34:12,250 --> 01:34:13,440 Keep him? He's gonna promote him. 1119 01:34:14,420 --> 01:34:15,900 Its all hands on deck now Sam. 1120 01:34:16,600 --> 01:34:19,139 There's gonna be a lot of money to be made, coming out of this mess. 1121 01:34:19,140 --> 01:34:21,809 And they're gonna need all the brains, we can get out on here. 1122 01:36:40,760 --> 01:36:44,320 I went home from the vet and I couldn't think of where as to go. 1123 01:36:45,950 --> 01:36:47,240 She belongs here. 1124 01:36:49,180 --> 01:36:52,386 I know, but Sam you don't live here anymore. 1125 01:36:56,720 --> 01:37:01,494 Are you alright? You don't look so good. 1126 01:37:03,060 --> 01:37:04,670 Yeah, it's been a rough day all the way around. 1127 01:37:05,210 --> 01:37:06,490 I know, Sammy called. 1128 01:37:06,491 --> 01:37:07,491 Is he alright? 1129 01:37:08,350 --> 01:37:09,550 They got hammered, 1130 01:37:09,551 --> 01:37:11,974 but got out alive. 1131 01:37:11,975 --> 01:37:12,975 - good. 1132 01:37:20,150 --> 01:37:23,610 Well, I am going to go back inside 1133 01:37:23,611 --> 01:37:26,228 and go back to bed. 1134 01:37:26,880 --> 01:37:30,287 The alarm is on so don't try to break in. 1135 01:37:39,405 --> 01:37:40,661 Take care of yourself.