- 1. Is that them?
- 2. Jesus Christ.
- 3. Are they going to do it right here?
- 4. You guys ever been through this before?
- 5. No.
- 6. It's best to ignore it, keep your head down,
and go back to work.
- 7. Go on.
- 8. Don't watch.
- 9. Timothy Singh?
- 10. - Yes.
- I'm afraid we have to speak with you.
- 11. Come.
- 12. Eric Dale?
- 13. Excuse me?
- 14. Eric Dale?
- 15. - No.
- 16. I'm not Eric Dale.
- 17. I'm so sorry.
- 18. He's my boss.
- 19. He's down the hall.
- 20. Thanks.
- 21. Excuse me, Mr. Dale?
- 22. This way.
- 23. Okay.
- 24. I am obviously sorry that we are here today.
- 25. But these are extraordinary times,
as you very well must know.
- 26. Look, I run Risk Management.
- 27. I don't really see how that's a natural place
to start cutting jobs.
- 28. We hope you understand
this is in no way personal.
- 29. The majority of this floor
is being let go today.
- 30. Ms. Bratberg is now going to run through
the details of what the firm is offering.
- 31. Okay.
- 32. Mr. Dale, the firm is offering you
a six-month severance at half your salary.
- 33. You will keep all unvested options
that you currently hold.
- 34. Health will be extended through that period.
- 35. You have until tomorrow at 4:47
to either take the offer or it will be revoked.
- 36. Do you understand?
- 37. Yes.
- 38. Unfortunately, Mr. Dale,
- 39. due to the highly sensitive nature
of your work here,
- 40. the firm has to take certain precautions
for security purposes
- 41. that may seem punitive in nature.
- 42. I hope, considering your
- 43. over 19 years of service to the firm,
- 44. you will understand that these measures
are in no way a reflection
- 45. of the firm's feelings
towards your performance
- 46. or your character.
- 47. I don't understand.
- 48. She's apologizing
for what's about to happen.
- 49. Your company e-mail, access to the server,
access to the building,
- 50. and your mobile data and phone service
will all be severed as of this meeting.
- 51. And this gentleman
will take you to your office
- 52. so you can clear out
your personal belongings.
- 53. What about what I'm currently working on?
I'm in the middle of something that...
- 54. The firm has worked out its transition plan
and is prepared to move forward.
- 55. But we do appreciate your concern.
- 56. We understand that this is difficult.
And here is my card.
- 57. Please contact me in the next few weeks
- 58. if you need any assistance
with this transition in your life.
- 59. Sir.
- 60. Okay.
- 61. Okay.
- 62. Okay.
- 63. Hey.
- 64. I'm sorry.
- 65. - You still alive?
- For now.
- 66. Congratulations.
- 67. It was a bloodbath.
- 68. I heard.
- 69. Listen, Eric,
- 70. if there was something I could have done,
I would have done it.
- 71. - I know.
- All right?
- 72. Yeah, I know. I know.
- 73. Okay.
- 74. Just tell me,
- 75. who was it?
- 76. - Come on, Eric.
- Come on, Will.
- 77. - Rogers?
- I'm not going to say, you know.
- 78. - You know me.
- 79. That cunt. I knew it.
- 80. I knew I shouldn't have
fucking gone to her last year.
- 81. It wasn't anyone.
Eric, you know what it was?
- 82. It was bad luck, and that's all it was.
- 83. Yup-
- 84. Yup-
- 85. All right, well, good luck.
- 86. Will?
- 87. Come here.
- 88. I was just in the middle
of a lot of shit right here
- 89. that I think somebody needs
to take a look at.
- 90. Eric, listen,
- 91. they're telling us
everybody needs to get out of here.
- 92. Just leave their stuff.
- 93. And while we appreciate your concern,
- 94. this is not your problem anymore.
- 95. Good luck.
- 96. Thank you.
- 97. Right this way, Mr. Murphy.
- 98. - Eric, I'm very sorry.
- 99. Did they say what was going
to happen with us?
- 100. - Jesus, Seth.
- 101. It's going to get pretty ugly
around here for a while.
- 102. But, you know, you guys will be all right.
- 103. - Good luck, Eric.
- All right.
- 104. I'll see you around, okay?
All right. Thank you.
- 105. Eric.
- 106. I wanted to say thanks.
- 107. - It's not necessary.
- Well, it is.
- 108. You were the person around here that I...
- 109. I know.
- 110. Hey, look,
- 111. I was working on something,
but they wouldn't let me finish it.
- 112. So, take a look at it.
- 113. Be careful.
- 114. We're sorry.
- 115. The telephone you are calling from
is not in service at this time.
- 116. Robertson!
- 117. Sarah Robertson.
- 118. Sarah.
- 119. You shut off my phone?
- 120. Eric, I didn't do anything.
- 121. Fuck you.
- 122. Well, that was fucking hideous.
- 123. It's gonna get worse before it gets better.
- 124. You think?
- 125. Much.
- 126. You got any Nicorettes?
- 127. I'm out of Nicorettes.
- 128. Which means in about 10 minutes
I'm going to kill someone.
- 129. You all right, Sam?
- 130. My dog is dying.
- 131. I'm sorry.
- 132. Just got off the phone with the vet.
Fucking tumor on her liver.
- 133. I was spending, like, $1,000 a day
already just trying to keep her alive.
- 134. Yeah,
- 135. I don't have a fucking clue
what to do about it.
- 136. Well, they're all gone.
- 137. So...
- 138. How many do we have left?
- 139. About 33.
- 140. Well, make sure they're all out there.
I've gotta say something.
- 141. Yeah, no, they're ready.
- 142. They're ready for you.
- 143. All right, let's hear it.
- 144. You're all still here for a reason.
- 145. 80% of this floor
was just sent home, forever.
- 146. We spent the last hour
saying our goodbyes.
- 147. They were good people
and they were good at their jobs,
- 148. but you were better.
- 149. Now they're gone,
they're not to be thought of again.
- 150. This is your opportunity.
- 151. On every floor of this building
- 152. and in every office,
from Hong Kong to London,
- 153. the same thing is happening.
- 154. By the time we're done,
- 155. three of every seven guys who were
standing between you and your boss' job
- 156. are gone.
- 157. That is your opportunity.
- 158. I've been with this place for 34 years,
- 159. and I can tell you this is not the last time
that you're gonna go through this.
- 160. But you are all survivors.
- 161. And that is how this firm, over 107 years,
has continued to grow stronger.
- 162. So keep your heads high. Get back to work.
Let's hear it.
- 163. Everyone's going out, man.
You should... Come on.
- 164. No, man. I'm cool. Thanks.
- 165. Okay. Well, if you change your mind,
just give me a call.
- 166. I will.
- 167. Come.
- 168. - Where you guys going?
- The Grand.
- 169. I will call you when I am done.
- 170. All right.
- 171. Hey, be glad you're still alive.
- 172. I am.
- 173. - Have a good night, man.
- You, too.
- 174. Come on. Come on. Come on.
- 175. We're sorry. You've reached a number..
- 176. - Fuck me. Fuck!
- ... that has been disconnected.
- 177. - Hello?
- 178. - I can't hear you.
- 179. Can you go outside? It's too loud.
- 180. Hold on a second. It's loud.
Just give me a second.
- 181. - All right, what's up?
- Hey, where are you?
- 182. - Lugo.
- Okay. Are you with Will?
- 183. - Yeah. Will Emerson?
- 184. Yeah. I think he's still here. Why?
- 185. All right. I need you to get Will,
and I need you guys to come back up here.
- 186. - Where?
- To the office.
- 187. - What?
- I'm serious.
- 188. Wait a sec... You want me
to get our boss' boss out of a club
- 189. and bring him back to the office
at 10:00 on a Thursday night?
- 190. Well, our boss got axed,
so technically he is our boss,
- 191. - and yes, that is what I want you to do.
- 192. Look, man. Just trust me, okay?
I need you guys back here now.
- 193. All right. We'll be there in 10.
- 194. Fuck.
- 195. Have I ever told you
how much I love your bag?
- 196. No, really.
- 197. - Do you have a little dress that matches it?
- Yeah, I do.
- 198. Because you could bounce around in it
like a fucking girl.
- 199. Hey!
- 200. Look who's burning the candle
at both ends.
- 201. Why didn't you come out with us?
- 202. There's no more cuts planned.
You don't have to kiss my arse.
- 203. I frankly don't even know
what it is you guys do.
- 204. Well, I'm really sorry
I had to bring you guys back here,
- 205. - but...
- That's all right.
- 206. - What's going on?
- Look at this.
- 207. - Eric gave me this file before he left.
- 208. Dale. And he told me
that he couldn't quite figure it out.
- 209. And the last thing he said to me
- 210. before the elevator doors closed was,
- 211. - He said, "Be careful"?
- Yeah. So, obviously, I'm a little curious.
- 212. I start to get into it a little bit,
- 213. and I realize that the only thing
that he's missing...
- 214. - This is not good, Will.
- All right. Okay. So what is he doing here?
- 215. No, no. Go to model four.
It makes more sense.
- 216. Okay. All right.
- 217. What is this?
- 218. This is basically everything that
we have in our books at any given time.
- 219. But, what Eric was trying to do
was to work these numbers
- 220. for levels of volatility that fall
outside of the standard VAR model.
- 221. - What are those levels?
- it's fairly complicated.
- 222. Simplify.
- 223. The volatility levels are set
using historic patterns, basically,
- 224. and then stretching those patterns
out another 10, 15% roughly.
- 225. All right, so?
- 226. So, we are starting
to test those historic patterns.
- 227. When?
- 228. - Today.
- 229. Monday. Last Friday and Wednesday.
- 230. Two Fridays ago.
- 231. All right. I get it.
- 232. Fuck me.
- 233. Once this thing gets going
in the wrong direction,
- 234. this is fucking huge.
- 235. How huge?
- 236. Well, the losses are greater than
the current value of the company.
- 237. Projected losses. The projected losses, Will.
- 238. - And this is just our floor?
- 239. Where the fuck is Eric Dale?
- 240. I don't know. I tried to call him.
His phone is off.
- 241. What do you mean?
- 242. They turned everybody's phone off
that they axed today.
- 243. Fucking ruthless.
- 244. - Did you try his personal cell?
- Yeah, I called his cell phone. It's not on.
- 245. - Call his home.
- At this hour?
- 246. Yeah. Do we even know if he's right?
- 247. - Looks pretty fucking right to me.
- It does.
- 248. Mrs. Dale, it's Will Emerson.
- 249. I'm fine, thank you. May I speak with Eric?
- 250. No, we've tried that.
His phone appears to be off.
- 251. Listen, could you have him call me
the moment he comes in?
- 252. The moment he walks through the door.
- 253. Thank you so much.
- 254. Goodbye.
- 255. Where the fuck is he?
- 256. - Doesn't he have, like, three kids?
- 257. Fuck, I don't know, would you go home?
- 258. I know where he is.
- 259. I need you two to go and get him.
- 260. There will be a car
waiting for you downstairs.
- 261. - You need to go.
- Right now?
- 262. Yeah, right now.
- 263. What are you going to do?
- 264. I'm going to call Sam.
- 265. Fuck me.
- 266. - Yes?
- It's Will.
- 267. It's 11:00 at night.
- 268. I know. I'm sorry. I wouldn't have called.
- 269. What's the problem?
- 270. I think you need to get back here.
- 271. What?
- 272. Sam, listen...
- 273. it's 11:00 at night.
- 274. I'm well aware of the fucking time, Sam.
I'm telling you, you need to see this.
- 275. See what?
- 276. It's...
- 277. E-mail it to me.
- 278. I don't think that, that would be a good idea.
- 279. I'm on my way.
- 280. Look at these people.
- 281. Wandering around with absolutely no idea
what's about to happen.
- 282. Right?
- 283. Well, I try to not let work get to me like that.
- 284. I've noticed that about you.
- 285. Come on. We're 23 years old.
- 286. - I'm 28.
- All right, 28.
- 287. Whatever, it's the same thing,
- 288. but I made nearly a quarter
of a million dollars last year.
- 289. Fuck. For what?
- 290. I push numbers around
on a computer screen.
- 291. A bunch of glorified crack addicts
are willing to take that information,
- 292. and they pretend to understand it,
- 293. and they bet it against some other jock
halfway around the world
- 294. who, you know, if he wasn't doing this,
- 295. he'd be in an OTB somewhere,
putting it all on number seven, you know?
- 296. At the end of the day,
one guy wins, one guy loses.
- 297. You do know it's a little more
complicated than that, right?
- 298. Yeah.
- 299. It's Will. He wants to know if we found him.
What do I say?
- 300. Let's say that we haven't found him yet.
- 301. Okay.
- 302. - Hey.
- 303. So?
- 304. Eric Dale.
- 305. Oh, Jesus.
- 306. Before he leaves the building,
escorted by fucking security, by the way...
- 307. - I had nothing to do with that.
- I know.
- 308. I'm sorry. Go on.
- 309. Before he leaves the building,
he hands this disk to Peter Sullivan.
- 310. - Who's Peter Sullivan again?
- Doesn't matter.
- 311. - He's one of Eric's guys.
- All right.
- 312. But before the elevator doors are closing,
the lest thing that he says is, "Be careful."
- 313. "Be careful"?
- 314. Yeah.
- 315. - "Be careful"?
- 316. - Why?
- Take a look.
- 317. Oh, Jesus. You Know
I can't fucking read these things.
- 318. Just speak to me in English.
- 319. All right. Basically, this Kid, Peter Sullivan,
he gets all inspired by your pep talk.
- 320. Nice job, by the way.
- 321. And he delves straight in after work.
- 322. And I think he nailed it.
- 323. Nailed it?
- 324. Yeah, I think he figured out
what Eric was missing.
- 325. And?
- 326. It's not good, Sam.
- 327. These here are
the historical volatility index limits
- 328. which, of course, our entire trading model
relies on pretty fucking heavily.
- 329. Well, we're now so levered up
that once it gets outside of these limits,
- 330. it gets ugly in a hurry.
- 331. And how close to those limits
have we gotten?
- 332. Sam, we're beyond close.
- 333. We broke through these limits
five or six days in the last two weeks.
- 334. Now, somehow we've managed to
stay on the right side of it for now.
- 335. For now.
- 336. Well, look what happens
when we get on the wrong side of it.
- 337. - Wait a minute. What am I looking at?
- You're looking at this figure here.
- 338. - Whoa. Is that...
- 339. And that would not be a bad day for us,
- 340. - Is that figure right?
- I don't know. I can't be sure.
- 341. Where's Eric Dale?
- 342. - We shut his phone off.
- Of course we did.
- 343. Yeah. So I called his wife,
who says he's not home.
- 344. Yeah, he's probably crying
in some fucking beer somewhere.
- 345. Yeah, or worse.
- 346. Where's the kid that did this?
- 347. I sent him out looking for Eric.
- 348. You think he knows what he's doing?
- 349. I don't know. What do I know?
- 350. Get him back here. Get him back here.
- 351. What do you think these girls
make in a night?
- 352. $1,500?
- 353. Two grand?
- 354. Two grand.
- 355. Fuck. That's... That's pretty great.
- 356. I mean, all considered.
- 357. Shit.
- 358. Will.
- 359. Yep-
- 360. No. No, we asked, and nobody's seen him.
- 361. Okay, yep.
- 362. All right, so what do you think
Rogers makes in a year?
- 363. - I don't know, I have no idea.
- Come on. Play along.
- 364. - What year? I don't know.
- Last year.
- 365. Three quarters of a million.
- 366. Come on.
- 367. - What?
- Oh, it's not even close.
- 368. - More?
- Much more.
- 369. A million?
- 370. Will Emerson made
two and a half million last year.
- 371. - Fuck you.
- Fuck me.
- 372. Fuck you. How do you know that?
- 373. - He told me.
- He just told you?
- 374. I asked him, and yeah, he told me.
- 375. You think that's true?
- 376. Yeah, probably.
- 377. That's fucked up.
- 378. - Why is that fucked up?
- I don't know, does it seem right to you?
- 379. Right? I mean, right is... Right is...
- 380. Jesus.
- 381. So what do you think
that means Rogers puts away?
- 382. I have no idea, Seth.
This traffic is a fucking nightmare.
- 383. Sorry.
- 384. Gentlemen.
- 385. Will. Mr. Rogers.
- 386. Come with us, please.
- 387. Sam, this is Seth Bregman
and Peter Sullivan.
- 388. Sir.
- 389. Will?
- 390. Where are we going?
- 391. We're going to get a second opinion
on your work, Peter.
- 392. So, Sam, what do you have for us?
- 393. It'll be here in a minute.
- 394. Finding somebody in the copy room
at this hour was a little bit of a challenge.
- 395. Okay, let's go right into the introductions.
- 396. This is Sarah Robertson, who you know.
- 397. Chief Risk Management Officer
Ramesh Shah from upstairs.
- 398. And David Horn,
one of the firm's in-house counsel.
- 399. Nice to meet you all. This is my Head
of Trading, Will Emerson, and this is...
- 400. Peter Sullivan and Seth Bregman.
They work in our Risk Department.
- 401. Where's Eric Dale?
- 402. He was let go today.
- 403. Who do you have left
in your Risk Department?
- 404. As of today that would be
Peter and our Junior Analyst, Seth.
- 405. Really?
- 406. Will Emerson?
- 407. Yes, please. Just hand them out.
- 408. Thank you.
- 409. Apparently, Eric had been working on this
for some time,
- 410. but he wasn't able to finish it.
- 411. This morning, as he left the building,
- 412. he handed the program to Peter here
and asked him to take a look at it.
- 413. Peter did. He put a few things in
that Eric seemed to be missing,
- 414. and this is what came out.
- 415. Peter, is this your work?
- 416. Mostly Mr. Dale's.
- 417. But is this your draft?
- 418. Yes.
- 419. Again, expanded on the original work
by Mr. Dale. But, yes.
- 420. What's your background?
- 421. - My background?
- Your CV?
- 422. I've been with the firm
for two and a half years,
- 423. working with Eric that whole time.
- 424. But I hold a doctorate in engineering,
- 425. specialty in propulsion, from MIT
with a bachelor's from Penn.
- 426. What is a specialty in propulsion, exactly?
- 427. My thesis was a study
in the ways that friction ratios
- 428. affect steering outcomes in aeronautical use
under reduced gravity loads.
- 429. So, you're a rocket scientist?
- 430. I was. Yeah.
- 431. Interesting.
- 432. How did you end up here?
- 433. It's all just numbers, really.
Just changing what you're adding up.
- 434. And to speak freely, the money here is
considerably more attractive.
- 435. What time is it?
- 436. 2:15.
- 437. Fuck me. Fuck me.
- 438. And I'm guessing by the fact
that you two haven't said anything
- 439. that the math checks out.
- 440. Look, we'd need some time to go over this.
- 441. But Mr. Sullivan here seems like
he knows what he's doing.
- 442. So, it would appear we have a problem.
- 443. Thank you for that.
- 444. What time is it?
- 445. - 2:16.
- Fuck me.
- 446. Fuck me.
- 447. Sam, how long under normal operations
- 448. would it take your people
to clear that from our books?
- 449. What?
- 450. - All of it?
- 451. I don't know. Weeks.
- 452. - Weeks?
- Yeah. Weeks.
- 453. But you certainly know
that our business is selling and buying?
- 454. It doesn't work for very long
without both components.
- 455. We suddenly stop buying for a day or two,
- 456. that's not something you can hide
under the rug. That gets out.
- 457. And when it does, this whole thing
comes to an end, and right quick.
- 458. - I understand.
- Do you?
- 459. Yes.
- 460. How many traders do we have left
between your floor and Peterson's?
- 461. - I don't know, what...
- 462. Jared, as I look at this more closely,
- 463. it is these VAR numbers
that are setting this thing off.
- 464. Excuse me.
- 465. I warned you about this last year.
- 466. We would not be in this position
if we had done what I...
- 467. Please.
- 468. As I was saying,
and I speak completely off the record,
- 469. it's only a matter of time
before someone else
- 470. starts putting these in and
they come up with exactly the same results
- 471. and look at exactly
what we're looking at right now,
- 472. if they haven't already.
- 473. Understood.
- 474. And, Sarah, what value would you allow
to be placed on those assets
- 475. that might remain on the books,
if they had to?
- 476. Why would they still be on the books?
- 477. Because suddenly nobody wants
to fucking buy them.
- 478. Fuck you, Sam. Will you give me
- 479. - a fucking break here?
- Excuse me, Jared...
- 480. Without an active market,
it would take weeks or months
- 481. for me to come up with
an accurate value on them.
- 482. You would have to go block by block.
- 483. Look, Jared, it's a very simple business,
right? We talked about this.
- 484. Sam.
- 485. Will, Peter, and...
- 486. - What the fuck is his name?
- 487. Thank you. Seth. Could you please
give us a few moments?
- 488. And, Peter?
- 489. Has anyone else seen this?
- 490. No, no one aside from us.
- 491. - And Eric Dale.
- 492. And can it really be possible that
we don't know where Eric Dale is?
- 493. I called his wife, he hasn't come home yet,
- 494. and we turned off his phone today.
- 495. Perfect.
- 496. Well, I'd like to know where he is.
- 497. Jesus fucking Christ. Who is that guy?
- 498. Sam's boss.
- 499. He looks like he's 15 years old.
- 500. He's 40.
- 501. Yeah, how does that happen?
- 502. Oh, it happens all the time.
- 503. Except to me.
- 504. Kid's a fucking killer.
- 505. What are they talking about in there?
- 506. It ain't pretty.
- 507. What ain't pretty?
- 508. If people stop buying what we're selling.
- 509. Jared.
- 510. You cannot be doing
what you're thinking of doing.
- 511. Well, I don't see any other choice.
- 512. What does that mean,
we don't have a choice?
- 513. Fuck you, you don't have a choice.
- 514. Fuck me?
Did you even look at the numbers, Sam?
- 515. Yeah, but what do I know?
- 516. Correct me if I'm wrong, Mr. Shah,
- 517. but these numbers, they don't add up.
- 518. One and one no longer makes two.
- 519. Look, if I may,
I would like a little bit more time.
- 520. Jared, we can't tell you yet.
- 521. Are you fucking kidding me?
We have talked about this.
- 522. We need a little more time
to give you our conclusion.
- 523. Okay. We meet again in 45 minutes.
- 524. - Sam, do you have the file?
- 525. What are you going to do?
- 526. Are you gonna call him?
- 527. I already have.
- 528. Jesus.
- 529. Wow, that's gorgeous.
- 530. It's a long way down.
- 531. Yes, it is.
- 532. Will, don't do that. Come on.
- 533. You know the feeling that people experience
- 534. when they stand on the edge like this
isn't a fear of falling.
- 535. It's the fear that they might jump.
- 536. That's very deep and depressing.
- 537. Yeah, well, I'm a little dark sometimes.
- 538. All right. Come down, please, Will.
Please, come on.
- 539. Will.
- 540. Yeah, fuck it.
- 541. Not today!
- 542. It looks like they're going to
make us dump this shit.
- 543. What?
- 544. You watch.
- 545. How?
- 546. You'll see.
- 547. How could they do that?
- 548. They can't. It's impossible.
But they'll figure a way.
- 549. I've been at this company for 10 years,
- 550. and I've seen things you wouldn't believe.
- 551. When all is said and done,
they do not lose money.
- 552. They don't mind if everybody else does,
- 553. but they don't lose.
- 554. Will?
- 555. Did you really make
two and a half million last year?
- 556. Yeah, sure.
- 557. How did you spend it all?
- 558. It goes quite quickly.
- 559. You know,
you learn to spend what's in your pocket.
- 560. Two and a half million goes quickly?
- 561. All right, let's see.
- 562. So the taxman takes half up front,
- 563. so you're left with one and a quarter.
- 564. My mortgage takes another 300 grand.
- 565. I send 150 home for my parents,
you know, keep them going.
- 566. - So what's that?
- 567. All right, 800.
- 568. Spent 150 on a car.
- 569. About 75 on restaurants.
Probably 50 on clothes.
- 570. - I put 400 away for a rainy day.
- That's smart.
- 571. Yeah, as it turns out,
'cause it looks like the storm's coming.
- 572. You still got 125.
- 573. Yeah, well, I did spend $76,520
on hookers, booze, and dancers.
- 574. But mainly hookers.
- 575. 76,5007
- 576. I was a little shocked initially,
but then I realized
- 577. that I could claim most of it back
as entertainment. It's true.
- 578. - Holy shit!
- 579. The cavalry is here!
Come on, we should go.
- 580. How old are you?
- 581. - 43.
- 582. This is bizarre.
- 583. It's like a dream.
- 584. I don't know, seems like we actually
may have just woken up.
- 585. Come in.
- 586. How do we look?
- 587. - I should go.
- No. You should stay.
- 588. So?
- 589. It's legit.
- 590. The kid killed it.
- 591. The formula's worthless.
- 592. - What does that mean?
- It's broken.
- 593. There are eight trillion dollars of paper
around the world
- 594. relying on that equation.
- 595. Well, we were wrong.
- 596. No, you mean you were wrong.
- 597. Now, don't get me started.
We discussed this.
- 598. I'm heading for the conference room.
- 599. No, I want you to hear this.
- 600. I don't want to hear this.
- 601. How do you think I've stuck around
this place so long?
- 602. I called Tuld.
- 603. Do we have a contingency plan here?
- 604. - A contingency plan?
- 605. No, we went all in on this one.
- 606. So we've gotten ourselves
quite exposed here, haven't we?
- 607. To Tuld or the market?
- 608. To both.
- 609. He's here?
- 610. - Tuld's helicopter just landed.
- I know. Come with us.
- 611. - Where's Sam?
- I don't know. You sure you want all of us?
- 612. Yes.
- 613. One piece of advice for everyone
before we go in there.
- 614. This could get a little ugly.
- 615. But whatever you do, just tell the truth.
- 616. Do not change a word of it.
- 617. No one here is smart enough,
including the rocket scientist.
- 618. - Mr. Cohen.
- 619. This way, please.
- 620. He's already in there waiting for you.
- 621. Excellent.
- 622. John.
- 623. Please, sit down.
- 624. Welcome, everyone.
- 625. I must apologize for dragging you all here
at such an uncommon hour.
- 626. But from what I've been told,
this matter needs to be dealt with urgently.
- 627. So urgently, in fact, it probably should have
been addressed weeks ago.
- 628. But that is spilt milk under the bridge.
- 629. So, why doesn't somebody tell me
what they think is going on here?
- 630. Mr. Tuld, as I mentioned earlier,
- 631. if you compare the figure
at the top of page 13...
- 632. Jared, it's a little early for all that.
Just speak to me in plain English.
- 633. Okay.
- 634. In fact, I'd like to speak to
the guy who put this together.
- 635. Mr. Sullivan, is it? Does he speak English?
- 636. Sir?
- 637. I'd like to speak with the analyst
- 638. who seems to have
stumbled across this mess.
- 639. Certainly. That would be Peter Sullivan.
- 640. Oh, Mr. Sullivan, you're here.
- 641. Maybe you could tell me
what you think is going on here.
- 642. And please,
speak as you might to a young child
- 643. or a golden retriever.
- 644. It wasn't brains that got me here.
I can assure you of that.
- 645. Well, sir, as you may or may not know,
- 646. here for Mr. Rogers as an associate
in the Risk Assessment
- 647. and Management Office at MBS.
- 648. Please. Just relax. Stand up.
Tell us in a clear voice.
- 649. What is the nature of the problem?
- 650. Okay.
- 651. As you probably know,
over the last 36 to 40 months
- 652. the firm has begun packaging
- 653. new MBS products that
combine several different tranches
- 654. of rating classifications
in one tradable security.
- 655. This has been enormously profitable,
- 656. as I imagine you noticed.
- 657. I have.
- 658. The firm is currently doing
a considerable amount
- 659. of this business every day.
- 660. Now the problem, which is, I guess,
why we are here tonight,
- 661. is that is takes us, the firm, about a month
- 662. to layer these products correctly,
thereby posing a challenge
- 663. from a Risk Management standpoint.
- 664. And, Mr. Sullivan, that challenge is?
- 665. We have to hold these assets on our books
longer than we might ideally like to.
- 666. Yes.
- 667. But the key factor here is
these are essentially just mortgages.
- 668. So that has allowed us to push
the leverage considerably beyond
- 669. what you might be willing or allowed to do
in any other circumstance,
- 670. thereby pushing the risk profile
without raising any red flags.
- 671. Now... Thank you, Mr. Sullivan. Sit down.
- 672. What I'm guessing your report here says,
- 673. and give me some rope here.
- 674. What I'm guessing it says is that
considering the, shall we say,
- 675. bumpy road we've been on
the last week or so,
- 676. that the figures your brilliant co-workers
up the line ahead of you have come up with
- 677. don't make much sense anymore
- 678. considering what's taking place today.
- 679. Actually, not what's taking place today,
- 680. but what's already taken place
over the last two weeks.
- 681. So, you're saying
this has already happened?
- 682. Sort of.
- 683. Sort of.
- 684. And, Mr. Sullivan, what does your model
say that, that means for us here.
- 685. Well, that's where it becomes a projection.
- 686. But...
- 687. You're speaking with me, Mr. Sullivan.
- 688. Well, sir,
- 689. if those assets decrease by just 25%
- 690. and remain on our books,
- 691. that loss would be greater than
the current market capitalization
- 692. of this entire company.
- 693. So, what you're telling me
- 694. is that the music is about to stop
- 695. and we're going to be left
holding the biggest bag
- 696. of odorous excrement
- 697. ever assembled in the history of
- 698. capitalism.
- 699. Sir, I'm not sure that I would put it that way.
But let me clarify.
- 700. Using your analogy,
- 701. what this model shows
- 702. is the music, so to speak, just slowing.
- 703. If the music were to stop, as you put it,
- 704. then this model wouldn't be even close
to that scenario.
- 705. It would be considerably worse.
- 706. Let me tell you something, Mr. Sullivan.
- 707. Do you care to know why
I'm in this chair with you all?
- 708. I mean, why I earn the big bucks?
- 709. Yes.
- 710. I'm here for one reason
and one reason alone.
- 711. I'm here to guess what the music might do
a week, a month, a year from now.
- 712. That's it.
- 713. Nothing more.
- 714. And standing here tonight,
- 715. I'm afraid that I don't hear a thing.
- 716. Just
- 717. silence.
- 718. So, now that we Know the music has
stopped, what can we do about it?
- 719. Mr. Cohen? Ms. Robertson?
- 720. I'm afraid I think this is where
you're supposed to step back in.
- 721. Lord knows we've relied enough
on Mr. Sullivan tonight.
- 722. What do you have for us?
- 723. What have I told you since
the first day you stepped into my office?
- 724. There are three ways to make a living
in this business,
- 725. be first, be smarter, or cheat.
- 726. Now, I don't cheat.
- 727. And although I like to think we have
some pretty smart people in this building,
- 728. it sure is a hell of a lot easier to just be first.
- 729. Sell it all. Today.
- 730. Is that even possible, Sam?
- 731. Yes, but at what cost?
- 732. I'll have to pay.
- 733. Really?
- 734. I think so.
- 735. Where is this going to come back to us?
- 736. Everywhere.
- 737. Sam, I don't think you seem to understand
what your boy here has just said.
- 738. If I made you,
- 739. how would you do this?
- 740. You call the traders in for their normal
6:30 meeting and you be honest with them.
- 741. Because they're going to know
it's the end either way.
- 742. You're going to have to throw them a bone,
and a pretty big one.
- 743. And then you've got to
come out of the gates storming.
- 744. No swaps. No nothing.
- 745. 40% done by 10:15. By 11:00,
- 746. all your trades have to be gone
- 747. because by lunchtime,
word's going to be out.
- 748. And by 2:00 you're going to be selling
at 65 cents on the dollar, if you're lucky.
- 749. And then the feds are going to be in here,
up your ass, trying to slow you down.
- 750. Ramesh?
- 751. They can slow you down.
They can't stop you.
- 752. It's yours to sell.
- 753. But, John, even if
- 754. we manage to pull that off,
and that's saying something,
- 755. the real question is,
who are we selling this to?
- 756. Same people we've been selling it to
the last two years,
- 757. and whoever else will buy it.
- 758. But, John, if you do this,
- 759. you will kill the market for years. It's over.
- 760. And you're selling something
that you know has no value.
- 761. We are selling to willing buyers
of the current fair market price.
- 762. So that we may survive.
- 763. You will never sell anything
to any of those people ever again.
- 764. I understand.
- 765. - Do you?
- Do you?
- 766. This is it!
- 767. I'm telling you. This is it.
- 768. Now, it's 4:00.
- 769. Jared, you've got till 5:00 to
break this down and draw me up a plan.
- 770. Is there anybody else who knows what's
in here at the moment, block by block?
- 771. Eric Dale.
- 772. And where is he?
- 773. As of today, he's no longer with the firm.
- 774. We have been trying to locate him.
- 775. - Carmelo.
- 776. Get me Eric Dale here by 6:30.
- 777. It's done.
- 778. We meet back here in an hour.
- 779. Sam, let's talk.
- 780. This is a hell of a town.
- 781. I've always loved this place,
since the day I arrived.
- 782. Everything about it.
- 783. Sam, are you going to go with me on this?
- 784. I don't know, John.
- 785. This one is very ugly.
- 786. You and I, we're salesmen.
- 787. We sell. That's what we do.
it's not complicated.
- 788. Exactly.
- 789. And you know damn well
you don't sell anything to anybody
- 790. unless you think they're gonna
come back for more.
- 791. That's the lesson we learned.
And tomorrow, we're done.
- 792. But this is it, Sam.
- 793. You keep saying that.
What's that supposed to mean?
- 794. This is the big one.
- 795. Most of us aren't going to
make it out of this one.
- 796. - Us?
- The Street.
- 797. What are you talking about?
- 798. This isn't the last situation
I'm gonna have to deal with this week.
- 799. This is just the start.
- 800. It's the start 'cause you're starting it.
- 801. Maybe. But I don't believe that.
Not this time.
- 802. The numbers,
they just don't add up anymore.
- 803. I agree with you there.
I've been saying that for years.
- 804. If this kid out there can
come up with this, then...
- 805. Look, I just don't think I can walk in there
knowing what I know
- 806. and put the hammer down on these guys.
- 807. When did you start getting so soft, Sam?
- 808. Fuck you, soft. You're panicking
- 809. If you're the first out of the door,
that's not called panicking.
- 810. You're obviously operating
with more information than I have.
- 811. But I think this will destroy this firm.
- 812. No one will ever trust you again.
- 813. You're knowingly putting people
out of business, full stop.
- 814. You let me deal with that, Sam.
- 815. How'd it go?
- 816. This is a fucking shit show.
- 817. - They're gonna go with it?
- 818. Jesus.
- 819. Remember this day, boys.
- 820. Remember this day.
- 821. So, what's the strategy here?
- 822. That's where I'm headed right now.
- 823. Downstairs to work on it with my guys.
- 824. No, no. You and I with John.
- 825. I'm not sure that we need one, Sarah.
That's not the way I do things.
- 826. Please.
- 827. Listen, he knows where we've stood on this
- 828. all along.
- 829. That's exactly my point.
- 830. And knowing what was discussed
by both you and I,
- 831. I don't see how this could
provide you with anything
- 832. other than a false sense of comfort.
- 833. I'm not looking for
a sense of comfort here, Sarah.
- 834. I don't think there's one to be found.
- 835. So, again, what's the strategy here?
- 836. I'm just not sure
there's much more to do on this.
- 837. It's very simple.
- 838. Don't even think about fucking me on this.
- 839. 'Cause if we're going down,
- 840. then you damn well know it'll be together.
- 841. No.
- 842. I'm not sure that I do know that.
- 843. Hey.
- 844. Oh, I'm sorry.
- 845. What do you guys think
Tuld made last year?
- 846. Would you shut the fuck up?
- 847. 86 million.
- 848. In bonuses and salary.
- 849. - Really?
- Sure, it's public record.
- 850. That is a lot of fucking money.
- 851. He was worth a billion.
- 852. Was?
- 853. Till today.
- 854. Really?
- 855. You'll see.
- 856. I'm going to get some coffee.
You guys want anything else?
- 857. - I'm all right.
- I could use some real air.
- 858. - Probably a good idea.
- Is it all right, Will?
- 859. - Is what all right?
- If I get out of here for a minute?
- 860. Of course, it's not a prison.
- 861. You want me to hold your hand?
- 862. Why did they put all this fruit on it?
- 863. Hello, Will Emerson.
- 864. Hello.
- 865. Right.
- 866. No, thank you. I understand.
- 867. No, we'll be discreet.
- 868. Thank you.
- 869. - What?
- Eric's wife.
- 870. He's alive, he's home,
he doesn't want to speak to us,
- 871. and he doesn't know that she rang me.
- 872. - Where's he live?
- 873. - Shall I call Tuld's guy?
- 874. It's Eric. The last thing we need
is those guys going over there.
- 875. No, you two go get him
and try to bring him here.
- 876. - But you got to be back by 6:00 a.m.
- All right.
- 877. I hate Brooklyn.
- 878. May I come in?
- 879. Of course. Please, sit down.
- 880. So...
- 881. We're going to do this thing.
- 882. Okay.
- 883. It's going to be tight.
- 884. Is Sam on board?
- 885. Not yer.
- 886. Sarah,
- 887. I need a head to feed to the traders
on the floor and the board.
- 888. Is it me or Cohen?
- 889. It's you.
- 890. Of course, you're well aware
that I filtered several warnings
- 891. to you and Cohen about this a year ago.
- 892. I really don't think that's the best path
for you to take at this point.
- 893. You're going to be well taken care of here.
- 894. Obviously, it is
- 895. quite complicated.
- 896. John, I was told under no uncertain terms...
- 897. It was always a very gray area.
- 898. Actually, it was made very clear at the time
by you, me, and Cohen.
- 899. I'd really appreciate it
if you didn't fight me on this.
- 900. We all fucked this one up pretty good.
- 901. Yes.
- 902. We need you to stay here
until this is finished
- 903. and the market's closed.
- 904. I understand.
- 905. They'll go over the numbers
with you downstairs.
- 906. Good luck.
- 907. Oh, fuck. Jared's coming.
- 908. What's the boy wonder want?
- 909. - You got a minute?
- Just off to pick up Eric.
- 910. Yeah. I know. It will only take a second.
- 911. All right, what is it?
- 912. Tuld and I have concerns that Sam
- 913. may not be willing to step up
and do the right thing here.
- 914. This has never been a problem.
- 915. No, it hasn't.
- 916. But sometimes,
in acute situations such as this,
- 917. often what is right can take on
- 918. Sam will step up.
- 919. Oh, I know he will. But if he doesn't...
- 920. But if he doesn't,
we need to know that you will.
- 921. Thank you.
- 922. You need to know that I will what?
- 923. That you'll step up.
- 924. I have no doubt that
Sam will make the right decision.
- 925. But just to make it clear,
- 926. he and I have always had
the same interpretation of what's right,
- 927. no matter how acute the situation.
- 928. Jesus, that's a nice place.
- 929. Yeah, it is. He just bought it.
- 930. I hope it was with cash.
- 931. Fuck me,
you're a heartless little shit sometimes.
- 932. And it wasn't.
- 933. Don't touch any of the buttons.
- 934. - What are you doing here?
- 935. So, Peter finished the model
you were working on.
- 936. Really?
- 937. It caused a shit storm.
- 938. I bet it did.
- 939. You think he's right?
- 940. I know he's right.
- 941. Fuck.
- 942. All right.
- 943. So Jared Cohen called
an emergency meeting
- 944. with the senior partners last night.
- 945. And based on your findings,
- 946. they've decided to liquidate
our entire position.
- 947. Today.
- 948. I'm very sorry about that.
- 949. They're worried about you being out here
and they want me to bring you back.
- 950. Please.
- 951. I'm just saying.
- 952. - Fuck them. Fuck them.
- 953. - Don't be rash.
- Forget it. I signed my paper. I'm out.
- 954. - They'll pay you.
- They got nothing on me.
- 955. They'll pay you.
- 956. I've been paid enough already.
- 957. Fuck.
- 958. Do you know I built a bridge once?
- 959. - Sorry?
- A bridge.
- 960. No, I didn't know that.
- 961. I was an engineer by trade.
- 962. It went from Dilles Bottom, Ohio,
to Moundsville, West Virginia.
- 963. It spanned 912 feet above the Ohio River.
- 964. 12,100 people use this thing a day.
- 965. And it cut out 35 miles
of extra driving each way
- 966. between Wheeling and New Martinsville.
- 967. That's a combined 847,000 miles
of driving a day.
- 968. Or 25,410,000 miles a month.
- 969. And 304,920,000 miles a year saved.
- 970. Now, I completed that project in 1986.
That's 22 years ago.
- 971. So over the life of that one bridge,
- 972. that's 6,708,240,000 miles
- 973. that haven't had to be driven at...
- 974. What? Let's say 50 miles an hour.
- 975. So that's what?
- 976. That's 134,164,800 hours.
- 977. Or 559,020 days.
- 978. So that one little bridge
has saved the people
- 979. of those two communities a combined
- 980. 1,531 years of their lives
- 981. not wasted in a fucking car.
- 982. 1,531 years.
- 983. Jesus.
- 984. I guess you better get back over there.
- 985. Yeah.
- 986. Thanks for coming by.
- 987. You're welcome.
- 988. Who the fuck is this?
- 989. I would imagine it's the firm's people.
- 990. What?
- 991. They don't want any loose ends.
- 992. They fired me. Fuck them. Fuck them.
- 993. I totally agree. Fuck them.
So come back, take the money,
- 994. you'll be home by 5:00.
- 995. Otherwise, they're going to
fight you on everything.
- 996. They're going to fight you
on your package, your options, everything.
- 997. Be smart.
- 998. Well, you're a better man than me.
- 999. - That's always been true.
- Yes, it has.
- 1000. House looks good.
- 1001. Thanks.
- 1002. Hey, Eric.
- 1003. Don't beat yourself up too much
about this stuff, all right?
- 1004. Some people like driving
the long way home.
- 1005. Who the fuck knows, right?
- 1006. There he is.
- 1007. John.
- 1008. How's it looking?
- 1009. Cohen's doing a nice job. It could work.
- 1010. What does that mean?
- 1011. It means,
- 1012. as you very well know,
- 1013. that you're a very important piece
of this puzzle.
- 1014. That's very generous.
- 1015. It's not a gift.
- 1016. I need to know you're with me on this.
- 1017. I'm with the firm, John.
- 1018. I won't get what I need from your boys
on the floor
- 1019. unless they believe you.
- 1020. Unless they believe in you completely.
- 1021. Are you in on this?
- 1022. I've told you my reservations.
- 1023. You can't have reservations.
- 1024. And I need to know now.
- 1025. Well, John, I am completely with the firm,
as I always have been.
- 1026. Excuse me.
- 1027. All right, Will, am I getting fired?
- 1028. I don't know.
- 1029. Yeah.
- 1030. Almost definitely. Yes.
- 1031. - Are you?
- 1032. Seth, it's nothing you did.
- 1033. You're just in the wrong firm
at the wrong time.
- 1034. Young guys are always
the first to get culled.
- 1035. Listen, nothing I'm gonna say
is going to make you feel any better.
- 1036. It's just going to suck for a while,
and then you'll be fine.
- 1037. You all right?
- 1038. Yeah. I'm fine.
- 1039. For what it's worth,
I'm sorry this is happening to you.
- 1040. Don't be. You didn't do it to me.
- 1041. Still, at least you're going to have
some nice cash to walk away with.
- 1042. I guess.
- 1043. Shit, this is really going to affect people.
- 1044. Yeah, it's going to affect people like me.
- 1045. No. No. Real people.
- 1046. Jesus, Seth.
- 1047. Listen, if you really want to
do this with your life,
- 1048. you have to believe you're necessary.
And you are.
- 1049. People want to live like this, in their cars
- 1050. and the big fucking houses
they can't even pay for,
- 1051. then you're necessary.
- 1052. The only reason that they all get to
continue living like kings
- 1053. is because we've got our fingers
on the scales in their favor.
- 1054. I take my hand off,
- 1055. then the whole world gets really fucking fair
really fucking quickly,
- 1056. and nobody actually wants that.
They say they do, but they don't.
- 1057. They want what we have to give them,
- 1058. but they also want to play innocent
- 1059. and pretend they have no idea
where it came from.
- 1060. That's more hypocrisy
than I'm willing to swallow.
- 1061. So fuck... Fuck normal people.
- 1062. The funny thing is, tomorrow,
if all of this goes tits up
- 1063. they're going to crucify us
for being too reckless.
- 1064. But if we're wrong
- 1065. and everything gets back on track,
- 1066. then the same people are going to
laugh till they piss their pants,
- 1067. 'cause we're gonna look like
the biggest pussies
- 1068. God ever let through the door.
- 1069. You think we're going to be wrong?
- 1070. No, they're all fucked.
- 1071. Good morning.
- 1072. Peter.
- 1073. You want one?
- 1074. I don't smoke.
- 1075. Oh, that's good. I don't much either.
- 1076. You tired?
- 1077. Of what? Remember,
I don't work as hard as you.
- 1078. That's not true.
- 1079. No, it is, actually.
- 1080. We all getting fired tonight?
- 1081. Probably.
- 1082. Are they going to fire you?
- 1083. They won't exactly call it that.
- 1084. It'll be a mercy killing, really.
- 1085. You don't have to stand out here for me.
- 1086. No, I don't
- 1087. really want to go back in there just yet.
- 1088. I understand that.
- 1089. I think I know your son.
- 1090. Really?
- 1091. Not well, but he always seemed
like a nice person.
- 1092. He is a nice person.
- 1093. I guess you could say worse things
about a guy.
- 1094. Does he know what's about to happen?
- 1095. What do you mean?
- 1096. Did you talk to him?
- 1097. No, I hadn't even thought...
- 1098. They are all coming in now.
- 1099. Yes, they are.
- 1100. Have you ever done anything like this?
- 1101. No, never. Not even close.
- 1102. Yeah.
- 1103. Are you sure it's the only,
- 1104. or the right thing to do?
- 1105. For who?
- 1106. I'm not sure.
- 1107. Neither am I.
- 1108. Oh, God.
- 1109. You all right?
- 1110. You're about to fire me.
- 1111. This is all I ever wanted to do.
- 1112. Really?
- 1113. They're almost ready for you,
Ms. Robertson. Couple of minutes.
- 1114. You as well?
- 1115. Yes.
- 1116. - Jesus.
- 1117. - Sorry.
- Thank you.
- 1118. I didn't think they were going to
be able to get you back here.
- 1119. Well, they told me they were going to
- 1120. drag me through hell on everything
over the next two years,
- 1121. my options, my health care.
- 1122. Or I could come back here and make
- 1123. $176,471 an hour
- 1124. to sit quietly in this room.
- 1125. Didn't seem like much of a choice.
- 1126. It never is.
- 1127. Obviously, looking back,
it was expressed with
- 1128. insufficient urgency,
- 1129. but your point was passed on.
I need you to know that.
- 1130. Eric.
- 1131. It's okay. I understand.
- 1132. Believe me. There was nothing else
you could have done.
- 1133. I guess.
- 1134. At the time, it didn't seem like
there was much of a choice.
- 1135. It never does.
- 1136. You have kids, yeah?
- 1137. So, what's your package going to be like?
- 1138. I don't know.
That's what I'm waiting for now.
- 1139. It's probably going to be pretty good.
- 1140. It better be.
- 1141. Thank you all for coming in
a little early this morning.
- 1142. I know yesterday was pretty bad,
- 1143. and I wish I could say that
today's gonna be less so,
- 1144. but that isn't going to be the case.
- 1145. Now, I'm supposed to read
this statement to you all here.
- 1146. But why don't you just
read it on your own time,
- 1147. and I'll just tell you
what the fuck is going on here.
- 1148. I've been here all night
meeting with the executive committee,
- 1149. and the decision has been made
to unwind a considerable portion
- 1150. of the firm's holdings
and several key asset classes.
- 1151. The crux of it is, in the firm's thinking,
- 1152. the party is over as of this morning.
- 1153. There's gonna be considerable turmoil
in the markets for the foreseeable future,
- 1154. and they believe it is better
that this turmoil begin with us.
- 1155. As a result,
- 1156. the firm has decided to liquidate
- 1157. its majority position
of fixed income MBS today.
- 1158. These are your packets.
- 1159. You will see what accounts
you're responsible for today.
- 1160. I'm sure it hasn't taken you long
- 1161. to understand the implications of this sale
- 1162. on your relationships
with your counter parties
- 1163. and, as a result,
- 1164. on your careers.
- 1165. I have expressed this reality
to the executive committee,
- 1166. and they understand.
- 1167. As a result,
- 1168. if you achieve a 93% sale of your assets,
- 1169. you will receive
a $1.4 million one-off bonus.
- 1170. If the floor as a whole achieves a 93% sale,
- 1171. you will get an additional
$1.3 million apiece.
- 1172. For those of you who have
never been through this before,
- 1173. this is what the beginning
of a fire sale looks like.
- 1174. I cannot begin to tell you how important
the first hour and a half is gonna be.
- 1175. I want you to hit every bite you can find.
- 1176. Dealers, brokers, clients.
Your mother, if she's buying.
- 1177. And, no swaps.
- 1178. It's outgoing only. Today.
- 1179. Obviously, this is not going down
the way that any of us would have hoped.
- 1180. But the ground is shifting below our feet,
- 1181. and apparently there's no other way out.
- 1182. Guys,
- 1183. this is obviously
a very, very unique situation.
- 1184. If we are successful today,
- 1185. we will have been successful
in destroying our own jobs.
- 1186. I cannot promise that any of you, all of you,
- 1187. some of you will be
repositioned within the firm.
- 1188. But I can tell you that I am very proud of
the work that we have done here together.
- 1189. I've been at this place 34 years,
- 1190. and I can tell you from experience
that people are going to say
- 1191. some very nasty things
about what we do here today
- 1192. and about what you've dedicated
a portion of your lives to.
- 1193. But,
- 1194. have faith that in the bigger picture,
our skills have not been wasted.
- 1195. We have accomplished much,
- 1196. and our talents have been used
- 1197. for the greater good.
- 1198. Here's your packets. Get to work.
- 1199. - City this is Eric.
- Give me Elliot.
- 1200. - City.
- Hey, it's Will Emerson.
- 1201. William, how are you?
- 1202. I'm all right. How's the trouble and strife?
- 1203. Busting my ass, as always.
- 1204. You see, that's what I tried to tell you,
John. Why do you think I'm single?
- 1205. I know you did. What can I do for you?
- 1206. Listen. I just got the tap on my shoulder,
- 1207. and we've got some risk over here
that we need to move.
- 1208. So today it looks like my loss is your gain.
- 1209. What kind of size are we talking?
- 1210. It should be on your screen. I just sent it.
- 1211. Jesus! Where does this land?
- 1212. - 96 on the dollar.
- 1213. All three and we're done at 94.
- 1214. - Ninety-three and a half
- 1215. - Trading.
- Hello, gorgeous.
- 1216. Will, what's happening over there?
- 1217. Well, today's moving day.
- 1218. Fuck are you guys so worked up about?
- 1219. You think they tell me anything? All I know
is that today, my loss is your gain.
- 1220. Now you're a friendly,
so I've come to you first.
- 1221. I got 270 mil at 15 year
paying out a point and a half above par.
- 1222. - Where's it from?
- Where's it from? Do you care?
- 1223. No, not really.
- 1224. Now, where's the trade?
I'm hearing things...
- 1225. - Alexis...
- You guys are scaring me a little.
- 1226. I'm only sharing this with you right now. 85.
- 1227. Done.
- 1228. - Deutsche.
- it's Will Emerson.
- 1229. Fuck you, you limey bastard.
- 1230. Come on, are you still angry about that?
- 1231. Word is out. I'm hanging up now.
- 1232. - Merrill.
- 1233. What the fuck are
you guys doing over there?
- 1234. - Just a little spring cleaning.
- That is not what I'm hearing.
- 1235. All right, Lawrence, are you a buyer?
- 1236. I'm not sure anymore. Where at?
- 1237. Well, it sounds like
I should be asking you where at.
- 1238. What are we talking about here?
- 1239. Three hundred seventy-five mil
at 30 year mixed.
- 1240. - Fuck me.
- Are you with me on this?
- 1241. - Sixty-three cents.
- Oh, fuck you. I'm hanging up.
- 1242. Sixty-three.
- 1243. Let me call my man here.
I'll come back to you in five.
- 1244. It may be 55 in 5.
- 1245. Well, all right, then. Stay on the line.
- 1246. Sam, pick up the phone.
- 1247. - Sam, get on the line!
- 1248. - I got Lawrence at Merrill.
- Where are we?
- 1249. - Sixty-three cents.
- 1250. - On what?
- 375 mix 30.
- 1251. Get him to 65 and hit it.
- 1252. Are you fucking kidding me? That's...
- 1253. What is that?
That's a $131 million loss on a single trade.
- 1254. I understand. Hit it.
- 1255. Hey, Lawrence. We're fill or kill at 65.
- 1256. It's filled.
- 1257. Well done.
- 1258. I just want to give you a heads up.
- 1259. They're going to start sending
a few people home now.
- 1260. Now?
- 1261. Yes, Sam. No loose ends.
- 1262. Of course.
- 1263. And for what it's worth,
- 1264. you're still good.
- 1265. Yeah, I guess someone upstairs
really likes you.
- 1266. Sam.
- 1267. Please, sit.
- 1268. Congratulations are clearly in order.
- 1269. They did the best they could.
- 1270. You did a hell of a job.
And I thank you for it. Come on, sit.
- 1271. Excuse me for eating,
- 1272. but it's been a long day.
- 1273. - Can I get you something?
- No, nothing. Thanks.
- 1274. So, what can I do for you?
- 1275. I want out.
- 1276. I'm done. I want out.
- 1277. - It's been a very difficult day for everyone.
- I need you to release my options,
- 1278. if they're worth anything after today.
I want my bonus. I'm out.
- 1279. You'll get your bonus, your options,
and keep your current base.
- 1280. But I need you to stay with me
for the next 24 months, okay?
- 1281. Oh, come on, Sam.
- 1282. Put a smile on your face.
- 1283. You did some good today.
You said that yourself.
- 1284. Do you know, I'm starting to feel
a little better about this whole thing.
- 1285. You're one of the luckiest guys
in the world, Sam.
- 1286. Could have been digging
ditches all these years.
- 1287. That's true.
- 1288. And if I had, at least there'd be
some holes in the ground to show for it.
- 1289. Jesus.
- 1290. I just don't know
how we fucked this up quite so much.
- 1291. When did you start feeling
so sorry for yourself?
- 1292. It's unbearable. What?
- 1293. So you think we might have put
a few people out of business today.
- 1294. That's all for naught.
- 1295. But you've been doing that every day
for almost 40 years, Sam.
- 1296. And if this is all for naught,
then so is everything out there.
- 1297. It's just money.
- 1298. It's made up,
- 1299. pieces of paper with pictures on it
- 1300. so that we don't have to kill each other
just to get something to eat.
- 1301. It's not wrong.
- 1302. And it's certainly no different today
than it's ever been.
- 1303. 1637, 1797,
- 1304. 1819,1837, 1857,1884,
- 1305. 1901, 1907,
- 1306. 1929, 1937, 1974,
- 1307. 1987, Jesus.
Didn't that fucker fuck me up good.
- 1308. 1992, 1997, 2000,
and whatever we want to call this.
- 1309. It's all just the same thing, over and over.
We can't help ourselves.
- 1310. And you and I can't control it
- 1311. or stop it or even slow it.
- 1312. Or even ever so slightly alter it.
- 1313. We just react.
- 1314. And we make a lot of money
if we get it right.
- 1315. And we get left by the side of the road
if we get it wrong.
- 1316. And there have always been
and there always will be
- 1317. the same percentage of winners and losers,
- 1318. happy fucks and sad sacks,
- 1319. fat cats and starving dogs in this world.
- 1320. Yeah.
- 1321. There may be more of us today
than there's ever been.
- 1322. But the percentages,
they stay exactly the same.
- 1323. I'll do it, John,
but not because of your little speech.
- 1324. But because I need the money.
- 1325. Hard to believe after all these years,
but I need the money.
- 1326. This is the executive dining room.
- 1327. - Do you want coffee or tea?
- 1328. You gonna keep the kid?
- 1329. Keep him? He's getting promoted.
- 1330. It's all hands on deck now, Sam.
- 1331. There's going to be a lot of money
to be made coming out of this mess,
- 1332. and we're gonna need
all the brains we can get around here.
- 1333. Hello.
- 1334. I've called the police.
- 1335. Mary.
- 1336. - Sam.
- 1337. What are you doing?
- 1338. Sam, what are you doing?
- 1339. Ella died.
- 1340. I was driving home from the vet
and I couldn't think of where else to go.
- 1341. - She belongs here.
- I know.
- 1342. But, Sam, you don't live here anymore.
- 1343. Are you all right?
- 1344. You don't look so good.
- 1345. Yeah, it's been a rough day
all the way around.
- 1346. I know, Sammy called.
- 1347. Is he all right?
- 1348. They got hammered, but they got out alive.
- 1349. Good.
- 1350. Well, I'm gonna go back inside
- 1351. and go back to bed.
- 1352. The alarm is on, so don't try and break in.
- 1353. Take care of yourself.