"Better the devil you know," they say.
But when the devil knows you...
the blackness threatens to envelop you.
To swallow you whole.
No matter where you turn... there is only more blackness.
You cannot run from the devil,
any more than you can run from yourself.
Who-who's there?
Where's Mom? There she is!
-Hey, you! -Hey, it's so sweet of you to come all this way.
-We wouldn't miss it. It's our pleasure.
-Mr. and Mrs. Morgan! -How are you?
-Happy birthday! -Happy birthday.
Here, happy birthday.
-I hope you like it.
Oh, my God! Oh, my gosh, Look at that!
-New York Yankees.
-Where's Hans? Look what I got!
Well, something's bothering him.He didn't sleep all night.
Now he's with Karl down by the lake.
-Honey, would you talk with him? -Yes.
Excuse me.
It's so nice. -Nice to see you, too.
Hans...
Coming to the party?
Mr. Becker needs some time alone.
If my book was underwater, I'd need time alone, too.
I know you sunk billions into high-yield bonds,
and now you're sitting on a pile of toxic assets.
The bank is ruined.
I'm going to lose everything.
There could still be a turnaround if land values rebounded.
That's not gonna happen.
You're screwed.
At least you would be, if it weren't for NYL.
I'm prepared to offer you a lifeline.
What sort of lifeline?
Liquidity, so you can get through this storm.
Out of the goodnessof your heart?
That's a fair question.
All I ask in return
is that you continue being friends.
As you always have been.
Come on.
Let's go back to the party.
In today's reality check,
why are the PIIGS of Europecausing such a stink?
Their financial situation makes us
-look like Goldman Sachs.
I don't kill people.
Oh, but you do, Massimo.
You do.
People like Sofia's brother.
Hi.
So, what-what did I miss?
I've been through Ed's documents.
Did you find anything?
Have a look yourself.
There's got to be millions of dollars hidden in there.
Not millions, billions.
This fund is worth 52 billion euros.
That's motive enough to kill someone.
It could be, but this is just a standard synthetic CDO.
It's an obligation with debt as collateral.
It-it's complicated, um...
I know perfectly well what's a CDO,
and I also know perfectly well
that you use it to sell your shit.
Oh, yes?
Yes.
Come on.
Okay.
So, it's like, mm...
It's a little like...
when you havesomething that's going off,
-like flour or eggs... -Mm-hmm.
but you don't want to pitch it out,
so what do you do?
You make a cake.
You lump it all together.
But you're not stupid.
So you top it off with some nicefrosting and pretty decorations,
Triple A securities, that makes it all seem just...
Great, yummy! Right?
The catch is when it comes to cut the cake,
and you find toxic stuff inside.
Like in 2008.
Subprime mortgages.
Very good.
Very nice.
However, this particular cake isn't toxic.
Look at the yield.
Never a late payment or default.
Rheinthaler Bank are paying us $250 million a month.
If Ed Stuart was behind this deal...
he should have been proud of it.
So why did he hide it?
I don't know.
But Dominic must.
You were right.It's a synthetic CDO,
Fifty-two billion dollars worth.
-Through Rheinthaler Bank? -Looks like it.
Ned, please.
And, uh... Massimo?
Does he still...
-trust you? -Yeah. I think he does.
...the debt crisis that began in Europe's smallest economies
is now threatening the biggest.
All of Europe's largest economies is at the mercy of the markets
and the subject of bailouts...
Jeremy, can I offer you a drink?
Shut the door, please.
You heard aboutStandard & Poor'sdowngrading Treasury.
Margaret Cunningham called me yesterday.
Well, what the fuck are you gonna do about it, Dominic?
This was your plan.
Yes, I'm gonna proceed,
just as you and the Board agreed.
So...
everything is going fine,
according to you?
I gather you're concerned about my strategy.
I think that name-calling in the press
might be amusing to some people,
but I would hardly call it...
a strategy.
What can I do to alleviate your anxiety?
Well, why don't you startby telling me about Hans Becker?
He's on board.
That's not what I hear.
We have an agreement
and he will honor itwhen the time comes.
That's what you said about Ed Stuart, isn't it?
-How's the investigation into his death, by the way? -Done.
Suicide. End of story.
-"End of story," huh? -Mm-hmm.
Well, investigationscan always be reopened.
You know, there's something that I don't understand.
-Having a hard time getting my head around. -Mm-hmm.
Your obsession with protecting Massimo Ruggero.
He's our top trader, as you know.
He's a consensus maker.
Yesterday he shorted the Spanish banks,
and made a profitof over 200 million.
He's a loose cannon.
He's brilliant.He's an undisciplined child,
who sometimes needs to be...
sat in a corner.
You're the global CEO.
I trust that you will judge me not on your fears,
but on my results when the time comes.
Massimo... What time is it?
I want you, Eleanor, and Oliver in the Freezer.
Seven-thirty.
Hey, you okay?
Yeah, just running late.Tyrone overslept.
-Again? -Mm-hmm.
Remember, you're taking him to school today.
It's my shift at the hospital.
Oh, yeah, yeah, I'm...
-Toy, do you think--? -Don't even think about asking.
Ty!
-Come on, we gotta go now! Come in, man.
What are you doing? Huh, what's this?
Stupid uniform.
All my friendsare laughing at me.
Yeah, well, then they're not your friends, are they?
Look, it's a much better school, no? Hmm?
Do your laces.
Don't!
What the actual fuck?
Give it back!
What are you carrying this for?
-It's not mine. -Then whose is it?
It's a friend's.
-He didn't want to get caught with it. -Which friend?!
Look at me!
Do you know what this could have been used for?
Hmm?
You think I don't understand?
You think I ain't been through this?
You're better than this!
Here, come!
What's going on?
We need to get off this estate.
Whatever it takes.
Okay. None of this leaves this room. Understand?
This was found among Ed's belongings after he died.
How did you get it?
It's better you don't know.
Looks like some kind of ledger,
synthetic CDOs.
Fifty-two billion dollars...
signed in my name.
Is that a problem?
Apart from the fact I didn't sign it...
What, someone forged your digital signature?
-Apparently. -Have the assets tanked?
On the surface, no.
Fully funded, but then I looked deeper,
back to the first pay date, October 2009.
In the hour leading up to a $250 million dividend,
look what happens.
NYL pay out other transactions.
-Amounting to? -Two-hundred and fifty million dollars.
-Every month.
The same day, the same amount.
Every fucking month.
NYL is moving money in and out,
and apparently nobody gains anything.
No way that's a coincidence.
I need you to find out where this money's coming from
and who it's going to.
Do you think this has something to do
with why Ed was murdered?
You haven't uttered a word since you got up this morning.
Jeremy Stonehouse was here last night.
He's worried about Hans.
-So are you. -He's also worried about Massimo.
He thinks you should havetaken Massimo out
when you had the chance.
I'm keeping himcaged at the moment.
A man like Massimo,
he'll find a way out,one way or the other.
And then?
I'll do what I have to do.
Now the problem is if you're one of the PIIGS countries,
you can't borrow for any money
because ultimately you are essentially
no longer a welcome member of the borrower's club!
Where's Oliver?
I don't know. I texted him.
Just as well he didn't come.
Why do you say that?
He spent all his time yesterday
brown-nosing Paul.
We saw the two of them together
at the club drinking.
Let's keep this between the three of us.
Sorry. I had to take Tyroneto his new school. Um...
-What did I miss? -Some new talk about Greece. Nothing much.
Massimo, I wouldn't be here if it wasn't for you.
I will never forget that.
Much appreciated.
-How long was he following me? -Since you left his flat.
Fuck. You could have told mebefore I got in this fucking--
You could have noticed. You're getting sloppy, Sofia.
I got Massimo onside, haven't I?
Massimo's not on anybody's sidebut his own.
Neither are you.
Excuse me?
We are on the same side. Aren't we?
Yes.
I'm just a little bit strung out, okay?
You're so close.
Do you think that CDO...
was the reason whyEd Stuart was killed?
You just stick like glue to Massimo,
until he finds out for us.
You think you can do that?
Without losing focus?
Fucking hell...
Mm-hmm?
Mr. Morgan, I've tried all of Mr. Becker's personal lines,
but none of them pick up.
Keep trying.
Come on in. -Hey.
Can you close the door?
Nice work on the Spanish banks yesterday.
-Thank you. -I have another job for you.
I want you to build up a position
on Rheinthaler Bank.
They're our partner.
Why do you wantto move against them?
Their position is unsustainable.
That's what we do with partner banks. We sustain them.
Not this time.
So why don't you get your new
Head of Trading to do it?
He's not you.
You're looking to cripple the Germans.
Nina's downstairs.
Care to join us for lunch?
I'd better get to work on this.
Let me know how you get on.
[Massimo]What have you got?
The pattern is that $250 million
gets taken out of various offshore accounts each month.
Where financial transparency goes to die.
By a stroke of luck, they were incorporated by the same legal firm.
They all ended up getting routed through Cyprus
to the British Virgin Islands.
-Recognize the name? -Campbell Rodriguez.
We use them, too.
So we got into their accounts department an hour ago
and they confirmedthe ultimate beneficiary.
Guess who?
Rheinthaler Bank?
They're siphoning off the money,
only to send it back to themselves.
It's kind of a carousel, but no one's
making any profit out of it.
It gets even stranger.
He just ordered me to short them.
-But RB is our partner bank. -Exactly what I said.
Month after month, for years... There's no way it was just Ed.
Senior management both in Germany and London must be in on this.
Then Dominic should know about it.
A deal like this
needs to have significantphysical collateral.
-Get these shredded. -Right away.
I need you to track down the underlying assets.
We already tried,but we hit a dead end.
Whatever asset, property or even activity
they put up as collateral, it's extremely well hidden.
I think I know a way to find it.
Detective Bale.
I hope I'm not disturbing you, Mrs. Stuart.
Not at all.
But...
I thought your investigation was closed.
Something new's come up.
Could I have a minuteof your time?
Hey! Nice shoes!
You see the FT this morning?
I did, yeah. Someone must haveleaked your report on the PIIGS.
Well, not someone. You.
Mr. Morgan would like to see you now.
-No, no, not you. Just him.
Mm.
A-about the Financial Times this morning--
If we asked them to write about the PIIGS, they wouldn't.
But leak the press an internal report,
they can't help themselves.
Please, sit down.
I see.
You proved your value to us yesterday, Oliver.
I hope you go on proving it.
Thank you, sir. So would I.
You must be gratefulto Massimo.
Without him,you wouldn't have this job.
I am. I'm very grateful.
He's changed your life,hasn't he?
Yeah, he has.
He's a good boss, Massimo.
It must have been difficultfor you to demote him.
It's for his own good.
And temporary, I hope.
Which is why I need your help.
What can I do?
Be my eyes and ears on the floor.
-Are you asking me to-to spy? -Not at all.
But I'm in a glass box up here,
and I need to know what Massimo's team is doing,
so they don't get into trouble.
Uh, Mr. Morgan, I'm no snitch.
Of course, you're not.
You're loyal to them.
And I'm loyal to you.
Sir?
I know you planted the device.We have it on tape.
But I'm gonna take care of you,
and you're gonnatake care of me.
Because this is your family now,
and family always comes first.
Have a good day, Oliver.
Thank you.
How are you doing? Hmm?
Come in.
What was the detectivedoing here?
She said there are some new developments
about Ed's death.
"Developments"?
She didn't say. She just wanted to know more
about some of Ed's files.
What files?
The ones I already gave the police weeks ago.
Nina! Nina!
-Hello! -Come! Come!
Here, the collateral assets you couldn't find.
Where did you get this?
You don't want to know.
Does Duval know about it?
You asked me not to tell him.
I had a look.
They all seem valuable-enoughassets to cover the CDO.
This is the one with the higher value. This is it.
The Novareni nuclear power plant.
Someone's using it as collateral
for the money being cycled through the Rheinthaler Bank CDO.
There is nothing here about who operates the plant
or who owns it, since Moldova left the Soviet Union in '91.
No, the files have been scrubbed.
I want to look at it myself.
-I need to catch a flight. -What for?
This may explain why Ed Stuart was killed.
-Okay, let's go. -It's better I go alone.
You wouldn't even know about this place
-if it weren't for me. -A-a-and I'm grateful, truly.
But it's too dangerous.
-Oh, is it? -Yeah.
Massimo?
I'm gonna be out of town for a day or two.
Cover for me.
Okay. Where are you going?
Moldova. I need you to get me anything you can find
on the Novareni nuclear power plant.
Okay.
What's happening?
Today I took your wife to see Ed Stuart's widow
-and that police woman was there. -Mm.
Vicky Bale.
She's asking questions about the CDO.
They might be making a connection to the death.
They might not be the only ones.
Once you think about that, then you can make
a much better judgement...
Overnight flight to Moldova.I booked the seat next to yours.
-What the fuck are you doing here? -Oh, I see...
I never told you the story of my brother's death, did I?
He died because of your bank.
I've spent the last decade looking for a way
to bring down the bastards who did this and no one,
not you, not Duval, is gonna stop me.
So let's go, I guess.
-Hey. -Hey.
-Tough day? -Yeah, you could say that.
Leave it. Mm-mm.
-Come on. -What?
Get up.
Sit down.
Latoyah, what are you doing?
Taking care of you.
-Is it? -Mm-hmm.
-Close your eyes. -What?
Just do it.
Okay.
-Mm-mm. -Mm.
No touching.
Not yet.
Shit... That's Tyrone!
Oliver!
You got 24 hours
to bring back my fucking gun
or you're fucking dead, bitch!
Hey!
Bitch, you dead, you understand it?
And if you don't, you're gonna see me again!
Make sure!
Hey! Hey!
Hey, what the hell happened?
Nothing, I'm fine, I'm fine!
Please take him to the hospital!
No!-No, no, no hospital, no police.
Can't have this on his record, do you understand?
Look, can you clean it up?
I can try.
All right.
Come on, let's get inside, come on.
So, was this your friend?
-It's all your fault! -My fault?
He got mad when I said I didn't have his gun!
What?
So?
No one in the Ministryspeaks English
or Italian or Frenchor Spanish.
I should have gone. I speak Russian.
Pretty sure they wouldn'thave talked anyway.
So what do we do now?
The nuclear power plantis in Transnistria.
-That's a day's drive. -Okay.
Do you want me to drive? You've been five hours driving.
No, I'm okay. Thank you.
Okay.
What is it? What?
Somebody's following us.
Hold on, okay? Hold on.
Holy shit!
Holy shit! Fuck off!
Oh, shit!
Ah! Fuck you!
Who was that?
I don't fucking know.
Are you okay?
Yeah. You okay?
Yes.
Stop it.
You've been through those pages a hundred times. Stop it.
Mm?
What are you afraid of?
What is it?
I'm afraid of being right.
Don't worry then.
You're never right.
Come.
What is it?
You okay? Massimo?
I won't hurt you, Sofia.
Ever.
This is why more and more countries
are beginning to really hate Germany again.
Central Bank of Germany and politicians
who are playing the system for themselves
and they're sacrificing the eurozone once again...
Apparently, we would expect that.
Mr. Morgan, I'm so sorry,
but Mr. Becker would not wait downstairs--
I need to talk to you. -Uh, Cynthia, it's all right.
Would you like a coffee?
What the fuck, Dominic?!
What the hell are you doing here?
I don't want your fucking coffee.
I want an explanation, please.
You haven't returned my calls in the past two days.
You said we were friends.
And we are friends.
Is that why you had Massimo Ruggero short RB?
Half the traders in Europe are coming in behind him.
We had an agreement.
You can't blackmail me, Dominic.
Your name is all over those trades, just like mine.
My name isn't, actually.
Massimo's is.
-What? -You heard me.
I-I can't-- I can't do what you're asking.
Of course, you can.
-Not-not in good conscience, no. -Conscience?
Since when has conscience had anything to do with this?
NYL has taken a major position on the Italian debt default.
Your bank needs to fall in line.
This has nothing to do with banking.
This is about destroying a country,
bringing ruin to the lives of millions of ordinary people.
If Italy goes under, the euro will collapse!
The euro is a bust.
Debts need to be repaid.
A dismissed power plant as collateral for
a 250 million CDO?
It's a scam.
Junk. Just like the rest of the CDO.
And Dominic knew it for sure.
This is what Ed Stuart found out.
We got the bastard.
I got Dominic Morgan.
-Not exactly. -Oh, yeah.
Once I publish these pictures,
Dominic Morgan will be ruined forever.
He won't.
But I will.
My digital signature is on that CDO.
Why?
That's what I'm tryingto figure out.
So you say they forged it. You didn't kill Ed Stuart,
-Dominic Morgan did. -Yes.
This is all about Dominic Morgan!
I had the motive and the means.
And I'm implicated in the fraud he discovered, so...
You publish the photos,I go to jail.
You keep the CDO.
I need you to hide it.
...questions about how the six-foot four-inch fugitive...
For years, everyone assumed
Bin Laden to live out his days or die...
Ah, there you are.
-Hey. -So...
what did you find in Moldova?
Nothing. It was a wild goose chase.
Eleanor.
Paul ordered us to stop shorting Rheinthaler.
Then not 30 minutes later, we started dumping
all our Italian public debt.
And RB did the same.
The eighth largest economy in the world
is being cut off at the knees.
No one's going to lift a finger to stop it.
I don't see the point.
That's the fucking point.
I understand now.
Do you?
Let me also use this occasion to dwell a bit further
on monetary policy in the current embargo...
You couldn't be seen to kill off an entire country.
So you got Rheinthaler Bank to do it for you.
Italy is part of the PIIGS.
They are now, thanks to you.
But you've beenplanning this for years.
Feel free to take a look around.
Babe, are you surewe can afford this?
Yeah, the bank gave me a bonus.
Ed Stuart found out about the CDO scam
you were using to keep Hans Becker onside.
So you offered him the vice-CEO job
that was meant for me.
But Ed wouldn't take the bribe.
And you killed him.
And forged my signature on the CDOs
to keep me quiet if I found out the truth.
It was you who tried to stop me in Moldova.
And it was you who brought Carrie back.
If you want to believe that.
That's the last thing I want to think.
But it's the truth, isn't it?
How many billions will you make...
-destroying a country? -It is not...
-Of course, it is. Of course, it is. -...about the money.
You didn't want to end up like your father.
You started with nothing,
but you worked hard,you climbed your way up.
You're not at the top.
Not yet.
But when you get there...
you'll see the waythe world really is.
And how it must remain.
I don't know about that.
But I can see you pretty clearly right now.
Do as I say, Massimo,
and you will be a partof the future, otherwise...
I'll annihilate you.
Papa?
...the continued instability...
Papa?
And with our strategy, will prove in time...
and over time...
Mama!
Phil Harvey describes unemployment
with dogs and bones story.
You put 95 bones in a room,
then you send in 100 dogs to get bones.
Five dogs don't get any bones.
So, what happens is,
the economists take those five dogs off to the side.
And they have a special training course for these dogs,
and they train them in how to get bones.
Then, they run the experiment all over again.
They send 100 dogs in to get 95 bones.
and those five dogs come back with bones this time.
And they say, "See? Anyone can get a bone
if they work hard, train hard, and compete hard."
Of course, five others didn't get bones, right?
Unemployment is five-percent of those dogs.
They are not going to get bones.
The only way they're going to get rid of that problem
is five more bones.