WEBVTT

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ls that them?

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Jesus Christ.

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Are they going to do it right here?

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You guys ever been through this before?

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No.

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lt's best to ignore it, keep your head down,
and go back to work.

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Go on.

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Don't watch.

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Timothy Singh?

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-Yes.
-l'm afraid we have to speak with you.

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Come.

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Eric Dale?

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Excuse me?

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Eric Dale?

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-No.
-Sorry?

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l'm not Eric Dale.

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l'm so sorry.

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He's my boss.

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He's down the hall.

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Thanks.

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Excuse me, Mr. Dale?

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This way.

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Okay.

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l am obviously sorry that we are here today.

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But these are extraordinary times,
as you very well must know.

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Look, l run Risk Management.

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l don't really see how that's a natural place
to start cutting jobs.

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We hope you understand
this is in no way personal.

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The majority of this floor
is being let go today.

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Ms. Bratberg is now going to run through
the details of what the firm is offering.

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Okay.

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Mr. Dale, the firm is offering you
a six-month severance at half your salary.

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You will keep all unvested options
that you currently hold.

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Health will be extended through that period.

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You have until tomorrow at 4:47
to either take the offer or it will be revoked.

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Do you understand?

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Yes.

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Unfortunately, Mr. Dale,

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due to the highly sensitive nature
of your work here,

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the firm has to take certain precautions
for security purposes

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that may seem punitive in nature.

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l hope, considering your

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over 1 9 years of service to the firm,

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you will understand that these measures
are in no way a reflection

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of the firm's feelings
towards your performance

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or your character.

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l don't understand.

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She's apologizing
for what's about to happen.

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Your company e-mail, access to the server,
access to the building,

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and your mobile data and phone service
will all be severed as of this meeting.

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And this gentleman
will take you to your office

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so you can clear out
your personal belongings.

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What about what l'm currently working on?
l'm in the middle of something that...

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The firm has worked out its transition plan
and is prepared to move forward.

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But we do appreciate your concern.

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We understand that this is difficult.
And here is my card.

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Please contact me in the next few weeks

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if you need any assistance
with this transition in your life.

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Sir.

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Okay.

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Hey.

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l'm sorry.

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-You still alive?
-For now.

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Congratulations.

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lt was a bloodbath.

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l heard.

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Listen, Eric,

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if there was something l could have done,
l would have done it.

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-l know.
-All right?

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Yeah, l know. l know.

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Okay.

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Just tell me,

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who was it?

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-Come on, Eric.
-Come on, Will.

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-Rogers?
-l'm not going to say, you know.

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-You know me.
-Robertson?

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That cunt. l knew it.

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l knew l shouldn't have
fucking gone to her last year.

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lt wasn't anyone.
Eric, you know what it was?

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lt was bad luck, and that's all it was.

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Yup.

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All right, well, good luck.

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Will?

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Come here.

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l was just in the middle
of a lot of shit right here

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that l think somebody needs
to take a look at.

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Eric, listen,

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they're telling us
everybody needs to get out of here.

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Just leave their stuff.

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And while we appreciate your concern,

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this is not your problem anymore.

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Good luck.

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Thank you.

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Right this way, Mr. Murphy.

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-Eric, l'm very sorry.
-Yeah.

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Did they say what was going
to happen with us?

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-Jesus, Seth.
-What?

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lt's going to get pretty ugly
around here for a while.

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But, you know, you guys will be all right.

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-Good luck, Eric.
-All right.

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l'll see you around, okay?
All right. Thank you.

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Eric.

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l wanted to say thanks.

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-lt's not necessary.
-Well, it is.

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You were the person around here that l...

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l know.

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Hey, look,

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l was working on something,
but they wouldn't let me finish it.

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So, take a look at it.

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Be careful.

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We're sorry.

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The telephone you are calling from
is not in service at this time.

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Robertson!

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Sarah Robertson.

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Sarah.

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You shut off my phone?

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Eric, l didn't do anything.

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Fuck you.

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Well, that was fucking hideous.

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lt's gonna get worse before it gets better.

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You think?

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Much.

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You got any Nicorettes?

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l'm out of Nicorettes.

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Which means in about 1 0 minutes
l'm going to kill someone.

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You all right, Sam?

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My dog is dying.

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l'm sorry.

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Just got off the phone with the vet.
Fucking tumor on her liver.

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l was spending, like, $1 ,000 a day
already just trying to keep her alive.

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Yeah,

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l don't have a fucking clue
what to do about it.

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Well, they're all gone.

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So...

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How many do we have left?

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About 33.

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Well, make sure they're all out there.
l've gotta say something.

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Yeah, no, they're ready.

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They're ready for you.

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All right, let's hear it.

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You're all still here for a reason.

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80% of this floor
was just sent home, forever.

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We spent the last hour
saying our goodbyes.

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They were good people
and they were good at theirjobs,

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but you were better.

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Now they're gone,
they're not to be thought of again.

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This is your opportunity.

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On every floor of this building

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and in every office,
from Hong Kong to London,

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the same thing is happening.

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By the time we're done,

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three of every seven guys who were
standing between you and your boss' job

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are gone.

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That is your opportunity.

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l've been with this place for 34 years,

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and l can tell you this is not the last time
that you're gonna go through this.

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But you are all survivors.

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And that is how this firm, over 1 07 years,
has continued to grow stronger.

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So keep your heads high. Get back to work.
Let's hear it.

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Everyone's going out, man.
You should... Come on.

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No, man. l'm cool. Thanks.

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Okay. Well, if you change your mind,
just give me a call.

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l will.

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Come.

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-Where you guys going?
-The Grand.

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l will call you when l am done.

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All right.

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Hey, be glad you're still alive.

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l am.

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-Have a good night, man.
-You, too.

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Come on. Come on. Come on.

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We're sorry. You've reached a number...

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-Fuck me. Fuck!
-...that has been disconnected.

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-Hello?
-Hey.

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-l can't hear you.
-What?

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Can you go outside? lt's too loud.

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Hold on a second. lt's loud.
Just give me a second.

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-All right, what's up?
-Hey, where are you?

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-Lugo.
-Okay. Are you with Will?

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-Yeah. Will Emerson?
-Yeah.

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Yeah. l think he's still here. Why?

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All right. l need you to get Will,
and l need you guys to come back up here.

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-Where?
-To the office.

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-What?
-l'm serious.

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Wait a sec... You want me
to get our boss' boss out of a club

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and bring him back to the office
at 1 0:00 on a Thursday night?

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Well, our boss got axed,
so technically he is our boss,

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-and yes, that is what l want you to do.
-Why?

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Look, man. Just trust me, okay?
l need you guys back here now.

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All right. We'll be there in 10.

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Fuck.

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Have l ever told you
how much l love your bag?

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No, really.

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-Do you have a little dress that matches it?
-Yeah, l do.

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Because you could bounce around in it
like a fucking girl.

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Hey!

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Look who's burning the candle
at both ends.

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Why didn't you come out with us?

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There's no more cuts planned.
You don't have to kiss my arse.

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l frankly don't even know
what it is you guys do.

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Well, l'm really sorry
l had to bring you guys back here,

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-but...
-That's all right.

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-What's going on?
-Look at this.

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-Eric gave me this file before he left.
-Eric...

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Dale. And he told me
that he couldn't quite figure it out.

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And the last thing he said to me

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before the elevator doors closed was,
"Be careful."

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-He said, "Be careful"?
-Yeah. So, obviously, l'm a little curious.

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l start to get into it a little bit,

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and l realize that the only thing
that he's missing...

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-This is not good, Will.
-All right. Okay. So what is he doing here?

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No, no. Go to model four.
lt makes more sense.

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Okay. All right.

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What is this?

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This is basically everything that
we have in our books at any given time.

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But, what Eric was trying to do
was to work these numbers

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for levels of volatility that fall
outside of the standard VAR model.

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-What are those levels?
-lt's fairly complicated.

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Simplify.

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The volatility levels are set
using historic patterns, basically,

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and then stretching those patterns
out another 1 0, 1 5% roughly.

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All right, so?

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So, we are starting
to test those historic patterns.

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When?

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-Today.
-Tuesday.

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Monday. Last Friday and Wednesday.

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Two Fridays ago.

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All right. l get it.

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Fuck me.

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Once this thing gets going
in the wrong direction,

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this is fucking huge.

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How huge?

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Well, the losses are greater than
the current value of the company.

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Projected losses. The projected losses, Will.

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-And this is just our floor?
-Yes.

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Where the fuck is Eric Dale?

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l don't know. l tried to call him.
His phone is off.

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What do you mean?

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They turned everybody's phone off
that they axed today.

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Fucking ruthless.

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-Did you try his personal cell?
-Yeah, l called his cell phone. lt's not on.

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-Call his home.
-At this hour?

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Yeah. Do we even know if he's right?

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-Looks pretty fucking right to me.
-lt does.

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Mrs. Dale, it's Will Emerson.

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l'm fine, thank you. May l speak with Eric?

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No, we've tried that.
His phone appears to be off.

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Listen, could you have him call me
the moment he comes in?

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The moment he walks through the door.

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Thank you so much.

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Goodbye.

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Where the fuck is he?

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-Doesn't he have, like, three kids?
-So?

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Fuck, l don't know, would you go home?

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l know where he is.

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l need you two to go and get him.

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There will be a car
waiting for you downstairs.

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-You need to go.
-Right now?

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Yeah, right now.

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What are you going to do?

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l'm going to call Sam.

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Fuck me.

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-Yes?
-lt's Will.

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lt's 1 1 :00 at night.

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l know. l'm sorry. l wouldn't have called.

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What's the problem?

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l think you need to get back here.

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What?

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Sam, listen...

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lt's 1 1 :00 at night.

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l'm well aware of the fucking time, Sam.
l'm telling you, you need to see this.

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See what?

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lt's...

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E-mail it to me.

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l don't think that, that would be a good idea.

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l'm on my way.

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Look at these people.

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Wandering around with absolutely no idea
what's about to happen.

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Right?

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Well, l try to not let work get to me like that.

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l've noticed that about you.

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Come on. We're 23 years old.

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-l'm 28.
-All right, 28.

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Whatever, it's the same thing,

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but l made nearly a quarter
of a million dollars last year.

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Fuck. For what?

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l push numbers around
on a computer screen.

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A bunch of glorified crack addicts
are willing to take that information,

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and they pretend to understand it,

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and they bet it against some otherjock
halfway around the world

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who, you know, if he wasn't doing this,

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he'd be in an OTB somewhere,
putting it all on number seven, you know?

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At the end of the day,
one guy wins, one guy loses.

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You do know it's a little more
complicated than that, right?

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Yeah.

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lt's Will. He wants to know if we found him.
What do l say?

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Let's say that we haven't found him yet.

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Okay.

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-Hey.
-Hey.

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So?

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Eric Dale.

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Oh, Jesus.

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Before he leaves the building,
escorted by fucking security, by the way...

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-l had nothing to do with that.
-l know.

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l'm sorry. Go on.

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Before he leaves the building,
he hands this disk to Peter Sullivan.

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-Who's Peter Sullivan again?
-Doesn't matter.

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-He's one of Eric's guys.
-All right.

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But before the elevator doors are closing,
the last thing that he says is, "Be careful."

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"Be careful"?

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Yeah.

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-"Be careful"?
-Yeah.

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-Why?
-Take a look.

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Oh, Jesus. You know
l can't fucking read these things.

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Just speak to me in English.

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All right. Basically, this kid, Peter Sullivan,
he gets all inspired by your pep talk.

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Nice job, by the way.

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And he delves straight in after work.

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And l think he nailed it.

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Nailed it?

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Yeah, l think he figured out
what Eric was missing.

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And?

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lt's not good, Sam.

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These here are
the historical volatility index limits

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which, of course, our entire trading model
relies on pretty fucking heavily.

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Well, we're now so levered up
that once it gets outside of these limits,

27:01.558 --> 27:03.058
it gets ugly in a hurry.

27:03.434 --> 27:06.019
And how close to those limits
have we gotten?

27:06.104 --> 27:08.313
Sam, we're beyond close.

27:08.815 --> 27:12.317
We broke through these limits
five or six days in the last two weeks.

27:12.485 --> 27:15.320
Now, somehow we've managed to
stay on the right side of it for now.

27:15.405 --> 27:16.655
For now.

27:17.073 --> 27:20.617
Well, look what happens
when we get on the wrong side of it.

27:26.457 --> 27:29.418
-Wait a minute. What am l looking at?
-You're looking at this figure here.

27:32.922 --> 27:34.423
-Whoa. ls that...
-Yeah.

27:34.507 --> 27:37.884
And that would not be a bad day for us,
historically speaking.

27:38.261 --> 27:40.387
-ls that figure right?
-l don't know. l can't be sure.

27:40.805 --> 27:41.888
Where's Eric Dale?

27:41.973 --> 27:43.515
-We shut his phone off.
-Of course we did.

27:43.558 --> 27:46.184
Yeah. So l called his wife,
who says he's not home.

27:46.269 --> 27:47.936
Yeah, he's probably crying
in some fucking beer somewhere.

27:48.021 --> 27:49.521
Yeah, or worse.

27:49.606 --> 27:50.772
Where's the kid that did this?

27:50.940 --> 27:52.441
l sent him out looking for Eric.

27:52.525 --> 27:54.192
You think he knows what he's doing?

27:55.403 --> 27:56.528
l don't know. What do l know?

27:56.613 --> 27:58.530
Get him back here. Get him back here.

28:10.793 --> 28:13.795
What do you think these girls
make in a night?

28:14.130 --> 28:15.380
$1 ,500?

28:22.597 --> 28:24.097
Two grand?

28:25.725 --> 28:27.184
Two grand.

28:28.061 --> 28:32.064
Fuck. That's... That's pretty great.

28:32.815 --> 28:34.733
l mean, all considered.

28:39.739 --> 28:40.864
Shit.

28:40.907 --> 28:42.074
Will.

28:44.077 --> 28:45.243
Yep.

28:46.079 --> 28:48.747
No. No, we asked, and nobody's seen him.

28:51.751 --> 28:53.418
Okay, yep.

29:06.974 --> 29:10.435
All right, so what do you think
Rogers makes in a year?

29:11.729 --> 29:13.939
-l don't know, l have no idea.
-Come on. Play along.

29:14.023 --> 29:16.566
-What year? l don't know.
-Last year.

29:17.068 --> 29:19.194
Three quarters of a million.

29:21.155 --> 29:22.447
Come on.

29:23.032 --> 29:25.242
-What?
-Oh, it's not even close.

29:25.284 --> 29:27.119
-More?
-Much more.

29:28.121 --> 29:29.621
A million?

29:29.706 --> 29:32.207
Will Emerson made
two and a half million last year.

29:32.291 --> 29:34.126
-Fuck you.
-Fuck me.

29:34.168 --> 29:36.461
Fuck you. How do you know that?

29:37.672 --> 29:39.297
-He told me.
-He just told you?

29:39.382 --> 29:42.384
l asked him, and yeah, he told me.

29:42.468 --> 29:44.386
You think that's true?

29:44.887 --> 29:46.555
Yeah, probably.

29:46.639 --> 29:48.473
That's fucked up.

29:48.558 --> 29:52.519
-Why is that fucked up?
-l don't know, does it seem right to you?

29:52.895 --> 29:55.522
Right? l mean, right is... Right is...

29:57.734 --> 29:58.942
Jesus.

30:00.278 --> 30:01.820
So what do you think
that means Rogers puts away?

30:01.863 --> 30:05.490
l have no idea, Seth.
This traffic is a fucking nightmare.

30:21.299 --> 30:22.507
Sorry.

30:29.307 --> 30:30.348
Gentlemen.

30:31.267 --> 30:33.351
Will. Mr. Rogers.

30:33.394 --> 30:35.228
Come with us, please.

30:41.694 --> 30:43.820
Sam, this is Seth Bregman
and Peter Sullivan.

30:43.863 --> 30:45.030
Sir.

30:48.034 --> 30:49.242
Will?

30:50.495 --> 30:51.995
Where are we going?

30:52.038 --> 30:55.582
We're going to get a second opinion
on your work, Peter.

31:32.036 --> 31:34.162
So, Sam, what do you have for us?

31:34.247 --> 31:35.288
lt'll be here in a minute.

31:35.373 --> 31:38.250
Finding somebody in the copy room
at this hour was a little bit of a challenge.

31:38.292 --> 31:39.918
Okay, let's go right into the introductions.

31:40.002 --> 31:41.419
This is Sarah Robertson, who you know.

31:41.504 --> 31:44.923
Chief Risk Management Officer
Ramesh Shah from upstairs.

31:44.966 --> 31:47.384
And David Horn,
one of the firm's in-house counsel.

31:47.677 --> 31:51.263
Nice to meet you all. This is my Head
of Trading, Will Emerson, and this is...

31:51.305 --> 31:54.850
Peter Sullivan and Seth Bregman.
They work in our Risk Department.

31:54.934 --> 31:56.434
Where's Eric Dale?

31:56.811 --> 31:58.603
He was let go today.

32:00.940 --> 32:03.775
Who do you have left
in your Risk Department?

32:03.818 --> 32:07.779
As of today that would be
Peter and our Junior Analyst, Seth.

32:10.241 --> 32:11.449
Really?

32:12.577 --> 32:13.827
Will Emerson?

32:13.911 --> 32:16.246
Yes, please. Just hand them out.

32:16.747 --> 32:17.789
Thank you.

32:29.427 --> 32:31.595
Apparently, Eric had been working on this
for some time,

32:31.637 --> 32:32.971
but he wasn't able to finish it.

32:33.055 --> 32:34.639
This morning, as he left the building,

32:34.682 --> 32:37.517
he handed the program to Peter here
and asked him to take a look at it.

32:37.602 --> 32:41.396
Peter did. He put a few things in
that Eric seemed to be missing,

32:41.480 --> 32:43.481
and this is what came out.

32:45.359 --> 32:46.651
Peter, is this your work?

32:48.821 --> 32:50.155
Mostly Mr. Dale's.

32:50.781 --> 32:52.616
But is this your draft?

32:52.658 --> 32:53.783
Yes.

32:54.869 --> 32:58.330
Again, expanded on the original work
by Mr. Dale. But, yes.

32:58.664 --> 32:59.831
What's your background?

32:59.916 --> 33:01.374
-My background?
-Your CV?

33:01.459 --> 33:02.792
l've been with the firm
for two and a half years,

33:02.835 --> 33:03.919
working with Eric that whole time.

33:04.003 --> 33:05.921
But l hold a doctorate in engineering,

33:06.005 --> 33:09.007
specialty in propulsion, from MlT
with a bachelor's from Penn.

33:09.050 --> 33:11.509
What is a specialty in propulsion, exactly?

33:11.761 --> 33:14.554
My thesis was a study
in the ways that friction ratios

33:14.639 --> 33:17.515
affect steering outcomes in aeronautical use
under reduced gravity loads.

33:18.935 --> 33:21.144
So, you're a rocket scientist?

33:21.520 --> 33:23.021
l was. Yeah.

33:24.106 --> 33:25.273
lnteresting.

33:25.524 --> 33:26.858
How did you end up here?

33:26.943 --> 33:29.778
lt's all just numbers, really.
Just changing what you're adding up.

33:29.862 --> 33:33.490
And to speak freely, the money here is
considerably more attractive.

33:42.625 --> 33:44.042
What time is it?

33:44.085 --> 33:45.168
2:1 5.

33:45.628 --> 33:48.672
Fuck me. Fuck me.

33:49.173 --> 33:51.633
And l'm guessing by the fact
that you two haven't said anything

33:51.717 --> 33:53.385
that the math checks out.

33:53.427 --> 33:56.721
Look, we'd need some time to go over this.

33:56.806 --> 34:00.225
But Mr. Sullivan here seems like
he knows what he's doing.

34:00.309 --> 34:02.060
So, it would appear we have a problem.

34:02.269 --> 34:03.687
Thank you for that.

34:03.729 --> 34:05.021
What time is it?

34:05.064 --> 34:06.731
-2:1 6.
-Fuck me.

34:08.401 --> 34:09.651
Fuck me.

34:17.952 --> 34:21.079
Sam, how long under normal operations

34:21.122 --> 34:23.498
would it take your people
to clear that from our books?

34:27.086 --> 34:28.461
What?

34:29.213 --> 34:30.964
-All of it?
-Yes.

34:32.675 --> 34:34.092
l don't know. Weeks.

34:34.135 --> 34:35.969
-Weeks?
-Yeah. Weeks.

34:36.929 --> 34:40.640
But you certainly know
that our business is selling and buying?

34:41.892 --> 34:43.810
lt doesn't work for very long
without both components.

34:43.894 --> 34:45.520
We suddenly stop buying for a day or two,

34:45.604 --> 34:48.732
that's not something you can hide
under the rug. That gets out.

34:48.774 --> 34:53.153
And when it does, this whole thing
comes to an end, and right quick.

34:54.321 --> 34:56.322
-l understand.
-Do you?

34:59.535 --> 35:00.577
Yes.

35:02.872 --> 35:06.332
How many traders do we have left
between your floor and Peterson's?

35:06.417 --> 35:08.376
-l don't know, what...
-60.

35:08.461 --> 35:09.961
Jared, as l look at this more closely,

35:10.004 --> 35:12.380
it is these VAR numbers
that are setting this thing off.

35:12.465 --> 35:13.798
Excuse me.

35:25.978 --> 35:27.812
l warned you about this last year.

35:27.855 --> 35:29.981
We would not be in this position
if we had done what l...

35:30.024 --> 35:31.024
Please.

35:31.108 --> 35:33.651
As l was saying,
and l speak completely off the record,

35:33.694 --> 35:35.570
it's only a matter of time
before someone else

35:35.654 --> 35:38.698
starts putting these in and
they come up with exactly the same results

35:38.783 --> 35:40.533
and look at exactly
what we're looking at right now,

35:40.618 --> 35:41.659
if they haven't already.

35:41.702 --> 35:43.119
Understood.

35:43.162 --> 35:46.664
And, Sarah, what value would you allow
to be placed on those assets

35:46.749 --> 35:49.125
that might remain on the books,
if they had to?

35:49.168 --> 35:50.835
Why would they still be on the books?

35:50.878 --> 35:52.587
Because suddenly nobody wants
to fucking buy them.

35:52.671 --> 35:53.963
Fuck you, Sam. Will you give me

35:54.006 --> 35:55.256
-a fucking break here?
-Excuse me, Jared...

35:55.341 --> 35:57.342
Without an active market,
it would take weeks or months

35:57.426 --> 35:59.427
for me to come up with
an accurate value on them.

35:59.512 --> 36:00.929
You would have to go block by block.

36:01.013 --> 36:03.515
Look, Jared, it's a very simple business,
right? We talked about this.

36:03.599 --> 36:04.808
Sam.

36:05.726 --> 36:08.019
Will, Peter, and...

36:08.104 --> 36:09.354
-What the fuck is his name?
-Seth.

36:09.396 --> 36:12.941
Thank you. Seth. Could you please
give us a few moments?

36:14.944 --> 36:16.319
And, Peter?

36:16.779 --> 36:18.071
Has anyone else seen this?

36:18.405 --> 36:20.031
No, no one aside from us.

36:20.116 --> 36:21.783
-And Eric Dale.
-Yes.

36:21.867 --> 36:25.995
And can it really be possible that
we don't know where Eric Dale is?

36:26.038 --> 36:28.248
l called his wife, he hasn't come home yet,

36:28.332 --> 36:30.875
and we turned off his phone today.

36:30.918 --> 36:32.001
Perfect.

36:32.628 --> 36:34.295
Well, l'd like to know where he is.

36:44.682 --> 36:47.725
Jesus fucking Christ. Who is that guy?

36:47.768 --> 36:49.144
Sam's boss.

36:50.187 --> 36:52.438
He looks like he's 1 5 years old.

36:52.523 --> 36:53.982
He's 40.

36:54.066 --> 36:56.151
Yeah, how does that happen?

36:56.694 --> 36:58.820
Oh, it happens all the time.

37:01.824 --> 37:03.366
Except to me.

37:05.536 --> 37:07.495
Kid's a fucking killer.

37:09.999 --> 37:12.667
What are they talking about in there?

37:17.089 --> 37:18.756
lt ain't pretty.

37:19.925 --> 37:21.634
What ain't pretty?

37:22.928 --> 37:25.763
lf people stop buying what we're selling.

37:29.935 --> 37:31.144
Jared.

37:32.479 --> 37:35.315
You cannot be doing
what you're thinking of doing.

37:35.399 --> 37:36.941
Well, l don't see any other choice.

37:37.026 --> 37:38.484
What does that mean,
we don't have a choice?

37:38.569 --> 37:39.694
Fuck you, you don't have a choice.

37:39.778 --> 37:43.072
Fuck me?
Did you even look at the numbers, Sam?

37:43.115 --> 37:44.616
Yeah, but what do l know?

37:44.658 --> 37:46.117
Correct me if l'm wrong, Mr. Shah,

37:46.202 --> 37:48.578
but these numbers, they don't add up.

37:48.621 --> 37:50.121
One and one no longer makes two.

37:50.206 --> 37:51.915
Look, if l may,
l would like a little bit more time.

37:51.957 --> 37:53.291
Jared, we can't tell you yet.

37:53.334 --> 37:55.627
Are you fucking kidding me?
We have talked about this.

37:55.669 --> 37:58.087
We need a little more time
to give you our conclusion.

37:58.130 --> 38:00.798
Okay. We meet again in 45 minutes.

38:01.300 --> 38:03.760
-Sam, do you have the file?
-Yeah.

38:21.028 --> 38:23.071
What are you going to do?

38:25.824 --> 38:27.742
Are you gonna call him?

38:32.456 --> 38:33.998
l already have.

38:48.847 --> 38:50.014
Jesus.

38:54.520 --> 38:56.312
Wow, that's gorgeous.

39:05.614 --> 39:07.407
lt's a long way down.

39:08.284 --> 39:09.659
Yes, it is.

39:21.380 --> 39:23.589
Will, don't do that. Come on.

39:26.719 --> 39:28.511
You know the feeling that people experience

39:28.554 --> 39:32.598
when they stand on the edge like this
isn't a fear of falling.

39:32.683 --> 39:35.184
lt's the fear that they might jump.

39:35.894 --> 39:38.896
That's very deep and depressing.
Thank you.

39:38.981 --> 39:41.190
Yeah, well, l'm a little dark sometimes.

39:41.233 --> 39:43.651
All right. Come down, please, Will.
Please, come on.

39:43.736 --> 39:45.028
Will.

39:45.321 --> 39:46.821
Yeah, fuck it.

39:49.867 --> 39:51.242
Not today!

39:58.250 --> 40:00.668
lt looks like they're going to
make us dump this shit.

40:00.878 --> 40:01.961
What?

40:02.796 --> 40:04.213
You watch.

40:04.256 --> 40:05.423
How?

40:06.091 --> 40:07.258
You'll see.

40:07.301 --> 40:08.760
How could they do that?

40:08.802 --> 40:11.637
They can't. lt's impossible.
But they'll figure a way.

40:11.930 --> 40:13.598
l've been at this company for 1 0 years,

40:13.640 --> 40:16.976
and l've seen things you wouldn't believe.

40:17.728 --> 40:20.438
When all is said and done,
they do not lose money.

40:20.522 --> 40:23.274
They don't mind if everybody else does,

40:23.359 --> 40:25.193
but they don't lose.

40:33.494 --> 40:34.619
Will?

40:35.913 --> 40:39.082
Did you really make
two and a half million last year?

40:39.124 --> 40:40.500
Yeah, sure.

40:43.796 --> 40:45.797
How did you spend it all?

40:46.256 --> 40:47.673
lt goes quite quickly.

40:47.758 --> 40:49.634
You know,
you learn to spend what's in your pocket.

40:49.676 --> 40:51.302
Two and a half million goes quickly?

40:51.387 --> 40:53.304
All right, let's see.

40:53.389 --> 40:55.473
So the taxman takes half up front,

40:55.516 --> 40:56.933
so you're left with one and a quarter.

40:57.810 --> 41:00.144
My mortgage takes another 300 grand.

41:00.187 --> 41:03.523
l send 1 50 home for my parents,
you know, keep them going.

41:03.607 --> 41:04.816
-So what's that?
-800.

41:04.858 --> 41:06.150
All right, 800.

41:07.027 --> 41:08.820
Spent 1 50 on a car.

41:09.571 --> 41:13.658
About 75 on restaurants.
Probably 50 on clothes.

41:14.827 --> 41:17.829
-l put 400 away for a rainy day.
-That's smart.

41:17.871 --> 41:21.499
Yeah, as it turns out,
'cause it looks like the storm's coming.

41:22.209 --> 41:23.793
You still got 1 25.

41:25.796 --> 41:30.425
Yeah, well, l did spend $76,520
on hookers, booze, and dancers.

41:30.509 --> 41:32.218
But mainly hookers.

41:33.429 --> 41:34.679
76,500?

41:35.514 --> 41:37.723
l was a little shocked initially,
but then l realized

41:37.808 --> 41:41.185
that l could claim most of it back
as entertainment. lt's true.

41:46.650 --> 41:47.859
-Holy shit!
-Goddamn!

41:47.943 --> 41:50.778
The cavalry is here!
Come on, we should go.

41:57.661 --> 41:59.287
How old are you?

42:00.914 --> 42:02.582
-43.
-Jesus.

42:08.422 --> 42:10.089
This is bizarre.

42:12.551 --> 42:14.635
lt's like a dream.

42:18.640 --> 42:22.852
l don't know, seems like we actually
may have just woken up.

42:25.564 --> 42:26.689
Come in.

42:28.066 --> 42:29.609
How do we look?

42:30.319 --> 42:32.904
-l should go.
-No. You should stay.

42:32.988 --> 42:34.155
So?

42:34.823 --> 42:36.574
lt's legit.

42:36.617 --> 42:38.284
The kid killed it.

42:38.994 --> 42:41.245
The formula's worthless.

42:41.330 --> 42:43.247
-What does that mean?
-lt's broken.

42:44.249 --> 42:47.293
There are eight trillion dollars of paper
around the world

42:47.377 --> 42:48.961
relying on that equation.

42:49.046 --> 42:50.338
Well, we were wrong.

42:50.422 --> 42:52.715
No, you mean you were wrong.

42:52.799 --> 42:54.926
Now, don't get me started.
We discussed this.

42:55.010 --> 42:56.093
l'm heading for the conference room.

42:56.178 --> 42:57.678
No, l want you to hear this.

42:59.681 --> 43:01.599
l don't want to hear this.

43:01.642 --> 43:05.102
How do you think l've stuck around
this place so long?

43:12.611 --> 43:14.111
l called Tuld.

43:16.698 --> 43:18.616
Do we have a contingency plan here?

43:18.659 --> 43:20.952
-A contingency plan?
-Yes.

43:21.328 --> 43:23.663
No, we went all in on this one.

43:24.790 --> 43:28.376
So we've gotten ourselves
quite exposed here, haven't we?

43:30.462 --> 43:32.547
To Tuld or the market?

43:34.466 --> 43:35.800
To both.

43:58.615 --> 44:00.157
He's here?

44:30.897 --> 44:33.983
-Tuld's helicopterjust landed.
-l know. Come with us.

44:34.026 --> 44:36.193
-Where's Sam?
-l don't know. You sure you want all of us?

44:36.278 --> 44:37.486
Yes.

44:43.744 --> 44:47.246
One piece of advice for everyone
before we go in there.

44:47.789 --> 44:49.373
This could get a little ugly.

44:49.458 --> 44:51.959
But whatever you do, just tell the truth.
No sugarcoating.

44:52.044 --> 44:53.502
Do not change a word of it.

44:53.545 --> 44:57.298
No one here is smart enough,
including the rocket scientist.

45:04.222 --> 45:06.390
-Mr. Cohen.
-Morning.

45:08.268 --> 45:09.894
This way, please.

45:14.775 --> 45:17.068
He's already in there waiting for you.

45:17.152 --> 45:18.402
Excellent.

45:41.927 --> 45:43.052
John.

45:44.429 --> 45:46.097
Please, sit down.

45:48.934 --> 45:50.643
Welcome, everyone.

45:50.727 --> 45:53.437
l must apologize for dragging you all here
at such an uncommon hour.

45:53.522 --> 45:57.858
But from what l've been told,
this matter needs to be dealt with urgently.

45:57.943 --> 46:00.986
So urgently, in fact, it probably should have
been addressed weeks ago.

46:01.071 --> 46:03.322
But that is spilt milk under the bridge.

46:03.407 --> 46:07.576
So, why doesn't somebody tell me
what they think is going on here?

46:08.578 --> 46:11.288
Mr. Tuld, as l mentioned earlier,

46:11.373 --> 46:14.166
if you compare the figure
at the top of page 1 3...

46:14.251 --> 46:17.795
Jared, it's a little early for all that.
Just speak to me in plain English.

46:19.089 --> 46:20.131
Okay.

46:20.173 --> 46:22.299
ln fact, l'd like to speak to
the guy who put this together.

46:22.384 --> 46:24.802
Mr. Sullivan, is it? Does he speak English?

46:24.886 --> 46:26.178
Sir?

46:26.263 --> 46:27.888
l'd like to speak with the analyst

46:27.973 --> 46:29.557
who seems to have
stumbled across this mess.

46:29.641 --> 46:32.685
Certainly. That would be Peter Sullivan.
Right here.

46:32.769 --> 46:35.020
Oh, Mr. Sullivan, you're here.
Good morning.

46:35.105 --> 46:37.815
Maybe you could tell me
what you think is going on here.

46:37.858 --> 46:41.902
And please,
speak as you might to a young child

46:41.987 --> 46:44.447
or a golden retriever.

46:44.489 --> 46:48.242
lt wasn't brains that got me here.
l can assure you of that.

46:52.414 --> 46:55.541
Well, sir, as you may or may not know,
l work

46:55.625 --> 46:59.170
here for Mr. Rogers as an associate
in the Risk Assessment

46:59.254 --> 47:01.130
and Management Office at MBS.

47:01.173 --> 47:04.925
Please. Just relax. Stand up.
Tell us in a clear voice.

47:05.010 --> 47:07.386
What is the nature of the problem?

47:09.514 --> 47:10.598
Okay.

47:12.350 --> 47:15.811
As you probably know,
over the last 36 to 40 months

47:15.854 --> 47:19.064
the firm has begun packaging

47:19.149 --> 47:24.278
new MBS products that
combine several different tranches

47:24.362 --> 47:27.615
of rating classifications
in one tradable security.

47:28.533 --> 47:30.659
This has been enormously profitable,

47:30.702 --> 47:32.912
as l imagine you noticed.

47:32.996 --> 47:34.205
l have.

47:34.414 --> 47:36.624
The firm is currently doing
a considerable amount

47:36.708 --> 47:37.750
of this business every day.

47:37.834 --> 47:41.712
Now the problem, which is, l guess,
why we are here tonight,

47:41.755 --> 47:44.882
is that is takes us, the firm, about a month

47:45.425 --> 47:49.720
to layer these products correctly,
thereby posing a challenge

47:49.763 --> 47:52.056
from a Risk Management standpoint.

47:52.307 --> 47:54.141
And, Mr. Sullivan, that challenge is?

47:54.559 --> 47:58.729
We have to hold these assets on our books
longer than we might ideally like to.

47:58.772 --> 47:59.980
Yes.

48:00.065 --> 48:02.900
But the key factor here is
these are essentially just mortgages.

48:02.984 --> 48:06.862
So that has allowed us to push
the leverage considerably beyond

48:06.905 --> 48:10.574
what you might be willing or allowed to do
in any other circumstance,

48:10.659 --> 48:14.620
thereby pushing the risk profile
without raising any red flags.

48:16.373 --> 48:18.165
Now... Thank you, Mr. Sullivan. Sit down.

48:18.250 --> 48:20.668
What l'm guessing your report here says,

48:20.752 --> 48:23.170
and give me some rope here.

48:23.255 --> 48:27.258
What l'm guessing it says is that
considering the, shall we say,

48:27.342 --> 48:30.511
bumpy road we've been on
the last week or so,

48:30.595 --> 48:35.391
that the figures your brilliant co-workers
up the line ahead of you have come up with

48:35.433 --> 48:37.768
don't make much sense anymore

48:37.811 --> 48:40.312
considering what's taking place today.

48:40.397 --> 48:42.106
Actually, not what's taking place today,

48:42.148 --> 48:44.984
but what's already taken place
over the last two weeks.

48:45.068 --> 48:48.445
So, you're saying
this has already happened?

48:48.530 --> 48:52.616
Sort of.

48:53.827 --> 48:58.539
And, Mr. Sullivan, what does your model
say that, that means for us here.

48:59.749 --> 49:02.334
Well, that's where it becomes a projection.

49:02.586 --> 49:03.794
But...

49:06.131 --> 49:08.799
You're speaking with me, Mr. Sullivan.

49:09.217 --> 49:10.634
Well, sir,

49:11.303 --> 49:15.139
if those assets decrease by just 25%

49:15.181 --> 49:17.141
and remain on our books,

49:17.767 --> 49:21.979
that loss would be greater than
the current market capitalization

49:22.063 --> 49:23.981
of this entire company.

49:27.485 --> 49:30.446
So, what you're telling me

49:32.032 --> 49:35.284
is that the music is about to stop

49:36.578 --> 49:39.747
and we're going to be left
holding the biggest bag

49:39.831 --> 49:41.165
of odorous excrement

49:41.458 --> 49:44.168
ever assembled in the history of

49:46.046 --> 49:47.463
capitalism.

49:51.509 --> 49:55.763
Sir, l'm not sure that l would put it that way.
But let me clarify.

49:56.306 --> 49:58.474
Using your analogy,

49:58.516 --> 50:00.392
what this model shows

50:01.478 --> 50:04.313
is the music, so to speak, just slowing.

50:05.690 --> 50:08.025
lf the music were to stop, as you put it,

50:08.068 --> 50:11.362
then this model wouldn't be even close
to that scenario.

50:11.446 --> 50:14.156
lt would be considerably worse.

50:18.203 --> 50:20.913
Let me tell you something, Mr. Sullivan.

50:21.957 --> 50:26.543
Do you care to know why
l'm in this chair with you all?

50:26.628 --> 50:29.046
l mean, why l earn the big bucks?

50:30.382 --> 50:31.382
Yes.

50:31.466 --> 50:34.718
l'm here for one reason
and one reason alone.

50:35.220 --> 50:41.308
l'm here to guess what the music might do
a week, a month, a year from now.

50:42.644 --> 50:43.978
That's it.

50:44.854 --> 50:46.021
Nothing more.

50:48.400 --> 50:50.567
And standing here tonight,

50:51.403 --> 50:56.991
l'm afraid that l don't hear a thing.

50:59.703 --> 51:00.911
Just

51:03.373 --> 51:04.915
silence.

51:20.724 --> 51:24.893
So, now that we know the music has
stopped, what can we do about it?

51:25.687 --> 51:27.938
Mr. Cohen? Ms. Robertson?

51:29.357 --> 51:32.985
l'm afraid l think this is where
you're supposed to step back in.

51:33.445 --> 51:36.947
Lord knows we've relied enough
on Mr. Sullivan tonight.

51:38.616 --> 51:40.701
What do you have for us?

51:48.668 --> 51:52.838
What have l told you since
the first day you stepped into my office?

51:53.757 --> 51:56.675
There are three ways to make a living
in this business,

51:56.760 --> 52:00.137
be first, be smarter, or cheat.

52:01.056 --> 52:02.806
Now, l don't cheat.

52:03.308 --> 52:07.728
And although l like to think we have
some pretty smart people in this building,

52:08.354 --> 52:11.899
it sure is a hell of a lot easier to just be first.

52:12.692 --> 52:14.485
Sell it all. Today.

52:17.322 --> 52:19.406
ls that even possible, Sam?

52:19.908 --> 52:21.825
Yes, but at what cost?

52:23.620 --> 52:25.245
l'll have to pay.

52:26.998 --> 52:28.457
Really?

52:28.500 --> 52:29.917
l think so.

52:31.127 --> 52:33.462
Where is this going to come back to us?

52:34.255 --> 52:35.339
Everywhere.

52:36.174 --> 52:40.761
Sam, l don't think you seem to understand
what your boy here has just said.

52:44.516 --> 52:46.183
lf l made you,

52:46.976 --> 52:48.685
how would you do this?

52:54.567 --> 52:57.778
You call the traders in for their normal
6:30 meeting and you be honest with them.

52:57.862 --> 53:00.364
Because they're going to know
it's the end either way.

53:00.573 --> 53:03.575
You're going to have to throw them a bone,
and a pretty big one.

53:03.660 --> 53:06.078
And then you've got to
come out of the gates storming.

53:06.162 --> 53:08.413
No swaps. No nothing.

53:08.498 --> 53:10.791
40% done by 1 0:1 5. By 1 1 :00,

53:10.875 --> 53:12.334
all your trades have to be gone

53:12.377 --> 53:14.795
because by lunchtime,
word's going to be out.

53:15.797 --> 53:19.883
And by 2:00 you're going to be selling
at 65 cents on the dollar, if you're lucky.

53:19.926 --> 53:22.928
And then the feds are going to be in here,
up your ass, trying to slow you down.

53:23.012 --> 53:24.221
Ramesh?

53:24.305 --> 53:26.890
They can slow you down.
They can't stop you.

53:26.933 --> 53:28.225
lt's yours to sell.

53:28.268 --> 53:30.435
But, John, even if

53:31.396 --> 53:34.648
we manage to pull that off,
and that's saying something,

53:36.234 --> 53:39.236
the real question is,
who are we selling this to?

53:39.737 --> 53:42.322
Same people we've been selling it to
the last two years,

53:42.407 --> 53:44.032
and whoever else will buy it.

53:44.075 --> 53:46.410
But, John, if you do this,

53:47.829 --> 53:50.789
you will kill the market for years. lt's over.

53:53.042 --> 53:55.961
And you're selling something
that you know has no value.

53:56.421 --> 54:00.883
We are selling to willing buyers
of the current fair market price.

54:01.593 --> 54:05.053
So that we may survive.

54:05.096 --> 54:08.932
You will never sell anything
to any of those people ever again.

54:09.017 --> 54:10.309
l understand.

54:10.435 --> 54:12.227
-Do you?
-Do you?

54:13.479 --> 54:15.063
This is it!

54:15.106 --> 54:17.399
l'm telling you. This is it.

54:28.786 --> 54:30.162
Now, it's 4:00.

54:30.788 --> 54:33.916
Jared, you've got till 5:00 to
break this down and draw me up a plan.

54:33.958 --> 54:38.253
ls there anybody else who knows what's
in here at the moment, block by block?

54:38.963 --> 54:40.297
Eric Dale.

54:40.882 --> 54:42.049
And where is he?

54:42.467 --> 54:45.219
As of today, he's no longer with the firm.

54:45.553 --> 54:48.013
We have been trying to locate him.

54:51.935 --> 54:52.976
-Carmelo.
-Yes.

54:53.061 --> 54:55.145
Get me Eric Dale here by 6:30.

54:55.647 --> 54:56.897
lt's done.

54:57.190 --> 54:59.191
We meet back here in an hour.

55:01.653 --> 55:03.403
Sam, let's talk.

55:16.668 --> 55:18.710
This is a hell of a town.

55:20.546 --> 55:23.548
l've always loved this place,
since the day l arrived.

55:23.633 --> 55:25.008
Everything about it.

55:33.893 --> 55:36.687
Sam, are you going to go with me on this?

55:38.564 --> 55:40.357
l don't know, John.

55:42.151 --> 55:44.027
This one is very ugly.

55:45.697 --> 55:47.739
You and l, we're salesmen.

55:48.533 --> 55:51.159
We sell. That's what we do.
lt's not complicated.

55:51.202 --> 55:52.494
Exactly.

55:53.329 --> 55:55.914
And you know damn well
you don't sell anything to anybody

55:55.999 --> 55:57.916
unless you think they're gonna
come back for more.

55:58.001 --> 56:01.253
That's the lesson we learned.
And tomorrow, we're done.

56:01.796 --> 56:02.921
But this is it, Sam.

56:03.006 --> 56:05.215
You keep saying that.
What's that supposed to mean?

56:05.550 --> 56:07.301
This is the big one.

56:07.969 --> 56:10.762
Most of us aren't going to
make it out of this one.

56:10.847 --> 56:12.889
-Us?
-The Street.

56:13.891 --> 56:15.350
What are you talking about?

56:15.727 --> 56:18.395
This isn't the last situation
l'm gonna have to deal with this week.

56:18.479 --> 56:19.688
This is just the start.

56:20.231 --> 56:22.065
lt's the start 'cause you're starting it.

56:22.400 --> 56:25.444
Maybe. But l don't believe that.
Not this time.

56:26.237 --> 56:28.447
The numbers,
they just don't add up anymore.

56:28.531 --> 56:32.075
l agree with you there.
l've been saying that for years.

56:32.118 --> 56:35.412
lf this kid out there can
come up with this, then...

56:36.414 --> 56:39.166
Look, l just don't think l can walk in there
knowing what l know

56:39.250 --> 56:40.917
and put the hammer down on these guys.

56:41.919 --> 56:44.087
When did you start getting so soft, Sam?

56:44.630 --> 56:47.466
Fuck you, soft. You're panicking.

56:50.261 --> 56:54.681
lf you're the first out of the door,
that's not called panicking.

57:00.605 --> 57:04.441
You're obviously operating
with more information than l have.

57:06.277 --> 57:08.987
But l think this will destroy this firm.

57:09.489 --> 57:11.073
No one will ever trust you again.

57:11.115 --> 57:13.950
You're knowingly putting people
out of business, full stop.

57:16.621 --> 57:18.914
You let me deal with that, Sam.

57:33.971 --> 57:35.055
How'd it go?

57:36.099 --> 57:38.225
This is a fucking shit show.

57:39.060 --> 57:41.603
-They're gonna go with it?
-Probably.

57:42.480 --> 57:43.647
Jesus.

57:45.400 --> 57:47.317
Remember this day, boys.

57:49.487 --> 57:51.154
Remember this day.

58:06.838 --> 58:09.005
So, what's the strategy here?

58:09.090 --> 58:10.340
That's where l'm headed right now.

58:10.425 --> 58:12.259
Downstairs to work on it with my guys.

58:12.343 --> 58:14.845
No, no. You and l with John.

58:20.601 --> 58:25.021
l'm not sure that we need one, Sarah.
That's not the way l do things.

58:25.064 --> 58:26.314
Please.

58:28.526 --> 58:31.403
Listen, he knows where we've stood on this

58:31.487 --> 58:32.863
all along.

58:33.531 --> 58:35.490
That's exactly my point.

58:36.033 --> 58:39.744
And knowing what was discussed
by both you and l,

58:40.246 --> 58:43.331
l don't see how this could
provide you with anything

58:43.374 --> 58:46.126
other than a false sense of comfort.

58:46.210 --> 58:49.463
l'm not looking for
a sense of comfort here, Sarah.

58:50.548 --> 58:53.216
l don't think there's one to be found.

59:03.728 --> 59:05.770
So, again, what's the strategy here?

59:08.274 --> 59:10.775
l'm just not sure
there's much more to do on this.

59:11.819 --> 59:13.487
lt's very simple.

59:14.030 --> 59:16.907
Don't even think about fucking me on this.

59:17.950 --> 59:20.076
'Cause if we're going down,

59:21.204 --> 59:23.371
then you damn well know it'll be together.

59:24.999 --> 59:26.082
No.

59:26.918 --> 59:28.835
l'm not sure that l do know that.

59:50.983 --> 59:52.108
Hey.

59:52.777 --> 59:54.277
Oh, l'm sorry.

01:00:07.917 --> 01:00:10.794
What do you guys think
Tuld made last year?

01:00:12.880 --> 01:00:14.548
Would you shut the fuck up?

01:00:14.632 --> 01:00:16.091
86 million.

01:00:17.343 --> 01:00:19.344
ln bonuses and salary.

01:00:20.304 --> 01:00:22.180
-Really?
-Sure, it's public record.

01:00:22.265 --> 01:00:24.558
That is a lot of fucking money.

01:00:25.768 --> 01:00:27.477
He was worth a billion.

01:00:27.562 --> 01:00:28.562
Was?

01:00:29.814 --> 01:00:31.147
Till today.

01:00:31.983 --> 01:00:33.233
Really?

01:00:34.819 --> 01:00:36.194
You'll see.

01:00:39.156 --> 01:00:41.992
l'm going to get some coffee.
You guys want anything else?

01:00:42.076 --> 01:00:44.911
-l'm all right.
-l could use some real air.

01:00:44.996 --> 01:00:46.997
-Probably a good idea.
-ls it all right, Will?

01:00:47.081 --> 01:00:48.999
-ls what all right?
-lf l get out of here for a minute?

01:00:49.041 --> 01:00:50.792
Of course, it's not a prison.

01:00:50.835 --> 01:00:53.086
You want me to hold your hand?

01:00:57.717 --> 01:01:00.385
Why did they put all this fruit on it?

01:01:09.770 --> 01:01:11.813
Hello, Will Emerson.

01:01:11.856 --> 01:01:13.023
Hello.

01:01:16.652 --> 01:01:17.902
Right.

01:01:19.238 --> 01:01:21.615
No, thank you. l understand.

01:01:24.201 --> 01:01:26.161
No, we'll be discreet.

01:01:27.705 --> 01:01:29.039
Thank you.

01:01:29.707 --> 01:01:31.416
-What?
-Eric's wife.

01:01:31.959 --> 01:01:34.044
He's alive, he's home,
he doesn't want to speak to us,

01:01:34.086 --> 01:01:35.545
and he doesn't know that she rang me.

01:01:35.630 --> 01:01:37.297
-Where's he live?
-Heights.

01:01:37.715 --> 01:01:39.382
-Shall l call Tuld's guy?
-No.

01:01:39.884 --> 01:01:42.218
lt's Eric. The last thing we need
is those guys going over there.

01:01:42.303 --> 01:01:43.720
No, you two go get him
and try to bring him here.

01:01:43.763 --> 01:01:46.222
-But you got to be back by 6:00 a.m.
-All right.

01:01:49.518 --> 01:01:51.186
l hate Brooklyn.

01:01:56.275 --> 01:01:57.317
May l come in?

01:01:57.401 --> 01:01:59.569
Of course. Please, sit down.

01:02:05.451 --> 01:02:06.493
So...

01:02:10.665 --> 01:02:12.874
We're going to do this thing.

01:02:16.003 --> 01:02:17.170
Okay.

01:02:18.464 --> 01:02:20.465
lt's going to be tight.

01:02:22.259 --> 01:02:23.802
ls Sam on board?

01:02:24.178 --> 01:02:25.470
Not yet.

01:02:29.266 --> 01:02:30.600
Sarah,

01:02:31.227 --> 01:02:35.230
l need a head to feed to the traders
on the floor and the board.

01:02:39.944 --> 01:02:41.903
ls it me or Cohen?

01:02:41.946 --> 01:02:43.279
lt's you.

01:02:52.957 --> 01:02:56.876
Of course, you're well aware
that l filtered several warnings

01:02:56.961 --> 01:02:59.629
to you and Cohen about this a year ago.

01:03:00.089 --> 01:03:04.509
l really don't think that's the best path
for you to take at this point.

01:03:08.556 --> 01:03:11.474
You're going to be well taken care of here.

01:03:14.186 --> 01:03:15.979
Obviously, it is

01:03:17.022 --> 01:03:18.022
quite complicated.

01:03:18.107 --> 01:03:20.233
John, l was told under no uncertain terms...

01:03:20.317 --> 01:03:22.485
lt was always a very gray area.

01:03:22.528 --> 01:03:27.615
Actually, it was made very clear at the time
by you, me, and Cohen.

01:03:29.535 --> 01:03:33.121
l'd really appreciate it
if you didn't fight me on this.

01:03:45.301 --> 01:03:47.927
We all fucked this one up pretty good.

01:03:48.763 --> 01:03:49.929
Yes.

01:03:52.308 --> 01:03:54.350
We need you to stay here
until this is finished

01:03:54.393 --> 01:03:56.686
and the market's closed.

01:03:56.729 --> 01:03:58.188
l understand.

01:04:00.524 --> 01:04:04.068
They'll go over the numbers
with you downstairs.

01:04:04.153 --> 01:04:05.487
Good luck.

01:04:23.172 --> 01:04:25.173
Oh, fuck. Jared's coming.

01:04:26.425 --> 01:04:28.551
What's the boy wonder want?

01:04:34.391 --> 01:04:36.810
-You got a minute?
-Just off to pick up Eric.

01:04:36.894 --> 01:04:38.645
Yeah. l know. lt will only take a second.

01:04:38.729 --> 01:04:40.063
All right, what is it?

01:04:40.397 --> 01:04:42.774
Tuld and l have concerns that Sam

01:04:42.858 --> 01:04:45.819
may not be willing to step up
and do the right thing here.

01:04:46.237 --> 01:04:47.654
This has never been a problem.

01:04:47.738 --> 01:04:48.780
No, it hasn't.

01:04:48.989 --> 01:04:52.283
But sometimes,
in acute situations such as this,

01:04:52.368 --> 01:04:57.747
often what is right can take on
multiple interpretations.

01:05:01.752 --> 01:05:03.253
Sam will step up.

01:05:03.337 --> 01:05:06.089
Oh, l know he will. But if he doesn't...

01:05:07.633 --> 01:05:10.802
But if he doesn't,
we need to know that you will.

01:05:12.972 --> 01:05:13.972
Thank you.

01:05:14.056 --> 01:05:16.474
You need to know that l will what?

01:05:16.559 --> 01:05:18.309
That you'll step up.

01:05:19.979 --> 01:05:22.856
l have no doubt that
Sam will make the right decision.

01:05:22.940 --> 01:05:24.607
But just to make it clear,

01:05:24.650 --> 01:05:27.360
he and l have always had
the same interpretation of what's right,

01:05:29.446 --> 01:05:31.948
no matter how acute the situation.

01:08:18.115 --> 01:08:19.782
Jesus, that's a nice place.

01:08:19.825 --> 01:08:22.118
Yeah, it is. He just bought it.

01:08:23.746 --> 01:08:25.496
l hope it was with cash.

01:08:26.623 --> 01:08:29.292
Fuck me,
you're a heartless little shit sometimes.

01:08:31.128 --> 01:08:32.628
And it wasn't.

01:08:34.465 --> 01:08:36.799
Don't touch any of the buttons.

01:08:43.223 --> 01:08:45.475
-What are you doing here?
-Hey.

01:08:52.316 --> 01:08:55.485
So, Peter finished the model
you were working on.

01:08:56.153 --> 01:08:57.320
Really?

01:08:57.780 --> 01:08:59.280
lt caused a shit storm.

01:08:59.782 --> 01:09:01.240
l bet it did.

01:09:02.326 --> 01:09:03.659
You think he's right?

01:09:04.453 --> 01:09:06.120
l know he's right.

01:09:08.373 --> 01:09:09.457
Fuck.

01:09:11.502 --> 01:09:12.835
All right.

01:09:18.008 --> 01:09:20.343
So Jared Cohen called
an emergency meeting

01:09:20.427 --> 01:09:22.053
with the senior partners last night.

01:09:22.346 --> 01:09:24.722
And based on your findings,

01:09:24.807 --> 01:09:28.017
they've decided to liquidate
our entire position.

01:09:28.602 --> 01:09:29.602
Today.

01:09:32.106 --> 01:09:34.148
l'm very sorry about that.

01:09:40.614 --> 01:09:43.783
They're worried about you being out here
and they want me to bring you back.

01:09:44.493 --> 01:09:45.701
Please.

01:09:46.286 --> 01:09:48.037
l'm just saying.

01:09:48.080 --> 01:09:49.664
-Fuck them. Fuck them.
-Eric...

01:09:49.706 --> 01:09:52.375
-Don't be rash.
-Forget it. l signed my paper. l'm out.

01:09:52.459 --> 01:09:54.961
-They'll pay you.
-They got nothing on me.

01:09:55.045 --> 01:09:56.129
They'll pay you.

01:09:57.005 --> 01:09:59.215
l've been paid enough already.

01:10:03.303 --> 01:10:04.428
Fuck.

01:10:07.724 --> 01:10:10.184
Do you know l built a bridge once?

01:10:10.978 --> 01:10:12.687
-Sorry?
-A bridge.

01:10:13.897 --> 01:10:15.648
No, l didn't know that.

01:10:15.732 --> 01:10:17.942
l was an engineer by trade.

01:10:20.195 --> 01:10:24.240
lt went from Dilles Bottom, Ohio,
to Moundsville, West Virginia.

01:10:24.324 --> 01:10:27.076
lt spanned 91 2 feet above the Ohio River.

01:10:27.119 --> 01:10:29.704
1 2,1 00 people use this thing a day.

01:10:30.497 --> 01:10:33.833
And it cut out 35 miles
of extra driving each way

01:10:33.917 --> 01:10:36.335
between Wheeling and New Martinsville.

01:10:36.420 --> 01:10:41.340
That's a combined 847,000 miles
of driving a day.

01:10:42.843 --> 01:10:46.637
Or 25,41 0,000 miles a month.

01:10:48.265 --> 01:10:54.478
And 304,920,000 miles a year saved.

01:10:55.772 --> 01:10:59.942
Now, l completed that project in 1 986.
That's 22 years ago.

01:11:01.028 --> 01:11:03.196
So over the life of that one bridge,

01:11:03.280 --> 01:11:09.368
that's 6,708,240,000 miles

01:11:09.453 --> 01:11:12.246
that haven't had to be driven at...

01:11:12.289 --> 01:11:14.707
What? Let's say 50 miles an hour.

01:11:14.791 --> 01:11:16.876
So that's what?

01:11:16.960 --> 01:11:20.630
That's 1 34,1 64,800 hours.

01:11:20.714 --> 01:11:23.758
Or 559,020 days.

01:11:24.968 --> 01:11:27.136
So that one little bridge
has saved the people

01:11:27.179 --> 01:11:28.512
of those two communities a combined

01:11:28.597 --> 01:11:32.058
1 ,531 years of their lives

01:11:33.101 --> 01:11:35.311
not wasted in a fucking car.

01:11:39.149 --> 01:11:42.401
1 ,531 years.

01:11:42.986 --> 01:11:44.153
Jesus.

01:11:55.666 --> 01:11:58.376
l guess you better get back over there.

01:12:02.422 --> 01:12:03.547
Yeah.

01:12:07.386 --> 01:12:09.262
Thanks for coming by.

01:12:09.346 --> 01:12:10.888
You're welcome.

01:12:15.102 --> 01:12:16.560
Who the fuck is this?

01:12:16.645 --> 01:12:19.146
l would imagine it's the firm's people.

01:12:19.189 --> 01:12:20.398
What?

01:12:20.857 --> 01:12:23.192
They don't want any loose ends.

01:12:24.736 --> 01:12:27.196
They fired me. Fuck them. Fuck them.

01:12:27.489 --> 01:12:30.950
l totally agree. Fuck them.
So come back, take the money,

01:12:31.034 --> 01:12:32.702
you'll be home by 5:00.

01:12:32.744 --> 01:12:34.370
Otherwise, they're going to
fight you on everything.

01:12:34.413 --> 01:12:37.748
They're going to fight you
on your package, your options, everything.

01:12:38.417 --> 01:12:39.709
Be smart.

01:12:46.049 --> 01:12:48.509
Well, you're a better man than me.

01:12:49.219 --> 01:12:51.887
-That's always been true.
-Yes, it has.

01:12:57.394 --> 01:12:58.936
House looks good.

01:13:00.605 --> 01:13:01.814
Thanks.

01:13:03.317 --> 01:13:04.650
Hey, Eric.

01:13:05.485 --> 01:13:08.696
Don't beat yourself up too much
about this stuff, all right?

01:13:10.032 --> 01:13:13.242
Some people like driving
the long way home.

01:13:13.327 --> 01:13:15.369
Who the fuck knows, right?

01:13:47.652 --> 01:13:49.111
There he is.

01:13:50.405 --> 01:13:51.572
John.

01:13:53.200 --> 01:13:54.867
How's it looking?

01:13:55.577 --> 01:13:58.287
Cohen's doing a nice job. lt could work.

01:13:58.747 --> 01:14:00.498
What does that mean?

01:14:01.917 --> 01:14:03.250
lt means,

01:14:03.794 --> 01:14:05.628
as you very well know,

01:14:06.630 --> 01:14:09.840
that you're a very important piece
of this puzzle.

01:14:41.873 --> 01:14:43.541
That's very generous.

01:14:44.126 --> 01:14:45.501
lt's not a gift.

01:14:45.794 --> 01:14:48.462
l need to know you're with me on this.

01:14:51.758 --> 01:14:53.384
l'm with the firm, John.

01:14:56.179 --> 01:14:58.556
l won't get what l need from your boys
on the floor

01:14:58.640 --> 01:14:59.890
unless they believe you.

01:15:02.060 --> 01:15:04.812
Unless they believe in you completely.

01:15:09.067 --> 01:15:10.860
Are you in on this?

01:15:12.529 --> 01:15:14.196
l've told you my reservations.

01:15:14.531 --> 01:15:16.449
You can't have reservations.

01:15:17.742 --> 01:15:19.702
And l need to know now.

01:15:22.038 --> 01:15:25.875
Well, John, l am completely with the firm,
as l always have been.

01:15:25.959 --> 01:15:27.293
Excuse me.

01:15:55.489 --> 01:15:57.823
All right, Will, am l getting fired?

01:15:58.658 --> 01:16:00.117
l don't know.

01:16:03.455 --> 01:16:04.580
Yeah.

01:16:05.749 --> 01:16:07.666
Almost definitely. Yes.

01:16:10.253 --> 01:16:11.879
-Are you?
-No.

01:16:14.508 --> 01:16:15.883
Seth, it's nothing you did.

01:16:15.926 --> 01:16:18.177
You're just in the wrong firm
at the wrong time.

01:16:18.261 --> 01:16:20.763
Young guys are always
the first to get culled.

01:16:21.181 --> 01:16:23.599
Listen, nothing l'm gonna say
is going to make you feel any better.

01:16:23.642 --> 01:16:27.394
lt's just going to suck for a while,
and then you'll be fine.

01:16:31.691 --> 01:16:32.942
You all right?

01:16:34.861 --> 01:16:36.445
Yeah. l'm fine.

01:16:37.072 --> 01:16:40.699
For what it's worth,
l'm sorry this is happening to you.

01:16:42.285 --> 01:16:44.620
Don't be. You didn't do it to me.

01:16:44.663 --> 01:16:47.665
Still, at least you're going to have
some nice cash to walk away with.

01:16:48.124 --> 01:16:49.625
l guess.

01:16:49.709 --> 01:16:51.293
Shit, this is really going to affect people.

01:16:51.378 --> 01:16:52.962
Yeah, it's going to affect people like me.

01:16:53.046 --> 01:16:55.881
No. No. Real people.

01:16:56.550 --> 01:16:58.133
Jesus, Seth.

01:16:58.218 --> 01:17:00.094
Listen, if you really want to
do this with your life,

01:17:00.136 --> 01:17:02.304
you have to believe you're necessary.
And you are.

01:17:02.847 --> 01:17:04.473
People want to live like this, in their cars

01:17:04.516 --> 01:17:06.976
and the big fucking houses
they can't even pay for,

01:17:07.060 --> 01:17:08.561
then you're necessary.

01:17:08.645 --> 01:17:11.438
The only reason that they all get to
continue living like kings

01:17:11.481 --> 01:17:14.483
is because we've got our fingers
on the scales in their favor.

01:17:14.568 --> 01:17:16.610
l take my hand off,

01:17:16.653 --> 01:17:20.489
then the whole world gets really fucking fair
really fucking quickly,

01:17:20.532 --> 01:17:23.367
and nobody actually wants that.
They say they do, but they don't.

01:17:23.451 --> 01:17:25.494
They want what we have to give them,

01:17:25.579 --> 01:17:28.038
but they also want to play innocent

01:17:28.123 --> 01:17:29.915
and pretend they have no idea
where it came from.

01:17:30.000 --> 01:17:31.875
That's more hypocrisy
than l'm willing to swallow.

01:17:31.960 --> 01:17:34.628
So fuck... Fuck normal people.

01:17:35.297 --> 01:17:39.091
The funny thing is, tomorrow,
if all of this goes tits up

01:17:39.426 --> 01:17:42.720
they're going to crucify us
for being too reckless.

01:17:42.804 --> 01:17:44.680
But if we're wrong

01:17:44.764 --> 01:17:47.391
and everything gets back on track,

01:17:47.475 --> 01:17:49.977
then the same people are going to
laugh till they piss their pants,

01:17:50.020 --> 01:17:51.562
'cause we're gonna look like
the biggest pussies

01:17:51.646 --> 01:17:53.856
God ever let through the door.

01:17:58.028 --> 01:17:59.486
You think we're going to be wrong?

01:18:02.032 --> 01:18:03.907
No, they're all fucked.

01:18:19.716 --> 01:18:20.883
Good morning.

01:18:21.635 --> 01:18:22.801
Peter.

01:18:23.386 --> 01:18:24.887
You want one?

01:18:25.597 --> 01:18:26.764
l don't smoke.

01:18:26.848 --> 01:18:29.099
Oh, that's good. l don't much either.

01:18:41.821 --> 01:18:43.155
You tired?

01:18:44.157 --> 01:18:47.076
Of what? Remember,
l don't work as hard as you.

01:18:47.160 --> 01:18:48.243
That's not true.

01:18:48.328 --> 01:18:50.079
No, it is, actually.

01:18:54.042 --> 01:18:55.626
We all getting fired tonight?

01:18:55.710 --> 01:18:56.960
Probably.

01:18:58.254 --> 01:19:00.422
Are they going to fire you?

01:19:00.465 --> 01:19:02.800
They won't exactly call it that.

01:19:04.469 --> 01:19:06.095
lt'll be a mercy killing, really.

01:19:06.179 --> 01:19:09.098
You don't have to stand out here for me.

01:19:09.182 --> 01:19:10.599
No, l don't

01:19:11.267 --> 01:19:14.103
really want to go back in there just yet.

01:19:14.604 --> 01:19:16.271
l understand that.

01:19:18.608 --> 01:19:20.359
l think l know your son.

01:19:20.735 --> 01:19:22.027
Really?

01:19:22.112 --> 01:19:25.322
Not well, but he always seemed
like a nice person.

01:19:25.949 --> 01:19:27.658
He is a nice person.

01:19:28.159 --> 01:19:31.245
l guess you could say worse things
about a guy.

01:19:32.080 --> 01:19:34.623
Does he know what's about to happen?

01:19:35.125 --> 01:19:36.625
What do you mean?

01:19:37.752 --> 01:19:39.503
Did you talk to him?

01:19:40.630 --> 01:19:42.756
No, l hadn't even thought...

01:19:49.723 --> 01:19:51.807
They are all coming in now.

01:19:53.059 --> 01:19:54.601
Yes, they are.

01:19:59.774 --> 01:20:02.401
Have you ever done anything like this?

01:20:03.027 --> 01:20:05.320
No, never. Not even close.

01:20:08.908 --> 01:20:10.033
Yeah.

01:20:13.037 --> 01:20:15.497
Are you sure it's the only,

01:20:17.041 --> 01:20:19.042
or the right thing to do?

01:20:22.380 --> 01:20:23.672
For who?

01:20:26.259 --> 01:20:27.718
l'm not sure.

01:20:28.553 --> 01:20:30.053
Neither am l.

01:21:04.464 --> 01:21:05.756
Oh, God.

01:22:14.158 --> 01:22:15.659
You all right?

01:22:17.829 --> 01:22:19.788
You're about to fire me.

01:22:35.847 --> 01:22:39.474
This is all l ever wanted to do.

01:22:46.691 --> 01:22:47.983
Really?

01:23:16.679 --> 01:23:19.014
They're almost ready for you,
Ms. Robertson. Couple of minutes.

01:23:23.853 --> 01:23:25.270
You as well?

01:23:26.022 --> 01:23:27.189
Yes.

01:23:27.899 --> 01:23:29.274
-Jesus.
-Yeah.

01:23:32.153 --> 01:23:33.904
-Sorry.
-Thank you.

01:23:48.878 --> 01:23:52.255
l didn't think they were going to
be able to get you back here.

01:23:54.258 --> 01:23:55.884
Well, they told me they were going to

01:23:55.927 --> 01:23:58.261
drag me through hell on everything
over the next two years,

01:23:58.346 --> 01:24:00.430
my options, my health care.

01:24:01.099 --> 01:24:03.558
Or l could come back here and make

01:24:04.560 --> 01:24:08.438
$1 76,471 an hour

01:24:08.815 --> 01:24:10.983
to sit quietly in this room.

01:24:12.485 --> 01:24:14.778
Didn't seem like much of a choice.

01:24:15.738 --> 01:24:17.239
lt never is.

01:24:21.869 --> 01:24:25.622
Obviously, looking back,
it was expressed with

01:24:26.666 --> 01:24:28.542
insufficient urgency,

01:24:29.419 --> 01:24:32.921
but your point was passed on.
l need you to know that.

01:24:33.506 --> 01:24:34.548
Eric.

01:24:35.091 --> 01:24:37.634
lt's okay. l understand.

01:24:37.719 --> 01:24:40.470
Believe me. There was nothing else
you could have done.

01:24:41.264 --> 01:24:42.597
l guess.

01:24:45.643 --> 01:24:48.979
At the time, it didn't seem like
there was much of a choice.

01:24:49.814 --> 01:24:51.356
lt never does.

01:25:01.993 --> 01:25:03.785
You have kids, yeah?

01:25:13.796 --> 01:25:16.631
So, what's your package going to be like?

01:25:19.177 --> 01:25:21.970
l don't know.
That's what l'm waiting for now.

01:25:22.597 --> 01:25:24.973
lt's probably going to be pretty good.

01:25:26.309 --> 01:25:27.809
lt better be.

01:25:43.493 --> 01:25:47.120
Thank you all for coming in
a little early this morning.

01:25:47.163 --> 01:25:48.413
l know yesterday was pretty bad,

01:25:48.498 --> 01:25:50.457
and l wish l could say that
today's gonna be less so,

01:25:50.500 --> 01:25:52.834
but that isn't going to be the case.

01:25:52.919 --> 01:25:54.920
Now, l'm supposed to read
this statement to you all here.

01:25:55.004 --> 01:25:56.505
But why don't you just
read it on your own time,

01:25:56.589 --> 01:25:59.216
and l'll just tell you
what the fuck is going on here.

01:26:00.259 --> 01:26:04.513
l've been here all night
meeting with the executive committee,

01:26:05.556 --> 01:26:08.683
and the decision has been made
to unwind a considerable portion

01:26:08.726 --> 01:26:12.104
of the firm's holdings
and several key asset classes.

01:26:15.024 --> 01:26:17.859
The crux of it is, in the firm's thinking,

01:26:18.528 --> 01:26:21.154
the party is over as of this morning.

01:26:21.906 --> 01:26:26.409
There's gonna be considerable turmoil
in the markets for the foreseeable future,

01:26:26.494 --> 01:26:31.706
and they believe it is better
that this turmoil begin with us.

01:26:33.376 --> 01:26:35.127
As a result,

01:26:35.211 --> 01:26:37.754
the firm has decided to liquidate

01:26:37.839 --> 01:26:42.134
its majority position
of fixed income MBS today.

01:26:44.220 --> 01:26:45.762
These are your packets.

01:26:45.847 --> 01:26:49.391
You will see what accounts
you're responsible for today.

01:26:50.560 --> 01:26:53.019
l'm sure it hasn't taken you long

01:26:54.480 --> 01:26:57.065
to understand the implications of this sale

01:26:57.108 --> 01:26:59.067
on your relationships
with your counterparties

01:26:59.110 --> 01:27:00.777
and, as a result,

01:27:02.280 --> 01:27:03.363
on your careers.

01:27:04.073 --> 01:27:08.243
l have expressed this reality
to the executive committee,

01:27:08.327 --> 01:27:09.828
and they understand.

01:27:10.121 --> 01:27:11.580
As a result,

01:27:11.622 --> 01:27:15.250
if you achieve a 93% sale of your assets,

01:27:15.293 --> 01:27:20.422
you will receive
a $1 .4 million one-off bonus.

01:27:20.715 --> 01:27:24.759
lf the floor as a whole achieves a 93% sale,

01:27:25.219 --> 01:27:30.557
you will get an additional
$1 .3 million apiece.

01:27:31.934 --> 01:27:34.978
For those of you who have
never been through this before,

01:27:35.062 --> 01:27:37.772
this is what the beginning
of a fire sale looks like.

01:27:38.024 --> 01:27:41.651
l cannot begin to tell you how important
the first hour and a half is gonna be.

01:27:41.736 --> 01:27:44.279
l want you to hit every bite you can find.

01:27:44.363 --> 01:27:48.408
Dealers, brokers, clients.
Your mother, if she's buying.

01:27:48.451 --> 01:27:50.619
And, no swaps.

01:27:51.495 --> 01:27:53.622
lt's outgoing only. Today.

01:27:57.001 --> 01:28:01.463
Obviously, this is not going down
the way that any of us would have hoped.

01:28:02.215 --> 01:28:05.091
But the ground is shifting below our feet,

01:28:05.134 --> 01:28:07.969
and apparently there's no other way out.

01:28:26.781 --> 01:28:27.864
Guys,

01:28:30.660 --> 01:28:33.828
this is obviously
a very, very unique situation.

01:28:34.789 --> 01:28:37.290
lf we are successful today,

01:28:37.333 --> 01:28:40.919
we will have been successful
in destroying our own jobs.

01:28:42.505 --> 01:28:45.548
l cannot promise that any of you, all of you,

01:28:46.425 --> 01:28:49.594
some of you will be
repositioned within the firm.

01:28:50.930 --> 01:28:55.976
But l can tell you that l am very proud of
the work that we have done here together.

01:28:58.145 --> 01:29:02.023
l've been at this place 34 years,

01:29:03.150 --> 01:29:05.610
and l can tell you from experience
that people are going to say

01:29:05.695 --> 01:29:08.822
some very nasty things
about what we do here today

01:29:08.864 --> 01:29:12.575
and about what you've dedicated
a portion of your lives to.

01:29:13.369 --> 01:29:14.411
But,

01:29:15.621 --> 01:29:20.417
have faith that in the bigger picture,
our skills have not been wasted.

01:29:21.210 --> 01:29:23.211
We have accomplished much,

01:29:23.254 --> 01:29:26.172
and our talents have been used

01:29:28.551 --> 01:29:30.468
for the greater good.

01:29:31.345 --> 01:29:33.722
Here's your packets. Get to work.

01:30:09.258 --> 01:30:11.259
-City, this is Eric.
-Give me Elliot.

01:30:12.595 --> 01:30:14.262
-City.
-Hey, it's Will Emerson.

01:30:14.305 --> 01:30:15.388
WiIIiam, how are you?

01:30:15.431 --> 01:30:17.223
l'm all right. How's the trouble and strife?

01:30:17.266 --> 01:30:18.475
Busting my ass, as aIways.

01:30:18.559 --> 01:30:21.186
You see, that's what l tried to tell you,
John. Why do you think l'm single?

01:30:21.270 --> 01:30:23.104
I know you did. What can I do for you?

01:30:23.147 --> 01:30:24.856
Listen. l just got the tap on my shoulder,

01:30:24.940 --> 01:30:26.900
and we've got some risk over here
that we need to move.

01:30:26.942 --> 01:30:29.277
So today it looks like my loss is your gain.

01:30:29.320 --> 01:30:30.653
What kind of size are we taIking?

01:30:30.738 --> 01:30:32.906
lt should be on your screen. l just sent it.

01:30:32.948 --> 01:30:34.657
Jesus! Where does this Iand?

01:30:34.742 --> 01:30:36.576
-96 on the dollar.
-91 .

01:30:36.619 --> 01:30:38.161
All three and we're done at 94.

01:30:38.245 --> 01:30:40.288
-Ninety-three and a haIf.
-Done.

01:30:42.291 --> 01:30:43.708
-Trading.
-Hello, gorgeous.

01:30:43.793 --> 01:30:45.460
WiII, what's happening over there?

01:30:45.544 --> 01:30:47.045
Well, today's moving day.

01:30:47.129 --> 01:30:48.922
Fuck are you guys so worked up about?

01:30:48.964 --> 01:30:52.884
You think they tell me anything? All l know
is that today, my loss is your gain.

01:30:52.968 --> 01:30:55.136
Now you're a friendly,
so l've come to you first.

01:30:55.221 --> 01:30:59.140
l got 270 mil at 1 5 year
paying out a point and a half above par.

01:30:59.183 --> 01:31:02.018
-Where's it from?
-Where's it from? Do you care?

01:31:02.436 --> 01:31:03.645
No, not reaIIy.

01:31:03.729 --> 01:31:05.480
Now, where's the trade?
I'm hearing things...

01:31:05.523 --> 01:31:07.315
-Alexis...
-You guys are scaring me a IittIe.

01:31:07.400 --> 01:31:10.485
l'm only sharing this with you right now. 85.

01:31:11.904 --> 01:31:12.946
Done.

01:31:15.199 --> 01:31:17.534
-Deutsche.
-lt's Will Emerson.

01:31:17.618 --> 01:31:19.494
Fuck you, you Iimey bastard.

01:31:19.578 --> 01:31:21.121
Come on, are you still angry about that?

01:31:21.163 --> 01:31:23.498
Word is out. I'm hanging up now.

01:31:24.875 --> 01:31:26.334
-MerriII.
-Lawrence!

01:31:26.419 --> 01:31:28.378
What the fuck are
you guys doing over there?

01:31:28.462 --> 01:31:30.713
-Just a little spring cleaning.
-That is not what I'm hearing.

01:31:30.798 --> 01:31:32.424
All right, Lawrence, are you a buyer?

01:31:32.508 --> 01:31:34.384
I'm not sure anymore. Where at?

01:31:34.468 --> 01:31:36.136
Well, it sounds like
l should be asking you where at.

01:31:36.303 --> 01:31:37.387
What are we taIking about here?

01:31:37.471 --> 01:31:39.806
Three hundred seventy-five mil
at 30 year mixed.

01:31:39.849 --> 01:31:42.308
-Fuck me.
-Are you with me on this?

01:31:42.977 --> 01:31:45.270
-Sixty-three cents.
-Oh, fuck you. l'm hanging up.

01:31:45.354 --> 01:31:46.855
Sixty-three.

01:31:47.648 --> 01:31:49.816
Let me call my man here.
l'll come back to you in five.

01:31:49.859 --> 01:31:52.026
It may be 55 in 5.

01:31:52.069 --> 01:31:54.946
Well, all right, then. Stay on the line.

01:31:55.030 --> 01:31:57.198
Sam, pick up the phone.

01:31:57.241 --> 01:31:59.701
-Sam, get on the line!
-Yeah.

01:31:59.785 --> 01:32:01.369
-l got Lawrence at Merrill.
-Where are we?

01:32:01.454 --> 01:32:03.204
-Sixty-three cents.
-Jesus.

01:32:03.289 --> 01:32:05.707
-On what?
-375 mix 30.

01:32:05.749 --> 01:32:07.333
Get him to 65 and hit it.

01:32:07.376 --> 01:32:09.377
Are you fucking kidding me? That's...

01:32:09.462 --> 01:32:12.881
What is that?
That's a $1 31 million loss on a single trade.

01:32:12.965 --> 01:32:15.133
I understand. Hit it.

01:32:16.427 --> 01:32:19.220
Hey, Lawrence. We're fill or kill at 65.

01:32:19.555 --> 01:32:20.722
It's fiIIed.

01:32:44.371 --> 01:32:45.663
Well done.

01:32:52.713 --> 01:32:54.255
l just want to give you a heads up.

01:32:54.340 --> 01:32:57.592
They're going to start sending
a few people home now.

01:33:00.095 --> 01:33:01.137
Now?

01:33:01.222 --> 01:33:03.181
Yes, Sam. No loose ends.

01:33:09.605 --> 01:33:10.939
Of course.

01:33:12.274 --> 01:33:14.234
And for what it's worth,

01:33:15.277 --> 01:33:16.945
you're still good.

01:33:19.865 --> 01:33:23.117
Yeah, l guess someone upstairs
really likes you.

01:34:17.590 --> 01:34:18.715
Sam.

01:34:20.175 --> 01:34:21.718
Please, sit.

01:34:21.802 --> 01:34:24.387
Congratulations are clearly in order.

01:34:25.139 --> 01:34:27.348
They did the best they could.

01:34:28.183 --> 01:34:32.103
You did a hell of a job.
And l thank you for it. Come on, sit.

01:34:32.855 --> 01:34:34.147
Excuse me for eating,

01:34:36.025 --> 01:34:37.775
but it's been a long day.

01:34:37.860 --> 01:34:40.903
-Can l get you something?
-No, nothing. Thanks.

01:34:44.158 --> 01:34:46.075
So, what can l do for you?

01:34:46.160 --> 01:34:47.660
l want out.

01:34:49.204 --> 01:34:51.122
l'm done. l want out.

01:34:53.459 --> 01:34:56.336
-lt's been a very difficult day for everyone.
-l need you to release my options,

01:34:56.378 --> 01:34:59.005
if they're worth anything after today.
l want my bonus. l'm out.

01:34:59.048 --> 01:35:01.924
You'll get your bonus, your options,
and keep your current base.

01:35:02.009 --> 01:35:05.428
But l need you to stay with me
for the next 24 months, okay?

01:35:09.391 --> 01:35:11.351
Oh, come on, Sam.

01:35:11.393 --> 01:35:12.518
Put a smile on your face.

01:35:12.561 --> 01:35:15.521
You did some good today.
You said that yourself.

01:35:15.564 --> 01:35:18.900
Do you know, l'm starting to feel
a little better about this whole thing.

01:35:21.070 --> 01:35:23.946
You're one of the luckiest guys
in the world, Sam.

01:35:24.031 --> 01:35:25.865
Could have been digging
ditches all these years.

01:35:27.076 --> 01:35:28.409
That's true.

01:35:28.494 --> 01:35:32.372
And if l had, at least there'd be
some holes in the ground to show for it.

01:35:34.083 --> 01:35:35.083
Jesus.

01:35:35.125 --> 01:35:38.586
l just don't know
how we fucked this up quite so much.

01:35:42.591 --> 01:35:44.592
When did you start feeling
so sorry for yourself?

01:35:44.635 --> 01:35:46.511
lt's unbearable. What?

01:35:47.096 --> 01:35:50.473
So you think we might have put
a few people out of business today.

01:35:50.557 --> 01:35:52.433
That's all for naught.

01:35:53.352 --> 01:35:57.397
But you've been doing that every day
for almost 40 years, Sam.

01:35:58.691 --> 01:36:02.610
And if this is all for naught,
then so is everything out there.

01:36:05.364 --> 01:36:07.073
lt's just money.

01:36:07.700 --> 01:36:09.283
lt's made up,

01:36:10.285 --> 01:36:11.703
pieces of paper with pictures on it

01:36:11.787 --> 01:36:15.707
so that we don't have to kill each other
just to get something to eat.

01:36:16.291 --> 01:36:17.792
lt's not wrong.

01:36:18.293 --> 01:36:21.462
And it's certainly no different today
than it's ever been.

01:36:22.840 --> 01:36:25.717
1 637, 1 797,

01:36:25.801 --> 01:36:30.179
1 81 9, 1 837, 1 857, 1 884,

01:36:32.099 --> 01:36:34.142
1 901 , 1 907,

01:36:34.601 --> 01:36:37.645
1 929, 1 937, 1 974,

01:36:38.439 --> 01:36:41.482
1 987, Jesus.
Didn't that fucker fuck me up good.

01:36:41.567 --> 01:36:44.694
1 992, 1 997, 2000,
and whatever we want to call this.

01:36:44.778 --> 01:36:48.698
lt's all just the same thing, over and over.
We can't help ourselves.

01:36:49.533 --> 01:36:53.119
And you and l can't control it

01:36:53.162 --> 01:36:56.038
or stop it or even slow it.

01:36:56.123 --> 01:36:58.374
Or even ever so slightly alter it.

01:36:59.334 --> 01:37:00.877
We just react.

01:37:01.754 --> 01:37:04.046
And we make a lot of money
if we get it right.

01:37:04.131 --> 01:37:07.091
And we get left by the side of the road
if we get it wrong.

01:37:07.176 --> 01:37:09.010
And there have always been
and there always will be

01:37:09.094 --> 01:37:10.762
the same percentage of winners and losers,

01:37:10.846 --> 01:37:12.180
happy fucks and sad sacks,

01:37:12.264 --> 01:37:15.057
fat cats and starving dogs in this world.

01:37:17.102 --> 01:37:18.186
Yeah.

01:37:19.688 --> 01:37:22.690
There may be more of us today
than there's ever been.

01:37:22.733 --> 01:37:26.152
But the percentages,
they stay exactly the same.

01:37:45.672 --> 01:37:49.509
l'll do it, John,
but not because of your little speech.

01:37:49.551 --> 01:37:51.761
But because l need the money.

01:37:53.138 --> 01:37:57.767
Hard to believe after all these years,
but l need the money.

01:38:01.230 --> 01:38:02.438
This is the executive dining room.

01:38:02.523 --> 01:38:05.149
-Do you want coffee or tea?
-No.

01:38:09.363 --> 01:38:11.322
You gonna keep the kid?

01:38:12.825 --> 01:38:15.243
Keep him? He's getting promoted.

01:38:16.078 --> 01:38:17.912
lt's all hands on deck now, Sam.

01:38:17.996 --> 01:38:20.373
There's going to be a lot of money
to be made coming out of this mess,

01:38:20.415 --> 01:38:24.126
and we're gonna need
all the brains we can get around here.

01:39:48.337 --> 01:39:49.670
Hello.

01:39:51.131 --> 01:39:52.840
l've called the police.

01:39:52.925 --> 01:39:54.091
Mary.

01:39:54.760 --> 01:39:56.260
-Sam.
-Yep.

01:39:59.097 --> 01:40:00.848
What are you doing?

01:40:16.823 --> 01:40:18.783
Sam, what are you doing?

01:40:20.911 --> 01:40:22.453
Ella died.

01:40:48.063 --> 01:40:52.525
l was driving home from the vet
and l couldn't think of where else to go.

01:40:54.027 --> 01:40:56.821
-She belongs here.
-l know.

01:40:56.905 --> 01:40:59.198
But, Sam, you don't live here anymore.

01:41:05.372 --> 01:41:07.081
Are you all right?

01:41:08.250 --> 01:41:10.167
You don't look so good.

01:41:11.962 --> 01:41:14.130
Yeah, it's been a rough day
all the way around.

01:41:14.214 --> 01:41:16.007
l know, Sammy called.

01:41:16.425 --> 01:41:17.466
ls he all right?

01:41:17.551 --> 01:41:20.594
They got hammered, but they got out alive.

01:41:20.679 --> 01:41:21.762
Good.

01:41:29.604 --> 01:41:32.023
Well, l'm gonna go back inside

01:41:34.192 --> 01:41:35.651
and go back to bed.

01:41:36.862 --> 01:41:39.739
The alarm is on, so don't try and break in.

01:41:49.124 --> 01:41:51.000
Take care of yourself.