1 00:00:33,205 --> 00:00:35,605 I mean, you've seen the app's uptake figures? 2 00:00:35,685 --> 00:00:40,045 Millions. It's a... It's a phenomenon. 3 00:00:40,125 --> 00:00:44,045 Yas, come on. Whitney wants to leave you holding the bag, okay? 4 00:00:44,125 --> 00:00:46,165 I don't want to see the worst in the world. 5 00:00:46,245 --> 00:00:49,565 I... I want to see what's true. He is a pathological liar. 6 00:00:50,045 --> 00:00:53,205 Why do you always find a way to pick apart at my stability? 7 00:00:54,285 --> 00:00:55,325 My husband's? 8 00:00:56,565 --> 00:01:02,285 I mean, why would you choose to profit off of exploding my foundations? 9 00:01:02,365 --> 00:01:05,125 You know it's not personal, Yas. 10 00:01:05,205 --> 00:01:07,085 Do you think anyone's ever said that and meant it? 11 00:01:07,165 --> 00:01:08,965 I think we owe each other some kind of protection, 12 00:01:09,044 --> 00:01:13,845 so I really need you to hear me when I say he's not some hobbyist sociopath. 13 00:01:13,925 --> 00:01:15,205 He's a fucking criminal. 14 00:01:16,005 --> 00:01:18,445 You shouldn't blame yourself for being ensnared by him. 15 00:01:18,525 --> 00:01:20,485 What are you talking about? 16 00:01:20,565 --> 00:01:23,445 I'm sorry, but the picture is now irrefutable. 17 00:01:24,205 --> 00:01:28,125 Okay, ask Whitney about Tony Day, his man in Africa. 18 00:01:28,205 --> 00:01:30,165 The balance sheet, fabrications. 19 00:01:30,245 --> 00:01:34,005 There's not one fucking piece of it, Yas, that you're talking to that is real. 20 00:01:34,085 --> 00:01:36,805 Okay. And what will your compensation be, 21 00:01:36,885 --> 00:01:39,205 if you manage to convince a few more people? 22 00:01:39,764 --> 00:01:41,125 You don't even know him. 23 00:01:42,125 --> 00:01:44,165 Anyone who doesn't know you could just as easily say 24 00:01:44,245 --> 00:01:47,965 that you're a abstraction of insecurities and compensations. 25 00:01:48,565 --> 00:01:49,725 Doesn't make it true. 26 00:01:52,845 --> 00:01:55,325 Let me put this in terms that your ego might listen to. 27 00:01:56,044 --> 00:02:01,285 You have been duped by a man who saw you and your husband as fools. 28 00:02:01,365 --> 00:02:04,565 And you will always paint an image of the world that gets you paid. 29 00:02:04,645 --> 00:02:06,365 I mean, what is it that you really want? 30 00:02:06,445 --> 00:02:09,365 You want Henry to resign so the stock price falls. 31 00:02:09,445 --> 00:02:12,045 You're a fucking mercenary, Harper. My God! 32 00:02:13,325 --> 00:02:15,565 There's, like, no empathy left in you, is there? 33 00:02:16,885 --> 00:02:20,525 Just an imitation of it to entrap people. 34 00:02:27,525 --> 00:02:28,485 Okay. 35 00:02:34,725 --> 00:02:38,605 We're not closing our Tender short. We have higher conviction than ever. 36 00:02:38,685 --> 00:02:40,245 And now, a very strong case 37 00:02:40,325 --> 00:02:43,045 which I intend to present tomorrow at the ALPHA Conference. 38 00:02:44,325 --> 00:02:45,325 Til the end? 39 00:02:47,485 --> 00:02:48,605 Until the end. 40 00:02:48,685 --> 00:02:51,925 Maybe I should just call security. Get you escorted out the building. 41 00:02:53,005 --> 00:02:54,445 Go on, I fucking dare you. 42 00:03:17,125 --> 00:03:21,205 Hey, it's me. I got your Telegram about SternTao. 43 00:03:21,765 --> 00:03:24,765 I understand you must be feeling very alone. 44 00:03:25,765 --> 00:03:29,285 You needed to hear my voice, so listen to it. 45 00:03:30,005 --> 00:03:32,084 I'm coming to see you after my quarterly with Jacob. 46 00:03:33,565 --> 00:03:34,925 Don't do anything you'll regret. 47 00:03:36,525 --> 00:03:38,525 Keep strong, stay focused. 48 00:04:08,925 --> 00:04:12,765 For he must resist temptation 49 00:04:13,325 --> 00:04:17,125 To join another nation 50 00:04:17,885 --> 00:04:21,605 For he is an Englishman 51 00:04:22,685 --> 00:04:26,405 He is an Englishman 52 00:04:35,885 --> 00:04:39,125 For he is an Englishman 53 00:04:40,445 --> 00:04:43,845 He is an Englishman 54 00:04:45,125 --> 00:04:48,445 Dear Henry. There's a hole in my bucket. 55 00:04:53,525 --> 00:04:56,965 For he is an Englishman 56 00:05:02,325 --> 00:05:06,085 For he is an Englishman 57 00:05:27,205 --> 00:05:28,525 Give me a minute, old boy. 58 00:05:32,365 --> 00:05:34,605 -What the fuck are you doing in here? -I'm so sorry. 59 00:05:34,685 --> 00:05:36,805 -In my bedroom while my husband showers? -I took a wrong turn. 60 00:05:36,885 --> 00:05:38,685 I was just looking for someone to make a phone call. 61 00:05:38,765 --> 00:05:41,925 I brought you some flowers, a small housewarming token. 62 00:05:42,005 --> 00:05:43,485 Yasmin, why don't you calm down 63 00:05:43,565 --> 00:05:46,045 and stop jumping down people's throats at the smallest things? 64 00:05:46,525 --> 00:05:47,805 That's pretty ungenerous. 65 00:05:47,885 --> 00:05:49,845 Being such an exacting cunt is usually a tell 66 00:05:49,925 --> 00:05:51,965 you don't have that much to complain about, darling. 67 00:05:54,205 --> 00:05:55,365 What time's our supper? 68 00:05:57,085 --> 00:05:59,805 -I can't join you guys. -Yeah, but you came to eat. 69 00:05:59,885 --> 00:06:02,445 No, no, I didn't. I wanted to make sure you guys were settled in. 70 00:06:02,525 --> 00:06:04,045 I got to make some calls for the-- 71 00:06:04,725 --> 00:06:06,325 The commerce secretary's coming in tomorrow. 72 00:06:08,165 --> 00:06:09,605 My sincere apologies. 73 00:06:14,685 --> 00:06:15,605 Call me. 74 00:06:20,045 --> 00:06:23,885 Was that entirely necessary? He's renting the fucking house for us. 75 00:06:23,965 --> 00:06:26,605 -Did you know he was in here? -Of course I didn't. 76 00:06:27,725 --> 00:06:29,725 Do you enjoy the fact he wants to fuck you? 77 00:06:29,805 --> 00:06:32,965 -Oh, God, what the hell are you on about? -I'm not an idiot, Henry. 78 00:06:33,045 --> 00:06:35,045 You told me that you sucked that guy's dick at Winchester! 79 00:06:35,125 --> 00:06:37,725 Darling, that was school, okay? It's basically prison. 80 00:06:37,805 --> 00:06:40,925 Everyone gets a pass for that. You can be a homo at school. 81 00:06:44,765 --> 00:06:45,725 How reassuring. 82 00:06:46,245 --> 00:06:49,205 We all know that the President is a dealmaker. 83 00:06:49,285 --> 00:06:51,765 There's nothing stopping us being dealmakers, 84 00:06:52,405 --> 00:06:54,805 so long as said deal is good for all parties. 85 00:06:54,885 --> 00:06:57,405 The President's misunderstood by people in Europe. 86 00:06:57,485 --> 00:07:00,365 He wants less regulation and freer movement. 87 00:07:00,445 --> 00:07:02,885 A clean break with post-war terms. 88 00:07:02,965 --> 00:07:05,285 Not sure anyone knows what the strategy is. 89 00:07:05,365 --> 00:07:08,005 Some here think Americans got bored of having the best lives, 90 00:07:08,085 --> 00:07:11,325 so they elected a narcissistic dementiac to detonate it all 91 00:07:11,405 --> 00:07:13,845 so that their kids might earn factory workers' wages 92 00:07:13,925 --> 00:07:17,405 building widgets pathetically stamped, "Made in America." 93 00:07:18,245 --> 00:07:19,245 In any case, 94 00:07:19,325 --> 00:07:22,925 we are grateful for you sitting with us and using Tender as a test case 95 00:07:23,005 --> 00:07:25,485 while we continue to thrash out a trade deal. 96 00:07:31,965 --> 00:07:32,845 I... 97 00:07:33,925 --> 00:07:36,485 I didn't want to say this last night, but-- 98 00:07:37,285 --> 00:07:38,125 What? 99 00:07:39,605 --> 00:07:43,325 After Whitney left, I smelt booze on your breath. 100 00:07:46,485 --> 00:07:50,685 Yeah, well, I've repaired my relationship with alcohol. 101 00:07:52,164 --> 00:07:55,485 Okay. It's textbook rationalization. 102 00:07:55,565 --> 00:07:58,005 Look, okay. I don't want to fucking hear it, okay? 103 00:07:59,285 --> 00:08:01,285 I'm my own man. Isn't that what you always say? 104 00:08:06,205 --> 00:08:07,765 When did you start drinking again? 105 00:08:07,845 --> 00:08:11,325 I had a glass of champagne after WebHorizon. 106 00:08:14,045 --> 00:08:18,885 -Did Whitney give it to you? -Who cares? I wanted some. 107 00:08:21,165 --> 00:08:25,725 I'm just concerned that because you seem so... 108 00:08:27,445 --> 00:08:29,725 on top of the world right now, 109 00:08:29,805 --> 00:08:33,125 that you think you can control it, and, Henry, you can't. 110 00:08:33,205 --> 00:08:34,285 Do you know what I think? 111 00:08:35,325 --> 00:08:40,445 I think you want me out of control. Because that's how you're necessary. 112 00:08:48,245 --> 00:08:50,045 Harper came to see me yesterday. 113 00:08:52,325 --> 00:08:55,365 God, don't let that bitch into our building again. 114 00:08:55,445 --> 00:08:57,005 She can't stand your happiness. 115 00:08:57,085 --> 00:08:58,845 Do you think we've been too kind to Whitney? 116 00:08:58,925 --> 00:09:01,805 She'll distort reality until she ruins us 117 00:09:02,365 --> 00:09:05,365 and somehow the system's set up to pay her for it. 118 00:09:05,445 --> 00:09:08,285 Do you think he gained our confidence too easily? 119 00:09:08,365 --> 00:09:11,245 Yeah, ours and the world's. I mean, some feat. 120 00:09:11,805 --> 00:09:13,925 Perhaps he deserves a little fucking respect? 121 00:09:14,885 --> 00:09:16,565 You know, you want to argue with our share price? 122 00:09:16,645 --> 00:09:19,205 You want to undermine my success again? 123 00:09:19,285 --> 00:09:21,485 -Just when I'm healing? -Healing? 124 00:09:24,365 --> 00:09:25,365 Yas... 125 00:09:27,845 --> 00:09:29,605 I don't know the right way to love you. 126 00:09:30,885 --> 00:09:31,885 What do you mean? 127 00:09:34,845 --> 00:09:35,845 I don't know... 128 00:09:37,445 --> 00:09:38,885 whether loving you properly 129 00:09:38,965 --> 00:09:43,805 is to make you aware of the things you cannot see. 130 00:09:46,205 --> 00:09:48,765 Or is it more loving to perpetuate your delusions? 131 00:09:52,885 --> 00:09:56,725 Do you not see that people can see how transparent you are? 132 00:10:00,085 --> 00:10:06,445 You think I can't see that you can't stand me front and center. 133 00:10:10,565 --> 00:10:12,845 I can't carve you out a place in the world. 134 00:10:19,565 --> 00:10:22,725 I'm literally on the way to dinner with our fucking auditor. 135 00:10:22,805 --> 00:10:24,925 I mean, some confidence scam Whit's running! 136 00:10:26,085 --> 00:10:27,365 I'll see you at home, darling. 137 00:10:28,685 --> 00:10:29,685 Bye. 138 00:10:33,725 --> 00:10:36,325 You do understand that I may need more hands at the pump 139 00:10:36,405 --> 00:10:39,125 when it comes to preparing and filing Tender's audit. 140 00:10:39,205 --> 00:10:42,445 Whitney tells me we're already over-compliant by IFRS standards. 141 00:10:42,525 --> 00:10:44,765 But there are GAAP standards exclusive to America. 142 00:10:44,845 --> 00:10:46,925 Forgive me, I thought your team remit was global? 143 00:10:47,645 --> 00:10:48,725 Technically speaking. 144 00:10:48,805 --> 00:10:54,085 But I'd humbly suggest a hand-off to someone with US-facing expertise. 145 00:10:55,085 --> 00:10:56,405 I value you, Jacob, 146 00:10:56,885 --> 00:11:00,685 not some uncultured drone I won't be as inclined to take to dinner. 147 00:11:00,765 --> 00:11:03,725 There have been instances where the... the UK and US 148 00:11:03,805 --> 00:11:06,045 have recognized their audit frameworks as equivalent. 149 00:11:06,885 --> 00:11:07,845 We'll push for that. 150 00:11:11,085 --> 00:11:12,125 You're quite sure? 151 00:11:12,805 --> 00:11:15,525 When I take you out, we don't sour the experience by talking money. 152 00:11:15,605 --> 00:11:16,685 It's perfect. Thank you. 153 00:11:16,765 --> 00:11:19,565 You know, I... I promised myself a bottle of this for my fortieth, 154 00:11:19,645 --> 00:11:22,445 but the price was just impossible to justify. 155 00:11:22,525 --> 00:11:27,165 -What are we... What are we celebrating? -Long-standing relationships. 156 00:11:29,205 --> 00:11:32,525 -Thank you. -Forgive my ignorance, but... 157 00:11:34,565 --> 00:11:37,485 outline for me how an auditor's recommendation actually works. 158 00:11:37,565 --> 00:11:41,245 Well, there are checklists, fieldwork, vouching. 159 00:11:41,325 --> 00:11:42,845 Then either a clean report, 160 00:11:42,925 --> 00:11:45,085 a qualified opinion, or an adverse opinion. 161 00:11:45,165 --> 00:11:47,205 What recommendation have you filed? 162 00:11:47,285 --> 00:11:49,205 -Qualified opinion. -Meaning? 163 00:11:50,125 --> 00:11:53,565 Issues exist, but the financials are mostly reliable. 164 00:11:55,285 --> 00:11:58,885 Nobody envies you having to parse our convoluted balance sheet. 165 00:11:58,965 --> 00:12:00,245 The law of averages says 166 00:12:00,325 --> 00:12:02,845 that any balance sheet question marks in a company 167 00:12:02,925 --> 00:12:05,725 with a footprint like Tender are down to delays in payments 168 00:12:05,805 --> 00:12:09,765 across banking jurisdictions, or abstruse local customs 169 00:12:09,845 --> 00:12:13,085 around filing practices, as opposed to anything underhand. 170 00:12:13,165 --> 00:12:14,965 Never blame anything on malign intent 171 00:12:15,045 --> 00:12:17,045 that you can equally chalk up to incompetence. 172 00:12:17,725 --> 00:12:22,205 -Whitney's pretty unimpeachable to my eye. -Nobody's perfect. 173 00:12:24,245 --> 00:12:25,765 -Shall we order? -Now, now, Jacob, 174 00:12:25,845 --> 00:12:29,165 you know the one thing we definitely don't believe in at Tender is curfew. 175 00:12:29,765 --> 00:12:31,685 In that case, sláinte! 176 00:12:32,645 --> 00:12:33,765 -Cheers. -Cheers. 177 00:12:45,005 --> 00:12:47,965 -Now, that is good. -Yeah. Worth the wait! 178 00:12:48,565 --> 00:12:49,765 That's very, very good. 179 00:13:02,605 --> 00:13:06,645 Dear Henry. You have to be the person who makes the other feel safe 180 00:13:07,245 --> 00:13:09,765 in the fullest expression of who they really are. 181 00:15:18,765 --> 00:15:20,645 I'm pretty sure my wife doesn't love me. 182 00:15:22,045 --> 00:15:24,605 I feel bad for allowing you to get fucked up on my watch. 183 00:15:26,925 --> 00:15:29,765 The only good thing about sobriety is my productivity. 184 00:15:32,365 --> 00:15:34,925 If I was a Muslim, I'd be a fucking billionaire by now. 185 00:15:38,285 --> 00:15:41,165 I found a diary entry from my father once. It said... 186 00:15:43,125 --> 00:15:48,205 "The world is full of strippers, sherbet, and fluorescent." 187 00:15:49,925 --> 00:15:51,325 "You don't wanna be anywhere else." 188 00:15:55,365 --> 00:15:57,445 He must've forgotten that when he killed himself. 189 00:16:03,085 --> 00:16:04,525 Maybe this is all there is. 190 00:16:07,085 --> 00:16:08,125 Euphoria. 191 00:16:11,725 --> 00:16:13,285 I never believed in suicide. 192 00:16:15,965 --> 00:16:18,925 My mother attempted it. My father wailed on her relentlessly. 193 00:16:20,925 --> 00:16:22,645 Yeah, I'm not sure I believe that. 194 00:16:25,125 --> 00:16:28,285 Why does everything from your life sound like a bad novel? 195 00:16:38,725 --> 00:16:42,125 Well, I'm not the scion of a phosphate dynasty. 196 00:16:44,965 --> 00:16:45,925 I figured. 197 00:16:47,685 --> 00:16:51,645 Well, don't worry, man. I've got plenty of middle-class friends. 198 00:16:54,565 --> 00:17:00,605 You know, a little character fraud is fine as long as your heart is pure. 199 00:17:01,245 --> 00:17:03,445 That's how I felt about Lumi. I-- 200 00:17:04,565 --> 00:17:08,525 No matter what people said, my heart was intact. 201 00:17:10,005 --> 00:17:11,205 Non-negotiable. 202 00:17:19,124 --> 00:17:22,445 Dear Henry. What if I don't contain multitudes? 203 00:17:30,605 --> 00:17:31,725 I'm very glad to know you. 204 00:17:42,885 --> 00:17:46,885 -Where are you going? -I'll be back. I've got a flight to catch. 205 00:17:48,285 --> 00:17:49,245 Okay. 206 00:17:51,085 --> 00:17:52,445 Yeah, I might crack on. 207 00:17:59,045 --> 00:18:00,365 As ever at ALPHA, 208 00:18:01,045 --> 00:18:05,725 we are honored to introduce the thinkers of the future... 209 00:18:05,805 --> 00:18:07,885 When I start talking, just stand by that door 210 00:18:07,965 --> 00:18:09,285 and usher anyone in. 211 00:18:09,365 --> 00:18:12,325 Ideally, with journalist accreditation around their neck. 212 00:18:12,405 --> 00:18:14,885 Remember that speech you flubbed when you were a grad? 213 00:18:15,645 --> 00:18:16,885 Yeah, don't do that. 214 00:18:18,085 --> 00:18:23,045 ...Harper Stern, SternTao, needs no introduction. 215 00:18:28,725 --> 00:18:31,165 Hello, ladies. 216 00:18:32,365 --> 00:18:35,605 Rather than some mealy-mouthed bullshit about how to get ahead, 217 00:18:35,685 --> 00:18:39,325 I want to use this forum to offer you a front row seat 218 00:18:39,405 --> 00:18:42,805 to a woman doing her job to the best of her abilities. 219 00:18:56,045 --> 00:18:59,365 Tender! I know we are all very familiar with Tender. 220 00:19:00,405 --> 00:19:04,125 Tender continues to be prized as a high-growth fintech, 221 00:19:04,765 --> 00:19:07,485 but its current market valuation is totally divorced 222 00:19:07,565 --> 00:19:09,485 from its fundamental risk profile. 223 00:19:11,085 --> 00:19:13,245 Our proprietary analysis suggests 224 00:19:13,325 --> 00:19:17,405 that a large portion of Tender's earnings may be entirely illusory. 225 00:19:17,485 --> 00:19:21,165 For any illusionist, distraction is paramount 226 00:19:21,245 --> 00:19:23,845 to the continued success of the ruse. 227 00:19:24,445 --> 00:19:27,845 Their remodel as a bank, the seeking of consumer deposits, 228 00:19:27,925 --> 00:19:32,565 is a craven and immoral attempt to bury past financial irregularities 229 00:19:32,645 --> 00:19:36,045 in an even more complex web of accountancy. 230 00:19:36,125 --> 00:19:39,325 This complexity has been central to their seduction 231 00:19:39,405 --> 00:19:44,445 and confusion of investors, regulatory bodies, and even governments. 232 00:19:44,525 --> 00:19:46,845 Though they don't want us to focus on it, 233 00:19:47,525 --> 00:19:51,045 the market should be examining Tender's backdated accounts 234 00:19:51,125 --> 00:19:54,565 and their core legacy biz as a payments processor. 235 00:19:54,645 --> 00:19:56,805 Our sum of the parts DCF analysis 236 00:19:56,885 --> 00:20:00,445 would yield a base case price target of 12 pounds a share 237 00:20:00,525 --> 00:20:04,805 if we assign two to three billion pounds enterprise value 238 00:20:04,885 --> 00:20:08,805 to what we may term their core, legitimate operations. 239 00:20:10,685 --> 00:20:15,325 But this does not account for the nominal value, 240 00:20:15,405 --> 00:20:18,565 let me rephrase, zero value, 241 00:20:18,645 --> 00:20:23,005 we ascribe to their acquisitions across Africa and Asia Pac. 242 00:20:23,605 --> 00:20:26,605 Listen, we did what nobody else bothered to do, 243 00:20:26,685 --> 00:20:31,245 and we went straight to the source. There can no longer be any doubt 244 00:20:31,325 --> 00:20:35,245 about the associated cash flows of these "businesses." 245 00:20:35,325 --> 00:20:39,045 The sum total of these forensic red flags, unexplained cash/debt, 246 00:20:39,125 --> 00:20:42,405 false third-party acquisitions, an untenable valuation, 247 00:20:42,485 --> 00:20:47,165 if earnings are adjusted for reality, and imminent regulatory and audit triggers 248 00:20:47,245 --> 00:20:50,045 creates the highest-conviction downside scenario 249 00:20:50,125 --> 00:20:53,645 we have seen collectively in our time in markets. 250 00:20:53,725 --> 00:20:56,845 So, this morning, I stand in front of you 251 00:20:56,925 --> 00:21:00,565 to tell you our bear case is now our base case. 252 00:21:01,405 --> 00:21:07,445 SternTao assigns a price target of zero pounds, zero pence to Tender. 253 00:21:07,525 --> 00:21:10,605 A hundred percent downside from current levels. 254 00:21:10,685 --> 00:21:16,405 SternTao also calls for an end to lackadaisical forms of oversight. 255 00:21:16,485 --> 00:21:21,165 This must morph to a new aggression, a fresh audit, 256 00:21:21,245 --> 00:21:23,725 and the publication of qualified financials. 257 00:21:23,805 --> 00:21:27,925 Case studies from the past, Enron, Valeant, Luckin, teach us 258 00:21:28,005 --> 00:21:31,965 that shorting insolvency is always lucrative. 259 00:21:33,005 --> 00:21:36,205 The short base is primed for explosion. 260 00:21:37,205 --> 00:21:40,765 Any rally now is a bear-market rally. 261 00:21:41,325 --> 00:21:44,405 The emperor's clothes were shed some time ago. 262 00:21:44,485 --> 00:21:47,205 He's naked, he's afraid, as well he should be. 263 00:21:47,885 --> 00:21:53,925 Listen, sentiment will shift. The fall will be swift. 264 00:21:54,885 --> 00:21:57,485 It is never if, but when. 265 00:21:58,925 --> 00:22:02,165 The "when" is now. Tick tock. 266 00:22:05,085 --> 00:22:06,005 Thank you. 267 00:22:16,565 --> 00:22:17,725 He's expecting me. 268 00:22:22,925 --> 00:22:25,605 -Where is he? -Mr. Day is in London. 269 00:22:25,685 --> 00:22:28,405 London? Why the fuck is he in London? 270 00:22:39,685 --> 00:22:41,765 -Yeah, hello. -Henry, where the fuck are you? 271 00:22:41,845 --> 00:22:43,685 Have you seen what Harper's done to the fucking price? 272 00:22:43,765 --> 00:22:46,285 Just... Just chill. Just fucking chill. I'm... 273 00:22:48,565 --> 00:22:52,405 -just caught between things. -I can't believe you would do this to me. 274 00:22:52,485 --> 00:22:54,925 You swore you would never put me in this position again. 275 00:22:55,005 --> 00:22:57,325 Where... Where are you? 276 00:22:57,405 --> 00:23:00,965 You have let me sit here for hours imagining the worst, again. 277 00:23:01,045 --> 00:23:03,285 How could you do this to someone that you love? 278 00:23:04,765 --> 00:23:07,845 Henry, you are going to tell me where you are, right fucking now! 279 00:23:07,925 --> 00:23:09,005 Dear Henry. 280 00:23:10,045 --> 00:23:13,445 To he who has everything, more will be given. 281 00:23:14,365 --> 00:23:17,805 But whoever does not have, even what they do have, 282 00:23:18,285 --> 00:23:19,685 will be taken away. 283 00:23:19,765 --> 00:23:22,885 We'll begin our descent into City Airport in around 20 minutes' time. 284 00:23:23,405 --> 00:23:25,965 It's a mild day in London, 15 degrees centigrade, 285 00:23:26,045 --> 00:23:27,965 a sharp breeze from the north-east. 286 00:23:39,005 --> 00:23:42,405 Dear Henry, I'm a pathological optimist. 287 00:23:43,725 --> 00:23:46,725 Dear Henry, we're too close now to lose faith. 288 00:23:47,645 --> 00:23:51,045 Dear Henry, we are hardwired to live. 289 00:23:52,685 --> 00:23:54,965 -Halberstram. -There's been a massive spike in volume. 290 00:23:55,045 --> 00:23:57,885 Share price indicates a large institutional short being built. 291 00:23:57,965 --> 00:24:00,445 Perhaps close to a billion dollars wiped off our market cap 292 00:24:00,525 --> 00:24:02,885 requires a coordinated response. 293 00:24:02,965 --> 00:24:05,845 Someone stupidly gave SternTao a platform for their lies 294 00:24:05,925 --> 00:24:08,125 and the market has taken it hook, line, sinker. 295 00:24:08,205 --> 00:24:10,405 Playbook remains the same. We don't negotiate with terrorists. 296 00:24:10,485 --> 00:24:13,125 -Is Yasmin on the call? -Her and her husband are MIA. 297 00:24:13,205 --> 00:24:16,405 Great, so our head of communications bailed on us? Good fucking day for it. 298 00:24:16,485 --> 00:24:19,365 -Maybe she was overpromoted. -Point taken. 299 00:24:20,165 --> 00:24:22,125 We have a few options. 300 00:24:22,205 --> 00:24:26,205 Renegotiate existing loan terms, some sort of bridge financing-- 301 00:24:26,285 --> 00:24:30,485 On top of smaller prudent maneuvers like expense reduction or layoffs, 302 00:24:30,565 --> 00:24:31,965 selling non-core assets 303 00:24:32,045 --> 00:24:35,125 like some acquisitions in Africa or other satellites. 304 00:24:35,205 --> 00:24:38,965 We need a full refresher on the status of our Basel III liquidity coverage 305 00:24:39,045 --> 00:24:41,525 and core Tier 1 and 2 positions. 306 00:24:41,605 --> 00:24:43,525 This isn't a call about our cash situation. 307 00:24:43,605 --> 00:24:46,445 It needs to be. If our price falls any lower, 308 00:24:46,525 --> 00:24:49,045 Pierpoint have a call provision in their billion-dollar bond. 309 00:24:49,125 --> 00:24:54,245 There are other means of raising cash. Payment deferrals, sale of customer data? 310 00:24:54,325 --> 00:24:57,765 Unacceptable suggestion to anyone with any fiber sat around this table. 311 00:24:57,845 --> 00:24:59,845 Why are we talking about this like it's real? 312 00:24:59,925 --> 00:25:01,645 It's another farrago of bullshit. 313 00:25:02,565 --> 00:25:04,205 Ferdinand, any further incoming 314 00:25:04,285 --> 00:25:06,325 from Pierpoint and government, play for time. 315 00:25:07,165 --> 00:25:09,565 The price will correct with the right media appearance. 316 00:25:09,645 --> 00:25:12,085 -I'll coordinate when I'm back from Accra. -Sure. 317 00:25:14,445 --> 00:25:16,405 I'll be there. Okay. Bye. 318 00:25:17,925 --> 00:25:20,925 Burgess called. Tony Day is gonna play ball. 319 00:25:21,005 --> 00:25:23,165 He's already in the air. Flight lands tonight. 320 00:25:23,245 --> 00:25:26,765 Breakfast is set, 7:00 a.m. He'll text me the location the morning of. 321 00:25:26,845 --> 00:25:28,965 -I am going. -You want some more backup? 322 00:25:33,845 --> 00:25:37,045 -Yeah. Sounds good. All yours. -Harp. 323 00:25:37,965 --> 00:25:40,685 CNN said Halberstram's slated to speak 324 00:25:40,765 --> 00:25:42,845 on their pre-European open show tomorrow morning. 325 00:25:43,325 --> 00:25:46,405 He'd probably do anything to keep us from going up against him live 326 00:25:46,485 --> 00:25:50,085 -and muddying his propaganda. -Well, maybe that's what we do? 327 00:25:51,765 --> 00:25:53,525 By the way, I neglected to tell you 328 00:25:53,605 --> 00:25:56,885 that I saw Preston Carnahan at your presentation. 329 00:25:56,965 --> 00:25:58,045 Crotona Park. 330 00:25:58,125 --> 00:26:02,205 -That's Jesse Bloom's new CIO, right? -You think he's building a position? 331 00:26:02,285 --> 00:26:04,565 Bannerman. When did the US come in? 332 00:26:06,845 --> 00:26:09,645 -Three minutes ago. -What's Tender done since? 333 00:26:10,365 --> 00:26:13,685 Well, the States are selling the absolute granny out of it. 334 00:26:13,765 --> 00:26:17,325 -They're down 20% on day. -Can you update the PnL, please? 335 00:26:17,405 --> 00:26:21,445 I mean, Eric, who is this analog shit for, exactly? 336 00:26:21,525 --> 00:26:22,565 It's for us. 337 00:26:23,205 --> 00:26:27,285 Look shit square in the face! A little reflection! 338 00:26:30,565 --> 00:26:32,285 Add the zeros, you coward. 339 00:26:36,805 --> 00:26:38,005 Oh, my God. 340 00:26:39,325 --> 00:26:40,445 Mama! 341 00:26:42,445 --> 00:26:45,405 Okay, we're up three bucks. What an achievement. 342 00:26:45,485 --> 00:26:48,525 -They'll write books about us. -Going from red to black. 343 00:26:48,605 --> 00:26:51,365 You know, my life in markets overlays perfectly 344 00:26:51,445 --> 00:26:53,205 onto my life rooting on the Mets. 345 00:26:53,285 --> 00:26:59,445 You lose all the time in new and often thrillingly inventive ways 346 00:26:59,925 --> 00:27:01,645 praying for the counterbalance. 347 00:27:01,725 --> 00:27:07,325 That one miraculous run that makes you live again! 348 00:27:07,405 --> 00:27:10,085 Harpoon! I can't quite believe it, 349 00:27:10,165 --> 00:27:14,205 but you... you just gave me my favorite ever day in finance! 350 00:27:15,285 --> 00:27:18,325 And we're only small up? You feel good? 351 00:27:19,685 --> 00:27:21,925 -I guess. -Yeah! 352 00:27:23,565 --> 00:27:24,965 I... I may need to issue 353 00:27:25,045 --> 00:27:27,245 a firm-wide memorandum about today's sell-off. 354 00:27:27,325 --> 00:27:30,925 Should be Yasmin's remit, but apparently, real work is a foreign concept to her. 355 00:27:31,005 --> 00:27:32,325 She's been sniffing around. 356 00:27:33,245 --> 00:27:34,885 She made me run her through your diary. 357 00:27:35,365 --> 00:27:37,445 Asked for email correspondence between us. 358 00:27:38,205 --> 00:27:39,565 I think she may go to the press. 359 00:27:40,925 --> 00:27:42,365 Does she know what you do for me? 360 00:27:43,005 --> 00:27:46,565 No. No, I neglected to tell her the difficult positions 361 00:27:46,645 --> 00:27:49,645 I've put myself in explicitly for you. 362 00:27:50,165 --> 00:27:52,445 I felt unsafe since Abu Dhabi. 363 00:27:52,525 --> 00:27:55,205 And what Dolly, my little cousin, did for you with that hedge fund guy. 364 00:27:55,285 --> 00:27:57,645 -I have nothing to say. -You think just 'cause I'm a piece of ass, 365 00:27:57,725 --> 00:28:00,325 I don't have enough gray matter to see through your shit? 366 00:28:00,845 --> 00:28:03,405 Yeah, your old assistant, that "Crohn's disease" chick? 367 00:28:03,485 --> 00:28:06,085 I spent this afternoon calling a few girls at my agency, 368 00:28:06,165 --> 00:28:08,085 and apparently, she was one of ours, 369 00:28:08,165 --> 00:28:10,605 and they haven't heard shit from her since she worked for you. 370 00:28:10,685 --> 00:28:13,325 Haley, you know why you were hired. You knew the benefits. 371 00:28:13,405 --> 00:28:15,325 And like, don't call her your "little cousin" 372 00:28:15,405 --> 00:28:18,365 -'cause we both know what she is. -She's a fucking girl. 373 00:28:19,045 --> 00:28:20,485 And what about your previous assistant? 374 00:28:20,565 --> 00:28:23,325 What, you, like, hushed her up and paid her off? 375 00:28:23,405 --> 00:28:26,365 Or worse, maybe? I mean, where is she then? 376 00:28:27,325 --> 00:28:29,485 You know what? Maybe I should go to the press. 377 00:28:29,565 --> 00:28:30,525 What do you want? 378 00:28:31,685 --> 00:28:34,005 -Five hundred thousand dollars. -Fuck off. 379 00:28:34,085 --> 00:28:35,565 All right, 750. 380 00:28:35,645 --> 00:28:37,765 That's the limit of your ambition? Fuck you. 381 00:28:37,845 --> 00:28:39,645 I've seen the fucking headlines, bitch. 382 00:28:39,725 --> 00:28:41,805 You're gonna have to start answering questions. 383 00:28:41,885 --> 00:28:44,725 Put the whole lot on my pay slip. If there even fucking is any. 384 00:28:45,325 --> 00:28:48,885 I mean, that's just another irregularity for them to find, isn't it? 385 00:28:48,965 --> 00:28:51,925 And if anyone asks, I'll play the ditzy assistant you always wanted. 386 00:28:52,005 --> 00:28:53,925 -"I don't know anything." -You don't know anything. 387 00:28:54,005 --> 00:28:56,925 -And what difference does that make? -I'm not giving you a dime. 388 00:28:57,005 --> 00:28:59,205 Then live with the consequences of your actions, 389 00:28:59,725 --> 00:29:01,805 you fucking try-hard loser. 390 00:29:13,765 --> 00:29:14,805 Harper Stern. 391 00:29:17,085 --> 00:29:19,005 Do you have a favorite piece of classical music? 392 00:29:20,445 --> 00:29:23,805 I got asked that question in a campus profile once. 393 00:29:26,085 --> 00:29:32,245 -And I had no idea what to say. -Nor would I, to be honest. 394 00:29:34,765 --> 00:29:37,645 I wonder if that's why I showed so much of myself to you so quickly. 395 00:29:38,125 --> 00:29:39,365 Must be exhausting... 396 00:29:41,005 --> 00:29:42,165 living every moment, 397 00:29:42,725 --> 00:29:46,885 knowing you could be completely undone by one single question. 398 00:29:46,965 --> 00:29:48,325 What about when you misspeak? 399 00:29:48,925 --> 00:29:53,045 Don't tell me you're not pirouetting through a social minefield. 400 00:29:53,125 --> 00:29:53,965 Their... 401 00:29:55,365 --> 00:29:57,285 sneering nuance of manners, 402 00:29:57,365 --> 00:30:01,165 their insoluble absurdities of class, their bitchy pieties. 403 00:30:01,725 --> 00:30:05,285 The greatest mistake I ever made was moving Tender to this piss-wet, 404 00:30:05,365 --> 00:30:07,445 history-project of a fucking island. 405 00:30:07,525 --> 00:30:09,245 Maybe you should have stayed in a country 406 00:30:09,325 --> 00:30:11,285 where they didn't care where your money came from. 407 00:30:11,365 --> 00:30:14,925 I'm sure you think I have multiple faces, but there's millions of people like me. 408 00:30:15,485 --> 00:30:18,405 And I'm sure you're doing psychological acrobatics 409 00:30:18,485 --> 00:30:20,965 to convince yourself you're a normal case. 410 00:30:21,045 --> 00:30:25,285 -Whitney, you are a construction. -Don't be so reductive. 411 00:30:26,525 --> 00:30:31,485 Of course, I know about Solomon Asch, the Milgram experiment. 412 00:30:32,845 --> 00:30:35,645 People's will to be deceived is practically in their DNA. 413 00:30:35,725 --> 00:30:40,165 Who doesn't exploit it? That's business. Tender 2.0 is a legitimate enterprise. 414 00:30:40,245 --> 00:30:42,365 We have the deposit and user base to prove it. 415 00:30:43,005 --> 00:30:45,605 You know, we're quickly becoming the most popular bank for Gen Z. 416 00:30:45,685 --> 00:30:50,085 Give it a fucking rest, Whitney. I am sure that a new forensic audit 417 00:30:50,165 --> 00:30:54,845 will find nothing but a fucking Frankenstein balance sheet 418 00:30:54,925 --> 00:30:58,885 -of tricks and concealments. -Surely you know as a transplant, 419 00:30:58,965 --> 00:31:01,805 life's an act of becoming, not being, Harper. 420 00:31:01,885 --> 00:31:06,085 You're a conman, boxed in a historic crime. 421 00:31:08,325 --> 00:31:13,845 -You are starving for intimacy. -You called me, Whitney. 422 00:31:15,165 --> 00:31:20,325 You know, I got a chill when I heard you speak about funerals so practically. 423 00:31:21,085 --> 00:31:25,765 Funerals have a function. It's for ritualistic grieving. 424 00:31:25,845 --> 00:31:32,485 It is a human need to deal with that shit. 425 00:31:35,045 --> 00:31:37,325 Maybe you've never experienced grief before. 426 00:31:38,045 --> 00:31:39,365 My parents are still alive. 427 00:31:40,805 --> 00:31:42,005 My mom just died. 428 00:31:43,405 --> 00:31:46,405 -And the funeral helped? -I didn't go. 429 00:31:50,165 --> 00:31:52,765 What kind of person doesn't go to their mother's funeral, Harper? 430 00:31:52,845 --> 00:31:54,485 I don't know, Whitney. Maybe a monster. 431 00:32:03,805 --> 00:32:06,205 I wanna dance with somebody 432 00:32:07,925 --> 00:32:11,045 I wanna feel the heat with somebody 433 00:32:12,845 --> 00:32:15,885 Yeah, I wanna dance with somebody 434 00:32:23,325 --> 00:32:27,205 With somebody who loves me 435 00:32:39,165 --> 00:32:40,045 Dear Henry. 436 00:32:41,565 --> 00:32:45,045 How are we supposed to remain virtuous when the temptation is so great? 437 00:32:47,445 --> 00:32:48,285 Hello? 438 00:32:49,485 --> 00:32:50,325 Hey. 439 00:32:51,805 --> 00:32:53,205 Jonah, it's me. 440 00:32:54,525 --> 00:32:57,125 I... I wasn't sure you were gonna pick up. 441 00:32:57,845 --> 00:33:01,445 Get a lawyer or kill yourself. Whatever's cheaper. 442 00:33:18,685 --> 00:33:20,525 We need proper eyes on Tony Day. 443 00:33:21,965 --> 00:33:24,205 I think it would be very counterproductive for Mr. Day 444 00:33:24,285 --> 00:33:27,205 or any other weak link to be off-message now. 445 00:33:29,645 --> 00:33:33,005 They have their methodologies 446 00:33:33,085 --> 00:33:35,485 for people who are asking the wrong questions. 447 00:33:37,685 --> 00:33:40,885 We can relay, if needs be, that he is no longer on message. 448 00:33:41,845 --> 00:33:45,885 No, I... I don't think we need to escalate. 449 00:33:48,045 --> 00:33:52,085 We can handle the situation without violence. 450 00:33:53,205 --> 00:33:55,045 Good to know you're a man with some red lines. 451 00:33:55,685 --> 00:33:59,285 You know very well we are not dealing with people who care about red lines. 452 00:34:01,845 --> 00:34:05,325 I know I'm not meant to interrogate the cell structure, 453 00:34:05,405 --> 00:34:06,885 but how did you get involved with these guys? 454 00:34:09,085 --> 00:34:12,085 Razoblachenie. Do you know the word? 455 00:34:14,085 --> 00:34:15,684 It's Russian for exposure. 456 00:34:17,204 --> 00:34:19,565 The bargaining power of the threat of exposure. 457 00:34:20,325 --> 00:34:21,405 What did you do for them? 458 00:34:23,164 --> 00:34:24,325 Credential theft. 459 00:34:25,644 --> 00:34:27,204 They wanted a picture of IBN's client base, 460 00:34:27,285 --> 00:34:29,085 names, networks, spending habits. 461 00:34:30,125 --> 00:34:31,485 Further points of leverage. 462 00:34:32,925 --> 00:34:36,485 In my corporation, they cleared a path for me to CFO within a decade. 463 00:34:37,765 --> 00:34:38,925 And it was, in hindsight, 464 00:34:39,845 --> 00:34:42,005 a boringly easy thing to rationalize to myself. 465 00:34:43,244 --> 00:34:44,285 You knew who they were? 466 00:34:46,125 --> 00:34:47,244 Not for many years. 467 00:34:49,644 --> 00:34:52,724 After a certain quality of service rendered, 468 00:34:52,805 --> 00:34:55,405 I was able to make a connection that made it clear 469 00:34:56,485 --> 00:35:01,645 I was found by Cozy Bear, the tech arm of the SVR and the FSB. 470 00:35:03,525 --> 00:35:05,005 The particulars above and beyond 471 00:35:05,085 --> 00:35:09,765 the continued existence of the company are not really our concern. 472 00:35:14,125 --> 00:35:15,925 Narrative is all that matters now. 473 00:35:17,445 --> 00:35:18,965 Nobody can be off story. 474 00:35:20,685 --> 00:35:23,885 Not me, not you, not Day. 475 00:35:30,045 --> 00:35:30,965 Dear Henry. 476 00:35:32,365 --> 00:35:34,365 Is it really any surprise we seek control 477 00:35:35,205 --> 00:35:38,445 when we are always at the mercy of forces much larger than ourselves? 478 00:35:40,245 --> 00:35:41,365 You wanna stay over? 479 00:35:42,525 --> 00:35:46,605 I think Mom thought it was weird you left the restaurant with me, not her. 480 00:35:47,605 --> 00:35:50,245 -I'll stay. -I'm glad. 481 00:35:50,925 --> 00:35:52,605 You're gonna kill your old man, you know? 482 00:35:53,725 --> 00:35:54,685 I'd never. 483 00:35:56,645 --> 00:35:57,845 I love him too much. 484 00:36:00,845 --> 00:36:01,805 I... 485 00:36:05,045 --> 00:36:06,045 I... 486 00:36:07,925 --> 00:36:09,245 I love you too, honey. 487 00:36:18,725 --> 00:36:20,805 Can we order some dessert up to the room? 488 00:36:22,285 --> 00:36:23,445 Dad, all good? 489 00:36:26,525 --> 00:36:27,485 Dad? 490 00:36:30,485 --> 00:36:33,445 I saw TopJaw's review of the new restaurant here. 491 00:36:33,525 --> 00:36:35,685 And apparently, they do a great shabu-shabu. 492 00:36:39,645 --> 00:36:40,925 Whatever you want, honey. 493 00:36:47,085 --> 00:36:48,765 You always have a room here? 494 00:36:49,925 --> 00:36:51,125 On standby. 495 00:36:54,925 --> 00:36:57,525 -Make me feel big. -Yes, Daddy. 496 00:37:41,765 --> 00:37:44,245 -Yeah. -We've dealt with our square mile issue. 497 00:37:44,325 --> 00:37:47,525 I'm told Day's meeting SternTao and FinDigest for breakfast. 498 00:37:47,605 --> 00:37:49,165 Claridge's, 7:00 a.m. 499 00:37:50,205 --> 00:37:51,125 Dear Henry. 500 00:37:51,605 --> 00:37:56,005 Wealth is the greatest disguise from our truest, most probable states. 501 00:38:35,325 --> 00:38:36,325 Fuck. 502 00:38:57,405 --> 00:38:58,285 Sit down. 503 00:38:59,445 --> 00:39:01,725 Sit down. Don't say a thing. 504 00:39:05,045 --> 00:39:07,645 In less than five minutes, two people are gonna walk through that door, 505 00:39:07,725 --> 00:39:10,325 and they don't know you, and they've done nothing for you. 506 00:39:10,405 --> 00:39:11,685 No matter how sweetly they've spun it, 507 00:39:11,765 --> 00:39:13,885 they're not invested in what happens to you from here. 508 00:39:13,965 --> 00:39:15,365 They view you as an accessory. 509 00:39:15,445 --> 00:39:18,805 They'll use you to burnish their finances and status in their spheres. 510 00:39:18,885 --> 00:39:20,805 I saw actual value in you. 511 00:39:20,885 --> 00:39:23,565 I plucked you from obscurity, and I gave you the world. 512 00:39:23,645 --> 00:39:24,805 Yeah, I'm grateful. 513 00:39:25,725 --> 00:39:28,725 I'm really grateful for that, but how does that help me now? 514 00:39:28,805 --> 00:39:30,645 Everything has led to this exact point. 515 00:39:30,725 --> 00:39:33,765 We're under siege, yes. We just need one more united front. 516 00:39:33,845 --> 00:39:36,365 I feel like I'm living day to day with a knife to my throat. 517 00:39:38,045 --> 00:39:38,925 You are. 518 00:39:40,725 --> 00:39:43,525 We all are. It's the weight of our potential. 519 00:39:44,685 --> 00:39:48,685 Don't let them call us criminals. It's too easy. We're brothers. 520 00:39:50,085 --> 00:39:54,125 You remember how I found you? Bankrupt. I made you a success. 521 00:39:54,725 --> 00:39:56,925 You think our competitors are morally unblemished? 522 00:39:57,005 --> 00:39:58,125 Wake the fuck up. 523 00:39:58,205 --> 00:40:02,165 Whatever we've done to get here will be swallowed up by our scale and rep. 524 00:40:02,765 --> 00:40:06,765 You can't backfill a lie and make it true. 525 00:40:08,725 --> 00:40:09,805 Look at yourself. 526 00:40:10,605 --> 00:40:13,965 -You are wavering at the gaze of Valhalla. -I'm scared, Whit. 527 00:40:14,445 --> 00:40:16,365 Hi. Burgess, 7:00 a.m. 528 00:40:17,685 --> 00:40:20,965 -Shit a brick. Is that Whitney? -Clever bastard. 529 00:40:22,285 --> 00:40:25,245 Don't look at them. Look at me. You will impoverish yourself. 530 00:40:25,325 --> 00:40:28,805 You will immiserate yourself. And whatever protection or relief, 531 00:40:28,885 --> 00:40:32,285 or if you're stupid enough to believe it, immunity, you've been promised 532 00:40:32,365 --> 00:40:35,165 will not spare you from the single moment when you wake up in a year or so 533 00:40:35,245 --> 00:40:37,325 in a three-star shithole on a quiet Tuesday morning 534 00:40:37,405 --> 00:40:38,605 when the phone has stopped ringing, 535 00:40:38,685 --> 00:40:40,325 and you realize just how far you fell from grace. 536 00:40:40,405 --> 00:40:41,605 So, I'm glad you're scared. 537 00:40:41,685 --> 00:40:43,765 You're on the verge of making the biggest mistake of your life. 538 00:40:43,845 --> 00:40:46,365 Hey. Whitney Halberstram. Pleasure. 539 00:40:46,445 --> 00:40:48,845 -We know. -Enjoy your breakfast. 540 00:40:48,925 --> 00:40:50,925 I hear the blueberry pancakes are excellent. 541 00:40:54,405 --> 00:40:55,965 Don't let him intimidate you. 542 00:40:56,045 --> 00:40:58,205 -Can we get you a coffee or-- -No. 543 00:40:58,285 --> 00:40:59,925 -No? Okay. -I've had one, thanks. 544 00:41:00,005 --> 00:41:03,965 We do realize how much it takes for you to meet us like this. 545 00:41:04,045 --> 00:41:06,765 -You are making the right decision. -Oh, yeah. 546 00:41:08,165 --> 00:41:09,005 Yeah. 547 00:41:11,245 --> 00:41:12,125 I hope so. 548 00:41:16,005 --> 00:41:18,605 -Looks like it's just you in-studio. -Good for me. 549 00:41:34,685 --> 00:41:36,845 Coming to three, ready, camera three. 550 00:41:39,445 --> 00:41:41,605 Do not press a desperate foe too hard. 551 00:41:43,485 --> 00:41:45,405 -Excuse me? -Thank you. 552 00:41:45,485 --> 00:41:48,285 When you surround an army, leave an outlet free. 553 00:41:48,765 --> 00:41:50,605 What if the outlet I use is through? 554 00:41:52,925 --> 00:41:53,805 Through you. 555 00:42:00,885 --> 00:42:02,325 And we're going live, thank you, 556 00:42:02,405 --> 00:42:07,245 -in five, four, three... -Five, four, three, two, one. 557 00:42:07,325 --> 00:42:10,085 And we're live pre the European Opening Bell, 558 00:42:10,165 --> 00:42:12,805 the FTSE having its worst day for a month yesterday, 559 00:42:12,885 --> 00:42:17,925 led lower by UK financials and tech. And Tender, down 28%. 560 00:42:18,405 --> 00:42:21,285 With me to discuss an explosive trading day for the company, 561 00:42:21,365 --> 00:42:23,525 Whitney Halberstram, the CFO... 562 00:42:23,605 --> 00:42:26,685 -Why did Eric go and not you? -He insisted. Wouldn't hear a no. 563 00:42:26,765 --> 00:42:29,965 Sad day for a show like this when you give executive management 564 00:42:30,045 --> 00:42:34,205 of a listed company equal billing with some fund manager. 565 00:42:34,285 --> 00:42:38,405 His side, him, his trade book. My side, analysts, 566 00:42:38,485 --> 00:42:40,725 independent auditors, regulators. 567 00:42:40,805 --> 00:42:45,165 You want me to give you a list of times regulators have been wrong? 568 00:42:45,245 --> 00:42:46,485 How long is your show? 569 00:42:47,085 --> 00:42:51,205 You look very shiny under these lights for someone so in control. 570 00:42:52,045 --> 00:42:54,405 Like I said, this is not a serious person you're having on. 571 00:42:55,205 --> 00:42:57,885 Look, when this guy's not garbling 572 00:42:57,965 --> 00:43:02,325 pseudo-MBA word salad about organic increase of volume, 573 00:43:02,405 --> 00:43:05,205 state of the art merchant compliance, or whatever the hell that means, 574 00:43:05,285 --> 00:43:10,005 most of the smokescreen he deploys are blanket aspersions. 575 00:43:10,085 --> 00:43:13,965 Cast enough doubt on everyone else, none falls on you. 576 00:43:14,525 --> 00:43:16,685 That's defamatory. You gotta keep an eye on him. 577 00:43:16,765 --> 00:43:19,125 Pause, please, gentlemen, because joining us now, 578 00:43:19,205 --> 00:43:22,925 we have the CFO of the site of most controversy yesterday, 579 00:43:23,005 --> 00:43:27,485 Tender's CFO for EMEA, Tony Day. Tony, welcome to the show. 580 00:43:28,085 --> 00:43:29,965 Hi, Angela. Thanks for having me on. 581 00:43:30,045 --> 00:43:32,085 -I think it's very important... -What the fuck's going on? 582 00:43:32,165 --> 00:43:34,485 I... I have no idea what he could have said to him in that time. 583 00:43:34,565 --> 00:43:35,725 That's not possible. 584 00:43:35,805 --> 00:43:37,285 -Who? -Whitney. 585 00:43:37,365 --> 00:43:39,565 Whi-- Sorry. Whit-- Whitney was there? 586 00:43:39,645 --> 00:43:42,685 I thought you said Burgess softened Day up and flipped him. 587 00:43:42,765 --> 00:43:43,925 No, he was there when we arrived, 588 00:43:44,005 --> 00:43:45,805 but when we left, Day was on board with us. 589 00:43:45,885 --> 00:43:47,405 You didn't think to fucking tell me? 590 00:43:48,405 --> 00:43:50,045 It's been a busy 48 hours. 591 00:43:50,125 --> 00:43:52,245 Now, as somebody who's lived and worked in West Africa 592 00:43:52,325 --> 00:43:53,885 for a number of years, I can tell you 593 00:43:53,965 --> 00:43:55,765 that some of the structure of the financials 594 00:43:55,845 --> 00:43:58,005 of the... of the companies we own down here, 595 00:43:58,085 --> 00:43:59,885 they are unfamiliar to some auditors. 596 00:43:59,965 --> 00:44:01,845 But, you know, the more pernicious thing 597 00:44:01,925 --> 00:44:04,645 that today has revealed is a typical way of seeing, 598 00:44:04,725 --> 00:44:09,445 imposed by Western institutions, driven by longstanding prejudices, 599 00:44:09,525 --> 00:44:11,205 without any objective evidence. 600 00:44:11,285 --> 00:44:15,325 I'm gonna call it the "dark heart of Africa" trope. 601 00:44:15,405 --> 00:44:18,005 I see it all the time on Western media, 602 00:44:18,085 --> 00:44:22,765 the pro-African apologia, disguising the anti-Africa polemic. 603 00:44:22,845 --> 00:44:25,805 -Come on, guys. -Fuck! What a piece of shit. 604 00:44:25,885 --> 00:44:27,205 I didn't think it was worth mentioning 605 00:44:27,285 --> 00:44:29,685 because he agreed to an on-the-record interview. 606 00:44:29,765 --> 00:44:32,245 His testimony was going to speed the collapse. 607 00:44:32,325 --> 00:44:34,645 Where's the pressure for a new audit come from without it? 608 00:44:34,725 --> 00:44:36,405 When we open, I hope investors are very clear, 609 00:44:36,485 --> 00:44:40,045 we have done everything in our power to be as transparent as possible. 610 00:44:41,285 --> 00:44:43,005 I will say I find it objectionable 611 00:44:43,085 --> 00:44:45,085 that you would even platform me on the same program 612 00:44:45,165 --> 00:44:48,245 as a man who stands to benefit from the lies you broadcast for him. 613 00:44:51,245 --> 00:44:52,285 Save your breath. 614 00:44:53,085 --> 00:44:55,885 Okay, there's absolutely nothing this gentleman could say about me 615 00:44:55,965 --> 00:44:59,005 I won't willingly say to your viewers about myself. 616 00:45:00,445 --> 00:45:04,005 He says my fund packages itself as some sort of crusader 617 00:45:04,085 --> 00:45:07,445 for market efficiency and societal good. 618 00:45:07,525 --> 00:45:10,165 I make no claims to that effect. I'm a money manager. 619 00:45:12,165 --> 00:45:14,525 My only operating software is the profit motive. 620 00:45:15,765 --> 00:45:20,165 That and my id. They're probably indivisible now, 621 00:45:20,245 --> 00:45:25,165 bleeding into every aspect of my life, for good and bad, 622 00:45:25,925 --> 00:45:28,125 often very bad. 623 00:45:29,125 --> 00:45:32,245 However bad you want to tell the audience I am, let me tell them. 624 00:45:33,805 --> 00:45:34,725 I'm worse. 625 00:45:35,965 --> 00:45:37,845 So, make your judgment call. 626 00:45:38,965 --> 00:45:42,965 But once made, don't let this guy sat across the table from me 627 00:45:43,045 --> 00:45:45,125 off the hook from exactly the same judgment. 628 00:45:45,205 --> 00:45:47,285 Let's give this guy the benefit of the doubt. 629 00:45:47,365 --> 00:45:49,245 Let's even say he's on the money. 630 00:45:49,325 --> 00:45:55,885 Would that outright negate that his enterprise is a fraud? 631 00:45:56,405 --> 00:45:57,325 Wow. 632 00:45:58,245 --> 00:46:02,565 I'm falling into... into his trap. More and more words. 633 00:46:04,085 --> 00:46:05,485 Let me finish with two. 634 00:46:06,765 --> 00:46:08,405 New audit. 635 00:46:09,565 --> 00:46:13,765 -Would Tender submit to a new audit? -You know, we're audited every year. 636 00:46:14,525 --> 00:46:21,365 Get me... Get me Jacob on the phone. Jacob-- What the fuck is his name? 637 00:46:21,445 --> 00:46:25,325 Our auditor! Jacob, Jacob, Jacob... Jacob Oleander! 638 00:46:25,405 --> 00:46:28,525 Get me... Get me Jacob Oleander on the phone now! 639 00:46:29,445 --> 00:46:33,405 Again, for those in the back. New audit. 640 00:46:33,485 --> 00:46:35,285 -Hurry up! -Line one. 641 00:46:35,365 --> 00:46:39,245 Thank you very much, gentlemen, for coming on and discussing... 642 00:46:39,325 --> 00:46:40,845 Jacob. Jacob, hi. 643 00:46:43,205 --> 00:46:45,405 Yeah, I enjoyed your company the other night. 644 00:46:46,805 --> 00:46:50,085 Yeah, I'm afraid this isn't going to be an easy conversation. 645 00:46:53,365 --> 00:46:57,565 I thought you might need-- Well, I don't know what I thought. 646 00:46:59,045 --> 00:47:00,845 I can only imagine how you must be feeling. 647 00:47:00,925 --> 00:47:02,765 I don't think you can, actually. 648 00:47:05,045 --> 00:47:08,805 How much did you know about what Whitney's been doing at Tender? 649 00:47:08,885 --> 00:47:09,845 Nothing. 650 00:47:10,925 --> 00:47:14,565 -You know, only the way he operates. -What does that mean? 651 00:47:17,565 --> 00:47:19,765 He hired me from an escort agency. 652 00:47:21,165 --> 00:47:24,325 I'm pretty sure all of his assistants came from the same agency. 653 00:47:24,805 --> 00:47:28,445 He put us in front of guys he wanted to get close to. 654 00:47:30,285 --> 00:47:32,325 Financial guys, investors. 655 00:47:33,285 --> 00:47:38,165 We all had similar profiles. Young, innocent, willing. 656 00:47:38,685 --> 00:47:40,485 To do what? 657 00:47:41,765 --> 00:47:46,205 Well, he... he told us that we'd be on camera sometimes. 658 00:47:47,045 --> 00:47:49,245 This one time, I flew to Abu Dhabi, 659 00:47:49,325 --> 00:47:53,565 this Emirati guy on the board of some bank, Al-Ma-- 660 00:47:53,645 --> 00:47:55,405 -Al-Majeera-- -Al-Mi'raj. 661 00:47:55,485 --> 00:48:00,205 Al-Mi'raj. And all I knew was that there was a room 662 00:48:00,285 --> 00:48:03,485 I needed to get him into in order for it to happen. 663 00:48:05,485 --> 00:48:09,045 Well, what does he do with the videos? He... He's extorting people? 664 00:48:09,125 --> 00:48:13,125 I guess. I mean, that's... that's not a word he ever used with me. 665 00:48:19,085 --> 00:48:25,285 Sorry, so you... you, me, and Henry. Was that on camera? 666 00:48:35,005 --> 00:48:41,605 -What did Whitney want you to do with us? -He said, "Be in their lives." 667 00:48:45,525 --> 00:48:49,925 He exploits fragile people. 668 00:48:51,125 --> 00:48:52,125 I'm sorry. 669 00:48:54,765 --> 00:49:00,085 -What do you want from me? -Yas, listen, this is what I know. 670 00:49:00,925 --> 00:49:05,565 I've used every inch of my body, clawing my way to every fucking cent. 671 00:49:05,645 --> 00:49:08,805 Only God can judge me. And he doesn't exist. 672 00:49:09,405 --> 00:49:15,965 I'm done fucking clawing. Access. Access is what really makes you rich. 673 00:49:16,045 --> 00:49:18,165 And what does that mean to you, exactly? 674 00:49:19,405 --> 00:49:22,405 Some good tables, tickets to Wimbledon? 675 00:49:23,285 --> 00:49:25,365 -Chiltern burnt down. -I want to meet people. 676 00:49:27,045 --> 00:49:28,765 I want to have what you have. 677 00:49:29,525 --> 00:49:33,645 -I don't trust you. -No, but I think you understand me. 678 00:49:36,605 --> 00:49:37,925 Do you understand me? 679 00:49:42,205 --> 00:49:43,405 In any way you ask. 680 00:49:58,605 --> 00:49:59,445 Hello? 681 00:50:04,165 --> 00:50:05,565 Hello. 682 00:50:05,645 --> 00:50:09,925 Hey, you really pinned that motherfucker today. Can I be honest? 683 00:50:12,005 --> 00:50:14,965 All the things that I thought I knew about you, 684 00:50:15,045 --> 00:50:21,085 I just didn't think you had it in you. But you did it. It was great. 685 00:50:21,845 --> 00:50:24,325 I was wrong. Where is everyone? 686 00:50:26,445 --> 00:50:28,365 I told them to go get drinks. 687 00:50:29,325 --> 00:50:31,365 -You want to come in here a sec? -Yeah. 688 00:50:37,925 --> 00:50:38,925 Who's this? 689 00:50:40,285 --> 00:50:44,685 You might be standing on the verge of something great. It's yours. 690 00:50:46,125 --> 00:50:52,085 Not mine. Marvin represents me. I'm going to let him talk for ease. 691 00:50:52,565 --> 00:50:56,605 It'll be undiluted and clean. By all means, call me a coward, it'll-- 692 00:50:57,805 --> 00:50:59,205 A lot easier on me. 693 00:51:00,565 --> 00:51:02,165 Ms. Stern, my client, 694 00:51:02,645 --> 00:51:05,805 Mr. Tao has instructed me to draw up a Deed of Assignment. 695 00:51:05,885 --> 00:51:07,925 In so doing, he transfers the entirety 696 00:51:08,005 --> 00:51:10,765 of his partnership interest in SternTao to you. 697 00:51:10,845 --> 00:51:12,245 You're dissolving our partnership? 698 00:51:12,325 --> 00:51:17,125 A notice of transfer will be filed with the appropriate registry bodies. 699 00:51:17,205 --> 00:51:20,605 Mr. Tao has also engaged a tax professional at his own cost 700 00:51:20,685 --> 00:51:23,645 to ensure you won't bear any tax liabilities 701 00:51:23,725 --> 00:51:25,005 from the transfer yourself. 702 00:51:30,565 --> 00:51:31,645 Eric, what are you doing? 703 00:51:32,765 --> 00:51:34,645 What the fuck is this about? 704 00:51:34,725 --> 00:51:38,845 My client has informed me that there are reputational risks 705 00:51:38,925 --> 00:51:41,325 that may render him a "faithless servant" 706 00:51:41,405 --> 00:51:44,165 should he continue to be employed at SternTao. 707 00:51:44,245 --> 00:51:47,845 In the case of the fund's profitability, by year end, 708 00:51:47,925 --> 00:51:50,325 he asks that his initial investment 709 00:51:50,405 --> 00:51:53,605 be returned and placed into a trust for his daughters. 710 00:51:54,085 --> 00:51:55,965 Given there was no official contract 711 00:51:56,045 --> 00:51:59,005 outlining provisions related to the transfer of interest, 712 00:51:59,085 --> 00:52:01,765 Mr. Tao has waived all entitlements, 713 00:52:01,845 --> 00:52:06,605 bonuses, deferred payments, and equity interests on departure. 714 00:52:06,685 --> 00:52:08,805 Yeah, and no... no funeral. 715 00:52:10,485 --> 00:52:12,685 Can you please tell me what this is about? 716 00:52:13,765 --> 00:52:15,285 Watching you present... 717 00:52:17,885 --> 00:52:18,805 I thought... 718 00:52:20,485 --> 00:52:24,765 I was incapable of feeling pride 719 00:52:25,765 --> 00:52:27,885 for anyone but myself. 720 00:52:29,325 --> 00:52:30,405 I'm really... 721 00:52:31,925 --> 00:52:34,165 I'm really glad you proved me wrong. 722 00:52:40,965 --> 00:52:42,645 What are you protecting us from? 723 00:52:44,085 --> 00:52:45,085 You need to tell me. 724 00:52:48,325 --> 00:52:49,485 Whatever it is. 725 00:53:02,045 --> 00:53:06,925 I... I... I don't want you to remember me that way. 726 00:53:47,365 --> 00:53:49,205 I will always remember you like this. 727 00:54:16,845 --> 00:54:21,045 That was a worthwhile appearance. We rallied a little this morning, 728 00:54:21,125 --> 00:54:23,285 away from Pierpoint's convertible trigger price. 729 00:54:24,165 --> 00:54:25,285 Well played, chief. 730 00:54:26,365 --> 00:54:27,965 Hey, Ferdinand, please leave us. 731 00:54:30,165 --> 00:54:31,085 Sure. 732 00:54:38,805 --> 00:54:41,685 We cut the oxygen off that wafer-thin story. 733 00:54:45,965 --> 00:54:47,285 Yeah, I called Jacob. 734 00:54:48,725 --> 00:54:50,965 Relieved him of his position 'cause... 735 00:54:53,125 --> 00:54:55,245 Tender no longer requires his services. 736 00:54:58,205 --> 00:54:59,965 You need board approval to do that. 737 00:55:02,565 --> 00:55:03,885 Yeah, I don't, actually. 738 00:55:06,845 --> 00:55:09,565 You made me CEO. 739 00:55:10,765 --> 00:55:14,405 -So, I've informed Companies House. -That was a grave mistake. 740 00:55:17,445 --> 00:55:19,805 -Why? -It's just a grave mistake. 741 00:55:22,085 --> 00:55:24,485 -Why? -Trust me. 742 00:55:24,565 --> 00:55:28,125 See, you can't even bring yourself... 743 00:55:30,485 --> 00:55:31,845 to tell me why. 744 00:55:40,645 --> 00:55:43,325 Yeah, we'll hear pitches from other auditors imminently. 745 00:55:44,285 --> 00:55:47,765 -I don't advise doing that. -You-- Do you know what? Fuck your advice. 746 00:55:48,965 --> 00:55:51,045 As if anything you've pushed on me 747 00:55:51,125 --> 00:55:54,165 has anything but your own interests in mind. 748 00:56:09,765 --> 00:56:11,765 I guess, ultimately, you're gonna do what you're gonna do. 749 00:56:11,845 --> 00:56:12,845 Yeah. 750 00:56:15,005 --> 00:56:16,325 So, in that case... 751 00:56:19,125 --> 00:56:20,645 I guess it's best said like this. 752 00:56:59,285 --> 00:57:00,485 Dear Henry. 753 00:57:01,045 --> 00:57:03,765 I drafted and redrafted an opening to this statement. 754 00:57:04,285 --> 00:57:07,005 I think maybe the time for poetry and ornament has passed. 755 00:57:08,125 --> 00:57:11,245 Practically, it's very important that you understand everything. 756 00:57:11,925 --> 00:57:13,205 Now that you're implicated. 757 00:57:15,925 --> 00:57:17,925 I write to say we're stronger together, 758 00:57:18,445 --> 00:57:21,925 and we must violently pursue an endgame which delays our detractors, 759 00:57:22,005 --> 00:57:25,245 making their lives harder to close in on our goal. 760 00:57:28,245 --> 00:57:34,325 It's Alfa, Xray, 6-1-2, Lima, Lima, 2-3-4. 761 00:57:34,405 --> 00:57:36,885 People are going to accuse us of criminality. 762 00:57:37,525 --> 00:57:40,685 And parsing the details of our story in this way is prejudicial. 763 00:57:41,165 --> 00:57:45,725 But it won't stop people making the case against me. Against us. 764 00:57:46,205 --> 00:57:49,125 And by that very definition, against you. 765 00:57:50,085 --> 00:57:53,245 You see, dear Henry, there's a hole in my bucket.