WEBVTT 00:01:35.742 --> 00:01:37.242 align:center ls that them? 00:01:40.413 --> 00:01:41.997 align:center Jesus Christ. 00:01:42.081 --> 00:01:44.541 align:center Are they going to do it right here? 00:01:50.381 --> 00:01:52.382 align:center You guys ever been through this before? 00:01:53.009 --> 00:01:54.134 align:center No. 00:01:54.969 --> 00:01:58.597 align:center lt's best to ignore it, keep your head down, and go back to work. 00:01:58.639 --> 00:01:59.723 align:center Go on. 00:02:06.564 --> 00:02:08.023 align:center Don't watch. 00:02:27.668 --> 00:02:29.169 align:center Timothy Singh? 00:02:29.754 --> 00:02:32.422 align:center -Yes. -l'm afraid we have to speak with you. 00:02:32.507 --> 00:02:33.590 align:center Come. 00:02:48.773 --> 00:02:50.148 align:center Eric Dale? 00:02:50.858 --> 00:02:51.983 align:center Excuse me? 00:02:52.026 --> 00:02:53.235 align:center Eric Dale? 00:02:54.570 --> 00:02:55.987 align:center -No. -Sorry? 00:02:56.614 --> 00:02:57.864 align:center l'm not Eric Dale. 00:02:58.157 --> 00:03:00.075 align:center l'm so sorry. 00:03:00.159 --> 00:03:01.284 align:center He's my boss. 00:03:01.911 --> 00:03:03.620 align:center He's down the hall. 00:03:03.704 --> 00:03:04.871 align:center Thanks. 00:03:19.846 --> 00:03:22.222 align:center Excuse me, Mr. Dale? 00:03:23.224 --> 00:03:24.516 align:center This way. 00:03:33.276 --> 00:03:34.568 align:center Okay. 00:04:14.275 --> 00:04:17.360 align:center l am obviously sorry that we are here today. 00:04:17.445 --> 00:04:21.865 align:center But these are extraordinary times, as you very well must know. 00:04:22.617 --> 00:04:24.951 align:center Look, l run Risk Management. 00:04:24.994 --> 00:04:28.288 align:center l don't really see how that's a natural place to start cutting jobs. 00:04:28.331 --> 00:04:30.749 align:center We hope you understand this is in no way personal. 00:04:30.791 --> 00:04:33.960 align:center The majority of this floor is being let go today. 00:04:36.505 --> 00:04:40.175 align:center Ms. Bratberg is now going to run through the details of what the firm is offering. 00:04:41.928 --> 00:04:43.220 align:center Okay. 00:04:43.304 --> 00:04:47.807 align:center Mr. Dale, the firm is offering you a six-month severance at half your salary. 00:04:48.142 --> 00:04:51.770 align:center You will keep all unvested options that you currently hold. 00:04:51.812 --> 00:04:53.813 align:center Health will be extended through that period. 00:04:53.898 --> 00:04:59.778 align:center You have until tomorrow at 4:47 to either take the offer or it will be revoked. 00:05:00.321 --> 00:05:01.529 align:center Do you understand? 00:05:03.115 --> 00:05:04.199 align:center Yes. 00:05:04.909 --> 00:05:06.451 align:center Unfortunately, Mr. Dale, 00:05:06.494 --> 00:05:09.079 align:center due to the highly sensitive nature of your work here, 00:05:09.163 --> 00:05:12.624 align:center the firm has to take certain precautions for security purposes 00:05:12.667 --> 00:05:16.336 align:center that may seem punitive in nature. 00:05:16.379 --> 00:05:18.380 align:center l hope, considering your 00:05:20.341 --> 00:05:22.842 align:center over 1 9 years of service to the firm, 00:05:22.885 --> 00:05:26.179 align:center you will understand that these measures are in no way a reflection 00:05:26.222 --> 00:05:28.765 align:center of the firm's feelings towards your performance 00:05:29.225 --> 00:05:30.976 align:center or your character. 00:05:31.769 --> 00:05:33.520 align:center l don't understand. 00:05:34.438 --> 00:05:37.774 align:center She's apologizing for what's about to happen. 00:05:38.567 --> 00:05:42.445 align:center Your company e-mail, access to the server, access to the building, 00:05:42.530 --> 00:05:47.409 align:center and your mobile data and phone service will all be severed as of this meeting. 00:05:47.910 --> 00:05:51.371 align:center And this gentleman will take you to your office 00:05:51.455 --> 00:05:53.915 align:center so you can clear out your personal belongings. 00:05:57.837 --> 00:06:01.923 align:center What about what l'm currently working on? l'm in the middle of something that... 00:06:02.008 --> 00:06:06.761 align:center The firm has worked out its transition plan and is prepared to move forward. 00:06:06.846 --> 00:06:09.389 align:center But we do appreciate your concern. 00:06:09.473 --> 00:06:13.685 align:center We understand that this is difficult. And here is my card. 00:06:14.353 --> 00:06:15.687 align:center Please contact me in the next few weeks 00:06:15.730 --> 00:06:18.231 align:center if you need any assistance with this transition in your life. 00:06:24.697 --> 00:06:25.739 align:center Sir. 00:06:32.788 --> 00:06:39.586 align:center Okay. 00:07:06.155 --> 00:07:07.238 align:center Hey. 00:07:12.912 --> 00:07:14.412 align:center l'm sorry. 00:07:16.123 --> 00:07:18.500 align:center -You still alive? -For now. 00:07:19.293 --> 00:07:20.877 align:center Congratulations. 00:07:22.213 --> 00:07:23.963 align:center lt was a bloodbath. 00:07:24.006 --> 00:07:25.256 align:center l heard. 00:07:27.802 --> 00:07:29.302 align:center Listen, Eric, 00:07:30.054 --> 00:07:32.305 align:center if there was something l could have done, l would have done it. 00:07:32.348 --> 00:07:33.431 align:center -l know. -All right? 00:07:33.474 --> 00:07:35.975 align:center Yeah, l know. l know. 00:07:36.769 --> 00:07:37.936 align:center Okay. 00:07:38.646 --> 00:07:39.729 align:center Just tell me, 00:07:40.523 --> 00:07:41.648 align:center who was it? 00:07:42.316 --> 00:07:44.526 align:center -Come on, Eric. -Come on, Will. 00:07:44.610 --> 00:07:46.319 align:center -Rogers? -l'm not going to say, you know. 00:07:46.404 --> 00:07:47.779 align:center -You know me. -Robertson? 00:07:51.826 --> 00:07:53.952 align:center That cunt. l knew it. 00:07:53.994 --> 00:07:55.495 align:center l knew l shouldn't have fucking gone to her last year. 00:07:55.579 --> 00:07:57.455 align:center lt wasn't anyone. Eric, you know what it was? 00:07:57.498 --> 00:07:58.832 align:center lt was bad luck, and that's all it was. 00:07:58.874 --> 00:08:01.626 align:center Yup. 00:08:03.796 --> 00:08:05.422 align:center All right, well, good luck. 00:08:05.506 --> 00:08:06.631 align:center Will? 00:08:07.466 --> 00:08:08.800 align:center Come here. 00:08:11.345 --> 00:08:13.221 align:center l was just in the middle of a lot of shit right here 00:08:13.305 --> 00:08:15.181 align:center that l think somebody needs to take a look at. 00:08:16.016 --> 00:08:17.517 align:center Eric, listen, 00:08:18.769 --> 00:08:20.687 align:center they're telling us everybody needs to get out of here. 00:08:20.729 --> 00:08:22.856 align:center Just leave their stuff. 00:08:22.898 --> 00:08:25.525 align:center And while we appreciate your concern, 00:08:27.361 --> 00:08:29.779 align:center this is not your problem anymore. 00:08:34.743 --> 00:08:35.785 align:center Good luck. 00:08:40.875 --> 00:08:42.208 align:center Thank you. 00:08:49.758 --> 00:08:51.885 align:center Right this way, Mr. Murphy. 00:09:12.406 --> 00:09:14.616 align:center -Eric, l'm very sorry. -Yeah. 00:09:15.201 --> 00:09:17.911 align:center Did they say what was going to happen with us? 00:09:17.995 --> 00:09:20.121 align:center -Jesus, Seth. -What? 00:09:20.206 --> 00:09:22.707 align:center lt's going to get pretty ugly around here for a while. 00:09:22.750 --> 00:09:25.585 align:center But, you know, you guys will be all right. 00:09:26.587 --> 00:09:28.713 align:center -Good luck, Eric. -All right. 00:09:31.425 --> 00:09:34.969 align:center l'll see you around, okay? All right. Thank you. 00:09:55.783 --> 00:09:56.783 align:center Eric. 00:09:59.662 --> 00:10:01.287 align:center l wanted to say thanks. 00:10:02.164 --> 00:10:04.040 align:center -lt's not necessary. -Well, it is. 00:10:04.750 --> 00:10:07.126 align:center You were the person around here that l... 00:10:07.169 --> 00:10:08.503 align:center l know. 00:10:12.091 --> 00:10:13.758 align:center Hey, look, 00:10:13.801 --> 00:10:16.344 align:center l was working on something, but they wouldn't let me finish it. 00:10:16.428 --> 00:10:19.013 align:center So, take a look at it. 00:10:20.808 --> 00:10:21.849 align:center Be careful. 00:10:43.247 --> 00:10:44.289 align:center We're sorry. 00:10:44.331 --> 00:10:48.418 align:center The telephone you are calling from is not in service at this time. 00:10:55.384 --> 00:10:56.551 align:center Robertson! 00:10:56.635 --> 00:10:58.261 align:center Sarah Robertson. 00:10:58.554 --> 00:10:59.762 align:center Sarah. 00:11:01.223 --> 00:11:03.141 align:center You shut off my phone? 00:11:03.684 --> 00:11:05.810 align:center Eric, l didn't do anything. 00:11:06.103 --> 00:11:07.186 align:center Fuck you. 00:11:32.254 --> 00:11:34.505 align:center Well, that was fucking hideous. 00:11:35.299 --> 00:11:37.759 align:center lt's gonna get worse before it gets better. 00:11:38.052 --> 00:11:39.385 align:center You think? 00:11:40.888 --> 00:11:41.971 align:center Much. 00:11:43.724 --> 00:11:45.224 align:center You got any Nicorettes? 00:11:46.393 --> 00:11:48.311 align:center l'm out of Nicorettes. 00:11:49.855 --> 00:11:53.524 align:center Which means in about 1 0 minutes l'm going to kill someone. 00:11:58.739 --> 00:11:59.906 align:center You all right, Sam? 00:12:01.116 --> 00:12:02.742 align:center My dog is dying. 00:12:06.997 --> 00:12:08.331 align:center l'm sorry. 00:12:09.083 --> 00:12:13.086 align:center Just got off the phone with the vet. Fucking tumor on her liver. 00:12:13.879 --> 00:12:18.341 align:center l was spending, like, $1 ,000 a day already just trying to keep her alive. 00:12:18.425 --> 00:12:19.550 align:center Yeah, 00:12:20.177 --> 00:12:23.346 align:center l don't have a fucking clue what to do about it. 00:12:26.517 --> 00:12:28.559 align:center Well, they're all gone. 00:12:30.688 --> 00:12:31.771 align:center So... 00:12:35.484 --> 00:12:37.276 align:center How many do we have left? 00:12:37.319 --> 00:12:38.611 align:center About 33. 00:12:38.696 --> 00:12:42.657 align:center Well, make sure they're all out there. l've gotta say something. 00:12:42.741 --> 00:12:45.118 align:center Yeah, no, they're ready. 00:12:45.160 --> 00:12:47.036 align:center They're ready for you. 00:12:57.214 --> 00:12:59.215 align:center All right, let's hear it. 00:13:08.142 --> 00:13:10.643 align:center You're all still here for a reason. 00:13:10.686 --> 00:13:14.063 align:center 80% of this floor was just sent home, forever. 00:13:15.023 --> 00:13:17.608 align:center We spent the last hour saying our goodbyes. 00:13:17.651 --> 00:13:20.653 align:center They were good people and they were good at theirjobs, 00:13:20.696 --> 00:13:21.988 align:center but you were better. 00:13:22.990 --> 00:13:26.117 align:center Now they're gone, they're not to be thought of again. 00:13:26.160 --> 00:13:28.703 align:center This is your opportunity. 00:13:30.038 --> 00:13:31.497 align:center On every floor of this building 00:13:31.540 --> 00:13:33.541 align:center and in every office, from Hong Kong to London, 00:13:33.625 --> 00:13:35.168 align:center the same thing is happening. 00:13:35.252 --> 00:13:36.836 align:center By the time we're done, 00:13:36.920 --> 00:13:41.549 align:center three of every seven guys who were standing between you and your boss' job 00:13:42.217 --> 00:13:43.593 align:center are gone. 00:13:44.511 --> 00:13:47.346 align:center That is your opportunity. 00:13:50.476 --> 00:13:53.269 align:center l've been with this place for 34 years, 00:13:53.812 --> 00:13:56.814 align:center and l can tell you this is not the last time that you're gonna go through this. 00:13:56.857 --> 00:13:58.900 align:center But you are all survivors. 00:13:59.693 --> 00:14:05.323 align:center And that is how this firm, over 1 07 years, has continued to grow stronger. 00:14:05.365 --> 00:14:08.993 align:center So keep your heads high. Get back to work. Let's hear it. 00:15:01.255 --> 00:15:03.589 align:center Everyone's going out, man. You should... Come on. 00:15:03.632 --> 00:15:05.716 align:center No, man. l'm cool. Thanks. 00:15:07.594 --> 00:15:10.054 align:center Okay. Well, if you change your mind, just give me a call. 00:15:10.097 --> 00:15:12.348 align:center l will. 00:15:12.432 --> 00:15:13.558 align:center Come. 00:15:15.602 --> 00:15:18.104 align:center -Where you guys going? -The Grand. 00:15:18.939 --> 00:15:21.232 align:center l will call you when l am done. 00:15:21.275 --> 00:15:22.650 align:center All right. 00:15:23.235 --> 00:15:25.611 align:center Hey, be glad you're still alive. 00:15:28.073 --> 00:15:29.198 align:center l am. 00:15:39.543 --> 00:15:41.961 align:center -Have a good night, man. -You, too. 00:18:46.772 --> 00:18:48.147 align:center Come on. Come on. Come on. 00:18:48.231 --> 00:18:49.315 align:center We're sorry. You've reached a number... 00:18:49.399 --> 00:18:51.817 align:center -Fuck me. Fuck! -...that has been disconnected. 00:19:03.330 --> 00:19:04.872 align:center -Hello? -Hey. 00:19:06.583 --> 00:19:08.501 align:center -l can't hear you. -What? 00:19:09.002 --> 00:19:10.669 align:center Can you go outside? lt's too loud. 00:19:10.754 --> 00:19:14.173 align:center Hold on a second. lt's loud. Just give me a second. 00:19:17.844 --> 00:19:19.345 align:center -All right, what's up? -Hey, where are you? 00:19:19.554 --> 00:19:22.264 align:center -Lugo. -Okay. Are you with Will? 00:19:22.349 --> 00:19:24.183 align:center -Yeah. Will Emerson? -Yeah. 00:19:24.267 --> 00:19:26.185 align:center Yeah. l think he's still here. Why? 00:19:27.646 --> 00:19:31.190 align:center All right. l need you to get Will, and l need you guys to come back up here. 00:19:31.274 --> 00:19:33.025 align:center -Where? -To the office. 00:19:33.110 --> 00:19:34.735 align:center -What? -l'm serious. 00:19:35.946 --> 00:19:39.156 align:center Wait a sec... You want me to get our boss' boss out of a club 00:19:39.199 --> 00:19:41.617 align:center and bring him back to the office at 1 0:00 on a Thursday night? 00:19:41.952 --> 00:19:44.453 align:center Well, our boss got axed, so technically he is our boss, 00:19:44.538 --> 00:19:47.581 align:center -and yes, that is what l want you to do. -Why? 00:19:48.041 --> 00:19:50.626 align:center Look, man. Just trust me, okay? l need you guys back here now. 00:19:50.710 --> 00:19:53.003 align:center All right. We'll be there in 10. 00:19:55.090 --> 00:19:56.215 align:center Fuck. 00:20:12.732 --> 00:20:15.776 align:center Have l ever told you how much l love your bag? 00:20:15.861 --> 00:20:16.944 align:center No, really. 00:20:17.028 --> 00:20:20.072 align:center -Do you have a little dress that matches it? -Yeah, l do. 00:20:20.157 --> 00:20:23.701 align:center Because you could bounce around in it like a fucking girl. 00:20:23.743 --> 00:20:24.827 align:center Hey! 00:20:25.412 --> 00:20:28.080 align:center Look who's burning the candle at both ends. 00:20:28.165 --> 00:20:30.416 align:center Why didn't you come out with us? 00:20:30.458 --> 00:20:33.878 align:center There's no more cuts planned. You don't have to kiss my arse. 00:20:33.920 --> 00:20:36.046 align:center l frankly don't even know what it is you guys do. 00:20:36.089 --> 00:20:38.215 align:center Well, l'm really sorry l had to bring you guys back here, 00:20:38.258 --> 00:20:40.176 align:center -but... -That's all right. 00:20:40.260 --> 00:20:42.678 align:center -What's going on? -Look at this. 00:20:42.762 --> 00:20:45.764 align:center -Eric gave me this file before he left. -Eric... 00:20:45.807 --> 00:20:48.225 align:center Dale. And he told me that he couldn't quite figure it out. 00:20:48.268 --> 00:20:50.186 align:center And the last thing he said to me 00:20:50.270 --> 00:20:52.813 align:center before the elevator doors closed was, "Be careful." 00:20:53.773 --> 00:20:56.233 align:center -He said, "Be careful"? -Yeah. So, obviously, l'm a little curious. 00:20:56.276 --> 00:20:57.484 align:center l start to get into it a little bit, 00:20:57.569 --> 00:20:59.862 align:center and l realize that the only thing that he's missing... 00:20:59.946 --> 00:21:03.157 align:center -This is not good, Will. -All right. Okay. So what is he doing here? 00:21:04.242 --> 00:21:06.452 align:center No, no. Go to model four. lt makes more sense. 00:21:06.536 --> 00:21:08.245 align:center Okay. All right. 00:21:08.288 --> 00:21:09.788 align:center What is this? 00:21:10.332 --> 00:21:13.667 align:center This is basically everything that we have in our books at any given time. 00:21:13.752 --> 00:21:16.337 align:center But, what Eric was trying to do was to work these numbers 00:21:16.421 --> 00:21:19.798 align:center for levels of volatility that fall outside of the standard VAR model. 00:21:19.883 --> 00:21:22.426 align:center -What are those levels? -lt's fairly complicated. 00:21:22.469 --> 00:21:23.594 align:center Simplify. 00:21:24.137 --> 00:21:27.681 align:center The volatility levels are set using historic patterns, basically, 00:21:27.766 --> 00:21:30.142 align:center and then stretching those patterns out another 1 0, 1 5% roughly. 00:21:30.185 --> 00:21:31.185 align:center All right, so? 00:21:31.269 --> 00:21:34.980 align:center So, we are starting to test those historic patterns. 00:21:36.191 --> 00:21:37.274 align:center When? 00:21:37.692 --> 00:21:39.276 align:center -Today. -Tuesday. 00:21:39.319 --> 00:21:42.404 align:center Monday. Last Friday and Wednesday. 00:21:42.489 --> 00:21:44.323 align:center Two Fridays ago. 00:21:44.616 --> 00:21:46.367 align:center All right. l get it. 00:21:48.495 --> 00:21:49.787 align:center Fuck me. 00:21:49.829 --> 00:21:52.957 align:center Once this thing gets going in the wrong direction, 00:21:52.999 --> 00:21:54.500 align:center this is fucking huge. 00:21:54.542 --> 00:21:55.918 align:center How huge? 00:21:57.504 --> 00:21:59.713 align:center Well, the losses are greater than the current value of the company. 00:21:59.798 --> 00:22:02.466 align:center Projected losses. The projected losses, Will. 00:22:03.051 --> 00:22:05.511 align:center -And this is just our floor? -Yes. 00:22:08.265 --> 00:22:09.348 align:center Where the fuck is Eric Dale? 00:22:09.432 --> 00:22:11.058 align:center l don't know. l tried to call him. His phone is off. 00:22:11.142 --> 00:22:12.142 align:center What do you mean? 00:22:12.185 --> 00:22:14.520 align:center They turned everybody's phone off that they axed today. 00:22:14.562 --> 00:22:15.938 align:center Fucking ruthless. 00:22:16.648 --> 00:22:20.067 align:center -Did you try his personal cell? -Yeah, l called his cell phone. lt's not on. 00:22:20.151 --> 00:22:22.569 align:center -Call his home. -At this hour? 00:22:22.654 --> 00:22:24.947 align:center Yeah. Do we even know if he's right? 00:22:25.031 --> 00:22:27.992 align:center -Looks pretty fucking right to me. -lt does. 00:22:30.870 --> 00:22:33.038 align:center Mrs. Dale, it's Will Emerson. 00:22:33.081 --> 00:22:36.000 align:center l'm fine, thank you. May l speak with Eric? 00:22:38.461 --> 00:22:40.671 align:center No, we've tried that. His phone appears to be off. 00:22:40.714 --> 00:22:44.633 align:center Listen, could you have him call me the moment he comes in? 00:22:44.718 --> 00:22:47.219 align:center The moment he walks through the door. 00:22:47.304 --> 00:22:49.054 align:center Thank you so much. 00:22:49.097 --> 00:22:50.472 align:center Goodbye. 00:22:50.557 --> 00:22:51.598 align:center Where the fuck is he? 00:22:51.683 --> 00:22:53.350 align:center -Doesn't he have, like, three kids? -So? 00:22:53.393 --> 00:22:56.061 align:center Fuck, l don't know, would you go home? 00:22:57.772 --> 00:22:59.523 align:center l know where he is. 00:23:00.692 --> 00:23:02.234 align:center l need you two to go and get him. 00:23:02.319 --> 00:23:04.236 align:center There will be a car waiting for you downstairs. 00:23:04.321 --> 00:23:06.071 align:center -You need to go. -Right now? 00:23:06.156 --> 00:23:07.823 align:center Yeah, right now. 00:23:07.907 --> 00:23:09.199 align:center What are you going to do? 00:23:09.242 --> 00:23:11.118 align:center l'm going to call Sam. 00:23:15.290 --> 00:23:16.665 align:center Fuck me. 00:23:33.016 --> 00:23:34.808 align:center -Yes? -lt's Will. 00:23:35.602 --> 00:23:37.561 align:center lt's 1 1 :00 at night. 00:23:37.604 --> 00:23:39.605 align:center l know. l'm sorry. l wouldn't have called. 00:23:40.565 --> 00:23:42.149 align:center What's the problem? 00:23:42.942 --> 00:23:44.777 align:center l think you need to get back here. 00:23:45.445 --> 00:23:46.695 align:center What? 00:23:47.322 --> 00:23:48.781 align:center Sam, listen... 00:23:48.865 --> 00:23:50.574 align:center lt's 1 1 :00 at night. 00:23:50.617 --> 00:23:54.953 align:center l'm well aware of the fucking time, Sam. l'm telling you, you need to see this. 00:23:55.038 --> 00:23:56.163 align:center See what? 00:23:56.539 --> 00:23:57.581 align:center lt's... 00:23:58.208 --> 00:23:59.666 align:center E-mail it to me. 00:24:00.126 --> 00:24:03.212 align:center l don't think that, that would be a good idea. 00:24:06.216 --> 00:24:07.841 align:center l'm on my way. 00:24:13.598 --> 00:24:15.265 align:center Look at these people. 00:24:17.310 --> 00:24:21.605 align:center Wandering around with absolutely no idea what's about to happen. 00:24:25.151 --> 00:24:26.193 align:center Right? 00:24:27.070 --> 00:24:30.155 align:center Well, l try to not let work get to me like that. 00:24:30.907 --> 00:24:33.033 align:center l've noticed that about you. 00:24:34.619 --> 00:24:37.037 align:center Come on. We're 23 years old. 00:24:38.039 --> 00:24:39.832 align:center -l'm 28. -All right, 28. 00:24:39.874 --> 00:24:41.166 align:center Whatever, it's the same thing, 00:24:41.251 --> 00:24:46.255 align:center but l made nearly a quarter of a million dollars last year. 00:24:47.590 --> 00:24:48.674 align:center Fuck. For what? 00:24:49.342 --> 00:24:51.677 align:center l push numbers around on a computer screen. 00:24:52.053 --> 00:24:54.763 align:center A bunch of glorified crack addicts are willing to take that information, 00:24:54.848 --> 00:24:55.848 align:center and they pretend to understand it, 00:24:55.932 --> 00:24:58.016 align:center and they bet it against some otherjock halfway around the world 00:24:58.059 --> 00:24:59.435 align:center who, you know, if he wasn't doing this, 00:24:59.519 --> 00:25:02.855 align:center he'd be in an OTB somewhere, putting it all on number seven, you know? 00:25:03.898 --> 00:25:07.151 align:center At the end of the day, one guy wins, one guy loses. 00:25:08.653 --> 00:25:11.780 align:center You do know it's a little more complicated than that, right? 00:25:12.198 --> 00:25:13.323 align:center Yeah. 00:25:20.248 --> 00:25:22.875 align:center lt's Will. He wants to know if we found him. What do l say? 00:25:22.917 --> 00:25:25.502 align:center Let's say that we haven't found him yet. 00:25:26.254 --> 00:25:27.337 align:center Okay. 00:25:50.737 --> 00:25:52.070 align:center -Hey. -Hey. 00:25:52.113 --> 00:25:53.238 align:center So? 00:25:54.574 --> 00:25:55.616 align:center Eric Dale. 00:25:55.700 --> 00:25:57.034 align:center Oh, Jesus. 00:25:57.911 --> 00:26:00.496 align:center Before he leaves the building, escorted by fucking security, by the way... 00:26:00.580 --> 00:26:02.080 align:center -l had nothing to do with that. -l know. 00:26:02.165 --> 00:26:03.290 align:center l'm sorry. Go on. 00:26:03.374 --> 00:26:06.084 align:center Before he leaves the building, he hands this disk to Peter Sullivan. 00:26:06.169 --> 00:26:07.586 align:center -Who's Peter Sullivan again? -Doesn't matter. 00:26:07.629 --> 00:26:09.254 align:center -He's one of Eric's guys. -All right. 00:26:09.297 --> 00:26:15.093 align:center But before the elevator doors are closing, the last thing that he says is, "Be careful." 00:26:16.304 --> 00:26:17.971 align:center "Be careful"? 00:26:18.056 --> 00:26:19.097 align:center Yeah. 00:26:19.182 --> 00:26:20.265 align:center -"Be careful"? -Yeah. 00:26:20.350 --> 00:26:22.100 align:center -Why? -Take a look. 00:26:25.146 --> 00:26:27.231 align:center Oh, Jesus. You know l can't fucking read these things. 00:26:27.273 --> 00:26:28.732 align:center Just speak to me in English. 00:26:28.775 --> 00:26:32.945 align:center All right. Basically, this kid, Peter Sullivan, he gets all inspired by your pep talk. 00:26:33.029 --> 00:26:34.780 align:center Nice job, by the way. 00:26:34.822 --> 00:26:37.574 align:center And he delves straight in after work. 00:26:37.617 --> 00:26:38.867 align:center And l think he nailed it. 00:26:39.327 --> 00:26:40.494 align:center Nailed it? 00:26:40.578 --> 00:26:43.789 align:center Yeah, l think he figured out what Eric was missing. 00:26:43.831 --> 00:26:45.290 align:center And? 00:26:45.375 --> 00:26:47.209 align:center lt's not good, Sam. 00:26:47.794 --> 00:26:51.630 align:center These here are the historical volatility index limits 00:26:51.714 --> 00:26:55.259 align:center which, of course, our entire trading model relies on pretty fucking heavily. 00:26:55.301 --> 00:26:59.596 align:center Well, we're now so levered up that once it gets outside of these limits, 00:27:01.558 --> 00:27:03.058 align:center it gets ugly in a hurry. 00:27:03.434 --> 00:27:06.019 align:center And how close to those limits have we gotten? 00:27:06.104 --> 00:27:08.313 align:center Sam, we're beyond close. 00:27:08.815 --> 00:27:12.317 align:center We broke through these limits five or six days in the last two weeks. 00:27:12.485 --> 00:27:15.320 align:center Now, somehow we've managed to stay on the right side of it for now. 00:27:15.405 --> 00:27:16.655 align:center For now. 00:27:17.073 --> 00:27:20.617 align:center Well, look what happens when we get on the wrong side of it. 00:27:26.457 --> 00:27:29.418 align:center -Wait a minute. What am l looking at? -You're looking at this figure here. 00:27:32.922 --> 00:27:34.423 align:center -Whoa. ls that... -Yeah. 00:27:34.507 --> 00:27:37.884 align:center And that would not be a bad day for us, historically speaking. 00:27:38.261 --> 00:27:40.387 align:center -ls that figure right? -l don't know. l can't be sure. 00:27:40.805 --> 00:27:41.888 align:center Where's Eric Dale? 00:27:41.973 --> 00:27:43.515 align:center -We shut his phone off. -Of course we did. 00:27:43.558 --> 00:27:46.184 align:center Yeah. So l called his wife, who says he's not home. 00:27:46.269 --> 00:27:47.936 align:center Yeah, he's probably crying in some fucking beer somewhere. 00:27:48.021 --> 00:27:49.521 align:center Yeah, or worse. 00:27:49.606 --> 00:27:50.772 align:center Where's the kid that did this? 00:27:50.940 --> 00:27:52.441 align:center l sent him out looking for Eric. 00:27:52.525 --> 00:27:54.192 align:center You think he knows what he's doing? 00:27:55.403 --> 00:27:56.528 align:center l don't know. What do l know? 00:27:56.613 --> 00:27:58.530 align:center Get him back here. Get him back here. 00:28:10.793 --> 00:28:13.795 align:center What do you think these girls make in a night? 00:28:14.130 --> 00:28:15.380 align:center $1 ,500? 00:28:22.597 --> 00:28:24.097 align:center Two grand? 00:28:25.725 --> 00:28:27.184 align:center Two grand. 00:28:28.061 --> 00:28:32.064 align:center Fuck. That's... That's pretty great. 00:28:32.815 --> 00:28:34.733 align:center l mean, all considered. 00:28:39.739 --> 00:28:40.864 align:center Shit. 00:28:40.907 --> 00:28:42.074 align:center Will. 00:28:44.077 --> 00:28:45.243 align:center Yep. 00:28:46.079 --> 00:28:48.747 align:center No. No, we asked, and nobody's seen him. 00:28:51.751 --> 00:28:53.418 align:center Okay, yep. 00:29:06.974 --> 00:29:10.435 align:center All right, so what do you think Rogers makes in a year? 00:29:11.729 --> 00:29:13.939 align:center -l don't know, l have no idea. -Come on. Play along. 00:29:14.023 --> 00:29:16.566 align:center -What year? l don't know. -Last year. 00:29:17.068 --> 00:29:19.194 align:center Three quarters of a million. 00:29:21.155 --> 00:29:22.447 align:center Come on. 00:29:23.032 --> 00:29:25.242 align:center -What? -Oh, it's not even close. 00:29:25.284 --> 00:29:27.119 align:center -More? -Much more. 00:29:28.121 --> 00:29:29.621 align:center A million? 00:29:29.706 --> 00:29:32.207 align:center Will Emerson made two and a half million last year. 00:29:32.291 --> 00:29:34.126 align:center -Fuck you. -Fuck me. 00:29:34.168 --> 00:29:36.461 align:center Fuck you. How do you know that? 00:29:37.672 --> 00:29:39.297 align:center -He told me. -He just told you? 00:29:39.382 --> 00:29:42.384 align:center l asked him, and yeah, he told me. 00:29:42.468 --> 00:29:44.386 align:center You think that's true? 00:29:44.887 --> 00:29:46.555 align:center Yeah, probably. 00:29:46.639 --> 00:29:48.473 align:center That's fucked up. 00:29:48.558 --> 00:29:52.519 align:center -Why is that fucked up? -l don't know, does it seem right to you? 00:29:52.895 --> 00:29:55.522 align:center Right? l mean, right is... Right is... 00:29:57.734 --> 00:29:58.942 align:center Jesus. 00:30:00.278 --> 00:30:01.820 align:center So what do you think that means Rogers puts away? 00:30:01.863 --> 00:30:05.490 align:center l have no idea, Seth. This traffic is a fucking nightmare. 00:30:21.299 --> 00:30:22.507 align:center Sorry. 00:30:29.307 --> 00:30:30.348 align:center Gentlemen. 00:30:31.267 --> 00:30:33.351 align:center Will. Mr. Rogers. 00:30:33.394 --> 00:30:35.228 align:center Come with us, please. 00:30:41.694 --> 00:30:43.820 align:center Sam, this is Seth Bregman and Peter Sullivan. 00:30:43.863 --> 00:30:45.030 align:center Sir. 00:30:48.034 --> 00:30:49.242 align:center Will? 00:30:50.495 --> 00:30:51.995 align:center Where are we going? 00:30:52.038 --> 00:30:55.582 align:center We're going to get a second opinion on your work, Peter. 00:31:32.036 --> 00:31:34.162 align:center So, Sam, what do you have for us? 00:31:34.247 --> 00:31:35.288 align:center lt'll be here in a minute. 00:31:35.373 --> 00:31:38.250 align:center Finding somebody in the copy room at this hour was a little bit of a challenge. 00:31:38.292 --> 00:31:39.918 align:center Okay, let's go right into the introductions. 00:31:40.002 --> 00:31:41.419 align:center This is Sarah Robertson, who you know. 00:31:41.504 --> 00:31:44.923 align:center Chief Risk Management Officer Ramesh Shah from upstairs. 00:31:44.966 --> 00:31:47.384 align:center And David Horn, one of the firm's in-house counsel. 00:31:47.677 --> 00:31:51.263 align:center Nice to meet you all. This is my Head of Trading, Will Emerson, and this is... 00:31:51.305 --> 00:31:54.850 align:center Peter Sullivan and Seth Bregman. They work in our Risk Department. 00:31:54.934 --> 00:31:56.434 align:center Where's Eric Dale? 00:31:56.811 --> 00:31:58.603 align:center He was let go today. 00:32:00.940 --> 00:32:03.775 align:center Who do you have left in your Risk Department? 00:32:03.818 --> 00:32:07.779 align:center As of today that would be Peter and our Junior Analyst, Seth. 00:32:10.241 --> 00:32:11.449 align:center Really? 00:32:12.577 --> 00:32:13.827 align:center Will Emerson? 00:32:13.911 --> 00:32:16.246 align:center Yes, please. Just hand them out. 00:32:16.747 --> 00:32:17.789 align:center Thank you. 00:32:29.427 --> 00:32:31.595 align:center Apparently, Eric had been working on this for some time, 00:32:31.637 --> 00:32:32.971 align:center but he wasn't able to finish it. 00:32:33.055 --> 00:32:34.639 align:center This morning, as he left the building, 00:32:34.682 --> 00:32:37.517 align:center he handed the program to Peter here and asked him to take a look at it. 00:32:37.602 --> 00:32:41.396 align:center Peter did. He put a few things in that Eric seemed to be missing, 00:32:41.480 --> 00:32:43.481 align:center and this is what came out. 00:32:45.359 --> 00:32:46.651 align:center Peter, is this your work? 00:32:48.821 --> 00:32:50.155 align:center Mostly Mr. Dale's. 00:32:50.781 --> 00:32:52.616 align:center But is this your draft? 00:32:52.658 --> 00:32:53.783 align:center Yes. 00:32:54.869 --> 00:32:58.330 align:center Again, expanded on the original work by Mr. Dale. But, yes. 00:32:58.664 --> 00:32:59.831 align:center What's your background? 00:32:59.916 --> 00:33:01.374 align:center -My background? -Your CV? 00:33:01.459 --> 00:33:02.792 align:center l've been with the firm for two and a half years, 00:33:02.835 --> 00:33:03.919 align:center working with Eric that whole time. 00:33:04.003 --> 00:33:05.921 align:center But l hold a doctorate in engineering, 00:33:06.005 --> 00:33:09.007 align:center specialty in propulsion, from MlT with a bachelor's from Penn. 00:33:09.050 --> 00:33:11.509 align:center What is a specialty in propulsion, exactly? 00:33:11.761 --> 00:33:14.554 align:center My thesis was a study in the ways that friction ratios 00:33:14.639 --> 00:33:17.515 align:center affect steering outcomes in aeronautical use under reduced gravity loads. 00:33:18.935 --> 00:33:21.144 align:center So, you're a rocket scientist? 00:33:21.520 --> 00:33:23.021 align:center l was. Yeah. 00:33:24.106 --> 00:33:25.273 align:center lnteresting. 00:33:25.524 --> 00:33:26.858 align:center How did you end up here? 00:33:26.943 --> 00:33:29.778 align:center lt's all just numbers, really. Just changing what you're adding up. 00:33:29.862 --> 00:33:33.490 align:center And to speak freely, the money here is considerably more attractive. 00:33:42.625 --> 00:33:44.042 align:center What time is it? 00:33:44.085 --> 00:33:45.168 align:center 2:1 5. 00:33:45.628 --> 00:33:48.672 align:center Fuck me. Fuck me. 00:33:49.173 --> 00:33:51.633 align:center And l'm guessing by the fact that you two haven't said anything 00:33:51.717 --> 00:33:53.385 align:center that the math checks out. 00:33:53.427 --> 00:33:56.721 align:center Look, we'd need some time to go over this. 00:33:56.806 --> 00:34:00.225 align:center But Mr. Sullivan here seems like he knows what he's doing. 00:34:00.309 --> 00:34:02.060 align:center So, it would appear we have a problem. 00:34:02.269 --> 00:34:03.687 align:center Thank you for that. 00:34:03.729 --> 00:34:05.021 align:center What time is it? 00:34:05.064 --> 00:34:06.731 align:center -2:1 6. -Fuck me. 00:34:08.401 --> 00:34:09.651 align:center Fuck me. 00:34:17.952 --> 00:34:21.079 align:center Sam, how long under normal operations 00:34:21.122 --> 00:34:23.498 align:center would it take your people to clear that from our books? 00:34:27.086 --> 00:34:28.461 align:center What? 00:34:29.213 --> 00:34:30.964 align:center -All of it? -Yes. 00:34:32.675 --> 00:34:34.092 align:center l don't know. Weeks. 00:34:34.135 --> 00:34:35.969 align:center -Weeks? -Yeah. Weeks. 00:34:36.929 --> 00:34:40.640 align:center But you certainly know that our business is selling and buying? 00:34:41.892 --> 00:34:43.810 align:center lt doesn't work for very long without both components. 00:34:43.894 --> 00:34:45.520 align:center We suddenly stop buying for a day or two, 00:34:45.604 --> 00:34:48.732 align:center that's not something you can hide under the rug. That gets out. 00:34:48.774 --> 00:34:53.153 align:center And when it does, this whole thing comes to an end, and right quick. 00:34:54.321 --> 00:34:56.322 align:center -l understand. -Do you? 00:34:59.535 --> 00:35:00.577 align:center Yes. 00:35:02.872 --> 00:35:06.332 align:center How many traders do we have left between your floor and Peterson's? 00:35:06.417 --> 00:35:08.376 align:center -l don't know, what... -60. 00:35:08.461 --> 00:35:09.961 align:center Jared, as l look at this more closely, 00:35:10.004 --> 00:35:12.380 align:center it is these VAR numbers that are setting this thing off. 00:35:12.465 --> 00:35:13.798 align:center Excuse me. 00:35:25.978 --> 00:35:27.812 align:center l warned you about this last year. 00:35:27.855 --> 00:35:29.981 align:center We would not be in this position if we had done what l... 00:35:30.024 --> 00:35:31.024 align:center Please. 00:35:31.108 --> 00:35:33.651 align:center As l was saying, and l speak completely off the record, 00:35:33.694 --> 00:35:35.570 align:center it's only a matter of time before someone else 00:35:35.654 --> 00:35:38.698 align:center starts putting these in and they come up with exactly the same results 00:35:38.783 --> 00:35:40.533 align:center and look at exactly what we're looking at right now, 00:35:40.618 --> 00:35:41.659 align:center if they haven't already. 00:35:41.702 --> 00:35:43.119 align:center Understood. 00:35:43.162 --> 00:35:46.664 align:center And, Sarah, what value would you allow to be placed on those assets 00:35:46.749 --> 00:35:49.125 align:center that might remain on the books, if they had to? 00:35:49.168 --> 00:35:50.835 align:center Why would they still be on the books? 00:35:50.878 --> 00:35:52.587 align:center Because suddenly nobody wants to fucking buy them. 00:35:52.671 --> 00:35:53.963 align:center Fuck you, Sam. Will you give me 00:35:54.006 --> 00:35:55.256 align:center -a fucking break here? -Excuse me, Jared... 00:35:55.341 --> 00:35:57.342 align:center Without an active market, it would take weeks or months 00:35:57.426 --> 00:35:59.427 align:center for me to come up with an accurate value on them. 00:35:59.512 --> 00:36:00.929 align:center You would have to go block by block. 00:36:01.013 --> 00:36:03.515 align:center Look, Jared, it's a very simple business, right? We talked about this. 00:36:03.599 --> 00:36:04.808 align:center Sam. 00:36:05.726 --> 00:36:08.019 align:center Will, Peter, and... 00:36:08.104 --> 00:36:09.354 align:center -What the fuck is his name? -Seth. 00:36:09.396 --> 00:36:12.941 align:center Thank you. Seth. Could you please give us a few moments? 00:36:14.944 --> 00:36:16.319 align:center And, Peter? 00:36:16.779 --> 00:36:18.071 align:center Has anyone else seen this? 00:36:18.405 --> 00:36:20.031 align:center No, no one aside from us. 00:36:20.116 --> 00:36:21.783 align:center -And Eric Dale. -Yes. 00:36:21.867 --> 00:36:25.995 align:center And can it really be possible that we don't know where Eric Dale is? 00:36:26.038 --> 00:36:28.248 align:center l called his wife, he hasn't come home yet, 00:36:28.332 --> 00:36:30.875 align:center and we turned off his phone today. 00:36:30.918 --> 00:36:32.001 align:center Perfect. 00:36:32.628 --> 00:36:34.295 align:center Well, l'd like to know where he is. 00:36:44.682 --> 00:36:47.725 align:center Jesus fucking Christ. Who is that guy? 00:36:47.768 --> 00:36:49.144 align:center Sam's boss. 00:36:50.187 --> 00:36:52.438 align:center He looks like he's 1 5 years old. 00:36:52.523 --> 00:36:53.982 align:center He's 40. 00:36:54.066 --> 00:36:56.151 align:center Yeah, how does that happen? 00:36:56.694 --> 00:36:58.820 align:center Oh, it happens all the time. 00:37:01.824 --> 00:37:03.366 align:center Except to me. 00:37:05.536 --> 00:37:07.495 align:center Kid's a fucking killer. 00:37:09.999 --> 00:37:12.667 align:center What are they talking about in there? 00:37:17.089 --> 00:37:18.756 align:center lt ain't pretty. 00:37:19.925 --> 00:37:21.634 align:center What ain't pretty? 00:37:22.928 --> 00:37:25.763 align:center lf people stop buying what we're selling. 00:37:29.935 --> 00:37:31.144 align:center Jared. 00:37:32.479 --> 00:37:35.315 align:center You cannot be doing what you're thinking of doing. 00:37:35.399 --> 00:37:36.941 align:center Well, l don't see any other choice. 00:37:37.026 --> 00:37:38.484 align:center What does that mean, we don't have a choice? 00:37:38.569 --> 00:37:39.694 align:center Fuck you, you don't have a choice. 00:37:39.778 --> 00:37:43.072 align:center Fuck me? Did you even look at the numbers, Sam? 00:37:43.115 --> 00:37:44.616 align:center Yeah, but what do l know? 00:37:44.658 --> 00:37:46.117 align:center Correct me if l'm wrong, Mr. Shah, 00:37:46.202 --> 00:37:48.578 align:center but these numbers, they don't add up. 00:37:48.621 --> 00:37:50.121 align:center One and one no longer makes two. 00:37:50.206 --> 00:37:51.915 align:center Look, if l may, l would like a little bit more time. 00:37:51.957 --> 00:37:53.291 align:center Jared, we can't tell you yet. 00:37:53.334 --> 00:37:55.627 align:center Are you fucking kidding me? We have talked about this. 00:37:55.669 --> 00:37:58.087 align:center We need a little more time to give you our conclusion. 00:37:58.130 --> 00:38:00.798 align:center Okay. We meet again in 45 minutes. 00:38:01.300 --> 00:38:03.760 align:center -Sam, do you have the file? -Yeah. 00:38:21.028 --> 00:38:23.071 align:center What are you going to do? 00:38:25.824 --> 00:38:27.742 align:center Are you gonna call him? 00:38:32.456 --> 00:38:33.998 align:center l already have. 00:38:48.847 --> 00:38:50.014 align:center Jesus. 00:38:54.520 --> 00:38:56.312 align:center Wow, that's gorgeous. 00:39:05.614 --> 00:39:07.407 align:center lt's a long way down. 00:39:08.284 --> 00:39:09.659 align:center Yes, it is. 00:39:21.380 --> 00:39:23.589 align:center Will, don't do that. Come on. 00:39:26.719 --> 00:39:28.511 align:center You know the feeling that people experience 00:39:28.554 --> 00:39:32.598 align:center when they stand on the edge like this isn't a fear of falling. 00:39:32.683 --> 00:39:35.184 align:center lt's the fear that they might jump. 00:39:35.894 --> 00:39:38.896 align:center That's very deep and depressing. Thank you. 00:39:38.981 --> 00:39:41.190 align:center Yeah, well, l'm a little dark sometimes. 00:39:41.233 --> 00:39:43.651 align:center All right. Come down, please, Will. Please, come on. 00:39:43.736 --> 00:39:45.028 align:center Will. 00:39:45.321 --> 00:39:46.821 align:center Yeah, fuck it. 00:39:49.867 --> 00:39:51.242 align:center Not today! 00:39:58.250 --> 00:40:00.668 align:center lt looks like they're going to make us dump this shit. 00:40:00.878 --> 00:40:01.961 align:center What? 00:40:02.796 --> 00:40:04.213 align:center You watch. 00:40:04.256 --> 00:40:05.423 align:center How? 00:40:06.091 --> 00:40:07.258 align:center You'll see. 00:40:07.301 --> 00:40:08.760 align:center How could they do that? 00:40:08.802 --> 00:40:11.637 align:center They can't. lt's impossible. But they'll figure a way. 00:40:11.930 --> 00:40:13.598 align:center l've been at this company for 1 0 years, 00:40:13.640 --> 00:40:16.976 align:center and l've seen things you wouldn't believe. 00:40:17.728 --> 00:40:20.438 align:center When all is said and done, they do not lose money. 00:40:20.522 --> 00:40:23.274 align:center They don't mind if everybody else does, 00:40:23.359 --> 00:40:25.193 align:center but they don't lose. 00:40:33.494 --> 00:40:34.619 align:center Will? 00:40:35.913 --> 00:40:39.082 align:center Did you really make two and a half million last year? 00:40:39.124 --> 00:40:40.500 align:center Yeah, sure. 00:40:43.796 --> 00:40:45.797 align:center How did you spend it all? 00:40:46.256 --> 00:40:47.673 align:center lt goes quite quickly. 00:40:47.758 --> 00:40:49.634 align:center You know, you learn to spend what's in your pocket. 00:40:49.676 --> 00:40:51.302 align:center Two and a half million goes quickly? 00:40:51.387 --> 00:40:53.304 align:center All right, let's see. 00:40:53.389 --> 00:40:55.473 align:center So the taxman takes half up front, 00:40:55.516 --> 00:40:56.933 align:center so you're left with one and a quarter. 00:40:57.810 --> 00:41:00.144 align:center My mortgage takes another 300 grand. 00:41:00.187 --> 00:41:03.523 align:center l send 1 50 home for my parents, you know, keep them going. 00:41:03.607 --> 00:41:04.816 align:center -So what's that? -800. 00:41:04.858 --> 00:41:06.150 align:center All right, 800. 00:41:07.027 --> 00:41:08.820 align:center Spent 1 50 on a car. 00:41:09.571 --> 00:41:13.658 align:center About 75 on restaurants. Probably 50 on clothes. 00:41:14.827 --> 00:41:17.829 align:center -l put 400 away for a rainy day. -That's smart. 00:41:17.871 --> 00:41:21.499 align:center Yeah, as it turns out, 'cause it looks like the storm's coming. 00:41:22.209 --> 00:41:23.793 align:center You still got 1 25. 00:41:25.796 --> 00:41:30.425 align:center Yeah, well, l did spend $76,520 on hookers, booze, and dancers. 00:41:30.509 --> 00:41:32.218 align:center But mainly hookers. 00:41:33.429 --> 00:41:34.679 align:center 76,500? 00:41:35.514 --> 00:41:37.723 align:center l was a little shocked initially, but then l realized 00:41:37.808 --> 00:41:41.185 align:center that l could claim most of it back as entertainment. lt's true. 00:41:46.650 --> 00:41:47.859 align:center -Holy shit! -Goddamn! 00:41:47.943 --> 00:41:50.778 align:center The cavalry is here! Come on, we should go. 00:41:57.661 --> 00:41:59.287 align:center How old are you? 00:42:00.914 --> 00:42:02.582 align:center -43. -Jesus. 00:42:08.422 --> 00:42:10.089 align:center This is bizarre. 00:42:12.551 --> 00:42:14.635 align:center lt's like a dream. 00:42:18.640 --> 00:42:22.852 align:center l don't know, seems like we actually may have just woken up. 00:42:25.564 --> 00:42:26.689 align:center Come in. 00:42:28.066 --> 00:42:29.609 align:center How do we look? 00:42:30.319 --> 00:42:32.904 align:center -l should go. -No. You should stay. 00:42:32.988 --> 00:42:34.155 align:center So? 00:42:34.823 --> 00:42:36.574 align:center lt's legit. 00:42:36.617 --> 00:42:38.284 align:center The kid killed it. 00:42:38.994 --> 00:42:41.245 align:center The formula's worthless. 00:42:41.330 --> 00:42:43.247 align:center -What does that mean? -lt's broken. 00:42:44.249 --> 00:42:47.293 align:center There are eight trillion dollars of paper around the world 00:42:47.377 --> 00:42:48.961 align:center relying on that equation. 00:42:49.046 --> 00:42:50.338 align:center Well, we were wrong. 00:42:50.422 --> 00:42:52.715 align:center No, you mean you were wrong. 00:42:52.799 --> 00:42:54.926 align:center Now, don't get me started. We discussed this. 00:42:55.010 --> 00:42:56.093 align:center l'm heading for the conference room. 00:42:56.178 --> 00:42:57.678 align:center No, l want you to hear this. 00:42:59.681 --> 00:43:01.599 align:center l don't want to hear this. 00:43:01.642 --> 00:43:05.102 align:center How do you think l've stuck around this place so long? 00:43:12.611 --> 00:43:14.111 align:center l called Tuld. 00:43:16.698 --> 00:43:18.616 align:center Do we have a contingency plan here? 00:43:18.659 --> 00:43:20.952 align:center -A contingency plan? -Yes. 00:43:21.328 --> 00:43:23.663 align:center No, we went all in on this one. 00:43:24.790 --> 00:43:28.376 align:center So we've gotten ourselves quite exposed here, haven't we? 00:43:30.462 --> 00:43:32.547 align:center To Tuld or the market? 00:43:34.466 --> 00:43:35.800 align:center To both. 00:43:58.615 --> 00:44:00.157 align:center He's here? 00:44:30.897 --> 00:44:33.983 align:center -Tuld's helicopterjust landed. -l know. Come with us. 00:44:34.026 --> 00:44:36.193 align:center -Where's Sam? -l don't know. You sure you want all of us? 00:44:36.278 --> 00:44:37.486 align:center Yes. 00:44:43.744 --> 00:44:47.246 align:center One piece of advice for everyone before we go in there. 00:44:47.789 --> 00:44:49.373 align:center This could get a little ugly. 00:44:49.458 --> 00:44:51.959 align:center But whatever you do, just tell the truth. No sugarcoating. 00:44:52.044 --> 00:44:53.502 align:center Do not change a word of it. 00:44:53.545 --> 00:44:57.298 align:center No one here is smart enough, including the rocket scientist. 00:45:04.222 --> 00:45:06.390 align:center -Mr. Cohen. -Morning. 00:45:08.268 --> 00:45:09.894 align:center This way, please. 00:45:14.775 --> 00:45:17.068 align:center He's already in there waiting for you. 00:45:17.152 --> 00:45:18.402 align:center Excellent. 00:45:41.927 --> 00:45:43.052 align:center John. 00:45:44.429 --> 00:45:46.097 align:center Please, sit down. 00:45:48.934 --> 00:45:50.643 align:center Welcome, everyone. 00:45:50.727 --> 00:45:53.437 align:center l must apologize for dragging you all here at such an uncommon hour. 00:45:53.522 --> 00:45:57.858 align:center But from what l've been told, this matter needs to be dealt with urgently. 00:45:57.943 --> 00:46:00.986 align:center So urgently, in fact, it probably should have been addressed weeks ago. 00:46:01.071 --> 00:46:03.322 align:center But that is spilt milk under the bridge. 00:46:03.407 --> 00:46:07.576 align:center So, why doesn't somebody tell me what they think is going on here? 00:46:08.578 --> 00:46:11.288 align:center Mr. Tuld, as l mentioned earlier, 00:46:11.373 --> 00:46:14.166 align:center if you compare the figure at the top of page 1 3... 00:46:14.251 --> 00:46:17.795 align:center Jared, it's a little early for all that. Just speak to me in plain English. 00:46:19.089 --> 00:46:20.131 align:center Okay. 00:46:20.173 --> 00:46:22.299 align:center ln fact, l'd like to speak to the guy who put this together. 00:46:22.384 --> 00:46:24.802 align:center Mr. Sullivan, is it? Does he speak English? 00:46:24.886 --> 00:46:26.178 align:center Sir? 00:46:26.263 --> 00:46:27.888 align:center l'd like to speak with the analyst 00:46:27.973 --> 00:46:29.557 align:center who seems to have stumbled across this mess. 00:46:29.641 --> 00:46:32.685 align:center Certainly. That would be Peter Sullivan. Right here. 00:46:32.769 --> 00:46:35.020 align:center Oh, Mr. Sullivan, you're here. Good morning. 00:46:35.105 --> 00:46:37.815 align:center Maybe you could tell me what you think is going on here. 00:46:37.858 --> 00:46:41.902 align:center And please, speak as you might to a young child 00:46:41.987 --> 00:46:44.447 align:center or a golden retriever. 00:46:44.489 --> 00:46:48.242 align:center lt wasn't brains that got me here. l can assure you of that. 00:46:52.414 --> 00:46:55.541 align:center Well, sir, as you may or may not know, l work 00:46:55.625 --> 00:46:59.170 align:center here for Mr. Rogers as an associate in the Risk Assessment 00:46:59.254 --> 00:47:01.130 align:center and Management Office at MBS. 00:47:01.173 --> 00:47:04.925 align:center Please. Just relax. Stand up. Tell us in a clear voice. 00:47:05.010 --> 00:47:07.386 align:center What is the nature of the problem? 00:47:09.514 --> 00:47:10.598 align:center Okay. 00:47:12.350 --> 00:47:15.811 align:center As you probably know, over the last 36 to 40 months 00:47:15.854 --> 00:47:19.064 align:center the firm has begun packaging 00:47:19.149 --> 00:47:24.278 align:center new MBS products that combine several different tranches 00:47:24.362 --> 00:47:27.615 align:center of rating classifications in one tradable security. 00:47:28.533 --> 00:47:30.659 align:center This has been enormously profitable, 00:47:30.702 --> 00:47:32.912 align:center as l imagine you noticed. 00:47:32.996 --> 00:47:34.205 align:center l have. 00:47:34.414 --> 00:47:36.624 align:center The firm is currently doing a considerable amount 00:47:36.708 --> 00:47:37.750 align:center of this business every day. 00:47:37.834 --> 00:47:41.712 align:center Now the problem, which is, l guess, why we are here tonight, 00:47:41.755 --> 00:47:44.882 align:center is that is takes us, the firm, about a month 00:47:45.425 --> 00:47:49.720 align:center to layer these products correctly, thereby posing a challenge 00:47:49.763 --> 00:47:52.056 align:center from a Risk Management standpoint. 00:47:52.307 --> 00:47:54.141 align:center And, Mr. Sullivan, that challenge is? 00:47:54.559 --> 00:47:58.729 align:center We have to hold these assets on our books longer than we might ideally like to. 00:47:58.772 --> 00:47:59.980 align:center Yes. 00:48:00.065 --> 00:48:02.900 align:center But the key factor here is these are essentially just mortgages. 00:48:02.984 --> 00:48:06.862 align:center So that has allowed us to push the leverage considerably beyond 00:48:06.905 --> 00:48:10.574 align:center what you might be willing or allowed to do in any other circumstance, 00:48:10.659 --> 00:48:14.620 align:center thereby pushing the risk profile without raising any red flags. 00:48:16.373 --> 00:48:18.165 align:center Now... Thank you, Mr. Sullivan. Sit down. 00:48:18.250 --> 00:48:20.668 align:center What l'm guessing your report here says, 00:48:20.752 --> 00:48:23.170 align:center and give me some rope here. 00:48:23.255 --> 00:48:27.258 align:center What l'm guessing it says is that considering the, shall we say, 00:48:27.342 --> 00:48:30.511 align:center bumpy road we've been on the last week or so, 00:48:30.595 --> 00:48:35.391 align:center that the figures your brilliant co-workers up the line ahead of you have come up with 00:48:35.433 --> 00:48:37.768 align:center don't make much sense anymore 00:48:37.811 --> 00:48:40.312 align:center considering what's taking place today. 00:48:40.397 --> 00:48:42.106 align:center Actually, not what's taking place today, 00:48:42.148 --> 00:48:44.984 align:center but what's already taken place over the last two weeks. 00:48:45.068 --> 00:48:48.445 align:center So, you're saying this has already happened? 00:48:48.530 --> 00:48:52.616 align:center Sort of. 00:48:53.827 --> 00:48:58.539 align:center And, Mr. Sullivan, what does your model say that, that means for us here. 00:48:59.749 --> 00:49:02.334 align:center Well, that's where it becomes a projection. 00:49:02.586 --> 00:49:03.794 align:center But... 00:49:06.131 --> 00:49:08.799 align:center You're speaking with me, Mr. Sullivan. 00:49:09.217 --> 00:49:10.634 align:center Well, sir, 00:49:11.303 --> 00:49:15.139 align:center if those assets decrease by just 25% 00:49:15.181 --> 00:49:17.141 align:center and remain on our books, 00:49:17.767 --> 00:49:21.979 align:center that loss would be greater than the current market capitalization 00:49:22.063 --> 00:49:23.981 align:center of this entire company. 00:49:27.485 --> 00:49:30.446 align:center So, what you're telling me 00:49:32.032 --> 00:49:35.284 align:center is that the music is about to stop 00:49:36.578 --> 00:49:39.747 align:center and we're going to be left holding the biggest bag 00:49:39.831 --> 00:49:41.165 align:center of odorous excrement 00:49:41.458 --> 00:49:44.168 align:center ever assembled in the history of 00:49:46.046 --> 00:49:47.463 align:center capitalism. 00:49:51.509 --> 00:49:55.763 align:center Sir, l'm not sure that l would put it that way. But let me clarify. 00:49:56.306 --> 00:49:58.474 align:center Using your analogy, 00:49:58.516 --> 00:50:00.392 align:center what this model shows 00:50:01.478 --> 00:50:04.313 align:center is the music, so to speak, just slowing. 00:50:05.690 --> 00:50:08.025 align:center lf the music were to stop, as you put it, 00:50:08.068 --> 00:50:11.362 align:center then this model wouldn't be even close to that scenario. 00:50:11.446 --> 00:50:14.156 align:center lt would be considerably worse. 00:50:18.203 --> 00:50:20.913 align:center Let me tell you something, Mr. Sullivan. 00:50:21.957 --> 00:50:26.543 align:center Do you care to know why l'm in this chair with you all? 00:50:26.628 --> 00:50:29.046 align:center l mean, why l earn the big bucks? 00:50:30.382 --> 00:50:31.382 align:center Yes. 00:50:31.466 --> 00:50:34.718 align:center l'm here for one reason and one reason alone. 00:50:35.220 --> 00:50:41.308 align:center l'm here to guess what the music might do a week, a month, a year from now. 00:50:42.644 --> 00:50:43.978 align:center That's it. 00:50:44.854 --> 00:50:46.021 align:center Nothing more. 00:50:48.400 --> 00:50:50.567 align:center And standing here tonight, 00:50:51.403 --> 00:50:56.991 align:center l'm afraid that l don't hear a thing. 00:50:59.703 --> 00:51:00.911 align:center Just 00:51:03.373 --> 00:51:04.915 align:center silence. 00:51:20.724 --> 00:51:24.893 align:center So, now that we know the music has stopped, what can we do about it? 00:51:25.687 --> 00:51:27.938 align:center Mr. Cohen? Ms. Robertson? 00:51:29.357 --> 00:51:32.985 align:center l'm afraid l think this is where you're supposed to step back in. 00:51:33.445 --> 00:51:36.947 align:center Lord knows we've relied enough on Mr. Sullivan tonight. 00:51:38.616 --> 00:51:40.701 align:center What do you have for us? 00:51:48.668 --> 00:51:52.838 align:center What have l told you since the first day you stepped into my office? 00:51:53.757 --> 00:51:56.675 align:center There are three ways to make a living in this business, 00:51:56.760 --> 00:52:00.137 align:center be first, be smarter, or cheat. 00:52:01.056 --> 00:52:02.806 align:center Now, l don't cheat. 00:52:03.308 --> 00:52:07.728 align:center And although l like to think we have some pretty smart people in this building, 00:52:08.354 --> 00:52:11.899 align:center it sure is a hell of a lot easier to just be first. 00:52:12.692 --> 00:52:14.485 align:center Sell it all. Today. 00:52:17.322 --> 00:52:19.406 align:center ls that even possible, Sam? 00:52:19.908 --> 00:52:21.825 align:center Yes, but at what cost? 00:52:23.620 --> 00:52:25.245 align:center l'll have to pay. 00:52:26.998 --> 00:52:28.457 align:center Really? 00:52:28.500 --> 00:52:29.917 align:center l think so. 00:52:31.127 --> 00:52:33.462 align:center Where is this going to come back to us? 00:52:34.255 --> 00:52:35.339 align:center Everywhere. 00:52:36.174 --> 00:52:40.761 align:center Sam, l don't think you seem to understand what your boy here has just said. 00:52:44.516 --> 00:52:46.183 align:center lf l made you, 00:52:46.976 --> 00:52:48.685 align:center how would you do this? 00:52:54.567 --> 00:52:57.778 align:center You call the traders in for their normal 6:30 meeting and you be honest with them. 00:52:57.862 --> 00:53:00.364 align:center Because they're going to know it's the end either way. 00:53:00.573 --> 00:53:03.575 align:center You're going to have to throw them a bone, and a pretty big one. 00:53:03.660 --> 00:53:06.078 align:center And then you've got to come out of the gates storming. 00:53:06.162 --> 00:53:08.413 align:center No swaps. No nothing. 00:53:08.498 --> 00:53:10.791 align:center 40% done by 1 0:1 5. By 1 1 :00, 00:53:10.875 --> 00:53:12.334 align:center all your trades have to be gone 00:53:12.377 --> 00:53:14.795 align:center because by lunchtime, word's going to be out. 00:53:15.797 --> 00:53:19.883 align:center And by 2:00 you're going to be selling at 65 cents on the dollar, if you're lucky. 00:53:19.926 --> 00:53:22.928 align:center And then the feds are going to be in here, up your ass, trying to slow you down. 00:53:23.012 --> 00:53:24.221 align:center Ramesh? 00:53:24.305 --> 00:53:26.890 align:center They can slow you down. They can't stop you. 00:53:26.933 --> 00:53:28.225 align:center lt's yours to sell. 00:53:28.268 --> 00:53:30.435 align:center But, John, even if 00:53:31.396 --> 00:53:34.648 align:center we manage to pull that off, and that's saying something, 00:53:36.234 --> 00:53:39.236 align:center the real question is, who are we selling this to? 00:53:39.737 --> 00:53:42.322 align:center Same people we've been selling it to the last two years, 00:53:42.407 --> 00:53:44.032 align:center and whoever else will buy it. 00:53:44.075 --> 00:53:46.410 align:center But, John, if you do this, 00:53:47.829 --> 00:53:50.789 align:center you will kill the market for years. lt's over. 00:53:53.042 --> 00:53:55.961 align:center And you're selling something that you know has no value. 00:53:56.421 --> 00:54:00.883 align:center We are selling to willing buyers of the current fair market price. 00:54:01.593 --> 00:54:05.053 align:center So that we may survive. 00:54:05.096 --> 00:54:08.932 align:center You will never sell anything to any of those people ever again. 00:54:09.017 --> 00:54:10.309 align:center l understand. 00:54:10.435 --> 00:54:12.227 align:center -Do you? -Do you? 00:54:13.479 --> 00:54:15.063 align:center This is it! 00:54:15.106 --> 00:54:17.399 align:center l'm telling you. This is it. 00:54:28.786 --> 00:54:30.162 align:center Now, it's 4:00. 00:54:30.788 --> 00:54:33.916 align:center Jared, you've got till 5:00 to break this down and draw me up a plan. 00:54:33.958 --> 00:54:38.253 align:center ls there anybody else who knows what's in here at the moment, block by block? 00:54:38.963 --> 00:54:40.297 align:center Eric Dale. 00:54:40.882 --> 00:54:42.049 align:center And where is he? 00:54:42.467 --> 00:54:45.219 align:center As of today, he's no longer with the firm. 00:54:45.553 --> 00:54:48.013 align:center We have been trying to locate him. 00:54:51.935 --> 00:54:52.976 align:center -Carmelo. -Yes. 00:54:53.061 --> 00:54:55.145 align:center Get me Eric Dale here by 6:30. 00:54:55.647 --> 00:54:56.897 align:center lt's done. 00:54:57.190 --> 00:54:59.191 align:center We meet back here in an hour. 00:55:01.653 --> 00:55:03.403 align:center Sam, let's talk. 00:55:16.668 --> 00:55:18.710 align:center This is a hell of a town. 00:55:20.546 --> 00:55:23.548 align:center l've always loved this place, since the day l arrived. 00:55:23.633 --> 00:55:25.008 align:center Everything about it. 00:55:33.893 --> 00:55:36.687 align:center Sam, are you going to go with me on this? 00:55:38.564 --> 00:55:40.357 align:center l don't know, John. 00:55:42.151 --> 00:55:44.027 align:center This one is very ugly. 00:55:45.697 --> 00:55:47.739 align:center You and l, we're salesmen. 00:55:48.533 --> 00:55:51.159 align:center We sell. That's what we do. lt's not complicated. 00:55:51.202 --> 00:55:52.494 align:center Exactly. 00:55:53.329 --> 00:55:55.914 align:center And you know damn well you don't sell anything to anybody 00:55:55.999 --> 00:55:57.916 align:center unless you think they're gonna come back for more. 00:55:58.001 --> 00:56:01.253 align:center That's the lesson we learned. And tomorrow, we're done. 00:56:01.796 --> 00:56:02.921 align:center But this is it, Sam. 00:56:03.006 --> 00:56:05.215 align:center You keep saying that. What's that supposed to mean? 00:56:05.550 --> 00:56:07.301 align:center This is the big one. 00:56:07.969 --> 00:56:10.762 align:center Most of us aren't going to make it out of this one. 00:56:10.847 --> 00:56:12.889 align:center -Us? -The Street. 00:56:13.891 --> 00:56:15.350 align:center What are you talking about? 00:56:15.727 --> 00:56:18.395 align:center This isn't the last situation l'm gonna have to deal with this week. 00:56:18.479 --> 00:56:19.688 align:center This is just the start. 00:56:20.231 --> 00:56:22.065 align:center lt's the start 'cause you're starting it. 00:56:22.400 --> 00:56:25.444 align:center Maybe. But l don't believe that. Not this time. 00:56:26.237 --> 00:56:28.447 align:center The numbers, they just don't add up anymore. 00:56:28.531 --> 00:56:32.075 align:center l agree with you there. l've been saying that for years. 00:56:32.118 --> 00:56:35.412 align:center lf this kid out there can come up with this, then... 00:56:36.414 --> 00:56:39.166 align:center Look, l just don't think l can walk in there knowing what l know 00:56:39.250 --> 00:56:40.917 align:center and put the hammer down on these guys. 00:56:41.919 --> 00:56:44.087 align:center When did you start getting so soft, Sam? 00:56:44.630 --> 00:56:47.466 align:center Fuck you, soft. You're panicking. 00:56:50.261 --> 00:56:54.681 align:center lf you're the first out of the door, that's not called panicking. 00:57:00.605 --> 00:57:04.441 align:center You're obviously operating with more information than l have. 00:57:06.277 --> 00:57:08.987 align:center But l think this will destroy this firm. 00:57:09.489 --> 00:57:11.073 align:center No one will ever trust you again. 00:57:11.115 --> 00:57:13.950 align:center You're knowingly putting people out of business, full stop. 00:57:16.621 --> 00:57:18.914 align:center You let me deal with that, Sam. 00:57:33.971 --> 00:57:35.055 align:center How'd it go? 00:57:36.099 --> 00:57:38.225 align:center This is a fucking shit show. 00:57:39.060 --> 00:57:41.603 align:center -They're gonna go with it? -Probably. 00:57:42.480 --> 00:57:43.647 align:center Jesus. 00:57:45.400 --> 00:57:47.317 align:center Remember this day, boys. 00:57:49.487 --> 00:57:51.154 align:center Remember this day. 00:58:06.838 --> 00:58:09.005 align:center So, what's the strategy here? 00:58:09.090 --> 00:58:10.340 align:center That's where l'm headed right now. 00:58:10.425 --> 00:58:12.259 align:center Downstairs to work on it with my guys. 00:58:12.343 --> 00:58:14.845 align:center No, no. You and l with John. 00:58:20.601 --> 00:58:25.021 align:center l'm not sure that we need one, Sarah. That's not the way l do things. 00:58:25.064 --> 00:58:26.314 align:center Please. 00:58:28.526 --> 00:58:31.403 align:center Listen, he knows where we've stood on this 00:58:31.487 --> 00:58:32.863 align:center all along. 00:58:33.531 --> 00:58:35.490 align:center That's exactly my point. 00:58:36.033 --> 00:58:39.744 align:center And knowing what was discussed by both you and l, 00:58:40.246 --> 00:58:43.331 align:center l don't see how this could provide you with anything 00:58:43.374 --> 00:58:46.126 align:center other than a false sense of comfort. 00:58:46.210 --> 00:58:49.463 align:center l'm not looking for a sense of comfort here, Sarah. 00:58:50.548 --> 00:58:53.216 align:center l don't think there's one to be found. 00:59:03.728 --> 00:59:05.770 align:center So, again, what's the strategy here? 00:59:08.274 --> 00:59:10.775 align:center l'm just not sure there's much more to do on this. 00:59:11.819 --> 00:59:13.487 align:center lt's very simple. 00:59:14.030 --> 00:59:16.907 align:center Don't even think about fucking me on this. 00:59:17.950 --> 00:59:20.076 align:center 'Cause if we're going down, 00:59:21.204 --> 00:59:23.371 align:center then you damn well know it'll be together. 00:59:24.999 --> 00:59:26.082 align:center No. 00:59:26.918 --> 00:59:28.835 align:center l'm not sure that l do know that. 00:59:50.983 --> 00:59:52.108 align:center Hey. 00:59:52.777 --> 00:59:54.277 align:center Oh, l'm sorry. 01:00:07.917 --> 01:00:10.794 align:center What do you guys think Tuld made last year? 01:00:12.880 --> 01:00:14.548 align:center Would you shut the fuck up? 01:00:14.632 --> 01:00:16.091 align:center 86 million. 01:00:17.343 --> 01:00:19.344 align:center ln bonuses and salary. 01:00:20.304 --> 01:00:22.180 align:center -Really? -Sure, it's public record. 01:00:22.265 --> 01:00:24.558 align:center That is a lot of fucking money. 01:00:25.768 --> 01:00:27.477 align:center He was worth a billion. 01:00:27.562 --> 01:00:28.562 align:center Was? 01:00:29.814 --> 01:00:31.147 align:center Till today. 01:00:31.983 --> 01:00:33.233 align:center Really? 01:00:34.819 --> 01:00:36.194 align:center You'll see. 01:00:39.156 --> 01:00:41.992 align:center l'm going to get some coffee. You guys want anything else? 01:00:42.076 --> 01:00:44.911 align:center -l'm all right. -l could use some real air. 01:00:44.996 --> 01:00:46.997 align:center -Probably a good idea. -ls it all right, Will? 01:00:47.081 --> 01:00:48.999 align:center -ls what all right? -lf l get out of here for a minute? 01:00:49.041 --> 01:00:50.792 align:center Of course, it's not a prison. 01:00:50.835 --> 01:00:53.086 align:center You want me to hold your hand? 01:00:57.717 --> 01:01:00.385 align:center Why did they put all this fruit on it? 01:01:09.770 --> 01:01:11.813 align:center Hello, Will Emerson. 01:01:11.856 --> 01:01:13.023 align:center Hello. 01:01:16.652 --> 01:01:17.902 align:center Right. 01:01:19.238 --> 01:01:21.615 align:center No, thank you. l understand. 01:01:24.201 --> 01:01:26.161 align:center No, we'll be discreet. 01:01:27.705 --> 01:01:29.039 align:center Thank you. 01:01:29.707 --> 01:01:31.416 align:center -What? -Eric's wife. 01:01:31.959 --> 01:01:34.044 align:center He's alive, he's home, he doesn't want to speak to us, 01:01:34.086 --> 01:01:35.545 align:center and he doesn't know that she rang me. 01:01:35.630 --> 01:01:37.297 align:center -Where's he live? -Heights. 01:01:37.715 --> 01:01:39.382 align:center -Shall l call Tuld's guy? -No. 01:01:39.884 --> 01:01:42.218 align:center lt's Eric. The last thing we need is those guys going over there. 01:01:42.303 --> 01:01:43.720 align:center No, you two go get him and try to bring him here. 01:01:43.763 --> 01:01:46.222 align:center -But you got to be back by 6:00 a.m. -All right. 01:01:49.518 --> 01:01:51.186 align:center l hate Brooklyn. 01:01:56.275 --> 01:01:57.317 align:center May l come in? 01:01:57.401 --> 01:01:59.569 align:center Of course. Please, sit down. 01:02:05.451 --> 01:02:06.493 align:center So... 01:02:10.665 --> 01:02:12.874 align:center We're going to do this thing. 01:02:16.003 --> 01:02:17.170 align:center Okay. 01:02:18.464 --> 01:02:20.465 align:center lt's going to be tight. 01:02:22.259 --> 01:02:23.802 align:center ls Sam on board? 01:02:24.178 --> 01:02:25.470 align:center Not yet. 01:02:29.266 --> 01:02:30.600 align:center Sarah, 01:02:31.227 --> 01:02:35.230 align:center l need a head to feed to the traders on the floor and the board. 01:02:39.944 --> 01:02:41.903 align:center ls it me or Cohen? 01:02:41.946 --> 01:02:43.279 align:center lt's you. 01:02:52.957 --> 01:02:56.876 align:center Of course, you're well aware that l filtered several warnings 01:02:56.961 --> 01:02:59.629 align:center to you and Cohen about this a year ago. 01:03:00.089 --> 01:03:04.509 align:center 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 align:center You're going to be well taken care of here. 01:03:14.186 --> 01:03:15.979 align:center Obviously, it is 01:03:17.022 --> 01:03:18.022 align:center quite complicated. 01:03:18.107 --> 01:03:20.233 align:center John, l was told under no uncertain terms... 01:03:20.317 --> 01:03:22.485 align:center lt was always a very gray area. 01:03:22.528 --> 01:03:27.615 align:center Actually, it was made very clear at the time by you, me, and Cohen. 01:03:29.535 --> 01:03:33.121 align:center l'd really appreciate it if you didn't fight me on this. 01:03:45.301 --> 01:03:47.927 align:center We all fucked this one up pretty good. 01:03:48.763 --> 01:03:49.929 align:center Yes. 01:03:52.308 --> 01:03:54.350 align:center We need you to stay here until this is finished 01:03:54.393 --> 01:03:56.686 align:center and the market's closed. 01:03:56.729 --> 01:03:58.188 align:center l understand. 01:04:00.524 --> 01:04:04.068 align:center They'll go over the numbers with you downstairs. 01:04:04.153 --> 01:04:05.487 align:center Good luck. 01:04:23.172 --> 01:04:25.173 align:center Oh, fuck. Jared's coming. 01:04:26.425 --> 01:04:28.551 align:center What's the boy wonder want? 01:04:34.391 --> 01:04:36.810 align:center -You got a minute? -Just off to pick up Eric. 01:04:36.894 --> 01:04:38.645 align:center Yeah. l know. lt will only take a second. 01:04:38.729 --> 01:04:40.063 align:center All right, what is it? 01:04:40.397 --> 01:04:42.774 align:center Tuld and l have concerns that Sam 01:04:42.858 --> 01:04:45.819 align:center may not be willing to step up and do the right thing here. 01:04:46.237 --> 01:04:47.654 align:center This has never been a problem. 01:04:47.738 --> 01:04:48.780 align:center No, it hasn't. 01:04:48.989 --> 01:04:52.283 align:center But sometimes, in acute situations such as this, 01:04:52.368 --> 01:04:57.747 align:center often what is right can take on multiple interpretations. 01:05:01.752 --> 01:05:03.253 align:center Sam will step up. 01:05:03.337 --> 01:05:06.089 align:center Oh, l know he will. But if he doesn't... 01:05:07.633 --> 01:05:10.802 align:center But if he doesn't, we need to know that you will. 01:05:12.972 --> 01:05:13.972 align:center Thank you. 01:05:14.056 --> 01:05:16.474 align:center You need to know that l will what? 01:05:16.559 --> 01:05:18.309 align:center That you'll step up. 01:05:19.979 --> 01:05:22.856 align:center l have no doubt that Sam will make the right decision. 01:05:22.940 --> 01:05:24.607 align:center But just to make it clear, 01:05:24.650 --> 01:05:27.360 align:center he and l have always had the same interpretation of what's right, 01:05:29.446 --> 01:05:31.948 align:center no matter how acute the situation. 01:08:18.115 --> 01:08:19.782 align:center Jesus, that's a nice place. 01:08:19.825 --> 01:08:22.118 align:center Yeah, it is. He just bought it. 01:08:23.746 --> 01:08:25.496 align:center l hope it was with cash. 01:08:26.623 --> 01:08:29.292 align:center Fuck me, you're a heartless little shit sometimes. 01:08:31.128 --> 01:08:32.628 align:center And it wasn't. 01:08:34.465 --> 01:08:36.799 align:center Don't touch any of the buttons. 01:08:43.223 --> 01:08:45.475 align:center -What are you doing here? -Hey. 01:08:52.316 --> 01:08:55.485 align:center So, Peter finished the model you were working on. 01:08:56.153 --> 01:08:57.320 align:center Really? 01:08:57.780 --> 01:08:59.280 align:center lt caused a shit storm. 01:08:59.782 --> 01:09:01.240 align:center l bet it did. 01:09:02.326 --> 01:09:03.659 align:center You think he's right? 01:09:04.453 --> 01:09:06.120 align:center l know he's right. 01:09:08.373 --> 01:09:09.457 align:center Fuck. 01:09:11.502 --> 01:09:12.835 align:center All right. 01:09:18.008 --> 01:09:20.343 align:center So Jared Cohen called an emergency meeting 01:09:20.427 --> 01:09:22.053 align:center with the senior partners last night. 01:09:22.346 --> 01:09:24.722 align:center And based on your findings, 01:09:24.807 --> 01:09:28.017 align:center they've decided to liquidate our entire position. 01:09:28.602 --> 01:09:29.602 align:center Today. 01:09:32.106 --> 01:09:34.148 align:center l'm very sorry about that. 01:09:40.614 --> 01:09:43.783 align:center They're worried about you being out here and they want me to bring you back. 01:09:44.493 --> 01:09:45.701 align:center Please. 01:09:46.286 --> 01:09:48.037 align:center l'm just saying. 01:09:48.080 --> 01:09:49.664 align:center -Fuck them. Fuck them. -Eric... 01:09:49.706 --> 01:09:52.375 align:center -Don't be rash. -Forget it. l signed my paper. l'm out. 01:09:52.459 --> 01:09:54.961 align:center -They'll pay you. -They got nothing on me. 01:09:55.045 --> 01:09:56.129 align:center They'll pay you. 01:09:57.005 --> 01:09:59.215 align:center l've been paid enough already. 01:10:03.303 --> 01:10:04.428 align:center Fuck. 01:10:07.724 --> 01:10:10.184 align:center Do you know l built a bridge once? 01:10:10.978 --> 01:10:12.687 align:center -Sorry? -A bridge. 01:10:13.897 --> 01:10:15.648 align:center No, l didn't know that. 01:10:15.732 --> 01:10:17.942 align:center l was an engineer by trade. 01:10:20.195 --> 01:10:24.240 align:center lt went from Dilles Bottom, Ohio, to Moundsville, West Virginia. 01:10:24.324 --> 01:10:27.076 align:center lt spanned 91 2 feet above the Ohio River. 01:10:27.119 --> 01:10:29.704 align:center 1 2,1 00 people use this thing a day. 01:10:30.497 --> 01:10:33.833 align:center And it cut out 35 miles of extra driving each way 01:10:33.917 --> 01:10:36.335 align:center between Wheeling and New Martinsville. 01:10:36.420 --> 01:10:41.340 align:center That's a combined 847,000 miles of driving a day. 01:10:42.843 --> 01:10:46.637 align:center Or 25,41 0,000 miles a month. 01:10:48.265 --> 01:10:54.478 align:center And 304,920,000 miles a year saved. 01:10:55.772 --> 01:10:59.942 align:center Now, l completed that project in 1 986. That's 22 years ago. 01:11:01.028 --> 01:11:03.196 align:center So over the life of that one bridge, 01:11:03.280 --> 01:11:09.368 align:center that's 6,708,240,000 miles 01:11:09.453 --> 01:11:12.246 align:center that haven't had to be driven at... 01:11:12.289 --> 01:11:14.707 align:center What? Let's say 50 miles an hour. 01:11:14.791 --> 01:11:16.876 align:center So that's what? 01:11:16.960 --> 01:11:20.630 align:center That's 1 34,1 64,800 hours. 01:11:20.714 --> 01:11:23.758 align:center Or 559,020 days. 01:11:24.968 --> 01:11:27.136 align:center So that one little bridge has saved the people 01:11:27.179 --> 01:11:28.512 align:center of those two communities a combined 01:11:28.597 --> 01:11:32.058 align:center 1 ,531 years of their lives 01:11:33.101 --> 01:11:35.311 align:center not wasted in a fucking car. 01:11:39.149 --> 01:11:42.401 align:center 1 ,531 years. 01:11:42.986 --> 01:11:44.153 align:center Jesus. 01:11:55.666 --> 01:11:58.376 align:center l guess you better get back over there. 01:12:02.422 --> 01:12:03.547 align:center Yeah. 01:12:07.386 --> 01:12:09.262 align:center Thanks for coming by. 01:12:09.346 --> 01:12:10.888 align:center You're welcome. 01:12:15.102 --> 01:12:16.560 align:center Who the fuck is this? 01:12:16.645 --> 01:12:19.146 align:center l would imagine it's the firm's people. 01:12:19.189 --> 01:12:20.398 align:center What? 01:12:20.857 --> 01:12:23.192 align:center They don't want any loose ends. 01:12:24.736 --> 01:12:27.196 align:center They fired me. Fuck them. Fuck them. 01:12:27.489 --> 01:12:30.950 align:center l totally agree. Fuck them. So come back, take the money, 01:12:31.034 --> 01:12:32.702 align:center you'll be home by 5:00. 01:12:32.744 --> 01:12:34.370 align:center Otherwise, they're going to fight you on everything. 01:12:34.413 --> 01:12:37.748 align:center They're going to fight you on your package, your options, everything. 01:12:38.417 --> 01:12:39.709 align:center Be smart. 01:12:46.049 --> 01:12:48.509 align:center Well, you're a better man than me. 01:12:49.219 --> 01:12:51.887 align:center -That's always been true. -Yes, it has. 01:12:57.394 --> 01:12:58.936 align:center House looks good. 01:13:00.605 --> 01:13:01.814 align:center Thanks. 01:13:03.317 --> 01:13:04.650 align:center Hey, Eric. 01:13:05.485 --> 01:13:08.696 align:center Don't beat yourself up too much about this stuff, all right? 01:13:10.032 --> 01:13:13.242 align:center Some people like driving the long way home. 01:13:13.327 --> 01:13:15.369 align:center Who the fuck knows, right? 01:13:47.652 --> 01:13:49.111 align:center There he is. 01:13:50.405 --> 01:13:51.572 align:center John. 01:13:53.200 --> 01:13:54.867 align:center How's it looking? 01:13:55.577 --> 01:13:58.287 align:center Cohen's doing a nice job. lt could work. 01:13:58.747 --> 01:14:00.498 align:center What does that mean? 01:14:01.917 --> 01:14:03.250 align:center lt means, 01:14:03.794 --> 01:14:05.628 align:center as you very well know, 01:14:06.630 --> 01:14:09.840 align:center that you're a very important piece of this puzzle. 01:14:41.873 --> 01:14:43.541 align:center That's very generous. 01:14:44.126 --> 01:14:45.501 align:center lt's not a gift. 01:14:45.794 --> 01:14:48.462 align:center l need to know you're with me on this. 01:14:51.758 --> 01:14:53.384 align:center l'm with the firm, John. 01:14:56.179 --> 01:14:58.556 align:center l won't get what l need from your boys on the floor 01:14:58.640 --> 01:14:59.890 align:center unless they believe you. 01:15:02.060 --> 01:15:04.812 align:center Unless they believe in you completely. 01:15:09.067 --> 01:15:10.860 align:center Are you in on this? 01:15:12.529 --> 01:15:14.196 align:center l've told you my reservations. 01:15:14.531 --> 01:15:16.449 align:center You can't have reservations. 01:15:17.742 --> 01:15:19.702 align:center And l need to know now. 01:15:22.038 --> 01:15:25.875 align:center Well, John, l am completely with the firm, as l always have been. 01:15:25.959 --> 01:15:27.293 align:center Excuse me. 01:15:55.489 --> 01:15:57.823 align:center All right, Will, am l getting fired? 01:15:58.658 --> 01:16:00.117 align:center l don't know. 01:16:03.455 --> 01:16:04.580 align:center Yeah. 01:16:05.749 --> 01:16:07.666 align:center Almost definitely. Yes. 01:16:10.253 --> 01:16:11.879 align:center -Are you? -No. 01:16:14.508 --> 01:16:15.883 align:center Seth, it's nothing you did. 01:16:15.926 --> 01:16:18.177 align:center You're just in the wrong firm at the wrong time. 01:16:18.261 --> 01:16:20.763 align:center Young guys are always the first to get culled. 01:16:21.181 --> 01:16:23.599 align:center Listen, nothing l'm gonna say is going to make you feel any better. 01:16:23.642 --> 01:16:27.394 align:center lt's just going to suck for a while, and then you'll be fine. 01:16:31.691 --> 01:16:32.942 align:center You all right? 01:16:34.861 --> 01:16:36.445 align:center Yeah. l'm fine. 01:16:37.072 --> 01:16:40.699 align:center For what it's worth, l'm sorry this is happening to you. 01:16:42.285 --> 01:16:44.620 align:center Don't be. You didn't do it to me. 01:16:44.663 --> 01:16:47.665 align:center Still, at least you're going to have some nice cash to walk away with. 01:16:48.124 --> 01:16:49.625 align:center l guess. 01:16:49.709 --> 01:16:51.293 align:center Shit, this is really going to affect people. 01:16:51.378 --> 01:16:52.962 align:center Yeah, it's going to affect people like me. 01:16:53.046 --> 01:16:55.881 align:center No. No. Real people. 01:16:56.550 --> 01:16:58.133 align:center Jesus, Seth. 01:16:58.218 --> 01:17:00.094 align:center Listen, if you really want to do this with your life, 01:17:00.136 --> 01:17:02.304 align:center you have to believe you're necessary. And you are. 01:17:02.847 --> 01:17:04.473 align:center People want to live like this, in their cars 01:17:04.516 --> 01:17:06.976 align:center and the big fucking houses they can't even pay for, 01:17:07.060 --> 01:17:08.561 align:center then you're necessary. 01:17:08.645 --> 01:17:11.438 align:center The only reason that they all get to continue living like kings 01:17:11.481 --> 01:17:14.483 align:center is because we've got our fingers on the scales in their favor. 01:17:14.568 --> 01:17:16.610 align:center l take my hand off, 01:17:16.653 --> 01:17:20.489 align:center then the whole world gets really fucking fair really fucking quickly, 01:17:20.532 --> 01:17:23.367 align:center and nobody actually wants that. They say they do, but they don't. 01:17:23.451 --> 01:17:25.494 align:center They want what we have to give them, 01:17:25.579 --> 01:17:28.038 align:center but they also want to play innocent 01:17:28.123 --> 01:17:29.915 align:center and pretend they have no idea where it came from. 01:17:30.000 --> 01:17:31.875 align:center That's more hypocrisy than l'm willing to swallow. 01:17:31.960 --> 01:17:34.628 align:center So fuck... Fuck normal people. 01:17:35.297 --> 01:17:39.091 align:center The funny thing is, tomorrow, if all of this goes tits up 01:17:39.426 --> 01:17:42.720 align:center they're going to crucify us for being too reckless. 01:17:42.804 --> 01:17:44.680 align:center But if we're wrong 01:17:44.764 --> 01:17:47.391 align:center and everything gets back on track, 01:17:47.475 --> 01:17:49.977 align:center then the same people are going to laugh till they piss their pants, 01:17:50.020 --> 01:17:51.562 align:center 'cause we're gonna look like the biggest pussies 01:17:51.646 --> 01:17:53.856 align:center God ever let through the door. 01:17:58.028 --> 01:17:59.486 align:center You think we're going to be wrong? 01:18:02.032 --> 01:18:03.907 align:center No, they're all fucked. 01:18:19.716 --> 01:18:20.883 align:center Good morning. 01:18:21.635 --> 01:18:22.801 align:center Peter. 01:18:23.386 --> 01:18:24.887 align:center You want one? 01:18:25.597 --> 01:18:26.764 align:center l don't smoke. 01:18:26.848 --> 01:18:29.099 align:center Oh, that's good. l don't much either. 01:18:41.821 --> 01:18:43.155 align:center You tired? 01:18:44.157 --> 01:18:47.076 align:center Of what? Remember, l don't work as hard as you. 01:18:47.160 --> 01:18:48.243 align:center That's not true. 01:18:48.328 --> 01:18:50.079 align:center No, it is, actually. 01:18:54.042 --> 01:18:55.626 align:center We all getting fired tonight? 01:18:55.710 --> 01:18:56.960 align:center Probably. 01:18:58.254 --> 01:19:00.422 align:center Are they going to fire you? 01:19:00.465 --> 01:19:02.800 align:center They won't exactly call it that. 01:19:04.469 --> 01:19:06.095 align:center lt'll be a mercy killing, really. 01:19:06.179 --> 01:19:09.098 align:center You don't have to stand out here for me. 01:19:09.182 --> 01:19:10.599 align:center No, l don't 01:19:11.267 --> 01:19:14.103 align:center really want to go back in there just yet. 01:19:14.604 --> 01:19:16.271 align:center l understand that. 01:19:18.608 --> 01:19:20.359 align:center l think l know your son. 01:19:20.735 --> 01:19:22.027 align:center Really? 01:19:22.112 --> 01:19:25.322 align:center Not well, but he always seemed like a nice person. 01:19:25.949 --> 01:19:27.658 align:center He is a nice person. 01:19:28.159 --> 01:19:31.245 align:center l guess you could say worse things about a guy. 01:19:32.080 --> 01:19:34.623 align:center Does he know what's about to happen? 01:19:35.125 --> 01:19:36.625 align:center What do you mean? 01:19:37.752 --> 01:19:39.503 align:center Did you talk to him? 01:19:40.630 --> 01:19:42.756 align:center No, l hadn't even thought... 01:19:49.723 --> 01:19:51.807 align:center They are all coming in now. 01:19:53.059 --> 01:19:54.601 align:center Yes, they are. 01:19:59.774 --> 01:20:02.401 align:center Have you ever done anything like this? 01:20:03.027 --> 01:20:05.320 align:center No, never. Not even close. 01:20:08.908 --> 01:20:10.033 align:center Yeah. 01:20:13.037 --> 01:20:15.497 align:center Are you sure it's the only, 01:20:17.041 --> 01:20:19.042 align:center or the right thing to do? 01:20:22.380 --> 01:20:23.672 align:center For who? 01:20:26.259 --> 01:20:27.718 align:center l'm not sure. 01:20:28.553 --> 01:20:30.053 align:center Neither am l. 01:21:04.464 --> 01:21:05.756 align:center Oh, God. 01:22:14.158 --> 01:22:15.659 align:center You all right? 01:22:17.829 --> 01:22:19.788 align:center You're about to fire me. 01:22:35.847 --> 01:22:39.474 align:center This is all l ever wanted to do. 01:22:46.691 --> 01:22:47.983 align:center Really? 01:23:16.679 --> 01:23:19.014 align:center They're almost ready for you, Ms. Robertson. Couple of minutes. 01:23:23.853 --> 01:23:25.270 align:center You as well? 01:23:26.022 --> 01:23:27.189 align:center Yes. 01:23:27.899 --> 01:23:29.274 align:center -Jesus. -Yeah. 01:23:32.153 --> 01:23:33.904 align:center -Sorry. -Thank you. 01:23:48.878 --> 01:23:52.255 align:center l didn't think they were going to be able to get you back here. 01:23:54.258 --> 01:23:55.884 align:center Well, they told me they were going to 01:23:55.927 --> 01:23:58.261 align:center drag me through hell on everything over the next two years, 01:23:58.346 --> 01:24:00.430 align:center my options, my health care. 01:24:01.099 --> 01:24:03.558 align:center Or l could come back here and make 01:24:04.560 --> 01:24:08.438 align:center $1 76,471 an hour 01:24:08.815 --> 01:24:10.983 align:center to sit quietly in this room. 01:24:12.485 --> 01:24:14.778 align:center Didn't seem like much of a choice. 01:24:15.738 --> 01:24:17.239 align:center lt never is. 01:24:21.869 --> 01:24:25.622 align:center Obviously, looking back, it was expressed with 01:24:26.666 --> 01:24:28.542 align:center insufficient urgency, 01:24:29.419 --> 01:24:32.921 align:center but your point was passed on. l need you to know that. 01:24:33.506 --> 01:24:34.548 align:center Eric. 01:24:35.091 --> 01:24:37.634 align:center lt's okay. l understand. 01:24:37.719 --> 01:24:40.470 align:center Believe me. There was nothing else you could have done. 01:24:41.264 --> 01:24:42.597 align:center l guess. 01:24:45.643 --> 01:24:48.979 align:center At the time, it didn't seem like there was much of a choice. 01:24:49.814 --> 01:24:51.356 align:center lt never does. 01:25:01.993 --> 01:25:03.785 align:center You have kids, yeah? 01:25:13.796 --> 01:25:16.631 align:center So, what's your package going to be like? 01:25:19.177 --> 01:25:21.970 align:center l don't know. That's what l'm waiting for now. 01:25:22.597 --> 01:25:24.973 align:center lt's probably going to be pretty good. 01:25:26.309 --> 01:25:27.809 align:center lt better be. 01:25:43.493 --> 01:25:47.120 align:center Thank you all for coming in a little early this morning. 01:25:47.163 --> 01:25:48.413 align:center l know yesterday was pretty bad, 01:25:48.498 --> 01:25:50.457 align:center and l wish l could say that today's gonna be less so, 01:25:50.500 --> 01:25:52.834 align:center but that isn't going to be the case. 01:25:52.919 --> 01:25:54.920 align:center Now, l'm supposed to read this statement to you all here. 01:25:55.004 --> 01:25:56.505 align:center But why don't you just read it on your own time, 01:25:56.589 --> 01:25:59.216 align:center and l'll just tell you what the fuck is going on here. 01:26:00.259 --> 01:26:04.513 align:center l've been here all night meeting with the executive committee, 01:26:05.556 --> 01:26:08.683 align:center and the decision has been made to unwind a considerable portion 01:26:08.726 --> 01:26:12.104 align:center of the firm's holdings and several key asset classes. 01:26:15.024 --> 01:26:17.859 align:center The crux of it is, in the firm's thinking, 01:26:18.528 --> 01:26:21.154 align:center the party is over as of this morning. 01:26:21.906 --> 01:26:26.409 align:center There's gonna be considerable turmoil in the markets for the foreseeable future, 01:26:26.494 --> 01:26:31.706 align:center and they believe it is better that this turmoil begin with us. 01:26:33.376 --> 01:26:35.127 align:center As a result, 01:26:35.211 --> 01:26:37.754 align:center the firm has decided to liquidate 01:26:37.839 --> 01:26:42.134 align:center its majority position of fixed income MBS today. 01:26:44.220 --> 01:26:45.762 align:center These are your packets. 01:26:45.847 --> 01:26:49.391 align:center You will see what accounts you're responsible for today. 01:26:50.560 --> 01:26:53.019 align:center l'm sure it hasn't taken you long 01:26:54.480 --> 01:26:57.065 align:center to understand the implications of this sale 01:26:57.108 --> 01:26:59.067 align:center on your relationships with your counterparties 01:26:59.110 --> 01:27:00.777 align:center and, as a result, 01:27:02.280 --> 01:27:03.363 align:center on your careers. 01:27:04.073 --> 01:27:08.243 align:center l have expressed this reality to the executive committee, 01:27:08.327 --> 01:27:09.828 align:center and they understand. 01:27:10.121 --> 01:27:11.580 align:center As a result, 01:27:11.622 --> 01:27:15.250 align:center if you achieve a 93% sale of your assets, 01:27:15.293 --> 01:27:20.422 align:center you will receive a $1 .4 million one-off bonus. 01:27:20.715 --> 01:27:24.759 align:center lf the floor as a whole achieves a 93% sale, 01:27:25.219 --> 01:27:30.557 align:center you will get an additional $1 .3 million apiece. 01:27:31.934 --> 01:27:34.978 align:center For those of you who have never been through this before, 01:27:35.062 --> 01:27:37.772 align:center this is what the beginning of a fire sale looks like. 01:27:38.024 --> 01:27:41.651 align:center 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 align:center l want you to hit every bite you can find. 01:27:44.363 --> 01:27:48.408 align:center Dealers, brokers, clients. Your mother, if she's buying. 01:27:48.451 --> 01:27:50.619 align:center And, no swaps. 01:27:51.495 --> 01:27:53.622 align:center lt's outgoing only. Today. 01:27:57.001 --> 01:28:01.463 align:center Obviously, this is not going down the way that any of us would have hoped. 01:28:02.215 --> 01:28:05.091 align:center But the ground is shifting below our feet, 01:28:05.134 --> 01:28:07.969 align:center and apparently there's no other way out. 01:28:26.781 --> 01:28:27.864 align:center Guys, 01:28:30.660 --> 01:28:33.828 align:center this is obviously a very, very unique situation. 01:28:34.789 --> 01:28:37.290 align:center lf we are successful today, 01:28:37.333 --> 01:28:40.919 align:center we will have been successful in destroying our own jobs. 01:28:42.505 --> 01:28:45.548 align:center l cannot promise that any of you, all of you, 01:28:46.425 --> 01:28:49.594 align:center some of you will be repositioned within the firm. 01:28:50.930 --> 01:28:55.976 align:center 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 align:center l've been at this place 34 years, 01:29:03.150 --> 01:29:05.610 align:center and l can tell you from experience that people are going to say 01:29:05.695 --> 01:29:08.822 align:center some very nasty things about what we do here today 01:29:08.864 --> 01:29:12.575 align:center and about what you've dedicated a portion of your lives to. 01:29:13.369 --> 01:29:14.411 align:center But, 01:29:15.621 --> 01:29:20.417 align:center have faith that in the bigger picture, our skills have not been wasted. 01:29:21.210 --> 01:29:23.211 align:center We have accomplished much, 01:29:23.254 --> 01:29:26.172 align:center and our talents have been used 01:29:28.551 --> 01:29:30.468 align:center for the greater good. 01:29:31.345 --> 01:29:33.722 align:center Here's your packets. Get to work. 01:30:09.258 --> 01:30:11.259 align:center -City, this is Eric. -Give me Elliot. 01:30:12.595 --> 01:30:14.262 align:center -City. -Hey, it's Will Emerson. 01:30:14.305 --> 01:30:15.388 align:center WiIIiam, how are you? 01:30:15.431 --> 01:30:17.223 align:center l'm all right. How's the trouble and strife? 01:30:17.266 --> 01:30:18.475 align:center Busting my ass, as aIways. 01:30:18.559 --> 01:30:21.186 align:center 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 align:center I know you did. What can I do for you? 01:30:23.147 --> 01:30:24.856 align:center Listen. l just got the tap on my shoulder, 01:30:24.940 --> 01:30:26.900 align:center and we've got some risk over here that we need to move. 01:30:26.942 --> 01:30:29.277 align:center So today it looks like my loss is your gain. 01:30:29.320 --> 01:30:30.653 align:center What kind of size are we taIking? 01:30:30.738 --> 01:30:32.906 align:center lt should be on your screen. l just sent it. 01:30:32.948 --> 01:30:34.657 align:center Jesus! Where does this Iand? 01:30:34.742 --> 01:30:36.576 align:center -96 on the dollar. -91 . 01:30:36.619 --> 01:30:38.161 align:center All three and we're done at 94. 01:30:38.245 --> 01:30:40.288 align:center -Ninety-three and a haIf. -Done. 01:30:42.291 --> 01:30:43.708 align:center -Trading. -Hello, gorgeous. 01:30:43.793 --> 01:30:45.460 align:center WiII, what's happening over there? 01:30:45.544 --> 01:30:47.045 align:center Well, today's moving day. 01:30:47.129 --> 01:30:48.922 align:center Fuck are you guys so worked up about? 01:30:48.964 --> 01:30:52.884 align:center 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 align:center Now you're a friendly, so l've come to you first. 01:30:55.221 --> 01:30:59.140 align:center 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 align:center -Where's it from? -Where's it from? Do you care? 01:31:02.436 --> 01:31:03.645 align:center No, not reaIIy. 01:31:03.729 --> 01:31:05.480 align:center Now, where's the trade? I'm hearing things... 01:31:05.523 --> 01:31:07.315 align:center -Alexis... -You guys are scaring me a IittIe. 01:31:07.400 --> 01:31:10.485 align:center l'm only sharing this with you right now. 85. 01:31:11.904 --> 01:31:12.946 align:center Done. 01:31:15.199 --> 01:31:17.534 align:center -Deutsche. -lt's Will Emerson. 01:31:17.618 --> 01:31:19.494 align:center Fuck you, you Iimey bastard. 01:31:19.578 --> 01:31:21.121 align:center Come on, are you still angry about that? 01:31:21.163 --> 01:31:23.498 align:center Word is out. I'm hanging up now. 01:31:24.875 --> 01:31:26.334 align:center -MerriII. -Lawrence! 01:31:26.419 --> 01:31:28.378 align:center What the fuck are you guys doing over there? 01:31:28.462 --> 01:31:30.713 align:center -Just a little spring cleaning. -That is not what I'm hearing. 01:31:30.798 --> 01:31:32.424 align:center All right, Lawrence, are you a buyer? 01:31:32.508 --> 01:31:34.384 align:center I'm not sure anymore. Where at? 01:31:34.468 --> 01:31:36.136 align:center Well, it sounds like l should be asking you where at. 01:31:36.303 --> 01:31:37.387 align:center What are we taIking about here? 01:31:37.471 --> 01:31:39.806 align:center Three hundred seventy-five mil at 30 year mixed. 01:31:39.849 --> 01:31:42.308 align:center -Fuck me. -Are you with me on this? 01:31:42.977 --> 01:31:45.270 align:center -Sixty-three cents. -Oh, fuck you. l'm hanging up. 01:31:45.354 --> 01:31:46.855 align:center Sixty-three. 01:31:47.648 --> 01:31:49.816 align:center Let me call my man here. l'll come back to you in five. 01:31:49.859 --> 01:31:52.026 align:center It may be 55 in 5. 01:31:52.069 --> 01:31:54.946 align:center Well, all right, then. Stay on the line. 01:31:55.030 --> 01:31:57.198 align:center Sam, pick up the phone. 01:31:57.241 --> 01:31:59.701 align:center -Sam, get on the line! -Yeah. 01:31:59.785 --> 01:32:01.369 align:center -l got Lawrence at Merrill. -Where are we? 01:32:01.454 --> 01:32:03.204 align:center -Sixty-three cents. -Jesus. 01:32:03.289 --> 01:32:05.707 align:center -On what? -375 mix 30. 01:32:05.749 --> 01:32:07.333 align:center Get him to 65 and hit it. 01:32:07.376 --> 01:32:09.377 align:center Are you fucking kidding me? That's... 01:32:09.462 --> 01:32:12.881 align:center What is that? That's a $1 31 million loss on a single trade. 01:32:12.965 --> 01:32:15.133 align:center I understand. Hit it. 01:32:16.427 --> 01:32:19.220 align:center Hey, Lawrence. We're fill or kill at 65. 01:32:19.555 --> 01:32:20.722 align:center It's fiIIed. 01:32:44.371 --> 01:32:45.663 align:center Well done. 01:32:52.713 --> 01:32:54.255 align:center l just want to give you a heads up. 01:32:54.340 --> 01:32:57.592 align:center They're going to start sending a few people home now. 01:33:00.095 --> 01:33:01.137 align:center Now? 01:33:01.222 --> 01:33:03.181 align:center Yes, Sam. No loose ends. 01:33:09.605 --> 01:33:10.939 align:center Of course. 01:33:12.274 --> 01:33:14.234 align:center And for what it's worth, 01:33:15.277 --> 01:33:16.945 align:center you're still good. 01:33:19.865 --> 01:33:23.117 align:center Yeah, l guess someone upstairs really likes you. 01:34:17.590 --> 01:34:18.715 align:center Sam. 01:34:20.175 --> 01:34:21.718 align:center Please, sit. 01:34:21.802 --> 01:34:24.387 align:center Congratulations are clearly in order. 01:34:25.139 --> 01:34:27.348 align:center They did the best they could. 01:34:28.183 --> 01:34:32.103 align:center You did a hell of a job. And l thank you for it. Come on, sit. 01:34:32.855 --> 01:34:34.147 align:center Excuse me for eating, 01:34:36.025 --> 01:34:37.775 align:center but it's been a long day. 01:34:37.860 --> 01:34:40.903 align:center -Can l get you something? -No, nothing. Thanks. 01:34:44.158 --> 01:34:46.075 align:center So, what can l do for you? 01:34:46.160 --> 01:34:47.660 align:center l want out. 01:34:49.204 --> 01:34:51.122 align:center l'm done. l want out. 01:34:53.459 --> 01:34:56.336 align:center -lt's been a very difficult day for everyone. -l need you to release my options, 01:34:56.378 --> 01:34:59.005 align:center if they're worth anything after today. l want my bonus. l'm out. 01:34:59.048 --> 01:35:01.924 align:center You'll get your bonus, your options, and keep your current base. 01:35:02.009 --> 01:35:05.428 align:center But l need you to stay with me for the next 24 months, okay? 01:35:09.391 --> 01:35:11.351 align:center Oh, come on, Sam. 01:35:11.393 --> 01:35:12.518 align:center Put a smile on your face. 01:35:12.561 --> 01:35:15.521 align:center You did some good today. You said that yourself. 01:35:15.564 --> 01:35:18.900 align:center Do you know, l'm starting to feel a little better about this whole thing. 01:35:21.070 --> 01:35:23.946 align:center You're one of the luckiest guys in the world, Sam. 01:35:24.031 --> 01:35:25.865 align:center Could have been digging ditches all these years. 01:35:27.076 --> 01:35:28.409 align:center That's true. 01:35:28.494 --> 01:35:32.372 align:center 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 align:center Jesus. 01:35:35.125 --> 01:35:38.586 align:center l just don't know how we fucked this up quite so much. 01:35:42.591 --> 01:35:44.592 align:center When did you start feeling so sorry for yourself? 01:35:44.635 --> 01:35:46.511 align:center lt's unbearable. What? 01:35:47.096 --> 01:35:50.473 align:center So you think we might have put a few people out of business today. 01:35:50.557 --> 01:35:52.433 align:center That's all for naught. 01:35:53.352 --> 01:35:57.397 align:center But you've been doing that every day for almost 40 years, Sam. 01:35:58.691 --> 01:36:02.610 align:center And if this is all for naught, then so is everything out there. 01:36:05.364 --> 01:36:07.073 align:center lt's just money. 01:36:07.700 --> 01:36:09.283 align:center lt's made up, 01:36:10.285 --> 01:36:11.703 align:center pieces of paper with pictures on it 01:36:11.787 --> 01:36:15.707 align:center so that we don't have to kill each other just to get something to eat. 01:36:16.291 --> 01:36:17.792 align:center lt's not wrong. 01:36:18.293 --> 01:36:21.462 align:center And it's certainly no different today than it's ever been. 01:36:22.840 --> 01:36:25.717 align:center 1 637, 1 797, 01:36:25.801 --> 01:36:30.179 align:center 1 81 9, 1 837, 1 857, 1 884, 01:36:32.099 --> 01:36:34.142 align:center 1 901 , 1 907, 01:36:34.601 --> 01:36:37.645 align:center 1 929, 1 937, 1 974, 01:36:38.439 --> 01:36:41.482 align:center 1 987, Jesus. Didn't that fucker fuck me up good. 01:36:41.567 --> 01:36:44.694 align:center 1 992, 1 997, 2000, and whatever we want to call this. 01:36:44.778 --> 01:36:48.698 align:center lt's all just the same thing, over and over. We can't help ourselves. 01:36:49.533 --> 01:36:53.119 align:center And you and l can't control it 01:36:53.162 --> 01:36:56.038 align:center or stop it or even slow it. 01:36:56.123 --> 01:36:58.374 align:center Or even ever so slightly alter it. 01:36:59.334 --> 01:37:00.877 align:center We just react. 01:37:01.754 --> 01:37:04.046 align:center And we make a lot of money if we get it right. 01:37:04.131 --> 01:37:07.091 align:center And we get left by the side of the road if we get it wrong. 01:37:07.176 --> 01:37:09.010 align:center And there have always been and there always will be 01:37:09.094 --> 01:37:10.762 align:center the same percentage of winners and losers, 01:37:10.846 --> 01:37:12.180 align:center happy fucks and sad sacks, 01:37:12.264 --> 01:37:15.057 align:center fat cats and starving dogs in this world. 01:37:17.102 --> 01:37:18.186 align:center Yeah. 01:37:19.688 --> 01:37:22.690 align:center There may be more of us today than there's ever been. 01:37:22.733 --> 01:37:26.152 align:center But the percentages, they stay exactly the same. 01:37:45.672 --> 01:37:49.509 align:center l'll do it, John, but not because of your little speech. 01:37:49.551 --> 01:37:51.761 align:center But because l need the money. 01:37:53.138 --> 01:37:57.767 align:center Hard to believe after all these years, but l need the money. 01:38:01.230 --> 01:38:02.438 align:center This is the executive dining room. 01:38:02.523 --> 01:38:05.149 align:center -Do you want coffee or tea? -No. 01:38:09.363 --> 01:38:11.322 align:center You gonna keep the kid? 01:38:12.825 --> 01:38:15.243 align:center Keep him? He's getting promoted. 01:38:16.078 --> 01:38:17.912 align:center lt's all hands on deck now, Sam. 01:38:17.996 --> 01:38:20.373 align:center 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 align:center and we're gonna need all the brains we can get around here. 01:39:48.337 --> 01:39:49.670 align:center Hello. 01:39:51.131 --> 01:39:52.840 align:center l've called the police. 01:39:52.925 --> 01:39:54.091 align:center Mary. 01:39:54.760 --> 01:39:56.260 align:center -Sam. -Yep. 01:39:59.097 --> 01:40:00.848 align:center What are you doing? 01:40:16.823 --> 01:40:18.783 align:center Sam, what are you doing? 01:40:20.911 --> 01:40:22.453 align:center Ella died. 01:40:48.063 --> 01:40:52.525 align:center 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 align:center -She belongs here. -l know. 01:40:56.905 --> 01:40:59.198 align:center But, Sam, you don't live here anymore. 01:41:05.372 --> 01:41:07.081 align:center Are you all right? 01:41:08.250 --> 01:41:10.167 align:center You don't look so good. 01:41:11.962 --> 01:41:14.130 align:center Yeah, it's been a rough day all the way around. 01:41:14.214 --> 01:41:16.007 align:center l know, Sammy called. 01:41:16.425 --> 01:41:17.466 align:center ls he all right? 01:41:17.551 --> 01:41:20.594 align:center They got hammered, but they got out alive. 01:41:20.679 --> 01:41:21.762 align:center Good. 01:41:29.604 --> 01:41:32.023 align:center Well, l'm gonna go back inside 01:41:34.192 --> 01:41:35.651 align:center and go back to bed. 01:41:36.862 --> 01:41:39.739 align:center The alarm is on, so don't try and break in. 01:41:49.124 --> 01:41:51.000 align:center Take care of yourself.