1
00:00:06,600 --> 00:00:08,080
Have you seen
Pierpoint's stock price?
2
00:00:08,160 --> 00:00:09,360
You had a drink yet?
3
00:00:09,520 --> 00:00:11,600
The stock's fucking halved.
Would you blame me?
4
00:00:12,000 --> 00:00:14,120
It was like Omaha Beach
on the floor today.
5
00:00:15,000 --> 00:00:16,400
Serving Prosecco.
6
00:00:16,720 --> 00:00:17,920
Can't afford champagne.
7
00:00:18,000 --> 00:00:19,520
Screaming sell signal, no doubt.
8
00:00:19,600 --> 00:00:22,440
Yeah, I need you to come
to the 13th floor immediately.
9
00:00:25,360 --> 00:00:26,680
- Yeah.
- Yeah?
10
00:00:33,320 --> 00:00:36,080
Hey, hey, why the fuck
did they not cancel this party?
11
00:00:36,280 --> 00:00:37,680
It's too late. You got a...
12
00:00:38,480 --> 00:00:40,280
Haven't seen a day
this bloody since '08.
13
00:00:40,480 --> 00:00:41,480
Don't go home.
14
00:00:41,720 --> 00:00:42,800
Yeah, it's worse there, don't worry.
15
00:00:42,880 --> 00:00:43,880
Don't go to the party.
16
00:00:43,960 --> 00:00:46,200
Whatever's left on the desk's books,
however you're axed
17
00:00:46,280 --> 00:00:48,760
long, short, any product,
get rid of it now.
18
00:00:48,920 --> 00:00:51,560
You've got one hour
of US trading left
19
00:00:51,640 --> 00:00:52,920
then you need to trade Asia.
20
00:00:53,120 --> 00:00:55,320
People might not be
trading with us come morning.
21
00:00:55,400 --> 00:00:58,200
Book any profit. Take any loss.
22
00:00:58,520 --> 00:00:59,720
Clean house.
23
00:01:00,520 --> 00:01:01,720
Hey...
24
00:01:01,920 --> 00:01:03,120
what's going on?
25
00:01:04,120 --> 00:01:05,520
The bell's tolling.
26
00:01:13,760 --> 00:01:14,760
How bad is it?
27
00:01:14,840 --> 00:01:16,440
We'll be talking about
Pierpoint's stock price
28
00:01:16,520 --> 00:01:17,760
in cents, not dollars soon.
29
00:01:17,840 --> 00:01:20,080
The debt we issued to fund
the ESG pivot has matured
30
00:01:20,160 --> 00:01:21,560
and our creditors
are banging down our door
31
00:01:21,640 --> 00:01:23,200
- for money that isn't there.
- How close are we
32
00:01:23,280 --> 00:01:25,000
- to declaring bankruptcy?
- Hours.
33
00:01:25,200 --> 00:01:26,640
The counsel in this room
are working avenues
34
00:01:26,720 --> 00:01:28,800
for a capital injection
to buy us a stay of execution.
35
00:01:28,880 --> 00:01:30,160
That price is low...
36
00:01:32,040 --> 00:01:34,000
I haven't seen price action
this aggressive
37
00:01:34,080 --> 00:01:35,600
- since Lehman Brothers.
- All right. Excuse me.
38
00:01:36,320 --> 00:01:37,320
He's about to come on.
39
00:01:37,560 --> 00:01:39,680
Tom, he's about to come on.
40
00:01:46,520 --> 00:01:48,240
You have the Assistant Secretary.
41
00:01:49,200 --> 00:01:50,280
Graham Steele speaking.
42
00:01:50,360 --> 00:01:52,640
This is Tom Wolsey in dreary London.
43
00:01:52,920 --> 00:01:55,920
I'm told Wilhelmina
brought you up to speed last night.
44
00:01:56,240 --> 00:01:58,920
Yeah, listen,
I've reviewed your situation
45
00:01:59,000 --> 00:02:00,440
and it looks like
you've positioned yourself
46
00:02:00,520 --> 00:02:02,240
as lender, buyer, and seller.
47
00:02:02,320 --> 00:02:04,520
Like J.P. Morgan with WeWork.
48
00:02:04,800 --> 00:02:06,880
Yeah, a one-stop shop.
49
00:02:07,480 --> 00:02:10,240
And you didn't think
this was inappropriately high-risk?
50
00:02:11,320 --> 00:02:12,720
And incestuous? Yup.
51
00:02:12,800 --> 00:02:14,400
For the record, I think it was.
52
00:02:14,600 --> 00:02:17,200
We liked the risk-reward.
53
00:02:17,800 --> 00:02:19,760
In hindsight, not so much.
54
00:02:20,080 --> 00:02:22,240
We're looking
for an emergency cash injection
55
00:02:22,320 --> 00:02:25,760
of around $15 billion
in short order to plug the hole
56
00:02:25,840 --> 00:02:28,120
and give us a chance to restructure.
57
00:02:28,240 --> 00:02:32,440
Yeah, our current share price is $45.
58
00:02:32,640 --> 00:02:36,040
It's now 8.00pm UK, Thursday night.
59
00:02:36,280 --> 00:02:37,520
We need to resolve this
60
00:02:37,600 --> 00:02:41,800
before the US markets open
on Friday, 2.30pm UK.
61
00:02:44,560 --> 00:02:45,760
Okay.
62
00:02:45,880 --> 00:02:48,080
I don't have the reach
or frankly the influence
63
00:02:48,160 --> 00:02:49,360
to advise here.
64
00:02:50,160 --> 00:02:52,480
You're Assistant Secretary
of the Treasury
65
00:02:52,560 --> 00:02:54,800
for Financial Institutions, Graham.
66
00:02:55,200 --> 00:02:57,400
If you don't have the authority
to do your job
67
00:02:57,480 --> 00:02:59,360
I wanna speak to someone who can.
68
00:03:01,800 --> 00:03:05,000
I'm gonna pull the Treasury Secretary
out of her 3.00pm, okay?
69
00:03:08,200 --> 00:03:10,200
Can you get me
at least two more packs of this?
70
00:03:10,320 --> 00:03:11,640
If I run out, I'll have to light up
71
00:03:11,720 --> 00:03:13,840
then it'll all get a bit
too Glengarry in here.
72
00:03:22,400 --> 00:03:24,440
The head of sales
should be at the 150th party.
73
00:03:24,520 --> 00:03:25,520
Keep up appearances.
74
00:03:25,600 --> 00:03:27,440
Trying to contain the issue
to this room is a...
75
00:03:28,000 --> 00:03:29,280
it's a fool's errand.
76
00:03:30,080 --> 00:03:31,280
You okay?
77
00:03:31,680 --> 00:03:33,000
Yeah, just a little...
78
00:03:33,200 --> 00:03:34,400
a foggy head.
79
00:03:35,000 --> 00:03:36,840
It's a little late
for a fireside chat
80
00:03:36,920 --> 00:03:38,400
- don't you think?
- I can stay.
81
00:03:38,720 --> 00:03:40,720
Our voice combined
is a voice which speaks
82
00:03:40,800 --> 00:03:42,720
with the authority of
half a century in this firm.
83
00:03:42,800 --> 00:03:44,000
This is an existential moment.
84
00:03:44,080 --> 00:03:45,720
There are multiple possible outcomes.
85
00:03:45,840 --> 00:03:48,200
So, let's not let them sell our soul
86
00:03:48,640 --> 00:03:50,720
just because there's a gun
to our temple.
87
00:03:56,760 --> 00:03:58,080
Yeah, would you excuse us?
88
00:03:59,240 --> 00:04:02,240
I've spoken to the rest
of the Hanani Publishing Board
89
00:04:02,320 --> 00:04:04,240
and we have decided unanimously
90
00:04:04,320 --> 00:04:08,080
that we are going to take care
of the damages.
91
00:04:09,280 --> 00:04:10,600
We all just wanna move on.
92
00:04:10,800 --> 00:04:12,880
I'm sure you can empathize.
93
00:04:13,360 --> 00:04:16,560
But our PR team
is working around the clock
94
00:04:16,640 --> 00:04:18,280
to stage manage this.
95
00:04:18,760 --> 00:04:21,800
And what we're getting is...
96
00:04:22,880 --> 00:04:26,560
the press want a public face
97
00:04:26,720 --> 00:04:27,880
for this scandal.
98
00:04:28,120 --> 00:04:30,240
What, given a dead one
doesn't work, right?
99
00:04:31,360 --> 00:04:33,000
I mean, she's been through enough.
100
00:04:33,400 --> 00:04:35,120
We'd like to brief the press
101
00:04:35,200 --> 00:04:37,400
that you knew
all about the embezzlement
102
00:04:37,480 --> 00:04:40,360
and we're its main beneficiary.
103
00:04:40,520 --> 00:04:42,640
Now, they won't be able to finger you
104
00:04:42,720 --> 00:04:44,880
from a legal standpoint
but it will be good...
105
00:04:44,960 --> 00:04:46,440
You want her to wear
the fucking Scarlett Letter?
106
00:04:46,520 --> 00:04:47,840
Do you know how this country works?
107
00:04:47,920 --> 00:04:50,200
I mean, they'll hang her up
as a fucking effigy.
108
00:04:50,760 --> 00:04:52,040
It's a lot of money.
109
00:04:52,640 --> 00:04:53,920
Many millions.
110
00:04:54,280 --> 00:04:56,400
And it's the real world.
111
00:04:56,480 --> 00:04:57,680
You know, there are...
112
00:04:57,800 --> 00:05:00,920
caveats and stipulations
to that kind of money.
113
00:05:01,000 --> 00:05:03,360
Yeah, but they'll flay me.
114
00:05:04,120 --> 00:05:05,920
And I mean, they're gonna love it.
115
00:05:07,080 --> 00:05:09,080
I... I didn't do anything.
116
00:05:09,160 --> 00:05:11,800
Come on, I didn't know anything.
117
00:05:11,880 --> 00:05:13,000
I mean, honestly?
118
00:05:13,080 --> 00:05:15,800
It... it doesn't particularly matter.
119
00:05:16,000 --> 00:05:17,480
The truth, it's...
120
00:05:17,960 --> 00:05:18,960
it's not important.
121
00:05:19,040 --> 00:05:23,360
What's important is
what's expedient for all of us.
122
00:05:23,440 --> 00:05:25,040
You can't force her to do this.
123
00:05:25,120 --> 00:05:27,280
We are paying back the families.
124
00:05:27,360 --> 00:05:28,720
It's the decent thing to do.
125
00:05:28,800 --> 00:05:32,160
You wanna publicly shame
a fucking girl who has nothing
126
00:05:32,240 --> 00:05:33,800
to the point of...
127
00:05:33,920 --> 00:05:36,040
never being able
to live a normal life again.
128
00:05:36,120 --> 00:05:37,560
And you're... you're okay with that?
129
00:05:40,040 --> 00:05:41,360
Those are the terms.
130
00:05:42,600 --> 00:05:43,800
The...
131
00:05:44,200 --> 00:05:46,600
alternative is the legal route.
132
00:05:46,680 --> 00:05:49,080
We'll sue the Hanani family.
133
00:05:49,160 --> 00:05:51,280
We'll sue you to claim back
134
00:05:51,360 --> 00:05:52,600
some of the money we pay
135
00:05:52,680 --> 00:05:54,600
in settlement
to your father's victims.
136
00:05:54,680 --> 00:05:55,880
It'll be long.
137
00:05:56,120 --> 00:05:57,320
By your own admission
138
00:05:57,520 --> 00:06:00,360
you aren't capitalized enough
for that kind of fight.
139
00:06:02,480 --> 00:06:05,840
You well know the end of the story
140
00:06:06,360 --> 00:06:09,440
for young women who are hounded
by the tabloids, right?
141
00:06:14,920 --> 00:06:16,200
Accept the money.
142
00:06:17,800 --> 00:06:21,720
Accept your family's culpability
and get on with your life.
143
00:06:25,240 --> 00:06:26,440
What life?
144
00:06:28,360 --> 00:06:31,160
Her boob job's insane.
145
00:06:31,720 --> 00:06:33,840
Rish, why did you pull us
out of the party, man?
146
00:06:33,920 --> 00:06:36,520
Yeah, man,
I was chirpsing this absolute...
147
00:06:36,680 --> 00:06:39,400
- MILF from Risk.
- Stop talking, listen.
148
00:06:39,480 --> 00:06:41,400
The 150 party is a sham.
149
00:06:42,680 --> 00:06:44,880
Have you noticed that none of
the top brass are there?
150
00:06:46,880 --> 00:06:49,040
How could this day get any worse?
151
00:06:49,120 --> 00:06:51,400
- Insolvency?
- The CEO and CFO
152
00:06:51,480 --> 00:06:52,800
were meant to be in London for it.
153
00:06:53,040 --> 00:06:54,240
Where are they?
154
00:06:54,840 --> 00:06:56,800
- Guys, they're upstairs!
- I...
155
00:06:57,320 --> 00:06:58,840
I told you!
156
00:06:58,960 --> 00:07:00,840
That's why
it's so fucking scrote in here.
157
00:07:00,920 --> 00:07:03,320
- Look. Look at the bins.
- Fucking stinks.
158
00:07:03,400 --> 00:07:05,160
I haven't seen a cleaner
on the floor for two days.
159
00:07:05,240 --> 00:07:06,760
Yeah, maybe admin payroll's goosed.
160
00:07:06,840 --> 00:07:08,800
Those at the bottom
get fucked first. But listen...
161
00:07:09,200 --> 00:07:11,280
I am working on an off-ramp for us.
162
00:07:12,200 --> 00:07:13,920
We're gonna be a pod on the buy side.
163
00:07:14,000 --> 00:07:16,400
Yeah, why would you take us with you?
164
00:07:16,560 --> 00:07:19,240
Well, I need a doe-eyed little flirt
for the front of the house.
165
00:07:20,760 --> 00:07:22,320
And Sweetpea's actually smart.
166
00:07:23,840 --> 00:07:25,960
Look, we all deserve
better than this.
167
00:07:26,360 --> 00:07:27,960
Covered in grease,
while the white gloves
168
00:07:28,040 --> 00:07:29,480
laugh at us upstairs.
169
00:07:29,960 --> 00:07:32,400
I can tell you as sure
as Mother Theresa is in hell
170
00:07:32,480 --> 00:07:33,680
they're not thinking about us
up there.
171
00:07:33,840 --> 00:07:35,040
I am.
172
00:07:35,120 --> 00:07:36,440
What happened to your arm,
by the way?
173
00:07:36,520 --> 00:07:38,520
Walked into a door.
Look, get on the phones
174
00:07:38,600 --> 00:07:40,520
and move every position I have, okay?
175
00:07:40,600 --> 00:07:42,280
Senior secured, AAA
176
00:07:42,360 --> 00:07:43,840
BBB, jewels, junk, the lot.
177
00:07:43,920 --> 00:07:45,200
Eric's mandated it.
178
00:07:45,520 --> 00:07:47,040
I'll work our lifeboat. Move!
179
00:07:50,920 --> 00:07:52,120
Do you believe him?
180
00:07:52,360 --> 00:07:53,800
Would you work on the buy side?
181
00:07:54,040 --> 00:07:55,240
Ultimately...
182
00:07:56,400 --> 00:07:58,400
your prognosis is we're dead anyway
183
00:07:58,480 --> 00:07:59,760
- right?
- Yeah.
184
00:08:01,120 --> 00:08:03,720
Look, even if this place
is burning down...
185
00:08:04,760 --> 00:08:06,440
he's still our boss, right?
186
00:08:13,440 --> 00:08:14,440
No!
187
00:08:14,640 --> 00:08:15,640
What is the point
188
00:08:15,720 --> 00:08:18,440
of making this whole desk's
PNL look good
189
00:08:18,640 --> 00:08:20,160
if this goes under, right?
190
00:08:20,480 --> 00:08:21,680
It's like...
191
00:08:22,120 --> 00:08:24,080
it's deckchairs on the Titanic.
192
00:08:24,160 --> 00:08:26,760
It's... Come on, we could, like...
193
00:08:28,400 --> 00:08:29,600
We could, like...
194
00:08:29,720 --> 00:08:32,800
commemorate Pierpoint's last birthday
195
00:08:33,080 --> 00:08:37,000
by getting absolutely fucking hooned.
196
00:08:38,120 --> 00:08:40,640
How many people know
Pierpoint's 150th is a wake?
197
00:08:40,720 --> 00:08:41,760
Look, listen, listen.
198
00:08:42,000 --> 00:08:43,760
How do you fancy a Trequartista
199
00:08:43,840 --> 00:08:45,440
as elegant as me on a Bosman?
200
00:08:45,680 --> 00:08:46,760
A "boss man"?
201
00:08:46,920 --> 00:08:49,000
We're not hiring new fund managers.
202
00:08:49,080 --> 00:08:50,560
You need an execution guy.
203
00:08:50,840 --> 00:08:52,680
Someone who can look at flows, levels
204
00:08:52,760 --> 00:08:54,120
make sure you're not mistiming things
205
00:08:54,200 --> 00:08:56,040
- and losing upside.
- Really?
206
00:08:56,240 --> 00:08:58,600
You're not a little
overqualified for that?
207
00:08:58,960 --> 00:09:00,560
You're not desperate, are you?
208
00:09:00,880 --> 00:09:03,040
All right, final offer, quid pro quo?
209
00:09:03,160 --> 00:09:06,240
Chatter is that LeviathanAlpha
are short Pierpoint in size.
210
00:09:06,680 --> 00:09:08,800
I can give you live missives
from the madhouse.
211
00:09:08,920 --> 00:09:10,440
Ear to the ground in the asylum.
212
00:09:10,520 --> 00:09:14,080
And help you manage
when to take profit or stop out.
213
00:09:16,160 --> 00:09:18,640
Keep me up to date
and maybe we're talking.
214
00:09:18,720 --> 00:09:20,000
And... and...
215
00:09:20,200 --> 00:09:23,240
I wanna bring two smart,
cheap juniors with me.
216
00:09:23,840 --> 00:09:25,120
Sweetpea and Anraj.
217
00:09:25,560 --> 00:09:28,120
If you are a serious fund,
you need to grow.
218
00:09:28,760 --> 00:09:29,960
Do you want me to leave this?
219
00:09:30,680 --> 00:09:32,680
I forgot you were a family man.
220
00:09:33,040 --> 00:09:35,440
I don't need to remind you
how loose I am with my seed.
221
00:09:35,680 --> 00:09:36,880
Thanks.
222
00:09:37,600 --> 00:09:38,800
Speak soon.
223
00:09:40,800 --> 00:09:42,120
Can I knock again tomorrow?
224
00:09:43,200 --> 00:09:44,400
No, thank you.
225
00:09:49,120 --> 00:09:51,200
Has Harper fully moved out?
226
00:09:52,760 --> 00:09:54,800
Yeah. Without a word.
227
00:09:57,320 --> 00:09:59,000
Remember to lock
the back door tonight.
228
00:09:59,600 --> 00:10:00,800
I always forget.
229
00:10:02,040 --> 00:10:03,240
Where are you going?
230
00:10:04,360 --> 00:10:05,920
Yeah, I haven't told Pierpoint
231
00:10:06,000 --> 00:10:08,200
but I've got a job interview
tomorrow morning...
232
00:10:08,800 --> 00:10:10,520
- in Wales.
- What?
233
00:10:11,680 --> 00:10:12,880
Yeah.
234
00:10:13,000 --> 00:10:14,400
I met this guy Pierre
235
00:10:14,680 --> 00:10:16,680
who hooked me up
with a medical research center
236
00:10:16,760 --> 00:10:18,040
attached to a university there.
237
00:10:18,120 --> 00:10:19,320
And, yeah...
238
00:10:19,440 --> 00:10:20,880
they're doing
really cutting-edge work.
239
00:10:21,480 --> 00:10:22,480
Medicine?
240
00:10:22,720 --> 00:10:24,320
Medicine needs its money men.
241
00:10:30,080 --> 00:10:31,680
When was the last time
you left the house?
242
00:10:34,520 --> 00:10:37,280
There are like five paps outside.
243
00:10:40,200 --> 00:10:41,400
I didn't see any.
244
00:10:43,320 --> 00:10:44,520
They're not here for you.
245
00:10:58,120 --> 00:10:59,640
There's nobody out there, Yas.
246
00:11:00,840 --> 00:11:02,040
I promise.
247
00:11:04,640 --> 00:11:05,840
Sorry.
248
00:11:07,640 --> 00:11:08,840
They...
249
00:11:10,200 --> 00:11:11,400
They really...
250
00:11:11,800 --> 00:11:13,160
get in your head.
251
00:11:20,280 --> 00:11:21,560
Why don't you come with me?
252
00:11:23,920 --> 00:11:25,920
I can't promise that I'll be...
253
00:11:26,920 --> 00:11:28,840
exhilarating company, but...
254
00:11:31,040 --> 00:11:32,440
I hired a Zipcar.
255
00:11:34,440 --> 00:11:35,960
I can drive you out of the city.
256
00:11:38,080 --> 00:11:39,920
I really don't see a way out.
257
00:11:44,080 --> 00:11:46,520
You know, a change of setting...
258
00:11:48,680 --> 00:11:49,880
It really helps me
259
00:11:50,480 --> 00:11:52,880
when I'm, you know...
260
00:11:54,120 --> 00:11:55,320
agitated.
261
00:12:04,080 --> 00:12:06,240
No, no, come on.
262
00:12:07,680 --> 00:12:08,880
Let's bail.
263
00:12:09,280 --> 00:12:10,560
Yeah, let's...
264
00:12:11,720 --> 00:12:14,240
let's mistake the open road
for freedom.
265
00:12:15,320 --> 00:12:17,000
Like all culture teaches us to.
266
00:12:20,240 --> 00:12:21,440
Yeah?
267
00:12:23,280 --> 00:12:25,200
- Okay.
- Yeah, okay.
268
00:12:27,560 --> 00:12:28,840
Be ready in twenty.
269
00:12:29,520 --> 00:12:30,720
I'm grabbing a shower.
270
00:12:42,480 --> 00:12:43,960
Who the hell is this?
271
00:12:45,400 --> 00:12:46,840
Tom, this is Eric Tao.
272
00:12:46,920 --> 00:12:49,520
Thirty years sales at Pierpoint
across asset classes.
273
00:12:49,600 --> 00:12:51,760
Closest thing
to a loyal lieutenant I have.
274
00:12:52,240 --> 00:12:55,160
If Pierpoint has such a thing
as an institutional memory...
275
00:12:55,360 --> 00:12:57,040
- Tao is it.
- Okay.
276
00:12:58,440 --> 00:13:00,840
And how important is history
to us here today?
277
00:13:01,840 --> 00:13:04,440
Well, given Bill's kind introduction
278
00:13:04,520 --> 00:13:07,120
I see it as incumbent on me to say
279
00:13:07,240 --> 00:13:10,160
value is determined by history...
280
00:13:10,520 --> 00:13:12,240
which is indivisible from legacy.
281
00:13:12,320 --> 00:13:15,480
Institutions like ours
don't pop up overnight.
282
00:13:15,800 --> 00:13:18,160
"Too big to fail" isn't an insult.
283
00:13:18,240 --> 00:13:19,240
It's a compliment.
284
00:13:19,320 --> 00:13:23,520
Our global interconnectivity
and sheer size are hard-won.
285
00:13:23,600 --> 00:13:27,400
Let's make sure we let
prospective buyers know that
286
00:13:27,600 --> 00:13:29,320
and value us accordingly.
287
00:13:31,200 --> 00:13:33,480
You're putting yourself
at the center of history.
288
00:13:33,960 --> 00:13:35,160
Humble of you.
289
00:13:35,240 --> 00:13:36,240
Not at all.
290
00:13:36,320 --> 00:13:39,800
I'm putting Pierpoint at the center
of the economic history
291
00:13:39,880 --> 00:13:42,000
of the 20th and 21st century.
292
00:13:42,080 --> 00:13:44,560
So, your purpose here is to belabor
293
00:13:44,640 --> 00:13:47,040
how Pierpoint is
a "star on the American flag"?
294
00:13:47,120 --> 00:13:48,800
This is an American bank.
295
00:13:49,280 --> 00:13:50,640
I need practical thinkers
296
00:13:50,720 --> 00:13:53,560
who present workable options
to me, not zealots.
297
00:13:55,600 --> 00:13:58,120
Please hold
for the US Treasury Secretary.
298
00:13:58,720 --> 00:13:59,720
Tom.
299
00:13:59,800 --> 00:14:01,200
Madam Secretary.
300
00:14:01,440 --> 00:14:04,280
Graham filled me in on the situation.
301
00:14:04,520 --> 00:14:06,240
I don't wanna waste your time.
302
00:14:06,360 --> 00:14:08,520
The Treasury can't offer you
a solution.
303
00:14:08,600 --> 00:14:09,800
Not today.
304
00:14:09,920 --> 00:14:11,200
Not tomorrow.
305
00:14:11,520 --> 00:14:12,600
Oh, Jesus...
306
00:14:12,720 --> 00:14:16,120
You of all people understand the risk
if Pierpoint collapses?
307
00:14:16,520 --> 00:14:19,960
We've dropped another 10%
the last hour of US trading.
308
00:14:20,040 --> 00:14:22,640
Surely, the lesson from '08 is that
309
00:14:22,720 --> 00:14:25,800
administration should act early
to stop contagion.
310
00:14:26,120 --> 00:14:28,880
Tell me exactly
where you were in '08, Tom.
311
00:14:29,480 --> 00:14:30,800
If I remember correctly
312
00:14:30,880 --> 00:14:32,960
I was the Vice Chair
of the Federal Reserve
313
00:14:33,040 --> 00:14:34,040
and you were...
314
00:14:34,120 --> 00:14:35,120
What?
315
00:14:35,200 --> 00:14:37,800
Singing acapella
with the Whiffenpoofs at Yale?
316
00:14:37,880 --> 00:14:40,200
I actually do
a very stirring rendition
317
00:14:40,280 --> 00:14:42,040
of "Radio Ga Ga" to this day.
318
00:14:43,600 --> 00:14:46,440
The lesson from '08
is no more bailouts.
319
00:14:46,520 --> 00:14:49,480
We're not asking
for TARP scale relief here.
320
00:14:49,680 --> 00:14:50,920
'08 happened.
321
00:14:51,240 --> 00:14:53,680
Moral hazard isn't a thing.
322
00:14:53,760 --> 00:14:55,520
Nobody will care.
323
00:14:55,640 --> 00:14:58,320
We're asking for less than
a tenth of the packet.
324
00:14:58,480 --> 00:15:00,360
You are out of your mind
325
00:15:00,440 --> 00:15:03,520
if you think we're putting our hands
into the coffers
326
00:15:03,600 --> 00:15:05,840
for a financial institution
327
00:15:06,080 --> 00:15:08,160
in an election year!
328
00:15:08,760 --> 00:15:11,120
Pull on her heartstrings.
It's worth a shot.
329
00:15:11,320 --> 00:15:12,320
She's a Democrat.
330
00:15:12,400 --> 00:15:14,040
She only pretends to have a heart.
331
00:15:14,560 --> 00:15:15,680
Think about what you're doing.
332
00:15:15,760 --> 00:15:18,000
The only person you're hurting
is the man on the street.
333
00:15:18,240 --> 00:15:20,640
The people on the pavement
foot the check.
334
00:15:20,720 --> 00:15:22,920
The people
you're supposed to protect.
335
00:15:23,000 --> 00:15:24,840
And in the immediacy
336
00:15:25,000 --> 00:15:28,120
the person who is footing
the check eventually
337
00:15:28,240 --> 00:15:32,200
does not want to know
they are footing it right now.
338
00:15:32,280 --> 00:15:34,440
It's an election year.
339
00:15:34,520 --> 00:15:36,080
So, you'll gladly let us fail?
340
00:15:36,320 --> 00:15:39,520
Oh, you're all salaried
capitalists, right?
341
00:15:39,640 --> 00:15:42,760
Order some Chinese takeout
and find a solution.
342
00:15:42,840 --> 00:15:44,480
I think the President
might have something...
343
00:15:44,560 --> 00:15:48,560
The President still thinks
we're at war with Japan.
344
00:15:49,120 --> 00:15:51,200
Goodbye, and good luck.
345
00:15:58,320 --> 00:16:00,800
Well, so much for "too big to fail."
346
00:16:01,800 --> 00:16:05,800
Surely, there are a number
of sovereign wealth funds
347
00:16:05,880 --> 00:16:08,560
that'd like to grow their stake
in Pierpoint.
348
00:16:09,000 --> 00:16:10,920
Well, no, hear me out. Hear me out.
349
00:16:11,760 --> 00:16:14,840
Credit Suisse was the last bank
to go through this kind of thing
350
00:16:14,920 --> 00:16:17,880
and the Gulf clearly had
a huge appetite
351
00:16:17,960 --> 00:16:20,520
- for a legacy banking name.
- And look how that ended
352
00:16:20,600 --> 00:16:23,080
with them being subsumed into UBS,
their biggest rival.
353
00:16:23,160 --> 00:16:26,520
I'm sorry, but I think I speak
for our 45,000 employees
354
00:16:26,600 --> 00:16:29,160
when I stand in opposition
to the idea of Pierpoint's name
355
00:16:29,240 --> 00:16:31,840
being used to reputation,
to reputation...
356
00:16:32,720 --> 00:16:33,720
- Launder.
- Launder.
357
00:16:33,800 --> 00:16:34,840
I know the fucking word, thank you.
358
00:16:34,920 --> 00:16:36,800
Reputation launder,
that sort of state-backed money.
359
00:16:36,880 --> 00:16:38,080
Right, Eric?
360
00:16:40,560 --> 00:16:45,320
Their values are anathema
to everything we hold dear.
361
00:16:45,440 --> 00:16:46,920
Quibbling over
the cultural provenance
362
00:16:47,000 --> 00:16:48,320
of the capital that could save us
363
00:16:48,400 --> 00:16:50,240
feels indulgent.
364
00:16:50,320 --> 00:16:52,560
Could be time
for some... some realpolitik.
365
00:16:52,640 --> 00:16:54,280
Oh, this from Madam ESG?
366
00:16:54,360 --> 00:16:56,960
I guess morals really do become
more flexible in an emergency.
367
00:16:57,040 --> 00:16:58,600
Or maybe the answer's closer to home.
368
00:16:58,680 --> 00:17:00,240
Let's take a minute.
369
00:17:00,440 --> 00:17:02,280
Eric, let me steal you. Now.
370
00:17:03,760 --> 00:17:05,200
Phillip, can I have a word?
371
00:17:05,760 --> 00:17:06,960
Yeah.
372
00:17:12,720 --> 00:17:14,440
The fuck are you doing?
Don't correct me.
373
00:17:14,520 --> 00:17:16,400
I don't need you to finish
my fucking sentences.
374
00:17:16,480 --> 00:17:18,640
- Bill, I was just trying to...
- No... you listen to me.
375
00:17:19,840 --> 00:17:21,480
It's a royal court in there,
you understand?
376
00:17:21,560 --> 00:17:23,280
It's getting rather pungent
in here, isn't it?
377
00:17:23,360 --> 00:17:24,360
Too much meat in the room.
378
00:17:24,440 --> 00:17:25,760
I thought tonight was more important
379
00:17:25,840 --> 00:17:27,280
than jockeying
for favor and position.
380
00:17:27,360 --> 00:17:29,680
I thought we cared
about the soul of the firm.
381
00:17:29,760 --> 00:17:30,760
We do.
382
00:17:30,840 --> 00:17:33,800
The more senior we become,
the more influence we have.
383
00:17:33,880 --> 00:17:35,080
Listen...
384
00:17:35,640 --> 00:17:36,920
Wilhelmina, she's not the head
385
00:17:37,000 --> 00:17:38,720
of Banking Asset Management,
Corporate Credit.
386
00:17:38,800 --> 00:17:41,520
But her... her ideology
gave her a crusader's zeal
387
00:17:41,600 --> 00:17:42,720
to instruct those people.
388
00:17:42,800 --> 00:17:45,480
She wanted to be proven right
and be first on ESG.
389
00:17:47,120 --> 00:17:48,480
That's why she pushed
this shit so hard.
390
00:17:48,560 --> 00:17:50,440
That's why we overstretched.
391
00:17:50,520 --> 00:17:52,200
She should be strung up for it.
392
00:17:54,920 --> 00:17:57,120
This is all going to end in a purge.
393
00:17:57,200 --> 00:17:58,920
Which for us means...
394
00:17:59,280 --> 00:18:00,480
a putsch.
395
00:18:03,360 --> 00:18:04,800
How does Eric Tao...
396
00:18:05,040 --> 00:18:06,920
"Global Head
of Institutional Securities"
397
00:18:07,000 --> 00:18:08,200
sound to you?
398
00:18:09,880 --> 00:18:11,480
And follow in your slipstream?
399
00:18:20,320 --> 00:18:21,840
I wonder what they're talking about.
400
00:18:22,160 --> 00:18:23,680
Whatever outcome suits them.
401
00:18:24,280 --> 00:18:27,040
It's key we lay as much shit
as we can at her feet.
402
00:18:27,120 --> 00:18:29,160
She can be ESG's headstone.
403
00:18:29,240 --> 00:18:30,560
Bury it beneath her.
404
00:18:34,000 --> 00:18:35,680
Oh-fucking-kay.
405
00:18:36,480 --> 00:18:38,320
Mitsubishi is live.
I've been close to them
406
00:18:38,400 --> 00:18:39,800
since my stint
in Tokyo in the aughts.
407
00:18:39,880 --> 00:18:41,720
I've been priming them
on a capital injection angle
408
00:18:41,800 --> 00:18:43,080
for the last few weeks.
409
00:18:45,080 --> 00:18:48,520
It'll allow us to fight another day
and keep Pierpoint's autonomy.
410
00:18:48,600 --> 00:18:49,880
When I'm CFO
411
00:18:50,000 --> 00:18:52,400
I'll fucking drag you up with me.
412
00:18:52,480 --> 00:18:54,400
I'll place you anywhere in the world.
413
00:18:55,200 --> 00:18:57,320
How do you still
have the energy for this?
414
00:18:57,960 --> 00:18:59,480
What else is there?
415
00:19:01,280 --> 00:19:03,080
"The action is the juice."
416
00:19:19,920 --> 00:19:21,640
They're fundamentally
non-toxic, right?
417
00:19:21,720 --> 00:19:23,200
So that means you could get it
to be as integrated
418
00:19:23,280 --> 00:19:25,080
into your daily life as...
419
00:19:25,240 --> 00:19:26,600
- as your morning coffee.
- You are talking about
420
00:19:26,680 --> 00:19:27,720
magic mushrooms, right?
421
00:19:27,800 --> 00:19:29,400
Well, the active ingredient
is psilocybin.
422
00:19:29,480 --> 00:19:30,920
Yeah,
but it's in pharmaceutical form.
423
00:19:31,000 --> 00:19:32,000
In Little Labs product.
424
00:19:32,160 --> 00:19:33,560
So, surely the whole point
425
00:19:33,640 --> 00:19:36,120
is to get as mashed out of your own
fucking head as possible?
426
00:19:36,200 --> 00:19:37,920
No, no, it's clearly
an attitudinal thing.
427
00:19:38,000 --> 00:19:41,720
You know, it's about dose,
and mindset, setting.
428
00:19:41,960 --> 00:19:43,160
You know, it...
429
00:19:43,520 --> 00:19:46,560
it's not about taking
a fucking hero dose
430
00:19:46,640 --> 00:19:48,560
and seeing the face of God,
or whatever.
431
00:19:48,640 --> 00:19:51,240
It's about an overall heightening
432
00:19:51,480 --> 00:19:52,880
in your day-to-day state.
433
00:19:53,080 --> 00:19:54,080
Your...
434
00:19:54,320 --> 00:19:56,440
Your introspection, your compassion.
435
00:19:57,160 --> 00:19:58,880
- I mean, do I sound stupid?
- Word of warning
436
00:19:58,960 --> 00:20:01,640
you have no idea how annoying it is
just listening to someone
437
00:20:01,720 --> 00:20:03,880
proselytizing about the benefits
of hallucinogens.
438
00:20:03,960 --> 00:20:05,160
It's like, it's just...
439
00:20:05,240 --> 00:20:06,360
it's like you've joined a cult.
440
00:20:06,440 --> 00:20:07,480
Honestly.
441
00:20:07,560 --> 00:20:09,680
Finally, you're a lot more
fucking animated.
442
00:20:10,480 --> 00:20:13,120
Only took you having to put
someone down to get you there.
443
00:20:14,560 --> 00:20:15,760
Anyway
444
00:20:15,920 --> 00:20:18,080
you're missing the point,
you know, this is just...
445
00:20:18,960 --> 00:20:20,240
it's a chance for me.
446
00:20:20,840 --> 00:20:23,760
You know,
to do something off my own bat.
447
00:20:24,640 --> 00:20:25,840
For once.
448
00:20:32,000 --> 00:20:33,200
It's Maxim.
449
00:20:33,800 --> 00:20:35,080
I can call him back.
450
00:20:36,040 --> 00:20:37,240
I need to piss.
451
00:20:41,960 --> 00:20:43,160
Hey, Maxim.
452
00:20:43,480 --> 00:20:45,360
- Where are you?
- Big Basin.
453
00:20:45,440 --> 00:20:46,680
South of San Fran.
454
00:20:47,880 --> 00:20:49,320
I'm not sure
being alone with my thoughts
455
00:20:49,400 --> 00:20:52,560
is worth the $5,000 a week
I'm paying, but...
456
00:20:52,880 --> 00:20:55,520
Yeah, well, your mind
is squalid enough to need airing
457
00:20:55,600 --> 00:20:57,200
so, it's probably money well spent.
458
00:20:57,600 --> 00:20:59,640
Look, I'm sorry for falling
out of your life.
459
00:21:00,880 --> 00:21:02,360
Been dealing with my own shit,
you know?
460
00:21:03,400 --> 00:21:04,880
I saw those
appalling photos of Charlie
461
00:21:04,960 --> 00:21:06,160
and honestly, I...
462
00:21:06,960 --> 00:21:08,240
I couldn't sleep.
463
00:21:08,880 --> 00:21:10,000
You know,
I'm supposed to lock my phone
464
00:21:10,080 --> 00:21:11,920
in a lockbox here, but...
465
00:21:12,480 --> 00:21:13,760
who am I kidding?
466
00:21:14,000 --> 00:21:15,440
Just keep having to use it!
467
00:21:17,000 --> 00:21:18,440
Okay. So...
468
00:21:19,040 --> 00:21:20,440
what is it?
469
00:21:21,400 --> 00:21:23,280
Look, for all the reservations I had
about your father
470
00:21:23,360 --> 00:21:24,360
you need to know
471
00:21:24,440 --> 00:21:27,720
the company were complicit
in all of the fucked-up shit he did.
472
00:21:28,560 --> 00:21:29,760
How?
473
00:21:29,920 --> 00:21:32,000
I have some pretty heinous
474
00:21:32,080 --> 00:21:33,640
anti-woke pals at Hanani
475
00:21:33,720 --> 00:21:35,000
who are on the board with me
476
00:21:35,200 --> 00:21:37,280
and they hate its "new hypocrisy."
477
00:21:37,720 --> 00:21:39,040
The NDAs your father had
478
00:21:39,120 --> 00:21:40,920
don't just cover his personal life.
479
00:21:41,520 --> 00:21:42,520
Some of Charlie's women
480
00:21:42,600 --> 00:21:44,840
only started working for
Hanani Publishing
481
00:21:45,040 --> 00:21:46,560
after they had signed.
482
00:21:46,680 --> 00:21:48,480
Hanani gave them these made-up jobs
483
00:21:48,680 --> 00:21:50,600
bogus accounting lines
on the payroll.
484
00:21:50,920 --> 00:21:52,800
Rose and the company
bought their silence for years
485
00:21:52,880 --> 00:21:53,960
just as much as he did.
486
00:21:54,120 --> 00:21:56,320
They're trying to make me
the face of this thing.
487
00:21:56,400 --> 00:21:57,400
Yeah.
488
00:21:57,480 --> 00:21:59,040
Because it's an open secret at Hanani
489
00:21:59,120 --> 00:22:01,280
maybe it's a matter of time
before someone leaks it.
490
00:22:01,880 --> 00:22:03,320
If they feed you to the press now
491
00:22:03,400 --> 00:22:04,600
your vestigial board seat means
492
00:22:04,680 --> 00:22:06,120
you'll be perfectly placed
to be tarred
493
00:22:06,200 --> 00:22:07,520
if it ever comes to light.
494
00:22:07,760 --> 00:22:10,640
You're pre-packaged to take the blame
as you're already the headline.
495
00:22:10,840 --> 00:22:13,200
That sneaky little cunt.
496
00:22:13,560 --> 00:22:16,240
Look, someone slipped me
a screenshot of the payrolls.
497
00:22:16,600 --> 00:22:18,680
The women with the NDAs
have a check next to their name.
498
00:22:18,760 --> 00:22:20,560
Well, can you send it to me?
499
00:22:20,640 --> 00:22:22,040
Yeah, I can.
But it's probably illegal
500
00:22:22,120 --> 00:22:23,960
to send this kind
of proprietary information.
501
00:22:24,160 --> 00:22:25,600
Your lawyer will advise you
not to use it
502
00:22:25,680 --> 00:22:27,440
but I'll send it along.
503
00:22:27,760 --> 00:22:29,720
I just don't think they should be
compounding your guilt.
504
00:22:29,960 --> 00:22:31,160
Sorry...
505
00:22:31,320 --> 00:22:32,520
grief.
506
00:22:32,880 --> 00:22:34,560
I don't wanna tell you
how to feel about him.
507
00:22:35,200 --> 00:22:37,520
You know,
I think Charlie found it difficult
508
00:22:37,600 --> 00:22:39,080
to see people as people.
509
00:22:39,760 --> 00:22:41,600
Yeah, you don't fucking say.
510
00:22:46,640 --> 00:22:47,840
Take care.
511
00:22:55,920 --> 00:22:57,360
- Is everything all right?
- Yeah.
512
00:22:58,080 --> 00:22:59,280
Super fucking duper.
513
00:22:59,360 --> 00:23:01,440
So, this is it, right?
514
00:23:02,840 --> 00:23:04,160
This is the product
that you're selling
515
00:23:04,240 --> 00:23:05,680
- if you get the job?
- Yeah.
516
00:23:06,600 --> 00:23:08,680
Probably isn't the place
to take it properly though.
517
00:23:10,080 --> 00:23:11,280
Right.
518
00:23:17,880 --> 00:23:19,080
You hungry?
519
00:23:21,080 --> 00:23:22,280
Yeah.
520
00:23:24,600 --> 00:23:26,320
Yeah, I'm fucking starving.
521
00:23:29,800 --> 00:23:31,080
Come on then.
522
00:23:32,080 --> 00:23:34,000
Oh, gosh, I do it all the time,
it's great.
523
00:23:34,080 --> 00:23:35,280
- Yeah.
- Yeah.
524
00:23:36,480 --> 00:23:38,480
So, the rooms are next to each other.
525
00:23:38,560 --> 00:23:39,680
Six and seven.
526
00:23:39,760 --> 00:23:41,200
Sorry that we're so late.
527
00:23:42,640 --> 00:23:45,200
Check-out is at 11.00
and breakfast is from 7.00.
528
00:23:45,280 --> 00:23:46,960
- Great, thank you.
- Thanks.
529
00:23:47,040 --> 00:23:49,120
Just as a pre-warning, the...
530
00:23:49,240 --> 00:23:51,320
kettle in your room
is a little bit iffy.
531
00:23:52,000 --> 00:23:54,680
Oh, is there any way
that I could get one that works?
532
00:23:54,960 --> 00:23:56,680
Not tonight, sadly.
533
00:23:58,320 --> 00:24:01,000
It's just... it's a pretty
basic amenity, though, no?
534
00:24:01,560 --> 00:24:03,320
She can use mine. It's all right.
535
00:24:04,600 --> 00:24:07,040
Right, I'm gonna go dump the bags
and then we'll grab a bite?
536
00:24:07,120 --> 00:24:08,120
Yeah. Thank you.
537
00:24:08,320 --> 00:24:10,320
- Thank you. Enjoy your stay.
- Cheers. Thank you.
538
00:24:13,600 --> 00:24:15,960
So, do you two work together?
539
00:24:16,880 --> 00:24:18,920
No, we're a couple.
540
00:24:19,120 --> 00:24:20,720
Oh, I just...
541
00:24:21,160 --> 00:24:22,920
I thought with the separate rooms...
542
00:24:23,000 --> 00:24:25,080
We're very religious.
Do you have a lighter?
543
00:24:26,000 --> 00:24:27,200
Yes.
544
00:24:31,040 --> 00:24:32,440
Yeah, I got your email.
545
00:24:32,520 --> 00:24:34,080
What do you expect me
to do with this?
546
00:24:34,240 --> 00:24:36,440
Well, I mean, it's leverage,
you know?
547
00:24:36,520 --> 00:24:38,640
It's like evidence
of their complicity.
548
00:24:38,720 --> 00:24:40,160
This is on Rose's head.
549
00:24:40,320 --> 00:24:42,120
Yeah, have you thought
about what making this public
550
00:24:42,200 --> 00:24:43,400
would do to the victims?
551
00:24:43,600 --> 00:24:47,040
I mean, these women, like you,
have been through a lot.
552
00:24:47,120 --> 00:24:49,560
Leaking this to the public
would re-traumatize them.
553
00:24:49,640 --> 00:24:51,120
I didn't think about that, no.
554
00:24:51,520 --> 00:24:53,560
A publicity battle
is gonna be very hard
555
00:24:53,640 --> 00:24:55,160
but we can win it.
556
00:24:55,920 --> 00:24:57,520
They go low, we go high.
557
00:24:57,880 --> 00:24:59,080
All right?
558
00:24:59,760 --> 00:25:00,960
Speak later.
559
00:25:11,800 --> 00:25:13,640
That cunt never answers.
560
00:25:13,720 --> 00:25:17,120
Tom, Tom, I've engaged Mitsubishi
in substantive talks...
561
00:25:17,320 --> 00:25:18,920
- regarding a nine-billion...
- Michael... Sorry.
562
00:25:19,000 --> 00:25:21,360
Michael Stone from Barclays
is on his way into the building.
563
00:25:21,600 --> 00:25:25,000
Michael and I have
a personal relationship.
564
00:25:26,000 --> 00:25:27,600
Horse driven mostly.
565
00:25:28,120 --> 00:25:30,240
Off the record,
they've always been interested
566
00:25:30,320 --> 00:25:31,600
in our business.
567
00:25:31,760 --> 00:25:32,920
Okay, so what's the play?
568
00:25:33,080 --> 00:25:34,280
Sell a division?
569
00:25:35,120 --> 00:25:38,040
They did do that with Lehman's core
North American operations.
570
00:25:38,120 --> 00:25:41,720
Given that our share price
has now closed at $35
571
00:25:41,800 --> 00:25:43,920
we are, by all accounts,
a distressed asset.
572
00:25:44,040 --> 00:25:45,640
They might weigh buying us wholesale.
573
00:25:46,080 --> 00:25:49,120
We need strategic investment,
not a sale.
574
00:25:49,280 --> 00:25:52,080
In our 150th year,
we cannot become a subsidiary
575
00:25:52,160 --> 00:25:53,960
to a fucking British
high street bank.
576
00:25:54,040 --> 00:25:56,120
I appreciate how romantic
a soul you have
577
00:25:56,200 --> 00:25:57,880
in a room like this, truly
578
00:25:57,960 --> 00:25:59,320
but we need to be practical.
579
00:25:59,400 --> 00:26:02,080
Barclays buying Pierpoint
may be our best option.
580
00:26:04,280 --> 00:26:05,400
Mr. Stone, welcome.
581
00:26:05,560 --> 00:26:06,800
Oh, call me Michael, please.
582
00:26:07,000 --> 00:26:08,200
Please, this way.
583
00:26:15,560 --> 00:26:16,960
- Yep.
- Yeah, H.
584
00:26:17,200 --> 00:26:19,720
Listen, you might have hit
your take profit level.
585
00:26:20,040 --> 00:26:23,000
The Barclays CEO just arrived
and he looks like he means business.
586
00:26:23,600 --> 00:26:26,600
And Pierpoint's stock will rip
on any merger or takeover chatter.
587
00:26:26,680 --> 00:26:28,080
That's Nagasaki for your short.
588
00:26:28,160 --> 00:26:29,240
It's definitely him?
589
00:26:29,480 --> 00:26:31,680
Oh, yeah.
And he looks horny for assets.
590
00:26:32,200 --> 00:26:33,400
Thanks.
591
00:26:33,480 --> 00:26:36,360
Hey, you know,
I can't hire three people, Rish.
592
00:26:36,600 --> 00:26:37,800
What do you wanna do?
593
00:26:39,720 --> 00:26:42,080
Babes, come on,
you know it's only ever been me.
594
00:26:44,440 --> 00:26:45,440
Okay.
595
00:26:45,520 --> 00:26:47,640
Come in after this all shakes out
and we'll talk.
596
00:26:49,440 --> 00:26:52,240
And how would the floor take a sale
to fucking Barclays?
597
00:26:52,600 --> 00:26:55,880
Maybe they just want somewhere
to come to work.
598
00:26:56,440 --> 00:26:57,760
You don't have 20 years of options.
599
00:26:57,840 --> 00:26:59,320
I've never sold a goddamn share.
600
00:26:59,400 --> 00:27:01,160
A Brit takeover
would decimate it all.
601
00:27:01,360 --> 00:27:03,160
You'd keep your deferreds.
602
00:27:04,280 --> 00:27:07,160
- Chump change.
- So now we see your real motivation.
603
00:27:08,000 --> 00:27:09,440
And what's your motivation?
604
00:27:09,600 --> 00:27:11,000
Brokering a deal that obliterates us
605
00:27:11,080 --> 00:27:13,240
so long as you're central enough
to keep your seat at the table?
606
00:27:13,480 --> 00:27:14,480
You know what?
607
00:27:14,560 --> 00:27:16,040
I think I've finally made up
my mind about you.
608
00:27:16,120 --> 00:27:18,520
- Oh, go on, please. Enlighten me.
- Yeah, you wanna take this offline?
609
00:27:18,600 --> 00:27:20,680
Does that fake macho bullshit
ever actually work?
610
00:27:20,760 --> 00:27:22,520
You have the imagination
of a fucking...
611
00:27:23,160 --> 00:27:24,360
- Michael!
- Phillip.
612
00:27:24,560 --> 00:27:25,760
Hi.
613
00:27:25,880 --> 00:27:26,880
Hi.
614
00:27:26,960 --> 00:27:28,120
Wilhemina, we spoke on the phone.
615
00:27:28,200 --> 00:27:29,760
- Yes, we did.
- Nice to see you, hi.
616
00:27:30,000 --> 00:27:31,200
Tom Wolsey.
617
00:27:33,880 --> 00:27:35,080
Oi, oi.
618
00:27:36,040 --> 00:27:37,040
Bon appétit.
619
00:27:37,120 --> 00:27:39,400
What the fuck is that?
620
00:27:39,560 --> 00:27:41,160
- You're kidding?
- No.
621
00:27:41,280 --> 00:27:42,600
I got 'em to put scraps on
and everything.
622
00:27:42,680 --> 00:27:44,360
Honestly, what is it?
623
00:27:44,680 --> 00:27:46,080
Well, it's a battered sausage.
624
00:27:46,160 --> 00:27:48,480
I am not eating a battered sausage.
625
00:27:48,560 --> 00:27:49,880
Have a chip, at least.
626
00:27:50,160 --> 00:27:51,960
- Okay.
- Don't be such a snob.
627
00:27:56,160 --> 00:27:57,520
How perfect is this?
628
00:28:08,840 --> 00:28:10,040
You know...
629
00:28:11,680 --> 00:28:14,200
you could probably invite
that impressionable young girl
630
00:28:14,280 --> 00:28:16,480
up to your room and fuck her silly.
631
00:28:17,480 --> 00:28:18,680
'Cause...
632
00:28:18,960 --> 00:28:20,520
there's not gonna be any...
633
00:28:21,280 --> 00:28:23,400
room hopping tonight here.
634
00:28:23,600 --> 00:28:25,080
Just FYI, you know.
635
00:28:25,280 --> 00:28:26,680
As fun as that might be.
636
00:28:26,880 --> 00:28:28,080
What are you doing?
637
00:28:29,160 --> 00:28:30,440
What do you mean?
638
00:28:31,360 --> 00:28:32,560
You don't have to.
639
00:28:36,640 --> 00:28:39,040
Not everything with us
has to be a fucking game.
640
00:28:41,160 --> 00:28:42,640
Whatever vulnerability
641
00:28:43,080 --> 00:28:45,080
that you're feeling right now...
642
00:28:45,800 --> 00:28:47,000
sit in it.
643
00:28:48,600 --> 00:28:49,800
All right?
644
00:28:51,520 --> 00:28:52,720
'Cause we are...
645
00:28:53,200 --> 00:28:55,320
we are beyond the game.
646
00:28:58,480 --> 00:28:59,680
Sorry.
647
00:29:11,760 --> 00:29:13,000
I'm sorry.
648
00:29:15,360 --> 00:29:16,800
I don't know why I act like that.
649
00:29:27,440 --> 00:29:28,440
I don't know.
650
00:29:28,520 --> 00:29:31,120
I'm good at making people
feel like I love them.
651
00:29:33,280 --> 00:29:34,480
But...
652
00:29:36,360 --> 00:29:38,040
I don't know that I ever have.
653
00:29:41,280 --> 00:29:42,480
Have you?
654
00:29:44,840 --> 00:29:46,040
Yeah.
655
00:29:49,600 --> 00:29:51,160
Girlfriend at school. Izzy Boon.
656
00:29:51,240 --> 00:29:52,960
I was fucking obsessed.
657
00:30:01,680 --> 00:30:05,560
It's just my first instinct
whenever I feel anything
658
00:30:06,160 --> 00:30:07,360
like...
659
00:30:07,840 --> 00:30:09,520
love, or care...
660
00:30:10,920 --> 00:30:13,240
I just wanna make it ugly
as quickly as I possibly can.
661
00:30:13,320 --> 00:30:14,960
You know,
turn it into something else.
662
00:30:15,440 --> 00:30:16,600
Turn it into sex.
663
00:30:16,680 --> 00:30:18,200
You know, anything else.
664
00:30:19,680 --> 00:30:20,880
Right.
665
00:30:28,000 --> 00:30:29,280
I don't know what to say.
666
00:30:37,120 --> 00:30:38,520
Look, all I know is...
667
00:30:42,000 --> 00:30:43,800
except for the first time...
668
00:30:45,680 --> 00:30:46,960
in a long time...
669
00:30:49,200 --> 00:30:51,040
I've got this feeling in my stomach.
670
00:30:54,360 --> 00:30:55,680
And I couldn't work out what it was.
671
00:30:59,080 --> 00:31:00,480
But I know now...
672
00:31:02,600 --> 00:31:04,200
that it's anticipation.
673
00:31:06,840 --> 00:31:08,560
It's excitement for the future.
674
00:32:01,160 --> 00:32:02,640
Our short is about to turn.
675
00:32:07,520 --> 00:32:08,720
How do you know?
676
00:32:10,520 --> 00:32:11,720
Well...
677
00:32:13,840 --> 00:32:16,080
Listen, I think we are
diametrically opposed
678
00:32:16,160 --> 00:32:18,400
when it comes to the relationship
between information
679
00:32:18,480 --> 00:32:19,880
and how it's traded upon, right?
680
00:32:19,960 --> 00:32:21,160
I think
681
00:32:21,240 --> 00:32:23,320
everything and everyone
682
00:32:23,400 --> 00:32:26,160
is moving in a big sludge of grey.
683
00:32:26,240 --> 00:32:27,880
Don't over-intellectualize this shit.
684
00:32:27,960 --> 00:32:29,200
What have you done?
685
00:32:30,680 --> 00:32:31,800
I have it on good authority
686
00:32:31,880 --> 00:32:33,320
Michael Stone
has just gone into Pierpoint.
687
00:32:33,400 --> 00:32:34,680
It's an acquisition target.
688
00:32:35,440 --> 00:32:37,920
We need to take profit
before they buy it
689
00:32:38,000 --> 00:32:39,840
and Pierpoint stock rallies.
690
00:32:40,760 --> 00:32:42,400
No, I don't think we should do that.
691
00:32:43,280 --> 00:32:44,480
Why?
692
00:32:44,720 --> 00:32:46,720
Think about the risk-reward.
693
00:32:46,800 --> 00:32:48,600
I mean, what percentage chance
694
00:32:48,680 --> 00:32:51,120
do you ascribe to him
being there to buy it?
695
00:32:51,760 --> 00:32:54,880
I mean, like a hundred percent.
696
00:32:55,000 --> 00:32:56,520
It's too big a coincidence.
697
00:32:56,600 --> 00:32:59,320
They're throwing a party
for financial luminaries, no?
698
00:32:59,440 --> 00:33:01,520
And look, I mean, even if it's true
699
00:33:01,600 --> 00:33:03,800
so the stock gets a bump
on the headline.
700
00:33:03,880 --> 00:33:06,400
I mean, what about the due diligence,
the regulator, the government?
701
00:33:06,480 --> 00:33:08,080
Balance that against
what we stand to gain
702
00:33:08,160 --> 00:33:10,440
if we hold the line,
if Pierpoint trades to zero.
703
00:33:10,520 --> 00:33:11,520
Where's your stomach?
704
00:33:11,600 --> 00:33:13,520
I just don't know what it looks like
to the regulator
705
00:33:13,600 --> 00:33:15,360
if we're always on the right side
of this trade
706
00:33:15,440 --> 00:33:17,040
at precisely the right time.
707
00:33:18,600 --> 00:33:19,960
What aren't you telling me?
708
00:33:21,800 --> 00:33:25,040
Again, moving forward with honesty.
709
00:33:27,200 --> 00:33:29,520
I know Pierpoint are terminally ill.
710
00:33:30,720 --> 00:33:31,920
How?
711
00:33:32,160 --> 00:33:33,360
I overheard it.
712
00:33:34,160 --> 00:33:35,440
In the toilet.
713
00:33:38,480 --> 00:33:39,760
In Pierpoint?
714
00:33:42,880 --> 00:33:44,800
Holy fucking cunting Christ. I...
715
00:33:46,120 --> 00:33:47,600
Okay, that...
716
00:33:48,160 --> 00:33:50,600
is a completely different beast.
717
00:33:50,680 --> 00:33:52,640
I mean, trading on anything
that you hear in there
718
00:33:52,720 --> 00:33:53,840
is privileged information.
719
00:33:53,920 --> 00:33:56,200
They... know we were in there.
There's cameras, there's records.
720
00:33:56,280 --> 00:33:59,120
Okay, but, like,
how is an SEC, FCA investigation
721
00:33:59,200 --> 00:34:01,160
gonna put anything together
based on that?
722
00:34:01,240 --> 00:34:03,960
It would be speculative at best.
723
00:34:04,200 --> 00:34:06,320
What, we took a meeting
and placed a short?
724
00:34:06,400 --> 00:34:07,960
Lock us up. Throw away the key.
Come on!
725
00:34:08,040 --> 00:34:09,040
Okay, okay.
726
00:34:09,200 --> 00:34:11,800
The whole thing
is fucking information soup.
727
00:34:11,880 --> 00:34:13,400
That is the point!
728
00:34:18,160 --> 00:34:20,920
You've backed us
into a major fucking corner.
729
00:34:23,720 --> 00:34:24,920
Okay, well...
730
00:34:26,000 --> 00:34:27,280
I've said my piece.
731
00:34:28,640 --> 00:34:29,840
Yeah.
732
00:34:34,560 --> 00:34:35,640
People damn Lehman
733
00:34:35,720 --> 00:34:38,040
because of poor risk management
in one area...
734
00:34:38,680 --> 00:34:40,080
housing derivatives.
735
00:34:40,200 --> 00:34:41,760
But we benefited hugely
736
00:34:41,840 --> 00:34:44,200
from acquiring the bond trading
and EM businesses.
737
00:34:44,720 --> 00:34:46,640
I'm sure Pierpoint's suite will be...
738
00:34:46,920 --> 00:34:49,440
similarly exciting
synergistically for us.
739
00:34:49,760 --> 00:34:51,880
We can give the market
the soft signal this is happening
740
00:34:51,960 --> 00:34:54,880
and allay the share price,
stave off any more panic.
741
00:34:55,080 --> 00:34:56,240
Give us some breathing room.
742
00:34:56,320 --> 00:34:58,360
Can I ask,
would we be Barclays-Pierpoint
743
00:34:58,440 --> 00:34:59,760
or Pierpoint-Barclays?
744
00:34:59,840 --> 00:35:01,560
Do we care about the cosmetics?
745
00:35:01,640 --> 00:35:03,680
As someone who's been here
longer than a fortnight
746
00:35:03,760 --> 00:35:05,160
you should care about
the weight of our name.
747
00:35:05,240 --> 00:35:06,240
If you're addressing me
748
00:35:06,320 --> 00:35:07,960
could you look me in the face,
please?
749
00:35:09,120 --> 00:35:10,680
Do we care about saving the name
750
00:35:10,760 --> 00:35:13,040
or saving the jobs
of the people who work for us?
751
00:35:13,280 --> 00:35:14,640
Well, maybe you can tell us.
752
00:35:15,040 --> 00:35:16,480
Or maybe our potential suitor
753
00:35:16,560 --> 00:35:18,480
is best placed
to answer that question?
754
00:35:21,240 --> 00:35:25,360
You guys are trading off
a 150-year reputation
755
00:35:25,880 --> 00:35:28,040
which we respect, of course.
756
00:35:29,080 --> 00:35:30,720
But practically
757
00:35:30,800 --> 00:35:33,800
we are interested
in your infrastructure.
758
00:35:35,120 --> 00:35:36,880
Now, as time is of the essence
759
00:35:37,280 --> 00:35:38,720
may I make some phone calls?
760
00:35:39,080 --> 00:35:41,600
I mean, you know,
that is if you're still interested?
761
00:35:41,880 --> 00:35:43,080
Please.
762
00:35:48,320 --> 00:35:49,520
Tell me how that was appropriate.
763
00:35:49,600 --> 00:35:51,200
What's inappropriate
is not drilling down
764
00:35:51,280 --> 00:35:52,800
on what this guy means
by "infrastructure."
765
00:35:52,880 --> 00:35:54,360
Is that our... our tech,
our terminals?
766
00:35:54,440 --> 00:35:56,320
Is that the fucking building
in Midtown, what?
767
00:35:56,400 --> 00:35:57,920
I'm sure that'll be shaken out.
768
00:35:58,520 --> 00:35:59,880
Go fuck yourself.
769
00:36:01,760 --> 00:36:03,480
I do that regularly, thank you.
770
00:36:04,400 --> 00:36:07,280
Can I ask what the actual fuck it is
you're doing here?
771
00:36:07,360 --> 00:36:08,360
You're barely 40.
772
00:36:08,440 --> 00:36:10,640
You're a fucking
British management consultant.
773
00:36:10,720 --> 00:36:12,080
Bill, calm down.
774
00:36:12,160 --> 00:36:13,920
What we need is a capital injection
775
00:36:14,000 --> 00:36:16,960
so we're not backed into a corner
and into a deal not on our terms.
776
00:36:17,040 --> 00:36:18,120
We need thinking time.
777
00:36:18,200 --> 00:36:20,200
It's a Band-Aid.
A Band-Aid is not a solution.
778
00:36:20,280 --> 00:36:21,760
Mitsubishi will tide us over.
779
00:36:21,840 --> 00:36:22,960
They want us to be us.
780
00:36:23,040 --> 00:36:24,640
With no stipulations.
781
00:36:24,720 --> 00:36:27,120
There is no such thing as free money.
782
00:36:30,080 --> 00:36:32,280
We will thrash out
a palatable acquisition multiple
783
00:36:32,360 --> 00:36:33,560
for all parties
784
00:36:33,640 --> 00:36:36,000
but I guess we can now shake hands.
785
00:36:36,760 --> 00:36:38,480
That's pending dotting the I's
and crossing the T's
786
00:36:38,560 --> 00:36:39,760
for the regulator.
787
00:36:40,480 --> 00:36:43,320
And we'll pen an announcement
to cushion the share price.
788
00:36:43,400 --> 00:36:44,920
- That's great news.
- Yeah.
789
00:36:50,840 --> 00:36:52,560
So, this is what death feels like.
790
00:36:53,640 --> 00:36:55,600
One hundred and fifty years
to build it...
791
00:36:57,240 --> 00:36:59,680
A two-minute phone call
to bring it all down.
792
00:37:18,000 --> 00:37:19,400
Bill can't behave like that
793
00:37:19,640 --> 00:37:21,720
when the rest of Barclays
management come in.
794
00:37:23,960 --> 00:37:25,520
He has our best interests at heart.
795
00:37:25,600 --> 00:37:28,200
Has he promised you the world
if he comes out on top?
796
00:37:30,440 --> 00:37:32,240
He has a habit of doing that.
797
00:37:33,680 --> 00:37:36,520
Why is he turning this
into a political zero-sum game?
798
00:37:37,720 --> 00:37:39,960
These factions, it's child's play.
799
00:37:40,040 --> 00:37:42,120
If we play this right
and quell the in-fighting
800
00:37:42,200 --> 00:37:43,760
everyone in the room will be safe.
801
00:37:43,880 --> 00:37:45,080
Do...
802
00:37:45,280 --> 00:37:47,360
do I count as in the room?
803
00:37:49,120 --> 00:37:50,960
Get in Bill's ear.
That's how you count.
804
00:37:52,400 --> 00:37:53,600
Bring him to heel
805
00:37:53,920 --> 00:37:55,400
convince him not to embarrass us
806
00:37:55,480 --> 00:37:57,760
in front of the people
who are offering us a lifeline.
807
00:38:00,080 --> 00:38:02,400
You don't buy that BS
about the workforce, do you?
808
00:38:03,960 --> 00:38:06,760
The guy usually pops a chub
for reducing headcount.
809
00:38:07,400 --> 00:38:08,760
He's weaponizing them.
810
00:38:10,000 --> 00:38:11,120
He's self-interested.
811
00:38:11,200 --> 00:38:13,960
He just wants to play Christ
with the Mitsubishi plan.
812
00:38:14,720 --> 00:38:16,400
We both know it's not gonna work.
813
00:38:16,800 --> 00:38:18,200
And as far as he's concerned...
814
00:38:19,160 --> 00:38:20,440
you're a useful idiot.
815
00:39:10,400 --> 00:39:14,200
Otto, look, I wouldn't be calling you
if it wasn't a last resort.
816
00:39:14,280 --> 00:39:16,640
And I feel terrible
about going behind her back
817
00:39:16,720 --> 00:39:18,880
but I need my working relationships
818
00:39:18,960 --> 00:39:21,560
to be predicated on trust and...
819
00:39:22,320 --> 00:39:24,000
on that basis, I...
820
00:39:24,560 --> 00:39:26,920
I think it's becoming untenable
with Harper.
821
00:39:27,360 --> 00:39:28,840
Are you coming to bed?
822
00:39:29,240 --> 00:39:30,960
You're one of
my best-performing projects.
823
00:39:31,040 --> 00:39:32,240
What's happened?
824
00:39:32,560 --> 00:39:35,880
She's been reckless with our AUM.
825
00:39:35,960 --> 00:39:37,200
Reckless how?
826
00:39:38,480 --> 00:39:39,680
Legally.
827
00:39:40,400 --> 00:39:43,320
Oh, you mean she's reckless
with my money?
828
00:39:43,880 --> 00:39:47,600
That is simply something
I cannot countenance.
829
00:39:50,360 --> 00:39:51,920
I'm sick of talking around the fact
830
00:39:52,000 --> 00:39:54,880
that you are solely to blame
for Pierpoint's insolvency.
831
00:39:54,960 --> 00:39:57,680
It was a strategy
agreed upon by a committee.
832
00:39:57,760 --> 00:39:59,160
It was only a committee
when it failed.
833
00:39:59,240 --> 00:40:00,440
Bill, can...
834
00:40:04,240 --> 00:40:06,400
I have bad news.
835
00:40:10,120 --> 00:40:11,520
We need significantly more time
836
00:40:11,600 --> 00:40:13,240
to get this over the line
with the regulator.
837
00:40:13,480 --> 00:40:15,200
We don't have any more time.
838
00:40:16,120 --> 00:40:17,720
Talk straight. What's going on?
839
00:40:18,640 --> 00:40:19,800
Well, between us
840
00:40:19,880 --> 00:40:21,760
I've just got off the phone
with the Chancellor.
841
00:40:22,400 --> 00:40:24,080
He understands the gravity
of the situation
842
00:40:24,160 --> 00:40:26,080
but he can't be seen to be ratifying
843
00:40:26,160 --> 00:40:28,000
the effective bailout
of another bank.
844
00:40:28,320 --> 00:40:30,120
He's on thin ice as it is
845
00:40:30,200 --> 00:40:33,000
and he's got this bloody caucus
of populist Tory backbenchers
846
00:40:33,080 --> 00:40:35,240
making his life hell.
847
00:40:36,680 --> 00:40:37,880
So, yeah.
848
00:40:38,320 --> 00:40:39,840
Sorry, I can't be of more help.
849
00:40:40,200 --> 00:40:42,240
So, what, we're just at the mercy
850
00:40:42,320 --> 00:40:44,320
of someone else's ambition?
851
00:40:45,720 --> 00:40:47,000
Aren't we always?
852
00:40:48,800 --> 00:40:50,360
Look, I need to get some sleep.
853
00:40:51,800 --> 00:40:53,000
Best of luck.
854
00:40:57,040 --> 00:40:58,400
Fuck!
855
00:40:59,880 --> 00:41:01,960
So, this is what we have
at the moment.
856
00:41:03,200 --> 00:41:05,520
The Chancellor now looks like an ally
857
00:41:05,600 --> 00:41:08,320
of the financial sector's lawlessness
858
00:41:08,400 --> 00:41:09,800
and weak
859
00:41:10,120 --> 00:41:13,560
for kowtowing to an influential group
of backbenchers.
860
00:41:14,000 --> 00:41:15,520
Led by his successor?
861
00:41:16,560 --> 00:41:18,920
Are we ready for that move?
862
00:41:19,360 --> 00:41:21,040
Maybe after the election.
863
00:41:23,520 --> 00:41:26,120
But these headlines
won't hurt your chances.
864
00:41:31,240 --> 00:41:32,920
Eddie, thank you for staying so late.
865
00:41:33,160 --> 00:41:35,600
Let's have this online
before the country wakes up.
866
00:41:35,920 --> 00:41:37,120
Got it.
867
00:41:42,720 --> 00:41:44,320
...fashion-adjacent lifestyle.
868
00:41:44,400 --> 00:41:46,280
That's immediately a red flag.
869
00:41:46,360 --> 00:41:49,480
He's a hundred percent a misogynist
and possibly a psychopath.
870
00:41:49,560 --> 00:41:51,560
What in the good fuck is going on?
871
00:41:52,200 --> 00:41:54,280
You better have sold the rest
of my fucking positions!
872
00:41:54,360 --> 00:41:55,960
Where have you been?
873
00:41:56,080 --> 00:41:57,360
Been playing the fruities...
874
00:41:58,080 --> 00:41:59,920
- with a client.
- Some...
875
00:42:00,120 --> 00:42:02,360
some guy keeps calling
the desk for you.
876
00:42:02,440 --> 00:42:03,640
Who?
877
00:42:05,040 --> 00:42:06,360
Vin? Vinnie.
878
00:42:06,880 --> 00:42:08,080
- Vinay?
- That's the one.
879
00:42:08,160 --> 00:42:09,560
- He called here?
- Yeah.
880
00:42:09,920 --> 00:42:12,120
You're a dickhead.
881
00:42:13,200 --> 00:42:14,480
A fucking dickhead.
882
00:42:15,360 --> 00:42:17,720
So, Anraj is on Ecstasy.
883
00:42:17,880 --> 00:42:19,200
He was catatonic drunk
884
00:42:19,280 --> 00:42:21,080
but, hey, he insisted and...
885
00:42:21,280 --> 00:42:24,280
Well, we... we dragged some people
to the floor and, hey...
886
00:42:24,600 --> 00:42:26,120
can't fire us twice, right?
887
00:42:28,320 --> 00:42:30,560
You bully me 'cause you were
888
00:42:30,640 --> 00:42:32,040
- bullied at school, innit?
- Shut the fuck up!
889
00:42:32,120 --> 00:42:34,920
No, you're pure
small man syndrome, bruv.
890
00:42:35,000 --> 00:42:36,200
You've got no taste, bruv.
891
00:42:36,280 --> 00:42:37,920
Look at your car,
your taste level is dead.
892
00:42:38,000 --> 00:42:39,320
Why didn't you sell my fucking axes?
893
00:42:39,400 --> 00:42:40,680
Your IG Explore page
894
00:42:40,760 --> 00:42:43,200
- must be a crime against humanity.
- Shut the fuck up!
895
00:42:43,280 --> 00:42:44,560
Nah, I'm done being quiet.
896
00:42:44,640 --> 00:42:46,240
Now, look, we're not...
we're not thick, Rishi.
897
00:42:46,320 --> 00:42:47,520
We're not gonna play Santa
898
00:42:47,600 --> 00:42:49,520
wrapping coal in a bow
for your clients.
899
00:42:49,600 --> 00:42:52,200
We're not gonna torch
our reputations in the market
900
00:42:52,280 --> 00:42:54,360
selling your worthless positions.
901
00:42:55,200 --> 00:42:56,200
Why would we?
902
00:42:56,440 --> 00:42:58,040
To what end anyway?
903
00:43:01,760 --> 00:43:03,080
Best of luck drowning.
904
00:43:07,520 --> 00:43:09,120
Fuck.
905
00:43:23,040 --> 00:43:24,360
What's the time, please?
906
00:43:24,520 --> 00:43:26,360
It's just gone 4.00am.
907
00:43:27,400 --> 00:43:28,600
Okay.
908
00:43:29,600 --> 00:43:32,040
We have around ten hours
'til US open.
909
00:43:32,400 --> 00:43:33,880
Put a fucking solution
in front of me.
910
00:43:33,960 --> 00:43:35,120
Mitsubishi is still in play.
911
00:43:35,200 --> 00:43:36,480
I can wake the head
of their London office.
912
00:43:36,560 --> 00:43:37,960
They... want this as much as us.
913
00:43:38,040 --> 00:43:41,000
This solve is not viable long term
given the state of our balance sheet.
914
00:43:41,080 --> 00:43:42,120
To assuage market fears
915
00:43:42,200 --> 00:43:44,920
all that matters is we can prove
we've plugged the immediate hole.
916
00:43:45,000 --> 00:43:47,200
Why do you keep talking
when the value add of your ideas
917
00:43:47,280 --> 00:43:48,640
is less than zero?
918
00:43:49,080 --> 00:43:50,320
We need to pivot.
919
00:43:50,680 --> 00:43:51,880
Mitsubishi...
920
00:43:52,080 --> 00:43:54,120
Wake them up. Get them in the room.
921
00:43:57,480 --> 00:43:59,520
(Japanese) Shotaro,
can we pick up the conversation
922
00:43:59,600 --> 00:44:01,480
on that opportunity
we've been discussing?
923
00:44:03,280 --> 00:44:04,480
Yes!
924
00:44:04,960 --> 00:44:05,960
It's on. It's on!
925
00:44:06,200 --> 00:44:07,400
Eric.
926
00:44:11,560 --> 00:44:13,640
Oh, it's a good thing Tom said yes.
927
00:44:14,480 --> 00:44:18,160
I soft-launched this to Mitsubishi's
European executive committee already.
928
00:44:18,520 --> 00:44:19,960
It's lunchtime in Japan, right?
929
00:44:20,040 --> 00:44:22,520
Oh, they're just in from Duesseldorf
where the European subsidiary is.
930
00:44:22,600 --> 00:44:24,440
Now, they're gonna come with terms
that Tom finds attractive
931
00:44:24,520 --> 00:44:26,000
because I've prepped them
on the financials.
932
00:44:26,080 --> 00:44:28,680
So let's take a fast twenty
and call an associate in IBD up
933
00:44:28,760 --> 00:44:30,520
to triple-check
the numbers in the deck.
934
00:44:30,600 --> 00:44:31,800
No missteps.
935
00:44:32,440 --> 00:44:34,760
Fast twenty still takes twenty.
936
00:44:36,480 --> 00:44:37,880
I need stronger nicotine.
937
00:44:39,120 --> 00:44:41,200
Any delivery vessel,
I'm beyond caring.
938
00:44:47,200 --> 00:44:48,400
Yas?
939
00:44:53,640 --> 00:44:56,240
I just wanted to make a cup of tea.
940
00:44:56,640 --> 00:44:57,760
What the fuck have you done?
941
00:44:57,960 --> 00:44:59,760
Hey, hey. Come on, come on.
942
00:44:59,960 --> 00:45:01,160
Are you hurt?
943
00:45:01,480 --> 00:45:03,760
Hey, hey, Yas, look at me.
944
00:45:04,000 --> 00:45:05,200
Have you taken something?
945
00:45:05,440 --> 00:45:07,120
Look, what have you taken?
946
00:45:07,480 --> 00:45:10,560
Rob. Do you think I'm a bad person?
947
00:45:10,720 --> 00:45:13,280
- No! No, you're not a bad person.
- Yes, you do.
948
00:45:13,360 --> 00:45:15,080
Rob, look at me,
tell me that you think
949
00:45:15,160 --> 00:45:17,160
- that I'm a bad person.
- You're not a bad person.
950
00:45:17,240 --> 00:45:20,120
Tell me that I'm allowed
to wanna do bad things.
951
00:45:21,680 --> 00:45:22,880
What?
952
00:45:24,200 --> 00:45:25,480
You can do what you want.
953
00:45:27,960 --> 00:45:29,320
I want you.
954
00:45:30,000 --> 00:45:31,920
I want you. Oh, you're hard.
955
00:45:32,000 --> 00:45:33,120
What are you doing?
956
00:45:33,200 --> 00:45:34,720
- Come on. Just stop.
- I want you.
957
00:45:34,800 --> 00:45:38,160
Stop...
958
00:45:39,120 --> 00:45:40,320
Stop... stop.
959
00:45:45,960 --> 00:45:48,800
Henry used to get hard
when I cry too.
960
00:45:54,240 --> 00:45:55,440
Hey.
961
00:46:04,920 --> 00:46:07,040
Bill tells me
you've been here 30 years.
962
00:46:07,760 --> 00:46:09,000
Aren't you bored?
963
00:46:13,320 --> 00:46:15,680
Been dropped into a few
of these restructurings.
964
00:46:16,800 --> 00:46:20,040
They all have their own mythos
and history, but...
965
00:46:21,200 --> 00:46:23,240
ultimately,
they're much of a muchness.
966
00:46:23,480 --> 00:46:24,880
They're corporations.
967
00:46:27,160 --> 00:46:28,440
Not the people.
968
00:46:29,800 --> 00:46:31,000
The people are different.
969
00:46:31,200 --> 00:46:32,480
Are they really?
970
00:46:34,760 --> 00:46:35,800
There's a self-centeredness
971
00:46:35,880 --> 00:46:38,560
at the heart of Bill's
romanticization of it all.
972
00:46:39,240 --> 00:46:40,600
False heroism.
973
00:46:41,760 --> 00:46:43,800
Do you think there's room
for nobility in there?
974
00:46:51,840 --> 00:46:53,440
I was hoping Bill
would be my mouthpiece
975
00:46:53,520 --> 00:46:55,480
to the wider Pierpoint family but...
976
00:46:56,480 --> 00:46:59,000
he seems like more of a problem
than a solution.
977
00:47:04,480 --> 00:47:06,200
You're not a romantic, are you?
978
00:47:06,960 --> 00:47:08,200
What do you believe in?
979
00:47:12,880 --> 00:47:14,320
I don't believe in anything.
980
00:47:15,520 --> 00:47:16,960
I believe in the trade.
981
00:47:17,480 --> 00:47:18,680
When it works.
982
00:47:19,600 --> 00:47:21,200
When it stops working.
983
00:47:28,000 --> 00:47:29,200
By the way
984
00:47:29,760 --> 00:47:32,720
nostalgia is only useful
when you're selling something.
985
00:47:40,240 --> 00:47:42,240
Any color that'll help us
in the pitch?
986
00:47:44,040 --> 00:47:45,240
Nope.
987
00:47:46,320 --> 00:47:47,840
A whole lot of nothing.
988
00:47:50,120 --> 00:47:51,760
Deck look good to your eyes?
989
00:47:56,280 --> 00:47:57,480
Perfect.
990
00:48:02,240 --> 00:48:03,480
I'll see you out there.
991
00:48:03,920 --> 00:48:05,400
I'll see you out there.
992
00:48:08,600 --> 00:48:09,840
(Japanese)
It's very nice of you to come here.
993
00:48:09,920 --> 00:48:11,720
Welcome to London.
994
00:48:18,400 --> 00:48:20,680
Thank you for meeting us so early.
995
00:48:22,040 --> 00:48:24,520
I'm sorry it's a little ripe in here.
996
00:48:26,680 --> 00:48:28,800
- Where the hell are you going?
- I gotta take this.
997
00:48:32,560 --> 00:48:34,800
Thanks for calling me back.
Sorry, it's early.
998
00:48:35,640 --> 00:48:38,800
Bill Adler told me about a connection
999
00:48:38,880 --> 00:48:40,000
that landed you on my desk.
1000
00:48:40,080 --> 00:48:42,120
Can you flesh that out for me
a little?
1001
00:48:46,440 --> 00:48:47,760
Did you enjoy your stay?
1002
00:48:47,840 --> 00:48:49,040
Very much, thank you.
1003
00:48:51,520 --> 00:48:52,960
Did you want a bandage?
1004
00:48:55,240 --> 00:48:56,440
Sure.
1005
00:49:03,160 --> 00:49:04,680
Do you reckon she's a Libra?
1006
00:49:07,640 --> 00:49:10,560
I threw in an extra 20 quid
for the busted kettle.
1007
00:49:11,040 --> 00:49:13,080
- Oh, thanks.
- That's all right.
1008
00:49:13,440 --> 00:49:14,640
Cheers.
1009
00:49:14,800 --> 00:49:16,000
Cheers.
1010
00:49:17,160 --> 00:49:18,360
Have a safe trip.
1011
00:49:20,920 --> 00:49:24,040
Our proposal is that
the Mitsubishi financial group
1012
00:49:24,120 --> 00:49:27,080
invest $9 billion
in equity in Pierpoint
1013
00:49:27,160 --> 00:49:29,600
for a 19% interest in the company
1014
00:49:29,720 --> 00:49:31,640
on a fully diluted basis.
1015
00:49:36,000 --> 00:49:37,200
How did that get there?
1016
00:49:38,760 --> 00:49:41,000
As I was saying,
our friends at Mitsubishi
1017
00:49:41,080 --> 00:49:42,600
are the best partners we could have.
1018
00:49:42,680 --> 00:49:45,760
They have enough dry powder
to buy up our distressed debt
1019
00:49:45,840 --> 00:49:48,160
and to support the other assets
on our books.
1020
00:49:48,240 --> 00:49:50,080
And they want us to be us.
1021
00:49:50,720 --> 00:49:52,440
They have reverence for our name.
1022
00:49:53,000 --> 00:49:55,480
We want to help build Pierpoint
back to what it could be
1023
00:49:55,560 --> 00:49:57,760
in its 150th year.
1024
00:49:59,360 --> 00:50:02,240
We expect a very healthy ROI for you
1025
00:50:02,320 --> 00:50:04,200
on a decade-long horizon.
1026
00:50:04,400 --> 00:50:06,360
But of course,
apologies for the small inaccuracy
1027
00:50:06,440 --> 00:50:07,760
on page 12.
1028
00:50:12,520 --> 00:50:13,800
What inaccuracy?
1029
00:50:14,040 --> 00:50:17,720
I am assuming this reference
is linked incorrectly.
1030
00:50:18,640 --> 00:50:22,120
It looks like you are linking
to enterprise value
1031
00:50:22,200 --> 00:50:24,120
instead of equity value.
1032
00:50:24,920 --> 00:50:28,280
It's causing a 15% decrease
in the true P-E multiple
1033
00:50:28,360 --> 00:50:31,280
which would otherwise be 7.6 times...
1034
00:50:31,840 --> 00:50:33,960
well below peers.
1035
00:50:36,080 --> 00:50:37,920
I'm so sorry we missed this.
1036
00:50:39,400 --> 00:50:41,920
That's like a two to three percent
uplift in IRR.
1037
00:50:42,080 --> 00:50:44,000
After ten years of what we know
1038
00:50:44,080 --> 00:50:46,920
will be a mutually
beneficial relationship.
1039
00:50:47,360 --> 00:50:48,520
How could we have missed that?
1040
00:50:48,720 --> 00:50:50,400
It's sloppy.
1041
00:50:50,640 --> 00:50:51,840
Eric?
1042
00:50:51,920 --> 00:50:53,160
Bill, it's fine. Leave it.
1043
00:50:53,240 --> 00:50:54,920
It's late.
1044
00:50:55,520 --> 00:50:56,600
It happens.
1045
00:50:56,840 --> 00:50:58,440
It's just a book.
1046
00:50:59,080 --> 00:51:00,880
That's a huge decrease
in the valuation.
1047
00:51:00,960 --> 00:51:02,280
How didn't I spot it?
1048
00:51:02,920 --> 00:51:04,560
Bill, you did spot it.
1049
00:51:05,680 --> 00:51:07,360
What? When?
1050
00:51:07,640 --> 00:51:09,720
We ran through it about an hour ago.
1051
00:51:09,800 --> 00:51:13,080
I raised it again
in the bathroom just now.
1052
00:51:13,200 --> 00:51:15,840
You said it wasn't
a deal breaker in the room.
1053
00:51:15,920 --> 00:51:17,560
That they know the numbers already.
1054
00:51:17,800 --> 00:51:20,040
Which they do.
1055
00:51:20,920 --> 00:51:22,240
We can move on.
1056
00:51:23,000 --> 00:51:24,520
That didn't happen.
1057
00:51:26,400 --> 00:51:27,600
Did it?
1058
00:51:28,640 --> 00:51:30,560
It's not mission-critical here.
1059
00:51:30,640 --> 00:51:33,360
No, it is. When did we discuss it?
1060
00:51:34,960 --> 00:51:36,280
I... don't think we did, did we?
1061
00:51:36,360 --> 00:51:39,000
- Maybe I'm just misremembering...
- I think you can move on.
1062
00:51:39,080 --> 00:51:40,200
You have to understand
1063
00:51:40,280 --> 00:51:42,040
it's very important
that I didn't misremember...
1064
00:51:42,120 --> 00:51:43,320
Bill...
1065
00:51:45,600 --> 00:51:46,800
What's going on?
1066
00:51:48,120 --> 00:51:49,320
Hey, Bill...
1067
00:51:52,040 --> 00:51:53,480
There's no shame.
1068
00:51:56,880 --> 00:51:58,120
I'm so...
1069
00:51:58,200 --> 00:51:59,440
I'm so sorry...
1070
00:52:00,960 --> 00:52:01,960
I've been quite sick
1071
00:52:02,040 --> 00:52:04,480
and I... I really didn't wanna
bring it up in this forum, but...
1072
00:52:04,560 --> 00:52:07,600
You are fit to continue...
1073
00:52:10,960 --> 00:52:12,640
Gentlemen and...
1074
00:52:13,680 --> 00:52:14,680
lady...
1075
00:52:14,880 --> 00:52:16,400
could you give us five?
1076
00:52:17,600 --> 00:52:19,600
This isn't what we expect
in these circumstances.
1077
00:52:19,680 --> 00:52:22,560
There should be
multiple layers of review.
1078
00:52:22,800 --> 00:52:24,080
My apologies.
1079
00:52:40,840 --> 00:52:41,840
I'm so sorry.
1080
00:52:41,920 --> 00:52:43,560
I should have just breezed
past it but it's...
1081
00:52:43,840 --> 00:52:44,960
it's quite important...
1082
00:52:45,040 --> 00:52:46,320
it's quite important for my prognosis
1083
00:52:46,400 --> 00:52:47,720
- that I...
- What's wrong with you?
1084
00:52:49,840 --> 00:52:51,680
I have a malignant tumor. I...
1085
00:52:52,520 --> 00:52:54,880
I've not noticed much, if any,
cognitive impairment.
1086
00:52:54,960 --> 00:52:56,560
- That's why...
- And you've been keeping this
1087
00:52:56,640 --> 00:52:57,840
to yourself?
1088
00:53:02,760 --> 00:53:04,080
You shouldn't be in here.
1089
00:53:05,000 --> 00:53:06,800
Your health
is of paramount importance.
1090
00:53:06,880 --> 00:53:09,160
My performance
has never been compromised.
1091
00:53:09,240 --> 00:53:11,040
Apart from when it just mattered.
1092
00:53:12,120 --> 00:53:14,720
High stress. No sleep.
1093
00:53:14,920 --> 00:53:16,880
This isn't the place for a sick man.
1094
00:53:17,960 --> 00:53:19,160
Look...
1095
00:53:20,000 --> 00:53:22,400
I want you to go home.
That isn't a suggestion.
1096
00:53:22,480 --> 00:53:24,560
I'm fit to work
if I say I'm fit to work.
1097
00:53:24,640 --> 00:53:27,240
I want you to go rest.
1098
00:53:28,440 --> 00:53:29,640
Eric...
1099
00:53:31,120 --> 00:53:32,680
why don't you put Bill in a cab?
1100
00:53:42,480 --> 00:53:43,680
Come on.
1101
00:53:44,280 --> 00:53:45,800
It's okay, come on.
1102
00:54:15,400 --> 00:54:17,720
- Hello.
- Hi, Denise.
1103
00:54:19,120 --> 00:54:22,040
I've slept on it and I don't wanna
take Rose's offer.
1104
00:54:22,120 --> 00:54:23,120
And I know
1105
00:54:23,200 --> 00:54:25,600
I have thought
about the implications.
1106
00:54:25,760 --> 00:54:27,560
But it's Rose and Hanani, okay?
1107
00:54:27,680 --> 00:54:29,120
They're the ones
that are being inhumane.
1108
00:54:29,200 --> 00:54:30,680
And you can think that
I'm meeting them on their level
1109
00:54:30,760 --> 00:54:32,280
if you want, that's fine.
1110
00:54:32,400 --> 00:54:35,640
But they have literally
given me no choice.
1111
00:54:35,800 --> 00:54:37,120
- Have you stopped to think about
- Yeah. Yes...
1112
00:54:37,200 --> 00:54:38,840
how this is going
to affect the other victims?
1113
00:54:38,920 --> 00:54:40,640
Of course,
I have thought about that, Denise.
1114
00:54:40,720 --> 00:54:41,800
Of course, I have.
1115
00:54:41,880 --> 00:54:43,120
But you have to understand
1116
00:54:43,200 --> 00:54:45,360
it is them, or it is me.
1117
00:54:55,800 --> 00:54:57,000
How was it?
1118
00:54:59,120 --> 00:55:00,320
So...
1119
00:55:00,720 --> 00:55:03,200
they've had their funding
from the university totally cut off.
1120
00:55:03,360 --> 00:55:04,480
They balked at the idea
1121
00:55:04,560 --> 00:55:06,160
of any commercial application
of psychedelics.
1122
00:55:06,240 --> 00:55:08,560
Only lab condition trials
on treatment
1123
00:55:08,640 --> 00:55:10,640
for various mental disorders.
1124
00:55:10,840 --> 00:55:12,640
- Why?
- Well, it's still illegal.
1125
00:55:12,720 --> 00:55:14,680
But Little Labs...
1126
00:55:15,520 --> 00:55:16,920
they wanna be the first mover.
1127
00:55:17,640 --> 00:55:20,360
Imagine being early on cannabis
in California.
1128
00:55:21,520 --> 00:55:22,720
Sorry.
1129
00:55:22,920 --> 00:55:24,120
Well, no.
1130
00:55:24,320 --> 00:55:26,720
See, they've been flirting
with the idea
1131
00:55:26,800 --> 00:55:28,920
of relocating
to Silicon Valley, right?
1132
00:55:29,000 --> 00:55:32,200
And they said if I can help unlock
VC dollars for 'em out there
1133
00:55:32,680 --> 00:55:34,160
then there might be
a position open...
1134
00:55:35,560 --> 00:55:36,640
Head of Business Development.
1135
00:55:36,840 --> 00:55:38,640
- What?
- Yeah, I know.
1136
00:55:38,840 --> 00:55:40,200
I couldn't believe it as well.
1137
00:55:41,000 --> 00:55:45,160
So, wait, would that mean
that you move to the States?
1138
00:55:45,640 --> 00:55:46,840
Maybe...
1139
00:55:48,720 --> 00:55:49,920
Here.
1140
00:55:55,160 --> 00:55:56,240
Sleep will help. I'll...
1141
00:55:56,320 --> 00:55:58,400
I'll get a couple more hours
and come straight back in.
1142
00:55:58,800 --> 00:56:01,120
I don't think anyone in there
wants that.
1143
00:56:01,720 --> 00:56:02,920
Stay home.
1144
00:56:03,160 --> 00:56:04,360
For yourself.
1145
00:56:04,480 --> 00:56:06,840
I'll smooth out Mitsubishi.
It'll work.
1146
00:56:08,640 --> 00:56:09,920
Peer to peer?
1147
00:56:10,120 --> 00:56:11,320
Stay home.
1148
00:56:11,680 --> 00:56:13,400
More time for your family.
1149
00:56:14,880 --> 00:56:17,000
The institution doesn't suffer.
1150
00:56:24,800 --> 00:56:26,160
Doors opening.
1151
00:56:29,600 --> 00:56:31,440
You made me distrust my...
1152
00:56:36,200 --> 00:56:37,400
For what?
1153
00:56:43,640 --> 00:56:45,160
Doors closing.
1154
00:57:26,200 --> 00:57:27,400
You Harper Stern?
1155
00:57:28,400 --> 00:57:29,400
Yeah.
1156
00:57:29,600 --> 00:57:32,120
Otto wants to see you.
Get in the car.
1157
00:57:34,520 --> 00:57:35,720
Now?
1158
00:57:36,040 --> 00:57:37,240
He'd prefer it.
1159
00:58:01,440 --> 00:58:03,840
Well, I hope he's getting
the care he needs.
1160
00:58:05,360 --> 00:58:07,440
I've heard that...
1161
00:58:08,840 --> 00:58:11,000
tumors can have certain...
1162
00:58:12,000 --> 00:58:13,240
neurological effects
1163
00:58:13,320 --> 00:58:15,760
as pertains to people's willingness
1164
00:58:16,160 --> 00:58:18,280
to take risk.
1165
00:58:23,320 --> 00:58:24,520
Well...
1166
00:58:24,640 --> 00:58:27,560
while I take some responsibility
for my bullishness
1167
00:58:27,640 --> 00:58:29,400
over ESG as a concept...
1168
00:58:30,880 --> 00:58:33,480
Bill had the underlying relationship
with Debt Syndicate
1169
00:58:33,560 --> 00:58:35,520
from his bond trading days.
1170
00:58:35,800 --> 00:58:39,480
He was the one
pushing their appetite for risk.
1171
00:58:41,400 --> 00:58:42,600
Yes.
1172
00:58:43,400 --> 00:58:47,080
Fixed income
was more Bill's background.
1173
00:58:48,040 --> 00:58:51,920
Hell, we can't let someone go
because of their declining health.
1174
00:58:54,760 --> 00:58:55,960
But...
1175
00:58:58,440 --> 00:58:59,640
Eric...
1176
00:59:01,280 --> 00:59:03,280
as the closest to him...
1177
00:59:03,960 --> 00:59:07,720
if you think
an indefinite period of absence
1178
00:59:07,800 --> 00:59:11,560
would be in his best interest...
1179
00:59:13,640 --> 00:59:16,760
it is something
our executive committee
1180
00:59:16,960 --> 00:59:20,080
would be willing to consider.
1181
00:59:23,720 --> 00:59:27,120
He has seemed a little...
1182
00:59:27,880 --> 00:59:29,360
out of sorts.
1183
00:59:37,440 --> 00:59:40,200
While I respect
the rules of the game...
1184
00:59:41,600 --> 00:59:44,560
I find pinning this all on a sick man
1185
00:59:44,640 --> 00:59:46,400
morally unconscionable.
1186
00:59:48,840 --> 00:59:51,280
But tomorrow is more
important than yesterday
1187
00:59:51,360 --> 00:59:52,560
for Pierpoint.
1188
00:59:58,680 --> 01:00:00,040
So fuck him then, right?
1189
01:00:07,480 --> 01:00:09,200
Is Mitsubishi worth pursuing?
1190
01:00:09,720 --> 01:00:11,240
It's a Band-Aid. No more.
1191
01:00:11,320 --> 01:00:13,160
Phillip was onto something
when he told us
1192
01:00:13,240 --> 01:00:15,120
that we should be looking
towards the Gulf.
1193
01:00:15,600 --> 01:00:18,480
So I've brokered an introduction.
1194
01:00:21,600 --> 01:00:23,600
Ali, gentlemen...
1195
01:00:24,440 --> 01:00:26,280
it's Pierpoint's anniversary.
1196
01:00:27,920 --> 01:00:30,400
How would you like to buy
a piece of history?