1 00:00:09,360 --> 00:00:11,920 (ELEVATOR RUMBLING SOFTLY) 2 00:00:11,960 --> 00:00:15,560 ♪ (MELLOW TECHNO MUSIC PLAYING) ♪ 3 00:00:19,200 --> 00:00:21,080 -(RUMBLING STOPS) -(ELEVATOR DOOR CHIMES) 4 00:00:31,960 --> 00:00:33,280 ♪ (MUSIC FADING) ♪ 5 00:00:33,360 --> 00:00:35,600 YASMIN KARA-HANANI: I mean, you've seen the app's uptake figures? 6 00:00:35,680 --> 00:00:36,920 Millions. 7 00:00:37,000 --> 00:00:40,000 It's a... It's a phenomenon. 8 00:00:40,080 --> 00:00:41,400 HARPER STERN: Yas, come on. 9 00:00:41,480 --> 00:00:44,360 Whitney wants to leave you holding the bag, okay? 10 00:00:44,440 --> 00:00:46,120 I don't want to see the worst in the world. 11 00:00:46,200 --> 00:00:47,760 I-- I want to see what's true. 12 00:00:47,800 --> 00:00:49,960 -He is a pathological liar. -♪ (TENSE MUSIC PLAYING) ♪ 13 00:00:50,040 --> 00:00:53,080 Why do you always find a way to pick apart at my stability? 14 00:00:54,160 --> 00:00:55,400 My husband's? 15 00:00:56,480 --> 00:00:59,360 I mean, why would you choose to profit 16 00:00:59,440 --> 00:01:02,240 off of exploding my foundations? 17 00:01:02,320 --> 00:01:03,600 You know it's not personal, Yas. 18 00:01:03,640 --> 00:01:07,080 (CHUCKLES) Do you think anyone’s ever said that and meant it? 19 00:01:07,160 --> 00:01:08,960 I think we owe each other some kind of protection, 20 00:01:09,039 --> 00:01:10,360 so I really need you to hear me 21 00:01:10,440 --> 00:01:13,840 when I say he's not some hobbyist sociopath. 22 00:01:13,920 --> 00:01:15,760 He's a fucking criminal. 23 00:01:15,840 --> 00:01:18,440 You shouldn’t blame yourself for being ensnared by him. 24 00:01:18,520 --> 00:01:21,400 -What are you talking about? -HARPER: (SIGHS) I'm sorry, 25 00:01:21,480 --> 00:01:24,039 but the picture is now irrefutable. 26 00:01:24,120 --> 00:01:26,640 Okay, ask Whitney about Tony Day, 27 00:01:26,720 --> 00:01:28,120 his man in Africa. 28 00:01:28,200 --> 00:01:30,560 The balance sheet, fabrications... 29 00:01:30,600 --> 00:01:32,320 There's not one fucking piece of it, 30 00:01:32,400 --> 00:01:34,039 Yas, that you're talking to that is real. 31 00:01:34,080 --> 00:01:36,800 YASMIN: Okay. And what will your compensation be, 32 00:01:36,840 --> 00:01:39,200 if you manage to convince a few more people? 33 00:01:39,280 --> 00:01:42,039 I mean, you don't even know him. 34 00:01:42,080 --> 00:01:44,400 Anyone who doesn't know you could just as easily say that 35 00:01:44,479 --> 00:01:46,880 you're a abstraction of insecurities 36 00:01:46,920 --> 00:01:48,479 and compensations. 37 00:01:48,520 --> 00:01:49,800 Doesn't make it true. 38 00:01:52,840 --> 00:01:55,960 Let me put this in terms that your ego might listen to. 39 00:01:56,000 --> 00:01:59,440 You have been duped by a man who saw you 40 00:01:59,520 --> 00:02:01,280 and your husband as fools. 41 00:02:01,360 --> 00:02:03,000 And you will always paint an image 42 00:02:03,040 --> 00:02:04,560 of the world that gets you paid. 43 00:02:04,640 --> 00:02:06,360 I mean, what is it that you really want? 44 00:02:06,440 --> 00:02:09,360 You want Henry to resign so the stock price falls. 45 00:02:09,440 --> 00:02:13,120 You're a fucking mercenary, Harper. My God! 46 00:02:13,200 --> 00:02:15,640 There's like no empathy left in you, is there? 47 00:02:16,840 --> 00:02:20,520 Just an imitation of it to entrap people. 48 00:02:27,520 --> 00:02:28,600 Okay. 49 00:02:34,720 --> 00:02:36,360 We’re not closing our Tender short. 50 00:02:36,400 --> 00:02:38,600 We have higher conviction than ever. 51 00:02:38,680 --> 00:02:40,240 And now, a very strong case 52 00:02:40,320 --> 00:02:41,800 which I intend to present tomorrow 53 00:02:41,840 --> 00:02:43,120 at the ALPHA conference. 54 00:02:44,200 --> 00:02:45,360 Til the end? 55 00:02:47,480 --> 00:02:48,600 Until the end. 56 00:02:48,680 --> 00:02:50,360 Maybe I should just call security. 57 00:02:50,440 --> 00:02:51,880 Get you escorted out the building. 58 00:02:53,000 --> 00:02:54,720 Go on, I fucking dare you. 59 00:02:54,800 --> 00:02:57,800 ♪ (MUSIC INTENSIFIES) ♪ 60 00:03:07,080 --> 00:03:09,240 -(TELEPHONE RINGING) -♪ (MUSIC SOFTENS) ♪ 61 00:03:17,079 --> 00:03:19,320 WHITNEY HALBERSTRAM: Hey, it's me. 62 00:03:19,400 --> 00:03:21,680 I got your Telegram about SternTao. 63 00:03:21,720 --> 00:03:25,600 I understand you must be feeling very alone. 64 00:03:25,680 --> 00:03:29,920 You needed to hear my voice, so listen to it. 65 00:03:29,960 --> 00:03:32,000 I’m coming to see you after my quarterly with Jacob. 66 00:03:33,560 --> 00:03:34,960 Don't do anything you'll regret. 67 00:03:36,440 --> 00:03:38,520 Keep strong, stay focused. 68 00:03:42,040 --> 00:03:44,400 (PHONE CLATTERING) 69 00:03:48,440 --> 00:03:51,079 ♪ ("BOTH SIDES NOW" BY JUDY COLLINS PLAYING) ♪ 70 00:03:51,160 --> 00:03:52,840 (SCOFFS) 71 00:03:52,880 --> 00:03:57,160 ♪ And ice cream castles In the air ♪ 72 00:03:57,240 --> 00:04:01,200 ♪ And feather canyons Everywhere ♪ 73 00:04:01,280 --> 00:04:04,520 ♪ I've looked at clouds That way ♪ 74 00:04:04,560 --> 00:04:08,800 ♪ But now they only Block the sun... ♪ 75 00:04:08,880 --> 00:04:13,160 HENRY MUCK: ♪ For he must Resist temptation ♪ 76 00:04:13,240 --> 00:04:17,800 -(WATER RUNNING) -♪ To join another nation ♪ 77 00:04:17,839 --> 00:04:21,760 ♪ For he is an Englishman ♪ 78 00:04:22,680 --> 00:04:26,520 ♪ He is an Englishman ♪ 79 00:04:27,280 --> 00:04:31,080 ♪ (HUMS MELODY) ♪ 80 00:04:35,880 --> 00:04:39,240 ♪ For he is an Englishman ♪ 81 00:04:40,440 --> 00:04:43,840 ♪ He is an Englishman ♪ 82 00:04:45,120 --> 00:04:48,640 WHITNEY: Dear Henry. There’s a hole in my bucket. 83 00:04:49,360 --> 00:04:53,440 ♪ (HUMS MELODY) ♪ 84 00:04:53,520 --> 00:04:57,120 ♪ For he is an Englishman ♪ 85 00:04:58,080 --> 00:05:01,240 ♪ (HUMS MELODY) ♪ 86 00:05:02,320 --> 00:05:06,040 ♪ For he is an Englishman... ♪ 87 00:05:06,120 --> 00:05:08,520 -♪ ("BOTH SIDES NOW" CONTINUES PLAYING) ♪ -♪ And if you care ♪ 88 00:05:08,560 --> 00:05:10,400 ♪ Don't let them know ♪ 89 00:05:10,480 --> 00:05:13,680 ♪ Don't give yourself away ♪ 90 00:05:13,760 --> 00:05:17,840 ♪ I've looked at love From both sides now ♪ 91 00:05:17,920 --> 00:05:22,000 ♪ From win and lose And still somehow ♪ 92 00:05:22,040 --> 00:05:25,760 ♪ It's life's illusions I recall... ♪ 93 00:05:27,200 --> 00:05:28,520 Give me a minute, old boy. 94 00:05:31,440 --> 00:05:32,640 ♪ (SONG CUTS OFF) ♪ 95 00:05:32,680 --> 00:05:34,320 YASMIN: What the fuck are you doing in here? 96 00:05:34,400 --> 00:05:36,440 -In my bedroom while my husband showers? -WHITNEY: I'm so sorry. 97 00:05:36,480 --> 00:05:39,040 I took a wrong turn. I was just looking for someone to make a phone call. 98 00:05:39,120 --> 00:05:41,920 I brought you, um, some flowers, a small housewarming token. 99 00:05:42,000 --> 00:05:43,480 Yasmin, why don't you calm down 100 00:05:43,520 --> 00:05:44,800 and stop jumping down people's throats 101 00:05:44,880 --> 00:05:46,400 at the smallest things? 102 00:05:46,480 --> 00:05:47,800 That's pretty ungenerous. 103 00:05:47,880 --> 00:05:49,760 Being such an exacting cunt is usually a tell 104 00:05:49,840 --> 00:05:51,960 you don't have that much to complain about, darling. 105 00:05:54,200 --> 00:05:55,440 What time's our supper? 106 00:05:57,080 --> 00:05:59,800 -I can't join you guys. -Yeah, but you came to eat. 107 00:05:59,880 --> 00:06:00,880 WHITNEY: No, no, I didn't. 108 00:06:00,960 --> 00:06:02,560 I wanted to make sure you guys were settled in. 109 00:06:02,640 --> 00:06:04,640 I got to make some calls for the... 110 00:06:04,680 --> 00:06:06,360 The commerce secretary's coming in tomorrow. 111 00:06:08,040 --> 00:06:09,560 My sincere apologies. 112 00:06:14,480 --> 00:06:15,480 Call me. 113 00:06:20,040 --> 00:06:22,360 Was that entirely necessary? 114 00:06:22,400 --> 00:06:23,880 He's renting the fucking house for us. 115 00:06:23,960 --> 00:06:26,760 -Did you know he was in here? -Of course I didn't. 116 00:06:27,720 --> 00:06:29,920 Do you enjoy the fact he wants to fuck you? 117 00:06:30,000 --> 00:06:31,440 Oh, God, what the hell are you on about? 118 00:06:31,520 --> 00:06:32,960 I'm not an idiot, Henry. 119 00:06:33,040 --> 00:06:34,920 You told me that you sucked that guy’s dick at Winchester! 120 00:06:35,000 --> 00:06:37,720 Darling, that was school, okay? It's basically prison. 121 00:06:37,800 --> 00:06:40,920 Everyone gets a pass for that. You can be a homo at school. 122 00:06:41,640 --> 00:06:42,800 (SCOFFS) 123 00:06:44,640 --> 00:06:46,120 How reassuring. 124 00:06:46,200 --> 00:06:49,200 JENNIFER BEVAN: We all know that the President is a dealmaker. 125 00:06:49,280 --> 00:06:52,320 There's nothing stopping us being dealmakers, 126 00:06:52,360 --> 00:06:54,800 so long as said deal is good for all parties. 127 00:06:54,880 --> 00:06:57,400 The President's misunderstood by people in Europe. 128 00:06:57,480 --> 00:07:00,400 He wants less regulation and freer movement. 129 00:07:00,440 --> 00:07:02,880 A clean break with post-war terms. 130 00:07:02,960 --> 00:07:05,280 Not sure anyone knows what the strategy is. 131 00:07:05,360 --> 00:07:08,040 Some here think Americans got bored of having the best lives, 132 00:07:08,080 --> 00:07:10,280 so they elected a narcissistic dementiac 133 00:07:10,360 --> 00:07:11,400 to detonate it all 134 00:07:11,440 --> 00:07:13,840 so that their kids might earn factory workers' wages 135 00:07:13,880 --> 00:07:16,120 building widgets pathetically stamped, 136 00:07:16,200 --> 00:07:17,400 "Made in America." 137 00:07:17,480 --> 00:07:19,240 JENNIFER: (LAUGHS) In any case, 138 00:07:19,320 --> 00:07:21,160 we are grateful for you sitting with us 139 00:07:21,240 --> 00:07:22,920 and using Tender as a test case 140 00:07:23,000 --> 00:07:25,520 while we continue to thrash out a trade deal. 141 00:07:31,880 --> 00:07:33,800 YASMIN: I, um, 142 00:07:33,880 --> 00:07:37,080 I didn't want to say this last night, but, uh... 143 00:07:37,159 --> 00:07:38,200 What? 144 00:07:39,600 --> 00:07:43,320 YASMIN: After Whitney left, I smelt booze on your breath. 145 00:07:46,480 --> 00:07:47,680 -Yeah, well, um... -(ZIPPER WHOOSHES) 146 00:07:47,760 --> 00:07:50,760 ...I've repaired my relationship with alcohol. 147 00:07:50,840 --> 00:07:52,080 ♪ (SOMBER MUSIC PLAYING) ♪ 148 00:07:52,159 --> 00:07:55,520 Okay. It's textbook rationalization. 149 00:07:55,560 --> 00:07:58,080 Look, okay. I don't want to fucking hear it, okay? 150 00:07:59,280 --> 00:08:01,360 I'm my own man. Isn't that what you always say? 151 00:08:06,200 --> 00:08:07,800 When did you start drinking again? 152 00:08:07,840 --> 00:08:11,480 HENRY: I had a glass of champagne after WebHorizon. 153 00:08:13,960 --> 00:08:15,160 Did Whitney give it to you? 154 00:08:16,200 --> 00:08:19,000 Who cares? I wanted some. 155 00:08:21,160 --> 00:08:22,160 I'm just 156 00:08:23,160 --> 00:08:26,280 concerned that because you seem so, um, 157 00:08:27,360 --> 00:08:29,720 on top of the world right now, 158 00:08:29,800 --> 00:08:31,600 that you think you can control it, 159 00:08:31,680 --> 00:08:33,120 and, Henry, you can't. 160 00:08:33,200 --> 00:08:34,360 HENRY: Do you know what I think? 161 00:08:35,280 --> 00:08:38,520 I think you want me out of control. 162 00:08:38,600 --> 00:08:40,480 Because that’s how you’re necessary. 163 00:08:48,240 --> 00:08:50,120 YASMIN: Harper came to see me yesterday. 164 00:08:52,320 --> 00:08:55,360 HENRY: God, don’t let that bitch into our building again. 165 00:08:55,440 --> 00:08:57,000 She can't stand your happiness. 166 00:08:57,080 --> 00:08:58,840 Do you think we've been too kind to Whitney? 167 00:08:58,920 --> 00:09:02,280 HENRY: She'll distort reality until she ruins us 168 00:09:02,320 --> 00:09:05,360 and somehow the system’s set up to pay her for it. 169 00:09:05,440 --> 00:09:08,280 Do you think he gained our confidence too easily? 170 00:09:08,360 --> 00:09:11,680 Yeah, ours and the world's. I mean, some feat. 171 00:09:11,760 --> 00:09:14,800 Perhaps he deserves a little fucking respect? 172 00:09:14,840 --> 00:09:16,600 You know, you want to argue with our share price? 173 00:09:16,640 --> 00:09:19,200 You want to undermine my success again? 174 00:09:19,280 --> 00:09:21,560 -Just when I'm healing? -Healing? 175 00:09:24,240 --> 00:09:25,640 Yas... (SIGHS) 176 00:09:27,800 --> 00:09:29,640 I don't know the right way to love you. 177 00:09:30,880 --> 00:09:31,880 What do you mean? 178 00:09:34,840 --> 00:09:35,880 I don't know... 179 00:09:37,440 --> 00:09:38,880 whether loving you properly 180 00:09:38,960 --> 00:09:43,960 is to make you aware of the things you cannot see. 181 00:09:46,160 --> 00:09:48,880 Or is it more loving to perpetuate your delusions? 182 00:09:52,880 --> 00:09:56,920 Do you not see that people can see how transparent you are? 183 00:10:00,000 --> 00:10:02,320 You think I can't see that you can't 184 00:10:03,400 --> 00:10:06,440 stand me front and center. 185 00:10:10,520 --> 00:10:13,000 I can’t carve you out a place in the world. 186 00:10:19,560 --> 00:10:21,440 I'm literally on the way to dinner 187 00:10:21,520 --> 00:10:22,720 with our fucking auditor. 188 00:10:22,800 --> 00:10:25,080 I mean, some confidence scam Whit’s running! 189 00:10:26,080 --> 00:10:27,400 I'll see you at home, darling. 190 00:10:28,440 --> 00:10:29,440 Bye. 191 00:10:33,680 --> 00:10:36,320 JACOB OLEANDER: You do understand that I may need more hands at the pump 192 00:10:36,400 --> 00:10:39,080 when it comes to preparing and filing Tender’s audit. 193 00:10:39,160 --> 00:10:41,320 Whitney tells me we're already over-compliant 194 00:10:41,360 --> 00:10:42,440 by IFRS standards. 195 00:10:42,520 --> 00:10:44,760 But there are GAAP standards exclusive to America. 196 00:10:44,840 --> 00:10:46,880 Forgive me, I thought your team remit was global? 197 00:10:47,560 --> 00:10:48,760 Technically speaking. 198 00:10:48,800 --> 00:10:51,480 But I’d humbly suggest a hand-off 199 00:10:51,560 --> 00:10:55,000 to someone with US-facing expertise. 200 00:10:55,040 --> 00:10:58,680 I value you, Jacob, not some uncultured drone 201 00:10:58,760 --> 00:11:00,680 I won't be as inclined to take to dinner. 202 00:11:00,760 --> 00:11:03,640 There have been instances where the-- the UK and US 203 00:11:03,720 --> 00:11:06,040 have recognized their audit frameworks as equivalent. 204 00:11:06,760 --> 00:11:07,880 We'll push for that. 205 00:11:10,960 --> 00:11:12,680 You’re quite sure? 206 00:11:12,760 --> 00:11:14,640 When I take you out, we don’t sour the experience 207 00:11:14,720 --> 00:11:16,720 by talking money. It’s perfect. Thank you. 208 00:11:16,760 --> 00:11:18,160 You know, I-- I promised myself 209 00:11:18,240 --> 00:11:19,560 a bottle of this for my fortieth, 210 00:11:19,640 --> 00:11:22,440 but the price was just impossible to justify. 211 00:11:22,520 --> 00:11:24,840 What are we, um, what are we celebrating? 212 00:11:25,480 --> 00:11:27,320 Long-standing relationships. 213 00:11:29,120 --> 00:11:30,600 Thank you. 214 00:11:30,640 --> 00:11:33,200 Forgive my ignorance, but, um... 215 00:11:34,480 --> 00:11:36,480 outline for me how an auditor’s recommendation 216 00:11:36,560 --> 00:11:37,600 actually works. 217 00:11:37,640 --> 00:11:41,280 JACOB: Well, there are checklists, fieldwork, vouching. 218 00:11:41,320 --> 00:11:42,840 Then either a clean report, 219 00:11:42,880 --> 00:11:45,080 a qualified opinion, or an adverse opinion. 220 00:11:45,160 --> 00:11:47,200 What recommendation have you filed? 221 00:11:47,280 --> 00:11:50,000 -Uh, qualified opinion. -HENRY: Meaning? 222 00:11:50,080 --> 00:11:53,640 Issues exist, but the financials are mostly reliable. 223 00:11:55,280 --> 00:11:57,000 Nobody envies you having to parse 224 00:11:57,080 --> 00:11:58,880 our convoluted balance sheet. 225 00:11:58,960 --> 00:12:00,240 JACOB: The law of averages says 226 00:12:00,320 --> 00:12:02,800 that any balance sheet question marks in a company 227 00:12:02,880 --> 00:12:05,720 with a footprint like Tender are down to delays in payments 228 00:12:05,800 --> 00:12:09,680 across banking jurisdictions, or abstruse local customs 229 00:12:09,760 --> 00:12:11,120 around filing practices, 230 00:12:11,200 --> 00:12:13,080 as opposed to anything underhand. 231 00:12:13,160 --> 00:12:14,960 Never blame anything on malign intent 232 00:12:15,040 --> 00:12:17,040 that you can equally chalk up to incompetence. 233 00:12:17,080 --> 00:12:18,560 -(CHUCKLES) -JACOB: Whitney's 234 00:12:18,640 --> 00:12:22,280 -pretty unimpeachable to my eye. -Eh, nobody's perfect. 235 00:12:24,200 --> 00:12:26,680 -Shall we order? -Now, now, Jacob, you know the one thing 236 00:12:26,760 --> 00:12:29,160 we definitely don’t believe in at Tender is curfew. 237 00:12:29,240 --> 00:12:31,680 -(CHUCKLES) -JACOB: In that case, sláinte! 238 00:12:32,560 --> 00:12:33,720 -WHITNEY: Cheers. -HENRY: Cheers. 239 00:12:42,720 --> 00:12:43,760 Hmm. 240 00:12:44,880 --> 00:12:45,960 Now that is good. 241 00:12:46,040 --> 00:12:48,400 -JACOB: Yeah. Worth the wait! -(LAUGHS) 242 00:12:48,480 --> 00:12:49,920 That's very, very good. 243 00:12:50,000 --> 00:12:52,960 ♪ (“SILENCE” BY DELERIUM PLAYING) ♪ 244 00:13:02,520 --> 00:13:04,160 WHITNEY: Dear Henry. 245 00:13:04,240 --> 00:13:07,000 You have to be the person who makes the other feel safe 246 00:13:07,080 --> 00:13:09,880 in the fullest expression of who they really are. 247 00:13:12,720 --> 00:13:18,960 ♪ Give me release ♪ 248 00:13:19,600 --> 00:13:23,640 ♪ Witness me ♪ 249 00:13:24,840 --> 00:13:27,840 ♪ (SONG CONTINUES) ♪ 250 00:13:43,560 --> 00:13:46,320 (PATRON MOANING) 251 00:13:53,520 --> 00:13:57,360 ♪ Heaven holds A sense of wonder ♪ 252 00:13:57,440 --> 00:14:02,040 ♪ And I wanted to believe That I'd get caught up ♪ 253 00:14:02,120 --> 00:14:03,160 (PARONS MOANING) 254 00:14:03,240 --> 00:14:05,440 ♪ When the rage in me subsides ♪ 255 00:14:07,400 --> 00:14:11,240 ♪ Heaven holds A sense of wonder ♪ 256 00:14:11,320 --> 00:14:16,200 ♪ And I wanted to believe That I'd get caught up ♪ 257 00:14:16,240 --> 00:14:19,480 ♪ When the rage in me subsides ♪ 258 00:14:21,360 --> 00:14:25,120 ♪ Heaven holds A sense of wonder ♪ 259 00:14:25,200 --> 00:14:30,080 ♪ And I wanted to believe That I'd get caught up ♪ 260 00:14:30,160 --> 00:14:33,720 ♪ When the rage in me subsides ♪ 261 00:14:35,440 --> 00:14:38,480 -♪ In this white wave I am sinking ♪ -(MOANS, BREATHES HEAVILY) 262 00:14:38,560 --> 00:14:40,440 (MOANS) 263 00:14:40,520 --> 00:14:41,760 ♪ In this silence ♪ 264 00:14:42,360 --> 00:14:43,760 ♪ In this white wave ♪ 265 00:14:43,800 --> 00:14:45,360 ♪ In this silence ♪ 266 00:14:45,440 --> 00:14:47,480 ♪ I believe ♪ 267 00:14:47,560 --> 00:14:50,400 -(HENRY MOANS) -WHITNEY: 268 00:14:50,440 --> 00:14:54,640 (BREATHES HEAVILY, GRUNTS) 269 00:14:57,320 --> 00:14:59,760 ♪ (SONG'S TEMPO INTENSIFIES) ♪ 270 00:15:12,840 --> 00:15:16,240 ♪ (SONG FADING) ♪ 271 00:15:18,680 --> 00:15:21,840 HENRY: I’m pretty sure my wife doesn’t love me. 272 00:15:21,920 --> 00:15:24,680 WHITNEY: I feel bad for allowing you to get fucked up on my watch. 273 00:15:26,840 --> 00:15:29,800 The only good thing about sobriety is my productivity. 274 00:15:32,320 --> 00:15:34,880 If I was a Muslim, I'd be a fucking billionaire by now. 275 00:15:38,280 --> 00:15:40,600 I found a diary entry from my father once. 276 00:15:40,680 --> 00:15:41,720 It said... 277 00:15:43,160 --> 00:15:46,160 "The world is full of strippers, 278 00:15:46,240 --> 00:15:48,280 sherbet, and fluorescent. 279 00:15:49,920 --> 00:15:51,800 You don’t wanna be anywhere else." 280 00:15:51,880 --> 00:15:55,160 ♪ (PENSIVE MUSIC PLAYING) ♪ 281 00:15:55,200 --> 00:15:57,360 He must’ve forgotten that when he killed himself. 282 00:16:03,000 --> 00:16:04,640 Maybe this is all there is. 283 00:16:07,040 --> 00:16:08,280 Euphoria. 284 00:16:11,680 --> 00:16:13,360 I never believed in suicide. 285 00:16:15,920 --> 00:16:16,960 My mother attempted it. 286 00:16:17,040 --> 00:16:19,160 My father wailed on her relentlessly. 287 00:16:20,840 --> 00:16:22,720 Yeah, I'm not sure I believe that. 288 00:16:25,120 --> 00:16:26,520 Why does everything from your life 289 00:16:26,600 --> 00:16:28,400 sound like a bad novel? 290 00:16:38,720 --> 00:16:42,320 Well, I'm not the scion of a phosphate dynasty. 291 00:16:44,840 --> 00:16:45,920 I figured. 292 00:16:47,600 --> 00:16:48,840 Well, don't worry, man. 293 00:16:49,680 --> 00:16:51,720 I've got plenty of middle-class friends. 294 00:16:54,560 --> 00:16:57,960 You know, a little character fraud is fine 295 00:16:58,960 --> 00:17:01,160 as long as your heart is pure. 296 00:17:01,200 --> 00:17:03,440 That's how I felt about Lumi. I... 297 00:17:04,520 --> 00:17:08,680 No matter what people said, my heart was intact. 298 00:17:10,000 --> 00:17:11,359 Non-negotiable. 299 00:17:19,000 --> 00:17:20,560 WHITNEY: Dear Henry. 300 00:17:20,640 --> 00:17:22,560 What if I don't contain multitudes? 301 00:17:30,520 --> 00:17:31,880 I'm very glad to know you. 302 00:17:35,160 --> 00:17:36,200 Hmm. 303 00:17:41,720 --> 00:17:42,840 (WHITNEY GRUNTS) 304 00:17:42,880 --> 00:17:44,640 Where are you going? 305 00:17:44,720 --> 00:17:47,080 WHITNEY: I'll be back. I’ve got a flight to catch. 306 00:17:48,280 --> 00:17:50,040 (SOFTLY) Okay, um... 307 00:17:51,040 --> 00:17:52,480 Yeah, I might crack on. 308 00:17:53,520 --> 00:17:58,160 (CROWD APPLAUDING) 309 00:17:59,040 --> 00:18:00,920 As ever at ALPHA, 310 00:18:00,960 --> 00:18:05,720 we are honored to introduce the thinkers of the future... 311 00:18:05,800 --> 00:18:07,880 When I start talking, just stand by that door 312 00:18:07,960 --> 00:18:09,280 and usher anyone in. 313 00:18:09,360 --> 00:18:12,360 Ideally, with journalist accreditation around their neck. 314 00:18:12,440 --> 00:18:15,520 Remember that speech you flubbed when you were a grad? 315 00:18:15,600 --> 00:18:18,000 -Yeah, don't do that. -(SCOFFS) 316 00:18:18,040 --> 00:18:23,280 ...Harper Stern, SternTao, needs no introduction. 317 00:18:23,320 --> 00:18:27,120 (CROWD APPLAUDING) 318 00:18:27,200 --> 00:18:28,680 ♪ (SUSPENSEFUL MUSIC PLAYING) ♪ 319 00:18:28,720 --> 00:18:32,240 Hello, ladies. 320 00:18:32,320 --> 00:18:35,600 Rather than some mealy-mouthed bullshit about how to get ahead, 321 00:18:35,680 --> 00:18:39,320 I want to use this forum to offer you a front row seat 322 00:18:39,400 --> 00:18:42,640 to a woman doing her job to the best of her abilities. 323 00:18:48,120 --> 00:18:50,720 (INDISTINCT MURMURING) 324 00:18:55,760 --> 00:18:56,800 Tender! 325 00:18:56,880 --> 00:19:00,280 I know we are all very familiar with Tender. (CHUCKLES) 326 00:19:00,360 --> 00:19:04,640 Tender continues to be prized as a high-growth fintech, 327 00:19:04,720 --> 00:19:07,480 but its current market valuation is totally divorced 328 00:19:07,560 --> 00:19:09,680 from its fundamental risk profile. 329 00:19:11,080 --> 00:19:12,760 Our proprietary analysis 330 00:19:12,840 --> 00:19:15,920 suggests that a large portion of Tender's earnings 331 00:19:16,000 --> 00:19:17,760 may be entirely illusory. 332 00:19:17,800 --> 00:19:21,160 For any illusionist, distraction is paramount 333 00:19:21,240 --> 00:19:23,840 to the continued success of the ruse. 334 00:19:24,360 --> 00:19:26,000 Their remodel as a bank, 335 00:19:26,080 --> 00:19:27,880 the seeking of consumer deposits, 336 00:19:27,920 --> 00:19:30,280 is a craven and immoral attempt 337 00:19:30,360 --> 00:19:32,560 to bury past financial irregularities 338 00:19:32,640 --> 00:19:36,040 in an even more complex web of accountancy. 339 00:19:36,120 --> 00:19:39,320 This complexity has been central to their seduction 340 00:19:39,400 --> 00:19:41,560 and confusion of investors, 341 00:19:41,600 --> 00:19:44,400 regulatory bodies, and even governments. 342 00:19:44,480 --> 00:19:47,400 Though they don't want us to focus on it... (CHUCKLES) 343 00:19:47,480 --> 00:19:49,480 ...the market should be examining 344 00:19:49,560 --> 00:19:51,040 Tender's backdated accounts 345 00:19:51,120 --> 00:19:54,560 and their core legacy biz as a payments processor. 346 00:19:54,640 --> 00:19:56,840 Our sum of the parts DCF analysis 347 00:19:56,880 --> 00:19:58,760 would yield a base case price target 348 00:19:58,840 --> 00:20:00,440 of twelve pounds a share 349 00:20:00,520 --> 00:20:03,440 if we assign two to three billion pounds 350 00:20:03,480 --> 00:20:06,720 enterprise value to what we may term their core, 351 00:20:06,800 --> 00:20:08,800 legitimate operations. 352 00:20:10,600 --> 00:20:15,360 But this does not account for the nominal value, 353 00:20:15,400 --> 00:20:18,560 let me rephrase, zero value, 354 00:20:18,600 --> 00:20:23,480 we ascribe to their acquisitions across Africa and Asia Pac. 355 00:20:23,560 --> 00:20:26,600 Listen, we did what nobody else bothered to do, 356 00:20:26,680 --> 00:20:29,120 and we went straight to the source. 357 00:20:29,200 --> 00:20:33,160 There can no longer be any doubt about the associated cash flows 358 00:20:33,240 --> 00:20:35,280 of these "businesses." 359 00:20:35,360 --> 00:20:37,680 The sum total of these forensic red flags, 360 00:20:37,720 --> 00:20:40,880 unexplained cash/debt, false third-party acquisitions, 361 00:20:40,960 --> 00:20:42,400 an untenable valuation, 362 00:20:42,480 --> 00:20:44,400 if earnings are adjusted for reality, 363 00:20:44,480 --> 00:20:47,240 and imminent regulatory and audit triggers 364 00:20:47,320 --> 00:20:50,040 creates the highest-conviction downside scenario 365 00:20:50,120 --> 00:20:53,640 we have seen collectively in our time in markets. 366 00:20:53,720 --> 00:20:56,840 So, this morning, I stand in front of you 367 00:20:56,920 --> 00:21:01,240 to tell you our bear case is now our base case. 368 00:21:01,320 --> 00:21:04,960 SternTao assigns a price target of zero pounds, 369 00:21:05,040 --> 00:21:07,440 zero pence to Tender. 370 00:21:07,480 --> 00:21:10,560 A hundred percent downside from current levels. 371 00:21:10,640 --> 00:21:13,360 SternTao also calls for an end 372 00:21:13,440 --> 00:21:16,400 to lackadaisical forms of oversight. 373 00:21:16,480 --> 00:21:19,680 This must morph to a new aggression, 374 00:21:19,760 --> 00:21:21,160 a fresh audit, 375 00:21:21,240 --> 00:21:23,720 and the publication of qualified financials. 376 00:21:23,760 --> 00:21:26,920 Case studies from the past, Enron, Valeant, Luckin, 377 00:21:27,000 --> 00:21:27,920 teach us 378 00:21:28,000 --> 00:21:32,040 that shorting insolvency is always lucrative. 379 00:21:33,000 --> 00:21:36,320 The short base is primed for explosion. 380 00:21:37,200 --> 00:21:41,240 Any rally now is a bear-market rally. 381 00:21:41,280 --> 00:21:44,400 The emperor's clothes were shed some time ago. 382 00:21:44,480 --> 00:21:47,680 He's naked, he's afraid, as well he should be. 383 00:21:47,760 --> 00:21:50,720 Listen, sentiment will shift. 384 00:21:50,800 --> 00:21:54,040 The fall will be swift. 385 00:21:54,880 --> 00:21:57,680 It is never if, but when. 386 00:21:58,840 --> 00:22:00,160 The "when" is now. 387 00:22:01,240 --> 00:22:02,240 Tick tock. 388 00:22:04,960 --> 00:22:06,080 Thank you. 389 00:22:06,160 --> 00:22:11,600 -(CROWD APPLAUDING) -♪ (TENSE MUSIC PLAYING) ♪ 390 00:22:16,560 --> 00:22:17,760 He's expecting me. 391 00:22:22,840 --> 00:22:23,920 Where is he? 392 00:22:24,000 --> 00:22:25,600 ASSISTANT: Mr. Day is in London. 393 00:22:25,680 --> 00:22:28,440 London? Why the fuck is he in London? 394 00:22:28,520 --> 00:22:31,400 -(CELLPHONE VIBRATES) -♪ (TENSE MUSIC CONTINUES) ♪ 395 00:22:39,400 --> 00:22:40,320 Yeah, hello. 396 00:22:40,400 --> 00:22:41,800 YASMIN: Henry, where the fuck are you? 397 00:22:41,840 --> 00:22:43,640 Have you seen what Harper’s done to the fucking price?! 398 00:22:43,720 --> 00:22:45,920 Just... just chill. Just fucking chill. 399 00:22:46,000 --> 00:22:50,800 I’m... just caught between things. 400 00:22:50,880 --> 00:22:52,400 YASMIN: I can't believe you would do this to me. 401 00:22:52,480 --> 00:22:54,920 You swore you would never put me in this position again. 402 00:22:55,000 --> 00:22:57,320 Where... where are you? 403 00:22:57,400 --> 00:22:59,160 (IN HOARSE VOICE) You have let me sit here for hours 404 00:22:59,240 --> 00:23:00,920 imagining the worst, again. 405 00:23:01,000 --> 00:23:03,880 How could you do this to someone that you love? 406 00:23:03,960 --> 00:23:06,360 -(CELLPHONE THUDS) -YASMIN: Henry, you are going to tell me where you are, 407 00:23:06,440 --> 00:23:07,840 -right fucking now! -(SIGHS) 408 00:23:07,920 --> 00:23:09,000 WHITNEY: Dear Henry. 409 00:23:10,040 --> 00:23:14,240 To he who has everything, more will be given. 410 00:23:14,320 --> 00:23:18,200 But whoever does not have, even what they do have, 411 00:23:18,240 --> 00:23:19,680 will be taken away. 412 00:23:19,760 --> 00:23:21,480 PILOT: We'll begin our descent into City Airport 413 00:23:21,520 --> 00:23:23,280 in around 20 minutes' time. 414 00:23:23,360 --> 00:23:26,000 It's a mild day in London, 15 degrees centigrade, 415 00:23:26,080 --> 00:23:27,880 a sharp breeze from the north-east. 416 00:23:27,920 --> 00:23:30,120 (TELEPHONE RINGING, BEEPING) 417 00:23:32,360 --> 00:23:34,760 (LINE RINGING) 418 00:23:38,960 --> 00:23:42,680 WHITNEY: Dear Henry, I'm a pathological optimist. 419 00:23:43,720 --> 00:23:47,480 Dear Henry, we're too close now to lose faith. 420 00:23:47,560 --> 00:23:51,080 Dear Henry, we are hardwired to live. 421 00:23:51,160 --> 00:23:52,920 -(TELEPHONE STOPS RINGING) -Halberstram. 422 00:23:53,000 --> 00:23:55,080 FERNINDAND SCHARZWALD: There's been a massive spike in volume. 423 00:23:55,120 --> 00:23:56,080 Share price indicates 424 00:23:56,120 --> 00:23:57,880 a large institutional short being built. 425 00:23:57,960 --> 00:23:59,880 Perhaps close to a billion dollars wiped off 426 00:23:59,960 --> 00:24:02,920 our market cap requires a coordinated response. 427 00:24:02,960 --> 00:24:05,840 Someone stupidly gave SternTao a platform for their lies 428 00:24:05,920 --> 00:24:08,120 and the market has taken it hook, line, sinker. 429 00:24:08,200 --> 00:24:10,400 Playbook remains the same. We don't negotiate with terrorists. 430 00:24:10,480 --> 00:24:11,480 Is Yasmin on the call? 431 00:24:11,560 --> 00:24:13,160 FERNINDAND: Her and her husband are MIA. 432 00:24:13,240 --> 00:24:15,120 Great, so our head of communications bailed on us? 433 00:24:15,200 --> 00:24:16,400 Good fucking day for it. 434 00:24:16,480 --> 00:24:19,440 -Maybe she was overpromoted. -WHITNEY: Point taken. 435 00:24:20,240 --> 00:24:22,120 We have a few options. 436 00:24:22,200 --> 00:24:26,240 Renegotiate existing loan terms, some sort of bridge financing-- 437 00:24:26,280 --> 00:24:28,360 On top of smaller prudent maneuvers 438 00:24:28,440 --> 00:24:30,480 like expense reduction or layoffs, 439 00:24:30,560 --> 00:24:33,000 selling non-core assets like some acquisitions 440 00:24:33,080 --> 00:24:35,120 in Africa or other satellites. 441 00:24:35,200 --> 00:24:36,800 We need a full refresher on the status 442 00:24:36,880 --> 00:24:38,920 of our Basel III liquidity coverage 443 00:24:39,000 --> 00:24:41,520 and core Tier 1 and 2 positions. 444 00:24:41,600 --> 00:24:43,560 WHITNEY: This isn't a call about our cash situation. 445 00:24:43,600 --> 00:24:44,720 It needs to be. 446 00:24:44,760 --> 00:24:46,400 If our price falls any lower, 447 00:24:46,480 --> 00:24:49,040 Pierpoint have a call provision in their billion-dollar bond. 448 00:24:49,120 --> 00:24:51,520 SAFFRON NEWMAN: There are other means of raising cash. 449 00:24:51,600 --> 00:24:54,240 Payment deferrals, sale of customer data? 450 00:24:54,320 --> 00:24:55,920 Unacceptable suggestion to anyone 451 00:24:56,000 --> 00:24:57,760 with any fiber sat around this table. 452 00:24:57,840 --> 00:24:59,840 Why are we talking about this like it's real? 453 00:24:59,880 --> 00:25:02,360 It's another farrago of bullshit. 454 00:25:02,440 --> 00:25:04,920 Ferdinand, any further incoming from Pierpoint 455 00:25:05,000 --> 00:25:07,080 and government, play for time. 456 00:25:07,120 --> 00:25:09,560 The price will correct with the right media appearance. 457 00:25:09,640 --> 00:25:11,200 I'll coordinate when I'm back from Accra. 458 00:25:11,280 --> 00:25:12,400 FERDINAND: Sure. 459 00:25:13,120 --> 00:25:14,360 (FILE THUDS) 460 00:25:14,440 --> 00:25:16,520 SWEETPEA GOLIGHTLY: I'll be there. Okay. Bye. 461 00:25:17,920 --> 00:25:20,920 Burgess called. Tony Day is gonna play ball. 462 00:25:21,000 --> 00:25:23,200 He's already in the air. Flight lands tonight. 463 00:25:23,240 --> 00:25:24,600 Breakfast is set, 7:00 a.m. 464 00:25:24,680 --> 00:25:26,800 He'll text me the location the morning of. 465 00:25:26,840 --> 00:25:28,920 -I am going. -KWABENA BANNERMAN: You want some more backup? 466 00:25:33,880 --> 00:25:36,280 Yeah. Sounds good. All yours. Hmm. 467 00:25:36,360 --> 00:25:38,040 ERIC TAO: Harp. 468 00:25:38,080 --> 00:25:40,680 CNN said Halberstram's slated to speak 469 00:25:40,760 --> 00:25:43,200 on their pre-European open show tomorrow morning. 470 00:25:43,280 --> 00:25:44,520 He'd probably do anything to keep us 471 00:25:44,560 --> 00:25:46,400 from going up against him live 472 00:25:46,480 --> 00:25:50,160 -and muddying his propaganda. -Well, maybe that's what we do? 473 00:25:51,240 --> 00:25:53,520 Oh, by the way, I neglected to tell you 474 00:25:53,600 --> 00:25:56,880 that I saw Preston Carnahan at your presentation. 475 00:25:56,960 --> 00:25:58,040 Crotona Park. 476 00:25:58,120 --> 00:26:00,560 That's, uh, Jesse Bloom's new CIO, right? 477 00:26:00,640 --> 00:26:02,240 You think he's building a position? 478 00:26:02,280 --> 00:26:03,280 -Bannerman. -Hmm? 479 00:26:03,360 --> 00:26:04,840 When did the US come in? 480 00:26:05,560 --> 00:26:07,960 Uh, three minutes ago. 481 00:26:08,040 --> 00:26:10,040 ERIC: What's Tender done since? 482 00:26:10,080 --> 00:26:11,720 (HUFFS) Well, the States are selling 483 00:26:11,800 --> 00:26:13,760 the absolute granny out of it. 484 00:26:13,840 --> 00:26:15,560 They're down twenty percent on day. 485 00:26:15,640 --> 00:26:18,560 -Can you update the PnL, please? -(SIGHS) I mean... 486 00:26:18,640 --> 00:26:21,160 Eric, who is this analog shit for, exactly? 487 00:26:21,680 --> 00:26:23,120 It's for us. 488 00:26:23,160 --> 00:26:27,360 Look shit square in the face! A little reflection! 489 00:26:30,520 --> 00:26:33,040 -Add the zeros, you coward. -(SWEETPEA LAUGHS) 490 00:26:36,280 --> 00:26:38,040 -(SNICKERS) -HARPER: Oh my God. 491 00:26:38,080 --> 00:26:39,840 (LAUGHS) Ooh, mama! 492 00:26:39,920 --> 00:26:42,320 -(HARPER AND SWEEPEA EXCLAIM) -(LAUGHS) 493 00:26:42,400 --> 00:26:45,400 Okay, we're up three bucks. What an achievement. 494 00:26:45,480 --> 00:26:48,520 -They'll write books about us. -Going from red to black. 495 00:26:48,560 --> 00:26:51,360 You know, my life in markets overlays perfectly 496 00:26:51,440 --> 00:26:53,200 onto my life rooting on the Mets. 497 00:26:53,280 --> 00:26:55,560 -You lose all the time... -HARPER: Hmm! 498 00:26:55,640 --> 00:26:59,440 ...in new and often thrillingly inventive ways... 499 00:26:59,520 --> 00:27:01,640 -(CHUCKLES) -...praying for the counterbalance. 500 00:27:01,720 --> 00:27:07,320 -That one miraculous run that makes you live again! -♪ (UPLIFTING MUSIC PLAYING) ♪ 501 00:27:07,400 --> 00:27:09,040 Harpoon! 502 00:27:09,080 --> 00:27:10,880 I can't quite believe it, but you-- 503 00:27:10,960 --> 00:27:13,880 you just gave me my favorite ever day in finance! 504 00:27:15,200 --> 00:27:17,000 -And we're only small up? -Hmm. 505 00:27:17,520 --> 00:27:18,600 You feel good? 506 00:27:19,320 --> 00:27:20,280 I guess. 507 00:27:20,360 --> 00:27:22,320 BOTH: Yeah! (CHUCKLING) 508 00:27:23,520 --> 00:27:24,880 WHITNEY: I, uh, I may need to issue 509 00:27:24,920 --> 00:27:27,240 a firm-wide memorandum about today's sell-off. 510 00:27:27,320 --> 00:27:28,480 Should be Yasmin's remit, 511 00:27:28,560 --> 00:27:30,960 but apparently, real work is a foreign concept to her. 512 00:27:31,000 --> 00:27:32,360 HAYLEY CLAY: She's been sniffing around. 513 00:27:33,400 --> 00:27:35,240 She made me run her through your diary. 514 00:27:35,320 --> 00:27:38,040 Asked for email correspondence between us. 515 00:27:38,120 --> 00:27:39,600 I think she may go to the press. 516 00:27:40,680 --> 00:27:42,080 Does she know what you do for me? 517 00:27:42,680 --> 00:27:44,120 No. 518 00:27:44,200 --> 00:27:46,560 No, I neglected to tell her the difficult positions 519 00:27:46,640 --> 00:27:49,960 I've put myself in explicitly for you. 520 00:27:50,040 --> 00:27:52,440 I felt unsafe since Abu Dhabi. 521 00:27:52,480 --> 00:27:53,720 And what Dolly, my little cousin, 522 00:27:53,800 --> 00:27:55,200 did for you with that hedge fund guy. 523 00:27:55,280 --> 00:27:56,520 I have nothing to say. 524 00:27:56,560 --> 00:27:57,920 You think just 'cause I'm a piece of ass, 525 00:27:58,000 --> 00:28:00,720 I don't have enough gray matter to see through your shit? 526 00:28:00,800 --> 00:28:03,400 Yeah, your old assistant, that “Crohn's disease” chick? 527 00:28:03,480 --> 00:28:05,160 I spent this afternoon calling a few girls 528 00:28:05,200 --> 00:28:06,240 at my agency, 529 00:28:06,320 --> 00:28:08,080 and apparently, she was one of ours, 530 00:28:08,160 --> 00:28:09,480 and they haven't heard shit from her 531 00:28:09,560 --> 00:28:10,600 since she worked for you. 532 00:28:10,680 --> 00:28:12,080 Haley, you know why you were hired. 533 00:28:12,160 --> 00:28:13,320 You knew the benefits. 534 00:28:13,400 --> 00:28:15,320 And like, don’t call her your “little cousin” 535 00:28:15,400 --> 00:28:16,560 'cause we both know what she is. 536 00:28:16,640 --> 00:28:18,920 She's a fucking girl. 537 00:28:19,000 --> 00:28:20,400 And what about your previous assistant? 538 00:28:20,480 --> 00:28:23,280 What, you, like, hushed her up and paid her off? 539 00:28:23,360 --> 00:28:27,200 Or worse, maybe? I mean, where is she then? 540 00:28:27,280 --> 00:28:29,520 You know what? Maybe I should go to the press. 541 00:28:29,560 --> 00:28:31,560 What do you want? 542 00:28:31,640 --> 00:28:34,000 -Five hundred thousand dollars. -(LAUGHS) Fuck off. 543 00:28:34,080 --> 00:28:35,560 HAYLEY: All right, 750. 544 00:28:35,640 --> 00:28:37,760 That's the limit of your ambition? Fuck you. 545 00:28:37,840 --> 00:28:39,640 I've seen the fucking headlines, bitch. 546 00:28:39,720 --> 00:28:41,800 You're gonna have to start answering questions. 547 00:28:41,880 --> 00:28:43,400 Put the whole lot on my pay slip. 548 00:28:43,480 --> 00:28:45,200 If there even fucking is any. 549 00:28:45,280 --> 00:28:46,800 I mean, that's just another irregularity 550 00:28:46,840 --> 00:28:49,680 for them to find, isn't it? And if anyone asks, 551 00:28:49,760 --> 00:28:51,920 I'll play the ditzy assistant you always wanted. 552 00:28:52,000 --> 00:28:53,960 -"I don't know anything." -You don't know anything. 553 00:28:54,040 --> 00:28:55,360 And what difference does that make? 554 00:28:55,440 --> 00:28:56,920 WHITNEY: I'm not giving you a dime. 555 00:28:57,000 --> 00:28:59,560 Then live with the consequences of your actions, 556 00:28:59,640 --> 00:29:01,760 you fucking try-hard loser. 557 00:29:01,840 --> 00:29:03,520 ♪ (INTENSE MUSIC PLAYING) ♪ 558 00:29:12,240 --> 00:29:13,600 ♪ (MUSIC CONCLUDES) ♪ 559 00:29:13,680 --> 00:29:14,720 Harper Stern. 560 00:29:17,000 --> 00:29:18,920 WHITNEY: Do you have a favorite piece of classical music? 561 00:29:20,440 --> 00:29:23,880 I got asked that question In a campus profile once. 562 00:29:23,960 --> 00:29:25,960 -(CHUCKLES) -♪ (TENSE MUSIC PLAYING) ♪ 563 00:29:26,040 --> 00:29:29,760 WHITNEY: And, uh... (SIGHING) ...I had no idea what to say. 564 00:29:29,840 --> 00:29:32,440 HARPER: Nor would I, to be honest. 565 00:29:34,720 --> 00:29:36,760 WHITNEY: I wonder if that's why I showed so much of myself 566 00:29:36,840 --> 00:29:39,480 -to you so quickly. -HARPER: Must be exhausting... 567 00:29:41,120 --> 00:29:42,640 living every moment, 568 00:29:42,720 --> 00:29:46,880 knowing you could be completely undone by one single question. 569 00:29:46,960 --> 00:29:48,800 WHITNEY: What about when you misspeak? 570 00:29:48,840 --> 00:29:50,560 Don't tell me you're not 571 00:29:50,600 --> 00:29:53,040 pirouetting through a social minefield. 572 00:29:53,120 --> 00:29:54,240 Their, uh... 573 00:29:55,360 --> 00:29:57,280 sneering nuance of manners, 574 00:29:57,360 --> 00:30:01,600 their insoluble absurdities of class, their bitchy pieties. 575 00:30:01,680 --> 00:30:04,360 The greatest mistake I ever made was moving Tender 576 00:30:04,440 --> 00:30:05,520 to this piss-wet, 577 00:30:05,600 --> 00:30:07,480 history-project of a fucking island. 578 00:30:07,520 --> 00:30:09,240 (CHUCKLES) Maybe you should have stayed in a country 579 00:30:09,320 --> 00:30:11,360 where they didn't care where your money came from. 580 00:30:11,440 --> 00:30:13,160 WHITNEY: I’m sure you think I have multiple faces, 581 00:30:13,240 --> 00:30:15,360 but there's millions of people like me. 582 00:30:15,440 --> 00:30:18,400 HARPER: And I'm sure you're doing psychological acrobatics 583 00:30:18,480 --> 00:30:20,960 to convince yourself you're a normal case. 584 00:30:21,040 --> 00:30:23,280 Whitney, you are a construction. 585 00:30:23,960 --> 00:30:26,400 Don't be so reductive. (SIGHS) 586 00:30:26,480 --> 00:30:29,160 Of course, I know about Solomon Asch, 587 00:30:30,080 --> 00:30:31,440 the Milgram experiment. 588 00:30:32,840 --> 00:30:35,680 People's will to be deceived is practically in their DNA. 589 00:30:35,720 --> 00:30:37,600 Who doesn't exploit it? That's business. 590 00:30:37,680 --> 00:30:40,160 Tender 2.0 is a legitimate enterprise. 591 00:30:40,240 --> 00:30:42,920 We have the deposit and user base to prove it. 592 00:30:42,960 --> 00:30:45,680 You know, we're quickly becoming the most popular bank for Gen Z. 593 00:30:45,720 --> 00:30:47,680 HARPER: Give it a fucking rest, Whitney. 594 00:30:47,760 --> 00:30:50,080 I am sure that a new forensic audit 595 00:30:50,160 --> 00:30:53,560 will find nothing but a fucking Frankenstein 596 00:30:53,640 --> 00:30:57,400 balance sheet of tricks and concealments. 597 00:30:57,480 --> 00:30:58,840 Surely you know as a transplant, 598 00:30:58,920 --> 00:31:01,760 life's an act of becoming, not being, Harper. 599 00:31:01,840 --> 00:31:06,240 You're a conman, boxed in a historic crime. 600 00:31:08,320 --> 00:31:11,400 You are starving for intimacy. 601 00:31:12,480 --> 00:31:13,960 HARPER: You called me, Whitney. 602 00:31:15,160 --> 00:31:18,080 You know, I got a chill when I heard you speak 603 00:31:18,120 --> 00:31:20,800 about funerals so practically. 604 00:31:20,880 --> 00:31:22,720 Funerals have a function. 605 00:31:23,680 --> 00:31:25,760 It's for ritualistic grieving. 606 00:31:25,840 --> 00:31:32,640 It is a human need to deal with that shit. 607 00:31:35,040 --> 00:31:37,840 Maybe you've never experienced grief before. 608 00:31:37,920 --> 00:31:39,360 My parents are still alive. 609 00:31:40,760 --> 00:31:42,080 HARPER: My mom just died. 610 00:31:43,400 --> 00:31:44,880 And the funeral helped? 611 00:31:45,480 --> 00:31:46,560 HARPER: I didn't go. 612 00:31:50,120 --> 00:31:51,320 WHITNEY: What kind of person doesn't go 613 00:31:51,400 --> 00:31:52,760 to their mother's funeral, Harper? 614 00:31:52,840 --> 00:31:54,640 I don't know, Whitney. Maybe a monster. 615 00:32:03,760 --> 00:32:06,280 WHITNEY: (SINGING) ♪ I wanna dance with somebody ♪ 616 00:32:07,920 --> 00:32:11,200 ♪ I wanna feel the heat With somebody ♪ 617 00:32:12,800 --> 00:32:16,080 ♪ Yeah, I wanna dance With somebody ♪ 618 00:32:23,320 --> 00:32:27,200 ♪ With somebody who loves me ♪ 619 00:32:28,560 --> 00:32:33,360 ♪ (BROODING MUSIC PLAYING) ♪ 620 00:32:39,080 --> 00:32:40,160 WHITNEY: Dear Henry. 621 00:32:40,240 --> 00:32:41,400 (LINE RINGING) 622 00:32:41,480 --> 00:32:43,120 WHITNEY: How are we supposed to remain virtuous 623 00:32:43,200 --> 00:32:45,160 when the temptation is so great? 624 00:32:47,080 --> 00:32:48,560 JAY JONAH ATTERBURY: (OVER CELLPHONE) Hello? 625 00:32:49,240 --> 00:32:50,240 Hey. (SNIFFS) 626 00:32:51,760 --> 00:32:53,240 Jonah, it's me. 627 00:32:54,520 --> 00:32:57,720 I, uh, I wasn't sure you were gonna pick up. 628 00:32:57,800 --> 00:33:00,480 JONAH: Get a lawyer or kill yourself. 629 00:33:00,560 --> 00:33:01,640 Whatever's cheaper. 630 00:33:04,520 --> 00:33:07,920 (SIREN WAILING IN DISTANCE) 631 00:33:08,000 --> 00:33:10,760 ♪ (TENSE MUSIC PLAYING) ♪ 632 00:33:11,520 --> 00:33:13,400 (FOOTSTEPS APPROACHING) 633 00:33:18,640 --> 00:33:20,640 FERDINAND: We need proper eyes on Tony Day. 634 00:33:21,960 --> 00:33:24,200 I think it would be very counterproductive for Mr. Day 635 00:33:24,280 --> 00:33:27,280 or any other weak link to be off-message now. 636 00:33:29,640 --> 00:33:33,000 They have, uh, their methodologies 637 00:33:33,080 --> 00:33:35,680 for people who are asking the wrong questions. 638 00:33:37,600 --> 00:33:39,160 We can relay, if needs be, 639 00:33:39,240 --> 00:33:41,680 that he is no longer on message. 640 00:33:41,760 --> 00:33:45,880 No, I, um, I don’t think we need to escalate. 641 00:33:48,000 --> 00:33:53,040 We can handle the situation without violence. 642 00:33:53,080 --> 00:33:55,560 Good to know you're a man with some red lines. 643 00:33:55,640 --> 00:33:57,480 You know very well we are not dealing with people 644 00:33:57,560 --> 00:33:59,480 who care about red lines. 645 00:34:01,840 --> 00:34:03,840 WHITNEY: I know I'm not meant to, uh, 646 00:34:03,920 --> 00:34:05,320 interrogate the cell structure, 647 00:34:05,360 --> 00:34:06,920 but how did you get involved with these guys? 648 00:34:07,000 --> 00:34:08,040 (EXHALES DEEPLY) 649 00:34:09,080 --> 00:34:10,440 Razoblachenie. 650 00:34:11,199 --> 00:34:12,360 Do you know the word? 651 00:34:14,080 --> 00:34:16,000 It's Russian for exposure. 652 00:34:17,159 --> 00:34:20,080 The bargaining power of the threat of exposure. 653 00:34:20,159 --> 00:34:21,320 WHITNEY: What did you do for them? 654 00:34:23,080 --> 00:34:25,480 FERDINAND: Credential theft. (SIGHS) 655 00:34:25,560 --> 00:34:27,199 They wanted a picture of IBN's client base, 656 00:34:27,280 --> 00:34:29,320 names, networks, spending habits. 657 00:34:30,040 --> 00:34:31,560 Further points of leverage. 658 00:34:32,880 --> 00:34:33,840 In my corporation, 659 00:34:33,920 --> 00:34:36,639 they cleared a path for me to CFO within a decade. 660 00:34:37,760 --> 00:34:40,719 And it was, in hindsight, a boringly easy thing 661 00:34:40,760 --> 00:34:42,159 to rationalize to myself. 662 00:34:43,159 --> 00:34:44,320 You knew who they were? 663 00:34:45,480 --> 00:34:47,320 (SIGHS) Not for many years. 664 00:34:48,760 --> 00:34:52,719 (SIGHS DEEPLY) After a certain quality of service rendered, 665 00:34:52,800 --> 00:34:55,400 I was able to make a connection that made it clear... 666 00:34:56,480 --> 00:34:58,880 (LAUGHS) ...I was found by Cozy Bear, 667 00:34:58,960 --> 00:35:01,720 the tech arm of the SVR and the FSB. 668 00:35:03,480 --> 00:35:04,920 The particulars above and beyond 669 00:35:05,000 --> 00:35:08,320 the continued existence of the company are, um, 670 00:35:08,400 --> 00:35:11,080 not really our concern. (INHALES SHARPLY) 671 00:35:14,040 --> 00:35:16,200 Narrative is all that matters now. 672 00:35:17,440 --> 00:35:19,240 Nobody can be off story. 673 00:35:20,640 --> 00:35:24,400 Not me, not you, not Day. 674 00:35:24,480 --> 00:35:27,520 ♪ (OMINOUS MUSIC PLAYING) ♪ 675 00:35:30,040 --> 00:35:31,120 WHITNEY: Dear Henry. 676 00:35:32,360 --> 00:35:35,080 Is it really any surprise we seek control 677 00:35:35,160 --> 00:35:36,920 when we are always at the mercy of forces 678 00:35:37,000 --> 00:35:38,480 much larger than ourselves? 679 00:35:40,320 --> 00:35:41,400 You wanna stay over? 680 00:35:42,520 --> 00:35:43,920 I think Mom thought it was weird 681 00:35:43,960 --> 00:35:46,600 you left the restaurant with me, not her. 682 00:35:47,480 --> 00:35:48,480 I'll stay. 683 00:35:49,360 --> 00:35:50,840 -I'm glad. -(CELLPHONE CHIMES) 684 00:35:50,920 --> 00:35:52,680 You're gonna kill your old man, you know? 685 00:35:53,720 --> 00:35:54,720 I'd never. 686 00:35:56,600 --> 00:35:57,960 I love him too much. 687 00:36:00,760 --> 00:36:02,760 I, um... (BREATHES SHAKILY) 688 00:36:05,000 --> 00:36:06,040 I, uh... 689 00:36:07,840 --> 00:36:09,720 I love you too, honey. 690 00:36:09,800 --> 00:36:12,240 ♪ (TENSE MUSIC PLAYING) ♪ 691 00:36:18,720 --> 00:36:20,880 Can we order some dessert up to the room? 692 00:36:22,280 --> 00:36:23,520 Dad, all good? 693 00:36:26,520 --> 00:36:27,600 Dad? 694 00:36:30,480 --> 00:36:33,440 I saw TopJaw’s review of the new restaurant here. 695 00:36:33,520 --> 00:36:35,800 And apparently, they do a great shabu-shabu. 696 00:36:39,640 --> 00:36:43,040 Whatever you want, honey. (BREATHES HEAVILY) 697 00:36:47,040 --> 00:36:48,760 (OVER CELLPHONE) You always have a room here? 698 00:36:49,960 --> 00:36:52,080 -DOLLY: On standby. -(ERIC BREATHES SHAKILY) 699 00:36:54,840 --> 00:36:56,560 Make me feel big. 700 00:36:56,600 --> 00:36:57,640 DOLLY: Yes, Daddy. 701 00:37:00,960 --> 00:37:03,800 (ERIC BREATHES SHAKILY) 702 00:37:11,560 --> 00:37:14,560 ♪ (MUSIC INTENSIFIES) ♪ 703 00:37:30,200 --> 00:37:31,320 ♪ (MUSIC CUTS OFF) ♪ 704 00:37:33,120 --> 00:37:35,880 ♪ (DRAMATIC PIANO MELODY PLAYING) ♪ 705 00:37:37,040 --> 00:37:38,440 (TELEPHONE RINGING) 706 00:37:39,000 --> 00:37:42,240 (SIGHS) Yeah. 707 00:37:42,320 --> 00:37:44,240 FERDINAND: We've dealt with our square mile issue. 708 00:37:44,320 --> 00:37:47,520 I’m told Day’s meeting SternTao and FinDigest for breakfast. 709 00:37:47,600 --> 00:37:49,040 Claridge's, 7:00 a.m. 710 00:37:50,080 --> 00:37:51,480 WHITNEY: Dear Henry. 711 00:37:51,560 --> 00:37:53,240 Wealth is the greatest disguise 712 00:37:53,280 --> 00:37:56,120 from our truest, most probable states. 713 00:37:57,680 --> 00:38:00,920 -(INDISTINCT CHATTER) -♪ (PIANO MELODY CONTINUES) ♪ 714 00:38:10,000 --> 00:38:13,000 ♪ (PIANO MELODY INTENSIFIES) ♪ 715 00:38:33,120 --> 00:38:35,240 ♪ (PIANO MELODY CRESCENDOS) ♪ 716 00:38:35,320 --> 00:38:36,400 (SOFTLY) Fuck. 717 00:38:51,560 --> 00:38:54,560 ♪ (PIANO MUSIC SOFTENS) ♪ 718 00:38:57,400 --> 00:38:58,440 Sit down. 719 00:38:59,440 --> 00:39:02,600 Sit down. Don’t say a thing. (SIGHS) 720 00:39:05,040 --> 00:39:06,040 In less than five minutes, 721 00:39:06,120 --> 00:39:07,680 two people are gonna walk through that door, 722 00:39:07,760 --> 00:39:10,320 and they don't know you, and they've done nothing for you. 723 00:39:10,360 --> 00:39:11,760 No matter how sweetly they've spun it, 724 00:39:11,800 --> 00:39:13,880 they're not invested in what happens to you from here. 725 00:39:13,960 --> 00:39:15,360 They view you as an accessory. 726 00:39:15,440 --> 00:39:17,200 They'll use you to burnish their finances 727 00:39:17,240 --> 00:39:20,800 and status in their spheres. I saw actual value in you. 728 00:39:20,880 --> 00:39:23,560 I plucked you from obscurity, and I gave you the world. 729 00:39:23,640 --> 00:39:25,640 Yeah, I'm grateful. 730 00:39:25,680 --> 00:39:28,720 I'm really grateful for that, but how does that help me now? 731 00:39:28,800 --> 00:39:30,680 Everything has led to this exact point. 732 00:39:30,720 --> 00:39:32,120 We're under siege, yes. 733 00:39:32,200 --> 00:39:33,760 We just need one more united front. 734 00:39:33,840 --> 00:39:35,160 I feel like I'm living day to day 735 00:39:35,240 --> 00:39:36,560 with a knife to my throat. 736 00:39:37,080 --> 00:39:38,840 (CHUCKLES) You are. 737 00:39:40,480 --> 00:39:41,400 We all are. 738 00:39:41,480 --> 00:39:43,640 It's the weight of our potential. 739 00:39:44,680 --> 00:39:45,960 Don't let them call us criminals. 740 00:39:46,000 --> 00:39:47,280 It's too easy. 741 00:39:47,760 --> 00:39:48,840 We're brothers. 742 00:39:50,080 --> 00:39:52,480 You remember how I found you? Bankrupt. 743 00:39:52,560 --> 00:39:54,600 I made you a success. 744 00:39:54,680 --> 00:39:56,960 You think our competitors are morally unblemished? 745 00:39:57,040 --> 00:39:58,040 Wake the fuck up. 746 00:39:58,120 --> 00:40:00,640 Whatever we've done to get here will be swallowed up 747 00:40:00,720 --> 00:40:02,680 by our scale and rep. 748 00:40:02,720 --> 00:40:06,800 You can't backfill a lie and make it true. 749 00:40:06,880 --> 00:40:10,520 (CHUCKLES) Look at yourself. 750 00:40:10,560 --> 00:40:12,960 You are wavering at the gaze of Valhalla. 751 00:40:13,040 --> 00:40:14,320 I'm scared, Whit. 752 00:40:14,400 --> 00:40:16,400 Hi, uh, Burgess, 7:00 a.m. 753 00:40:17,680 --> 00:40:19,680 Shit a brick. Is that Whitney? 754 00:40:19,760 --> 00:40:22,160 EDWARD BURGESS: Clever bastard. 755 00:40:22,240 --> 00:40:25,240 Don't look at them. Look at me. You will impoverish yourself. 756 00:40:25,320 --> 00:40:27,000 You will immiserate yourself. 757 00:40:27,040 --> 00:40:28,800 And whatever protection or relief, 758 00:40:28,840 --> 00:40:30,880 or if you're stupid enough to believe it, immunity, 759 00:40:30,960 --> 00:40:32,240 you've been promised 760 00:40:32,320 --> 00:40:34,000 will not spare you from the single moment 761 00:40:34,080 --> 00:40:36,320 when you wake up in a year or so in a three-star shithole 762 00:40:36,400 --> 00:40:37,480 on a quiet Tuesday morning 763 00:40:37,520 --> 00:40:38,640 when the phone has stopped ringing, 764 00:40:38,680 --> 00:40:40,400 and you realize just how far you fell from grace. 765 00:40:40,480 --> 00:40:41,560 So I'm glad you're scared. 766 00:40:41,640 --> 00:40:43,280 You're on the verge of making the biggest mistake 767 00:40:43,320 --> 00:40:44,320 of your life. 768 00:40:44,360 --> 00:40:46,280 Hey. Whitney Halberstram. Pleasure. 769 00:40:46,320 --> 00:40:48,840 -Ooh! Hmm. We know. -Enjoy your breakfast. 770 00:40:48,920 --> 00:40:50,840 I hear the blueberry pancakes are excellent. 771 00:40:53,240 --> 00:40:54,280 (SIGHS) 772 00:40:54,360 --> 00:40:56,000 SWEETPEA: Don't let him intimidate you. 773 00:40:56,040 --> 00:40:58,200 -Can we get you a coffee or-- -No. 774 00:40:58,240 --> 00:40:59,920 -SWEETPEA: No? Okay. -I've had one, thanks. 775 00:41:00,000 --> 00:41:03,960 We do realize how much it takes for you to meet us like this. 776 00:41:04,040 --> 00:41:05,880 You are making the right decision. 777 00:41:05,960 --> 00:41:07,000 Oh, yeah. 778 00:41:08,080 --> 00:41:09,080 Yeah. 779 00:41:11,240 --> 00:41:12,480 -I hope so. (CHUCKLES) -SWEETPEA: Hmm. 780 00:41:14,760 --> 00:41:15,920 ♪ (MUSIC FADES) ♪ 781 00:41:16,000 --> 00:41:17,600 Looks like it's just you in-studio. 782 00:41:17,680 --> 00:41:19,160 Good for me. 783 00:41:19,240 --> 00:41:22,640 ♪ (TENSE MUSIC PLAYING) ♪ 784 00:41:34,600 --> 00:41:36,840 DIRECTOR: Coming to three, ready, camera three. 785 00:41:39,440 --> 00:41:41,600 Do not press a desperate foe too hard. 786 00:41:43,400 --> 00:41:45,400 -Excuse me? -Thank you. 787 00:41:45,480 --> 00:41:48,680 When you surround an army, leave an outlet free. 788 00:41:48,760 --> 00:41:50,800 What if the outlet I use is through? 789 00:41:52,840 --> 00:41:53,960 Through you. 790 00:42:00,800 --> 00:42:02,160 DIRECTOR: And we’re going live, thank you, 791 00:42:02,240 --> 00:42:05,400 -in five, four, three... -AUTOMATED VOICE: Five, four, three, 792 00:42:05,480 --> 00:42:07,240 two, one. 793 00:42:07,320 --> 00:42:10,080 And we’re live pre the European Opening Bell 794 00:42:10,160 --> 00:42:12,840 the FTSE having its worst day for a month yesterday, 795 00:42:12,880 --> 00:42:15,480 led lower by UK financials and tech. 796 00:42:15,560 --> 00:42:17,920 And Tender down 28 percent. 797 00:42:18,400 --> 00:42:19,360 With me to discuss 798 00:42:19,440 --> 00:42:21,480 an explosive trading day for the company, 799 00:42:21,520 --> 00:42:23,600 Whitney Halberstram, the CFO... 800 00:42:23,680 --> 00:42:26,120 -Why did Eric go and not you? -He insisted. 801 00:42:26,160 --> 00:42:28,480 -Wouldn’t hear a no. -Sad day for a show like this 802 00:42:28,560 --> 00:42:29,960 when you give executive management 803 00:42:30,000 --> 00:42:32,520 of a listed company equal billing with some, 804 00:42:32,560 --> 00:42:34,200 uh, fund manager. 805 00:42:34,280 --> 00:42:38,440 His side, him, his trade book. My side, analysts, 806 00:42:38,520 --> 00:42:40,720 independent auditors, regulators. 807 00:42:40,800 --> 00:42:42,800 You want me to give you a list 808 00:42:42,840 --> 00:42:45,160 of times regulators have been wrong? 809 00:42:45,240 --> 00:42:46,920 How long is your show? 810 00:42:47,000 --> 00:42:49,200 You look very shiny under these lights 811 00:42:49,280 --> 00:42:51,880 for someone so in control. 812 00:42:51,920 --> 00:42:53,640 Like I said, this is not a serious person 813 00:42:53,720 --> 00:42:55,080 you're having on. 814 00:42:55,160 --> 00:42:57,920 Look, when this guy's not garbling 815 00:42:57,960 --> 00:43:00,320 -pseudo-MBA word salad about... -(LAUGHS) 816 00:43:00,400 --> 00:43:02,320 ...organic increase of volume, 817 00:43:02,400 --> 00:43:03,800 state of the art merchant compliance, 818 00:43:03,880 --> 00:43:05,200 or whatever the hell that means, 819 00:43:05,280 --> 00:43:08,160 most of the smokescreen he deploys 820 00:43:08,200 --> 00:43:10,000 -are blanket aspersions. -(SCOFFS) 821 00:43:10,080 --> 00:43:12,720 Cast enough doubt on everyone else, 822 00:43:12,800 --> 00:43:14,320 none falls on you. 823 00:43:14,400 --> 00:43:16,640 That's defamatory. You gotta keep an eye on him. 824 00:43:16,720 --> 00:43:18,040 Pause, please, gentlemen, 825 00:43:18,080 --> 00:43:20,880 because joining us now, we have the CFO of the site 826 00:43:20,960 --> 00:43:25,640 of most controversy yesterday, Tender’s CFO for EMEA, Tony Day. 827 00:43:25,680 --> 00:43:27,800 -Tony, welcome to the show. -♪ (MUSIC INTENSIFIES) ♪ 828 00:43:27,880 --> 00:43:29,960 TONY: Hi, Angela. Thanks for having me on. 829 00:43:30,040 --> 00:43:32,200 -I think it's very important... -What the fuck's going on? 830 00:43:32,280 --> 00:43:34,480 I-- I have no idea what he could have said to him 831 00:43:34,560 --> 00:43:35,760 in that time. That's not possible. 832 00:43:35,800 --> 00:43:37,280 -Who? -Whitney. 833 00:43:37,360 --> 00:43:39,560 Whi- Sorry. Whit-- Whitney was there? 834 00:43:39,640 --> 00:43:42,600 I thought you said Burgess softened Day up and flipped him. 835 00:43:42,680 --> 00:43:43,920 No, he was there when we arrived, 836 00:43:44,000 --> 00:43:45,680 but when we left, Day was on board with us. 837 00:43:45,760 --> 00:43:47,520 HARPER: You didn’t think to fucking tell me? 838 00:43:48,280 --> 00:43:50,040 TONY: It’s been a busy 48 hours. 839 00:43:50,120 --> 00:43:52,240 Now, as somebody who's lived and worked in West Africa 840 00:43:52,320 --> 00:43:53,880 for a number of years, I can tell you 841 00:43:53,960 --> 00:43:55,800 that some of the structure of the financials 842 00:43:55,880 --> 00:43:58,000 of the-- of the companies we own down here, 843 00:43:58,080 --> 00:43:59,840 they are unfamiliar to some auditors. 844 00:43:59,880 --> 00:44:01,840 But, you know, the more pernicious thing 845 00:44:01,920 --> 00:44:04,640 that today has revealed is a typical way of seeing, 846 00:44:04,720 --> 00:44:06,960 imposed by Western institutions, 847 00:44:07,040 --> 00:44:09,360 driven by longstanding prejudices, 848 00:44:09,440 --> 00:44:11,160 without any objective evidence. 849 00:44:11,200 --> 00:44:12,280 I’m gonna call it 850 00:44:12,360 --> 00:44:15,320 the "dark heart of Africa" trope. 851 00:44:15,400 --> 00:44:18,000 I see it all the time on Western media, 852 00:44:18,080 --> 00:44:20,120 the pro-African apologia, 853 00:44:20,200 --> 00:44:22,680 disguising the anti-Africa polemic. 854 00:44:22,760 --> 00:44:25,800 -Come on, guys. -Fuck! What a piece of shit. 855 00:44:25,840 --> 00:44:27,080 I didn't think it was worth mentioning 856 00:44:27,160 --> 00:44:29,600 because he agreed to an on-the-record interview. 857 00:44:29,680 --> 00:44:32,120 His testimony was going to speed the collapse. 858 00:44:32,200 --> 00:44:33,560 Where's the pressure for a new audit 859 00:44:33,640 --> 00:44:34,640 come from without it? 860 00:44:34,720 --> 00:44:36,520 When we open, I hope investors are very clear, 861 00:44:36,560 --> 00:44:37,720 we have done everything in our power 862 00:44:37,800 --> 00:44:40,240 to be as transparent as possible. 863 00:44:41,280 --> 00:44:43,000 I will say I find it objectionable 864 00:44:43,080 --> 00:44:45,000 that you would even platform me on the same program 865 00:44:45,080 --> 00:44:46,560 as a man who stands to benefit 866 00:44:46,640 --> 00:44:48,320 from the lies you broadcast for him. 867 00:44:49,800 --> 00:44:51,200 ♪ (MUSIC FADES) ♪ 868 00:44:51,240 --> 00:44:52,360 Save your breath. 869 00:44:53,080 --> 00:44:54,560 Okay, there's absolutely nothing 870 00:44:54,640 --> 00:44:55,880 this gentleman could say about me 871 00:44:55,960 --> 00:44:57,920 I won't willingly say to your viewers 872 00:44:58,000 --> 00:44:59,200 about myself. 873 00:44:59,240 --> 00:45:00,440 ♪ (RIVETING MUSIC PLAYING) ♪ 874 00:45:00,480 --> 00:45:04,080 He says my fund packages itself as some sort of crusader 875 00:45:04,160 --> 00:45:07,520 for market efficiency and societal good. 876 00:45:07,600 --> 00:45:10,280 I make no claims to that effect. I'm a money manager. 877 00:45:12,040 --> 00:45:14,640 My only operating software is the profit motive. 878 00:45:15,680 --> 00:45:17,840 That and my id. 879 00:45:17,920 --> 00:45:20,160 They're probably indivisible now, 880 00:45:20,240 --> 00:45:25,280 bleeding into every aspect of my life, for good and bad, 881 00:45:25,880 --> 00:45:29,000 often very bad. 882 00:45:29,080 --> 00:45:31,240 However bad you want to tell the audience I am, 883 00:45:31,320 --> 00:45:32,400 let me tell them. 884 00:45:33,720 --> 00:45:34,840 I’m worse. 885 00:45:36,000 --> 00:45:37,880 -So make your judgment call. -(CHUCKLES) 886 00:45:38,480 --> 00:45:40,760 ERIC: But once made, 887 00:45:40,840 --> 00:45:42,920 don't let this guy sat across the table from me 888 00:45:43,000 --> 00:45:45,120 off the hook from exactly the same judgment. 889 00:45:45,200 --> 00:45:47,280 Let's give this guy the benefit of the doubt. 890 00:45:47,360 --> 00:45:49,240 Let's even say he's on the money. 891 00:45:49,320 --> 00:45:55,760 Would that outright negate that his enterprise is a fraud? 892 00:45:56,240 --> 00:45:57,240 Wow. 893 00:45:58,240 --> 00:46:01,160 I'm falling into... (LAUGHS) ...into his trap. 894 00:46:01,240 --> 00:46:02,560 More and more words. 895 00:46:03,920 --> 00:46:05,520 Let me finish with two. 896 00:46:06,760 --> 00:46:09,440 New audit. 897 00:46:09,520 --> 00:46:11,920 ANGELA CHEN-BOUGHTON: Would Tender submit to a new audit? 898 00:46:12,000 --> 00:46:14,440 -WHITNEY: You know, we’re audited every year. -♪ (INTENSE MUSIC PLAYING) ♪ 899 00:46:14,520 --> 00:46:16,760 Get me, um, get me Jacob on the phone. 900 00:46:17,240 --> 00:46:18,440 Jacob, uh... 901 00:46:18,920 --> 00:46:19,840 (SOFTLY) Jacob... 902 00:46:19,920 --> 00:46:21,360 (SHOUTS) What the fuck is his name? 903 00:46:21,440 --> 00:46:24,240 Our auditor! Jacob, Jacob, Jacob... 904 00:46:24,320 --> 00:46:25,400 Jacob Oleander! 905 00:46:25,480 --> 00:46:28,600 Get me-- get me Jacob Oleander on the phone now! 906 00:46:29,280 --> 00:46:30,240 -(SIGHS) -ERIC: Again, 907 00:46:30,320 --> 00:46:32,080 for those in the back. 908 00:46:32,160 --> 00:46:33,400 New audit. 909 00:46:33,480 --> 00:46:35,280 -Hurry up! -ASSISTANT: Line one. 910 00:46:35,360 --> 00:46:37,040 ANGELA: Thank you very much, gentlemen, 911 00:46:37,080 --> 00:46:39,240 for coming on and discussing... 912 00:46:39,320 --> 00:46:41,360 Jacob. Jacob, hi, um... 913 00:46:41,440 --> 00:46:43,080 (ANGELA CONTINUES SPEAKING OVER COMPUTER) 914 00:46:43,120 --> 00:46:46,680 Yeah, I enjoyed your company the other night, um... 915 00:46:46,720 --> 00:46:48,400 Yeah, I'm afraid this isn't going to be, uh, 916 00:46:48,480 --> 00:46:50,240 an easy conversation. 917 00:46:53,240 --> 00:46:54,440 HAYLEY: I thought you might need, 918 00:46:54,520 --> 00:46:57,560 uh, well... (CHUCKLES) ...I don't know what I thought. 919 00:46:59,040 --> 00:47:00,840 I can only imagine how you must be feeling. 920 00:47:00,920 --> 00:47:03,320 I don't think you can, actually. (CHUCKLES) 921 00:47:04,000 --> 00:47:06,320 Um, how much did you know 922 00:47:06,400 --> 00:47:08,800 about what Whitney's been doing at Tender? 923 00:47:08,880 --> 00:47:09,920 Nothing. 924 00:47:10,920 --> 00:47:12,840 You know, only the way he operates. 925 00:47:13,640 --> 00:47:14,720 What does that mean? 926 00:47:17,560 --> 00:47:19,800 He hired me from an escort agency. 927 00:47:21,080 --> 00:47:22,840 I'm pretty sure all of his assistants 928 00:47:22,920 --> 00:47:24,640 came from the same agency. 929 00:47:24,720 --> 00:47:28,440 He put us in front of guys he wanted to get close to. 930 00:47:30,200 --> 00:47:33,160 Financial guys, investors... 931 00:47:33,240 --> 00:47:38,080 We all had similar profiles. Young, innocent, willing. 932 00:47:38,600 --> 00:47:40,480 To do what? 933 00:47:41,560 --> 00:47:42,560 Well, he... 934 00:47:42,640 --> 00:47:46,200 He told us that we'd be on camera sometimes. 935 00:47:47,040 --> 00:47:49,240 This one time, I flew to Abu Dhabi, 936 00:47:49,320 --> 00:47:53,560 this Emirati guy on the board of some bank, Al-Ma-- 937 00:47:53,640 --> 00:47:55,400 -Al-Majeera-- -Al-Mi'raj. 938 00:47:55,480 --> 00:47:56,800 HAYLEY: Al-Mi'raj. 939 00:47:56,880 --> 00:48:00,200 And all I knew was that there was a room 940 00:48:00,280 --> 00:48:03,720 I needed to get him into in order for it to happen. 941 00:48:05,440 --> 00:48:06,760 Well, what does he do with the videos? 942 00:48:06,800 --> 00:48:09,600 -He-- he's extorting people? -HAYLEY: I guess. 943 00:48:09,680 --> 00:48:11,280 I mean, that's... 944 00:48:11,360 --> 00:48:13,360 that's not a word he ever used with me. 945 00:48:15,440 --> 00:48:18,440 ♪ (SOMBER MUSIC PLAYING) ♪ 946 00:48:19,160 --> 00:48:21,400 Sorry, so you... (SIGHS) 947 00:48:21,480 --> 00:48:25,280 ...you, me, and Henry. Was that on camera? 948 00:48:34,920 --> 00:48:37,280 What did Whitney want you to do with us? 949 00:48:38,160 --> 00:48:41,640 He said, "Be in their lives." 950 00:48:45,600 --> 00:48:50,040 He exploits, uh, fragile people. 951 00:48:51,080 --> 00:48:52,160 I'm sorry. 952 00:48:54,680 --> 00:48:55,800 What do you want from me? 953 00:48:56,760 --> 00:49:00,080 Yas, listen, this is what I know. 954 00:49:00,920 --> 00:49:03,240 I've used every inch of my body, 955 00:49:03,320 --> 00:49:05,560 clawing my way to every fucking cent. 956 00:49:05,640 --> 00:49:09,240 Only God can judge me. And he doesn't exist. 957 00:49:09,320 --> 00:49:11,280 I'm done fucking clawing. 958 00:49:11,760 --> 00:49:13,560 Access. 959 00:49:13,600 --> 00:49:15,960 Access is what really makes you rich. 960 00:49:16,040 --> 00:49:18,840 And what does that mean to you, exactly? 961 00:49:18,920 --> 00:49:22,240 Uh-- Some good tables, tickets to Wimbledon? 962 00:49:22,320 --> 00:49:25,480 -(CHUCKLES) Chiltern burnt down. -I want to meet people. 963 00:49:26,960 --> 00:49:28,760 I want to have what you have. 964 00:49:29,520 --> 00:49:31,080 I don't trust you. 965 00:49:31,160 --> 00:49:33,800 No, but I think you understand me. 966 00:49:36,600 --> 00:49:38,000 Do you understand me? 967 00:49:42,120 --> 00:49:43,560 In any way you ask. 968 00:49:44,960 --> 00:49:47,960 ♪ (SOMBER MUSIC CONTINUES) ♪ 969 00:49:58,560 --> 00:49:59,680 Hello? 970 00:50:04,040 --> 00:50:05,560 Hello. 971 00:50:05,640 --> 00:50:08,800 Hey, you really pinned that motherfucker today. 972 00:50:08,880 --> 00:50:10,720 Can I be honest? (CHUCKLES) 973 00:50:12,000 --> 00:50:14,960 All the things that I thought I knew about you, 974 00:50:15,040 --> 00:50:17,960 I just didn't think you had it in you. 975 00:50:18,040 --> 00:50:21,200 But you did it. It was great. 976 00:50:21,840 --> 00:50:24,320 I was wrong. Where is everyone? 977 00:50:26,400 --> 00:50:29,200 I told them to go get drinks. 978 00:50:29,280 --> 00:50:31,400 -You want to come in here a sec? -Yeah. 979 00:50:37,920 --> 00:50:38,920 Who's this? 980 00:50:40,160 --> 00:50:43,320 You might be standing on the verge of something great. 981 00:50:43,360 --> 00:50:44,840 It's yours. 982 00:50:46,040 --> 00:50:49,640 Not mine. Marvin represents me. 983 00:50:49,720 --> 00:50:52,400 I'm going to let him talk for ease. 984 00:50:52,480 --> 00:50:54,760 It'll be undiluted and clean. 985 00:50:54,840 --> 00:50:56,760 By all means, call me a coward, it'll... (CHOKES) 986 00:50:57,800 --> 00:50:59,200 A lot easier on me. 987 00:51:00,560 --> 00:51:02,520 MARVIN WHITEHEAD: Ms. Stern, my client, 988 00:51:02,600 --> 00:51:05,800 Mr. Tao has instructed me to draw up a Deed of Assignment. 989 00:51:05,840 --> 00:51:07,920 In so doing, he transfers the entirety 990 00:51:08,000 --> 00:51:10,760 of his partnership interest in SternTao to you. 991 00:51:10,840 --> 00:51:12,720 You're dissolving our partnership? 992 00:51:12,800 --> 00:51:14,720 MARVIN: A notice of transfer will be filed 993 00:51:14,800 --> 00:51:17,120 with the appropriate registry bodies. 994 00:51:17,200 --> 00:51:19,800 Mr. Tao has also engaged a tax professional 995 00:51:19,880 --> 00:51:21,000 at his own cost to ensure 996 00:51:21,080 --> 00:51:23,640 you won’t bear any tax liabilities 997 00:51:23,720 --> 00:51:25,160 from the transfer yourself. 998 00:51:27,640 --> 00:51:28,800 (SIGHS) 999 00:51:30,520 --> 00:51:31,720 Eric, what are you doing? 1000 00:51:32,760 --> 00:51:34,640 What the fuck is this about? 1001 00:51:34,720 --> 00:51:35,920 My client has informed me 1002 00:51:36,000 --> 00:51:38,840 that there are reputational risks 1003 00:51:38,920 --> 00:51:41,320 that may render him a "faithless servant" 1004 00:51:41,400 --> 00:51:44,160 should he continue to be employed at SternTao. 1005 00:51:44,240 --> 00:51:46,880 In the case of the fund's profitability, 1006 00:51:46,960 --> 00:51:47,880 by year end, 1007 00:51:47,960 --> 00:51:50,320 he asks that his initial investment 1008 00:51:50,360 --> 00:51:53,960 be returned and placed into a trust for his daughters. 1009 00:51:54,040 --> 00:51:55,960 Given there was no official contract 1010 00:51:56,040 --> 00:51:59,000 outlining provisions related to the transfer of interest, 1011 00:51:59,080 --> 00:52:01,760 Mr. Tao has waived all entitlements, 1012 00:52:01,840 --> 00:52:03,720 bonuses, deferred payments, 1013 00:52:03,800 --> 00:52:06,600 and equity interests on departure. 1014 00:52:06,680 --> 00:52:08,840 Yeah, and no-- no funeral. 1015 00:52:10,480 --> 00:52:12,680 Can you please tell me what this is about? 1016 00:52:13,760 --> 00:52:15,320 Watching you present... 1017 00:52:17,800 --> 00:52:18,840 I thought... 1018 00:52:20,480 --> 00:52:25,120 I was incapable of feeling pride 1019 00:52:25,760 --> 00:52:28,080 for anyone but myself. 1020 00:52:29,280 --> 00:52:30,400 I'm really... 1021 00:52:31,920 --> 00:52:34,200 I'm really glad you proved me wrong. 1022 00:52:40,960 --> 00:52:42,640 What are you protecting us from? 1023 00:52:43,960 --> 00:52:45,120 You need to tell me. 1024 00:52:48,320 --> 00:52:49,680 Whatever it is. 1025 00:53:01,240 --> 00:53:02,760 (SNIFFS) I... 1026 00:53:02,840 --> 00:53:07,120 I-- I don’t want you to remember me that way. 1027 00:53:07,880 --> 00:53:09,080 (SIGHS) 1028 00:53:20,720 --> 00:53:23,680 (BREATHING SHAKILY) 1029 00:53:30,480 --> 00:53:31,520 (SNIFFLES) 1030 00:53:35,480 --> 00:53:36,480 (SIGHS) 1031 00:53:47,360 --> 00:53:49,440 I will always remember you like this. 1032 00:54:00,080 --> 00:54:01,320 (DOOR OPENS) 1033 00:54:02,560 --> 00:54:03,600 (DOOR CLOSES) 1034 00:54:09,200 --> 00:54:10,280 (SNIFFLES) 1035 00:54:14,160 --> 00:54:16,680 -(KNOCKING ON DOOR) -(INDISTINCT CHATTER) 1036 00:54:16,760 --> 00:54:19,480 That was a worthwhile appearance. 1037 00:54:19,560 --> 00:54:21,040 We rallied a little this morning, 1038 00:54:21,120 --> 00:54:24,000 away from Pierpoint's convertible trigger price. 1039 00:54:24,040 --> 00:54:25,640 Well played, chief. (CLICKS TONGUE) 1040 00:54:26,360 --> 00:54:27,880 Hey, Ferdinand, please leave us. 1041 00:54:29,960 --> 00:54:31,000 Sure. 1042 00:54:38,800 --> 00:54:41,680 We cut the oxygen off that wafer-thin story. 1043 00:54:41,760 --> 00:54:42,840 (CHUCKLES SOFTLY) 1044 00:54:45,920 --> 00:54:47,240 Yeah, I called Jacob. 1045 00:54:48,720 --> 00:54:51,480 Relieved him of his position 'cause, um... 1046 00:54:53,120 --> 00:54:55,440 Tender no longer requires his services. 1047 00:54:55,520 --> 00:54:56,680 (SIGHS) 1048 00:54:56,760 --> 00:54:58,120 ♪ (TENSE MUSIC PLAYING) ♪ 1049 00:54:58,200 --> 00:55:00,040 You need board approval to do that. 1050 00:55:02,440 --> 00:55:03,880 Yeah, I don't, actually. 1051 00:55:06,640 --> 00:55:09,640 You made me, um, CEO. 1052 00:55:09,720 --> 00:55:12,880 Uh, so I’ve informed Companies House. 1053 00:55:12,920 --> 00:55:14,520 That was a grave mistake. 1054 00:55:17,440 --> 00:55:19,920 -Why? -It's just a grave mistake. 1055 00:55:22,080 --> 00:55:24,480 -Why? -WHITNEY: Trust me. 1056 00:55:24,560 --> 00:55:28,120 See, you can't even bring yourself... 1057 00:55:30,480 --> 00:55:31,880 to tell me why. 1058 00:55:38,400 --> 00:55:39,480 (CHUCKLES SOFTLY) 1059 00:55:40,640 --> 00:55:43,520 Yeah, we’ll hear pitches from other auditors imminently. 1060 00:55:44,280 --> 00:55:45,400 WHITNEY: I don't advise doing that. 1061 00:55:45,480 --> 00:55:47,960 You-- Do you know what? Fuck your advice. 1062 00:55:48,960 --> 00:55:52,200 As if anything you've pushed on me has anything 1063 00:55:52,280 --> 00:55:54,320 but your own interests in mind. 1064 00:55:57,520 --> 00:55:58,560 (SIGHS) 1065 00:56:09,920 --> 00:56:11,760 I guess, ultimately, you’re gonna do what you’re gonna do. 1066 00:56:11,840 --> 00:56:12,840 Yeah. 1067 00:56:15,120 --> 00:56:16,320 WHITNEY: So in that case... 1068 00:56:19,120 --> 00:56:20,720 I guess it's best said like this. 1069 00:56:21,800 --> 00:56:24,800 ♪ (TENSE MUSIC CONTINUES) ♪ 1070 00:56:43,320 --> 00:56:44,800 -(ELEVATOR DOOR CLOSING) -(SIGHS) 1071 00:56:48,800 --> 00:56:51,120 ♪ (MUSIC INTENSIFYING) ♪ 1072 00:56:59,280 --> 00:57:00,960 WHITNEY: Dear Henry. 1073 00:57:01,000 --> 00:57:04,200 I drafted and redrafted an opening to this statement. 1074 00:57:04,240 --> 00:57:05,800 I think maybe the time for poetry 1075 00:57:05,880 --> 00:57:08,000 and ornament has passed. 1076 00:57:08,040 --> 00:57:11,120 Practically, it's very important that you understand everything. 1077 00:57:11,920 --> 00:57:13,320 Now that you're implicated. 1078 00:57:15,920 --> 00:57:18,320 I write to say we're stronger together, 1079 00:57:18,400 --> 00:57:20,080 and we must violently pursue an endgame 1080 00:57:20,160 --> 00:57:21,920 which delays our detractors, 1081 00:57:22,000 --> 00:57:25,880 making their lives harder to close in on our goal. 1082 00:57:25,920 --> 00:57:28,160 (MAN SPEAKING IN JAPANESE OVER CELL PHONE) 1083 00:57:28,240 --> 00:57:34,600 It’s, uh, Alfa, Xray, 6-1-2, Lima, Lima, 2-3-4. 1084 00:57:34,680 --> 00:57:37,400 People are going to accuse us of criminality. 1085 00:57:37,480 --> 00:57:39,000 And parsing the details of our story 1086 00:57:39,080 --> 00:57:41,000 in this way is prejudicial. 1087 00:57:41,080 --> 00:57:44,640 But it won't stop people making the case against me. 1088 00:57:44,680 --> 00:57:46,080 Against us. 1089 00:57:46,160 --> 00:57:49,960 And by that very definition, against you. 1090 00:57:50,040 --> 00:57:54,280 You see, dear Henry, there's a hole in my bucket. 1091 00:57:54,320 --> 00:57:57,440 ♪ (“BOTH SIDES NOW” BY JUDY COLLINS PLAYING) ♪ 1092 00:58:01,880 --> 00:58:05,680 ♪ Rows and flows of angel hair ♪ 1093 00:58:05,760 --> 00:58:10,080 ♪ And ice cream castles In the air ♪ 1094 00:58:10,160 --> 00:58:14,000 ♪ And feather canyons Everywhere ♪ 1095 00:58:14,080 --> 00:58:17,440 ♪ I've looked at clouds That way ♪ 1096 00:58:17,480 --> 00:58:21,680 ♪ But now they only Block the sun ♪ 1097 00:58:21,760 --> 00:58:25,920 ♪ They rain And snow on everyone ♪ 1098 00:58:26,000 --> 00:58:29,920 ♪ So many things I would have done ♪ 1099 00:58:30,000 --> 00:58:33,080 ♪ But clouds got in my way ♪ 1100 00:58:33,120 --> 00:58:37,400 ♪ I've looked at clouds From both sides now ♪ 1101 00:58:37,480 --> 00:58:41,360 ♪ From up and down And still somehow ♪ 1102 00:58:41,440 --> 00:58:45,280 ♪ It's cloud illusions I recall ♪ 1103 00:58:45,360 --> 00:58:50,920 ♪ I really don't know clouds ♪ 1104 00:58:51,000 --> 00:58:54,200 ♪ At all ♪ 1105 00:58:54,240 --> 00:58:55,480 ♪ (SONG CONCLUDES) ♪