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