1 00:02:07,836 --> 00:02:09,338 Is that them? 2 00:02:12,507 --> 00:02:14,100 Jesus Christ. 3 00:02:14,176 --> 00:02:16,645 Are they going to do it right here? 4 00:02:22,476 --> 00:02:24,478 You guys ever been through this before? 5 00:02:25,103 --> 00:02:26,229 No. 6 00:02:27,064 --> 00:02:30,739 It's best to ignore it, keep your head down, and go back to work. 7 00:02:30,734 --> 00:02:31,826 Go on. 8 00:02:38,659 --> 00:02:40,127 Don't watch. 9 00:02:59,763 --> 00:03:01,265 Timothy Singh? 10 00:03:01,848 --> 00:03:04,522 - Yes. - I'm afraid we have to speak with you. 11 00:03:04,601 --> 00:03:05,693 Come. 12 00:03:20,867 --> 00:03:22,244 Eric Dale? 13 00:03:22,953 --> 00:03:24,125 Excuse me? 14 00:03:24,121 --> 00:03:25,338 Eric Dale? 15 00:03:26,665 --> 00:03:28,087 - No. - Sorry? 16 00:03:28,709 --> 00:03:29,961 I'm not Eric Dale. 17 00:03:30,252 --> 00:03:32,175 I'm so sorry. 18 00:03:32,254 --> 00:03:33,380 He's my boss. 19 00:03:34,005 --> 00:03:35,723 He's down the hall. 20 00:03:35,799 --> 00:03:36,971 Thanks. 21 00:03:51,940 --> 00:03:54,318 Excuse me, Mr. Dale? 22 00:03:55,318 --> 00:03:56,615 This way. 23 00:04:05,370 --> 00:04:06,667 Okay. 24 00:04:46,369 --> 00:04:49,464 I am obviously sorry that we are here today. 25 00:04:49,539 --> 00:04:53,965 But these are extraordinary times, as you very well must know. 26 00:04:54,711 --> 00:04:57,089 Look, I run Risk Management. 27 00:04:57,088 --> 00:05:00,433 I don't really see how that's a natural place to start cutting jobs. 28 00:05:00,425 --> 00:05:02,894 We hope you understand this is in no way personal. 29 00:05:02,886 --> 00:05:06,060 The majority of this floor is being let go today. 30 00:05:08,600 --> 00:05:12,275 Ms. Bratberg is now going to run through the details of what the firm is offering. 31 00:05:14,022 --> 00:05:15,319 Okay. 32 00:05:15,398 --> 00:05:19,904 Mr. Dale, the firm is offering you a six-month severance at half your salary. 33 00:05:20,237 --> 00:05:23,912 You will keep all unvested options that you currently hold. 34 00:05:23,907 --> 00:05:25,909 Health will be extended through that period. 35 00:05:25,992 --> 00:05:31,874 You have until tomorrow at 4:47 to either take the offer or it will be revoked. 36 00:05:32,415 --> 00:05:33,632 Do you understand? 37 00:05:35,210 --> 00:05:36,302 Yes. 38 00:05:37,003 --> 00:05:38,596 Unfortunately, Mr. Dale, 39 00:05:38,588 --> 00:05:41,182 due to the highly sensitive nature of your work here, 40 00:05:41,258 --> 00:05:44,762 the firm has to take certain precautions for security purposes 41 00:05:44,761 --> 00:05:48,482 that may seem punitive in nature. 42 00:05:48,473 --> 00:05:50,475 I hope, considering your 43 00:05:52,435 --> 00:05:54,984 over 19 years of service to the firm, 44 00:05:54,980 --> 00:05:58,325 you will understand that these measures are in no way a reflection 45 00:05:58,316 --> 00:06:00,865 of the firm's feelings towards your performance 46 00:06:01,319 --> 00:06:03,071 or your character. 47 00:06:03,864 --> 00:06:05,616 I don't understand. 48 00:06:06,533 --> 00:06:09,878 She's apologizing for what's about to happen. 49 00:06:10,662 --> 00:06:14,542 Your company e-mail, access to the server, access to the building, 50 00:06:14,624 --> 00:06:19,505 and your mobile data and phone service will all be severed as of this meeting. 51 00:06:20,005 --> 00:06:23,475 And this gentleman will take you to your office 52 00:06:23,550 --> 00:06:26,019 so you can clear out your personal belongings. 53 00:06:29,931 --> 00:06:34,027 What about what I'm currently working on? I'm in the middle of something that... 54 00:06:34,102 --> 00:06:38,858 The firm has worked out its transition plan and is prepared to move forward. 55 00:06:38,940 --> 00:06:41,489 But we do appreciate your concern. 56 00:06:41,568 --> 00:06:45,789 We understand that this is difficult. And here is my card. 57 00:06:46,448 --> 00:06:47,825 Please contact me in the next few weeks 58 00:06:47,824 --> 00:06:50,327 if you need any assistance with this transition in your life. 59 00:06:56,791 --> 00:06:57,838 Sir. 60 00:07:04,883 --> 00:07:06,009 Okay. 61 00:07:07,510 --> 00:07:08,682 Okay. 62 00:07:10,555 --> 00:07:11,681 Okay. 63 00:07:38,249 --> 00:07:39,341 Hey- 64 00:07:45,006 --> 00:07:46,508 I'm sorry. 65 00:07:48,218 --> 00:07:50,596 - You still alive? - For now. 66 00:07:51,388 --> 00:07:52,981 Congratulations. 67 00:07:54,307 --> 00:07:56,105 It was a bloodbath. 68 00:07:56,101 --> 00:07:57,353 I heard. 69 00:07:59,896 --> 00:08:01,398 Listen, Eric, 70 00:08:02,148 --> 00:08:04,446 if there was something I could have done, I would have done it. 71 00:08:04,442 --> 00:08:05,568 - I know. - All right? 72 00:08:05,568 --> 00:08:08,071 Yeah, I know. I know. 73 00:08:08,863 --> 00:08:10,035 Okay. 74 00:08:10,740 --> 00:08:11,832 Just tell me, 75 00:08:12,617 --> 00:08:13,743 who was it? 76 00:08:14,411 --> 00:08:16,630 - Come on, Eric. - Come on, Will. 77 00:08:16,705 --> 00:08:18,423 - Rogers? - I'm not going to say, you know. 78 00:08:18,498 --> 00:08:19,875 - You know me. - Robertson? 79 00:08:23,920 --> 00:08:26,093 That cunt. I knew it. 80 00:08:26,089 --> 00:08:27,591 I knew I shouldn't have ****ing gone to her last year. 81 00:08:27,674 --> 00:08:29,597 It wasn't anyone. Eric, you know what it was? 82 00:08:29,592 --> 00:08:30,969 It was bad luck, and that's all it was. 83 00:08:30,969 --> 00:08:32,061 Yup. 84 00:08:32,721 --> 00:08:33,722 Yup. 85 00:08:35,890 --> 00:08:37,517 All right, well, good luck. 86 00:08:37,600 --> 00:08:38,726 Will? 87 00:08:39,561 --> 00:08:40,904 Come here. 88 00:08:43,440 --> 00:08:45,317 I was just in the middle of a lot of shit right here 89 00:08:45,400 --> 00:08:47,277 that I think somebody needs to take a look at. 90 00:08:48,111 --> 00:08:49,613 Eric, listen, 91 00:08:50,864 --> 00:08:52,832 they're telling us everybody needs to get out of here. 92 00:08:52,824 --> 00:08:54,997 Just leave their stuff. 93 00:08:54,993 --> 00:08:57,621 And while we appreciate your concern, 94 00:08:59,456 --> 00:09:01,879 this is not your problem anymore. 95 00:09:06,838 --> 00:09:07,885 Good luck. 96 00:09:12,969 --> 00:09:14,312 Thank you. 97 00:09:21,853 --> 00:09:23,981 Right this way, Mr. Murphy. 98 00:09:44,501 --> 00:09:46,720 - Eric, I'm very sorry. - Yeah. 99 00:09:47,295 --> 00:09:50,014 Did they say what was going to happen with us? 100 00:09:50,090 --> 00:09:52,218 - Jesus, Seth. - What? 101 00:09:52,300 --> 00:09:54,849 It's going to get pretty ugly around here for a while. 102 00:09:54,844 --> 00:09:57,688 But, you know, you guys will be all right. 103 00:09:58,681 --> 00:10:00,809 - Good luck, Eric. - All right. 104 00:10:03,520 --> 00:10:07,070 I'll see you around, okay? All right. Thank you. 105 00:10:27,877 --> 00:10:28,878 Eric. 106 00:10:31,756 --> 00:10:33,383 I wanted to say thanks. 107 00:10:34,259 --> 00:10:36,136 -It's not necessary. - Well, it is. 108 00:10:36,845 --> 00:10:39,268 You were the person around here that I... 109 00:10:39,264 --> 00:10:40,607 I know. 110 00:10:44,185 --> 00:10:45,903 Hey, look, 111 00:10:45,895 --> 00:10:48,444 I was working on something, but they wouldn't let me finish it. 112 00:10:48,523 --> 00:10:51,117 So, take a look at it. 113 00:10:52,902 --> 00:10:53,949 Be careful. 114 00:11:15,341 --> 00:11:16,433 We're sorry. 115 00:11:16,426 --> 00:11:20,522 The telephone you are calling from is not in service at this time. 116 00:11:27,478 --> 00:11:28,650 Robertson! 117 00:11:28,730 --> 00:11:30,357 Sarah Robertson. 118 00:11:30,648 --> 00:11:31,865 Sarah. 119 00:11:33,318 --> 00:11:35,241 You shut off my phone? 120 00:11:35,778 --> 00:11:37,906 Eric, I didn't do anything. 121 00:11:38,198 --> 00:11:39,290 **** you. 122 00:12:04,349 --> 00:12:06,602 Well, that was ****ing hideous. 123 00:12:07,393 --> 00:12:09,862 It's gonna get worse before it gets better. 124 00:12:10,146 --> 00:12:11,489 You think? 125 00:12:12,982 --> 00:12:14,074 Much. 126 00:12:15,818 --> 00:12:17,320 You got any Nicorettes? 127 00:12:18,488 --> 00:12:20,411 I'm out of Nicorettes. 128 00:12:21,950 --> 00:12:25,625 Which means in about 10 minutes I'm going to kill someone. 129 00:12:30,833 --> 00:12:32,005 You all right, Sam? 130 00:12:33,211 --> 00:12:34,838 My dog is dying. 131 00:12:39,092 --> 00:12:40,435 I'm sorry. 132 00:12:41,177 --> 00:12:45,182 Just got off the phone with the vet. ****ing tumor on her liver. 133 00:12:45,974 --> 00:12:50,445 I was spending, like, $1,000 a day alreadyjust trying to keep her alive. 134 00:12:50,520 --> 00:12:51,646 Yeah, 135 00:12:52,272 --> 00:12:55,446 I don't have a ****ing clue what to do about it. 136 00:12:58,611 --> 00:13:00,659 Well, they're all gone. 137 00:13:02,782 --> 00:13:03,874 So... 138 00:13:07,578 --> 00:13:09,421 How many do we have left? 139 00:13:09,414 --> 00:13:10,711 About 33. 140 00:13:10,790 --> 00:13:14,761 Well, make sure they're all out there. I've gotta say something. 141 00:13:14,836 --> 00:13:17,259 Yeah, no, they're ready. 142 00:13:17,255 --> 00:13:19,132 They're ready for you. 143 00:13:29,309 --> 00:13:31,311 All right, let's hear it. 144 00:13:40,236 --> 00:13:42,785 You're all still here for a reason. 145 00:13:42,780 --> 00:13:46,159 80% of this floor was just sent home, forever. 146 00:13:47,118 --> 00:13:49,746 We spent the last hour saying our goodbyes. 147 00:13:49,746 --> 00:13:52,795 They were good people and they were good at theirjobs, 148 00:13:52,790 --> 00:13:54,087 but you were better. 149 00:13:55,084 --> 00:13:58,258 Now they're gone, they're not to be thought of again. 150 00:13:58,254 --> 00:14:00,803 This is your opportunity. 151 00:14:02,133 --> 00:14:03,635 On every floor of this building 152 00:14:03,634 --> 00:14:05,636 and in every office, from Hong Kong to London, 153 00:14:05,720 --> 00:14:07,267 the same thing is happening. 154 00:14:07,347 --> 00:14:08,940 By the time we're done, 155 00:14:09,015 --> 00:14:13,646 three of every seven guys who were standing between you and your boss' job 156 00:14:14,312 --> 00:14:15,689 are gone. 157 00:14:16,606 --> 00:14:19,450 That is your opportunity. 158 00:14:22,570 --> 00:14:25,369 I've been with this place for 34 years, 159 00:14:25,907 --> 00:14:28,956 and I can tell you this is not the last time that you're gonna go through this. 160 00:14:28,951 --> 00:14:30,999 But you are all survivors. 161 00:14:31,788 --> 00:14:37,466 And that is how this firm, over 107 years, has continued to grow stronger. 162 00:14:37,460 --> 00:14:41,090 So keep your heads high. Get back to work. Let's hear it. 163 00:15:33,349 --> 00:15:35,727 Everyone's going out, man. You should... Come on. 164 00:15:35,726 --> 00:15:37,820 No, man. I'm cool. Thanks. 165 00:15:39,689 --> 00:15:42,192 Okay. Well, if you change your mind, just give me a call. 166 00:15:42,191 --> 00:15:44,444 I will. 167 00:15:44,527 --> 00:15:45,653 Come. 168 00:15:47,697 --> 00:15:50,200 - Where you guys going? - The Grand. 169 00:15:51,033 --> 00:15:53,377 I will call you when I am done. 170 00:15:53,369 --> 00:15:54,746 All right. 171 00:15:55,329 --> 00:15:57,707 Hey, be glad you're still alive. 172 00:16:00,168 --> 00:16:01,294 I am. 173 00:16:11,637 --> 00:16:14,060 - Have a good night, man. - You, too. 174 00:19:18,866 --> 00:19:20,243 Come on. Come on. Come on. 175 00:19:20,326 --> 00:19:21,418 We're sorry. You've reached a number... 176 00:19:21,494 --> 00:19:23,917 - **** me. ****! -...that has been disconnected. 177 00:19:35,424 --> 00:19:36,971 - Hello? - Hey. 178 00:19:38,678 --> 00:19:40,601 - I can't hear you. - What? 179 00:19:41,097 --> 00:19:42,770 Can you go outside? It's too loud. 180 00:19:42,848 --> 00:19:46,273 Hold on a second. It's loud. Just give me a second. 181 00:19:49,939 --> 00:19:51,441 - All right, what's up? - Hey, where are you? 182 00:19:51,649 --> 00:19:54,368 - Lugo. - Okay. Are you with Will? 183 00:19:54,443 --> 00:19:56,286 - Yeah. Will Emerson? - Yeah. 184 00:19:56,362 --> 00:19:58,285 Yeah. I think he's still here. Why? 185 00:19:59,740 --> 00:20:03,290 All right. I need you to get Will, and I need you guys to come back up here. 186 00:20:03,369 --> 00:20:05,121 - Where? - To the office. 187 00:20:05,204 --> 00:20:06,831 - What? - I'm serious. 188 00:20:08,040 --> 00:20:11,294 Wait a sec... You want me to get our boss' boss out of a club 189 00:20:11,293 --> 00:20:13,716 and bring him back to the office at 10:00 on a Thursday night? 190 00:20:14,046 --> 00:20:16,549 Well, our boss got axed, so technically he is our boss, 191 00:20:16,632 --> 00:20:19,681 -and yes, that is what I want you to do. - Why? 192 00:20:20,136 --> 00:20:22,730 Look, man. Just trust me, okay? I need you guys back here now. 193 00:20:22,805 --> 00:20:25,103 All right. We'll be there in 10. 194 00:20:27,184 --> 00:20:28,310 ****. 195 00:20:44,827 --> 00:20:47,876 Have I ever told you how much I love your bag? 196 00:20:47,955 --> 00:20:49,047 No, really. 197 00:20:49,123 --> 00:20:52,172 - Do you have a little dress that matches it? - Yeah, I do. 198 00:20:52,251 --> 00:20:55,846 Because you could bounce around in it like a ****ing girl. 199 00:20:55,838 --> 00:20:56,930 Hey! 200 00:20:57,506 --> 00:21:00,180 Look who's burning the candle at both ends. 201 00:21:00,259 --> 00:21:02,557 Why didn't you come out with us? 202 00:21:02,553 --> 00:21:06,023 There's no more cuts planned. You don't have to kiss my arse. 203 00:21:06,015 --> 00:21:08,188 I frankly don't even know what it is you guys do. 204 00:21:08,184 --> 00:21:10,357 Well, I'm really sorry I had to bring you guys back here, 205 00:21:10,352 --> 00:21:12,275 -but... - That's all right. 206 00:21:12,354 --> 00:21:14,777 - What's going on? - Look at this. 207 00:21:14,857 --> 00:21:17,906 - Eric gave me this file before he left. - Eric... 208 00:21:17,902 --> 00:21:20,371 Dale. And he told me that he couldn't quite figure it out. 209 00:21:20,362 --> 00:21:22,285 And the last thing he said to me 210 00:21:22,364 --> 00:21:24,913 before the elevator doors closed was, "Be careful." 211 00:21:25,868 --> 00:21:28,371 - He said, "Be careful"? - Yeah. So, obviously, I'm a little curious. 212 00:21:28,370 --> 00:21:29,587 I start to get into it a little bit, 213 00:21:29,663 --> 00:21:31,961 and I realize that the only thing that he's missing... 214 00:21:32,041 --> 00:21:35,261 - This is not good, Will. - All right. Okay. So what is he doing here? 215 00:21:36,337 --> 00:21:38,556 No, no. Go to model four. It makes more sense. 216 00:21:38,631 --> 00:21:40,383 Okay. All right. 217 00:21:40,382 --> 00:21:41,884 What is this? 218 00:21:42,426 --> 00:21:45,771 This is basically everything that we have in our books at any given time. 219 00:21:45,846 --> 00:21:48,440 But, what Eric was trying to do was to work these numbers 220 00:21:48,516 --> 00:21:51,895 for levels of volatility that fall outside of the standard VAR model. 221 00:21:51,977 --> 00:21:54,571 - What are those levels? -It's fairly complicated. 222 00:21:54,563 --> 00:21:55,689 Simplify. 223 00:21:56,232 --> 00:21:59,782 The volatility levels are set using historic patterns, basically, 224 00:21:59,860 --> 00:22:02,283 and then stretching those patterns out another 10, 15% roughly. 225 00:22:02,279 --> 00:22:03,280 All right, so? 226 00:22:03,364 --> 00:22:07,085 So, we are starting to test those historic patterns. 227 00:22:08,285 --> 00:22:09,377 When? 228 00:22:09,787 --> 00:22:11,414 - Today. - Tuesday. 229 00:22:11,413 --> 00:22:14,508 Monday. Last Friday and Wednesday. 230 00:22:14,583 --> 00:22:16,426 Two Fridays ago. 231 00:22:16,710 --> 00:22:18,462 All right. I get it. 232 00:22:20,589 --> 00:22:21,932 **** me. 233 00:22:21,924 --> 00:22:25,098 Once this thing gets going in the wrong direction, 234 00:22:25,094 --> 00:22:26,641 this is ****ing huge. 235 00:22:26,637 --> 00:22:28,014 How huge? 236 00:22:29,598 --> 00:22:31,817 Well, the losses are greater than the current value of the company. 237 00:22:31,892 --> 00:22:34,566 Projected losses. The projected losses, Will. 238 00:22:35,145 --> 00:22:37,614 - And this is just our floor? - Yes. 239 00:22:40,359 --> 00:22:41,451 Where the **** is Eric Dale? 240 00:22:41,527 --> 00:22:43,154 I don't know. I tried to call him. His phone is off. 241 00:22:43,237 --> 00:22:44,284 What do you mean? 242 00:22:44,280 --> 00:22:46,658 They turned everybody's phone off that they axed today. 243 00:22:46,657 --> 00:22:48,034 ****ing ruthless. 244 00:22:48,742 --> 00:22:52,167 - Did you try his personal cell? - Yeah, I called his cell phone. It's not on. 245 00:22:52,246 --> 00:22:54,669 - Call his home. - At this hour? 246 00:22:54,748 --> 00:22:57,046 Yeah. Do we even know if he's right? 247 00:22:57,126 --> 00:23:00,096 - Looks pretty ****ing right to me. -It does. 248 00:23:02,965 --> 00:23:05,184 Mrs. Dale, it's Will Emerson. 249 00:23:05,175 --> 00:23:08,099 I'm fine, thank you. May I speak with Eric? 250 00:23:10,556 --> 00:23:12,809 No, we've tried that. His phone appears to be off. 251 00:23:12,808 --> 00:23:16,733 Listen, could you have him call me the moment he comes in? 252 00:23:16,812 --> 00:23:19,315 The moment he walks through the door. 253 00:23:19,398 --> 00:23:21,196 Thank you so much. 254 00:23:21,191 --> 00:23:22,568 Good bye. 255 00:23:22,651 --> 00:23:23,698 Where the **** is he? 256 00:23:23,777 --> 00:23:25,495 - Doesn't he have, like, three kids? - So? 257 00:23:25,487 --> 00:23:28,161 ****, I don't know, would you go home? 258 00:23:29,867 --> 00:23:31,619 I know where he is. 259 00:23:32,786 --> 00:23:34,333 I need you two to go and get him. 260 00:23:34,413 --> 00:23:36,336 There will be a car waiting for you downstairs. 261 00:23:36,415 --> 00:23:38,167 - You need to go. - Right now? 262 00:23:38,250 --> 00:23:39,923 Yeah, right now. 263 00:23:40,002 --> 00:23:41,345 What are you going to do? 264 00:23:41,337 --> 00:23:43,214 I'm going to call Sam. 265 00:23:47,384 --> 00:23:48,761 **** me. 266 00:24:05,110 --> 00:24:06,908 - Yes? - It's Will. 267 00:24:07,696 --> 00:24:09,698 It's 11:00 at night. 268 00:24:09,698 --> 00:24:11,700 I know. I'm sorry. I wouldn't have called. 269 00:24:12,660 --> 00:24:14,253 What's the problem? 270 00:24:15,037 --> 00:24:16,880 I think you need to get back here. 271 00:24:17,539 --> 00:24:18,791 What? 272 00:24:19,416 --> 00:24:20,884 Sam, listen... 273 00:24:20,960 --> 00:24:22,712 It's 11:00 at night. 274 00:24:22,711 --> 00:24:27,057 I'm well aware of the ****ing time, Sam. I'm telling you, you need to see this. 275 00:24:27,132 --> 00:24:28,258 See what? 276 00:24:28,634 --> 00:24:29,681 It's... 277 00:24:30,302 --> 00:24:31,770 E-mail it to me. 278 00:24:32,221 --> 00:24:35,316 I don't think that, that would be a good idea. 279 00:24:38,310 --> 00:24:39,937 I'm on my way. 280 00:24:45,693 --> 00:24:47,366 Look at these people. 281 00:24:49,405 --> 00:24:53,706 Wandering around with absolutely no idea what's about to happen. 282 00:24:57,246 --> 00:24:58,293 Right? 283 00:24:59,164 --> 00:25:02,259 Well, I try to not let work get to me like that. 284 00:25:03,002 --> 00:25:05,130 I've noticed that about you. 285 00:25:06,714 --> 00:25:09,137 Come on. We're 23 years old. 286 00:25:10,134 --> 00:25:11,977 - I'm 28. - All right, 28. 287 00:25:11,969 --> 00:25:13,266 Whatever, it's the same thing, 288 00:25:13,345 --> 00:25:18,351 but I made nearly a quarter of a million dollars last year. 289 00:25:19,685 --> 00:25:20,777 ****. For what? 290 00:25:21,437 --> 00:25:23,781 I push numbers around on a computer screen. 291 00:25:24,148 --> 00:25:26,867 A bunch of glorified crack addicts are willing to take that information, 292 00:25:26,942 --> 00:25:27,943 and they pretend to understand it, 293 00:25:28,027 --> 00:25:30,155 and they bet it against some other jock halfway around the world 294 00:25:30,154 --> 00:25:31,531 who, you know, if he wasn't doing this, 295 00:25:31,613 --> 00:25:34,958 he'd be in an OTB somewhere, putting it all on number seven, you know? 296 00:25:35,993 --> 00:25:39,247 At the end of the day, one guy wins, one guy loses. 297 00:25:40,748 --> 00:25:43,877 You do know it's a little more complicated than that, right? 298 00:25:44,293 --> 00:25:45,419 Yeah. 299 00:25:52,342 --> 00:25:55,016 It's Will. He wants to know if we found him. What do I say? 300 00:25:55,012 --> 00:25:57,606 Let's say that we haven't found him yet. 301 00:25:58,348 --> 00:25:59,440 Okay. 302 00:26:22,831 --> 00:26:24,208 _H€Y- _H€Y- 303 00:26:24,208 --> 00:26:25,334 So? 304 00:26:26,668 --> 00:26:27,715 Eric Dale. 305 00:26:27,795 --> 00:26:29,138 Oh, Jesus. 306 00:26:30,005 --> 00:26:32,599 Before he leaves the building, escorted by ****ing security, by the way... 307 00:26:32,674 --> 00:26:34,176 - I had nothing to do with that. - I know. 308 00:26:34,259 --> 00:26:35,385 I'm sorry. Go on. 309 00:26:35,469 --> 00:26:38,188 Before he leaves the building, he hands this disk to Peter Sullivan. 310 00:26:38,263 --> 00:26:39,731 - Who's Peter Sullivan again? - Doesn't matter. 311 00:26:39,723 --> 00:26:41,396 - He's one of Eric's guys. - All right. 312 00:26:41,391 --> 00:26:47,194 But before the elevator doors are closing, the last thing that he says is, "Be careful." 313 00:26:48,398 --> 00:26:50,071 "Be careful"? 314 00:26:50,150 --> 00:26:51,197 Yeah. 315 00:26:51,276 --> 00:26:52,368 -"Be careful"? - Yeah. 316 00:26:52,444 --> 00:26:54,196 - Why? - Take a look. 317 00:26:57,241 --> 00:26:59,369 Oh, Jesus. You know I can't ****ing read these things. 318 00:26:59,368 --> 00:27:00,870 Just speak to me in English. 319 00:27:00,869 --> 00:27:05,045 All right. Basically, this kid, Peter Sullivan, he gets all inspired by your pep talk. 320 00:27:05,124 --> 00:27:06,922 Nice job, by the way. 321 00:27:06,917 --> 00:27:09,716 And he delves straight in after work. 322 00:27:09,711 --> 00:27:10,963 And I think he nailed it. 323 00:27:11,421 --> 00:27:12,593 Nailed it? 324 00:27:12,673 --> 00:27:15,927 Yeah, I think he figured out what Eric was missing. 325 00:27:15,926 --> 00:27:17,394 And? 326 00:27:17,469 --> 00:27:19,312 It's not good, Sam. 327 00:27:19,888 --> 00:27:23,734 These here are the historical volatility index limits 328 00:27:23,809 --> 00:27:27,404 which, of course, our entire trading model relies on pretty ****ing heavily. 329 00:27:27,396 --> 00:27:31,697 Well, we're now so levered up that once it gets outside of these limits, 330 00:27:33,652 --> 00:27:35,154 it gets ugly in a hurry. 331 00:27:35,529 --> 00:27:38,123 And how close to those limits have we gotten? 332 00:27:38,198 --> 00:27:40,417 Sam, we're beyond close. 333 00:27:40,909 --> 00:27:44,413 We broke through these limits five or six days in the last two weeks. 334 00:27:44,580 --> 00:27:47,424 Now, somehow we've managed to stay on the right side of it for now. 335 00:27:47,499 --> 00:27:48,751 For now. 336 00:27:49,168 --> 00:27:52,718 Well, look what happens when we get on the wrong side of it. 337 00:27:58,552 --> 00:28:01,522 - Wait a minute. What am I looking at? - You're looking at this figure here. 338 00:28:05,017 --> 00:28:06,519 - Whoa. Is that... - Yeah. 339 00:28:06,602 --> 00:28:09,981 And that would not be a bad day for us, historically speaking. 340 00:28:10,355 --> 00:28:12,483 - Is that figure right? - I don't know. I can't be sure. 341 00:28:12,900 --> 00:28:13,992 Where's Eric Dale? 342 00:28:14,067 --> 00:28:15,660 - We shut his phone off. - Of course we did. 343 00:28:15,652 --> 00:28:18,280 Yeah. So I called his wife, who says he's not home. 344 00:28:18,363 --> 00:28:20,036 Yeah, he's probably crying in some ****ing beer somewhere. 345 00:28:20,115 --> 00:28:21,617 Yeah, or worse. 346 00:28:21,700 --> 00:28:22,872 Where's the kid that did this? 347 00:28:23,035 --> 00:28:24,537 I sent him out looking for Eric. 348 00:28:24,620 --> 00:28:26,293 You think he knows what he's doing? 349 00:28:27,497 --> 00:28:28,623 I don't know. What do I know? 350 00:28:28,707 --> 00:28:30,630 Get him back here. Get him back here. 351 00:28:42,888 --> 00:28:45,892 What do you think these girls make in a night? 352 00:28:46,225 --> 00:28:47,477 $1,500? 353 00:28:54,691 --> 00:28:56,193 Two grand? 354 00:28:57,819 --> 00:28:59,287 Two grand. 355 00:29:00,155 --> 00:29:04,160 ****. That's... That's pretty great. 356 00:29:04,910 --> 00:29:06,833 I mean, all considered. 357 00:29:11,833 --> 00:29:13,005 Shit. 358 00:29:13,001 --> 00:29:14,173 Will. 359 00:29:16,171 --> 00:29:17,343 Yep. 360 00:29:18,173 --> 00:29:20,847 No. No, we asked, and nobody's seen him. 361 00:29:23,845 --> 00:29:25,518 Okay, yep- 362 00:29:39,069 --> 00:29:42,539 All right, so what do you think Rogers makes in a year? 363 00:29:43,824 --> 00:29:46,043 - I don't know, I have no idea. - Come on. Play along. 364 00:29:46,118 --> 00:29:48,667 - What year? I don't know. - Last year. 365 00:29:49,162 --> 00:29:51,290 Three quarters of a million. 366 00:29:53,250 --> 00:29:54,547 Come on. 367 00:29:55,127 --> 00:29:57,380 - What? - Oh, it's not even close. 368 00:29:57,379 --> 00:29:59,222 - More? - Much more. 369 00:30:00,215 --> 00:30:01,717 A million? 370 00:30:01,800 --> 00:30:04,303 Will Emerson made two and a half million last year. 371 00:30:04,386 --> 00:30:06,263 - **** you. - **** me. 372 00:30:06,263 --> 00:30:08,561 **** you. How do you know that? 373 00:30:09,766 --> 00:30:11,393 - He told me. - He just told you? 374 00:30:11,476 --> 00:30:14,480 I asked him, and yeah, he told me. 375 00:30:14,563 --> 00:30:16,486 You think that's true? 376 00:30:16,982 --> 00:30:18,655 Yeah, probably. 377 00:30:18,734 --> 00:30:20,577 That's ****ed up. 378 00:30:20,652 --> 00:30:24,623 - Why is that ****ed up? - I don't know, does it seem right to you? 379 00:30:24,990 --> 00:30:27,618 Right? I mean, right is... Right is... 380 00:30:29,828 --> 00:30:31,045 Jesus. 381 00:30:32,372 --> 00:30:33,965 So what do you think that means Rogers puts away? 382 00:30:33,957 --> 00:30:37,587 I have no idea, Seth. This traffic is a ****ing nightmare. 383 00:30:53,393 --> 00:30:54,610 Sorry. 384 00:31:01,401 --> 00:31:02,448 Gentlemen. 385 00:31:03,362 --> 00:31:05,490 Will. Mr. Rogers. 386 00:31:05,489 --> 00:31:07,332 Come with us, please. 387 00:31:13,789 --> 00:31:15,962 Sam, this is Seth Bregman and Peter Sullivan. 388 00:31:15,957 --> 00:31:17,129 Sir. 389 00:31:20,128 --> 00:31:21,345 Will? 390 00:31:22,589 --> 00:31:24,136 Where are we going? 391 00:31:24,132 --> 00:31:27,682 We're going to get a second opinion on your work, Peter. 392 00:32:04,131 --> 00:32:06,259 So, Sam, what do you have for us? 393 00:32:06,341 --> 00:32:07,388 It'll be here in a minute. 394 00:32:07,467 --> 00:32:10,391 Finding somebody in the copy room at this hour was a little bit of a challenge. 395 00:32:10,387 --> 00:32:12,014 Okay, let's go right into the introductions. 396 00:32:12,097 --> 00:32:13,519 This is Sarah Robertson, who you know. 397 00:32:13,598 --> 00:32:17,068 Chief Risk Management Officer Ramesh Shah from upstairs. 398 00:32:17,060 --> 00:32:19,483 And David Horn, one of the firm's in-house counsel. 399 00:32:19,771 --> 00:32:23,401 Nice to meet you all. This is my Head of Trading, Will Emerson, and this is... 400 00:32:23,400 --> 00:32:26,950 Peter Sullivan and Seth Bregman. They work in our Risk Department. 401 00:32:27,028 --> 00:32:28,530 Where's Eric Dale? 402 00:32:28,905 --> 00:32:30,703 He was let go today. 403 00:32:33,034 --> 00:32:35,913 Who do you have left in your Risk Department? 404 00:32:35,912 --> 00:32:39,883 As of today that would be Peter and our Junior Analyst, Seth. 405 00:32:42,335 --> 00:32:43,552 Really? 406 00:32:44,671 --> 00:32:45,923 Will Emerson? 407 00:32:46,006 --> 00:32:48,350 Yes, please. Just hand them out. 408 00:32:48,842 --> 00:32:49,889 Thank you. 409 00:33:01,521 --> 00:33:03,740 Apparently, Eric had been working on this for some time, 410 00:33:03,732 --> 00:33:05,075 but he wasn't able to finish it. 411 00:33:05,150 --> 00:33:06,777 This morning, as he left the building, 412 00:33:06,776 --> 00:33:09,620 he handed the program to Peter here and asked him to take a look at it. 413 00:33:09,696 --> 00:33:13,496 Peter did. He put a few things in that Eric seemed to be missing, 414 00:33:13,575 --> 00:33:15,577 and this is what came out. 415 00:33:17,454 --> 00:33:18,751 Peter, is this your work? 416 00:33:20,916 --> 00:33:22,259 Mostly Mr. Dale's. 417 00:33:22,876 --> 00:33:24,753 But is this your draft? 418 00:33:24,753 --> 00:33:25,879 Yes. 419 00:33:26,963 --> 00:33:30,433 Again, expanded on the original work by Mr. Dale. But, yes. 420 00:33:30,759 --> 00:33:31,931 What's your background? 421 00:33:32,010 --> 00:33:33,478 - My background? - Your CV? 422 00:33:33,553 --> 00:33:34,930 I've been with the firm for two and a half years, 423 00:33:34,930 --> 00:33:36,022 working with Eric that whole time. 424 00:33:36,097 --> 00:33:38,020 But I hold a doctorate in engineering, 425 00:33:38,099 --> 00:33:41,148 specialty in propulsion, from MIT with a bachelor's from Penn. 426 00:33:41,144 --> 00:33:43,613 What is a specialty in propulsion, exactly? 427 00:33:43,855 --> 00:33:46,654 My thesis was a study in the ways that friction ratios 428 00:33:46,733 --> 00:33:49,612 affect steering outcomes in aeronautical use under reduced gravity loads. 429 00:33:51,029 --> 00:33:53,248 So, you're a rocket scientist? 430 00:33:53,615 --> 00:33:55,117 I was. Yeah. 431 00:33:56,201 --> 00:33:57,373 Interesting. 432 00:33:57,619 --> 00:33:58,962 How did you end up here? 433 00:33:59,037 --> 00:34:01,881 It's all just numbers, really. Just changing what you're adding up. 434 00:34:01,957 --> 00:34:05,587 And to speak freely, the money here is considerably more attractive. 435 00:34:14,719 --> 00:34:16,187 What time is it? 436 00:34:16,179 --> 00:34:17,271 2215. 437 00:34:17,722 --> 00:34:20,771 **** me. **** me. 438 00:34:21,268 --> 00:34:23,737 And I'm guessing by the fact that you two haven't said anything 439 00:34:23,812 --> 00:34:25,530 that the math checks out. 440 00:34:25,522 --> 00:34:28,822 Look, we'd need some time to go over this. 441 00:34:28,900 --> 00:34:32,325 But Mr. Sullivan here seems like he knows what he's doing. 442 00:34:32,404 --> 00:34:34,156 So, it would appear we have a problem. 443 00:34:34,364 --> 00:34:35,832 Thank you for that. 444 00:34:35,824 --> 00:34:37,167 What time is it? 445 00:34:37,158 --> 00:34:38,831 -2:16. - **** me. 446 00:34:40,495 --> 00:34:41,747 **** me. 447 00:34:50,046 --> 00:34:53,220 Sam, how long under normal operations 448 00:34:53,216 --> 00:34:55,594 would it take your people to clear that from our books? 449 00:34:59,180 --> 00:35:00,557 What? 450 00:35:01,308 --> 00:35:03,060 - All of it? - Yes. 451 00:35:04,769 --> 00:35:06,237 I don't know. Weeks. 452 00:35:06,229 --> 00:35:08,072 - Weeks? - Yeah. Weeks. 453 00:35:09,024 --> 00:35:12,745 But you certainly know that our business is selling and buying? 454 00:35:13,987 --> 00:35:15,910 It doesn't work for very long without both components. 455 00:35:15,989 --> 00:35:17,616 We suddenly stop buying for a day or two, 456 00:35:17,699 --> 00:35:20,873 that's not something you can hide under the rug. That gets out. 457 00:35:20,869 --> 00:35:25,249 And when it does, this whole thing comes to an end, and right quick. 458 00:35:26,416 --> 00:35:28,418 - I understand. - Do you? 459 00:35:31,630 --> 00:35:32,677 Yes. 460 00:35:34,966 --> 00:35:38,436 How many traders do we have left between your floor and Peterson's? 461 00:35:38,511 --> 00:35:40,479 - I don't know, what... -60. 462 00:35:40,555 --> 00:35:42,102 Jared, as I look at this more closely, 463 00:35:42,098 --> 00:35:44,476 it is these VAR numbers that are setting this thing off. 464 00:35:44,559 --> 00:35:45,902 Excuse me. 465 00:35:58,073 --> 00:35:59,950 I warned you about this last year. 466 00:35:59,949 --> 00:36:02,122 We would not be in this position if we had done what I... 467 00:36:02,118 --> 00:36:03,119 Please. 468 00:36:03,203 --> 00:36:05,797 As I was saying, and I speak completely off the record, 469 00:36:05,789 --> 00:36:07,666 it's only a matter of time before someone else 470 00:36:07,749 --> 00:36:10,798 starts putting these in and they come up with exactly the same results 471 00:36:10,877 --> 00:36:12,629 and look at exactly what we're looking at right now, 472 00:36:12,712 --> 00:36:13,804 if they haven't already. 473 00:36:13,797 --> 00:36:15,265 Understood. 474 00:36:15,256 --> 00:36:18,760 And, Sarah, what value would you allow to be placed on those assets 475 00:36:18,843 --> 00:36:21,266 that might remain on the books, if they had to? 476 00:36:21,262 --> 00:36:22,980 Why would they still be on the books? 477 00:36:22,972 --> 00:36:24,690 Because suddenly nobody wants to ****ing buy them. 478 00:36:24,766 --> 00:36:26,109 **** you, Sam. Will you give me 479 00:36:26,101 --> 00:36:27,353 -a ****ing break here? - Excuse me, Jared... 480 00:36:27,435 --> 00:36:29,437 Without an active market, it would take weeks or months 481 00:36:29,521 --> 00:36:31,523 for me to come up with an accurate value on them. 482 00:36:31,606 --> 00:36:33,028 You would have to go block by block. 483 00:36:33,108 --> 00:36:35,611 Look, Jared, it's a very simple business, right? We talked about this. 484 00:36:35,694 --> 00:36:36,911 Sam. 485 00:36:37,821 --> 00:36:40,119 Will, Peter, and... 486 00:36:40,198 --> 00:36:41,495 - What the **** is his name? - Seth. 487 00:36:41,491 --> 00:36:45,041 Thank you. Seth. Could you please give us a few moments? 488 00:36:47,038 --> 00:36:48,415 And, Peter? 489 00:36:48,873 --> 00:36:50,170 Has anyone else seen this? 490 00:36:50,500 --> 00:36:52,127 No, no one aside from us. 491 00:36:52,210 --> 00:36:53,883 - And Eric Dale. - Yes. 492 00:36:53,962 --> 00:36:58,138 And can it really be possible that we don't know where Eric Dale is? 493 00:36:58,133 --> 00:37:00,352 I called his wife, he hasn't come home yet, 494 00:37:00,427 --> 00:37:03,021 and we turned off his phone today. 495 00:37:03,012 --> 00:37:04,104 Perfect. 496 00:37:04,723 --> 00:37:06,396 Well, I'd like to know where he is. 497 00:37:16,776 --> 00:37:19,871 Jesus ****ing Christ. Who is that guy? 498 00:37:19,863 --> 00:37:21,240 Sam's boss. 499 00:37:22,282 --> 00:37:24,535 He looks like he's 15 years old. 500 00:37:24,617 --> 00:37:26,085 He's 40. 501 00:37:26,161 --> 00:37:28,255 Yeah, how does that happen? 502 00:37:28,788 --> 00:37:30,916 Oh, it happens all the time. 503 00:37:33,918 --> 00:37:35,465 Except to me. 504 00:37:37,630 --> 00:37:39,598 Kid's a ****ing killer. 505 00:37:42,093 --> 00:37:44,767 What are they talking about in there? 506 00:37:49,184 --> 00:37:50,857 It ain't pretty. 507 00:37:52,020 --> 00:37:53,738 What ain't pretty? 508 00:37:55,023 --> 00:37:57,867 If people stop buying what we're selling. 509 00:38:02,030 --> 00:38:03,247 Jared. 510 00:38:04,574 --> 00:38:07,418 You cannot be doing what you're thinking of doing. 511 00:38:07,494 --> 00:38:09,041 Well, I don't see any other choice. 512 00:38:09,120 --> 00:38:10,588 What does that mean, we don't have a choice? 513 00:38:10,663 --> 00:38:11,789 **** you, you don't have a choice. 514 00:38:11,873 --> 00:38:15,218 **** me? Did you even look at the numbers, Sam? 515 00:38:15,210 --> 00:38:16,757 Yeah, but what do I know? 516 00:38:16,753 --> 00:38:18,221 Correct me if I'm wrong, Mr. Shah, 517 00:38:18,296 --> 00:38:20,719 but these numbers, they don't add up. 518 00:38:20,715 --> 00:38:22,217 One and one no longer makes two. 519 00:38:22,300 --> 00:38:24,052 Look, if I may, I would like a little bit more time. 520 00:38:24,052 --> 00:38:25,429 Jared, we can't tell you yet. 521 00:38:25,428 --> 00:38:27,772 Are you ****ing kidding me? We have talked about this. 522 00:38:27,764 --> 00:38:30,233 We need a little more time to give you our conclusion. 523 00:38:30,225 --> 00:38:32,899 Okay. We meet again in 45 minutes. 524 00:38:33,394 --> 00:38:35,863 - Sam, do you have the file? - Yeah. 525 00:38:53,122 --> 00:38:55,170 What are you going to do? 526 00:38:57,919 --> 00:38:59,842 Are you gonna call him? 527 00:39:04,551 --> 00:39:06,098 I already have. 528 00:39:20,942 --> 00:39:22,114 Jesus. 529 00:39:26,614 --> 00:39:28,412 Wow, that's gorgeous. 530 00:39:37,709 --> 00:39:39,507 It's a long way down. 531 00:39:40,378 --> 00:39:41,755 Yes, it is. 532 00:39:53,474 --> 00:39:55,693 Will, don't do that. Come on. 533 00:39:58,813 --> 00:40:00,656 You know the feeling that people experience 534 00:40:00,648 --> 00:40:04,698 when they stand on the edge like this isn't a fear of falling. 535 00:40:04,777 --> 00:40:07,280 It's the fear that they might jump. 536 00:40:07,989 --> 00:40:10,993 That's very deep and depressing. Thank you. 537 00:40:11,075 --> 00:40:13,328 Yeah, well, I'm a little dark sometimes. 538 00:40:13,328 --> 00:40:15,751 All right. Come down, please, Will. Please, come on. 539 00:40:15,830 --> 00:40:17,127 Will. 540 00:40:17,415 --> 00:40:18,917 Yeah, **** it. 541 00:40:21,961 --> 00:40:23,338 Not today! 542 00:40:30,345 --> 00:40:32,768 It looks like they're going to make us dump this shit. 543 00:40:32,972 --> 00:40:34,064 What? 544 00:40:34,891 --> 00:40:36,359 You watch. 545 00:40:36,351 --> 00:40:37,523 How? 546 00:40:38,186 --> 00:40:39,403 You'll see. 547 00:40:39,395 --> 00:40:40,897 How could they do that? 548 00:40:40,897 --> 00:40:43,741 They can't. It's impossible. But they'll figure a way. 549 00:40:44,025 --> 00:40:45,743 I've been at this company for 10 years, 550 00:40:45,735 --> 00:40:49,080 and I've seen things you wouldn't believe. 551 00:40:49,822 --> 00:40:52,541 When all is said and done, they do not lose money. 552 00:40:52,617 --> 00:40:55,370 They don't mind if everybody else does, 553 00:40:55,453 --> 00:40:57,296 but they don't lose. 554 00:41:05,588 --> 00:41:06,714 Will? 555 00:41:08,007 --> 00:41:11,227 Did you really make two and a half million last year? 556 00:41:11,219 --> 00:41:12,596 Yeah, sure. 557 00:41:15,890 --> 00:41:17,892 How did you spend it all? 558 00:41:18,351 --> 00:41:19,773 It goes quite quickly. 559 00:41:19,852 --> 00:41:21,775 You know, you learn to spend what's in your pocket. 560 00:41:21,771 --> 00:41:23,398 Two and a half million goes quickly? 561 00:41:23,481 --> 00:41:25,404 All right, let's see. 562 00:41:25,483 --> 00:41:27,611 So the taxman takes half up front, 563 00:41:27,610 --> 00:41:29,032 so you're left with one and a quarter. 564 00:41:29,904 --> 00:41:32,282 My mortgage takes another 300 grand. 565 00:41:32,281 --> 00:41:35,626 I send 150 home for my parents, you know, keep them going. 566 00:41:35,702 --> 00:41:36,954 - So what's that? -800. 567 00:41:36,953 --> 00:41:38,250 All right, 800. 568 00:41:39,122 --> 00:41:40,920 Spent 150 on a car. 569 00:41:41,666 --> 00:41:45,762 About 75 on restaurants. Probably 50 on clothes. 570 00:41:46,921 --> 00:41:49,970 - I put 400 away for a rainy day. - That's smart. 571 00:41:49,966 --> 00:41:53,596 Yeah, as it turns out, 'cause it looks like the storm's coming. 572 00:41:54,303 --> 00:41:55,896 You still got 125. 573 00:41:57,890 --> 00:42:02,521 Yeah, well, I did spend $76,520 on hookers, booze, and dancers. 574 00:42:02,603 --> 00:42:04,321 But mainly hookers. 575 00:42:05,523 --> 00:42:06,775 76,500? 576 00:42:07,608 --> 00:42:09,827 I was a little shocked initially, but then I realized 577 00:42:09,902 --> 00:42:13,281 that I could claim most of it back as entertainment. It's true. 578 00:42:18,745 --> 00:42:19,962 - Holy shit! - Goddamn! 579 00:42:20,038 --> 00:42:22,882 The cavalry is here! Come on, we should go. 580 00:42:29,756 --> 00:42:31,383 How old are you? 581 00:42:33,009 --> 00:42:34,682 -43. - Jesus. 582 00:42:40,516 --> 00:42:42,189 This is bizarre. 583 00:42:44,645 --> 00:42:46,739 It's like a dream. 584 00:42:50,735 --> 00:42:54,956 I don't know, seems like we actually may have just woken up. 585 00:42:57,658 --> 00:42:58,784 Come in. 586 00:43:00,161 --> 00:43:01,708 How do we look? 587 00:43:02,413 --> 00:43:05,007 - I should go. - No. You should stay. 588 00:43:05,083 --> 00:43:06,255 So? 589 00:43:06,918 --> 00:43:08,716 It's legit. 590 00:43:08,711 --> 00:43:10,384 The kid killed it. 591 00:43:11,089 --> 00:43:13,342 The formula's worthless. 592 00:43:13,424 --> 00:43:15,347 - What does that mean? -It's broken. 593 00:43:16,344 --> 00:43:19,393 There are eight trillion dollars of paper around the world 594 00:43:19,472 --> 00:43:21,065 relying on that equation. 595 00:43:21,140 --> 00:43:22,437 Well, we were wrong. 596 00:43:22,517 --> 00:43:24,815 No, you mean you were wrong. 597 00:43:24,894 --> 00:43:27,022 Now, don't get me started. We discussed this. 598 00:43:27,105 --> 00:43:28,197 I'm heading for the conference room. 599 00:43:28,272 --> 00:43:29,774 No, I want you to hear this. 600 00:43:31,776 --> 00:43:33,744 I don't want to hear this. 601 00:43:33,736 --> 00:43:37,206 How do you think I've stuck around this place so long? 602 00:43:44,705 --> 00:43:46,207 I called Tuld. 603 00:43:48,793 --> 00:43:50,761 Do we have a contingency plan here? 604 00:43:50,753 --> 00:43:53,051 - A contingency plan? - Yes. 605 00:43:53,422 --> 00:43:55,766 No, we went all in on this one. 606 00:43:56,884 --> 00:44:00,479 So we've gotten ourselves quite exposed here, haven't we? 607 00:44:02,557 --> 00:44:04,651 To Tuld or the market? 608 00:44:06,561 --> 00:44:07,904 To both. 609 00:44:30,710 --> 00:44:32,257 He's here? 610 00:45:02,992 --> 00:45:06,121 - Tuld's helicopterjust landed. - I know. Come with us. 611 00:45:06,120 --> 00:45:08,293 - Where's Sam? - I don't know. You sure you want all of us? 612 00:45:08,372 --> 00:45:09,589 Yes. 613 00:45:15,838 --> 00:45:19,342 One piece of advice for everyone before we go in there. 614 00:45:19,884 --> 00:45:21,477 This could get a little ugly. 615 00:45:21,552 --> 00:45:24,055 But whatever you do, just tell the truth. No sugarcoating. 616 00:45:24,138 --> 00:45:25,640 Do not change a word of it. 617 00:45:25,640 --> 00:45:29,395 No one here is smart enough, including the rocket scientist. 618 00:45:36,317 --> 00:45:38,490 - Mr. Cohen. - Morning. 619 00:45:40,363 --> 00:45:41,990 This way, please. 620 00:45:46,869 --> 00:45:49,167 He's already in there waiting for you. 621 00:45:49,247 --> 00:45:50,499 Excellent. 622 00:46:14,021 --> 00:46:15,147 John. 623 00:46:16,524 --> 00:46:18,197 Please, sit down. 624 00:46:21,028 --> 00:46:22,746 Welcome, everyone. 625 00:46:22,822 --> 00:46:25,541 I must apologize for dragging you all here at such an uncommon hour. 626 00:46:25,616 --> 00:46:29,962 But from what I've been told, this matter needs to be dealt with urgently. 627 00:46:30,037 --> 00:46:33,086 So urgently, in fact, it probably should have been addressed weeks ago. 628 00:46:33,165 --> 00:46:35,418 But that is spilt milk under the bridge. 629 00:46:35,501 --> 00:46:39,677 So, why doesn't somebody tell me what they think is going on here? 630 00:46:40,673 --> 00:46:43,392 Mr. Tuld, as I mentioned earlier, 631 00:46:43,467 --> 00:46:46,266 if you compare the figure at the top of page 13... 632 00:46:46,345 --> 00:46:49,895 Jared, it's a little early for all that. Just speak to me in plain English. 633 00:46:51,183 --> 00:46:52,275 Okay. 634 00:46:52,268 --> 00:46:54,396 In fact, I'd like to speak to the guy who put this together. 635 00:46:54,478 --> 00:46:56,901 Mr. Sullivan, is it? Does he speak English? 636 00:46:56,981 --> 00:46:58,278 Sir? 637 00:46:58,357 --> 00:46:59,984 I'd like to speak with the analyst 638 00:47:00,067 --> 00:47:01,660 who seems to have stumbled across this mess. 639 00:47:01,736 --> 00:47:04,785 Certainly. That would be Peter Sullivan. Right here. 640 00:47:04,864 --> 00:47:07,117 Oh, Mr. Sullivan, you're here. Good morning. 641 00:47:07,199 --> 00:47:09,952 Maybe you could tell me what you think is going on here. 642 00:47:09,952 --> 00:47:14,002 And please, speak as you might to a young child 643 00:47:14,081 --> 00:47:16,584 or a golden retriever. 644 00:47:16,584 --> 00:47:20,339 It wasn't brains that got me here. I can assure you of that. 645 00:47:24,508 --> 00:47:27,637 Well, sir, as you may or may not know, I work 646 00:47:27,720 --> 00:47:31,270 here for Mr. Rogers as an associate in the Risk Assessment 647 00:47:31,349 --> 00:47:33,272 and Management Office at MBS. 648 00:47:33,267 --> 00:47:37,022 Please. Just relax. Stand up. Tell us in a clear voice. 649 00:47:37,104 --> 00:47:39,482 What is the nature of the problem? 650 00:47:41,609 --> 00:47:42,701 Okay. 651 00:47:44,445 --> 00:47:47,949 As you probably know, over the last 36 to 40 months 652 00:47:47,948 --> 00:47:51,168 the firm has begun packaging 653 00:47:51,243 --> 00:47:56,374 new MBS products that combine several different tranches 654 00:47:56,457 --> 00:47:59,711 of rating classifications in one tradable security. 655 00:48:00,628 --> 00:48:02,801 This has been enormously profitable, 656 00:48:02,797 --> 00:48:05,016 as I imagine you noticed. 657 00:48:05,091 --> 00:48:06,308 I have. 658 00:48:06,509 --> 00:48:08,728 The firm is currently doing a considerable amount 659 00:48:08,803 --> 00:48:09,850 of this business every day. 660 00:48:09,929 --> 00:48:13,854 Now the problem, which is, I guess, why we are here tonight, 661 00:48:13,849 --> 00:48:16,978 is that is takes us, the firm, about a month 662 00:48:17,520 --> 00:48:21,866 to layer these products correctly, thereby posing a challenge 663 00:48:21,857 --> 00:48:24,155 from a Risk Management standpoint. 664 00:48:24,402 --> 00:48:26,245 And, Mr. Sullivan, that challenge is? 665 00:48:26,654 --> 00:48:30,875 We have to hold these assets on our books longer than we might ideally like to. 666 00:48:30,866 --> 00:48:32,083 Yes. 667 00:48:32,159 --> 00:48:35,003 But the key factor here is these are essentiallyjust mortgages. 668 00:48:35,079 --> 00:48:39,004 So that has allowed us to push the leverage considerably beyond 669 00:48:38,999 --> 00:48:42,674 what you might be willing or allowed to do in any other circumstance, 670 00:48:42,753 --> 00:48:46,724 thereby pushing the risk profile without raising any red flags. 671 00:48:48,467 --> 00:48:50,265 Now... Thank you, Mr. Sullivan. Sit down. 672 00:48:50,344 --> 00:48:52,767 What I'm guessing your report here says, 673 00:48:52,847 --> 00:48:55,270 and give me some rope here. 674 00:48:55,349 --> 00:48:59,354 What I'm guessing it says is that considering the, shall we say, 675 00:48:59,437 --> 00:49:02,611 bumpy road we've been on the last week or so, 676 00:49:02,690 --> 00:49:07,537 that the figures your brilliant co-workers up the line ahead of you have come up with 677 00:49:07,528 --> 00:49:09,906 don't make much sense anymore 678 00:49:09,905 --> 00:49:12,408 considering what's taking place today. 679 00:49:12,491 --> 00:49:14,243 Actually, not what's taking place today, 680 00:49:14,243 --> 00:49:17,087 but what's already taken place over the last two weeks. 681 00:49:17,163 --> 00:49:20,542 So, you're saying this has already happened? 682 00:49:20,624 --> 00:49:22,001 Sort of. 683 00:49:23,461 --> 00:49:24,713 Sort of. 684 00:49:25,921 --> 00:49:30,643 And, Mr. Sullivan, what does your model say that, that means for us here. 685 00:49:31,844 --> 00:49:34,438 Well, that's where it becomes a projection. 686 00:49:34,680 --> 00:49:35,897 But... 687 00:49:38,225 --> 00:49:40,899 You're speaking with me, Mr. Sullivan. 688 00:49:41,312 --> 00:49:42,734 Well, sir, 689 00:49:43,397 --> 00:49:47,277 if those assets decrease by just 25% 690 00:49:47,276 --> 00:49:49,244 and remain on our books, 691 00:49:49,862 --> 00:49:54,083 that loss would be greater than the current market capitalization 692 00:49:54,158 --> 00:49:56,081 of this entire company. 693 00:49:59,580 --> 00:50:02,550 So, what you're telling me 694 00:50:04,126 --> 00:50:07,380 is that the music is about to stop 695 00:50:08,672 --> 00:50:11,846 and we're going to be left holding the biggest bag 696 00:50:11,926 --> 00:50:13,269 of odorous excrement 697 00:50:13,552 --> 00:50:16,271 ever assembled in the history of 698 00:50:18,140 --> 00:50:19,562 capitalism. 699 00:50:23,604 --> 00:50:27,859 Sir, I'm not sure that I would put it that way. But let me clarify. 700 00:50:28,400 --> 00:50:30,619 Using your analogy, 701 00:50:30,611 --> 00:50:32,488 what this model shows 702 00:50:33,572 --> 00:50:36,416 is the music, so to speak, just slowing. 703 00:50:37,785 --> 00:50:40,163 If the music were to stop, as you put it, 704 00:50:40,162 --> 00:50:43,462 then this model wouldn't be even close to that scenario. 705 00:50:43,541 --> 00:50:46,260 It would be considerably worse. 706 00:50:50,297 --> 00:50:53,016 Let me tell you something, Mr. Sullivan. 707 00:50:54,051 --> 00:50:58,648 Do you care to know why I'm in this chair with you all? 708 00:50:58,722 --> 00:51:01,145 I mean, why I earn the big bucks? 709 00:51:02,476 --> 00:51:03,477 Yes. 710 00:51:03,561 --> 00:51:06,815 I'm here for one reason and one reason alone. 711 00:51:07,314 --> 00:51:13,412 I'm here to guess what the music might do a week, a month, a year from now. 712 00:51:14,738 --> 00:51:16,081 That's it. 713 00:51:16,949 --> 00:51:18,121 Nothing more. 714 00:51:20,494 --> 00:51:22,667 And standing here tonight, 715 00:51:23,497 --> 00:51:29,095 I'm afraid that I don't hear a thing. 716 00:51:31,797 --> 00:51:33,014 Just 717 00:51:35,467 --> 00:51:37,014 silence. 718 00:51:52,818 --> 00:51:56,994 So, now that we know the music has stopped, what can we do about it? 719 00:51:57,781 --> 00:52:00,034 Mr. Cohen? Ms. Robertson? 720 00:52:01,452 --> 00:52:05,082 I'm afraid I think this is where you're supposed to step back in. 721 00:52:05,539 --> 00:52:09,043 Lord knows we've relied enough on Mr. Sullivan tonight. 722 00:52:10,711 --> 00:52:12,805 What do you have for us? 723 00:52:20,763 --> 00:52:24,939 What have I told you since the first day you stepped into my office? 724 00:52:25,851 --> 00:52:28,775 There are three ways to make a living in this business, 725 00:52:28,854 --> 00:52:32,233 be first, be smarter, or cheat. 726 00:52:33,150 --> 00:52:34,902 Now, I don't cheat. 727 00:52:35,402 --> 00:52:39,828 And although I like to think we have some pretty smart people in this building, 728 00:52:40,449 --> 00:52:43,999 it sure is a hell of a lot easier to just be first. 729 00:52:44,787 --> 00:52:46,585 Sell it all. Today. 730 00:52:49,416 --> 00:52:51,510 Is that even possible, Sam? 731 00:52:52,002 --> 00:52:53,925 Yes, but at what cost? 732 00:52:55,714 --> 00:52:57,341 I'll have to pay. 733 00:52:59,093 --> 00:53:00,595 Really? 734 00:53:00,594 --> 00:53:02,016 I think so. 735 00:53:03,222 --> 00:53:05,566 Where is this going to come back to us? 736 00:53:06,350 --> 00:53:07,442 Everywhere. 737 00:53:08,268 --> 00:53:12,865 Sam, I don't think you seem to understand what your boy here has just said. 738 00:53:16,610 --> 00:53:18,283 If I made you, 739 00:53:19,071 --> 00:53:20,789 how would you do this? 740 00:53:26,662 --> 00:53:29,882 You call the traders in for their normal 6:30 meeting and you be honest with them. 741 00:53:29,957 --> 00:53:32,460 Because they're going to know it's the end either way. 742 00:53:32,668 --> 00:53:35,672 You're going to have to throw them a bone, and a pretty big one. 743 00:53:35,754 --> 00:53:38,177 And then you've got to come out of the gates storming. 744 00:53:38,257 --> 00:53:40,510 No swaps. No nothing. 745 00:53:40,592 --> 00:53:42,890 40% done by 10:15. By 11:00, 746 00:53:42,970 --> 00:53:44,472 all your trades have to be gone 747 00:53:44,471 --> 00:53:46,894 because by lunchtime, word's going to be out. 748 00:53:47,891 --> 00:53:52,021 And by 2:00 you're going to be selling at 65 cents on the dollar, if you're lucky. 749 00:53:52,020 --> 00:53:55,024 And then the feds are going to be in here, up your ***, trying to slow you down. 750 00:53:55,107 --> 00:53:56,324 Ramesh? 751 00:53:56,400 --> 00:53:59,028 They can slow you down. They can't stop you. 752 00:53:59,027 --> 00:54:00,370 It's yours to sell. 753 00:54:00,362 --> 00:54:02,535 But, John, even if 754 00:54:03,490 --> 00:54:06,744 we manage to pull that off, and that's saying something, 755 00:54:08,328 --> 00:54:11,332 the real question is, who are we selling this to? 756 00:54:11,832 --> 00:54:14,426 Same people we've been selling it to the last two years, 757 00:54:14,501 --> 00:54:16,174 and whoever else will buy it. 758 00:54:16,170 --> 00:54:18,514 But, John, if you do this, 759 00:54:19,923 --> 00:54:22,893 you will kill the market for years. It's over. 760 00:54:25,137 --> 00:54:28,061 And you're selling something that you know has no value. 761 00:54:28,515 --> 00:54:32,986 We are selling to willing buyers of the current fair market price. 762 00:54:33,687 --> 00:54:37,191 So that we may survive. 763 00:54:37,191 --> 00:54:41,037 You will never sell anything to any of those people ever again. 764 00:54:41,111 --> 00:54:42,408 I understand. 765 00:54:42,529 --> 00:54:44,327 - Do you? - Do you? 766 00:54:45,574 --> 00:54:47,201 This is it! 767 00:54:47,201 --> 00:54:49,499 I'm telling you. This is it. 768 00:55:00,881 --> 00:55:02,258 Now, it's 4:00. 769 00:55:02,883 --> 00:55:06,057 Jared, you've got till 5:00 to break this down and draw me up a plan. 770 00:55:06,053 --> 00:55:10,354 Is there anybody else who knows what's in here at the moment, block by block? 771 00:55:11,058 --> 00:55:12,401 Eric Dale. 772 00:55:12,976 --> 00:55:14,148 And where is he? 773 00:55:14,561 --> 00:55:17,314 As of today, he's no longer with the firm. 774 00:55:17,648 --> 00:55:20,117 We have been trying to locate him. 775 00:55:24,029 --> 00:55:25,076 - Carmelo. - Yes. 776 00:55:25,155 --> 00:55:27,249 Get me Eric Dale here by 6:30. 777 00:55:27,741 --> 00:55:28,993 It's done. 778 00:55:29,284 --> 00:55:31,286 We meet back here in an hour. 779 00:55:33,747 --> 00:55:35,499 Sam, let's talk. 780 00:55:48,762 --> 00:55:50,810 This is a hell of a town. 781 00:55:52,641 --> 00:55:55,645 I've always loved this place, since the day I arrived. 782 00:55:55,727 --> 00:55:57,104 Everything about it. 783 00:56:05,988 --> 00:56:08,787 Sam, are you going to go with me on this? 784 00:56:10,659 --> 00:56:12,457 I don't know, John. 785 00:56:14,246 --> 00:56:16,123 This one is very ugly. 786 00:56:17,791 --> 00:56:19,839 You and I, we're salesmen. 787 00:56:20,627 --> 00:56:23,301 We sell. That's what we do. It's not complicated. 788 00:56:23,297 --> 00:56:24,594 Exactly. 789 00:56:25,424 --> 00:56:28,018 And you know damn well you don't sell anything to anybody 790 00:56:28,093 --> 00:56:30,016 unless you think they're gonna come back for more. 791 00:56:30,095 --> 00:56:33,349 That's the lesson we learned. And tomorrow, we're done. 792 00:56:33,891 --> 00:56:35,017 But this is it, Sam. 793 00:56:35,100 --> 00:56:37,319 You keep saying that. What's that supposed to mean? 794 00:56:37,644 --> 00:56:39,396 This is the big one. 795 00:56:40,063 --> 00:56:42,862 Most of us aren't going to make it out of this one. 796 00:56:42,941 --> 00:56:44,989 - Us? - The Street. 797 00:56:45,986 --> 00:56:47,454 What are you talking about? 798 00:56:47,821 --> 00:56:50,495 This isn't the last situation I'm gonna have to deal with this week. 799 00:56:50,574 --> 00:56:51,791 This is just the start. 800 00:56:52,326 --> 00:56:54,169 It's the start 'cause you're starting it. 801 00:56:54,494 --> 00:56:57,543 Maybe. But I don't believe that. Not this time. 802 00:56:58,332 --> 00:57:00,551 The numbers, they just don't add up anymore. 803 00:57:00,626 --> 00:57:04,221 I agree with you there. I've been saying that for years. 804 00:57:04,212 --> 00:57:07,512 If this kid out there can come up with this, then... 805 00:57:08,508 --> 00:57:11,261 Look, I just don't think I can walk in there knowing what I know 806 00:57:11,345 --> 00:57:13,018 and put the hammer down on these guys. 807 00:57:14,014 --> 00:57:16,187 When did you start getting so soft, Sam? 808 00:57:16,725 --> 00:57:19,569 **** you, soft. You're panicking. 809 00:57:22,356 --> 00:57:26,782 If you're the first out of the door, that's not called panicking. 810 00:57:32,699 --> 00:57:36,545 You're obviously operating with more information than I have. 811 00:57:38,372 --> 00:57:41,091 But I think this will destroy this firm. 812 00:57:41,583 --> 00:57:43,210 No one will ever trust you again. 813 00:57:43,210 --> 00:57:46,054 You're knowingly putting people out of business, full stop. 814 00:57:48,715 --> 00:57:51,013 You let me deal with that, Sam. 815 00:58:06,066 --> 00:58:07,158 How'd it go? 816 00:58:08,193 --> 00:58:10,321 This is a ****ing shit show. 817 00:58:11,154 --> 00:58:13,703 - They're gonna go with it? - Probably. 818 00:58:14,574 --> 00:58:15,746 Jesus. 819 00:58:17,494 --> 00:58:19,417 Remember this day, boys. 820 00:58:21,581 --> 00:58:23,254 Remember this day. 821 00:58:38,932 --> 00:58:41,105 So, what's the strategy here? 822 00:58:41,184 --> 00:58:42,436 That's where I'm headed right now. 823 00:58:42,519 --> 00:58:44,362 Downstairs to work on it with my guys. 824 00:58:44,438 --> 00:58:46,941 No, no. You and I with John. 825 00:58:52,696 --> 00:58:57,167 I'm not sure that we need one, Sarah. That's not the way I do things. 826 00:58:57,159 --> 00:58:58,411 Please. 827 00:59:00,620 --> 00:59:03,499 Listen, he knows where we've stood on this 828 00:59:03,582 --> 00:59:04,959 all along. 829 00:59:05,625 --> 00:59:07,593 That's exactly my point. 830 00:59:08,128 --> 00:59:11,849 And knowing what was discussed by both you and I, 831 00:59:12,340 --> 00:59:15,469 I don't see how this could provide you with anything 832 00:59:15,469 --> 00:59:18,222 other than a false sense of comfort. 833 00:59:18,305 --> 00:59:21,559 I'm not looking for a sense of comfort here, Sarah. 834 00:59:22,642 --> 00:59:25,316 I don't think there's one to be found. 835 00:59:35,822 --> 00:59:37,870 So, again, what's the strategy here? 836 00:59:40,368 --> 00:59:42,871 I'm just not sure there's much more to do on this. 837 00:59:43,914 --> 00:59:45,587 It's very simple. 838 00:59:46,124 --> 00:59:49,003 Don't even think about ****ing me on this. 839 00:59:50,045 --> 00:59:52,173 'Cause if we're going down, 840 00:59:53,298 --> 00:59:55,471 then you damn well know it'll be together. 841 00:59:57,094 --> 00:59:58,186 No. 842 00:59:59,012 --> 01:00:00,935 I'm not sure that I do know that. 843 01:00:23,078 --> 01:00:24,204 Hey- 844 01:00:24,871 --> 01:00:26,373 Oh, I'm sorry. 845 01:00:40,011 --> 01:00:42,890 What do you guys think Tuld made last year? 846 01:00:44,975 --> 01:00:46,648 Would you shut the **** up? 847 01:00:46,726 --> 01:00:48,194 86 million. 848 01:00:49,437 --> 01:00:51,439 In bonuses and salary. 849 01:00:52,399 --> 01:00:54,276 - Really? - Sure, it's public record. 850 01:00:54,359 --> 01:00:56,657 That is a lot of ****ing money. 851 01:00:57,863 --> 01:00:59,581 He was worth a billion. 852 01:00:59,656 --> 01:01:00,657 Was? 853 01:01:01,908 --> 01:01:03,251 Till today. 854 01:01:04,077 --> 01:01:05,329 Really? 855 01:01:06,913 --> 01:01:08,290 You'll see. 856 01:01:11,251 --> 01:01:14,095 I'm going to get some coffee. You guys want anything else? 857 01:01:14,171 --> 01:01:17,015 - I'm all right. - I could use some real air. 858 01:01:17,090 --> 01:01:19,092 - Probably a good idea. - Is it all right, Will? 859 01:01:19,176 --> 01:01:21,144 - Is what all right? - If I get out of here for a minute? 860 01:01:21,136 --> 01:01:22,934 Of course, it's not a prison. 861 01:01:22,929 --> 01:01:25,182 You want me to hold your hand? 862 01:01:29,811 --> 01:01:32,485 Why did they put all this fruit on it? 863 01:01:41,865 --> 01:01:43,959 Hello, Will Emerson. 864 01:01:43,950 --> 01:01:45,122 Hello. 865 01:01:48,747 --> 01:01:49,999 Right. 866 01:01:51,333 --> 01:01:53,711 No, thank you. I understand. 867 01:01:56,296 --> 01:01:58,264 No, we'll be discreet. 868 01:01:59,799 --> 01:02:01,142 Thank you. 869 01:02:01,801 --> 01:02:03,519 - What? - Eric's wife. 870 01:02:04,054 --> 01:02:06,182 He's alive, he's home, he doesn't want to speak to us, 871 01:02:06,181 --> 01:02:07,649 and he doesn't know that she rang me. 872 01:02:07,724 --> 01:02:09,397 - Where's he live? - Heights. 873 01:02:09,809 --> 01:02:11,482 - Shall I call Tuld's guy? - No. 874 01:02:11,978 --> 01:02:14,322 It's Eric. The last thing we need is those guys going over there. 875 01:02:14,397 --> 01:02:15,865 No, you two go get him and try to bring him here. 876 01:02:15,857 --> 01:02:18,326 - But you got to be back by 6:00 a.m. - All right. 877 01:02:21,613 --> 01:02:23,286 I hate Brooklyn. 878 01:02:28,370 --> 01:02:29,417 May I come in? 879 01:02:29,496 --> 01:02:31,669 Of course. Please, sit down. 880 01:02:37,545 --> 01:02:38,592 So... 881 01:02:42,759 --> 01:02:44,978 We're going to do this thing. 882 01:02:48,098 --> 01:02:49,270 Okay. 883 01:02:50,558 --> 01:02:52,560 It's going to be tight. 884 01:02:54,354 --> 01:02:55,901 Is Sam on board? 885 01:02:56,273 --> 01:02:57,570 Not yet. 886 01:03:01,361 --> 01:03:02,704 Sarah, 887 01:03:03,321 --> 01:03:07,326 I need a head to feed to the traders on the floor and the board. 888 01:03:12,038 --> 01:03:14,040 Is it me or Cohen? 889 01:03:14,040 --> 01:03:15,383 It's you. 890 01:03:25,051 --> 01:03:28,976 Of course, you're well aware that I filtered several warnings 891 01:03:29,055 --> 01:03:31,729 to you and Cohen about this a year ago. 892 01:03:32,183 --> 01:03:36,609 I really don't think that's the best path for you to take at this point. 893 01:03:40,650 --> 01:03:43,574 You're going to be well taken care of here. 894 01:03:46,281 --> 01:03:48,079 Obviously, it is 895 01:03:49,117 --> 01:03:50,118 quite complicated. 896 01:03:50,201 --> 01:03:52,329 John, I was told under no uncertain terms... 897 01:03:52,412 --> 01:03:54,631 it was always a very gray area. 898 01:03:54,622 --> 01:03:59,719 Actually, it was made very clear at the time by you, me, and Cohen. 899 01:04:01,629 --> 01:04:05,224 I'd really appreciate it if you didn't fight me on this. 900 01:04:17,395 --> 01:04:20,023 We all ****ed this one up pretty good. 901 01:04:20,857 --> 01:04:22,029 Yes. 902 01:04:24,402 --> 01:04:26,496 We need you to stay here until this is finished 903 01:04:26,488 --> 01:04:28,832 and the market's closed. 904 01:04:28,823 --> 01:04:30,291 I understand. 905 01:04:32,619 --> 01:04:36,169 They'll go over the numbers with you downstairs. 906 01:04:36,247 --> 01:04:37,590 Good luck. 907 01:04:55,266 --> 01:04:57,268 Oh, ****. Jared's coming. 908 01:04:58,520 --> 01:05:00,648 What's the boy wonder want? 909 01:05:06,486 --> 01:05:08,909 - You got a minute? - Just off to pick up Eric. 910 01:05:08,988 --> 01:05:10,740 Yeah. I know. It will only take a second. 911 01:05:10,824 --> 01:05:12,167 All right, what is it? 912 01:05:12,492 --> 01:05:14,870 Tuld and I have concerns that Sam 913 01:05:14,953 --> 01:05:17,923 may not be willing to step up and do the right thing here. 914 01:05:18,331 --> 01:05:19,753 This has never been a problem. 915 01:05:19,833 --> 01:05:20,880 No, it hasn't. 916 01:05:21,084 --> 01:05:24,384 But sometimes, in acute situations such as this, 917 01:05:24,462 --> 01:05:29,844 often what is right can take on multiple interpretations. 918 01:05:33,847 --> 01:05:35,349 Sam will step up. 919 01:05:35,432 --> 01:05:38,185 Oh, I know he will. But if he doesn't... 920 01:05:39,727 --> 01:05:42,901 But if he doesn't, we need to know that you will. 921 01:05:45,066 --> 01:05:46,067 Thank you. 922 01:05:46,151 --> 01:05:48,574 You need to know that I will what? 923 01:05:48,653 --> 01:05:50,405 That you'll step up. 924 01:05:52,073 --> 01:05:54,952 I have no doubt that Sam will make the right decision. 925 01:05:55,034 --> 01:05:56,752 But just to make it clear, 926 01:05:56,744 --> 01:05:59,463 he and I have always had the same interpretation of what's right, 927 01:06:01,541 --> 01:06:04,044 no matter how acute the situation. 928 01:08:50,209 --> 01:08:51,927 Jesus, that's a nice place. 929 01:08:51,919 --> 01:08:54,217 Yeah, it is. He just bought it. 930 01:08:55,840 --> 01:08:57,592 I hope it was with cash. 931 01:08:58,718 --> 01:09:01,392 **** me, you're a heartless little shit sometimes. 932 01:09:03,222 --> 01:09:04,724 And it wasn't. 933 01:09:06,559 --> 01:09:08,903 Don't touch any of the buttons. 934 01:09:15,318 --> 01:09:17,571 - What are you doing here? - Hey. 935 01:09:24,410 --> 01:09:27,584 So, Peter finished the model you were working on. 936 01:09:28,247 --> 01:09:29,419 Really? 937 01:09:29,874 --> 01:09:31,376 It caused a shit storm. 938 01:09:31,876 --> 01:09:33,344 I bet it did. 939 01:09:34,420 --> 01:09:35,763 You think he's right? 940 01:09:36,547 --> 01:09:38,220 I know he's right. 941 01:09:40,468 --> 01:09:41,560 ****. 942 01:09:43,596 --> 01:09:44,939 All right. 943 01:09:50,103 --> 01:09:52,447 So Jared Cohen called an emergency meeting 944 01:09:52,522 --> 01:09:54,149 with the senior partners last night. 945 01:09:54,440 --> 01:09:56,818 And based on your findings, 946 01:09:56,901 --> 01:10:00,121 they've decided to liquidate our entire position. 947 01:10:00,697 --> 01:10:01,698 Today. 948 01:10:04,200 --> 01:10:06,248 I'm very sorry about that. 949 01:10:12,709 --> 01:10:15,883 They're worried about you being out here and they want me to bring you back. 950 01:10:16,587 --> 01:10:17,804 Please. 951 01:10:18,381 --> 01:10:20,179 I'm just saying. 952 01:10:20,174 --> 01:10:21,801 - **** them. **** them. - Eric... 953 01:10:21,801 --> 01:10:24,475 - Don't be rash. - Forget it. I signed my paper. I'm out. 954 01:10:24,554 --> 01:10:27,057 - They'll pay you. - They got nothing on me. 955 01:10:27,140 --> 01:10:28,232 They'll pay you. 956 01:10:29,100 --> 01:10:31,319 I've been paid enough already. 957 01:10:35,398 --> 01:10:36,524 ****. 958 01:10:39,819 --> 01:10:42,288 Do you know I built a bridge once? 959 01:10:43,072 --> 01:10:44,790 - Sorry? - A bridge. 960 01:10:45,992 --> 01:10:47,744 No, I didn't know that. 961 01:10:47,827 --> 01:10:50,046 I was an engineer by trade. 962 01:10:52,290 --> 01:10:56,340 It went from Dilles Bottom, Ohio, to Moundsville, West Virginia. 963 01:10:56,419 --> 01:10:59,218 It spanned 912 feet above the Ohio River. 964 01:10:59,213 --> 01:11:01,807 12,100 people use this thing a day. 965 01:11:02,592 --> 01:11:05,937 And it cut out 35 miles of extra driving each way 966 01:11:06,012 --> 01:11:08,435 between Wheeling and New Martinsville. 967 01:11:08,514 --> 01:11:13,441 That's a combined 847,000 miles of driving a day. 968 01:11:14,937 --> 01:11:18,737 Or 25,410,000 miles a month. 969 01:11:20,359 --> 01:11:26,583 And 304,920,000 miles a year saved. 970 01:11:27,867 --> 01:11:32,043 Now, I completed that project in 1986. That's 22 years ago. 971 01:11:33,122 --> 01:11:35,295 So over the life of that one bridge, 972 01:11:35,374 --> 01:11:41,472 that's 6,708,240,000 miles 973 01:11:41,547 --> 01:11:44,391 that haven't had to be driven at... 974 01:11:44,383 --> 01:11:46,806 What? Let's say 50 miles an hour. 975 01:11:46,886 --> 01:11:48,980 So that's what? 976 01:11:49,055 --> 01:11:52,730 That's 134,164,800 hours. 977 01:11:52,809 --> 01:11:55,858 Or 559,020 days. 978 01:11:57,063 --> 01:11:59,282 So that one little bridge has saved the people 979 01:11:59,273 --> 01:12:00,616 of those two communities a combined 980 01:12:00,691 --> 01:12:04,161 1,531 years of their lives 981 01:12:05,196 --> 01:12:07,415 not wasted in a ****ing car. 982 01:12:11,244 --> 01:12:14,498 1,531 years. 983 01:12:15,081 --> 01:12:16,253 Jesus. 984 01:12:27,760 --> 01:12:30,479 I guess you better get back over there. 985 01:12:34,517 --> 01:12:35,643 Yeah. 986 01:12:39,480 --> 01:12:41,357 Thanks for coming by. 987 01:12:41,440 --> 01:12:42,987 You're welcome. 988 01:12:47,196 --> 01:12:48,664 Who the **** is this? 989 01:12:48,739 --> 01:12:51,288 I would imagine it's the firm's people. 990 01:12:51,284 --> 01:12:52,501 What? 991 01:12:52,952 --> 01:12:55,296 They don't want any loose ends. 992 01:12:56,831 --> 01:12:59,300 They fired me. **** them. **** them. 993 01:12:59,584 --> 01:13:03,054 I totally agree. **** them. So come back, take the money, 994 01:13:03,129 --> 01:13:04,847 you'll be home by 5:00. 995 01:13:04,839 --> 01:13:06,512 Otherwise, they're going to fight you on everything. 996 01:13:06,507 --> 01:13:09,852 They're going to fight you on your package, your options, everything. 997 01:13:10,511 --> 01:13:11,808 Be smart. 998 01:13:18,144 --> 01:13:20,613 Well, you're a better man than me. 999 01:13:21,314 --> 01:13:23,988 - That's always been true. - Yes, it has. 1000 01:13:29,488 --> 01:13:31,035 House looks good. 1001 01:13:32,700 --> 01:13:33,917 Thanks. 1002 01:13:35,411 --> 01:13:36,754 Hey, Eric. 1003 01:13:37,580 --> 01:13:40,800 Don't beat yourself up too much about this stuff, all right? 1004 01:13:42,126 --> 01:13:45,346 Some people like driving the long way home. 1005 01:13:45,421 --> 01:13:47,469 Who the **** knows, right? 1006 01:14:19,747 --> 01:14:21,215 There he is. 1007 01:14:22,500 --> 01:14:23,672 John. 1008 01:14:25,294 --> 01:14:26,967 How's it looking? 1009 01:14:27,672 --> 01:14:30,391 Cohen's doing a nice job. It could work. 1010 01:14:30,841 --> 01:14:32,593 What does that mean? 1011 01:14:34,011 --> 01:14:35,354 It means, 1012 01:14:35,888 --> 01:14:37,731 as you very well know, 1013 01:14:38,724 --> 01:14:41,944 that you're a very important piece of this puzzle. 1014 01:15:13,968 --> 01:15:15,641 That's very generous. 1015 01:15:16,220 --> 01:15:17,597 It's not a gift. 1016 01:15:17,888 --> 01:15:20,562 I need to know you're with me on this. 1017 01:15:23,853 --> 01:15:25,480 I'm with the firm, John. 1018 01:15:28,274 --> 01:15:30,652 I won't get what I need from your boys on the floor 1019 01:15:30,735 --> 01:15:31,987 unless they believe you. 1020 01:15:34,155 --> 01:15:36,908 Unless they believe in you completely. 1021 01:15:41,162 --> 01:15:42,960 Are you in on this? 1022 01:15:44,623 --> 01:15:46,296 I've told you my reservations. 1023 01:15:46,625 --> 01:15:48,548 You can't have reservations. 1024 01:15:49,837 --> 01:15:51,805 And I need to know now. 1025 01:15:54,133 --> 01:15:57,979 Well, John, I am completely with the firm, as I always have been. 1026 01:15:58,054 --> 01:15:59,397 Excuse me. 1027 01:16:27,583 --> 01:16:29,927 All right, Will, am I getting fired? 1028 01:16:30,753 --> 01:16:32,221 I don't know. 1029 01:16:35,549 --> 01:16:36,675 Yeah. 1030 01:16:37,843 --> 01:16:39,766 Almost definitely. Yes. 1031 01:16:42,348 --> 01:16:43,975 - Are you? - No. 1032 01:16:46,602 --> 01:16:48,024 Seth, it's nothing you did. 1033 01:16:48,020 --> 01:16:50,273 You're just in the wrong firm at the wrong time. 1034 01:16:50,356 --> 01:16:52,859 Young guys are always the first to get culled. 1035 01:16:53,275 --> 01:16:55,744 Listen, nothing I'm gonna say is going to make you feel any better. 1036 01:16:55,736 --> 01:16:59,491 It's just going to suck for a while, and then you'll be fine. 1037 01:17:03,786 --> 01:17:05,038 You all right? 1038 01:17:06,956 --> 01:17:08,549 Yeah. I'm fine. 1039 01:17:09,166 --> 01:17:12,796 For what it's worth, I'm sorry this is happening to you. 1040 01:17:14,380 --> 01:17:16,758 Don't be. You didn't do it to me. 1041 01:17:16,757 --> 01:17:19,761 Still, at least you're going to have some nice cash to walk away with. 1042 01:17:20,219 --> 01:17:21,721 I guess. 1043 01:17:21,804 --> 01:17:23,397 Shit, this is really going to affect people. 1044 01:17:23,472 --> 01:17:25,065 Yeah, it's going to affect people like me. 1045 01:17:25,141 --> 01:17:27,985 No. No. Real people. 1046 01:17:28,644 --> 01:17:30,237 Jesus, Seth. 1047 01:17:30,312 --> 01:17:32,235 Listen, if you really want to do this with your life, 1048 01:17:32,231 --> 01:17:34,404 you have to believe you're necessary. And you are. 1049 01:17:34,942 --> 01:17:36,615 People want to live like this, in their cars 1050 01:17:36,610 --> 01:17:39,079 and the big ****ing houses they can't even pay for, 1051 01:17:39,155 --> 01:17:40,657 then you're necessary. 1052 01:17:40,739 --> 01:17:43,583 The only reason that they all get to continue living like kings 1053 01:17:43,576 --> 01:17:46,580 is because we've got our fingers on the scales in their favor. 1054 01:17:46,662 --> 01:17:48,756 I take my hand off, 1055 01:17:48,747 --> 01:17:52,627 then the whole world gets really ****ing fair really ****ing quickly, 1056 01:17:52,626 --> 01:17:55,470 and nobody actually wants that. They say they do, but they don't. 1057 01:17:55,546 --> 01:17:57,594 They want what we have to give them, 1058 01:17:57,673 --> 01:18:00,142 but they also want to play innocent 1059 01:18:00,217 --> 01:18:02,015 and pretend they have no idea where it came from. 1060 01:18:02,094 --> 01:18:03,971 That's more hypocrisy than I'm willing to swallow. 1061 01:18:04,054 --> 01:18:06,728 So ****... **** normal people. 1062 01:18:07,391 --> 01:18:11,191 The funny thing is, tomorrow, if all of this goes tits up 1063 01:18:11,520 --> 01:18:14,820 they're going to crucify us for being too reckless. 1064 01:18:14,899 --> 01:18:16,776 But if we're wrong 1065 01:18:16,859 --> 01:18:19,487 and everything gets back on track, 1066 01:18:19,570 --> 01:18:22,119 then the same people are going to laugh till they piss their pants, 1067 01:18:22,114 --> 01:18:23,661 'cause we're gonna look like the biggest pussies 1068 01:18:23,741 --> 01:18:25,960 God ever let through the door. 1069 01:18:30,122 --> 01:18:31,590 You think we're going to be wrong? 1070 01:18:34,126 --> 01:18:36,003 No, they're all ****ed. 1071 01:18:51,810 --> 01:18:52,982 Good morning. 1072 01:18:53,729 --> 01:18:54,901 Peter. 1073 01:18:55,481 --> 01:18:56,983 You want one? 1074 01:18:57,691 --> 01:18:58,863 I don't smoke. 1075 01:18:58,943 --> 01:19:01,196 Oh, that's good. I don't much either. 1076 01:19:13,916 --> 01:19:15,259 You tired? 1077 01:19:16,252 --> 01:19:19,176 Of what? Remember, I don't work as hard as you. 1078 01:19:19,255 --> 01:19:20,347 That's not true. 1079 01:19:20,422 --> 01:19:22,174 No, it is, actually. 1080 01:19:26,136 --> 01:19:27,729 We all getting fired tonight? 1081 01:19:27,805 --> 01:19:29,057 Probably. 1082 01:19:30,349 --> 01:19:32,568 Are they going to fire you? 1083 01:19:32,559 --> 01:19:34,903 They won't exactly call it that. 1084 01:19:36,563 --> 01:19:38,190 It'll be a mercy killing, really. 1085 01:19:38,274 --> 01:19:41,198 You don't have to stand out here for me. 1086 01:19:41,277 --> 01:19:42,699 No, I don't 1087 01:19:43,362 --> 01:19:46,206 really want to go back in there just yet. 1088 01:19:46,699 --> 01:19:48,372 I understand that. 1089 01:19:50,703 --> 01:19:52,455 I think I know your son. 1090 01:19:52,830 --> 01:19:54,127 Really? 1091 01:19:54,206 --> 01:19:57,426 Not well, but he always seemed like a nice person. 1092 01:19:58,043 --> 01:19:59,761 He is a nice person. 1093 01:20:00,254 --> 01:20:03,349 I guess you could say worse things about a guy. 1094 01:20:04,174 --> 01:20:06,723 Does he know what's about to happen? 1095 01:20:07,219 --> 01:20:08,721 What do you mean? 1096 01:20:09,847 --> 01:20:11,599 Did you talk to him? 1097 01:20:12,725 --> 01:20:14,853 No, I hadn't even thought... 1098 01:20:21,817 --> 01:20:23,911 They are all coming in now. 1099 01:20:25,154 --> 01:20:26,701 Yes, they are. 1100 01:20:31,869 --> 01:20:34,497 Have you ever done anything like this? 1101 01:20:35,122 --> 01:20:37,420 No, never. Not even close. 1102 01:20:41,003 --> 01:20:42,129 Yeah. 1103 01:20:45,132 --> 01:20:47,601 Are you sure it's the only, 1104 01:20:49,136 --> 01:20:51,138 or the right thing to do? 1105 01:20:54,475 --> 01:20:55,772 For who? 1106 01:20:58,354 --> 01:20:59,822 I'm not sure. 1107 01:21:00,647 --> 01:21:02,149 Neither am I. 1108 01:21:36,558 --> 01:21:37,855 Oh, God. 1109 01:22:46,253 --> 01:22:47,755 You all right? 1110 01:22:49,923 --> 01:22:51,891 You're about to fire me. 1111 01:23:07,941 --> 01:23:11,571 This is all I ever wanted to do. 1112 01:23:18,785 --> 01:23:20,082 Really? 1113 01:23:48,774 --> 01:23:51,118 They're almost ready for you, Ms. Robertson. Couple of minutes. 1114 01:23:55,948 --> 01:23:57,370 You as well? 1115 01:23:58,116 --> 01:23:59,288 Yes. 1116 01:23:59,993 --> 01:24:01,370 - Jesus. - Yeah. 1117 01:24:04,248 --> 01:24:06,000 - Sorry. - Thank you. 1118 01:24:20,973 --> 01:24:24,352 I didn't think they were going to be able to get you back here. 1119 01:24:26,353 --> 01:24:28,026 Well, they told me they were going to 1120 01:24:28,021 --> 01:24:30,365 drag me through hell on everything over the next two years, 1121 01:24:30,440 --> 01:24:32,534 my options, my health care. 1122 01:24:33,193 --> 01:24:35,662 Or I could come back here and make 1123 01:24:36,655 --> 01:24:40,535 $176,471 an hour 1124 01:24:40,909 --> 01:24:43,082 to sit quietly in this room. 1125 01:24:44,580 --> 01:24:46,878 Didn't seem like much of a choice. 1126 01:24:47,833 --> 01:24:49,335 It never is. 1127 01:24:53,964 --> 01:24:57,719 Obviously, looking back, it was expressed with 1128 01:24:58,760 --> 01:25:00,637 insufficient urgency, 1129 01:25:01,513 --> 01:25:05,017 but your point was passed on. I need you to know that. 1130 01:25:05,601 --> 01:25:06,648 Eric. 1131 01:25:07,185 --> 01:25:09,734 It's okay. I understand. 1132 01:25:09,813 --> 01:25:12,566 Believe me. There was nothing else you could have done. 1133 01:25:13,358 --> 01:25:14,701 I guess. 1134 01:25:17,738 --> 01:25:21,083 At the time, it didn't seem like there was much of a choice. 1135 01:25:21,908 --> 01:25:23,455 It never does. 1136 01:25:34,087 --> 01:25:35,885 You have kids, yeah? 1137 01:25:45,891 --> 01:25:48,735 So, what's your package going to be like? 1138 01:25:51,271 --> 01:25:54,070 I don't know. That's what I'm waiting for now. 1139 01:25:54,691 --> 01:25:57,069 It's probably going to be pretty good. 1140 01:25:58,403 --> 01:25:59,905 It better be. 1141 01:26:15,587 --> 01:26:19,262 Thank you all for coming in a little early this morning. 1142 01:26:19,257 --> 01:26:20,509 I know yesterday was pretty bad, 1143 01:26:20,592 --> 01:26:22,594 and I wish I could say that today's gonna be less so, 1144 01:26:22,594 --> 01:26:24,938 but that isn't going to be the case. 1145 01:26:25,013 --> 01:26:27,015 Now, I'm supposed to read this statement to you all here. 1146 01:26:27,099 --> 01:26:28,601 But why don't you just read it on your own time, 1147 01:26:28,684 --> 01:26:31,312 and I'll just tell you what the **** is going on here. 1148 01:26:32,354 --> 01:26:36,609 I've been here all night meeting with the executive committee, 1149 01:26:37,651 --> 01:26:40,825 and the decision has been made to unwind a considerable portion 1150 01:26:40,821 --> 01:26:44,200 of the firm's holdings and several key asset classes. 1151 01:26:47,119 --> 01:26:49,963 The crux of it is, in the firm's thinking, 1152 01:26:50,622 --> 01:26:53,250 the party is over as of this morning. 1153 01:26:54,000 --> 01:26:58,506 There's gonna be considerable turmoil in the markets for the foreseeable future, 1154 01:26:58,588 --> 01:27:03,810 and they believe it is better that this turmoil begin with us. 1155 01:27:05,470 --> 01:27:07,222 As a result, 1156 01:27:07,305 --> 01:27:09,854 the firm has decided to liquidate 1157 01:27:09,933 --> 01:27:14,234 its majority position of fixed income MBS today. 1158 01:27:16,314 --> 01:27:17,861 These are your packets. 1159 01:27:17,941 --> 01:27:21,491 You will see what accounts you're responsible for today. 1160 01:27:22,654 --> 01:27:25,123 I'm sure it hasn't taken you long 1161 01:27:26,575 --> 01:27:29,203 to understand the implications of this sale 1162 01:27:29,202 --> 01:27:31,204 on your relationships with your counterparties 1163 01:27:31,204 --> 01:27:32,877 and, as a result, 1164 01:27:34,374 --> 01:27:35,466 on your careers. 1165 01:27:36,168 --> 01:27:40,344 I have expressed this reality to the executive committee, 1166 01:27:40,422 --> 01:27:41,924 and they understand. 1167 01:27:42,215 --> 01:27:43,717 As a result, 1168 01:27:43,717 --> 01:27:47,392 if you achieve a 93% sale of your assets, 1169 01:27:47,387 --> 01:27:52,518 you will receive a $1.4 million one-off bonus. 1170 01:27:52,809 --> 01:27:56,859 If the floor as a whole achieves a 93% sale, 1171 01:27:57,314 --> 01:28:02,662 you will get an additional $1.3 million apiece. 1172 01:28:04,029 --> 01:28:07,078 For those of you who have never been through this before, 1173 01:28:07,157 --> 01:28:09,876 this is what the beginning of a fire sale looks like. 1174 01:28:10,118 --> 01:28:13,748 I cannot begin to tell you how important the first hour and a half is gonna be. 1175 01:28:13,830 --> 01:28:16,379 I want you to hit every bite you can find. 1176 01:28:16,458 --> 01:28:20,554 Dealers, brokers, clients. Your mother, if she's buying. 1177 01:28:20,545 --> 01:28:22,718 And, no swaps. 1178 01:28:23,590 --> 01:28:25,718 It's outgoing only. Today. 1179 01:28:29,095 --> 01:28:33,566 Obviously, this is not going down the way that any of us would have hoped. 1180 01:28:34,309 --> 01:28:37,233 But the ground is shifting below our feet, 1181 01:28:37,229 --> 01:28:40,073 and apparently there's no other way out. 1182 01:28:58,875 --> 01:28:59,967 Guys, 1183 01:29:02,754 --> 01:29:05,928 this is obviously a very, very unique situation. 1184 01:29:06,883 --> 01:29:09,432 If we are successful today, 1185 01:29:09,427 --> 01:29:13,022 we will have been successful in destroying our own jobs. 1186 01:29:14,599 --> 01:29:17,648 I cannot promise that any of you, all of you, 1187 01:29:18,520 --> 01:29:21,694 some of you will be repositioned within the firm. 1188 01:29:23,024 --> 01:29:28,076 But I can tell you that I am very proud of the work that we have done here together. 1189 01:29:30,240 --> 01:29:34,120 I've been at this place 34 years, 1190 01:29:35,245 --> 01:29:37,714 and I can tell you from experience that people are going to say 1191 01:29:37,789 --> 01:29:40,963 some very nasty things about what we do here today 1192 01:29:40,959 --> 01:29:44,680 and about what you've dedicated a portion of your lives to. 1193 01:29:45,463 --> 01:29:46,510 But, 1194 01:29:47,716 --> 01:29:52,517 have faith that in the bigger picture, our skills have not been wasted. 1195 01:29:53,305 --> 01:29:55,353 We have accomplished much, 1196 01:29:55,348 --> 01:29:58,272 and our talents have been used 1197 01:30:00,645 --> 01:30:02,568 for the greater good. 1198 01:30:03,440 --> 01:30:05,818 Here's your packets. Get to work. 1199 01:30:41,353 --> 01:30:43,355 - City, this is Eric. - Give me Elliot. 1200 01:30:44,689 --> 01:30:46,407 - City. - Hey, it's Will Emerson. 1201 01:30:46,399 --> 01:30:47,525 William, how are you? 1202 01:30:47,525 --> 01:30:49,368 I'm all right. How's the trouble and strife? 1203 01:30:49,361 --> 01:30:50,578 Busting my ***, as always. 1204 01:30:50,654 --> 01:30:53,282 You see, that's what I tried to tell you, John. Why do you think I'm single? 1205 01:30:53,365 --> 01:30:55,242 I know you did. What can I do for you? 1206 01:30:55,241 --> 01:30:56,959 Listen. I just got the tap on my shoulder, 1207 01:30:57,035 --> 01:30:59,037 and we've got some risk over here that we need to move. 1208 01:30:59,037 --> 01:31:01,415 So today it looks like my loss is your gain. 1209 01:31:01,414 --> 01:31:02,757 What kind of size are we talking? 1210 01:31:02,832 --> 01:31:05,051 It should be on your screen. I just sent it. 1211 01:31:05,043 --> 01:31:06,761 Jesus! Where does this land? 1212 01:31:06,836 --> 01:31:08,713 -96 on the dollar. -91. 1213 01:31:08,713 --> 01:31:10,260 All three and we're done at 94. 1214 01:31:10,340 --> 01:31:12,388 - Ninety-three and a half. - Done. 1215 01:31:14,386 --> 01:31:15,808 - Trading. - Hello, gorgeous. 1216 01:31:15,887 --> 01:31:17,560 Will, what's happening over there? 1217 01:31:17,639 --> 01:31:19,141 Well, today's moving day. 1218 01:31:19,224 --> 01:31:21,067 **** are you guys so worked up about? 1219 01:31:21,059 --> 01:31:24,984 You think they tell me anything? All I know is that today, my loss is your gain. 1220 01:31:25,063 --> 01:31:27,236 Now you're a friendly, so I've come to you first. 1221 01:31:27,315 --> 01:31:31,286 I got 270 mil at 15 year paying out a point and a half above par. 1222 01:31:31,277 --> 01:31:34,121 - Where's it from? - Where's it from? Do you care? 1223 01:31:34,531 --> 01:31:35,748 No, not really. 1224 01:31:35,824 --> 01:31:37,622 Now, where's the trade? I'm hearing things... 1225 01:31:37,617 --> 01:31:39,415 - Alexis... - You guys are scaring me a little. 1226 01:31:39,494 --> 01:31:42,589 I'm only sharing this with you right now. 85. 1227 01:31:43,999 --> 01:31:45,046 Done. 1228 01:31:47,293 --> 01:31:49,637 - Deutsche. -It's Will Emerson. 1229 01:31:49,713 --> 01:31:51,590 **** you, you Iimey bastard. 1230 01:31:51,673 --> 01:31:53,266 Come on, are you still angry about that? 1231 01:31:53,258 --> 01:31:55,602 Word is out. I'm hanging up now. 1232 01:31:56,970 --> 01:31:58,438 - Merrill. - Lawre n ce ! 1233 01:31:58,513 --> 01:32:00,481 What the **** are you guys doing over there? 1234 01:32:00,557 --> 01:32:02,810 - Just a little spring cleaning. - That is not what I'm hearing. 1235 01:32:02,892 --> 01:32:04,519 All right, Lawrence, are you a buyer? 1236 01:32:04,602 --> 01:32:06,479 I'm not sure anymore. Where at? 1237 01:32:06,563 --> 01:32:08,236 Well, it sounds like I should be asking you where at. 1238 01:32:08,398 --> 01:32:09,490 What are we talking about here? 1239 01:32:09,566 --> 01:32:11,944 Three hundred seventy-five mil at 30 year mixed. 1240 01:32:11,943 --> 01:32:14,412 - **** me. - Are you with me on this? 1241 01:32:15,071 --> 01:32:17,369 - Sixty-three cents. - Oh, **** you. I'm hanging up. 1242 01:32:17,449 --> 01:32:18,951 Sixty-three. 1243 01:32:19,743 --> 01:32:21,962 Let me call my man here. I'll come back to you in five. 1244 01:32:21,953 --> 01:32:24,172 It may be 55 in 5. 1245 01:32:24,164 --> 01:32:27,043 Well, all right, then. Stay on the line. 1246 01:32:27,125 --> 01:32:29,344 Sam, pick up the phone. 1247 01:32:29,335 --> 01:32:31,804 - Sam, get on the line! - Yeah. 1248 01:32:31,880 --> 01:32:33,473 - I got Lawrence at Merrill. - Where are we? 1249 01:32:33,548 --> 01:32:35,300 - Sixty-three cents. - Jesus. 1250 01:32:35,383 --> 01:32:37,852 - On what? -375 mix 30. 1251 01:32:37,844 --> 01:32:39,471 Get him to 65 and hit it. 1252 01:32:39,471 --> 01:32:41,473 Are you ****ing kidding me? That's... 1253 01:32:41,556 --> 01:32:44,981 What is that? That's a $131 million loss on a single trade. 1254 01:32:45,060 --> 01:32:47,233 I understand. Hit it. 1255 01:32:48,521 --> 01:32:51,320 Hey, Lawrence. We're fill or kill at 65. 1256 01:32:51,649 --> 01:32:52,821 It's filled. 1257 01:33:16,466 --> 01:33:17,763 Well done. 1258 01:33:24,808 --> 01:33:26,355 I just want to give you a heads up. 1259 01:33:26,434 --> 01:33:29,688 They're going to start sending a few people home now. 1260 01:33:32,190 --> 01:33:33,237 Now? 1261 01:33:33,316 --> 01:33:35,284 Yes, Sam. No loose ends. 1262 01:33:41,699 --> 01:33:43,042 Of course. 1263 01:33:44,369 --> 01:33:46,337 And for what it's worth, 1264 01:33:47,372 --> 01:33:49,045 you're still good. 1265 01:33:51,960 --> 01:33:55,214 Yeah, I guess someone upstairs really likes you. 1266 01:34:49,684 --> 01:34:50,810 Sam. 1267 01:34:52,270 --> 01:34:53,817 Please, sit. 1268 01:34:53,897 --> 01:34:56,491 Congratulations are clearly in order. 1269 01:34:57,233 --> 01:34:59,452 They did the best they could. 1270 01:35:00,278 --> 01:35:04,203 You did a hell of a job. And I thank you for it. Come on, sit. 1271 01:35:04,949 --> 01:35:06,246 Excuse me for eating, 1272 01:35:08,119 --> 01:35:09,871 but it's been a long day. 1273 01:35:09,954 --> 01:35:13,003 - Can I get you something? - No, nothing. Thanks. 1274 01:35:16,252 --> 01:35:18,175 So, what can I do for you? 1275 01:35:18,254 --> 01:35:19,756 I want out. 1276 01:35:21,299 --> 01:35:23,222 I'm done. I want out. 1277 01:35:25,553 --> 01:35:28,477 - It's been a very difficult day for everyone. - I need you to release my options, 1278 01:35:28,473 --> 01:35:31,147 if they're worth anything after today. I want my bonus. I'm out. 1279 01:35:31,142 --> 01:35:34,021 You'll get your bonus, your options, and keep your current base. 1280 01:35:34,103 --> 01:35:37,528 But I need you to stay with me for the next 24 months, okay? 1281 01:35:41,486 --> 01:35:43,488 Oh, come on, Sam. 1282 01:35:43,488 --> 01:35:44,660 Put a smile on your face. 1283 01:35:44,656 --> 01:35:47,660 You did some good today. You said that yourself. 1284 01:35:47,659 --> 01:35:51,004 Do you know, I'm starting to feel a little better about this whole thing. 1285 01:35:53,164 --> 01:35:56,043 You're one of the luckiest guys in the world, Sam. 1286 01:35:56,125 --> 01:35:57,968 Could have been digging ditches all these years. 1287 01:35:59,170 --> 01:36:00,513 That's true. 1288 01:36:00,588 --> 01:36:04,468 And if I had, at least there'd be some holes in the ground to show for it. 1289 01:36:06,177 --> 01:36:07,224 Jesus. 1290 01:36:07,220 --> 01:36:10,690 I just don't know how we ****ed this up quite so much. 1291 01:36:14,686 --> 01:36:16,734 When did you start feeling so sorry for yourself? 1292 01:36:16,729 --> 01:36:18,606 It's unbearable. What? 1293 01:36:19,190 --> 01:36:22,569 So you think we might have put a few people out of business today. 1294 01:36:22,652 --> 01:36:24,529 That's all for naught. 1295 01:36:25,446 --> 01:36:29,496 But you've been doing that every day for almost 40 years, Sam. 1296 01:36:30,785 --> 01:36:34,710 And if this is all for naught, then so is everything out there. 1297 01:36:37,458 --> 01:36:39,176 It's just money. 1298 01:36:39,794 --> 01:36:41,387 It's made up, 1299 01:36:42,380 --> 01:36:43,802 pieces of paper with pictures on it 1300 01:36:43,881 --> 01:36:47,806 so that we don't have to kill each other just to get something to eat. 1301 01:36:48,386 --> 01:36:49,888 It's not wrong. 1302 01:36:50,388 --> 01:36:53,562 And it's certainly no different today than it's ever been. 1303 01:36:54,934 --> 01:36:57,813 1637, 1797, 1304 01:36:57,895 --> 01:37:02,275 1819, 1837, 1857, 1884, 1305 01:37:04,193 --> 01:37:06,241 1901, 1907, 1306 01:37:06,696 --> 01:37:09,745 1929, 1937, 1974, 1307 01:37:10,533 --> 01:37:13,582 1987, Jesus. Didn't that ****er **** me up good. 1308 01:37:13,661 --> 01:37:16,790 1992, 1997, 2000, and whatever we want to call this. 1309 01:37:16,873 --> 01:37:20,798 It's all just the same thing, over and over. We can't help ourselves. 1310 01:37:21,627 --> 01:37:25,257 And you and I can't control it 1311 01:37:25,256 --> 01:37:28,135 or stop it or even slow it. 1312 01:37:28,217 --> 01:37:30,470 Or even ever so slightly alter it. 1313 01:37:31,429 --> 01:37:32,976 We just react. 1314 01:37:33,848 --> 01:37:36,146 And we make a lot of money if we get it right. 1315 01:37:36,225 --> 01:37:39,195 And we get left by the side of the road if we get it wrong. 1316 01:37:39,270 --> 01:37:41,113 And there have always been and there always will be 1317 01:37:41,189 --> 01:37:42,862 the same percentage of winners and losers, 1318 01:37:42,940 --> 01:37:44,283 happy ****s and sad sacks, 1319 01:37:44,359 --> 01:37:47,158 fat cats and starving dogs in this world. 1320 01:37:49,197 --> 01:37:50,289 Yeah. 1321 01:37:51,783 --> 01:37:54,832 There may be more of us today than there's ever been. 1322 01:37:54,827 --> 01:37:58,252 But the percentages, they stay exactly the same. 1323 01:38:17,767 --> 01:38:21,647 I'll do it, John, but not because of your little speech. 1324 01:38:21,646 --> 01:38:23,865 But because I need the money. 1325 01:38:25,233 --> 01:38:29,864 Hard to believe after all these years, but I need the money. 1326 01:38:33,324 --> 01:38:34,541 This is the executive dining room. 1327 01:38:34,617 --> 01:38:37,245 - Do you want coffee or tea? - No. 1328 01:38:41,457 --> 01:38:43,425 You gonna keep the kid? 1329 01:38:44,919 --> 01:38:47,342 Keep him? He's getting promoted. 1330 01:38:48,172 --> 01:38:50,015 It's all hands on deck now, Sam. 1331 01:38:50,091 --> 01:38:52,514 There's going to be a lot of money to be made coming out of this mess, 1332 01:38:52,510 --> 01:38:56,231 and we're gonna need all the brains we can get around here. 1333 01:40:20,431 --> 01:40:21,774 Hello. 1334 01:40:23,226 --> 01:40:24,944 I've called the police. 1335 01:40:25,019 --> 01:40:26,191 MEW- 1336 01:40:26,854 --> 01:40:28,356 - Sam. - Yep. 1337 01:40:31,192 --> 01:40:32,944 What are you doing? 1338 01:40:48,918 --> 01:40:50,886 Sam, what are you doing? 1339 01:40:53,005 --> 01:40:54,552 Ella died. 1340 01:41:20,157 --> 01:41:24,628 I was driving home from the vet and I couldn't think of where else to go. 1341 01:41:26,122 --> 01:41:28,921 - She belongs here. - I know. 1342 01:41:29,000 --> 01:41:31,298 But, Sam, you don't live here anymore. 1343 01:41:37,466 --> 01:41:39,184 Are you all right? 1344 01:41:40,344 --> 01:41:42,267 You don't look so good. 1345 01:41:44,056 --> 01:41:46,229 Yeah, it's been a rough day all the way around. 1346 01:41:46,309 --> 01:41:48,107 I know, Sammy called. 1347 01:41:48,519 --> 01:41:49,566 Is he all right? 1348 01:41:49,645 --> 01:41:52,694 They got hammered, but they got out alive. 1349 01:41:52,773 --> 01:41:53,865 Good. 1350 01:42:01,699 --> 01:42:04,122 Well, I'm gonna go back inside 1351 01:42:06,287 --> 01:42:07,755 and go back to bed. 1352 01:42:08,956 --> 01:42:11,835 The alarm is on, so don't try and break in. 1353 01:42:21,218 --> 01:42:23,095 Take care of yourself.