1
00:00:06,640 --> 00:00:09,200
You seen Pierpoint’s stock price?
You had a drink yet?
2
00:00:09,480 --> 00:00:11,560
The stock’s fucking halved,
would you blame me?
3
00:00:12,080 --> 00:00:14,000
It was like Omaha Beach
on the floor today.
4
00:00:15,120 --> 00:00:16,280
They're serving Prosecco.
5
00:00:16,840 --> 00:00:17,960
Can't afford champagne.
6
00:00:18,120 --> 00:00:19,560
It screams sell signal, no doubt.
7
00:00:19,560 --> 00:00:21,920
Yeah, I need you to come
to the 13th floor immediately.
8
00:00:33,240 --> 00:00:35,960
Hey, hey, why the fuck
did they not cancel this party?
9
00:00:36,480 --> 00:00:37,600
It's too late. You've got a...
10
00:00:38,640 --> 00:00:40,360
I haven't seen a day
this bloody since '08.
11
00:00:40,480 --> 00:00:42,440
- Don't go home.
- Yeah, it's worse there.
12
00:00:42,440 --> 00:00:43,920
- Don't worry.
- Don't go to the party.
13
00:00:44,040 --> 00:00:46,200
Whatever's left on the desk's books,
however you're axed,
14
00:00:46,320 --> 00:00:48,520
long, short, any product,
get rid of it now.
15
00:00:49,160 --> 00:00:52,960
We've got one hour of U.S. trading left
and you need to trade Asia.
16
00:00:53,080 --> 00:00:55,320
People might not be trading
with us come morning.
17
00:00:55,320 --> 00:00:57,960
Book any profit. Take any loss.
18
00:00:58,640 --> 00:00:59,640
Clean house.
19
00:01:00,640 --> 00:01:02,640
Hey, what's going on?
20
00:01:04,200 --> 00:01:05,320
The bell's tolling.
21
00:01:13,720 --> 00:01:14,680
How bad is it?
22
00:01:14,680 --> 00:01:16,480
We'll be talking about
Pierpoint's stock price
23
00:01:16,480 --> 00:01:17,720
in cents, not dollars soon.
24
00:01:17,720 --> 00:01:20,120
The debt we issued to fund
the ESG pivot has matured,
25
00:01:20,120 --> 00:01:22,480
and our creditors are banging down
our door for money that isn't there.
26
00:01:22,480 --> 00:01:24,320
How close are we to declaring bankruptcy?
27
00:01:24,320 --> 00:01:26,680
Hours. The counsel in this room
are working avenues
28
00:01:26,680 --> 00:01:28,880
for a capital injection
to buy us a stay of execution.
29
00:01:28,880 --> 00:01:30,160
That price is low--
30
00:01:32,040 --> 00:01:34,840
I haven't seen price action
this aggressive since Lehman Brothers.
31
00:01:34,840 --> 00:01:35,880
Excuse me.
32
00:01:36,320 --> 00:01:39,480
He's about to come on.
Tom! He's about to come on.
33
00:01:46,600 --> 00:01:48,200
You have the assistant secretary.
34
00:01:49,160 --> 00:01:50,280
Graham Steele speaking.
35
00:01:50,280 --> 00:01:52,440
This is Tom Wolsey in dreary London.
36
00:01:52,960 --> 00:01:55,760
I'm told Wilhelmina brought you
up to speed last night.
37
00:01:56,320 --> 00:01:58,840
Yeah, listen,
I've reviewed your situation.
38
00:01:58,960 --> 00:02:02,160
It looks like you've positioned yourself
as lender, buyer, and seller.
39
00:02:02,280 --> 00:02:04,480
Like JP Morgan with WeWork?
40
00:02:04,840 --> 00:02:06,640
Yeah, a one-stop shop.
41
00:02:07,480 --> 00:02:10,080
And you didn't think
this was inappropriately high-risk?
42
00:02:11,400 --> 00:02:14,200
And incestuous? Yep.
For the record, I think it was.
43
00:02:14,560 --> 00:02:17,080
We liked the risk-reward.
44
00:02:17,720 --> 00:02:19,520
In hindsight, not so much.
45
00:02:20,080 --> 00:02:22,280
We're looking for
an emergency cash injection
46
00:02:22,280 --> 00:02:25,680
of around 15 billion dollars
in short order to plug the hole
47
00:02:25,680 --> 00:02:28,040
and give us a chance to restructure.
48
00:02:28,240 --> 00:02:32,160
Our current share price is 45 dollars.
49
00:02:32,640 --> 00:02:35,800
It's now 8:00 p.m., U.K., Thursday night.
50
00:02:36,320 --> 00:02:40,040
We need to resolve this
before the U.S. markets open on Friday,
51
00:02:40,200 --> 00:02:41,600
2:30 p.m., U.K.
52
00:02:44,520 --> 00:02:45,480
Okay.
53
00:02:46,000 --> 00:02:49,160
I don't have the reach or, frankly,
the influence to advise here.
54
00:02:50,200 --> 00:02:54,680
You're assistant secretary of the Treasury
for Financial Institutions, Graham.
55
00:02:55,160 --> 00:02:57,360
If you don't have
the authority to do your job,
56
00:02:57,360 --> 00:02:59,200
I want to speak to someone who can.
57
00:03:01,760 --> 00:03:04,760
I'm gonna pull the treasury secretary
out of her 3:00 p.m., okay?
58
00:03:08,120 --> 00:03:10,160
Can you get me
at least two more packs of this?
59
00:03:10,280 --> 00:03:11,720
If I run out, I'll have to light up,
60
00:03:11,720 --> 00:03:13,640
then it'll all get
a bit too Glengarry in here.
61
00:03:22,440 --> 00:03:24,520
The head of sales
should be at the 150th party.
62
00:03:24,520 --> 00:03:25,560
Keep up appearances.
63
00:03:25,560 --> 00:03:27,440
Trying to contain the issue
to this room is--
64
00:03:28,040 --> 00:03:29,120
It's a fool's errand.
65
00:03:30,040 --> 00:03:31,360
- You okay?
- John Mack?
66
00:03:31,520 --> 00:03:34,480
- Right? Should we get him on the phone?
- Yeah, just a little... a foggy head.
67
00:03:35,080 --> 00:03:36,920
It's a little late for a fireside chat.
68
00:03:37,160 --> 00:03:38,240
- Don't you think?
- I can stay.
69
00:03:38,760 --> 00:03:41,440
Our voice combined is a voice
which speaks with the authority
70
00:03:41,440 --> 00:03:42,880
of half a century in this firm.
71
00:03:42,880 --> 00:03:45,680
This is an existential moment.
There are multiple possible outcomes.
72
00:03:45,840 --> 00:03:50,600
So, let's not let them sell our soul
just because there's a gun to our temple.
73
00:03:55,760 --> 00:03:57,800
Julian? Yeah, would you excuse us?
74
00:03:59,320 --> 00:04:02,400
I've spoken to the rest
of the Hanani Publishing board
75
00:04:02,400 --> 00:04:04,200
and we have decided unanimously
76
00:04:04,200 --> 00:04:07,840
that we are going to take care
of the damages.
77
00:04:09,360 --> 00:04:12,720
We all just wanna move on.
I'm sure you can empathize.
78
00:04:13,280 --> 00:04:18,120
But our PR team is working
round the clock to stage-manage this.
79
00:04:18,720 --> 00:04:21,640
And what we're getting is...
80
00:04:22,880 --> 00:04:23,880
the press
81
00:04:24,640 --> 00:04:27,880
want a public face for this scandal.
82
00:04:28,160 --> 00:04:30,160
Well, given a dead one
doesn't work, right?
83
00:04:31,400 --> 00:04:32,840
I mean, she's been through enough.
84
00:04:33,400 --> 00:04:37,400
We'd like to brief the press that you knew
all about the embezzlement
85
00:04:37,400 --> 00:04:40,360
and were its main beneficiary.
86
00:04:40,600 --> 00:04:42,720
Now, they won't be able to finger you
87
00:04:42,720 --> 00:04:45,000
from a legal standpoint,
but it will be good--
88
00:04:45,000 --> 00:04:46,680
You want her to wear
the fucking scarlet letter?
89
00:04:46,680 --> 00:04:47,960
Do you know how this country works?
90
00:04:47,960 --> 00:04:50,040
I mean, they'll hang her up
as a fucking effigy.
91
00:04:50,800 --> 00:04:51,880
It's a lot of money.
92
00:04:52,600 --> 00:04:53,760
Many millions.
93
00:04:54,240 --> 00:04:56,280
And it's the real world.
94
00:04:56,280 --> 00:04:59,520
You know, there are caveats
and stipulations
95
00:04:59,520 --> 00:05:03,200
- to that kind of money.
- Yeah, but they'll flay me.
96
00:05:04,120 --> 00:05:05,880
And I mean, they're gonna love it.
97
00:05:06,960 --> 00:05:11,880
I didn't do anything.
Come on. I didn't know anything.
98
00:05:11,880 --> 00:05:15,720
I mean, honestly,
it doesn't particularly matter.
99
00:05:15,960 --> 00:05:18,920
The truth, it's... it's not important.
100
00:05:18,920 --> 00:05:23,440
What's important is
what's expedient for all of us.
101
00:05:23,440 --> 00:05:25,160
You can't force her to do this.
102
00:05:25,160 --> 00:05:28,720
We are paying back the families.
It's the decent thing to do.
103
00:05:28,720 --> 00:05:32,160
You wanna publicly shame
a fucking girl who has nothing?
104
00:05:32,160 --> 00:05:36,080
To the point of never being able
to live a normal life again,
105
00:05:36,080 --> 00:05:37,520
and you're okay with that?
106
00:05:40,120 --> 00:05:41,320
Those are the terms.
107
00:05:42,640 --> 00:05:46,600
The alternative is the legal route.
108
00:05:46,720 --> 00:05:49,040
We'll sue the Hanani family.
109
00:05:49,040 --> 00:05:52,080
We'll sue you to claim back
some of the money
110
00:05:52,080 --> 00:05:54,640
we pay in settlement
to your father's victims.
111
00:05:54,640 --> 00:05:55,760
It'll be long.
112
00:05:56,200 --> 00:05:58,960
By your own admission,
you aren't capitalized enough
113
00:05:58,960 --> 00:06:00,320
for that kind of fight.
114
00:06:02,440 --> 00:06:05,640
You well know the end of the story
115
00:06:06,440 --> 00:06:09,320
for young women who are hounded
by the tabloids, right?
116
00:06:15,000 --> 00:06:16,000
Accept the money.
117
00:06:17,800 --> 00:06:21,600
Accept your family's culpability
and get on with your life.
118
00:06:25,240 --> 00:06:26,200
What life?
119
00:06:28,400 --> 00:06:31,240
Her boob job's insane.
120
00:06:31,680 --> 00:06:33,800
Rish, why did you pull us out
of the party, man?
121
00:06:33,800 --> 00:06:38,360
Yeah, man, I was chirpsing
this absolute MILF from Risk.
122
00:06:38,360 --> 00:06:41,240
Stop talking, listen.
The 150 party is a sham.
123
00:06:42,680 --> 00:06:44,840
Have you noticed that none
of the top brass are there?
124
00:06:46,800 --> 00:06:48,960
How could this day get any worse?
125
00:06:48,960 --> 00:06:50,040
Insolvency?
126
00:06:50,040 --> 00:06:52,720
The CEO and CFO
were meant to be in London for it.
127
00:06:53,120 --> 00:06:54,080
Where are they?
128
00:06:54,840 --> 00:06:56,040
Guys, they're upstairs.
129
00:06:56,280 --> 00:06:58,600
I... I told you.
130
00:06:58,920 --> 00:07:00,760
That's why it's so fucking scrot in here.
131
00:07:00,760 --> 00:07:03,120
- Look. Look at the bins.
- Fucking stinks.
132
00:07:03,120 --> 00:07:05,120
I haven't seen a cleaner
on the floor for two days.
133
00:07:05,120 --> 00:07:06,760
Yeah, maybe admin payroll's goosed.
134
00:07:06,760 --> 00:07:08,080
Those at the bottom get fucked first.
135
00:07:08,080 --> 00:07:11,040
But listen,
I am working on an off-ramp for us.
136
00:07:12,200 --> 00:07:13,880
We're gonna be a pod on the buy side.
137
00:07:13,880 --> 00:07:16,280
Yeah, why would you take us with you?
138
00:07:16,520 --> 00:07:19,120
Well, I need a doe-eyed little flirt
for the front of house.
139
00:07:20,800 --> 00:07:22,240
And Sweetpea's actually smart.
140
00:07:23,800 --> 00:07:25,880
Look, we all deserve better than this.
141
00:07:26,400 --> 00:07:29,480
Covered in grease while the white gloves
laugh at us upstairs.
142
00:07:30,000 --> 00:07:32,360
I can tell you as sure
as Mother Teresa is in hell
143
00:07:32,360 --> 00:07:34,640
they're not thinking
about us up there. I am.
144
00:07:35,120 --> 00:07:36,520
What happened to your arm by the way?
145
00:07:36,520 --> 00:07:38,520
Walked into a door.
Look. Get on the phones
146
00:07:38,640 --> 00:07:40,080
and move every position I have.
147
00:07:40,360 --> 00:07:41,400
Okay? Senior secured,
148
00:07:41,400 --> 00:07:44,960
AAA, BBB, jewels, junk, the lot.
Eric's mandated it.
149
00:07:45,560 --> 00:07:46,880
I'll work our lifeboat. Move.
150
00:07:50,960 --> 00:07:53,760
Do you believe him?
Would you work on the buy side?
151
00:07:54,040 --> 00:07:55,000
Ultimately...
152
00:07:56,440 --> 00:07:58,360
your prognosis is we're dead anyway,
153
00:07:58,360 --> 00:07:59,560
- right?
- Yeah.
154
00:08:01,160 --> 00:08:03,600
Look, even if this place
is burning down...
155
00:08:04,800 --> 00:08:06,360
he's still our boss, right?
156
00:08:13,400 --> 00:08:15,840
- No. What is the point...
- What?
157
00:08:15,960 --> 00:08:18,520
...of making this whole desk's
PNL look good
158
00:08:18,520 --> 00:08:20,120
if this goes under, right?
159
00:08:20,320 --> 00:08:21,280
It's like...
160
00:08:22,160 --> 00:08:24,200
It's deckchairs on the Titanic.
161
00:08:24,200 --> 00:08:26,680
It's-- Come on, we could, like...
162
00:08:28,440 --> 00:08:32,720
We could, like, commemorate
Pierpoint's last birthday
163
00:08:33,040 --> 00:08:36,720
by getting absolutely fucking hooned.
164
00:08:38,120 --> 00:08:40,720
How many people know
Pierpoint's 150th is a wake?
165
00:08:40,720 --> 00:08:41,840
Listen, listen.
166
00:08:41,840 --> 00:08:45,400
How do you fancy a Trequartista
as elegant as me on a Bosman?
167
00:08:45,520 --> 00:08:48,920
A boss-man?
We're not hiring new fund managers.
168
00:08:49,080 --> 00:08:52,560
You need an execution guy.
Someone who can look at flows, levels.
169
00:08:52,560 --> 00:08:54,160
Make sure you're not mistiming things
170
00:08:54,160 --> 00:08:55,800
- and losing upside.
- Really?
171
00:08:56,120 --> 00:08:58,400
You're not a little
overqualified for that?
172
00:08:58,880 --> 00:09:00,360
You're not desperate, are you?
173
00:09:00,840 --> 00:09:03,000
All right, final offer, quid pro quo?
174
00:09:03,000 --> 00:09:06,160
Chatter is that LeviathanAlpha
are short Pierpoint in size.
175
00:09:06,600 --> 00:09:08,640
I can give you live missives
from the madhouse.
176
00:09:09,000 --> 00:09:10,480
Ear to the ground in the asylum,
177
00:09:10,480 --> 00:09:13,840
and help you manage
when to take profit or stop out.
178
00:09:16,320 --> 00:09:18,800
Keep me up to date,
and maybe we're talking.
179
00:09:18,800 --> 00:09:23,080
And... and I wanna bring two smart,
cheap juniors with me.
180
00:09:23,800 --> 00:09:24,920
Sweetpea and Anraj.
181
00:09:25,560 --> 00:09:27,800
If you are a serious fund,
you need to grow.
182
00:09:28,760 --> 00:09:29,840
Do you want me to leave this?
183
00:09:30,680 --> 00:09:32,400
I forgot you were a family man.
184
00:09:32,920 --> 00:09:35,440
I don't need to remind you
how loose I am with my seed.
185
00:09:35,440 --> 00:09:36,480
Thanks.
186
00:09:37,640 --> 00:09:38,600
Speak soon.
187
00:09:40,800 --> 00:09:42,000
Can I knock again tomorrow?
188
00:09:43,160 --> 00:09:44,120
No, thank you.
189
00:09:49,200 --> 00:09:51,040
Has Harper fully moved out?
190
00:09:52,760 --> 00:09:54,720
Yeah. Without a word.
191
00:09:57,360 --> 00:09:59,000
Remember to lock the back door tonight.
192
00:09:59,560 --> 00:10:00,680
I always forget.
193
00:10:02,080 --> 00:10:03,160
Where are you going?
194
00:10:04,320 --> 00:10:05,920
You know, I haven't told Pierpoint,
195
00:10:06,040 --> 00:10:08,160
but I've got a job interview
tomorrow morning.
196
00:10:08,880 --> 00:10:10,320
- In Wales.
- What?
197
00:10:11,640 --> 00:10:14,280
Yeah, I met this guy, Pierre,
198
00:10:14,720 --> 00:10:16,800
who hooked me up
with a medical research center
199
00:10:16,800 --> 00:10:20,800
attached to a university there. And yeah.
They're doing really cutting-edge work.
200
00:10:21,440 --> 00:10:24,120
- Medicine?
- Medicine needs its money men.
201
00:10:30,040 --> 00:10:31,800
When was the last time you left the house?
202
00:10:34,480 --> 00:10:37,160
There are, like, five paps outside.
203
00:10:40,240 --> 00:10:41,240
I didn't see any.
204
00:10:43,360 --> 00:10:44,560
They're not here for you.
205
00:10:58,000 --> 00:10:59,600
There's nobody out there, Yas.
206
00:11:00,800 --> 00:11:01,760
I promise.
207
00:11:04,560 --> 00:11:05,640
Sorry.
208
00:11:07,520 --> 00:11:08,480
They...
209
00:11:10,160 --> 00:11:12,880
They really get in your head.
210
00:11:20,240 --> 00:11:21,320
Why don't you come with me?
211
00:11:23,800 --> 00:11:25,760
I can't promise that I'll be...
212
00:11:26,920 --> 00:11:28,760
exhilarating company, but...
213
00:11:31,080 --> 00:11:32,400
I hired a Zipcar.
214
00:11:34,480 --> 00:11:35,840
I can drive you out of the city.
215
00:11:38,120 --> 00:11:39,840
I really don't see a way out.
216
00:11:44,080 --> 00:11:46,240
You know, a change of setting...
217
00:11:48,640 --> 00:11:52,800
it really helps me when I'm, you know...
218
00:11:54,160 --> 00:11:55,160
agitated.
219
00:12:04,080 --> 00:12:05,960
Nope. Nope. Come on.
220
00:12:07,880 --> 00:12:09,880
Let's bail. You know, let's...
221
00:12:11,720 --> 00:12:14,200
Let's mistake the open road for freedom.
222
00:12:15,160 --> 00:12:16,880
Like all culture teaches us to.
223
00:12:20,240 --> 00:12:21,200
Yeah?
224
00:12:23,240 --> 00:12:25,000
- Okay.
- Yeah, okay.
225
00:12:27,600 --> 00:12:30,360
Be ready in 20. I'm grabbing a shower.
226
00:12:42,480 --> 00:12:43,840
Who the hell is this?
227
00:12:45,400 --> 00:12:46,920
Tom, this is Eric Tao.
228
00:12:46,920 --> 00:12:49,520
Thirty years sales at Pierpoint
across asset classes.
229
00:12:49,520 --> 00:12:51,760
Closest thing
to a loyal lieutenant I have.
230
00:12:52,200 --> 00:12:54,920
If Pierpoint has such a thing
as an institutional memory,
231
00:12:55,400 --> 00:12:56,960
- Tao is it.
- Okay.
232
00:12:58,400 --> 00:13:00,720
And how important is history
to us here today?
233
00:13:01,840 --> 00:13:04,440
Well, given Bill's kind introduction,
234
00:13:04,440 --> 00:13:09,960
I see it as incumbent on me to say
value is determined by history,
235
00:13:10,520 --> 00:13:12,280
which is indivisible from legacy.
236
00:13:12,280 --> 00:13:15,280
Institutions like ours
don't pop up overnight.
237
00:13:15,840 --> 00:13:19,160
"Too big to fail" isn't an insult,
it's a compliment.
238
00:13:19,160 --> 00:13:23,480
Our global interconnectivity
and sheer size are hard-won.
239
00:13:23,480 --> 00:13:27,400
Let's make sure
we let prospective buyers know that
240
00:13:27,600 --> 00:13:29,240
and value us accordingly.
241
00:13:31,240 --> 00:13:33,280
You're putting yourself
at the center of history.
242
00:13:33,960 --> 00:13:35,000
Humble of you.
243
00:13:35,320 --> 00:13:37,560
Not at all. I'm putting Pierpoint
244
00:13:37,560 --> 00:13:42,040
at the center of the economic history
of the 20th and 21st century.
245
00:13:42,200 --> 00:13:45,240
So, your purpose here
is to belabor how Pierpoint
246
00:13:45,240 --> 00:13:48,720
- is a star on the American flag?
- This is an American bank.
247
00:13:49,320 --> 00:13:50,600
I need practical thinkers
248
00:13:50,600 --> 00:13:53,320
who present workable options
to me, not zealots.
249
00:13:55,760 --> 00:13:57,880
Please hold for the U.S.
Treasury secretary.
250
00:13:58,720 --> 00:14:01,040
- Tom!
- Madam Secretary.
251
00:14:01,480 --> 00:14:04,320
Graham filled me in on the situation.
252
00:14:04,440 --> 00:14:06,160
I don't wanna waste your time.
253
00:14:06,160 --> 00:14:11,000
The Treasury can't offer you a solution.
Not today. Not tomorrow.
254
00:14:11,600 --> 00:14:12,640
Oh, Jesus.
255
00:14:12,760 --> 00:14:15,880
You, of all people, understand the risk
if Pierpoint collapses.
256
00:14:16,520 --> 00:14:19,920
We've dropped another ten percent
the last hour of U.S. trading.
257
00:14:20,080 --> 00:14:23,480
Surely the lesson from '08
is that administration
258
00:14:23,480 --> 00:14:25,600
should act early to stop contagion.
259
00:14:26,160 --> 00:14:28,800
Tell me exactly
where you were in '08, Tom.
260
00:14:29,400 --> 00:14:30,720
If I remember correctly,
261
00:14:30,720 --> 00:14:33,040
I was the vice chair
of the Federal Reserve
262
00:14:33,040 --> 00:14:34,880
and you were, what?
263
00:14:35,160 --> 00:14:37,840
Singing acapella
with the Whiffenpoofs at Yale?
264
00:14:37,840 --> 00:14:41,880
I actually do a very stirring rendition
of "Radio Ga Ga" to this day.
265
00:14:43,600 --> 00:14:46,320
The lesson from '08 is no more bailouts.
266
00:14:46,320 --> 00:14:49,320
We're not asking
for TARP scale relief here.
267
00:14:49,720 --> 00:14:50,840
'08 happened.
268
00:14:51,200 --> 00:14:55,320
Moral hazard isn't a thing.
Nobody will care.
269
00:14:55,640 --> 00:14:58,280
We're asking for less than
a tenth of the packet.
270
00:14:58,440 --> 00:15:00,360
You are out of your mind
271
00:15:00,360 --> 00:15:03,360
if you think we're putting
our hands into the coffers
272
00:15:03,520 --> 00:15:08,000
for a financial institution
in an election year?
273
00:15:08,760 --> 00:15:10,080
Pull on her heart strings.
274
00:15:10,080 --> 00:15:12,280
- It's worth a shot.
- She's a Democrat.
275
00:15:12,280 --> 00:15:13,960
She only pretends to have a heart.
276
00:15:14,520 --> 00:15:15,720
Think about what you're doing.
277
00:15:15,720 --> 00:15:18,160
The only person you're hurting
is the man on the street.
278
00:15:18,160 --> 00:15:20,560
The people on the pavement foot the check.
279
00:15:20,560 --> 00:15:22,880
The people you're supposed to protect.
280
00:15:22,880 --> 00:15:24,920
And in the immediacy
281
00:15:24,920 --> 00:15:28,000
the person who is footing
the check eventually
282
00:15:28,200 --> 00:15:32,240
does not want to know
they are footing it right now.
283
00:15:32,240 --> 00:15:36,160
- It's an election year.
- So, you'll gladly let us fail?
284
00:15:36,160 --> 00:15:39,280
Oh, you're all
salaried capitalists, right?
285
00:15:39,600 --> 00:15:42,800
Order some Chinese takeout
and find a solution.
286
00:15:42,800 --> 00:15:44,520
I think the president
might have something--
287
00:15:44,520 --> 00:15:48,440
The president still thinks
we're at war with Japan.
288
00:15:49,080 --> 00:15:50,920
Goodbye and good luck.
289
00:15:58,280 --> 00:16:00,680
Well, so much for "too big to fail".
290
00:16:01,960 --> 00:16:05,760
Surely, there are a number
of sovereign wealth funds
291
00:16:05,760 --> 00:16:08,400
that would like to grow
their stake in Pierpoint?
292
00:16:09,000 --> 00:16:10,760
Well, no, hear me out, hear me out.
293
00:16:11,800 --> 00:16:14,800
Credit Suisse was the last bank
to go through this kind of thing,
294
00:16:14,800 --> 00:16:19,360
and the Gulf clearly had a huge appetite
for a legacy banking name.
295
00:16:19,360 --> 00:16:20,520
And look how that ended,
296
00:16:20,520 --> 00:16:23,000
with them being subsumed
into UBS, their biggest rival.
297
00:16:23,000 --> 00:16:26,560
I'm sorry, but I think I speak
for our 45,000 employees
298
00:16:26,560 --> 00:16:29,160
when I stand in opposition
to the idea of Pierpoint's name
299
00:16:29,160 --> 00:16:31,760
being used to reputation--
to-- to reputation...
300
00:16:32,800 --> 00:16:33,760
- Launder.
- Launder.
301
00:16:33,760 --> 00:16:35,600
I know the fucking word.
Thank you. Reputation launder
302
00:16:35,600 --> 00:16:37,680
that sort of state-backed money.
Right, Eric?
303
00:16:40,560 --> 00:16:45,120
Their values are anathema
to everything we hold dear.
304
00:16:45,320 --> 00:16:46,960
Quibbling over the cultural provenance
305
00:16:46,960 --> 00:16:49,960
of the capital that could
save us feels indulgent.
306
00:16:50,280 --> 00:16:52,520
Could be time for some...
some realpolitik.
307
00:16:52,520 --> 00:16:54,280
Oh, this from Madam ESG?
308
00:16:54,280 --> 00:16:56,880
I guess morals really do
become more flexible in an emergency.
309
00:16:56,880 --> 00:17:00,160
- Or maybe the answer is closer to home.
- Let's take a minute.
310
00:17:00,400 --> 00:17:02,160
Eric, let me steal you. Now.
311
00:17:03,720 --> 00:17:06,360
- Phillip, can I have a word?
- Yeah.
312
00:17:12,680 --> 00:17:14,400
What the fuck are you doing?
Don't correct me.
313
00:17:14,400 --> 00:17:16,440
I don't need you to finish
my fucking sentences!
314
00:17:16,440 --> 00:17:18,920
- Bill, I was just trying to--
- No, no, no, you listen to me.
315
00:17:19,720 --> 00:17:21,560
It's a royal court in there,
you understand?
316
00:17:21,680 --> 00:17:23,280
It's getting rather pungent
in here, isn't it?
317
00:17:23,280 --> 00:17:24,320
Too much meat in the room.
318
00:17:24,320 --> 00:17:27,320
I thought tonight was more important
than jockeying for favorite position.
319
00:17:27,320 --> 00:17:29,760
I thought we cared
about the soul of the firm.
320
00:17:29,760 --> 00:17:34,360
We do. The more senior we become,
the more influence we have. Listen.
321
00:17:35,600 --> 00:17:38,120
Wilhelmina, she's not the head of Banking,
Asset Management,
322
00:17:38,120 --> 00:17:40,240
Corporate Credit, but her... her ideology
323
00:17:40,240 --> 00:17:42,680
gave her a crusader's zeal
to instruct those people.
324
00:17:42,680 --> 00:17:45,440
She wanted to be proven right
and be first on ESG.
325
00:17:47,080 --> 00:17:48,560
That's why she pushed this shit so hard.
326
00:17:48,560 --> 00:17:52,000
That's... that's why we overstretched.
She should be strung up for it.
327
00:17:54,920 --> 00:18:00,200
This is all going to end in a purge,
which for us means a putsch.
328
00:18:03,360 --> 00:18:04,680
How does "Eric Tao,
329
00:18:05,240 --> 00:18:07,760
Global Head of Institutional Securities,"
sound to you?
330
00:18:09,880 --> 00:18:11,440
And follow in your slipstream?
331
00:18:20,360 --> 00:18:21,720
I wonder what they're talking about.
332
00:18:22,200 --> 00:18:23,520
Whatever outcome suits them.
333
00:18:23,960 --> 00:18:27,160
It's key we lay as much shit
as we can at her feet.
334
00:18:27,160 --> 00:18:30,320
She can be ESG's headstone.
Bury it beneath her.
335
00:18:33,960 --> 00:18:35,400
Oh-fucking-kay.
336
00:18:36,520 --> 00:18:38,360
Mitsubishi is live.
I've been close to them
337
00:18:38,360 --> 00:18:39,840
since my stint in Tokyo in the aughts.
338
00:18:39,840 --> 00:18:41,680
I've been priming them
on a capital injection angle
339
00:18:41,680 --> 00:18:42,920
for the last few weeks.
340
00:18:45,000 --> 00:18:48,520
It'll allow us to fight another day
and keep Pierpoint's autonomy.
341
00:18:48,520 --> 00:18:52,320
When I'm CFO,
I'll fucking drag you up with me.
342
00:18:52,320 --> 00:18:54,280
I'll place you anywhere in the world.
343
00:18:55,200 --> 00:18:57,280
How do you still have
the energy for this?
344
00:18:58,000 --> 00:18:59,200
What else is there?
345
00:19:01,160 --> 00:19:03,040
The action is the juice.
346
00:19:19,960 --> 00:19:21,680
They're fundamentally non-toxic, right?
347
00:19:21,680 --> 00:19:24,240
So that means you could get it to be
as integrated into your daily life
348
00:19:24,360 --> 00:19:26,000
as... as your morning coffee.
349
00:19:26,000 --> 00:19:27,920
You are talking
about magic mushrooms, right?
350
00:19:27,920 --> 00:19:29,640
The active ingredient is psilocybin, yeah,
351
00:19:29,640 --> 00:19:31,920
but it's in pharmaceutical form,
in LittleLabs product.
352
00:19:32,120 --> 00:19:34,600
So, surely the whole point
is to get as mashed out
353
00:19:34,600 --> 00:19:36,080
of your own fucking head as possible?
354
00:19:36,080 --> 00:19:38,400
No, no, it's clearly
an attitudinal thing, you know?
355
00:19:38,600 --> 00:19:42,600
It's about dose and mindset,
setting, you know? It...
356
00:19:43,520 --> 00:19:46,480
It's not about taking
a fucking hero dose
357
00:19:46,480 --> 00:19:48,440
and seeing the face of God or whatever.
358
00:19:48,440 --> 00:19:52,960
It's... it's about an overall heightening
in your day-to-day state,
359
00:19:53,200 --> 00:19:56,280
your introspection,
your... your compassion.
360
00:19:57,000 --> 00:19:58,840
- I mean, do I sound stupid?
- Word of warning,
361
00:19:58,840 --> 00:20:01,320
you have no idea
how annoying it is just listening
362
00:20:01,320 --> 00:20:03,880
to someone proselytizing
about the benefits of hallucinogens.
363
00:20:04,000 --> 00:20:07,280
It's like...
It's like you've joined a cult, honestly.
364
00:20:07,440 --> 00:20:09,560
Finally, you're a little more
fucking animated.
365
00:20:10,480 --> 00:20:12,600
Only took you having to put
someone down to get you there.
366
00:20:14,600 --> 00:20:16,880
Anyway, you're missing
the point, you know,
367
00:20:16,880 --> 00:20:20,040
this is just-- It's a chance for me,
368
00:20:20,880 --> 00:20:23,600
you know, to do something off my own bat.
369
00:20:24,480 --> 00:20:25,440
For once.
370
00:20:31,960 --> 00:20:32,920
It's Maxim.
371
00:20:33,680 --> 00:20:34,720
I can call him back.
372
00:20:36,000 --> 00:20:36,960
I need a piss.
373
00:20:42,040 --> 00:20:45,280
- Hey, Maxim. Where are you?
- Big Basin?
374
00:20:45,280 --> 00:20:46,640
South of San Fran.
375
00:20:47,840 --> 00:20:49,400
I'm not sure being alone
with my thoughts
376
00:20:49,400 --> 00:20:52,400
is worth the 5,000 dollars
a week I'm paying, but...
377
00:20:52,840 --> 00:20:55,600
Yeah, well, your mind
is squalid enough to need airing,
378
00:20:55,600 --> 00:20:57,040
so it's probably money well spent.
379
00:20:57,560 --> 00:20:59,440
Look, I'm sorry
for falling out of your life.
380
00:21:00,800 --> 00:21:02,480
I've been dealing
with my own shit, you know?
381
00:21:03,400 --> 00:21:05,920
I saw those appalling photos
of Charlie, and honestly, I...
382
00:21:06,960 --> 00:21:07,920
I couldn't sleep.
383
00:21:08,920 --> 00:21:11,080
You know, I'm supposed to lock
my phone in a lockbox here,
384
00:21:11,080 --> 00:21:13,400
but who am I kidding?
385
00:21:13,880 --> 00:21:15,280
Just keep having to use it.
386
00:21:17,000 --> 00:21:20,280
Okay, so, what is it?
387
00:21:21,360 --> 00:21:23,480
Look, for all the reservations
I had about your father,
388
00:21:23,480 --> 00:21:25,720
you need to know
the company were complicit
389
00:21:25,720 --> 00:21:27,560
in all of the fucked-up shit he did.
390
00:21:28,560 --> 00:21:29,520
How?
391
00:21:30,040 --> 00:21:33,600
I have some pretty heinous
anti-woke pals at Hanani
392
00:21:33,600 --> 00:21:37,000
who are on the board with me,
and they hate its new hypocrisy.
393
00:21:37,640 --> 00:21:40,760
The NDAs your father had
don't just cover his personal life.
394
00:21:41,440 --> 00:21:43,600
Some of Charlie's women
only started working
395
00:21:43,600 --> 00:21:46,360
for Hanani Publishing
after they had signed.
396
00:21:46,720 --> 00:21:50,520
Hanani gave them these made-up jobs,
bogus accounting lines on the payroll.
397
00:21:50,960 --> 00:21:52,800
Rose and the company
bought their silence for years,
398
00:21:52,800 --> 00:21:53,960
just as much as he did.
399
00:21:53,960 --> 00:21:55,640
They're trying to make me the face
400
00:21:55,640 --> 00:21:57,240
- of this thing.
- Yeah.
401
00:21:57,560 --> 00:21:58,960
Because it's an open secret at Hanani,
402
00:21:58,960 --> 00:22:01,200
maybe it's a matter of time
before someone leaks it.
403
00:22:01,800 --> 00:22:03,360
If they feed you to the press now,
404
00:22:03,360 --> 00:22:06,160
your vestigial board seat means you'll be
perfectly placed to be tarred
405
00:22:06,160 --> 00:22:07,520
if it ever comes to light.
406
00:22:07,760 --> 00:22:10,560
You're pre-packaged to take the blame
as you're already the headline.
407
00:22:10,880 --> 00:22:12,920
That sneaky, little cunt.
408
00:22:13,600 --> 00:22:16,040
Look, someone slipped me
a screenshot of the payrolls.
409
00:22:16,640 --> 00:22:18,760
The women with the NDAs
have a check next to their name.
410
00:22:18,760 --> 00:22:20,440
What-- Can-- Can you send it to me?
411
00:22:20,720 --> 00:22:22,200
Yeah, I can, but it's probably illegal
412
00:22:22,200 --> 00:22:23,880
to send this kind
of proprietary information.
413
00:22:24,000 --> 00:22:27,280
Your lawyer will advise you not to use it,
but I'll send it along.
414
00:22:27,800 --> 00:22:29,920
I just don't think they should
be compounding your guilt--
415
00:22:30,080 --> 00:22:31,920
Sorry, grief.
416
00:22:32,840 --> 00:22:34,560
I don't wanna tell you
how to feel about him.
417
00:22:35,240 --> 00:22:37,480
You know, I think Charlie
found it difficult
418
00:22:37,480 --> 00:22:38,960
to see people as people.
419
00:22:39,800 --> 00:22:41,560
Yeah, you don't fucking say.
420
00:22:46,600 --> 00:22:47,560
Take care.
421
00:22:55,800 --> 00:22:57,280
- Is everything all right?
- Yeah.
422
00:22:58,120 --> 00:23:01,320
Super fucking duper.
So, this is it, right?
423
00:23:02,800 --> 00:23:04,160
This is the product that you're selling?
424
00:23:04,160 --> 00:23:05,600
- If you get the job?
- Yeah.
425
00:23:06,600 --> 00:23:08,600
Probably isn't the place
to take it properly, though.
426
00:23:10,040 --> 00:23:11,000
Right.
427
00:23:17,880 --> 00:23:18,840
You hungry?
428
00:23:21,040 --> 00:23:22,000
Yeah.
429
00:23:24,600 --> 00:23:26,200
Yeah, I'm fucking starving.
430
00:23:29,760 --> 00:23:30,720
Come on, then.
431
00:23:32,240 --> 00:23:34,000
Oh, gosh.
I do it all the time. It's great.
432
00:23:34,000 --> 00:23:35,120
- Yeah?
- Yeah.
433
00:23:36,600 --> 00:23:39,680
So, the rooms are next
to each other, six and seven.
434
00:23:39,680 --> 00:23:41,160
Sorry that we're so late.
435
00:23:42,560 --> 00:23:45,240
Checkout is at 11:00
and breakfast is from 7:00.
436
00:23:45,240 --> 00:23:46,960
- Great, thank you.
- Thanks.
437
00:23:47,120 --> 00:23:48,440
Just as a pre-warning,
438
00:23:48,440 --> 00:23:51,240
the kettle in your room
is a little bit iffy.
439
00:23:52,080 --> 00:23:54,560
Oh, is there any way that
I could get one that works?
440
00:23:54,920 --> 00:23:56,520
Not tonight, sadly.
441
00:23:58,320 --> 00:24:00,920
It's just, it's a pretty basic
amenity though, no?
442
00:24:01,520 --> 00:24:03,280
She can use mine, it's all right.
443
00:24:04,400 --> 00:24:06,800
Right, I'm gonna go dump the bags
and then we'll grab a bite?
444
00:24:06,800 --> 00:24:08,000
Thank you.
445
00:24:08,320 --> 00:24:10,240
- Thank you, enjoy your stay.
- Cheers, thank you.
446
00:24:13,680 --> 00:24:15,680
So, do you two work together?
447
00:24:16,880 --> 00:24:18,880
No, we're a couple.
448
00:24:19,120 --> 00:24:22,760
Oh, I just-- I thought
with the separate rooms--
449
00:24:22,920 --> 00:24:24,960
We're very religious.
Do you have a lighter?
450
00:24:25,920 --> 00:24:26,880
Yes.
451
00:24:31,040 --> 00:24:33,880
Yeah, I got your email.
What do you expect me to do with this?
452
00:24:34,320 --> 00:24:38,480
Well-- I mean, it's leverage, no?
It's, like, evidence of their complicity.
453
00:24:38,480 --> 00:24:40,080
This is on Rose's head.
454
00:24:40,360 --> 00:24:42,240
Have you thought
about what making this public
455
00:24:42,240 --> 00:24:43,560
would do to the victims?
456
00:24:43,560 --> 00:24:47,040
I mean, these women, like you,
have been through a lot.
457
00:24:47,160 --> 00:24:49,400
Leaking this to the public
would re-traumatize them.
458
00:24:49,560 --> 00:24:51,000
I didn't think about that, no.
459
00:24:51,440 --> 00:24:55,000
A publicity battle is gonna be very hard,
but we can win it.
460
00:24:55,920 --> 00:24:58,600
They go low, we go high. All right?
461
00:24:59,760 --> 00:25:00,720
Speak later.
462
00:25:11,440 --> 00:25:13,600
That cunt never answers.
463
00:25:13,600 --> 00:25:17,040
Tom, Tom, I've engaged Mitsubishi
in substantive talks
464
00:25:17,040 --> 00:25:18,920
- regarding a--
- Michael-- Sorry.
465
00:25:18,920 --> 00:25:21,320
Michael Stone from Barclays
is on his way into the building.
466
00:25:21,600 --> 00:25:24,920
Michael and I have
a personal relationship.
467
00:25:25,920 --> 00:25:27,440
Horse-driven, mostly.
468
00:25:27,960 --> 00:25:31,320
Off the record, they've always
been interested in our business.
469
00:25:31,680 --> 00:25:34,080
Okay, so what's the play? Sell a division?
470
00:25:35,000 --> 00:25:38,040
They did do that with Lehman's
core North American operations.
471
00:25:38,040 --> 00:25:41,680
Given that our share price
has now closed at 35 dollars,
472
00:25:41,680 --> 00:25:43,920
we are, by all accounts,
a distressed asset.
473
00:25:44,120 --> 00:25:45,600
They might weigh buying us wholesale.
474
00:25:46,080 --> 00:25:48,960
We need strategic investment, not a sale.
475
00:25:49,240 --> 00:25:52,040
In our 150th year,
we cannot become a subsidiary
476
00:25:52,040 --> 00:25:53,960
to a fucking British high street bank.
477
00:25:54,080 --> 00:25:57,840
I appreciate how romantic a soul you have
in a room like this, truly,
478
00:25:57,840 --> 00:25:59,280
but we need to be practical.
479
00:25:59,280 --> 00:26:02,160
Barclays buying Pierpoint
may be our best option.
480
00:26:04,160 --> 00:26:06,760
- Mr. Stone, welcome.
- Oh, call me Michael, please.
481
00:26:06,880 --> 00:26:07,840
Please, this way.
482
00:26:15,520 --> 00:26:16,800
- Yeah?
- Yeah, H.
483
00:26:17,200 --> 00:26:19,720
Listen, you might have
hit your take-profit level.
484
00:26:20,040 --> 00:26:22,840
The Barclays CEO just arrived
and he looks like he means business.
485
00:26:23,640 --> 00:26:26,480
And Pierpoint's stock will rip
on any merger or takeover chatter.
486
00:26:26,600 --> 00:26:28,040
That's Nagasaki for your short.
487
00:26:28,040 --> 00:26:31,480
- It's definitely him?
- Oh, yeah, and he looks horny for assets.
488
00:26:32,200 --> 00:26:36,200
Thanks. Hey, you know,
I can't hire three people, Rish.
489
00:26:36,600 --> 00:26:37,600
What do you wanna do?
490
00:26:39,680 --> 00:26:42,000
Babes, come on.
You know it's only ever been me.
491
00:26:44,440 --> 00:26:47,480
Okay, come in after this
all shakes out and we'll talk.
492
00:26:49,440 --> 00:26:52,080
And how would the floor
take a sale to fucking Barclays?
493
00:26:52,520 --> 00:26:55,800
Maybe they just want somewhere
to come to work.
494
00:26:56,360 --> 00:26:59,320
You don't have 20 years of options.
I've never sold a goddamn share.
495
00:26:59,320 --> 00:27:02,880
- A Brit takeover would decimate it all.
- You could keep your deferreds.
496
00:27:04,160 --> 00:27:07,000
- Chump change.
- So, now we see your real motivation.
497
00:27:08,000 --> 00:27:09,400
And what's your motivation?
498
00:27:09,600 --> 00:27:11,080
Brokering a deal that obliterates us
499
00:27:11,080 --> 00:27:13,400
so long as you're central enough
to keep your seat at the table?
500
00:27:13,400 --> 00:27:14,440
You know what?
501
00:27:14,440 --> 00:27:16,040
I think I've finally made up
my mind about you.
502
00:27:16,040 --> 00:27:18,800
- Oh, go on. Please, enlighten me.
- You wanna take this offline?
503
00:27:19,240 --> 00:27:21,000
Does that fake macho bullshit
ever actually--
504
00:27:21,000 --> 00:27:22,800
You have the imagination of a fucking--
505
00:27:23,200 --> 00:27:24,280
- Michael!
- Phillip.
506
00:27:24,400 --> 00:27:26,480
Hi. Hi.
507
00:27:26,840 --> 00:27:28,680
- Wilhelmina. We spoke on the phone.
- Yes, we did. Hi.
508
00:27:28,680 --> 00:27:31,080
- Nice to see you. Hi.
- Tom Wolsey.
509
00:27:33,880 --> 00:27:34,840
Oi, oi.
510
00:27:35,920 --> 00:27:36,880
Bon appétit.
511
00:27:37,120 --> 00:27:39,320
What the fuck is that?
512
00:27:39,520 --> 00:27:41,080
- Are you kidding?
- No.
513
00:27:41,200 --> 00:27:42,720
I got them to put scraps on
and everything.
514
00:27:42,720 --> 00:27:44,280
Honestly, what is it?
515
00:27:44,680 --> 00:27:46,160
What-- It's a battered sausage.
516
00:27:46,160 --> 00:27:49,840
- I'm not eating a battered sausage.
- Have a chip, at least.
517
00:27:50,200 --> 00:27:51,800
- Okay.
- Don't be such a snob.
518
00:27:56,200 --> 00:27:57,400
How perfect is this?
519
00:28:08,840 --> 00:28:09,800
You know...
520
00:28:11,760 --> 00:28:14,240
you could probably invite
that impressionable young girl
521
00:28:14,240 --> 00:28:16,280
up to your room and fuck her silly.
522
00:28:17,480 --> 00:28:20,240
'Cause there's not gonna be any...
523
00:28:21,240 --> 00:28:23,400
room hopping tonight here.
524
00:28:23,720 --> 00:28:26,480
Just FYI, you know,
as fun as that might be.
525
00:28:26,960 --> 00:28:27,920
What are you doing?
526
00:28:29,160 --> 00:28:30,120
What do you mean?
527
00:28:31,320 --> 00:28:32,400
You don't have to.
528
00:28:36,600 --> 00:28:38,960
Not everything with us
has to be a fucking game.
529
00:28:41,200 --> 00:28:44,800
Whatever vulnerability
that you're feeling right now...
530
00:28:45,920 --> 00:28:46,880
sit in it.
531
00:28:48,600 --> 00:28:49,560
All right?
532
00:28:51,600 --> 00:28:55,160
'Cause we are... we are beyond the game.
533
00:28:58,640 --> 00:28:59,600
Sorry.
534
00:29:11,760 --> 00:29:12,720
I'm sorry.
535
00:29:15,320 --> 00:29:16,760
I don't know why I act like that.
536
00:29:27,400 --> 00:29:28,360
I don't know.
537
00:29:28,360 --> 00:29:30,920
I'm good at making people feel
like I love them.
538
00:29:33,240 --> 00:29:34,200
But...
539
00:29:36,400 --> 00:29:37,760
I don't know that I ever have.
540
00:29:41,280 --> 00:29:42,240
Have you?
541
00:29:44,800 --> 00:29:45,760
Yeah.
542
00:29:49,520 --> 00:29:52,880
Girlfriend at school, Izzy Boon.
I was fucking obsessed.
543
00:30:01,720 --> 00:30:05,480
It's just my first instinct.
Whenever I feel anything,
544
00:30:06,200 --> 00:30:09,440
like love or care,
545
00:30:10,880 --> 00:30:13,200
I just wanna make it ugly
as quickly as I possibly can.
546
00:30:13,200 --> 00:30:14,800
You know, turn it into something else.
547
00:30:15,440 --> 00:30:18,040
Turn it into sex. You know, anything else.
548
00:30:19,680 --> 00:30:20,640
Right.
549
00:30:28,120 --> 00:30:29,240
I don't know what to say.
550
00:30:37,280 --> 00:30:38,440
All I know is...
551
00:30:41,960 --> 00:30:43,720
is that for the first time...
552
00:30:45,640 --> 00:30:46,680
in a long time...
553
00:30:49,160 --> 00:30:50,920
I've got this feeling in my stomach.
554
00:30:54,320 --> 00:30:55,760
I couldn't work out what it was.
555
00:30:59,080 --> 00:31:00,160
But I know now...
556
00:31:02,520 --> 00:31:04,080
that it's anticipation.
557
00:31:06,840 --> 00:31:08,520
It's excitement for the future.
558
00:32:01,160 --> 00:32:02,520
Our short is about to turn.
559
00:32:07,480 --> 00:32:08,520
How do you know?
560
00:32:10,560 --> 00:32:11,520
Well...
561
00:32:13,800 --> 00:32:16,080
Listen, I... I think
we are diametrically opposed
562
00:32:16,080 --> 00:32:18,320
when it comes to the relationship
between information
563
00:32:18,320 --> 00:32:19,920
and how it's traded upon, right?
564
00:32:19,920 --> 00:32:26,200
I think everything and everyone
is moving in a big sludge of gray.
565
00:32:26,200 --> 00:32:29,000
Don't over-intellectualize this shit.
What have you done?
566
00:32:30,760 --> 00:32:33,360
I have it on good authority Michael Stone
has just gone into Pierpoint.
567
00:32:33,360 --> 00:32:34,760
It's an acquisition target.
568
00:32:35,520 --> 00:32:39,600
We need to take profit before they buy it
and Pierpoint stock rallies.
569
00:32:40,280 --> 00:32:42,320
Uh-uh. No.
I don't think we should do that.
570
00:32:43,320 --> 00:32:44,280
Why?
571
00:32:44,800 --> 00:32:48,720
Think about the risk-reward.
I mean, what percentage chance
572
00:32:48,720 --> 00:32:51,200
do you ascribe to him
being there to buy it?
573
00:32:51,760 --> 00:32:56,600
I mean, like a hundred percent?
It's too big a coincidence.
574
00:32:56,600 --> 00:32:59,320
They're throwing a party
for financial luminaries, no?
575
00:32:59,520 --> 00:33:03,880
And look, I mean, even if it's true,
so the stock gets a bump on the headline.
576
00:33:03,880 --> 00:33:06,440
I mean, what about the due diligence,
the regulator, the government?
577
00:33:06,440 --> 00:33:09,120
Balance that against what we stand
to gain if we hold the line,
578
00:33:09,120 --> 00:33:11,560
if Pierpoint trades to zero.
Where's your stomach?
579
00:33:11,680 --> 00:33:13,600
I just don't know what it looks like
to the regulator
580
00:33:13,600 --> 00:33:15,360
if we're always
on the right side of this trade
581
00:33:15,360 --> 00:33:17,080
at precisely the right time.
582
00:33:18,720 --> 00:33:19,960
What aren't you telling me?
583
00:33:21,800 --> 00:33:25,000
Again, moving forward with honesty...
584
00:33:27,280 --> 00:33:29,480
I know Pierpoint are terminally ill.
585
00:33:30,640 --> 00:33:33,240
- How?
- I overheard it.
586
00:33:34,280 --> 00:33:35,280
In the toilet.
587
00:33:38,560 --> 00:33:39,520
In Pierpoint?
588
00:33:42,960 --> 00:33:44,880
Holy fucking cunting Christ. I...
589
00:33:46,240 --> 00:33:50,680
Okay, that is a completely
different beast.
590
00:33:50,680 --> 00:33:53,880
I mean, trading on anything that you hear
in there is privileged information.
591
00:33:53,880 --> 00:33:56,400
They know we were in there.
There's cameras, there's records.
592
00:33:56,400 --> 00:33:59,200
Okay, but like,
how is an SEC FCA investigation
593
00:33:59,200 --> 00:34:03,800
gonna put anything together based on that?
It would be speculative at best.
594
00:34:04,280 --> 00:34:06,400
What, we took a meeting
and placed a short?
595
00:34:06,400 --> 00:34:09,080
- Lock us up, throw away the key, come on.
- Okay, okay.
596
00:34:09,080 --> 00:34:11,880
The whole thing
is fucking information soup.
597
00:34:11,880 --> 00:34:13,360
That is the point.
598
00:34:18,280 --> 00:34:20,880
You've backed us
into a major fucking corner.
599
00:34:23,760 --> 00:34:24,720
Okay, well...
600
00:34:26,040 --> 00:34:27,080
I've said my piece.
601
00:34:28,720 --> 00:34:29,680
Yeah.
602
00:34:34,640 --> 00:34:35,840
People damn Lehman
603
00:34:35,840 --> 00:34:38,080
because of poor risk management
in one area.
604
00:34:38,840 --> 00:34:41,880
Housing derivatives.
But we benefited hugely
605
00:34:41,880 --> 00:34:44,200
from acquiring the bond trading
and EM businesses.
606
00:34:44,800 --> 00:34:48,040
I'm sure Pierpoint's suite will be
similarly exciting,
607
00:34:48,040 --> 00:34:49,400
synergistically, for us.
608
00:34:49,720 --> 00:34:51,120
We can give the market the soft signal
609
00:34:51,120 --> 00:34:52,840
this is happening
and allay the share price,
610
00:34:53,360 --> 00:34:56,280
stave off any more panic.
Give us some breathing room.
611
00:34:56,280 --> 00:34:59,880
Can I ask, would we be Barclays-Pierpoint
or Pierpoint-Barclays?
612
00:34:59,880 --> 00:35:01,520
Do we care about the cosmetics?
613
00:35:01,640 --> 00:35:03,560
As someone who's been here
longer than a fortnight,
614
00:35:03,560 --> 00:35:05,280
you should care
about the weight of our name.
615
00:35:05,280 --> 00:35:07,880
If you're addressing me,
could you look me in the face, please?
616
00:35:09,200 --> 00:35:10,960
Do we care about saving the name
617
00:35:10,960 --> 00:35:13,080
or saving the jobs
of the people who work for us?
618
00:35:13,080 --> 00:35:14,520
Well, maybe you can tell us.
619
00:35:15,120 --> 00:35:18,400
Or maybe our potential suitor
is best placed to answer that question.
620
00:35:21,200 --> 00:35:25,280
You guys are trading off
a 150-year reputation,
621
00:35:26,000 --> 00:35:27,880
which we respect, of course.
622
00:35:29,240 --> 00:35:30,640
But practically,
623
00:35:30,920 --> 00:35:33,440
we are interested in your infrastructure.
624
00:35:35,240 --> 00:35:38,600
Now, as time is of the essence,
I'll make some phone calls.
625
00:35:39,080 --> 00:35:41,280
I mean, you know,
that is if you're still interested.
626
00:35:41,880 --> 00:35:42,840
Please.
627
00:35:48,480 --> 00:35:49,600
Tell me how that was appropriate.
628
00:35:49,600 --> 00:35:52,880
What's inappropriate is not drilling down
on what this guy means by infrastructure.
629
00:35:53,000 --> 00:35:54,480
Is that our... our tech, our terminals?
630
00:35:54,480 --> 00:35:56,480
Is that the fucking building
in Midtown? What?
631
00:35:56,480 --> 00:35:57,920
I'm sure that'll be shaken out.
632
00:35:58,960 --> 00:36:00,040
Go fuck yourself.
633
00:36:01,800 --> 00:36:03,560
I do that regularly, thank you.
634
00:36:04,440 --> 00:36:07,360
Can I ask what the actual fuck
it is you're doing here?
635
00:36:07,480 --> 00:36:10,680
You're barely 40. You're a fucking
British management consultant.
636
00:36:10,680 --> 00:36:12,040
Bill, calm down.
637
00:36:12,040 --> 00:36:13,960
What we need is a capital injection
638
00:36:13,960 --> 00:36:17,040
so we're not backed into a corner
and into a deal not on our terms.
639
00:36:17,040 --> 00:36:19,000
- We need thinking time.
- It's a Band-Aid.
640
00:36:19,000 --> 00:36:21,840
- A Band-Aid is not a solution.
- Mitsubishi will tide us over.
641
00:36:21,840 --> 00:36:24,680
They want us to be us
with no stipulations.
642
00:36:24,680 --> 00:36:27,040
There is no such thing as free money.
643
00:36:30,160 --> 00:36:33,320
We will thrash out a palatable acquisition
multiple for all parties,
644
00:36:33,720 --> 00:36:36,080
but I guess we can now shake hands.
645
00:36:36,880 --> 00:36:39,520
That’s pending dotting the I’s
and crossing the T’s for the regulator.
646
00:36:40,560 --> 00:36:43,480
And we'll pen an announcement
to cushion the share price.
647
00:36:43,480 --> 00:36:45,040
- This is great news.
- Yeah.
648
00:36:50,960 --> 00:36:52,480
So, this is what death feels like.
649
00:36:53,720 --> 00:36:55,480
One hundred and fifty years to build it.
650
00:36:57,360 --> 00:36:59,560
Two-minute phone call
to bring it all down.
651
00:37:18,040 --> 00:37:19,280
Bill can't behave like that
652
00:37:19,680 --> 00:37:21,800
when the rest
of Barclays management come in.
653
00:37:24,040 --> 00:37:25,520
He has our best interests at heart.
654
00:37:25,520 --> 00:37:28,120
Has he promised you the world
if he comes out on top?
655
00:37:30,520 --> 00:37:32,120
He has a habit of doing that.
656
00:37:33,720 --> 00:37:36,480
Why is he turning this
into a political zero-sum game?
657
00:37:37,720 --> 00:37:40,040
These factions, it's child's play.
658
00:37:40,040 --> 00:37:42,080
If we play this right
and quell the infighting,
659
00:37:42,080 --> 00:37:43,600
everyone in the room will be safe.
660
00:37:43,800 --> 00:37:47,240
Do... do I count as in the room?
661
00:37:49,240 --> 00:37:51,000
Get in Bill's ear, that's how you count.
662
00:37:52,440 --> 00:37:53,400
Bring him to heel.
663
00:37:54,000 --> 00:37:56,160
Convince him not to embarrass us
in front of the people
664
00:37:56,160 --> 00:37:57,680
who are offering us a lifeline.
665
00:38:00,080 --> 00:38:02,520
You don't buy that BS
about the workforce, do you?
666
00:38:04,040 --> 00:38:06,600
The guy usually pops a chub
for reducing head count.
667
00:38:07,440 --> 00:38:08,520
He's weaponizing them.
668
00:38:10,080 --> 00:38:11,080
He's self-interested.
669
00:38:11,080 --> 00:38:14,000
He just wants to play Christ
with the Mitsubishi plan.
670
00:38:14,720 --> 00:38:16,320
We both know it's not gonna work.
671
00:38:16,880 --> 00:38:20,320
And as far as he's concerned,
you're a useful idiot.
672
00:39:10,360 --> 00:39:14,320
Otto, look, I wouldn't be calling you
if it wasn't a last resort,
673
00:39:14,320 --> 00:39:16,640
and I feel terrible
about going behind her back,
674
00:39:16,640 --> 00:39:21,680
but I need my working relationships
to be predicated on trust, and...
675
00:39:22,360 --> 00:39:23,880
on that basis, I...
676
00:39:24,680 --> 00:39:26,960
I think it's becoming
untenable with Harper.
677
00:39:27,440 --> 00:39:28,720
Are you coming to bed?
678
00:39:29,160 --> 00:39:31,040
You're one of my best-performing projects.
679
00:39:31,040 --> 00:39:32,080
What's happened?
680
00:39:32,640 --> 00:39:35,760
She's being reckless with our AUM.
681
00:39:35,960 --> 00:39:36,920
Reckless how?
682
00:39:38,520 --> 00:39:39,480
Legally.
683
00:39:41,400 --> 00:39:43,200
You mean she's reckless with my money?
684
00:39:43,880 --> 00:39:47,560
That is simply something
I cannot countenance.
685
00:39:50,440 --> 00:39:51,960
I'm sick of talking around the fact
686
00:39:51,960 --> 00:39:54,880
that you are solely to blame
for Pierpoint's insolvency.
687
00:39:54,880 --> 00:39:57,760
It was a strategy
agreed upon by a committee.
688
00:39:57,760 --> 00:40:00,240
- It was only a committee when it failed.
- Bill, can--
689
00:40:04,240 --> 00:40:06,320
I have bad news.
690
00:40:10,160 --> 00:40:13,400
We need significantly more time to get us
over the line with the regulator.
691
00:40:13,600 --> 00:40:15,200
We don't have any more time.
692
00:40:16,280 --> 00:40:17,680
Talk straight. What's going on?
693
00:40:18,720 --> 00:40:19,920
Well, between us,
694
00:40:19,920 --> 00:40:21,640
I've just got off the phone
with the chancellor,
695
00:40:22,480 --> 00:40:24,080
he understands
the gravity of the situation,
696
00:40:24,080 --> 00:40:27,920
but he can't be seen to be ratifying
the effective bailout of another bank.
697
00:40:28,400 --> 00:40:30,160
He's on thin ice as it is,
698
00:40:30,160 --> 00:40:33,080
and he's got this bloody caucus
of populist Tory backbenchers
699
00:40:33,080 --> 00:40:35,120
making his life hell.
700
00:40:36,840 --> 00:40:39,760
So, yeah. Sorry I can't be of more help.
701
00:40:40,280 --> 00:40:41,240
So, what? We’re...
702
00:40:41,400 --> 00:40:44,120
we're just at the mercy
of someone else's ambition?
703
00:40:45,720 --> 00:40:46,720
Aren't we always?
704
00:40:48,920 --> 00:40:50,320
Look, I need to get some sleep.
705
00:40:51,880 --> 00:40:52,840
Best of luck.
706
00:40:57,080 --> 00:40:58,400
Fuck!
707
00:40:59,960 --> 00:41:01,880
So, this is what we have at the moment.
708
00:41:03,200 --> 00:41:08,200
The chancellor now looks like an ally
of the financial sector's lawlessness
709
00:41:08,480 --> 00:41:13,440
and weak for kowtowing
to an influential group of backbenchers.
710
00:41:14,080 --> 00:41:15,440
Led by his successor.
711
00:41:16,680 --> 00:41:18,760
Are we ready for that move?
712
00:41:19,400 --> 00:41:20,800
Maybe after the election.
713
00:41:23,600 --> 00:41:26,040
But these headlines
won't hurt your chances.
714
00:41:31,040 --> 00:41:32,840
Eddie, thank you for staying so late.
715
00:41:33,200 --> 00:41:35,600
Let's have this online
before the country wakes up.
716
00:41:35,920 --> 00:41:36,880
Got it.
717
00:41:41,080 --> 00:41:44,240
If he thinks this leads
to a fashion-adjacent lifestyle,
718
00:41:44,240 --> 00:41:46,360
it's immediately a red flag.
719
00:41:46,360 --> 00:41:49,440
He was a hundred percent a misogynist,
and possibly a psychopath.
720
00:41:49,440 --> 00:41:51,680
What in the good fuck is going on?
721
00:41:52,240 --> 00:41:54,120
You better have sold the rest
of my fucking positions.
722
00:41:54,360 --> 00:41:55,840
Where have you been?
723
00:41:56,160 --> 00:41:59,120
I've been playing the fruities
with a client.
724
00:41:59,280 --> 00:42:02,280
Some guy keeps calling the desk for you.
725
00:42:02,280 --> 00:42:03,320
Who?
726
00:42:05,080 --> 00:42:06,240
Vin? Vinnie?
727
00:42:06,880 --> 00:42:08,280
- Vinay?
- That's the one.
728
00:42:08,280 --> 00:42:09,560
- He called here?
- Yeah.
729
00:42:09,880 --> 00:42:11,840
You're a dickhead, bruv.
730
00:42:13,280 --> 00:42:14,400
A fucking dickhead.
731
00:42:15,400 --> 00:42:17,480
So, Anraj is on ecstasy.
732
00:42:17,920 --> 00:42:20,880
He was catatonic drunk,
but hey, he insisted,
733
00:42:20,880 --> 00:42:23,480
and well, we dragged
some people to the floor
734
00:42:23,480 --> 00:42:26,080
and, hey, can't fire us twice, right?
735
00:42:28,320 --> 00:42:29,600
You bully me
736
00:42:30,240 --> 00:42:32,360
- 'cause you were bullied at school, innit?
- Shut the fuck up!
737
00:42:32,360 --> 00:42:34,960
No, you're pure small-man syndrome, bruv.
738
00:42:35,080 --> 00:42:38,080
You got no taste, bruv.
Look at your car, your taste level's dead.
739
00:42:38,080 --> 00:42:39,360
Why didn't you sell my fucking axes?
740
00:42:39,560 --> 00:42:41,160
Your IG Explore page must be
741
00:42:41,160 --> 00:42:43,240
- a crime against humanity!
- Shut the fuck up!
742
00:42:43,240 --> 00:42:44,720
No, I'm done being quiet.
743
00:42:44,720 --> 00:42:46,520
Now, look... look, we're not...
we're not sick, Rishi.
744
00:42:46,640 --> 00:42:49,720
We're not gonna play Santa,
wrapping coal in a bow for your clients.
745
00:42:49,720 --> 00:42:52,240
We're not gonna torch
our reputations in the market
746
00:42:52,240 --> 00:42:54,360
selling your worthless positions.
747
00:42:55,280 --> 00:42:58,000
Why would we? To what end, anyway?
748
00:43:01,840 --> 00:43:02,920
Best of luck drowning.
749
00:43:08,120 --> 00:43:09,080
Fuck.
750
00:43:23,040 --> 00:43:26,200
- What's the time, please?
- It's just gone 4:00 a.m.
751
00:43:27,400 --> 00:43:28,360
Okay.
752
00:43:29,600 --> 00:43:31,840
We have around ten hours till U.S. open.
753
00:43:32,440 --> 00:43:35,080
- Put a fucking solution in front of me.
- Mitsubishi is still in play.
754
00:43:35,080 --> 00:43:36,600
I can wake the head
of their London office.
755
00:43:36,600 --> 00:43:38,080
They want this as much as us.
756
00:43:38,080 --> 00:43:41,160
This solve is not viable long term,
given the state of our balance sheet.
757
00:43:41,160 --> 00:43:43,680
To assuage market fears,
all that matters is we can prove
758
00:43:43,680 --> 00:43:44,960
we plugged the immediate hole.
759
00:43:44,960 --> 00:43:47,280
Why do you keep talking
when the value add of your ideas
760
00:43:47,280 --> 00:43:48,560
is less than zero?
761
00:43:49,120 --> 00:43:51,560
We need to pivot. Mitsubishi?
762
00:43:52,160 --> 00:43:54,080
Wake them up. Get them in the room.
763
00:44:04,960 --> 00:44:06,840
It's on. It's on. Eric.
764
00:44:11,600 --> 00:44:13,640
It's a good thing Tom said yes.
765
00:44:14,600 --> 00:44:18,040
I soft launched this to Mitsubishi's
European Executive Committee already.
766
00:44:18,600 --> 00:44:20,080
It's lunchtime in Japan, right?
767
00:44:20,080 --> 00:44:22,520
They're just in from Düsseldorf,
where the European subsidiary is.
768
00:44:22,520 --> 00:44:24,600
Now, they're gonna come
with terms that Tom finds attractive,
769
00:44:24,600 --> 00:44:26,120
because I've prepped them
on the financials.
770
00:44:26,120 --> 00:44:28,800
So, let's take a fast 20
and call an associate in IBD up
771
00:44:28,800 --> 00:44:31,520
to triple-check the numbers in the deck.
No missteps.
772
00:44:32,560 --> 00:44:34,800
Fast 20 still takes 20.
773
00:44:36,680 --> 00:44:37,720
I need stronger nicotine.
774
00:44:39,160 --> 00:44:41,120
Any delivery vessel, I'm beyond caring.
775
00:44:41,920 --> 00:44:44,480
Ow! Ow!
776
00:44:47,160 --> 00:44:48,120
Yas?
777
00:44:53,680 --> 00:44:56,200
I just wanted to make a cup of tea.
778
00:44:56,760 --> 00:44:57,760
What the fuck have you done?
779
00:44:57,760 --> 00:45:00,720
Hey, come here, come here.
Are you hurt?
780
00:45:01,680 --> 00:45:03,720
Hey, hey. Yas, look at me.
781
00:45:04,080 --> 00:45:06,200
- Have you taken something? Yeah?
- Uh-huh.
782
00:45:06,320 --> 00:45:07,280
What have you taken?
783
00:45:07,280 --> 00:45:10,520
Rob, do you think I'm a bad person?
784
00:45:10,680 --> 00:45:14,320
- No. No, you're not a bad person.
- You do. Rob, look at me.
785
00:45:14,320 --> 00:45:16,240
Tell me that you think
that I'm a bad person.
786
00:45:16,240 --> 00:45:17,400
Look, you're not a bad person!
787
00:45:17,400 --> 00:45:20,040
Tell me that I'm allowed
to want to do bad things.
788
00:45:21,640 --> 00:45:22,600
What?
789
00:45:24,280 --> 00:45:25,520
You can do what you want.
790
00:45:28,120 --> 00:45:29,280
I want you.
791
00:45:30,080 --> 00:45:33,080
- I want you. Oh, you're hard.
- What are you doing?
792
00:45:33,080 --> 00:45:34,880
- Come on. Just stop. Stop.
- I want you.
793
00:45:34,880 --> 00:45:36,920
Stop! Stop! Stop! Stop!
794
00:45:37,600 --> 00:45:38,560
Stop!
795
00:45:39,440 --> 00:45:40,400
Stop!
796
00:45:46,000 --> 00:45:48,720
Henry used to get hard when I cried, too.
797
00:45:54,320 --> 00:45:55,320
Hey.
798
00:46:05,000 --> 00:46:06,920
Bill tells me you've been here 30 years.
799
00:46:07,840 --> 00:46:08,840
Aren't you bored?
800
00:46:13,360 --> 00:46:15,640
Been dropped into
a few of these restructurings.
801
00:46:16,840 --> 00:46:20,080
They all have their own
mythos and history, but...
802
00:46:21,240 --> 00:46:23,080
ultimately, they're much for muchness.
803
00:46:23,440 --> 00:46:24,760
They're corporations.
804
00:46:27,240 --> 00:46:28,280
Not the people.
805
00:46:29,920 --> 00:46:32,360
- The people are different.
- Are they really?
806
00:46:34,800 --> 00:46:38,560
There's a self-centeredness at the heart
of Bill's romanticization of it all.
807
00:46:39,320 --> 00:46:40,520
False heroism.
808
00:46:41,760 --> 00:46:43,800
Do you think there's room
for nobility in there?
809
00:46:51,880 --> 00:46:55,600
I was hoping Bill would be my mouthpiece
to the wider Pierpoint family, but...
810
00:46:56,640 --> 00:46:58,960
he seems like more
of a problem than a solution.
811
00:47:04,560 --> 00:47:06,080
You're not a romantic, are you?
812
00:47:06,960 --> 00:47:08,120
What do you believe in?
813
00:47:12,920 --> 00:47:14,320
I don't believe in anything.
814
00:47:15,600 --> 00:47:18,440
I believe in the trade, when it works...
815
00:47:19,640 --> 00:47:21,240
when it stops working.
816
00:47:28,080 --> 00:47:29,040
By the way,
817
00:47:29,800 --> 00:47:32,760
nostalgia's only useful
when you're selling something.
818
00:47:40,320 --> 00:47:42,120
Any color that'll help us in the pitch?
819
00:47:44,120 --> 00:47:45,080
Nope.
820
00:47:46,320 --> 00:47:47,640
A whole lot of nothing.
821
00:47:50,200 --> 00:47:51,560
Deck look good to your eyes?
822
00:47:56,360 --> 00:47:57,320
Perfect.
823
00:48:02,280 --> 00:48:05,200
- I'll see you out there.
- I'll see you out there.
824
00:48:18,440 --> 00:48:20,600
Thank you for meeting us so early.
825
00:48:22,120 --> 00:48:24,440
I'm sorry it's a little ripe in here.
826
00:48:26,640 --> 00:48:28,800
- Where the hell are you going?
- I gotta take this.
827
00:48:32,640 --> 00:48:34,640
Thanks for calling me back.
Sorry it's early.
828
00:48:35,720 --> 00:48:40,040
Bill Adler told me about a connection
that landed you on my desk.
829
00:48:40,040 --> 00:48:42,080
Can you flesh that out for me a little?
830
00:48:46,320 --> 00:48:48,680
- Did you enjoy your stay?
- Very much. Thank you.
831
00:48:51,560 --> 00:48:52,920
Did you want a bandage?
832
00:48:55,400 --> 00:48:56,360
Sure.
833
00:49:03,200 --> 00:49:04,600
Do you reckon she's a Libra?
834
00:49:07,760 --> 00:49:10,680
I threw in an extra 20 quid
for the busted kettle.
835
00:49:11,080 --> 00:49:14,080
- Oh, thanks.
- Ah, it's all right. Cheers.
836
00:49:14,880 --> 00:49:15,840
Cheers.
837
00:49:17,080 --> 00:49:18,240
Have a safe trip.
838
00:49:20,960 --> 00:49:24,040
Our proposal is that
the Mitsubishi Financial Group
839
00:49:24,040 --> 00:49:26,320
invest nine billion dollars in equity
840
00:49:26,320 --> 00:49:29,520
in Pierpoint for a 19-percent interest
in the company
841
00:49:29,760 --> 00:49:31,480
on a fully diluted basis.
842
00:49:36,080 --> 00:49:37,120
How did that get there?
843
00:49:38,840 --> 00:49:42,560
As I was saying, our friends at Mitsubishi
are the best partners we could have.
844
00:49:42,560 --> 00:49:45,800
They have enough dry powder
to buy up our distressed debt
845
00:49:45,800 --> 00:49:48,120
and to support
the other assets on our books.
846
00:49:48,280 --> 00:49:49,920
And they want us to be us.
847
00:49:50,760 --> 00:49:52,520
They have reverence for our name.
848
00:49:53,040 --> 00:49:55,640
We want to help build Pierpoint
back to what it could be
849
00:49:55,640 --> 00:49:57,680
in its 150th year.
850
00:49:59,480 --> 00:50:04,280
We expect a very healthy ROI for you
on a decade-long horizon,
851
00:50:04,560 --> 00:50:07,600
but of course, apologies
for the small inaccuracy on page 12.
852
00:50:12,600 --> 00:50:13,720
What inaccuracy?
853
00:50:14,280 --> 00:50:17,600
I am assuming this reference
is linked incorrectly.
854
00:50:18,600 --> 00:50:22,160
It looks like you are linking
to enterprise value
855
00:50:22,160 --> 00:50:23,960
instead of equity value.
856
00:50:24,960 --> 00:50:28,360
It's causing a 15-percent decrease
in the true PE multiple,
857
00:50:28,360 --> 00:50:31,360
which should otherwise be
seven-point-six times,
858
00:50:31,800 --> 00:50:33,680
well below peers.
859
00:50:36,160 --> 00:50:37,800
I'm so sorry we missed this.
860
00:50:39,400 --> 00:50:41,920
That's like a two-to-three
percent uplift in IRR.
861
00:50:42,160 --> 00:50:44,040
After ten years of what we know
862
00:50:44,160 --> 00:50:46,840
will be a mutually
beneficial relationship.
863
00:50:47,520 --> 00:50:48,640
How could we have missed that?
864
00:50:48,800 --> 00:50:51,280
It's sloppy. Eric.
865
00:50:51,880 --> 00:50:54,720
Bill, it's fine. Leave it. It's late.
866
00:50:55,600 --> 00:50:58,360
It happens. It's just a book.
867
00:50:59,200 --> 00:51:02,120
That's a huge decrease in the valuation.
How didn't I spot it?
868
00:51:02,920 --> 00:51:04,400
Bill, you did spot it.
869
00:51:05,640 --> 00:51:07,480
What? When?
870
00:51:07,800 --> 00:51:09,800
We ran through it about an hour ago.
871
00:51:09,800 --> 00:51:13,040
I raised it again
in the bathroom just now.
872
00:51:13,160 --> 00:51:15,840
You said it wasn't
a deal-breaker in the room,
873
00:51:15,840 --> 00:51:17,720
that they know the numbers already,
874
00:51:17,720 --> 00:51:19,920
which they do.
875
00:51:21,000 --> 00:51:22,120
We can move on.
876
00:51:22,960 --> 00:51:24,360
That didn't happen.
877
00:51:26,440 --> 00:51:27,400
Did it?
878
00:51:28,640 --> 00:51:30,680
It's not mission critical here.
879
00:51:30,880 --> 00:51:33,320
No, it is. When did we discuss it?
880
00:51:34,920 --> 00:51:36,320
I don't think we did, did we?
881
00:51:36,320 --> 00:51:39,160
- Maybe I'm just misremembering.
- I think you can move on.
882
00:51:39,160 --> 00:51:41,200
You have to understand
it's very important
883
00:51:41,200 --> 00:51:42,880
- that I didn't misremember.
- Bill.
884
00:51:45,440 --> 00:51:46,400
What's going on?
885
00:51:48,160 --> 00:51:49,120
Hey, Bill.
886
00:51:52,080 --> 00:51:53,240
There's no shame.
887
00:51:57,000 --> 00:51:59,480
I'm so... I'm so sorry, if...
888
00:52:01,000 --> 00:52:01,960
I've been quite sick,
889
00:52:01,960 --> 00:52:04,600
and I really didn't wanna bring it up
in this forum, but--
890
00:52:04,760 --> 00:52:07,400
You are fit to continue.
891
00:52:11,000 --> 00:52:14,320
Gentlemen and lady,
892
00:52:15,000 --> 00:52:16,360
could you give us five?
893
00:52:17,680 --> 00:52:19,760
This isn't what we expect
in these circumstances.
894
00:52:19,760 --> 00:52:22,560
No, there should be
multiple layers of review.
895
00:52:22,800 --> 00:52:23,880
My apologies.
896
00:52:39,680 --> 00:52:42,920
I... I'm so sorry. I should have
just breezed past it,
897
00:52:42,920 --> 00:52:46,600
but it's... it's quite important...
it's quite important for my prognosis.
898
00:52:46,600 --> 00:52:47,800
What's wrong with you?
899
00:52:49,920 --> 00:52:51,480
I have a malignant tumor. I...
900
00:52:52,560 --> 00:52:54,960
I've not noticed much,
if any, cognitive impairment.
901
00:52:54,960 --> 00:52:56,200
- That's why it's--
- And you've been
902
00:52:56,200 --> 00:52:57,480
keeping this to yourself?
903
00:53:02,800 --> 00:53:03,840
You shouldn't be in here.
904
00:53:05,080 --> 00:53:07,000
Your health is of paramount importance.
905
00:53:07,000 --> 00:53:09,120
My performance
has never been compromised.
906
00:53:09,120 --> 00:53:10,920
Apart from when it just mattered.
907
00:53:12,240 --> 00:53:16,800
High stress, no sleep.
This isn't the place for a sick man.
908
00:53:17,960 --> 00:53:18,920
Look...
909
00:53:20,160 --> 00:53:22,040
I want you to go home.
That isn't a suggestion.
910
00:53:22,360 --> 00:53:24,520
I'm fit to work if I say I'm fit to work.
911
00:53:24,520 --> 00:53:27,080
I want you to go rest.
912
00:53:28,480 --> 00:53:29,440
Eric...
913
00:53:31,120 --> 00:53:32,520
why don't you put Bill in a cab?
914
00:53:42,560 --> 00:53:43,520
Come on.
915
00:53:44,240 --> 00:53:45,560
It's okay. Come on.
916
00:54:15,480 --> 00:54:16,680
- Hello?
- Hi.
917
00:54:16,880 --> 00:54:19,800
Denise, I've slept on it,
918
00:54:19,800 --> 00:54:22,240
and I don't want to take Rose's offer.
919
00:54:22,240 --> 00:54:25,480
And I know-- I have thought
about the implications,
920
00:54:25,800 --> 00:54:29,120
but it's Rose and Hanani, okay?
They're the ones that are being inhumane,
921
00:54:29,120 --> 00:54:30,920
and you can think that
I'm meeting them on their level
922
00:54:30,920 --> 00:54:32,240
if you want, that's fine,
923
00:54:32,480 --> 00:54:35,320
but they have literally
given me no choice.
924
00:54:35,680 --> 00:54:37,200
Have you stopped to think about how this
925
00:54:37,200 --> 00:54:38,960
- is gonna affect the other victims?
- Yes, of course!
926
00:54:38,960 --> 00:54:40,560
Of course I have
thought about that, Denise!
927
00:54:40,560 --> 00:54:41,720
Of course I have!
928
00:54:41,840 --> 00:54:45,280
But you have to understand,
it is them or it is me!
929
00:54:55,800 --> 00:54:56,760
How was it?
930
00:54:59,200 --> 00:55:03,200
So, they've had their funding
from the university totally cut off.
931
00:55:03,400 --> 00:55:04,600
They balked at the idea
932
00:55:04,600 --> 00:55:06,280
of any commercial
application of psychedelics,
933
00:55:06,280 --> 00:55:10,240
only lab-conditioned trials
on treatment for various mental disorders.
934
00:55:10,360 --> 00:55:11,360
Why?
935
00:55:11,800 --> 00:55:14,600
Well, it's still illegal, but LittleLabs,
936
00:55:15,560 --> 00:55:16,800
they want to be the first mover.
937
00:55:17,400 --> 00:55:20,320
Now, imagine being early
on cannabis in California.
938
00:55:21,560 --> 00:55:23,520
- Sorry.
- Well, no.
939
00:55:24,440 --> 00:55:28,360
See, they've been flirting with the idea
of relocating to Silicon Valley.
940
00:55:28,720 --> 00:55:31,320
All right? And they said
if I can help unlock VC dollars
941
00:55:31,320 --> 00:55:34,400
for them out there,
then there might be a position open.
942
00:55:35,640 --> 00:55:37,480
- Head of business development.
- What?
943
00:55:37,480 --> 00:55:39,880
Yeah, I know.
I couldn't believe it as well.
944
00:55:40,960 --> 00:55:45,080
So, wait... wait. Would that mean
that you move to the States?
945
00:55:45,640 --> 00:55:46,600
Maybe.
946
00:55:48,600 --> 00:55:49,560
Here.
947
00:55:55,320 --> 00:55:57,240
Sleep will help.
I'll... I'll get a couple more hours
948
00:55:57,240 --> 00:55:58,440
and come straight back in.
949
00:55:59,000 --> 00:56:01,080
I don't think anyone in there wants that.
950
00:56:01,840 --> 00:56:03,960
Stay home. For yourself.
951
00:56:04,360 --> 00:56:06,680
I'll smooth out Mitsubishi. It'll work.
952
00:56:08,760 --> 00:56:10,920
Peer to peer, stay home.
953
00:56:11,760 --> 00:56:13,240
More time for your family.
954
00:56:14,960 --> 00:56:16,840
The institution doesn't suffer.
955
00:56:24,800 --> 00:56:25,960
Door opening.
956
00:56:29,720 --> 00:56:31,360
You made me distrust my...
957
00:56:36,320 --> 00:56:37,280
For what?
958
00:56:43,720 --> 00:56:44,920
Door closing.
959
00:57:26,200 --> 00:57:27,240
You Harper Stern?
960
00:57:28,400 --> 00:57:29,360
Yeah.
961
00:57:29,600 --> 00:57:32,040
Otto wants to see you. Get in the car.
962
00:57:34,520 --> 00:57:35,480
Now?
963
00:57:36,080 --> 00:57:37,080
He'd prefer it.
964
00:58:01,440 --> 00:58:03,720
Well, I hope
he's getting the care he needs.
965
00:58:05,400 --> 00:58:07,400
I've heard that...
966
00:58:08,960 --> 00:58:10,920
tumors can have certain...
967
00:58:12,080 --> 00:58:15,600
neurological effects as pertains
to people's willingness
968
00:58:16,200 --> 00:58:18,040
to take risk.
969
00:58:23,400 --> 00:58:26,640
Well, while I take some responsibility
970
00:58:26,640 --> 00:58:29,280
for my bullishness
over ESG as a concept...
971
00:58:30,920 --> 00:58:33,440
Bill had the underlying
relationship with Debt Syndicate
972
00:58:33,440 --> 00:58:35,320
from his bond trading days.
973
00:58:35,800 --> 00:58:39,360
He was the one pushing
their appetite for risk.
974
00:58:41,400 --> 00:58:42,360
Yes.
975
00:58:43,400 --> 00:58:46,840
Fixed income was more Bill's background.
976
00:58:48,160 --> 00:58:51,800
You know, we can't let someone go
because of their declining health...
977
00:58:54,760 --> 00:58:55,720
but...
978
00:58:58,440 --> 00:58:59,400
Eric...
979
00:59:01,320 --> 00:59:03,120
as the closest to him,
980
00:59:03,960 --> 00:59:07,720
if you think
an indefinite period of absence
981
00:59:07,720 --> 00:59:11,400
would be in his best interest...
982
00:59:13,640 --> 00:59:16,640
it is something our executive committee
983
00:59:17,040 --> 00:59:20,000
would be willing to consider.
984
00:59:23,840 --> 00:59:26,920
He has seemed a little...
985
00:59:27,960 --> 00:59:29,160
out of sorts.
986
00:59:37,520 --> 00:59:40,000
While I respect the rules of the game...
987
00:59:41,640 --> 00:59:46,360
I find pinning this all on a sick man
morally unconscionable.
988
00:59:48,800 --> 00:59:52,200
But tomorrow is more important
than yesterday for Pierpoint.
989
00:59:58,640 --> 00:59:59,920
So, fuck him then, right?
990
01:00:07,520 --> 01:00:09,240
Is Mitsubishi worth pursuing?
991
01:00:09,680 --> 01:00:11,360
It's a Band-Aid. No more.
992
01:00:11,360 --> 01:00:13,280
Phillip was onto something when he told us
993
01:00:13,280 --> 01:00:15,120
that we should be
looking towards the Gulf.
994
01:00:15,720 --> 01:00:18,160
So, I've brokered an introduction.
995
01:00:21,680 --> 01:00:23,320
Ali. Gentlemen.
996
01:00:24,280 --> 01:00:25,960
It's Pierpoint's anniversary.
997
01:00:28,040 --> 01:00:30,440
How would you like
to buy a piece of history?