1
00:01:36,760 --> 00:01:38,260
Is that them?

2
00:01:41,431 --> 00:01:43,032
Jesus Christ.

3
00:01:43,100 --> 00:01:45,734
Are they going to
do it right here?

4
00:01:51,558 --> 00:01:53,575
You guys ever been
through this before?

5
00:01:54,044 --> 00:01:55,912
No.

6
00:01:55,914 --> 00:01:59,565
It's best to ignore it, keep your
head down, and go back to work.

7
00:01:59,633 --> 00:02:00,683
Go on.

8
00:02:07,641 --> 00:02:09,008
Don't watch.

9
00:02:28,596 --> 00:02:30,630
Timothy Singh?

10
00:02:30,698 --> 00:02:33,432
Yes.
I'm afraid we have to speak with you.

11
00:02:33,501 --> 00:02:34,601
Come.

12
00:02:49,783 --> 00:02:51,150
Eric Dale?

13
00:02:51,885 --> 00:02:52,986
Excuse me?

14
00:02:53,053 --> 00:02:54,237
Eric Dale?

15
00:02:55,589 --> 00:02:57,557
No.
Sorry?

16
00:02:57,624 --> 00:02:59,192
I'm not Eric Dale.

17
00:02:59,259 --> 00:03:01,093
I'm so sorry.

18
00:03:01,161 --> 00:03:02,828
He's my boss.

19
00:03:03,113 --> 00:03:04,597
He's down the hall.

20
00:03:04,665 --> 00:03:05,998
Thanks.

21
00:03:20,814 --> 00:03:23,182
Excuse me, Mr. Dale?

22
00:03:24,184 --> 00:03:25,484
This way.

23
00:03:34,327 --> 00:03:35,595
Okay.

24
00:04:15,269 --> 00:04:18,354
I am obviously sorry
that we are here today.

25
00:04:18,422 --> 00:04:23,559
But these are extraordinary times,
as you very well must know.

26
00:04:23,627 --> 00:04:25,928
Look, I run
Risk Management.

27
00:04:25,996 --> 00:04:29,264
I don't really see how that's a
natural place to start cutting jobs.

28
00:04:29,332 --> 00:04:31,801
We hope you understand
this is in no way personal.

29
00:04:31,868 --> 00:04:35,037
The majority of this floor
is being let go today.

30
00:04:37,574 --> 00:04:41,210
Ms. Bratberg is now going to run through
the details of what the firm is offering.

31
00:04:42,930 --> 00:04:44,731
Okay.

32
00:04:44,798 --> 00:04:49,117
Mr. Dale, the firm is offering you a
six-month severance at half your salary.

33
00:04:49,185 --> 00:04:52,772
You will keep all unvested
options that you currently hold.

34
00:04:52,839 --> 00:04:54,857
Health will be extended
through that period.

35
00:04:54,925 --> 00:05:01,247
You have until tomorrow at 4:47 to either
take the offer or it will be revoked.

36
00:05:01,315 --> 00:05:02,615
Do you understand?

37
00:05:04,117 --> 00:05:05,852
Yes.

38
00:05:05,919 --> 00:05:07,370
Unfortunately, Mr. Dale,

39
00:05:07,437 --> 00:05:10,105
due to the highly sensitive
nature of your work here,

40
00:05:10,173 --> 00:05:13,643
the firm has to take certain
precautions for security purposes

41
00:05:13,710 --> 00:05:17,312
that may seem punitive
in nature.

42
00:05:17,380 --> 00:05:19,381
I hope, considering your

43
00:05:21,301 --> 00:05:23,803
over 19 years of
service to the firm,

44
00:05:23,871 --> 00:05:27,140
you will understand that these
measures are in no way a reflection

45
00:05:27,207 --> 00:05:30,076
of the firm's feelings
towards your performance

46
00:05:30,210 --> 00:05:32,011
or your character.

47
00:05:32,813 --> 00:05:35,414
I don't understand.

48
00:05:35,482 --> 00:05:39,484
She's apologizing for
what's about to happen.

49
00:05:39,552 --> 00:05:43,505
Your company e-mail, access to the
server, access to the building,

50
00:05:43,573 --> 00:05:48,894
and your mobile data and phone service
will all be severed as of this meeting.

51
00:05:48,962 --> 00:05:52,414
And this gentleman
will take you to your office

52
00:05:52,482 --> 00:05:54,950
so you can clear out
your personal belongings.

53
00:05:58,839 --> 00:06:02,942
What about what I'm currently working on?
I'm in the middle of something that...

54
00:06:03,010 --> 00:06:07,796
The firm has worked out its transition
plan and is prepared to move forward.

55
00:06:07,864 --> 00:06:10,416
But we do appreciate
your concern.

56
00:06:10,484 --> 00:06:15,287
We understand that this is difficult.
And here is my card.

57
00:06:15,355 --> 00:06:16,906
Please contact me in
the next few weeks

58
00:06:16,974 --> 00:06:19,358
if you need any assistance with
this transition in your life.

59
00:06:25,665 --> 00:06:26,732
Sir.

60
00:06:33,840 --> 00:06:34,973
Okay.

61
00:06:36,493 --> 00:06:37,626
Okay.

62
00:06:39,529 --> 00:06:40,629
Okay.

63
00:07:07,173 --> 00:07:08,407
Hey.

64
00:07:13,930 --> 00:07:15,631
I'm sorry.

65
00:07:17,150 --> 00:07:19,518
You still alive?
Uh-huh. For now.

66
00:07:20,287 --> 00:07:21,887
Congratulations.

67
00:07:23,223 --> 00:07:24,974
It was a bloodbath.

68
00:07:25,042 --> 00:07:26,275
I heard.

69
00:07:28,812 --> 00:07:30,980
Listen, Eric,

70
00:07:31,048 --> 00:07:33,349
if there was something I could
have done, I would have done it.

71
00:07:33,416 --> 00:07:34,417
I know.
All right?

72
00:07:34,484 --> 00:07:37,019
Yeah, I know. I know.

73
00:07:37,804 --> 00:07:38,971
Okay.

74
00:07:39,673 --> 00:07:40,940
Just tell me,

75
00:07:41,592 --> 00:07:43,309
who was it?

76
00:07:43,376 --> 00:07:45,511
Come on, Eric.
Come on, Will.

77
00:07:45,579 --> 00:07:47,379
Rogers?
I'm not going to say, you know.

78
00:07:47,447 --> 00:07:48,815
You know me.
Robertson?

79
00:07:52,902 --> 00:07:55,003
That cunt. I knew it.

80
00:07:55,072 --> 00:07:56,555
I knew I shouldn't have fucking
gone to her last year.

81
00:07:56,623 --> 00:07:58,491
It wasn't anyone.
Eric, you know what it was?

82
00:07:58,558 --> 00:07:59,826
It was bad luck, and
that's all it was.

83
00:07:59,893 --> 00:08:00,993
Yup.

84
00:08:01,662 --> 00:08:02,628
Yup.

85
00:08:04,814 --> 00:08:06,449
All right, well, good luck.

86
00:08:06,516 --> 00:08:07,749
Will?

87
00:08:08,468 --> 00:08:09,801
Come here.

88
00:08:12,372 --> 00:08:14,239
I was just in the middle
of a lot of shit right here

89
00:08:14,307 --> 00:08:16,259
that I think somebody
needs to take a look at.

90
00:08:17,026 --> 00:08:19,728
Eric, listen,

91
00:08:19,796 --> 00:08:21,697
they're telling us everybody
needs to get out of here.

92
00:08:21,764 --> 00:08:23,865
Just leave their stuff.

93
00:08:23,933 --> 00:08:26,535
And while we appreciate
your concern,

94
00:08:28,405 --> 00:08:30,973
this is not your
problem anymore.

95
00:08:35,845 --> 00:08:36,845
Good luck.

96
00:08:41,902 --> 00:08:43,269
Thank you.

97
00:08:50,794 --> 00:08:52,945
Right this way, Mr. Murphy.

98
00:09:13,566 --> 00:09:16,135
Eric, I'm very sorry.
Yeah.

99
00:09:16,203 --> 00:09:19,038
Did they say what was
going to happen with us?

100
00:09:19,105 --> 00:09:21,139
Jesus, Seth.
What?

101
00:09:21,207 --> 00:09:23,709
It's going to get pretty ugly
around here for a while.

102
00:09:23,777 --> 00:09:27,513
But, you know, you guys
will be all right.

103
00:09:27,581 --> 00:09:29,715
Good luck, Eric.
All right.

104
00:09:32,419 --> 00:09:35,922
I'll see you around, okay?
All right. Thank you.

105
00:09:56,893 --> 00:09:57,777
Eric.

106
00:10:00,664 --> 00:10:03,081
I wanted to say thanks.

107
00:10:03,149 --> 00:10:05,667
It's not necessary.
Well, it is.

108
00:10:05,735 --> 00:10:08,337
You were the person
around here that I...

109
00:10:08,339 --> 00:10:09,505
I know.

110
00:10:13,109 --> 00:10:14,743
Hey, look,

111
00:10:14,811 --> 00:10:17,313
I was working on something, but
they wouldn't let me finish it.

112
00:10:17,380 --> 00:10:19,965
So, take a look at it.

113
00:10:21,735 --> 00:10:22,935
Be careful.

114
00:10:44,274 --> 00:10:46,008
<i>We're sorry.</i>

115
00:10:46,076 --> 00:10:49,445
<i>The telephone you are calling from
is not in service at this time.</i>

116
00:10:56,386 --> 00:10:57,553
Robertson!

117
00:10:57,621 --> 00:10:59,471
Sarah Robertson.

118
00:10:59,539 --> 00:11:00,739
Sarah.

119
00:11:02,208 --> 00:11:04,577
You shut off my phone?

120
00:11:04,644 --> 00:11:07,012
Eric, I didn't do anything.

121
00:11:07,080 --> 00:11:08,380
Fuck you.

122
00:11:33,239 --> 00:11:36,258
Well, that was
fucking hideous.

123
00:11:36,326 --> 00:11:39,027
It's gonna get worse
before it gets better.

124
00:11:39,095 --> 00:11:40,412
You think?

125
00:11:41,881 --> 00:11:42,981
Much.

126
00:11:44,751 --> 00:11:46,352
You got any Nicorettes?

127
00:11:47,420 --> 00:11:50,789
I'm out of Nicorettes.

128
00:11:50,856 --> 00:11:54,526
Which means in about 10 minutes
I'm going to kill someone.

129
00:11:59,733 --> 00:12:00,866
You all right, Sam?

130
00:12:02,118 --> 00:12:03,752
My dog is dying.

131
00:12:07,974 --> 00:12:09,975
I'm sorry.

132
00:12:10,042 --> 00:12:14,797
Just got off the phone with the vet.
Fucking tumor on her liver.

133
00:12:14,864 --> 00:12:19,335
I was spending, like, $1,000 a day
already just trying to keep her alive.

134
00:12:19,402 --> 00:12:21,102
Yeah,

135
00:12:21,170 --> 00:12:24,339
I don't have a fucking clue
what to do about it.

136
00:12:27,510 --> 00:12:29,528
Well, they're
all gone.

137
00:12:31,698 --> 00:12:32,931
So...

138
00:12:36,503 --> 00:12:38,270
How many do we have left?

139
00:12:38,338 --> 00:12:39,938
About 33.

140
00:12:40,006 --> 00:12:43,676
Well, make sure they're all out there.
I've gotta say something.

141
00:12:43,743 --> 00:12:46,111
Yeah, no,
they're ready.

142
00:12:46,179 --> 00:12:48,030
They're ready
for you.

143
00:12:58,225 --> 00:13:00,226
All right, let's hear it.

144
00:13:09,135 --> 00:13:11,603
You're all still here
for a reason.

145
00:13:11,671 --> 00:13:16,124
80% of this floor was
just sent home, forever.

146
00:13:16,192 --> 00:13:18,593
We spent the last hour
saying our goodbyes.

147
00:13:18,661 --> 00:13:21,629
They were good people and
they were good at their jobs,

148
00:13:21,697 --> 00:13:23,882
but you were better.

149
00:13:23,950 --> 00:13:27,086
Now they're gone, they're
not to be thought of again.

150
00:13:27,153 --> 00:13:29,688
This is your opportunity.

151
00:13:31,024 --> 00:13:32,541
On every floor
of this building

152
00:13:32,609 --> 00:13:34,610
and in every office,
from Hong Kong to London,

153
00:13:34,677 --> 00:13:36,245
the same thing is happening.

154
00:13:36,312 --> 00:13:38,280
By the time we're done,

155
00:13:38,348 --> 00:13:42,567
three of every seven guys who were
standing between you and your boss' job

156
00:13:43,236 --> 00:13:44,603
are gone.

157
00:13:45,538 --> 00:13:48,340
That is your opportunity.

158
00:13:51,477 --> 00:13:54,763
I've been with this
place for 34 years,

159
00:13:54,831 --> 00:13:57,833
and I can tell you this is not the last
time that you're gonna go through this.

160
00:13:57,900 --> 00:14:00,636
But you are all survivors.

161
00:14:00,704 --> 00:14:06,342
And that is how this firm, over 107
years, has continued to grow stronger.

162
00:14:06,409 --> 00:14:10,178
So keep your heads high.
Get back to work. Let's hear it.

163
00:15:02,282 --> 00:15:04,583
Everyone's going out, man.
You should... Come on.

164
00:15:04,651 --> 00:15:06,719
No, man. I'm cool.
Thanks.

165
00:15:08,622 --> 00:15:11,056
Okay. Well, if you change your
mind, just give me a call.

166
00:15:11,124 --> 00:15:13,359
I will.

167
00:15:13,426 --> 00:15:14,560
Come.

168
00:15:16,630 --> 00:15:19,831
Where you guys going?
The Grand.

169
00:15:19,899 --> 00:15:22,200
I will call you
when I am done.

170
00:15:22,269 --> 00:15:24,152
All right.

171
00:15:24,220 --> 00:15:26,722
Hey, be glad
you're still alive.

172
00:15:29,058 --> 00:15:30,192
I am.

173
00:15:40,603 --> 00:15:43,038
Have a good night, man.
You, too.

174
00:18:47,824 --> 00:18:49,224
Come on. Come on. Come on.

175
00:18:49,291 --> 00:18:50,859
<i>We're sorry. You've
reached a number...</i>

176
00:18:50,926 --> 00:18:53,344
<i>Fuck me. Fuck!
...that has been disconnected.</i>

177
00:19:04,390 --> 00:19:05,941
Hello?
Hey.

178
00:19:07,643 --> 00:19:09,978
<i>I can't hear you.
What?</i>

179
00:19:10,046 --> 00:19:11,747
Can you go outside?
It's too loud.

180
00:19:11,814 --> 00:19:15,299
Hold on a second. It's loud.
Just give me a second.

181
00:19:18,838 --> 00:19:20,572
<i>All right, what's up?
Hey, where are you?</i>

182
00:19:20,639 --> 00:19:23,274
<i>Lugo.
Okay. Are you with Will?</i>

183
00:19:23,343 --> 00:19:25,410
<i>Yeah. Will Emerson?
Yeah.</i>

184
00:19:25,478 --> 00:19:28,580
Yeah. I think he's
still here. Why?

185
00:19:28,648 --> 00:19:32,217
All right. I need you to get Will, and
I need you guys to come back up here.

186
00:19:32,285 --> 00:19:34,052
<i>Where?
To the office.</i>

187
00:19:34,119 --> 00:19:36,904
<i>What?
I'm serious.</i>

188
00:19:36,972 --> 00:19:40,342
Wait a sec... You want me to get
our boss' boss out of a club

189
00:19:40,409 --> 00:19:43,028
and bring him back to the office
at 10:00 on a Thursday night?

190
00:19:43,095 --> 00:19:45,480
Well, our boss got axed,
so technically he is our boss,

191
00:19:45,547 --> 00:19:48,984
<i>and yes, that is what I want you to do.
Why?</i>

192
00:19:49,051 --> 00:19:51,620
Look, man. Just trust me, okay?
I need you guys back here now.

193
00:19:51,687 --> 00:19:53,989
<i>All right. We'll
be there in 10.</i>

194
00:19:56,008 --> 00:19:57,008
Fuck.

195
00:20:13,693 --> 00:20:16,761
Have I ever told you
how much I love your bag?

196
00:20:16,829 --> 00:20:18,397
No, really.

197
00:20:18,464 --> 00:20:21,032
Do you have a little dress that matches it?
Yeah, I do.

198
00:20:21,100 --> 00:20:24,636
Because you could bounce around
in it like a fucking girl.

199
00:20:24,704 --> 00:20:26,271
Hey!

200
00:20:26,338 --> 00:20:29,040
Look who's burning
the candle at both ends.

201
00:20:29,108 --> 00:20:31,442
Why didn't you come
out with us?

202
00:20:31,510 --> 00:20:34,879
There's no more cuts planned.
You don't have to kiss my arse.

203
00:20:34,947 --> 00:20:37,048
I frankly don't even know
what it is you guys do.

204
00:20:37,116 --> 00:20:39,217
Well, I'm really sorry I had
to bring you guys back here,

205
00:20:39,284 --> 00:20:41,186
but...
That's all right.

206
00:20:41,253 --> 00:20:43,688
What's going on?
Look at this.

207
00:20:43,756 --> 00:20:46,758
Eric gave me this file before he left.
Eric...

208
00:20:46,826 --> 00:20:49,227
Dale. And he told me that he
couldn't quite figure it out.

209
00:20:49,294 --> 00:20:51,196
And the last thing
he said to me

210
00:20:51,263 --> 00:20:54,716
before the elevator doors
closed was, "Be careful."

211
00:20:54,784 --> 00:20:55,595
He said, "Be careful"?

212
00:20:55,621 --> 00:20:57,243
Yeah. So, obviously,
I'm a little curious.

213
00:20:57,286 --> 00:20:58,970
I start to get into
it a little bit,

214
00:20:58,972 --> 00:21:00,839
and I realize that the only
thing that he's missing...

215
00:21:00,907 --> 00:21:05,143
This is not good, Will. All right.
Okay. So what is he doing here?

216
00:21:05,210 --> 00:21:07,446
No, no. Go to model four.
It makes more sense.

217
00:21:07,513 --> 00:21:09,213
Okay. All right.

218
00:21:09,281 --> 00:21:11,249
What is this?

219
00:21:11,317 --> 00:21:14,653
This is basically everything that we
have in our books at any given time.

220
00:21:14,720 --> 00:21:17,322
But, what Eric was trying to
do was to work these numbers

221
00:21:17,389 --> 00:21:20,792
for levels of volatility that fall
outside of the standard VAR model.

222
00:21:20,860 --> 00:21:23,394
What are those levels?
It's fairly complicated.

223
00:21:23,463 --> 00:21:25,063
Simplify.

224
00:21:25,130 --> 00:21:28,633
The volatility levels are set using
historic patterns, basically,

225
00:21:28,701 --> 00:21:31,086
and then stretching those patterns
out another 10, 15% roughly.

226
00:21:31,153 --> 00:21:32,621
All right, so?

227
00:21:32,688 --> 00:21:35,991
So, we are starting to
test those historic patterns.

228
00:21:37,209 --> 00:21:38,794
When?

229
00:21:38,861 --> 00:21:40,395
Today.
Tuesday.

230
00:21:40,397 --> 00:21:43,664
Monday. Last Friday
and Wednesday.

231
00:21:43,666 --> 00:21:45,567
Two Fridays ago.

232
00:21:45,634 --> 00:21:47,385
All right. I get it.

233
00:21:49,505 --> 00:21:50,805
Fuck me.

234
00:21:50,873 --> 00:21:53,975
Once this thing gets going
in the wrong direction,

235
00:21:54,043 --> 00:21:55,626
this is fucking huge.

236
00:21:55,628 --> 00:21:58,447
How huge?

237
00:21:58,514 --> 00:22:00,715
Well, the losses are greater than
the current value of the company.

238
00:22:00,783 --> 00:22:03,985
Projected losses.
The projected losses, Will.

239
00:22:04,053 --> 00:22:06,521
And this is just our floor? Yes.

240
00:22:09,258 --> 00:22:10,525
Where the fuck
is Eric Dale?

241
00:22:10,592 --> 00:22:12,060
I don't know. I tried to
call him. His phone is off.

242
00:22:12,128 --> 00:22:13,411
What do you mean?

243
00:22:13,479 --> 00:22:15,496
They turned everybody's phone
off that they axed today.

244
00:22:15,565 --> 00:22:17,565
Fucking ruthless.

245
00:22:17,633 --> 00:22:18,989
Did you try his personal cell?

246
00:22:19,015 --> 00:22:21,093
Yeah, I called his cell phone.
It's not on.

247
00:22:21,136 --> 00:22:23,571
Call his home.
At this hour?

248
00:22:23,639 --> 00:22:25,907
Yeah. Do we even
know if he's right?

249
00:22:25,974 --> 00:22:28,960
Looks pretty fucking right to me.
It does.

250
00:22:31,797 --> 00:22:34,032
Mrs. Dale, it's Will Emerson.

251
00:22:34,099 --> 00:22:37,002
I'm fine, thank you.
May I speak with Eric?

252
00:22:39,488 --> 00:22:41,689
No, we've tried that.
His phone appears to be off.

253
00:22:41,757 --> 00:22:45,660
Listen, could you have him call
me the moment he comes in?

254
00:22:45,727 --> 00:22:48,263
The moment he walks
through the door.

255
00:22:48,331 --> 00:22:50,065
Thank you so much.

256
00:22:50,132 --> 00:22:51,499
Goodbye.

257
00:22:51,567 --> 00:22:52,934
Where the fuck is he?

258
00:22:53,002 --> 00:22:54,469
Doesn't he have, like, three kids?
So?

259
00:22:54,471 --> 00:22:57,105
Fuck, I don't know,
would you go home?

260
00:22:58,808 --> 00:23:00,541
I know where he is.

261
00:23:01,710 --> 00:23:03,278
I need you two to
go and get him.

262
00:23:03,345 --> 00:23:05,230
There will be a car
waiting for you downstairs.

263
00:23:05,298 --> 00:23:07,065
You need to go.
Right now?

264
00:23:07,132 --> 00:23:08,800
Yeah, right now.

265
00:23:08,867 --> 00:23:10,168
What are you
going to do?

266
00:23:10,236 --> 00:23:12,120
I'm going to call Sam.

267
00:23:16,275 --> 00:23:17,642
Fuck me.

268
00:23:34,076 --> 00:23:35,877
<i>Yes?
It's Will.</i>

269
00:23:36,679 --> 00:23:38,480
It's 11:00 at night.

270
00:23:38,547 --> 00:23:40,849
I know. I'm sorry.
I wouldn't have called.

271
00:23:41,567 --> 00:23:43,918
What's the problem?

272
00:23:43,986 --> 00:23:45,904
I think you need
to get back here.

273
00:23:46,472 --> 00:23:47,706
What?

274
00:23:48,341 --> 00:23:49,807
<i>Sam, listen...</i>

275
00:23:49,875 --> 00:23:51,909
It's 11:00 at night.

276
00:23:52,028 --> 00:23:55,997
I'm well aware of the fucking time, Sam.
I'm telling you, you need to see this.

277
00:23:56,065 --> 00:23:57,499
<i>See what?</i>

278
00:23:57,566 --> 00:23:58,533
It's...

279
00:23:59,234 --> 00:24:01,119
E-mail it to me.

280
00:24:01,170 --> 00:24:04,238
I don't think that that
would be a good idea.

281
00:24:07,242 --> 00:24:08,877
I'm on my way.

282
00:24:14,567 --> 00:24:16,401
Look at these people.

283
00:24:18,354 --> 00:24:22,573
Wandering around with absolutely
no idea what's about to happen.

284
00:24:26,111 --> 00:24:27,995
Right?

285
00:24:28,063 --> 00:24:31,833
Well, I try to not let work
get to me like that.

286
00:24:31,900 --> 00:24:34,085
I've noticed that about you.

287
00:24:35,671 --> 00:24:38,106
Come on. We're 23 years old.

288
00:24:39,091 --> 00:24:40,992
I'm 28.
All right, 28.

289
00:24:41,059 --> 00:24:42,527
Whatever, it's the same thing,

290
00:24:42,595 --> 00:24:47,282
but I made nearly a quarter of
a million dollars last year.

291
00:24:48,618 --> 00:24:50,318
Fuck. For what?

292
00:24:50,386 --> 00:24:53,104
I push numbers around
on a computer screen.

293
00:24:53,172 --> 00:24:55,773
A bunch of glorified crack addicts are
willing to take that information,

294
00:24:55,841 --> 00:24:57,442
and they pretend
to understand it,

295
00:24:57,510 --> 00:24:59,010
and they bet it against some other
jock halfway around the world

296
00:24:59,077 --> 00:25:01,162
who, you know, if he
wasn't doing this,

297
00:25:01,230 --> 00:25:04,866
he'd be in an OTB somewhere, putting
it all on number seven, you know?

298
00:25:04,934 --> 00:25:08,336
At the end of the day,
one guy wins, one guy loses.

299
00:25:09,655 --> 00:25:13,341
You do know it's a little more
complicated than that, right?

300
00:25:13,409 --> 00:25:14,392
Yeah.

301
00:25:21,233 --> 00:25:23,835
It's Will. He wants to know if
we found him. What do I say?

302
00:25:23,903 --> 00:25:26,487
Let's say that we
haven't found him yet.

303
00:25:27,239 --> 00:25:28,473
Okay.

304
00:25:51,763 --> 00:25:53,064
Hey.
Hey.

305
00:25:53,132 --> 00:25:54,232
So?

306
00:25:55,567 --> 00:25:56,567
Eric Dale.

307
00:25:56,635 --> 00:25:58,869
Oh, Jesus.

308
00:25:58,937 --> 00:26:01,506
Before he leaves the building, escorted
by fucking security, by the way...

309
00:26:01,574 --> 00:26:03,208
I had nothing to do with that.
I know.

310
00:26:03,275 --> 00:26:04,642
I'm sorry. Go on.

311
00:26:04,709 --> 00:26:07,111
Before he leaves the building, he
hands this disk to Peter Sullivan.

312
00:26:07,179 --> 00:26:08,580
Who's Peter Sullivan again?
Doesn't matter.

313
00:26:08,647 --> 00:26:10,648
He's one of Eric's guys.
All right.

314
00:26:10,716 --> 00:26:15,013
But before the elevator doors are
closing, the last thing that he says is,

315
00:26:15,039 --> 00:26:16,112
"Be careful."

316
00:26:17,322 --> 00:26:18,989
"Be careful"?

317
00:26:19,058 --> 00:26:20,124
Yeah.

318
00:26:20,192 --> 00:26:21,292
"Be careful"?
Yeah.

319
00:26:21,360 --> 00:26:23,094
Why?
Take a look.

320
00:26:26,148 --> 00:26:28,216
Oh, Jesus. You know I can't
fucking read these things.

321
00:26:28,284 --> 00:26:30,418
Just speak to me in English.

322
00:26:30,420 --> 00:26:34,022
All right. Basically, this kid, Peter Sullivan,
he gets all inspired by your pep talk.

323
00:26:34,089 --> 00:26:35,823
Nice job, by the way.

324
00:26:35,891 --> 00:26:38,626
And he delves straight
in after work.

325
00:26:38,694 --> 00:26:40,328
And I think he nailed it.

326
00:26:40,395 --> 00:26:41,896
Nailed it?

327
00:26:41,964 --> 00:26:44,833
Yeah, I think he figured out
what Eric was missing.

328
00:26:44,900 --> 00:26:46,367
And?

329
00:26:46,435 --> 00:26:48,786
It's not good, Sam.

330
00:26:48,854 --> 00:26:52,690
These here are the historical
volatility index limits

331
00:26:52,758 --> 00:26:56,261
which, of course, our entire trading
model relies on pretty fucking heavily.

332
00:26:56,328 --> 00:27:00,548
Well, we're now so levered up that
once it gets outside of these limits,

333
00:27:02,584 --> 00:27:04,502
it gets ugly in a hurry.

334
00:27:04,570 --> 00:27:07,055
And how close to those
limits have we gotten?

335
00:27:07,122 --> 00:27:09,990
Sam, we're beyond close.

336
00:27:09,992 --> 00:27:13,578
We broke through these limits five
or six days in the last two weeks.

337
00:27:13,646 --> 00:27:16,364
Now, somehow we've managed to stay
on the right side of it for now.

338
00:27:16,432 --> 00:27:18,032
For now.

339
00:27:18,100 --> 00:27:21,619
Well, look what happens when we
get on the wrong side of it.

340
00:27:27,459 --> 00:27:28,659
Wait a minute. What
am I looking at?

341
00:27:28,727 --> 00:27:29,927
You're looking at
this figure here.

342
00:27:33,966 --> 00:27:35,533
Whoa. Is that...
Yeah.

343
00:27:35,600 --> 00:27:39,170
And that would not be a bad day
for us, historically speaking.

344
00:27:39,238 --> 00:27:41,889
Is that figure right?
I don't know. I can't be sure.

345
00:27:41,957 --> 00:27:42,991
Where's Eric Dale?

346
00:27:43,058 --> 00:27:44,558
We shut his phone off.
Of course we did.

347
00:27:44,626 --> 00:27:47,262
Yeah. So I called his wife,
who says he's not home.

348
00:27:47,329 --> 00:27:48,997
Yeah, he's probably crying in
some fucking beer somewhere.

349
00:27:49,064 --> 00:27:50,765
Yeah, or worse.

350
00:27:50,832 --> 00:27:52,033
Where's the kid
that did this?

351
00:27:52,100 --> 00:27:53,518
I sent him out
looking for Eric.

352
00:27:53,585 --> 00:27:55,269
You think he knows
what he's doing?

353
00:27:56,455 --> 00:27:57,588
I don't know.
What do I know?

354
00:27:57,656 --> 00:27:59,607
Get him back here.
Get him back here.

355
00:28:11,804 --> 00:28:15,072
What do you think these
girls make in a night?

356
00:28:15,140 --> 00:28:16,407
$1,500?

357
00:28:23,616 --> 00:28:25,249
Two grand?

358
00:28:26,752 --> 00:28:28,986
Two grand.

359
00:28:29,054 --> 00:28:33,123
Fuck. That's...
That's pretty great.

360
00:28:33,859 --> 00:28:35,793
I mean, all considered.

361
00:28:40,799 --> 00:28:41,899
Shit.

362
00:28:41,967 --> 00:28:43,133
Will.

363
00:28:45,136 --> 00:28:47,037
Yep.

364
00:28:47,105 --> 00:28:49,807
No. No, we asked,
and nobody's seen him.

365
00:28:52,778 --> 00:28:54,445
Okay, yep.

366
00:29:08,010 --> 00:29:12,680
All right, so what do you
think Rogers makes in a year?

367
00:29:12,748 --> 00:29:14,982
I don't know, I have no idea.
Come on. Play along.

368
00:29:15,050 --> 00:29:18,019
What year? I don't know.
Last year.

369
00:29:18,086 --> 00:29:20,221
Three quarters
of a million.

370
00:29:22,191 --> 00:29:23,991
Come on.

371
00:29:24,059 --> 00:29:26,261
What?
Oh, it's not even close.

372
00:29:26,328 --> 00:29:28,163
More?
Much more.

373
00:29:29,165 --> 00:29:30,665
A million?

374
00:29:30,732 --> 00:29:33,234
Will Emerson made two and
a half million last year.

375
00:29:33,302 --> 00:29:35,136
Fuck you.
Fuck me.

376
00:29:35,204 --> 00:29:37,505
Fuck you. How do
you know that?

377
00:29:38,707 --> 00:29:40,308
He told me.
He just told you?

378
00:29:40,376 --> 00:29:43,378
I asked him, and
yeah, he told me.

379
00:29:43,445 --> 00:29:45,813
You think that's true?

380
00:29:45,881 --> 00:29:47,549
Yeah, probably.

381
00:29:47,616 --> 00:29:49,484
That's fucked up.

382
00:29:49,552 --> 00:29:53,821
Why is that fucked up?
I don't know, does it seem right to you?

383
00:29:53,889 --> 00:29:56,524
Right? I mean,
right is... Right is...

384
00:29:58,727 --> 00:29:59,927
Jesus.

385
00:30:01,263 --> 00:30:02,797
So what do you think
that means Rogers puts away?

386
00:30:02,864 --> 00:30:06,484
I have no idea, Seth.
This traffic is a fucking nightmare.

387
00:30:22,251 --> 00:30:23,451
Sorry.

388
00:30:30,409 --> 00:30:31,308
Gentlemen.

389
00:30:32,210 --> 00:30:34,345
Will. Mr. Rogers.

390
00:30:34,413 --> 00:30:36,246
Come with us, please.

391
00:30:42,687 --> 00:30:44,822
Sam, this is Seth Bregman
and Peter Sullivan.

392
00:30:44,890 --> 00:30:45,990
Sir.

393
00:30:49,027 --> 00:30:50,594
Will?
Uh-huh?

394
00:30:51,463 --> 00:30:53,297
Where are we going?

395
00:30:53,365 --> 00:30:56,567
We're going to get a second
opinion on your work, Peter.

396
00:31:32,971 --> 00:31:35,172
So, Sam, what
do you have for us?

397
00:31:35,240 --> 00:31:37,241
It'll be here in a minute.

398
00:31:37,308 --> 00:31:39,210
Finding somebody in the copy room at this
hour was a little bit of a challenge.

399
00:31:39,277 --> 00:31:40,962
Okay, let's go right into
the introductions.

400
00:31:41,030 --> 00:31:42,446
This is Sarah Robertson,
who you know.

401
00:31:42,514 --> 00:31:46,000
Chief Risk Management Officer
Ramesh Shah from upstairs.

402
00:31:46,067 --> 00:31:48,719
And David Horn, one of the
firm's in-house counsel.

403
00:31:48,787 --> 00:31:52,222
Nice to meet you all. This is my Head of
Trading, Will Emerson, and this is...

404
00:31:52,290 --> 00:31:55,993
Peter Sullivan and Seth Bregman.
They work in our Risk Department.

405
00:31:56,060 --> 00:31:57,694
Where's Eric Dale?

406
00:31:57,762 --> 00:31:59,764
He was let go today.

407
00:32:01,900 --> 00:32:04,735
Who do you have left
in your Risk Department?

408
00:32:04,803 --> 00:32:08,789
As of today that would be Peter
and our Junior Analyst, Seth.

409
00:32:11,159 --> 00:32:12,460
Really?

410
00:32:13,562 --> 00:32:14,829
Will Emerson?

411
00:32:14,863 --> 00:32:17,649
Yes, please. Just
hand them out.

412
00:32:17,716 --> 00:32:18,750
Thank you.

413
00:32:30,362 --> 00:32:32,530
Apparently, Eric had been
working on this for some time,

414
00:32:32,598 --> 00:32:33,998
but he wasn't
able to finish it.

415
00:32:34,065 --> 00:32:35,766
This morning, as he
left the building,

416
00:32:35,834 --> 00:32:38,536
he handed the program to Peter here
and asked him to take a look at it.

417
00:32:38,604 --> 00:32:42,406
Peter did. He put a few things in
that Eric seemed to be missing,

418
00:32:42,474 --> 00:32:44,642
and this is what came out.

419
00:32:46,378 --> 00:32:47,695
Peter, is this your work?

420
00:32:49,831 --> 00:32:51,732
Mostly Mr. Dale's.

421
00:32:51,800 --> 00:32:53,618
But is this your draft?

422
00:32:53,685 --> 00:32:55,820
Yes.

423
00:32:55,887 --> 00:32:59,673
Again, expanded on the original
work by Mr. Dale. But, yes.

424
00:32:59,741 --> 00:33:01,008
What's your background?

425
00:33:01,076 --> 00:33:02,426
My background?
Your CV?

426
00:33:02,494 --> 00:33:03,761
I've been with the firm
for two and a half years,

427
00:33:03,828 --> 00:33:04,895
working with Eric
that whole time.

428
00:33:04,963 --> 00:33:06,897
But I hold a doctorate
in engineering,

429
00:33:06,965 --> 00:33:09,967
specialty in propulsion, from MIT
with a bachelor's from Penn.

430
00:33:10,035 --> 00:33:12,636
What is a specialty
in propulsion, exactly?

431
00:33:12,704 --> 00:33:15,539
My thesis was a study in the
ways that friction ratios

432
00:33:15,607 --> 00:33:18,476
affect steering outcomes in aeronautical
use under reduced gravity loads.

433
00:33:20,161 --> 00:33:22,446
So, you're
a rocket scientist?

434
00:33:22,514 --> 00:33:24,015
I was. Yeah.

435
00:33:25,083 --> 00:33:26,417
Interesting.

436
00:33:26,485 --> 00:33:28,136
How did you end up here?

437
00:33:28,203 --> 00:33:30,738
It's all just numbers, really.
Just changing what you're adding up.

438
00:33:30,806 --> 00:33:34,525
And to speak freely, the money here
is considerably more attractive.

439
00:33:43,652 --> 00:33:45,052
What time is it?

440
00:33:45,119 --> 00:33:46,587
2:15.

441
00:33:46,654 --> 00:33:50,124
Fuck me. Fuck me.

442
00:33:50,192 --> 00:33:52,659
And I'm guessing by the fact that
you two haven't said anything

443
00:33:52,727 --> 00:33:54,395
that the math checks out.

444
00:33:54,463 --> 00:33:57,765
Look, we'd need some
time to go over this.

445
00:33:57,832 --> 00:34:01,269
But Mr. Sullivan here seems
like he knows what he's doing.

446
00:34:01,336 --> 00:34:03,237
So, it would appear
we have a problem.

447
00:34:03,305 --> 00:34:04,655
Thank you for that.

448
00:34:04,723 --> 00:34:05,990
What time is it?

449
00:34:06,057 --> 00:34:07,841
2:16.
Fuck me.

450
00:34:09,361 --> 00:34:10,627
Fuck me.

451
00:34:18,887 --> 00:34:22,022
Sam, how long under
normal operations

452
00:34:22,107 --> 00:34:24,608
would it take your people
to clear that from our books?

453
00:34:28,096 --> 00:34:29,463
What?

454
00:34:30,198 --> 00:34:32,032
All of it?
Yes.

455
00:34:33,785 --> 00:34:35,119
I don't know. Weeks.

456
00:34:35,187 --> 00:34:37,888
Weeks?
Yeah. Weeks.

457
00:34:37,956 --> 00:34:42,826
But you certainly know that our
business is selling and buying?

458
00:34:42,894 --> 00:34:44,929
It doesn't work for very long
without both components.

459
00:34:44,997 --> 00:34:46,530
We suddenly stop
buying for a day or two,

460
00:34:46,598 --> 00:34:49,734
that's not something you can hide
under the rug. That gets out.

461
00:34:49,801 --> 00:34:54,105
And when it does, this whole thing
comes to an end, and right quick.

462
00:34:55,340 --> 00:34:57,408
I understand.
Do you?

463
00:35:00,545 --> 00:35:01,579
Yes.

464
00:35:03,899 --> 00:35:07,351
How many traders do we have left
between your floor and Peterson's?

465
00:35:07,418 --> 00:35:09,386
I don't know, what...
60.

466
00:35:09,454 --> 00:35:10,938
Jared, as I look
at this more closely,

467
00:35:11,006 --> 00:35:13,374
it is these VAR numbers that
are setting this thing off.

468
00:35:13,442 --> 00:35:14,759
Excuse me.

469
00:35:26,955 --> 00:35:28,789
I warned you
about this last year.

470
00:35:28,857 --> 00:35:30,958
We would not be in this position
if we had done what I...

471
00:35:31,026 --> 00:35:32,994
Please.

472
00:35:33,061 --> 00:35:34,611
As I was saying, and I
speak completely off the record,

473
00:35:34,679 --> 00:35:36,847
it's only a matter of time
before someone else

474
00:35:36,915 --> 00:35:39,750
starts putting these in and they come
up with exactly the same results

475
00:35:39,818 --> 00:35:41,585
and look at exactly what
we're looking at right now,

476
00:35:41,653 --> 00:35:42,653
if they haven't already.

477
00:35:42,721 --> 00:35:44,371
Understood.

478
00:35:44,439 --> 00:35:47,708
And, Sarah, what value would you
allow to be placed on those assets

479
00:35:47,776 --> 00:35:50,144
that might remain on the
books, if they had to?

480
00:35:50,212 --> 00:35:51,746
Why would they still
be on the books?

481
00:35:51,813 --> 00:35:53,597
Because suddenly nobody
wants to fucking buy them.

482
00:35:53,665 --> 00:35:55,132
Fuck you, Sam. Will you give
me a fucking break here?

483
00:35:55,200 --> 00:35:56,750
Excuse me, Jared...

484
00:35:56,818 --> 00:35:58,385
Without an active market,
it would take weeks or months

485
00:35:58,453 --> 00:36:00,537
for me to come up with
an accurate value on them.

486
00:36:00,605 --> 00:36:02,439
You would have to go
block by block.

487
00:36:02,507 --> 00:36:04,558
Look, Jared, it's a very simple
business, right? We talked about this.

488
00:36:04,626 --> 00:36:05,810
Sam.

489
00:36:06,745 --> 00:36:09,046
Will, Peter, and...

490
00:36:09,114 --> 00:36:10,548
What the fuck is his name?
Seth.

491
00:36:10,616 --> 00:36:13,968
Thank you. Seth. Could you
please give us a few moments?

492
00:36:15,938 --> 00:36:17,654
And, Peter?

493
00:36:17,773 --> 00:36:19,306
Has anyone else seen this?

494
00:36:19,374 --> 00:36:21,025
No, no one
aside from us.

495
00:36:21,092 --> 00:36:23,194
And Eric Dale.
Yes.

496
00:36:23,196 --> 00:36:26,963
And can it really be possible that
we don't know where Eric Dale is?

497
00:36:27,031 --> 00:36:29,233
I called his wife, he
hasn't come home yet,

498
00:36:29,301 --> 00:36:31,835
and we turned off
his phone today.

499
00:36:31,903 --> 00:36:33,621
Perfect.

500
00:36:33,688 --> 00:36:35,289
Well, I'd like to
know where he is.

501
00:36:45,733 --> 00:36:48,735
Jesus fucking Christ.
Who is that guy?

502
00:36:48,804 --> 00:36:50,171
Sam's boss.

503
00:36:51,206 --> 00:36:53,474
He looks like he's
15 years old.

504
00:36:53,541 --> 00:36:55,009
He's 40.

505
00:36:55,077 --> 00:36:57,577
Yeah, how does
that happen?

506
00:36:57,645 --> 00:36:59,846
Oh, it happens
all the time.

507
00:37:02,850 --> 00:37:04,385
Except to me.

508
00:37:06,554 --> 00:37:08,522
Kid's a fucking killer.

509
00:37:11,025 --> 00:37:13,694
What are they talking
about in there?

510
00:37:18,116 --> 00:37:19,783
It ain't pretty.

511
00:37:20,952 --> 00:37:22,619
What ain't pretty?

512
00:37:23,922 --> 00:37:26,724
If people stop buying
what we're selling.

513
00:37:30,896 --> 00:37:33,397
Jared.

514
00:37:33,464 --> 00:37:36,383
You cannot be doing what
you're thinking of doing.

515
00:37:36,451 --> 00:37:38,018
Well, I don't see
any other choice.

516
00:37:38,085 --> 00:37:39,553
What does that mean,
we don't have a choice?

517
00:37:39,621 --> 00:37:41,321
Fuck you, you don't
have a choice.

518
00:37:41,389 --> 00:37:44,058
Fuck me? Did you even
look at the numbers, Sam?

519
00:37:44,126 --> 00:37:45,659
Yeah, but what do I know?

520
00:37:45,727 --> 00:37:47,111
Correct me if I'm
wrong, Mr. Shah,

521
00:37:47,178 --> 00:37:49,713
but these numbers,
they don't add up.

522
00:37:49,781 --> 00:37:51,215
One and one no
longer makes two.

523
00:37:51,282 --> 00:37:52,950
Look, if I may, I would like
a little bit more time.

524
00:37:53,018 --> 00:37:54,451
Jared, we can't
tell you yet.

525
00:37:54,519 --> 00:37:56,870
Are you fucking kidding me?
We have talked about this.

526
00:37:56,938 --> 00:37:59,089
We need a little more time
to give you our conclusion.

527
00:37:59,157 --> 00:38:02,259
Okay. We meet again
in 45 minutes.

528
00:38:02,326 --> 00:38:04,978
Sam, do you have the file?
Yeah.

529
00:38:22,047 --> 00:38:24,081
What are you going to do?

530
00:38:26,835 --> 00:38:28,736
Are you gonna call him?

531
00:38:33,508 --> 00:38:35,042
I already have.

532
00:38:46,287 --> 00:38:47,287
Wow.

533
00:38:49,891 --> 00:38:51,091
Jesus.

534
00:38:55,546 --> 00:38:57,348
Wow, that's gorgeous.

535
00:39:06,641 --> 00:39:08,425
It's a long way down.

536
00:39:09,294 --> 00:39:10,661
Yes, it is.

537
00:39:22,373 --> 00:39:24,608
Will, don't do that.
Come on.

538
00:39:27,762 --> 00:39:29,529
You know the feeling
that people experience

539
00:39:29,597 --> 00:39:33,600
when they stand on the edge like
this isn't a fear of falling.

540
00:39:33,668 --> 00:39:36,836
It's the fear that
they might jump.

541
00:39:36,838 --> 00:39:39,907
That's very deep and depressing.
Thank you.

542
00:39:39,974 --> 00:39:42,176
Yeah, well, I'm a little
dark sometimes.

543
00:39:42,243 --> 00:39:44,644
All right. Come down, please, Will.
Please, come on.

544
00:39:44,712 --> 00:39:46,246
Will.

545
00:39:46,314 --> 00:39:48,098
Yeah, fuck it.

546
00:39:48,166 --> 00:39:49,233
Whoo!

547
00:39:50,835 --> 00:39:52,202
Not today!

548
00:39:59,226 --> 00:40:01,812
It looks like they're going to
make us dump this shit.

549
00:40:01,880 --> 00:40:02,963
What?

550
00:40:03,731 --> 00:40:05,198
You watch.

551
00:40:05,266 --> 00:40:06,950
How?

552
00:40:07,018 --> 00:40:08,184
You'll see.

553
00:40:08,252 --> 00:40:09,686
How could they do that?

554
00:40:09,754 --> 00:40:12,823
They can't. It's impossible.
But they'll figure a way.

555
00:40:12,890 --> 00:40:14,541
I've been at this
company for 10 years,

556
00:40:14,609 --> 00:40:18,612
and I've seen things
you wouldn't believe.

557
00:40:18,680 --> 00:40:21,414
When all is said and done,
they do not lose money.

558
00:40:21,483 --> 00:40:24,234
They don't mind if
everybody else does,

559
00:40:24,302 --> 00:40:26,136
but they don't lose.

560
00:40:34,512 --> 00:40:36,847
Will?

561
00:40:36,915 --> 00:40:40,050
Did you really make two and
a half million last year?

562
00:40:40,118 --> 00:40:41,485
Yeah, sure.

563
00:40:44,755 --> 00:40:47,157
How did you
spend it all?

564
00:40:47,225 --> 00:40:48,658
It goes quite quickly.

565
00:40:48,726 --> 00:40:50,560
You know, you learn to spend
what's in your pocket.

566
00:40:50,628 --> 00:40:52,312
Two and a half million
goes quickly?

567
00:40:52,380 --> 00:40:54,314
All right, let's see.

568
00:40:54,382 --> 00:40:56,449
So the taxman takes
half up front,

569
00:40:56,517 --> 00:40:58,718
so you're left with
one and a quarter.

570
00:40:58,786 --> 00:41:01,121
My mortgage takes
another 300 grand.

571
00:41:01,189 --> 00:41:04,524
I send 150 home for my parents,
you know, keep them going.

572
00:41:04,592 --> 00:41:05,792
So what's that?
800.

573
00:41:05,860 --> 00:41:07,394
All right, 800.

574
00:41:08,013 --> 00:41:10,480
Spent 150 on a car.

575
00:41:10,548 --> 00:41:15,686
About 75 on restaurants.
Probably 50 on clothes.

576
00:41:15,754 --> 00:41:18,755
I put 400 away for a rainy day.
That's smart.

577
00:41:18,823 --> 00:41:22,626
Yeah, as it turns out, 'cause it
looks like the storm's coming.

578
00:41:23,161 --> 00:41:24,894
You still got 125.

579
00:41:26,748 --> 00:41:31,385
Yeah, well, I did spend $76,520
on hookers, booze, and dancers.

580
00:41:31,453 --> 00:41:32,653
But mainly hookers.

581
00:41:34,455 --> 00:41:36,489
76,500?

582
00:41:36,557 --> 00:41:38,742
I was a little shocked
initially, but then I realized

583
00:41:38,810 --> 00:41:42,345
that I could claim most of it
back as entertainment. It's true.

584
00:41:47,685 --> 00:41:48,852
Holy shit!
Goddamn!

585
00:41:48,920 --> 00:41:50,687
The cavalry is here!
Come on, we should go.

586
00:41:58,646 --> 00:42:00,280
How old are you?

587
00:42:01,916 --> 00:42:03,584
Forty-three.
Jesus.

588
00:42:09,423 --> 00:42:11,091
This is bizarre.

589
00:42:13,527 --> 00:42:15,629
It's like a dream.

590
00:42:19,601 --> 00:42:23,804
I don't know, seems like we
actually may have just woken up.

591
00:42:26,508 --> 00:42:27,641
Come in.

592
00:42:28,993 --> 00:42:31,194
How do we look?

593
00:42:31,262 --> 00:42:33,947
I should go.
No. You should stay.

594
00:42:34,015 --> 00:42:35,349
So?

595
00:42:35,834 --> 00:42:37,567
It's legit.

596
00:42:37,635 --> 00:42:39,302
The kid killed it.

597
00:42:40,004 --> 00:42:42,272
The formula's worthless.

598
00:42:42,340 --> 00:42:45,175
What does that mean?
It's broken.

599
00:42:45,243 --> 00:42:48,312
There are eight trillion dollars
of paper around the world

600
00:42:48,379 --> 00:42:50,047
relying on that equation.

601
00:42:50,114 --> 00:42:51,315
Well, we were wrong.

602
00:42:51,383 --> 00:42:53,950
No, you mean
you were wrong.

603
00:42:54,018 --> 00:42:56,170
Now, don't get me started.
We discussed this.

604
00:42:56,237 --> 00:42:57,104
I'm heading for
the conference room.

605
00:42:57,171 --> 00:42:58,872
No, I want you
to hear this.

606
00:43:00,675 --> 00:43:02,576
I don't want
to hear this.

607
00:43:02,644 --> 00:43:04,878
How do you think I've stuck
around this place so long?

608
00:43:13,621 --> 00:43:15,121
I called Tuld.

609
00:43:17,692 --> 00:43:19,593
Do we have a contingency
plan here?

610
00:43:19,661 --> 00:43:22,345
A contingency plan?
Yes.

611
00:43:22,413 --> 00:43:25,699
No, we went all
in on this one.

612
00:43:25,767 --> 00:43:29,336
So we've gotten ourselves quite
exposed here, haven't we?

613
00:43:31,389 --> 00:43:33,556
To Tuld or the market?

614
00:43:35,493 --> 00:43:36,794
To both.

615
00:43:59,584 --> 00:44:01,701
He's here?

616
00:44:01,769 --> 00:44:02,619
Mmm-hmm.

617
00:44:31,866 --> 00:44:35,001
Tuld's helicopter just landed.
I know. Come with us.

618
00:44:35,069 --> 00:44:37,237
Where's Sam?
I don't know. You sure you want all of us?

619
00:44:37,305 --> 00:44:38,422
Yes.

620
00:44:44,779 --> 00:44:48,665
One piece of advice for
everyone before we go in there.

621
00:44:48,732 --> 00:44:50,400
This could get a little ugly.

622
00:44:50,468 --> 00:44:52,969
But whatever you do, just tell
the truth. No sugarcoating.

623
00:44:53,037 --> 00:44:54,538
Do not change a word of it.

624
00:44:54,606 --> 00:44:58,325
No one here is smart enough,
including the rocket scientist.

625
00:45:05,232 --> 00:45:07,467
Mr. Cohen.
Morning.

626
00:45:09,253 --> 00:45:10,887
This way, please.

627
00:45:15,777 --> 00:45:18,077
He's already in there
waiting for you.

628
00:45:18,145 --> 00:45:19,646
Excellent.

629
00:45:42,970 --> 00:45:44,337
John.

630
00:45:45,739 --> 00:45:47,207
Please, sit down.

631
00:45:49,977 --> 00:45:51,845
Welcome, everyone.

632
00:45:51,913 --> 00:45:54,565
I must apologize for dragging you
all here at such an uncommon hour.

633
00:45:54,632 --> 00:45:58,869
But from what I've been told, this
matter needs to be dealt with urgently.

634
00:45:58,936 --> 00:46:02,022
So urgently, in fact, it probably
should have been addressed weeks ago.

635
00:46:02,090 --> 00:46:04,358
But that is spilt milk
under the bridge.

636
00:46:04,425 --> 00:46:09,463
So, why doesn't somebody tell me
what they think is going on here?

637
00:46:09,531 --> 00:46:12,282
Mr. Tuld, as
I mentioned earlier,

638
00:46:12,350 --> 00:46:15,169
if you compare the figure
at the top of page 13...

639
00:46:15,236 --> 00:46:18,771
Jared, it's a little early for all that.
Just speak to me in plain English.

640
00:46:20,057 --> 00:46:21,457
Okay.

641
00:46:21,525 --> 00:46:23,309
In fact, I'd like to speak to
the guy who put this together.

642
00:46:23,377 --> 00:46:26,013
Mr. Sullivan, is it?
Does he speak English?

643
00:46:26,015 --> 00:46:27,163
Sir?

644
00:46:27,231 --> 00:46:29,016
I'd like to speak
with the analyst

645
00:46:29,083 --> 00:46:30,450
who seems to have
stumbled across this mess.

646
00:46:30,518 --> 00:46:33,687
Certainly. That would be
Peter Sullivan. Right here.

647
00:46:33,755 --> 00:46:36,089
Oh, Mr. Sullivan, you're here.
Good morning.

648
00:46:36,157 --> 00:46:38,842
Maybe you could tell me what
you think is going on here.

649
00:46:38,910 --> 00:46:42,929
And please, speak as you
might to a young child

650
00:46:42,996 --> 00:46:45,465
or a golden retriever.

651
00:46:45,533 --> 00:46:49,269
It wasn't brains that got me here.
I can assure you of that.

652
00:46:51,004 --> 00:46:52,004
Well, um...

653
00:46:53,441 --> 00:46:56,576
Sir, as you may
or may not know, I work

654
00:46:56,644 --> 00:47:00,213
here for Mr. Rogers as an
associate in the Risk Assessment

655
00:47:00,281 --> 00:47:02,148
and Management Office at MBS.

656
00:47:02,216 --> 00:47:05,935
Please. Just relax. Stand up.
Tell us in a clear voice.

657
00:47:06,003 --> 00:47:08,555
What is the nature
of the problem?

658
00:47:10,524 --> 00:47:11,624
Okay.

659
00:47:13,394 --> 00:47:16,763
As you probably know,
over the last 36 to 40 months

660
00:47:16,848 --> 00:47:20,050
the firm has begun packaging

661
00:47:20,117 --> 00:47:25,254
new MBS products that combine
several different tranches

662
00:47:25,322 --> 00:47:29,459
of rating classifications
in one tradable security.

663
00:47:29,527 --> 00:47:31,628
This has been
enormously profitable,

664
00:47:31,696 --> 00:47:33,963
as I imagine you noticed.

665
00:47:34,031 --> 00:47:35,365
I have.

666
00:47:35,433 --> 00:47:37,668
The firm is currently doing
a considerable amount

667
00:47:37,735 --> 00:47:39,269
of this business every day.

668
00:47:39,336 --> 00:47:42,739
Now, the problem, which is, I
guess, why we are here tonight,

669
00:47:42,807 --> 00:47:46,426
is that is takes us,
the firm, about a month

670
00:47:46,494 --> 00:47:50,713
to layer these products correctly,
thereby posing a challenge

671
00:47:50,781 --> 00:47:53,349
from a Risk Management
standpoint.

672
00:47:53,417 --> 00:47:55,636
And, Mr. Sullivan,
that challenge is?

673
00:47:55,638 --> 00:47:59,923
We have to hold these assets on our books
longer than we might ideally like to.

674
00:47:59,925 --> 00:48:01,808
Yes.

675
00:48:01,875 --> 00:48:04,110
But the key factor here is these
are essentially just mortgages.

676
00:48:04,178 --> 00:48:07,864
So that has allowed us to push
the leverage considerably beyond

677
00:48:07,932 --> 00:48:11,735
what you might be willing or allowed
to do in any other circumstance,

678
00:48:11,803 --> 00:48:15,638
thereby pushing the risk profile
without raising any red flags.

679
00:48:17,375 --> 00:48:19,175
Now... Thank you,
Mr. Sullivan. Sit down.

680
00:48:19,243 --> 00:48:21,662
What I'm guessing your
report here says,

681
00:48:21,729 --> 00:48:24,164
and give me some rope here.

682
00:48:24,231 --> 00:48:28,268
What I'm guessing it says is that
considering the, shall we say,

683
00:48:28,336 --> 00:48:31,505
bumpy road we've been on
the last week or so,

684
00:48:31,572 --> 00:48:36,443
that the figures your brilliant co-workers
up the line ahead of you have come

685
00:48:36,511 --> 00:48:38,795
up with don't make
much sense anymore

686
00:48:38,863 --> 00:48:41,364
considering what's
taking place today.

687
00:48:41,432 --> 00:48:43,132
Actually, not what's
taking place today,

688
00:48:43,200 --> 00:48:46,036
but what's already taken place
over the last two weeks.

689
00:48:46,103 --> 00:48:49,505
So, you're saying
this has already happened?

690
00:48:49,574 --> 00:48:50,941
Sort of.

691
00:48:52,426 --> 00:48:54,794
Sort of.

692
00:48:54,862 --> 00:49:00,650
And, Mr. Sullivan, what does your model
say that, that means for us here.

693
00:49:00,718 --> 00:49:03,453
Well, that's where it
becomes a projection.

694
00:49:03,520 --> 00:49:04,788
But...

695
00:49:07,157 --> 00:49:10,159
You're speaking with
me, Mr. Sullivan.

696
00:49:10,227 --> 00:49:12,261
Well, sir,

697
00:49:12,329 --> 00:49:16,149
if those assets
decrease by just 25%

698
00:49:16,217 --> 00:49:18,718
and remain on our books,

699
00:49:18,785 --> 00:49:23,023
that loss would be greater than
the current market capitalization

700
00:49:23,090 --> 00:49:24,991
of this entire company.

701
00:49:28,495 --> 00:49:31,597
So, what you're telling me

702
00:49:33,033 --> 00:49:36,252
is that the music
is about to stop

703
00:49:37,554 --> 00:49:40,724
and we're going to be left
holding the biggest bag

704
00:49:40,791 --> 00:49:42,325
of odorous excrement

705
00:49:42,392 --> 00:49:45,178
ever assembled
in the history of

706
00:49:47,131 --> 00:49:48,431
capitalism.

707
00:49:52,503 --> 00:49:57,207
Sir, I'm not sure that I would put it
that way. But let me clarify.

708
00:49:57,275 --> 00:49:59,442
Using your analogy,

709
00:49:59,510 --> 00:50:02,612
what this model shows

710
00:50:02,680 --> 00:50:05,248
is the music, so to
speak, just slowing.

711
00:50:06,651 --> 00:50:08,952
If the music were to
stop, as you put it,

712
00:50:09,020 --> 00:50:12,321
then this model wouldn't be
even close to that scenario.

713
00:50:12,389 --> 00:50:15,091
It would be
considerably worse.

714
00:50:19,129 --> 00:50:22,832
Let me tell you something,
Mr. Sullivan.

715
00:50:22,900 --> 00:50:27,504
Do you care to know why I'm
in this chair with you all?

716
00:50:27,572 --> 00:50:29,972
I mean, why I earn
the big bucks?

717
00:50:31,275 --> 00:50:32,475
Yes.

718
00:50:32,543 --> 00:50:36,145
I'm here for one reason
and one reason alone.

719
00:50:36,213 --> 00:50:42,302
I'm here to guess what the music might
do a week, a month, a year from now.

720
00:50:43,637 --> 00:50:44,971
That's it.

721
00:50:45,840 --> 00:50:47,207
Nothing more.

722
00:50:49,409 --> 00:50:52,295
And standing here tonight,

723
00:50:52,363 --> 00:50:57,967
I'm afraid that
I don't hear a thing.

724
00:51:00,671 --> 00:51:01,904
Just

725
00:51:04,341 --> 00:51:05,908
silence.

726
00:51:21,659 --> 00:51:25,845
So, now that we know the music has
stopped, what can we do about it?

727
00:51:26,647 --> 00:51:30,232
Mr. Cohen? Ms. Robertson?

728
00:51:30,300 --> 00:51:34,403
I'm afraid I think this is where
you're supposed to step back in.

729
00:51:34,489 --> 00:51:37,957
Lord knows we've relied enough
on Mr. Sullivan tonight.

730
00:51:39,660 --> 00:51:41,928
What do you have for us?

731
00:51:49,654 --> 00:51:54,657
What have I told you since the first
day you stepped into my office?

732
00:51:54,725 --> 00:51:57,660
There are three ways to make
a living in this business,

733
00:51:57,728 --> 00:52:01,097
be first, be smarter,
or cheat.

734
00:52:02,032 --> 00:52:04,234
Now, I don't cheat.

735
00:52:04,301 --> 00:52:09,272
And although I like to think we have some
pretty smart people in this building,

736
00:52:09,339 --> 00:52:12,875
it sure is a hell of a lot
easier to just be first.

737
00:52:13,677 --> 00:52:15,612
Sell it all. Today.

738
00:52:18,249 --> 00:52:20,800
Is that even possible, Sam?

739
00:52:20,868 --> 00:52:22,769
Yes, but at what cost?

740
00:52:24,571 --> 00:52:26,206
I'll have to pay.

741
00:52:27,942 --> 00:52:29,409
Really?

742
00:52:29,476 --> 00:52:30,977
I think so.

743
00:52:32,062 --> 00:52:34,697
Where is this going
to come back to us?

744
00:52:35,283 --> 00:52:37,133
Everywhere.

745
00:52:37,201 --> 00:52:41,771
Sam, I don't think you to understand
what your boy here has just said.

746
00:52:45,543 --> 00:52:47,176
If I made you,

747
00:52:47,978 --> 00:52:49,846
how would you do this?

748
00:52:55,552 --> 00:52:58,755
You call the traders in for their normal
6:30 meeting and you be honest with them.

749
00:52:58,822 --> 00:53:01,574
Because they're going to know
it's the end either way.

750
00:53:01,642 --> 00:53:04,744
You're going to have to throw them
a bone, and a pretty big one.

751
00:53:04,746 --> 00:53:07,063
And then you've got to come
out of the gates storming.

752
00:53:07,131 --> 00:53:09,399
No swaps. No nothing.

753
00:53:09,466 --> 00:53:11,768
40% done by 10:15. By 11:00,

754
00:53:11,836 --> 00:53:13,302
all your trades
have to be gone

755
00:53:13,370 --> 00:53:16,722
because by lunchtime,
word's going to be out.

756
00:53:16,791 --> 00:53:20,860
And by 2:00 you're going to be selling at
65 cents on the dollar, if you're lucky.

757
00:53:20,928 --> 00:53:24,097
And then the feds are going to be in here,
up your ass, trying to slow you down.

758
00:53:24,099 --> 00:53:25,181
Ramesh?

759
00:53:25,249 --> 00:53:27,817
They can slow you down.
They can't stop you.

760
00:53:27,885 --> 00:53:29,152
It's yours to sell.

761
00:53:29,353 --> 00:53:32,288
But, John, even if

762
00:53:32,356 --> 00:53:35,792
we manage to pull that off,
and that's saying something,

763
00:53:37,211 --> 00:53:40,680
the real question is,
who are we selling this to?

764
00:53:40,731 --> 00:53:43,332
Same people we've been selling
it to the last two years,

765
00:53:43,400 --> 00:53:45,034
and whoever else will buy it.

766
00:53:45,119 --> 00:53:48,788
But, John, if you do this,

767
00:53:48,856 --> 00:53:52,025
you will kill the market
for years. It's over.

768
00:53:53,961 --> 00:53:57,364
And you're selling something
that you know has no value.

769
00:53:57,415 --> 00:54:01,868
We are selling to willing buyers
of the current fair market price.

770
00:54:02,602 --> 00:54:06,205
So that we may survive.

771
00:54:06,207 --> 00:54:09,926
You will never sell anything to
any of those people ever again.

772
00:54:09,993 --> 00:54:11,294
I understand.

773
00:54:11,362 --> 00:54:13,196
Do you?
Do you?

774
00:54:14,481 --> 00:54:16,149
This is it!

775
00:54:16,217 --> 00:54:18,384
I'm telling you.
This is it.

776
00:54:29,780 --> 00:54:31,714
Now, it's 4:00.

777
00:54:31,782 --> 00:54:34,850
Jared, you've got till 5:00 to break
this down and draw me up a plan.

778
00:54:34,919 --> 00:54:39,289
Is there anybody else who knows what's
in here at the moment, block by block?

779
00:54:39,974 --> 00:54:41,841
Eric Dale.

780
00:54:41,909 --> 00:54:43,343
And where is he?

781
00:54:43,411 --> 00:54:46,496
As of today, he's no
longer with the firm.

782
00:54:46,563 --> 00:54:49,048
We have been trying
to locate him.

783
00:54:52,953 --> 00:54:54,020
Carmelo.
Yes.

784
00:54:54,088 --> 00:54:56,589
Get me Eric Dale here by 6:30.

785
00:54:56,641 --> 00:54:58,141
It's done.

786
00:54:58,208 --> 00:55:00,276
We meet back here in an hour.

787
00:55:02,647 --> 00:55:04,413
Sam, let's talk.

788
00:55:17,628 --> 00:55:19,695
This is a hell
of a town.

789
00:55:21,532 --> 00:55:24,534
I've always loved this place,
since the day I arrived.

790
00:55:24,602 --> 00:55:26,135
Everything about it.

791
00:55:34,962 --> 00:55:37,864
Sam, are you going
to go with me on this?

792
00:55:39,617 --> 00:55:41,351
I don't know, John.

793
00:55:43,154 --> 00:55:45,021
This one is very ugly.

794
00:55:46,690 --> 00:55:49,492
You and I,
we're salesmen.

795
00:55:49,560 --> 00:55:52,162
We sell. That's what we do.
It's not complicated.

796
00:55:52,229 --> 00:55:54,280
Exactly.

797
00:55:54,347 --> 00:55:56,950
And you know damn well you
don't sell anything to anybody

798
00:55:57,017 --> 00:55:58,952
unless you think they're
gonna come back for more.

799
00:55:59,019 --> 00:56:02,739
That's the lesson we learned.
And tomorrow, we're done.

800
00:56:02,807 --> 00:56:04,173
But this is it, Sam.

801
00:56:04,241 --> 00:56:06,442
You keep saying that.
What's that supposed to mean?

802
00:56:06,510 --> 00:56:08,911
This is the big one.

803
00:56:08,979 --> 00:56:11,781
Most of us aren't going to
make it out of this one.

804
00:56:11,848 --> 00:56:13,849
Us?
The Street.

805
00:56:14,818 --> 00:56:16,936
What are you talking about?

806
00:56:17,004 --> 00:56:19,405
This isn't the last situation I'm
gonna have to deal with this week.

807
00:56:19,472 --> 00:56:21,173
This is just the start.

808
00:56:21,241 --> 00:56:23,309
It's the start 'cause
you're starting it.

809
00:56:23,376 --> 00:56:27,130
Maybe. But I don't believe that.
Not this time.

810
00:56:27,197 --> 00:56:29,399
The numbers, they just
don't add up anymore.

811
00:56:29,466 --> 00:56:33,035
I agree with you there.
I've been saying that for years.

812
00:56:33,103 --> 00:56:37,407
If this kid out there can
come up with this, then...

813
00:56:37,474 --> 00:56:40,210
Look, I just don't think I can
walk in there knowing what I know

814
00:56:40,277 --> 00:56:42,895
and put the hammer
down on these guys.

815
00:56:42,963 --> 00:56:45,614
When did you start
getting so soft, Sam?

816
00:56:45,682 --> 00:56:48,418
Fuck you, soft.
You're panicking.

817
00:56:51,288 --> 00:56:55,691
If you're the first out of the
door, that's not called panicking.

818
00:57:01,599 --> 00:57:05,434
You're obviously operating with
more information than I have.

819
00:57:07,270 --> 00:57:10,439
But I think this will
destroy this firm.

820
00:57:10,507 --> 00:57:12,075
No one will ever
trust you again.

821
00:57:12,142 --> 00:57:14,944
You're knowingly putting people
out of business, full stop.

822
00:57:17,614 --> 00:57:20,082
You let me deal
with that, Sam.

823
00:57:35,049 --> 00:57:36,081
How'd it go?

824
00:57:37,133 --> 00:57:40,035
This is a fucking shit show.

825
00:57:40,103 --> 00:57:42,638
They're gonna go with it?
Probably.

826
00:57:43,507 --> 00:57:44,707
Jesus.

827
00:57:46,443 --> 00:57:48,344
Remember this day, boys.

828
00:57:50,514 --> 00:57:52,214
Remember this day.

829
00:58:07,831 --> 00:58:10,032
So, what's the
strategy here?

830
00:58:10,100 --> 00:58:11,367
That's where I'm
headed right now.

831
00:58:11,435 --> 00:58:13,269
Downstairs to work
on it with my guys.

832
00:58:13,337 --> 00:58:15,838
No, no. You and
I with John.

833
00:58:21,612 --> 00:58:26,015
I'm not sure that we need one, Sarah.
That's not the way I do things.

834
00:58:26,082 --> 00:58:27,316
Please.

835
00:58:29,486 --> 00:58:32,388
Listen, he knows where
we've stood on this

836
00:58:32,456 --> 00:58:34,490
all along.

837
00:58:34,558 --> 00:58:37,026
That's exactly
my point.

838
00:58:37,093 --> 00:58:41,230
And knowing what was
discussed by both you and I,

839
00:58:41,298 --> 00:58:44,367
I don't see how this could
provide you with anything

840
00:58:44,434 --> 00:58:47,170
other than a false
sense of comfort.

841
00:58:47,237 --> 00:58:50,506
I'm not looking for a sense
of comfort here, Sarah.

842
00:58:51,608 --> 00:58:54,243
I don't think there's
one to be found.

843
00:59:04,737 --> 00:59:06,806
So, again, what's
the strategy here?

844
00:59:09,292 --> 00:59:11,761
I'm just not sure there's
much more to do on this.

845
00:59:12,829 --> 00:59:14,963
It's very simple.

846
00:59:15,031 --> 00:59:17,900
Don't even think about
fucking me on this.

847
00:59:18,968 --> 00:59:21,103
'Cause if we're
going down,

848
00:59:22,206 --> 00:59:24,607
then you damn well
know it'll be together.

849
00:59:26,026 --> 00:59:27,893
No.

850
00:59:27,961 --> 00:59:29,862
I'm not sure that
I do know that.

851
00:59:51,968 --> 00:59:53,236
Hey.

852
00:59:53,736 --> 00:59:55,288
Oh, I'm sorry.

853
01:00:08,902 --> 01:00:11,737
What do you guys think
Tuld made last year?

854
01:00:13,840 --> 01:00:15,508
Would you shut
the fuck up?

855
01:00:15,576 --> 01:00:17,293
86 million.

856
01:00:18,295 --> 01:00:21,163
In bonuses and salary.

857
01:00:21,231 --> 01:00:23,132
Really?
Sure, it's public record.

858
01:00:23,199 --> 01:00:25,501
That is a lot
of fucking money.

859
01:00:26,703 --> 01:00:28,437
He was worth a billion.

860
01:00:28,505 --> 01:00:29,638
Was?

861
01:00:30,757 --> 01:00:32,125
Till today.

862
01:00:32,959 --> 01:00:34,260
Really?

863
01:00:35,862 --> 01:00:37,230
You'll see.

864
01:00:40,200 --> 01:00:43,035
I'm going to get some coffee.
You guys want anything else?

865
01:00:43,103 --> 01:00:45,905
I'm all right.
I could use some real air.

866
01:00:45,973 --> 01:00:47,990
Probably a good idea.
Is it all right, Will?

867
01:00:48,058 --> 01:00:49,925
Is what all right?
If I get out of here for a minute?

868
01:00:49,993 --> 01:00:51,760
Of course, it's not a prison.

869
01:00:51,828 --> 01:00:54,263
You want me to hold your hand?

870
01:00:58,702 --> 01:01:01,370
Why did they put
all this fruit on it?

871
01:01:10,747 --> 01:01:12,782
Hello, Will Emerson.

872
01:01:12,849 --> 01:01:14,016
Hello.

873
01:01:17,621 --> 01:01:18,854
Right.

874
01:01:20,190 --> 01:01:22,575
No, thank you.
I understand.

875
01:01:25,245 --> 01:01:27,095
No, we'll be discreet.

876
01:01:28,632 --> 01:01:30,566
Thank you.

877
01:01:30,634 --> 01:01:32,835
What?
Eric's wife.

878
01:01:32,902 --> 01:01:35,037
He's alive, he's home, he
doesn't want to speak to us,

879
01:01:35,104 --> 01:01:36,572
and he doesn't know
that she rang me.

880
01:01:36,640 --> 01:01:38,590
Where's he live?
Heights.

881
01:01:38,759 --> 01:01:40,910
Shall I call Tuld's guy?
No.

882
01:01:40,912 --> 01:01:43,245
It's Eric. The last thing we need
is those guys going over there.

883
01:01:43,313 --> 01:01:44,747
No, you two go get him
and try to bring him here.

884
01:01:44,815 --> 01:01:47,333
But you got to be back by 6:00 a.m.
All right.

885
01:01:50,537 --> 01:01:52,104
I hate Brooklyn.

886
01:01:57,260 --> 01:01:58,460
May I come in?

887
01:01:58,462 --> 01:02:00,980
Of course.
Please, sit down.

888
01:02:06,453 --> 01:02:07,653
So...

889
01:02:11,658 --> 01:02:13,859
We're going to
do this thing.

890
01:02:16,997 --> 01:02:18,163
Okay.

891
01:02:19,549 --> 01:02:21,450
It's going to be tight.

892
01:02:23,236 --> 01:02:25,037
Is Sam on board?

893
01:02:25,104 --> 01:02:26,438
Not yet.

894
01:02:30,243 --> 01:02:32,111
Sarah,

895
01:02:32,179 --> 01:02:36,415
I need a head to feed to the traders
on the floor and the board.

896
01:02:40,938 --> 01:02:42,905
Is it me or Cohen?

897
01:02:42,973 --> 01:02:44,306
It's you.

898
01:02:53,984 --> 01:02:57,887
Of course, you're well aware
that I filtered several warnings

899
01:02:57,955 --> 01:03:00,957
to you and Cohen
about this a year ago.

900
01:03:01,074 --> 01:03:05,511
I really don't think that's the best
path for you to take at this point.

901
01:03:09,550 --> 01:03:12,451
You're going to be
well taken care of here.

902
01:03:15,188 --> 01:03:16,989
Obviously, it is

903
01:03:18,025 --> 01:03:19,158
quite complicated.

904
01:03:19,225 --> 01:03:21,410
John, I was told under
no uncertain terms...

905
01:03:21,412 --> 01:03:23,696
It was always
a very gray area.

906
01:03:23,763 --> 01:03:28,601
Actually, it was made very clear
at the time by you, me, and Cohen.

907
01:03:30,537 --> 01:03:34,173
I'd really appreciate it if
you didn't fight me on this.

908
01:03:46,302 --> 01:03:48,938
We all fucked this
one up pretty good.

909
01:03:49,773 --> 01:03:50,940
Yes.

910
01:03:53,326 --> 01:03:55,361
We need you to stay here
until this is finished

911
01:03:55,429 --> 01:03:57,696
and the market's closed.

912
01:03:57,764 --> 01:03:59,231
I understand.

913
01:04:01,518 --> 01:04:05,087
They'll go over the numbers
with you downstairs.

914
01:04:05,155 --> 01:04:06,489
Good luck.

915
01:04:24,140 --> 01:04:26,141
Oh, fuck.
Jared's coming.

916
01:04:27,410 --> 01:04:29,512
What's the boy
wonder want?

917
01:04:35,451 --> 01:04:37,853
You got a minute?
Just off to pick up Eric.

918
01:04:37,921 --> 01:04:39,688
Yeah. I know. It will
only take a second.

919
01:04:39,756 --> 01:04:41,289
All right,
what is it?

920
01:04:41,357 --> 01:04:43,792
Tuld and I have
concerns that Sam

921
01:04:43,860 --> 01:04:47,195
may not be willing to step up
and do the right thing here.

922
01:04:47,281 --> 01:04:48,681
This has never
been a problem.

923
01:04:48,749 --> 01:04:50,048
No, it hasn't.

924
01:04:50,116 --> 01:04:53,302
But sometimes, in acute
situations such as this,

925
01:04:53,370 --> 01:04:58,774
often what is right can take
on multiple interpretations.

926
01:05:02,746 --> 01:05:04,296
Sam will step up.

927
01:05:04,364 --> 01:05:07,099
Oh, I know he will.
But if he doesn't...

928
01:05:08,651 --> 01:05:11,970
But if he doesn't, we need
to know that you will.

929
01:05:14,006 --> 01:05:15,341
Thank you.

930
01:05:15,408 --> 01:05:17,459
You need to know
that I will what?

931
01:05:17,527 --> 01:05:20,896
That you'll
step up.

932
01:05:20,964 --> 01:05:23,833
I have no doubt that Sam will
make the right decision.

933
01:05:23,900 --> 01:05:25,567
But just to
make it clear,

934
01:05:25,635 --> 01:05:28,570
he and I have always had the same
interpretation of what's right,

935
01:05:30,457 --> 01:05:32,958
no matter how acute
the situation.

936
01:08:19,141 --> 01:08:20,776
Jesus, that's a nice place.

937
01:08:20,843 --> 01:08:23,144
Yeah, it is.
He just bought it.

938
01:08:24,747 --> 01:08:27,600
I hope it was with cash.

939
01:08:27,667 --> 01:08:30,469
Fuck me, you're a heartless
little shit sometimes.

940
01:08:32,121 --> 01:08:33,622
And it wasn't.

941
01:08:35,708 --> 01:08:37,876
Don't touch any
of the buttons.

942
01:08:44,283 --> 01:08:46,552
What are you doing here?
Hey.

943
01:08:53,393 --> 01:08:56,562
So, Peter finished the model
you were working on.

944
01:08:57,197 --> 01:08:58,763
Really?

945
01:08:58,831 --> 01:09:00,766
It caused a shit storm.

946
01:09:00,834 --> 01:09:02,300
I bet it did.

947
01:09:03,402 --> 01:09:04,620
You think he's right?

948
01:09:05,488 --> 01:09:07,155
I know he's right.

949
01:09:09,425 --> 01:09:10,493
Fuck.

950
01:09:12,545 --> 01:09:13,879
All right.

951
01:09:19,035 --> 01:09:21,370
So Jared Cohen called
an emergency meeting

952
01:09:21,438 --> 01:09:23,422
with the senior
partners last night.

953
01:09:23,489 --> 01:09:25,741
And based on your findings,

954
01:09:25,809 --> 01:09:29,011
they've decided to liquidate
our entire position.

955
01:09:29,613 --> 01:09:30,813
Today.

956
01:09:33,132 --> 01:09:35,166
I'm very sorry
about that.

957
01:09:41,641 --> 01:09:44,943
They're worried about you being out here
and they want me to bring you back.

958
01:09:45,511 --> 01:09:47,212
Please.

959
01:09:47,280 --> 01:09:49,013
I'm just saying.

960
01:09:49,081 --> 01:09:50,782
Fuck them. Fuck them.
Eric...

961
01:09:50,784 --> 01:09:53,385
Don't be rash.
Forget it. I signed my paper. I'm out.

962
01:09:53,453 --> 01:09:55,955
They'll pay you.
They got nothing on me.

963
01:09:56,022 --> 01:09:57,122
They'll pay you.

964
01:09:57,991 --> 01:10:00,225
I've been paid
enough already.

965
01:10:04,297 --> 01:10:05,430
Fuck.

966
01:10:08,735 --> 01:10:11,169
Do you know I built
a bridge once?

967
01:10:11,972 --> 01:10:13,672
Sorry?
A bridge.

968
01:10:14,908 --> 01:10:16,624
No, I didn't know that.

969
01:10:16,693 --> 01:10:18,927
I was an engineer
by trade.

970
01:10:21,130 --> 01:10:25,200
It went from Dilles Bottom, Ohio,
to Moundsville, West Virginia.

971
01:10:25,267 --> 01:10:28,003
It spanned 912 feet
above the Ohio River.

972
01:10:28,071 --> 01:10:31,372
12,100 people
use this thing a day.

973
01:10:31,440 --> 01:10:34,793
And it cut out 35 miles
of extra driving each way

974
01:10:34,861 --> 01:10:37,362
between Wheeling
and New Martinsville.

975
01:10:37,430 --> 01:10:42,367
That's a combined 847,000
miles of driving a day.

976
01:10:43,870 --> 01:10:47,672
Or 25,410,000
miles a month.

977
01:10:49,309 --> 01:10:56,698
And 304,920,000
miles a year saved.

978
01:10:56,766 --> 01:11:00,902
Now, I completed that project in 1986.
That's 22 years ago.

979
01:11:02,004 --> 01:11:04,172
So over the life
of that one bridge,

980
01:11:04,240 --> 01:11:10,345
that's 6,708,240,000
miles

981
01:11:10,412 --> 01:11:13,231
that haven't had
to be driven at...

982
01:11:13,299 --> 01:11:15,701
What? Let's say
50 miles an hour.

983
01:11:15,768 --> 01:11:17,869
So that's what?

984
01:11:17,937 --> 01:11:21,640
That's 134,164,800
hours.

985
01:11:21,708 --> 01:11:25,877
Or 559,020 days.

986
01:11:25,945 --> 01:11:28,112
So that one little bridge
has saved the people

987
01:11:28,180 --> 01:11:29,481
of those two
communities a combined

988
01:11:29,549 --> 01:11:33,017
1,531 years
of their lives

989
01:11:34,053 --> 01:11:36,321
not wasted in
a fucking car.

990
01:11:40,193 --> 01:11:43,428
1,531 years.

991
01:11:44,030 --> 01:11:45,197
Jesus.

992
01:11:56,693 --> 01:11:59,394
I guess you better
get back over there.

993
01:12:03,399 --> 01:12:04,533
Yeah.

994
01:12:08,571 --> 01:12:10,238
Thanks for coming by.

995
01:12:10,306 --> 01:12:11,874
You're welcome.

996
01:12:16,078 --> 01:12:17,546
Who the fuck is this?

997
01:12:17,614 --> 01:12:20,115
I would imagine
it's the firm's people.

998
01:12:20,150 --> 01:12:21,766
What?

999
01:12:21,834 --> 01:12:24,203
They don't want
any loose ends.

1000
01:12:25,738 --> 01:12:28,489
They fired me.
Fuck them. Fuck them.

1001
01:12:28,557 --> 01:12:31,926
I totally agree. Fuck them.
So come back, take the money,

1002
01:12:31,994 --> 01:12:33,662
you'll be home by 5:00.

1003
01:12:33,729 --> 01:12:35,397
Otherwise, they're going to
fight you on everything.

1004
01:12:35,465 --> 01:12:38,784
They're going to fight you on your
package, your options, everything.

1005
01:12:39,452 --> 01:12:40,719
Be smart.

1006
01:12:47,093 --> 01:12:50,162
Well, you're a better
man than me.

1007
01:12:50,230 --> 01:12:52,898
That's always been true.
Yes, it has.

1008
01:12:58,387 --> 01:12:59,938
House looks good.

1009
01:13:01,624 --> 01:13:02,824
Thanks.

1010
01:13:04,326 --> 01:13:06,495
Hey, Eric.

1011
01:13:06,563 --> 01:13:10,933
Don't beat yourself up too much
about this stuff, all right?

1012
01:13:11,000 --> 01:13:14,235
Some people like driving
the long way home.

1013
01:13:14,303 --> 01:13:16,355
Who the fuck knows, right?

1014
01:13:46,936 --> 01:13:48,603
Ah.

1015
01:13:48,670 --> 01:13:50,105
There he is.

1016
01:13:51,674 --> 01:13:52,574
John.

1017
01:13:54,210 --> 01:13:56,511
How's it looking?

1018
01:13:56,579 --> 01:13:59,680
Cohen's doing a nice
job. It could work.

1019
01:13:59,748 --> 01:14:01,533
What does that mean?

1020
01:14:02,936 --> 01:14:04,736
It means,

1021
01:14:04,804 --> 01:14:07,572
as you very well know,

1022
01:14:07,640 --> 01:14:10,876
that you're a very important
piece of this puzzle.

1023
01:14:42,942 --> 01:14:45,109
That's very generous.

1024
01:14:45,177 --> 01:14:46,678
It's not a gift.

1025
01:14:46,746 --> 01:14:49,480
I need to know you're
with me on this.

1026
01:14:52,785 --> 01:14:54,386
I'm with the firm, John.

1027
01:14:57,207 --> 01:14:59,574
I won't get what I need
from your boys on the floor

1028
01:14:59,642 --> 01:15:00,843
unless they believe you.

1029
01:15:03,079 --> 01:15:05,814
Unless they believe
in you completely.

1030
01:15:10,103 --> 01:15:12,004
Are you in on this?

1031
01:15:13,572 --> 01:15:15,473
I've told you
my reservations.

1032
01:15:15,541 --> 01:15:17,659
You can't have
reservations.

1033
01:15:18,778 --> 01:15:20,745
And I need
to know now.

1034
01:15:23,049 --> 01:15:26,885
Well, John, I am completely with
the firm, as I always have been.

1035
01:15:26,953 --> 01:15:28,269
Excuse me.

1036
01:15:56,666 --> 01:15:58,833
All right, Will,
am I getting fired?

1037
01:15:59,668 --> 01:16:01,153
I don't know.

1038
01:16:04,490 --> 01:16:05,490
Yeah.

1039
01:16:06,775 --> 01:16:08,693
Almost definitely. Yes.

1040
01:16:11,414 --> 01:16:12,898
Are you?
No.

1041
01:16:15,534 --> 01:16:17,002
Seth, it's nothing you did.

1042
01:16:17,070 --> 01:16:19,404
You're just in the wrong
firm at the wrong time.

1043
01:16:19,406 --> 01:16:22,290
Young guys are always
the first to get culled.

1044
01:16:22,358 --> 01:16:24,609
Listen, nothing I'm gonna say is
going to make you feel any better.

1045
01:16:24,677 --> 01:16:28,413
It's just going to suck for a
while, and then you'll be fine.

1046
01:16:32,685 --> 01:16:34,152
You all right?

1047
01:16:35,905 --> 01:16:38,056
Yeah. I'm fine.

1048
01:16:38,123 --> 01:16:41,760
For what it's worth, I'm sorry
this is happening to you.

1049
01:16:43,329 --> 01:16:45,664
Don't be. You didn't
do it to me.

1050
01:16:45,731 --> 01:16:49,083
Still, at least you're going to have
some nice cash to walk away with.

1051
01:16:49,168 --> 01:16:50,702
I guess.

1052
01:16:50,770 --> 01:16:52,454
Shit, this is really going
to affect people.

1053
01:16:52,522 --> 01:16:54,022
Yeah, it's going to
affect people like me.

1054
01:16:54,090 --> 01:16:56,942
No. No. Real people.

1055
01:16:57,627 --> 01:16:59,294
Jesus, Seth.

1056
01:16:59,362 --> 01:17:01,145
Listen, if you really want
to do this with your life,

1057
01:17:01,213 --> 01:17:03,732
you have to believe you're
necessary. And you are.

1058
01:17:03,799 --> 01:17:05,600
People want to live
like this, in their cars

1059
01:17:05,667 --> 01:17:08,286
and the big fucking houses
they can't even pay for,

1060
01:17:08,354 --> 01:17:10,038
then you're necessary.

1061
01:17:10,105 --> 01:17:12,373
The only reason that they all get
to continue living like kings

1062
01:17:12,441 --> 01:17:15,510
is because we've got our fingers
on the scales in their favor.

1063
01:17:15,577 --> 01:17:17,612
I take my hand off,

1064
01:17:17,847 --> 01:17:21,499
then the whole world gets really
fucking fair really fucking quickly,

1065
01:17:21,567 --> 01:17:24,402
and nobody actually wants that.
They say they do, but they don't.

1066
01:17:24,470 --> 01:17:26,654
They want what we
have to give them,

1067
01:17:26,722 --> 01:17:29,190
but they also want
to play innocent

1068
01:17:29,258 --> 01:17:30,942
and pretend they have no
idea where it came from.

1069
01:17:31,010 --> 01:17:32,911
That's more hypocrisy
than I'm willing to swallow.

1070
01:17:32,978 --> 01:17:36,281
So fuck...
Fuck normal people.

1071
01:17:36,348 --> 01:17:40,318
The funny thing is, tomorrow,
if all of this goes tits up

1072
01:17:40,386 --> 01:17:43,771
they're going to crucify
us for being too reckless.

1073
01:17:43,840 --> 01:17:45,673
But if we're wrong

1074
01:17:45,842 --> 01:17:48,443
and everything gets
back on track,

1075
01:17:48,510 --> 01:17:51,028
then the same people are going to
laugh till they piss their pants,

1076
01:17:51,096 --> 01:17:52,630
'cause we're gonna look
like the biggest pussies

1077
01:17:52,698 --> 01:17:54,933
God ever let
through the door.

1078
01:17:59,238 --> 01:18:00,605
You think we're
going to be wrong?

1079
01:18:03,326 --> 01:18:04,959
No, they're all fucked.

1080
01:18:20,760 --> 01:18:22,010
Good morning.

1081
01:18:22,645 --> 01:18:23,812
Peter.

1082
01:18:24,413 --> 01:18:25,913
You want one?

1083
01:18:26,615 --> 01:18:27,782
I don't smoke.

1084
01:18:27,850 --> 01:18:30,185
Oh, that's good.
I don't much either.

1085
01:18:42,865 --> 01:18:45,132
You tired?

1086
01:18:45,200 --> 01:18:48,135
Of what? Remember,
I don't work as hard as you.

1087
01:18:48,203 --> 01:18:49,303
That's not true.

1088
01:18:49,372 --> 01:18:51,138
No, it is, actually.

1089
01:18:55,093 --> 01:18:56,695
We all getting
fired tonight?

1090
01:18:56,762 --> 01:18:58,029
Probably.

1091
01:18:59,298 --> 01:19:01,466
Are they going
to fire you?

1092
01:19:01,534 --> 01:19:03,868
They won't exactly
call it that.

1093
01:19:05,538 --> 01:19:07,171
It'll be a mercy
killing, really.

1094
01:19:07,239 --> 01:19:10,174
You don't have to stand
out here for me.

1095
01:19:10,242 --> 01:19:12,276
No, I don't

1096
01:19:12,345 --> 01:19:15,580
really want to go back
in there just yet.

1097
01:19:15,648 --> 01:19:17,315
I understand that.

1098
01:19:19,652 --> 01:19:21,619
I think I know
your son.

1099
01:19:21,687 --> 01:19:23,087
Really?

1100
01:19:23,155 --> 01:19:26,925
Not well, but he always
seemed like a nice person.

1101
01:19:26,992 --> 01:19:29,111
He is a nice person.

1102
01:19:29,178 --> 01:19:33,031
I guess you could say
worse things about a guy.

1103
01:19:33,099 --> 01:19:36,067
Does he know what's
about to happen?

1104
01:19:36,135 --> 01:19:37,752
What do you mean?

1105
01:19:38,754 --> 01:19:40,521
Did you talk to him?

1106
01:19:41,624 --> 01:19:43,758
No, I hadn't even thought...

1107
01:19:48,697 --> 01:19:49,697
Wow.

1108
01:19:50,699 --> 01:19:52,800
They are all
coming in now.

1109
01:19:54,036 --> 01:19:55,570
Yes, they are.

1110
01:20:00,743 --> 01:20:03,945
Have you ever done
anything like this?

1111
01:20:04,013 --> 01:20:06,281
No, never. Not even close.

1112
01:20:07,916 --> 01:20:08,916
Oh.

1113
01:20:09,885 --> 01:20:11,019
Yeah.

1114
01:20:14,023 --> 01:20:16,491
Are you sure
it's the only,

1115
01:20:18,027 --> 01:20:20,028
or the right
thing to do?

1116
01:20:23,348 --> 01:20:24,649
For who?

1117
01:20:27,220 --> 01:20:28,687
I'm not sure.

1118
01:20:29,522 --> 01:20:31,022
Neither am I.

1119
01:21:05,457 --> 01:21:06,758
Oh, God.

1120
01:22:15,144 --> 01:22:16,644
You all right?

1121
01:22:18,814 --> 01:22:21,082
You're about
to fire me.

1122
01:22:36,882 --> 01:22:40,518
This is all I ever
wanted to do.

1123
01:22:47,727 --> 01:22:48,993
Really?

1124
01:23:17,639 --> 01:23:19,974
They're almost ready for you,
Ms. Robertson. Couple of minutes.

1125
01:23:24,864 --> 01:23:26,180
You as well, huh?

1126
01:23:26,982 --> 01:23:28,816
Yes.

1127
01:23:28,884 --> 01:23:30,251
Jesus.
Yeah.

1128
01:23:33,122 --> 01:23:34,956
Sorry.
Thank you.

1129
01:23:49,905 --> 01:23:53,290
I didn't think they were going
to be able to get you back here.

1130
01:23:55,294 --> 01:23:57,194
Well, they told me
they were going to

1131
01:23:57,263 --> 01:23:59,297
drag me through hell on everything
over the next two years,

1132
01:23:59,365 --> 01:24:02,066
my options,
my health care.

1133
01:24:02,134 --> 01:24:04,569
Or I could come
back here and make

1134
01:24:05,571 --> 01:24:09,824
$176,471 an hour

1135
01:24:09,892 --> 01:24:11,993
to sit quietly
in this room.

1136
01:24:13,495 --> 01:24:15,996
Didn't seem like
much of a choice.

1137
01:24:16,715 --> 01:24:18,216
It never is.

1138
01:24:22,838 --> 01:24:26,608
Obviously, looking back,
it was expressed with

1139
01:24:27,643 --> 01:24:30,345
insufficient urgency,

1140
01:24:30,412 --> 01:24:33,914
but your point was passed on.
I need you to know that.

1141
01:24:35,050 --> 01:24:36,166
Eric.

1142
01:24:36,234 --> 01:24:38,703
It's okay.
I understand.

1143
01:24:38,770 --> 01:24:41,538
Believe me. There was nothing
else you could have done.

1144
01:24:42,307 --> 01:24:43,641
I guess.

1145
01:24:46,712 --> 01:24:49,981
At the time, it didn't seem like
there was much of a choice.

1146
01:24:50,833 --> 01:24:52,366
It never does.

1147
01:25:03,028 --> 01:25:04,795
You have kids, yeah?

1148
01:25:05,731 --> 01:25:06,731
Mmm-hmm.

1149
01:25:14,790 --> 01:25:17,625
So, what's your package
going to be like?

1150
01:25:20,195 --> 01:25:23,497
I don't know.
That's what I'm waiting for now.

1151
01:25:23,565 --> 01:25:26,234
It's probably going
to be pretty good.

1152
01:25:27,302 --> 01:25:28,770
It better be.

1153
01:25:44,553 --> 01:25:48,172
Thank you all for coming in
a little early this morning.

1154
01:25:48,239 --> 01:25:49,473
I know yesterday
was pretty bad,

1155
01:25:49,541 --> 01:25:51,508
and I wish I could say that
today's gonna be less so,

1156
01:25:51,577 --> 01:25:53,911
but that isn't going
to be the case.

1157
01:25:53,979 --> 01:25:55,930
Now, I'm supposed to read this
statement to you all here.

1158
01:25:55,998 --> 01:25:57,465
But why don't you just
read it on your own time,

1159
01:25:57,532 --> 01:26:01,202
and I'll just tell you what
the fuck is going on here.

1160
01:26:01,270 --> 01:26:06,507
I've been here all night meeting
with the executive committee,

1161
01:26:06,575 --> 01:26:09,677
and the decision has been made
to unwind a considerable portion

1162
01:26:09,744 --> 01:26:13,114
of the firm's holdings
and several key asset classes.

1163
01:26:16,034 --> 01:26:19,436
The crux of it is,
in the firm's thinking,

1164
01:26:19,504 --> 01:26:22,873
the party is over
as of this morning.

1165
01:26:22,941 --> 01:26:27,445
There's gonna be considerable turmoil in
the markets for the foreseeable future,

1166
01:26:27,512 --> 01:26:32,683
and they believe it is better
that this turmoil begin with us.

1167
01:26:34,386 --> 01:26:36,287
As a result,

1168
01:26:36,355 --> 01:26:38,806
the firm has decided
to liquidate

1169
01:26:38,874 --> 01:26:43,177
its majority position
of fixed income MBS today.

1170
01:26:45,247 --> 01:26:46,830
These are your packets.

1171
01:26:46,898 --> 01:26:50,468
You will see what accounts
you're responsible for today.

1172
01:26:51,637 --> 01:26:54,071
I'm sure it hasn't
taken you long

1173
01:26:55,540 --> 01:26:58,108
to understand the
implications of this sale

1174
01:26:58,176 --> 01:27:00,110
on your relationships
with your counterparties

1175
01:27:00,178 --> 01:27:01,845
and, as a result,

1176
01:27:03,315 --> 01:27:05,015
on your careers.

1177
01:27:05,083 --> 01:27:09,287
I have expressed this reality
to the executive committee,

1178
01:27:09,354 --> 01:27:11,054
and they understand.

1179
01:27:11,122 --> 01:27:12,573
As a result,

1180
01:27:12,641 --> 01:27:16,244
if you achieve a 93%
sale of your assets,

1181
01:27:16,311 --> 01:27:21,633
you will receive a $1.4
million one-off bonus.

1182
01:27:21,700 --> 01:27:26,120
If the floor as a whole
achieves a 93% sale,

1183
01:27:26,221 --> 01:27:32,860
you will get an additional
$1.3 million apiece.

1184
01:27:32,928 --> 01:27:35,963
For those of you who have never
been through this before,

1185
01:27:36,031 --> 01:27:38,933
this is what the beginning
of a fire sale looks like.

1186
01:27:39,000 --> 01:27:42,703
I cannot begin to tell you how important
the first hour and a half is gonna be.

1187
01:27:42,771 --> 01:27:45,339
I want you to hit
every bite you can find.

1188
01:27:45,406 --> 01:27:49,443
Dealers, brokers, clients.
Your mother, if she's buying.

1189
01:27:49,510 --> 01:27:51,645
And, no swaps.

1190
01:27:52,547 --> 01:27:54,648
It's outgoing only. Today.

1191
01:27:58,053 --> 01:28:03,190
Obviously, this is not going down the
way that any of us would have hoped.

1192
01:28:03,258 --> 01:28:06,127
But the ground is
shifting below our feet,

1193
01:28:06,194 --> 01:28:09,029
and apparently there's
no other way out.

1194
01:28:27,783 --> 01:28:28,883
Guys,

1195
01:28:31,686 --> 01:28:34,822
this is obviously
a very, very unique situation.

1196
01:28:35,790 --> 01:28:38,375
If we are successful today,

1197
01:28:38,443 --> 01:28:42,246
we will have been successful
in destroying our own jobs.

1198
01:28:43,532 --> 01:28:47,401
I cannot promise that
any of you, all of you,

1199
01:28:47,469 --> 01:28:51,906
some of you will be
repositioned within the firm.

1200
01:28:51,974 --> 01:28:57,011
But I can tell you that I am very proud of
the work that we have done here together.

1201
01:28:59,181 --> 01:29:04,118
I've been at this
place 34 years,

1202
01:29:04,186 --> 01:29:06,654
and I can tell you from experience
that people are going to say

1203
01:29:06,722 --> 01:29:09,857
some very nasty things
about what we do here today

1204
01:29:09,925 --> 01:29:13,627
and about what you've dedicated
a portion of your lives to.

1205
01:29:14,396 --> 01:29:16,663
But,

1206
01:29:16,731 --> 01:29:22,136
have faith that in the bigger picture,
our skills have not been wasted.

1207
01:29:22,204 --> 01:29:24,205
We have accomplished much,

1208
01:29:24,273 --> 01:29:27,175
and our talents have been used

1209
01:29:29,545 --> 01:29:32,280
for the greater good.

1210
01:29:32,347 --> 01:29:34,698
Here's your packets.
Get to work.

1211
01:30:10,235 --> 01:30:12,286
<i>City, this is Eric.
Give me Elliot.</i>

1212
01:30:13,822 --> 01:30:15,306
<i>City.
Hey, it's Will Emerson.</i>

1213
01:30:15,374 --> 01:30:16,373
<i>William, how are you?</i>

1214
01:30:16,441 --> 01:30:18,209
I'm all right. How's
the trouble and strife?

1215
01:30:18,276 --> 01:30:20,477
<i>Busting my ass, as always.</i>

1216
01:30:20,545 --> 01:30:22,179
You see, that's what I tried to tell you,
John. Why do you think I'm single?

1217
01:30:22,247 --> 01:30:24,048
<i>I know you did.
What can I do for you?</i>

1218
01:30:24,115 --> 01:30:25,816
Listen. I just got
the tap on my shoulder,

1219
01:30:25,884 --> 01:30:27,852
and we've got some risk over
here that we need to move.

1220
01:30:27,919 --> 01:30:30,221
So today it looks like
my loss is your gain.

1221
01:30:30,288 --> 01:30:31,856
<i>What kind of size
are we talking?</i>

1222
01:30:31,923 --> 01:30:33,841
It should be on your
screen. I just sent it.

1223
01:30:33,909 --> 01:30:35,609
<i>Jesus! Where does this land?</i>

1224
01:30:35,677 --> 01:30:37,778
<i>96 on the dollar.
91.</i>

1225
01:30:37,780 --> 01:30:39,196
All three and we're
done at 94.

1226
01:30:39,264 --> 01:30:41,332
<i>Ninety-three and a half.
Done.</i>

1227
01:30:43,335 --> 01:30:44,735
<i>Trading.
Hello, gorgeous.</i>

1228
01:30:44,803 --> 01:30:46,487
<i>Will, what's happening
over there?</i>

1229
01:30:46,554 --> 01:30:48,055
Well, today's moving day.

1230
01:30:48,123 --> 01:30:50,357
<i>Fuck are you guys
so worked up about?</i>

1231
01:30:50,425 --> 01:30:53,894
You think they tell me anything? All I
know is that today, my loss is your gain.

1232
01:30:53,962 --> 01:30:56,130
Now you're a friendly,
so I've come to you first.

1233
01:30:56,197 --> 01:31:00,100
I got 270 mil at 15 year paying
out a point and a half above par.

1234
01:31:00,168 --> 01:31:03,353
<i>Where's it from?
Where's it from? Do you care?</i>

1235
01:31:03,421 --> 01:31:04,638
<i>No, not really.</i>

1236
01:31:04,940 --> 01:31:06,640
<i>Now, where's the trade?
I'm hearing things...</i>

1237
01:31:06,642 --> 01:31:08,425
<i>Alexis...
You guys are scaring me a little.</i>

1238
01:31:08,427 --> 01:31:11,679
I'm only sharing this
with you right now. 85.

1239
01:31:13,531 --> 01:31:14,531
<i>Done.</i>

1240
01:31:16,201 --> 01:31:18,519
<i>Deutsche.
It's Will Emerson.</i>

1241
01:31:18,586 --> 01:31:20,487
<i>Fuck you, you limey bastard.</i>

1242
01:31:20,555 --> 01:31:22,089
Come on, are you
still angry about that?

1243
01:31:22,157 --> 01:31:24,625
<i>Word is out. I'm
hanging up now.</i>

1244
01:31:25,944 --> 01:31:27,945
<i>Merrill.
Lawrence!</i>

1245
01:31:28,013 --> 01:31:29,597
<i>What the fuck are
you guys doing over there?</i>

1246
01:31:29,665 --> 01:31:31,666
<i>Just a little spring cleaning.
That is not what I'm hearing.</i>

1247
01:31:31,733 --> 01:31:33,367
All right, Lawrence,
are you a buyer?

1248
01:31:33,435 --> 01:31:35,336
<i>I'm not sure anymore.
Where at?</i>

1249
01:31:35,404 --> 01:31:37,304
Well, it sounds like I should
be asking you where at.

1250
01:31:37,372 --> 01:31:38,506
<i>What are we
talking about here?</i>

1251
01:31:38,573 --> 01:31:40,808
Three hundred seventy-five
mil at 30 year mixed.

1252
01:31:40,876 --> 01:31:43,878
<i>Fuck me.
Are you with me on this?</i>

1253
01:31:43,979 --> 01:31:46,297
<i>Sixty-three cents.
Oh, fuck you. I'm hanging up.</i>

1254
01:31:46,365 --> 01:31:48,599
<i>Sixty-three.</i>

1255
01:31:48,666 --> 01:31:50,818
Let me call my man here.
I'll come back to you in five.

1256
01:31:50,886 --> 01:31:53,037
<i>It may be 55 in 5.</i>

1257
01:31:53,105 --> 01:31:55,956
Well, all right, then.
Stay on the line.

1258
01:31:56,024 --> 01:31:58,209
Sam, pick up the phone.

1259
01:31:58,276 --> 01:32:00,745
<i>- Sam, get on the line!
- Yeah.</i>

1260
01:32:00,812 --> 01:32:02,363
<i>I got Lawrence at Merrill.
Where are we?</i>

1261
01:32:02,430 --> 01:32:04,165
<i>Sixty-three cents.
Jesus.</i>

1262
01:32:04,232 --> 01:32:06,683
<i>On what?
375 mix 30.</i>

1263
01:32:06,751 --> 01:32:08,319
<i>Get him to 65 and hit it.</i>

1264
01:32:08,386 --> 01:32:10,370
Are you fucking
kidding me? That's...

1265
01:32:10,438 --> 01:32:14,008
What is that? That's a $131
million loss on a single trade.

1266
01:32:14,076 --> 01:32:16,277
<i>I understand. Hit it.</i>

1267
01:32:17,429 --> 01:32:20,464
Hey, Lawrence.
We're fill or kill at 65.

1268
01:32:20,532 --> 01:32:21,698
<i>It's filled.</i>

1269
01:32:45,373 --> 01:32:46,673
Well done.

1270
01:32:53,714 --> 01:32:55,282
I just want to give
you a heads up.

1271
01:32:55,350 --> 01:32:58,885
They're going to start sending
a few people home now.

1272
01:33:01,089 --> 01:33:02,155
Now?

1273
01:33:02,223 --> 01:33:04,191
Yes, Sam.
No loose ends.

1274
01:33:10,565 --> 01:33:11,932
Of course.

1275
01:33:13,351 --> 01:33:15,219
And for what it's worth,

1276
01:33:16,288 --> 01:33:18,088
you're still good.

1277
01:33:20,858 --> 01:33:24,111
Yeah, I guess someone
upstairs really likes you.

1278
01:34:18,583 --> 01:34:19,716
Sam.

1279
01:34:21,153 --> 01:34:22,719
Please, sit.

1280
01:34:22,787 --> 01:34:26,057
Congratulations are
clearly in order.

1281
01:34:26,124 --> 01:34:29,143
They did the
best they could.

1282
01:34:29,211 --> 01:34:33,097
You did a hell of a job.
And I thank you for it. Come on, sit.

1283
01:34:33,865 --> 01:34:35,265
Excuse me for eating,

1284
01:34:37,068 --> 01:34:38,835
but it's been a long day.

1285
01:34:38,903 --> 01:34:41,972
Can I get you something?
No, nothing. Thanks.

1286
01:34:45,193 --> 01:34:47,227
So, what can I do for you?

1287
01:34:47,295 --> 01:34:48,696
I want out.

1288
01:34:50,198 --> 01:34:52,299
I'm done. I want out.

1289
01:34:54,485 --> 01:34:55,986
It's been a very difficult
day for everyone.

1290
01:34:56,054 --> 01:34:57,354
I need you to release
my options, if they're

1291
01:34:57,421 --> 01:35:00,073
worth anything after today.
I want my bonus. I'm out.

1292
01:35:00,141 --> 01:35:02,943
You'll get your bonus, your options,
and keep your current base.

1293
01:35:03,011 --> 01:35:06,380
But I need you to stay with me
for the next 24 months, okay?

1294
01:35:10,418 --> 01:35:12,353
Oh, come on, Sam.

1295
01:35:12,420 --> 01:35:13,737
Put a smile on your face.

1296
01:35:13,804 --> 01:35:16,540
You did some good today.
You said that yourself.

1297
01:35:16,607 --> 01:35:19,910
Do you know, I'm starting to feel a
little better about this whole thing.

1298
01:35:22,230 --> 01:35:24,948
You're one of the luckiest
guys in the world, Sam.

1299
01:35:25,016 --> 01:35:26,900
Could have been digging
ditches all these years.

1300
01:35:28,036 --> 01:35:30,003
That's true.

1301
01:35:30,071 --> 01:35:33,607
And if I had, at least there'd be some
holes in the ground to show for it.

1302
01:35:35,059 --> 01:35:36,493
Jesus.

1303
01:35:36,795 --> 01:35:39,746
I just don't know how we
fucked this up quite so much.

1304
01:35:43,618 --> 01:35:45,619
When did you start feeling
so sorry for yourself?

1305
01:35:45,686 --> 01:35:48,104
It's unbearable. What?

1306
01:35:48,173 --> 01:35:51,708
So you think we might have put a
few people out of business today.

1307
01:35:51,776 --> 01:35:54,345
That's all for naught.

1308
01:35:54,412 --> 01:35:59,766
But you've been doing that every
day for almost 40 years, Sam.

1309
01:35:59,834 --> 01:36:03,603
And if this is all for naught,
then so is everything out there.

1310
01:36:06,374 --> 01:36:08,075
It's just money.

1311
01:36:08,709 --> 01:36:11,245
It's made up,

1312
01:36:11,313 --> 01:36:13,013
pieces of paper with
pictures on it

1313
01:36:13,081 --> 01:36:17,234
so that we don't have to kill each
other just to get something to eat.

1314
01:36:17,302 --> 01:36:19,236
It's not wrong.

1315
01:36:19,304 --> 01:36:22,506
And it's certainly no different
today than it's ever been.

1316
01:36:23,858 --> 01:36:26,727
1637, 1797,

1317
01:36:26,795 --> 01:36:31,164
1819, 1837, 1857, 1884,

1318
01:36:33,067 --> 01:36:35,502
1901, 1907,

1319
01:36:35,570 --> 01:36:39,422
1929, 1937, 1974,

1320
01:36:39,490 --> 01:36:42,559
1987, Jesus.
Didn't that fucker fuck me up good.

1321
01:36:42,626 --> 01:36:45,762
1992, 1997, 2000, and whatever
we want to call this.

1322
01:36:45,830 --> 01:36:50,534
It's all just the same thing, over
and over. We can't help ourselves.

1323
01:36:50,602 --> 01:36:54,171
And you and I
can't control it

1324
01:36:54,239 --> 01:36:57,107
or stop it or
even slow it.

1325
01:36:57,175 --> 01:36:59,493
Or even ever
so slightly alter it.

1326
01:37:00,394 --> 01:37:02,696
We just react.

1327
01:37:02,763 --> 01:37:05,065
And we make a lot of money
if we get it right.

1328
01:37:05,133 --> 01:37:08,101
And we get left by the side of
the road if we get it wrong.

1329
01:37:08,169 --> 01:37:10,037
And there have always been
and there always will be

1330
01:37:10,104 --> 01:37:11,771
the same percentage
of winners and losers,

1331
01:37:11,840 --> 01:37:13,373
happy fucks and sad sacks,

1332
01:37:13,441 --> 01:37:16,093
fat cats and starving
dogs in this world.

1333
01:37:18,146 --> 01:37:19,230
Yeah.

1334
01:37:20,699 --> 01:37:23,701
There may be more of us today
than there's ever been.

1335
01:37:23,768 --> 01:37:27,170
But the percentages,
they stay exactly the same.

1336
01:37:46,724 --> 01:37:50,560
I'll do it, John, but not
because of your little speech.

1337
01:37:50,628 --> 01:37:54,131
But because I
need the money.

1338
01:37:54,198 --> 01:37:58,835
Hard to believe after all these
years, but I need the money.

1339
01:38:02,256 --> 01:38:03,490
This is the executive
dining room.

1340
01:38:03,692 --> 01:38:06,193
Do you want coffee or tea?
No.

1341
01:38:10,381 --> 01:38:12,349
You gonna keep the kid?

1342
01:38:13,851 --> 01:38:17,020
Keep him? He's
getting promoted.

1343
01:38:17,088 --> 01:38:18,955
It's all hands
on deck now, Sam.

1344
01:38:19,023 --> 01:38:21,408
There's going to be a lot of money
to be made coming out of this mess,

1345
01:38:21,475 --> 01:38:25,162
and we're gonna need all the
brains we can get around here.

1346
01:39:49,330 --> 01:39:50,631
Hello.

1347
01:39:52,099 --> 01:39:53,833
I've called the police.

1348
01:39:53,901 --> 01:39:55,068
Mary.

1349
01:39:55,736 --> 01:39:57,237
Sam.
Yep.

1350
01:40:00,074 --> 01:40:01,841
What are
you doing?

1351
01:40:17,792 --> 01:40:19,759
Sam, what
are you doing?

1352
01:40:21,896 --> 01:40:23,397
Ella died.

1353
01:40:49,106 --> 01:40:53,527
I was driving home from the vet and I
couldn't think of where else to go.

1354
01:40:55,029 --> 01:40:57,797
She belongs here.
I know.

1355
01:40:57,865 --> 01:41:00,400
But, Sam, you don't
live here anymore.

1356
01:41:06,357 --> 01:41:08,057
Are you all right?

1357
01:41:09,260 --> 01:41:11,161
You don't
look so good.

1358
01:41:12,963 --> 01:41:15,132
Yeah, it's been a rough
day all the way around.

1359
01:41:15,199 --> 01:41:17,334
I know, Sammy called.

1360
01:41:17,401 --> 01:41:18,468
Is he all right?

1361
01:41:18,536 --> 01:41:21,605
They got hammered,
but they got out alive.

1362
01:41:21,672 --> 01:41:22,939
Good.

1363
01:41:30,565 --> 01:41:32,966
Well, I'm gonna
go back inside

1364
01:41:35,136 --> 01:41:37,804
and go back to bed.

1365
01:41:37,872 --> 01:41:40,740
The alarm is on, so
don't try and break in.

1366
01:41:50,150 --> 01:41:51,952
Take care of yourself.