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