1
00:01:31,807 --> 00:01:33,247
Is that them?

2
00:01:36,287 --> 00:01:37,814
Jesus Christ.

3
00:01:37,887 --> 00:01:40,255
Are they going to do it right here?

4
00:01:45,847 --> 00:01:47,767
You guys ever been through this before?

5
00:01:48,367 --> 00:01:49,446
No.

6
00:01:50,247 --> 00:01:53,766
It's best to ignore it, keep your
head down, and go back to work.

7
00:01:53,767 --> 00:01:54,814
Go on.

8
00:02:01,367 --> 00:02:02,775
Don't watch.

9
00:02:21,607 --> 00:02:23,047
Timothy Singh?

10
00:02:23,606 --> 00:02:26,171
- Yes.
- I'm afraid we have to speak with you.

11
00:02:26,246 --> 00:02:27,294
Come.

12
00:02:41,846 --> 00:02:43,166
Eric Dale?

13
00:02:43,846 --> 00:02:44,966
Excuse me?

14
00:02:44,967 --> 00:02:46,134
Eric Dale?

15
00:02:47,406 --> 00:02:48,770
- No.
- Sorry?

16
00:02:49,367 --> 00:02:50,567
I'm not Eric Dale.

17
00:02:50,846 --> 00:02:52,691
I'm so sorry.

18
00:02:52,766 --> 00:02:53,846
He's my boss.

19
00:02:54,446 --> 00:02:56,093
He's down the hall.

20
00:02:56,166 --> 00:02:57,290
Thanks.

21
00:03:11,646 --> 00:03:13,926
Excuse me, Mr. Dale?

22
00:03:14,885 --> 00:03:16,129
This way.

23
00:03:24,526 --> 00:03:25,769
Okay.

24
00:04:03,845 --> 00:04:06,813
I am obviously sorry
that we are here today.

25
00:04:06,885 --> 00:04:11,130
But these are extraordinary times,
as you very well must know.

26
00:04:11,845 --> 00:04:14,124
Look, I run Risk Management.

27
00:04:14,125 --> 00:04:17,324
I don't really see how that's a
natural place to start cutting jobs.

28
00:04:17,325 --> 00:04:19,693
We hope you understand
this is in no way personal.

29
00:04:19,694 --> 00:04:22,729
The majority of this floor
is being let go today.

30
00:04:25,165 --> 00:04:28,689
Ms. Bratberg is now going to run through
the details of what the firm is offering.

31
00:04:30,365 --> 00:04:31,609
Okay.

32
00:04:31,684 --> 00:04:36,006
Mr. Dale, the firm is offering you
a six-month severance at half your salary.

33
00:04:36,325 --> 00:04:39,844
You will keep all unvested options
that you currently hold.

34
00:04:39,845 --> 00:04:41,765
Health will be extended
through that period.

35
00:04:41,844 --> 00:04:47,485
You have until tomorrow at 4:47 to either
take the offer or it will be revoked.

36
00:04:48,004 --> 00:04:49,171
Do you understand?

37
00:04:50,685 --> 00:04:51,732
Yes.

38
00:04:52,404 --> 00:04:53,923
Unfortunately, Mr. Dale,

39
00:04:53,924 --> 00:04:56,412
due to the highly sensitive nature
of your work here,

40
00:04:56,485 --> 00:04:59,843
the firm has to take certain precautions
for security purposes

41
00:04:59,844 --> 00:05:03,403
that may seem punitive in nature.

42
00:05:03,404 --> 00:05:05,324
I hope, considering your

43
00:05:07,204 --> 00:05:09,644
over 19 years of service to the firm,

44
00:05:09,645 --> 00:05:12,843
you will understand that these measures
are in no way a reflection

45
00:05:12,844 --> 00:05:15,289
of the firm's feelings
towards your performance

46
00:05:15,724 --> 00:05:17,404
or your character.

47
00:05:18,165 --> 00:05:19,845
I don't understand.

48
00:05:20,724 --> 00:05:23,932
She's apologizing
for what's about to happen.

49
00:05:24,684 --> 00:05:28,405
Your company e-mail, access to the server,
access to the building,

50
00:05:28,484 --> 00:05:33,165
and your mobile data and phone service
will all be severed as of this meeting.

51
00:05:33,644 --> 00:05:36,972
And this gentleman
will take you to your office

52
00:05:37,044 --> 00:05:39,412
so you can clear out
your personal belongings.

53
00:05:43,164 --> 00:05:47,092
What about what I'm currently working on?
I'm in the middle of something that...

54
00:05:47,164 --> 00:05:51,725
The firm has worked out its transition plan
and is prepared to move forward.

55
00:05:51,804 --> 00:05:54,248
But we do appreciate your concern.

56
00:05:54,324 --> 00:05:58,372
We understand that this is difficult.
And here is my card.

57
00:05:59,004 --> 00:06:00,325
Please contact me in the next few weeks

58
00:06:00,326 --> 00:06:02,724
if you need any assistance
with this transition in your life.

59
00:06:08,923 --> 00:06:09,927
Sir.

60
00:06:16,684 --> 00:06:17,764
Okay.

61
00:06:19,203 --> 00:06:20,327
Okay.

62
00:06:22,123 --> 00:06:23,203
Okay.

63
00:06:48,683 --> 00:06:49,730
Hey.

64
00:06:55,163 --> 00:06:56,603
I'm sorry.

65
00:06:58,243 --> 00:07:00,524
- You still alive?
- For now.

66
00:07:01,283 --> 00:07:02,811
Congratulations.

67
00:07:04,083 --> 00:07:05,802
It was a bloodbath.

68
00:07:05,803 --> 00:07:07,004
I heard.

69
00:07:09,443 --> 00:07:10,883
Listen, Eric,

70
00:07:11,603 --> 00:07:13,805
if there was something I could have done,
I would have done it.

71
00:07:13,806 --> 00:07:14,882
- I know.
- All right?

72
00:07:14,883 --> 00:07:17,283
Yeah, I know. I know.

73
00:07:18,042 --> 00:07:19,166
Okay.

74
00:07:19,843 --> 00:07:20,890
Just tell me,

75
00:07:21,643 --> 00:07:22,723
who was it?

76
00:07:23,363 --> 00:07:25,491
- Come on, Eric.
- Come on, Will.

77
00:07:25,563 --> 00:07:27,211
- Rogers?
- I'm not going to say, you know.

78
00:07:27,283 --> 00:07:28,603
- You know me.
- Robertson?

79
00:07:32,483 --> 00:07:34,562
That cunt. I knew it.

80
00:07:34,563 --> 00:07:36,003
I knew I shouldn't have
fucking gone to her last year.

81
00:07:36,083 --> 00:07:37,925
It wasn't anyone.
Eric, you know what it was?

82
00:07:37,926 --> 00:07:39,243
It was bad luck, and that's all it was.

83
00:07:39,244 --> 00:07:40,290
Yup.

84
00:07:40,923 --> 00:07:41,883
Yup.

85
00:07:43,962 --> 00:07:45,523
All right, well, good luck.

86
00:07:45,602 --> 00:07:46,682
Will?

87
00:07:47,483 --> 00:07:48,771
Come here.

88
00:07:51,203 --> 00:07:53,003
I was just in the middle
of a lot of shit right here

89
00:07:53,083 --> 00:07:54,883
that I think somebody needs
to take a look at.

90
00:07:55,682 --> 00:07:57,123
Eric, listen,

91
00:07:58,323 --> 00:08:00,210
they're telling us
everybody needs to get out of here.

92
00:08:00,211 --> 00:08:02,282
Just leave their stuff.

93
00:08:02,283 --> 00:08:04,803
And while we appreciate your concern,

94
00:08:06,563 --> 00:08:08,886
this is not your problem anymore.

95
00:08:13,642 --> 00:08:14,646
Good luck.

96
00:08:19,522 --> 00:08:20,810
Thank you.

97
00:08:28,042 --> 00:08:30,083
Right this way, Mr. Murphy.

98
00:08:49,762 --> 00:08:51,890
- Eric, I'm very sorry.
- Yeah.

99
00:08:52,442 --> 00:08:55,049
Did they say what was going
to happen with us?

100
00:08:55,122 --> 00:08:57,163
- Jesus, Seth.
- What?

101
00:08:57,242 --> 00:08:59,680
It's going to get pretty ugly
around here for a while.

102
00:08:59,681 --> 00:09:02,409
But, you know, you guys will be all right.

103
00:09:03,361 --> 00:09:05,402
- Good luck, Eric.
- All right.

104
00:09:08,002 --> 00:09:11,406
I'll see you around, okay?
All right. Thank you.

105
00:09:31,361 --> 00:09:32,321
Eric.

106
00:09:35,081 --> 00:09:36,641
I wanted to say thanks.

107
00:09:37,482 --> 00:09:39,282
- It's not necessary.
- Well, it is.

108
00:09:39,962 --> 00:09:42,281
You were the person around here that I...

109
00:09:42,316 --> 00:09:43,569
I know.

110
00:09:47,001 --> 00:09:48,640
Hey, look,

111
00:09:48,641 --> 00:09:51,085
I was working on something,
but they wouldn't let me finish it.

112
00:09:51,161 --> 00:09:53,649
So, take a look at it.

113
00:09:55,361 --> 00:09:56,365
Be careful.

114
00:10:16,880 --> 00:10:17,928
<i>We're sorry.</i>

115
00:10:17,929 --> 00:10:21,849
<i>The telephone you are calling from
is not in service at this time.</i>

116
00:10:28,520 --> 00:10:29,644
Robertson!

117
00:10:29,721 --> 00:10:31,281
Sarah Robertson.

118
00:10:31,560 --> 00:10:32,727
Sarah.

119
00:10:34,121 --> 00:10:35,965
You shut off my phone?

120
00:10:36,480 --> 00:10:38,521
Eric, I didn't do anything.

121
00:10:38,801 --> 00:10:39,848
Fuck you.

122
00:11:03,880 --> 00:11:06,041
Well, that was fucking hideous.

123
00:11:06,800 --> 00:11:09,168
It's gonna get worse before it gets better.

124
00:11:09,440 --> 00:11:10,728
You think?

125
00:11:12,160 --> 00:11:13,207
Much.

126
00:11:14,880 --> 00:11:16,320
You got any Nicorettes?

127
00:11:17,440 --> 00:11:19,284
I'm out of Nicorettes.

128
00:11:20,760 --> 00:11:24,285
Which means in about 10 minutes
I'm going to kill someone.

129
00:11:29,279 --> 00:11:30,403
You all right, Sam?

130
00:11:31,560 --> 00:11:33,120
My dog is dying.

131
00:11:37,200 --> 00:11:38,488
I'm sorry.

132
00:11:39,200 --> 00:11:43,041
Just got off the phone with the vet.
Fucking tumor on her liver.

133
00:11:43,800 --> 00:11:48,088
I was spending, like, $1,000 a day
already just trying to keep her alive.

134
00:11:48,160 --> 00:11:49,240
Yeah,

135
00:11:49,840 --> 00:11:52,884
I don't have a fucking clue
what to do about it.

136
00:11:55,919 --> 00:11:57,883
Well, they're all gone.

137
00:11:59,919 --> 00:12:00,967
So...

138
00:12:04,519 --> 00:12:06,279
How many do we have left?

139
00:12:06,280 --> 00:12:07,524
About 33.

140
00:12:07,599 --> 00:12:11,408
Well, make sure they're all out there.
I've gotta say something.

141
00:12:11,480 --> 00:12:13,540
Yeah, no, they're ready.

142
00:12:13,575 --> 00:12:15,600
They're ready for you.

143
00:12:25,360 --> 00:12:27,280
All right, let's hear it.

144
00:12:35,839 --> 00:12:38,278
You're all still here for a reason.

145
00:12:38,279 --> 00:12:41,519
80% of this floor
was just sent home, forever.

146
00:12:42,439 --> 00:12:44,958
We spent the last hour
saying our goodbyes.

147
00:12:44,959 --> 00:12:47,878
They were good people
and they were good at their jobs,

148
00:12:47,879 --> 00:12:49,122
but you were better.

149
00:12:50,079 --> 00:12:53,118
Now they're gone,
they're not to be thought of again.

150
00:12:53,119 --> 00:12:55,563
This is your opportunity.

151
00:12:56,839 --> 00:12:58,277
On every floor of this building

152
00:12:58,278 --> 00:13:00,198
and in every office,
from Hong Kong to London,

153
00:13:00,279 --> 00:13:01,762
the same thing is happening.

154
00:13:01,839 --> 00:13:03,367
By the time we're done,

155
00:13:03,439 --> 00:13:07,880
three of every seven guys who were
standing between you and your boss' job

156
00:13:08,519 --> 00:13:09,839
are gone.

157
00:13:10,719 --> 00:13:13,446
That is your opportunity.

158
00:13:16,438 --> 00:13:19,123
I've been with this place for 34 years,

159
00:13:19,639 --> 00:13:22,557
and I can tell you this is not the last
time that you're gonna go through this.

160
00:13:22,558 --> 00:13:24,522
But you are all survivors.

161
00:13:25,279 --> 00:13:30,717
And that is how this firm, over 107 years,
has continued to grow stronger.

162
00:13:30,718 --> 00:13:34,200
So keep your heads high. Get back to work.
Let's hear it.

163
00:14:24,318 --> 00:14:26,598
Everyone's going out, man.
You should... Come on.

164
00:14:26,599 --> 00:14:28,605
No, man. I'm cool. Thanks.

165
00:14:30,398 --> 00:14:32,796
Okay. Well, if you change your mind,
just give me a call.

166
00:14:32,797 --> 00:14:34,958
I will.

167
00:14:35,038 --> 00:14:36,118
Come.

168
00:14:38,078 --> 00:14:40,478
- Where you guys going?
- The Grand.

169
00:14:41,277 --> 00:14:43,516
I will call you when I am done.

170
00:14:43,517 --> 00:14:44,838
All right.

171
00:14:45,397 --> 00:14:47,678
Hey, be glad you're still alive.

172
00:14:50,038 --> 00:14:51,118
I am.

173
00:15:01,037 --> 00:15:03,361
- Have a good night, man.
- You, too.

174
00:18:00,595 --> 00:18:01,916
Come on. Come on. Come on.

175
00:18:01,995 --> 00:18:03,043
<i>We're sorry.
You've reached a number...</i>

176
00:18:03,115 --> 00:18:05,439
<i>- Fuck me. Fuck!
- ... that has been disconnected.</i>

177
00:18:16,475 --> 00:18:17,958
- Hello?
- Hey.

178
00:18:19,595 --> 00:18:21,440
<i>- I can't hear you.
- What?</i>

179
00:18:21,915 --> 00:18:23,520
Can you go outside? It's too loud.

180
00:18:23,595 --> 00:18:26,879
Hold on a second. It's loud.
Just give me a second.

181
00:18:30,395 --> 00:18:31,835
<i>- All right, what's up?
- Hey, where are you?</i>

182
00:18:32,035 --> 00:18:34,643
<i>- Lugo.
- Okay. Are you with Will?</i>

183
00:18:34,714 --> 00:18:36,482
<i>- Yeah. Will Emerson?
- Yeah.</i>

184
00:18:36,555 --> 00:18:38,399
Yeah. I think he's still here. Why?

185
00:18:39,794 --> 00:18:43,199
All right. I need you to get Will,
and I need you guys to come back up here.

186
00:18:43,275 --> 00:18:44,955
<i>- Where?
- To the office.</i>

187
00:18:45,035 --> 00:18:46,595
<i>- What?
- I'm serious.</i>

188
00:18:47,754 --> 00:18:50,873
Wait a sec... You want me
to get our boss' boss out of a club

189
00:18:50,874 --> 00:18:53,198
and bring him back to the office
at 10:00 on a Thursday night?

190
00:18:53,514 --> 00:18:55,915
Well, our boss got axed,
so technically he is our boss,

191
00:18:55,994 --> 00:18:58,918
<i>- and yes, that is what I want you to do.
- Why?</i>

192
00:18:59,355 --> 00:19:01,843
Look, man. Just trust me, okay?
I need you guys back here now.

193
00:19:01,914 --> 00:19:04,118
<i>All right. We'll be there in 10.</i>

194
00:19:06,114 --> 00:19:07,194
Fuck.

195
00:19:23,034 --> 00:19:25,958
Have I ever told you
how much I love your bag?

196
00:19:26,034 --> 00:19:27,081
No, really.

197
00:19:27,154 --> 00:19:30,078
- Do you have a little dress that matches it?
- Yeah, I do.

198
00:19:30,154 --> 00:19:33,593
Because you could bounce around in it
like a fucking girl.

199
00:19:33,594 --> 00:19:34,641
Hey!

200
00:19:35,194 --> 00:19:37,758
Look who's burning the candle
at both ends.

201
00:19:37,834 --> 00:19:40,033
Why didn't you come out with us?

202
00:19:40,034 --> 00:19:43,353
There's no more cuts planned.
You don't have to kiss my arse.

203
00:19:43,354 --> 00:19:45,436
I frankly don't even know
what it is you guys do.

204
00:19:45,437 --> 00:19:47,518
Well, I'm really sorry
I had to bring you guys back here,

205
00:19:47,519 --> 00:19:49,358
- but...
- That's all right.

206
00:19:49,433 --> 00:19:51,757
- What's going on?
- Look at this.

207
00:19:51,834 --> 00:19:54,753
- Eric gave me this file before he left.
- Eric...

208
00:19:54,754 --> 00:19:57,122
Dale. And he told me
that he couldn't quite figure it out.

209
00:19:57,123 --> 00:19:58,958
And the last thing he said to me

210
00:19:59,033 --> 00:20:01,478
before the elevator doors closed was,
"Be careful".

211
00:20:02,394 --> 00:20:04,792
- He said, "Be careful"?
- Yeah. So, obviously, I'm a little curious.

212
00:20:04,793 --> 00:20:05,960
I start to get into it a little bit,

213
00:20:06,033 --> 00:20:08,237
and I realize that the only thing
that he's missing...

214
00:20:08,314 --> 00:20:11,402
- This is not good, Will.
- All right. Okay. So what is he doing here?

215
00:20:12,434 --> 00:20:14,562
No, no. Go to model four.
It makes more sense.

216
00:20:14,634 --> 00:20:16,312
Okay. All right.

217
00:20:16,313 --> 00:20:17,754
What is this?

218
00:20:18,273 --> 00:20:21,481
This is basically everything that
we have in our books at any given time.

219
00:20:21,553 --> 00:20:24,041
But, what Eric was trying to do
was to work these numbers

220
00:20:24,114 --> 00:20:27,354
for levels of volatility that fall
outside of the standard VAR model.

221
00:20:27,433 --> 00:20:29,912
- What are those levels?
- It's fairly complicated.

222
00:20:29,913 --> 00:20:30,993
Simplify.

223
00:20:31,514 --> 00:20:34,918
The volatility levels are set
using historic patterns, basically,

224
00:20:34,993 --> 00:20:37,315
and then stretching those patterns
out another 10, 15% roughly.

225
00:20:37,316 --> 00:20:38,273
All right, so?

226
00:20:38,353 --> 00:20:41,922
So, we are starting
to test those historic patterns.

227
00:20:43,073 --> 00:20:44,120
When?

228
00:20:44,513 --> 00:20:46,072
- Today.
- Tuesday.

229
00:20:46,073 --> 00:20:49,041
Monday. Last Friday and Wednesday.

230
00:20:49,113 --> 00:20:50,880
Two Fridays ago.

231
00:20:51,153 --> 00:20:52,833
All right. I get it.

232
00:20:54,873 --> 00:20:56,152
Fuck me.

233
00:20:56,153 --> 00:20:59,192
Once this thing gets going
in the wrong direction,

234
00:20:59,193 --> 00:21:00,672
this is fucking huge.

235
00:21:00,673 --> 00:21:01,994
How huge?

236
00:21:03,513 --> 00:21:05,641
Well, the losses are greater than
the current value of the company.

237
00:21:05,713 --> 00:21:08,277
Projected losses.
The projected losses, Will.

238
00:21:08,832 --> 00:21:11,200
- And this is just our floor?
- Yes.

239
00:21:13,833 --> 00:21:14,880
Where the fuck is Eric Dale?

240
00:21:14,953 --> 00:21:16,513
I don't know. I tried to call him.
His phone is off.

241
00:21:16,593 --> 00:21:17,595
What do you mean?

242
00:21:17,596 --> 00:21:19,874
They turned everybody's phone off
that they axed today.

243
00:21:19,875 --> 00:21:21,193
Fucking ruthless.

244
00:21:21,872 --> 00:21:25,157
- Did you try his personal cell?
- Yeah, I called his cell phone. it's not on.

245
00:21:25,233 --> 00:21:27,556
- Call his home.
- At this hour?

246
00:21:27,632 --> 00:21:29,836
Yeah. Do we even know if he's right?

247
00:21:29,913 --> 00:21:32,761
- Looks pretty fucking right to me.
- It does.

248
00:21:35,513 --> 00:21:37,631
Mrs. Dale, it's Will Emerson.

249
00:21:37,632 --> 00:21:40,436
I'm fine, thank you. May I speak with Eric?

250
00:21:42,793 --> 00:21:44,953
No, we've tried that.
His phone appears to be off.

251
00:21:44,954 --> 00:21:48,717
Listen, could you have him call me
the moment he comes in?

252
00:21:48,792 --> 00:21:51,193
The moment he walks through the door.

253
00:21:51,272 --> 00:21:52,991
Thank you so much.

254
00:21:52,992 --> 00:21:54,312
Goodbye.

255
00:21:54,392 --> 00:21:55,396
Where the fuck is he?

256
00:21:55,472 --> 00:21:57,120
- Doesn't he have, like, three kids?
- So?

257
00:21:57,155 --> 00:21:59,676
Fuck, I don't know, would you go home?

258
00:22:01,312 --> 00:22:02,993
I know where he is.

259
00:22:04,112 --> 00:22:05,595
I need you two to go and get him.

260
00:22:05,672 --> 00:22:07,516
There will be a car
waiting for you downstairs.

261
00:22:07,592 --> 00:22:09,272
- You need to go.
- Right now?

262
00:22:09,352 --> 00:22:10,956
Yeah, right now.

263
00:22:11,032 --> 00:22:12,320
What are you going to do?

264
00:22:12,321 --> 00:22:14,113
I'm going to call Sam.

265
00:22:18,112 --> 00:22:19,432
Fuck me.

266
00:22:35,111 --> 00:22:36,836
<i>- Yes?
- It's Will.</i>

267
00:22:37,592 --> 00:22:39,476
It's 11:00 at night.

268
00:22:39,511 --> 00:22:41,431
I know. I'm sorry. I wouldn't have called.

269
00:22:42,352 --> 00:22:43,880
What's the problem?

270
00:22:44,632 --> 00:22:46,399
I think you need to get back here.

271
00:22:47,031 --> 00:22:48,232
What?

272
00:22:48,831 --> 00:22:50,239
<i>Sam, listen...</i>

273
00:22:50,312 --> 00:22:51,990
it's 11:00 at night.

274
00:22:51,991 --> 00:22:56,159
I'm well aware of the fucking time, Sam.
I'm telling you, you need to see this.

275
00:22:56,231 --> 00:22:57,311
<i>See what?</i>

276
00:22:57,672 --> 00:22:58,676
It's...

277
00:22:59,271 --> 00:23:00,679
E- mail it to me.

278
00:23:01,112 --> 00:23:04,080
I don't think that, that
would be a good idea.

279
00:23:06,951 --> 00:23:08,512
I'm on my way.

280
00:23:14,032 --> 00:23:15,636
Look at these people.

281
00:23:17,592 --> 00:23:21,716
Wandering around with absolutely no idea
what's about to happen.

282
00:23:25,111 --> 00:23:26,116
Right?

283
00:23:26,951 --> 00:23:29,919
Well, I try to not let
work get to me like that.

284
00:23:30,632 --> 00:23:32,672
I've noticed that about you.

285
00:23:34,192 --> 00:23:36,515
Come on. We're 23 years old.

286
00:23:37,471 --> 00:23:39,230
- I'm 28.
- All right, 28.

287
00:23:39,231 --> 00:23:40,475
Whatever, it's the same thing,

288
00:23:40,551 --> 00:23:45,352
but I made nearly a quarter
of a million dollars last year.

289
00:23:46,631 --> 00:23:47,678
Fuck. For what?

290
00:23:48,311 --> 00:23:50,559
I push numbers around
on a computer screen.

291
00:23:50,911 --> 00:23:53,519
A bunch of glorified crack addicts
are willing to take that information,

292
00:23:53,591 --> 00:23:54,551
and they pretend to understand it,

293
00:23:54,631 --> 00:23:56,670
and they bet it against some other jock
halfway around the world

294
00:23:56,671 --> 00:23:57,992
who, you know, if he wasn't doing this,

295
00:23:58,070 --> 00:24:01,278
he'd be in an OTB somewhere,
putting it all on number seven, you know?

296
00:24:02,271 --> 00:24:05,392
At the end of the day,
one guy wins, one guy loses.

297
00:24:06,831 --> 00:24:09,832
You do know it's a little more
complicated than that, right?

298
00:24:10,231 --> 00:24:11,311
Yeah.

299
00:24:17,950 --> 00:24:20,510
It's Will. He wants to know if we found him.
What do I say?

300
00:24:20,511 --> 00:24:22,998
Let's say that we haven't found him yet.

301
00:24:23,710 --> 00:24:24,757
Okay.

302
00:24:47,190 --> 00:24:48,510
- Hey.
- Hey.

303
00:24:48,511 --> 00:24:49,590
So?

304
00:24:50,870 --> 00:24:51,874
Eric Dale.

305
00:24:51,951 --> 00:24:53,239
Oh, Jesus.

306
00:24:54,070 --> 00:24:56,558
Before he leaves the building,
escorted by fucking security, by the way...

307
00:24:56,630 --> 00:24:58,070
- I had nothing to do with that.
- I know.

308
00:24:58,150 --> 00:24:59,230
I'm sorry. Go on.

309
00:24:59,310 --> 00:25:01,918
Before he leaves the building,
he hands this disk to Peter Sullivan.

310
00:25:01,990 --> 00:25:03,396
- Who's Peter Sullivan again?
- Doesn't matter.

311
00:25:03,397 --> 00:25:04,994
- He's one of Eric's guys.
- All right.

312
00:25:04,995 --> 00:25:10,555
But before the elevator doors are closing,
the last thing that he says is, "Be careful".

313
00:25:11,709 --> 00:25:13,314
"Be careful"?

314
00:25:13,390 --> 00:25:14,394
Yeah.

315
00:25:14,470 --> 00:25:15,517
- "Be careful"?
- Yeah.

316
00:25:15,590 --> 00:25:17,270
- Why?
- Take a look.

317
00:25:20,190 --> 00:25:22,231
Oh, Jesus. You Know
I can't fucking read these things.

318
00:25:22,232 --> 00:25:23,670
Just speak to me in English.

319
00:25:23,671 --> 00:25:27,674
All right. Basically, this Kid, Peter Sullivan,
he gets all inspired by your pep talk.

320
00:25:27,750 --> 00:25:29,469
Nice job, by the way.

321
00:25:29,470 --> 00:25:32,148
And he delves straight in after work.

322
00:25:32,149 --> 00:25:33,350
And I think he nailed it.

323
00:25:33,789 --> 00:25:34,913
Nailed it?

324
00:25:34,990 --> 00:25:38,109
Yeah, I think he figured out
what Eric was missing.

325
00:25:38,110 --> 00:25:39,517
And?

326
00:25:39,589 --> 00:25:41,357
It's not good, Sam.

327
00:25:41,909 --> 00:25:45,598
These here are
the historical volatility index limits

328
00:25:45,670 --> 00:25:49,109
which, of course, our entire trading model
relies on pretty fucking heavily.

329
00:25:49,110 --> 00:25:53,234
Well, we're now so levered up
that once it gets outside of these limits,

330
00:25:55,109 --> 00:25:56,550
it gets ugly in a hurry.

331
00:25:56,909 --> 00:25:59,397
And how close to those limits
have we gotten?

332
00:25:59,469 --> 00:26:01,597
Sam, we're beyond close.

333
00:26:02,069 --> 00:26:05,429
We broke through these limits
five or six days in the last two weeks.

334
00:26:05,590 --> 00:26:08,317
Now, somehow we've managed to
stay on the right side of it for now.

335
00:26:08,389 --> 00:26:09,590
For now.

336
00:26:09,990 --> 00:26:13,394
Well, look what happens
when we get on the wrong side of it.

337
00:26:18,989 --> 00:26:21,838
- Wait a minute. What am I looking at?
- You're looking at this figure here.

338
00:26:25,189 --> 00:26:26,630
- Whoa. Is that...
- Yeah.

339
00:26:26,709 --> 00:26:29,950
And that would not be a bad day for us,
historically speaking.

340
00:26:30,309 --> 00:26:32,349
- Is that figure right?
- I don't know. I can't be sure.

341
00:26:32,749 --> 00:26:33,797
Where's Eric Dale?

342
00:26:33,869 --> 00:26:35,396
- We shut his phone off.
- Of course we did.

343
00:26:35,397 --> 00:26:37,909
Yeah. So I called his wife,
who says he's not home.

344
00:26:37,989 --> 00:26:39,593
Yeah, he's probably crying
in some fucking beer somewhere.

345
00:26:39,669 --> 00:26:41,109
Yeah, or worse.

346
00:26:41,189 --> 00:26:42,313
Where's the kid that did this?

347
00:26:42,469 --> 00:26:43,910
I sent him out looking for Eric.

348
00:26:43,989 --> 00:26:45,594
You think he knows what he's doing?

349
00:26:46,748 --> 00:26:47,828
I don't know. What do I know?

350
00:26:47,909 --> 00:26:49,753
Get him back here. Get him back here.

351
00:27:01,509 --> 00:27:04,390
What do you think these girls
make in a night?

352
00:27:04,709 --> 00:27:05,910
$1,500?

353
00:27:12,828 --> 00:27:14,269
Two grand?

354
00:27:15,828 --> 00:27:17,236
Two grand.

355
00:27:18,068 --> 00:27:21,909
Fuck. That's... That's pretty great.

356
00:27:22,628 --> 00:27:24,473
I mean, all considered.

357
00:27:29,268 --> 00:27:30,387
Shit.

358
00:27:30,388 --> 00:27:31,512
Will.

359
00:27:33,428 --> 00:27:34,552
Yep.

360
00:27:35,348 --> 00:27:37,913
No. No, we asked, and nobody's seen him.

361
00:27:40,788 --> 00:27:42,392
Okay, yep.

362
00:27:55,388 --> 00:27:58,716
All right, so what do you think
Rogers makes in a year?

363
00:27:59,948 --> 00:28:02,076
- I don't know, I have no idea.
- Come on. Play along.

364
00:28:02,148 --> 00:28:04,593
- What year? I don't know.
- Last year.

365
00:28:05,067 --> 00:28:07,108
Three quarters of a million.

366
00:28:08,988 --> 00:28:10,232
Come on.

367
00:28:10,788 --> 00:28:12,947
- What?
- Oh, it's not even close.

368
00:28:12,948 --> 00:28:14,715
- More?
- Much more.

369
00:28:15,668 --> 00:28:17,108
A million?

370
00:28:17,188 --> 00:28:19,588
Will Emerson made
two and a half million last year.

371
00:28:19,668 --> 00:28:21,467
- Fuck you.
- Fuck me.

372
00:28:21,468 --> 00:28:23,672
Fuck you. How do you know that?

373
00:28:24,827 --> 00:28:26,388
- He told me.
- He just told you?

374
00:28:26,467 --> 00:28:29,348
I asked him, and yeah, he told me.

375
00:28:29,428 --> 00:28:31,272
You think that's true?

376
00:28:31,748 --> 00:28:33,352
Yeah, probably.

377
00:28:33,428 --> 00:28:35,195
That's fucked up.

378
00:28:35,267 --> 00:28:39,076
- Why is that fucked up?
- I don't know, does it seem right to you?

379
00:28:39,428 --> 00:28:41,948
Right? I mean, right is... Right is...

380
00:28:44,067 --> 00:28:45,234
Jesus.

381
00:28:46,507 --> 00:28:48,035
So what do you think
that means Rogers puts away?

382
00:28:48,036 --> 00:28:51,508
I have no idea, Seth.
This traffic is a fucking nightmare.

383
00:29:06,667 --> 00:29:07,834
Sorry.

384
00:29:14,347 --> 00:29:15,351
Gentlemen.

385
00:29:16,227 --> 00:29:18,266
Will. Mr. Rogers.

386
00:29:18,267 --> 00:29:20,035
Come with us, please.

387
00:29:26,227 --> 00:29:28,305
Sam, this is Seth Bregman
and Peter Sullivan.

388
00:29:28,306 --> 00:29:29,430
Sir.

389
00:29:32,307 --> 00:29:33,474
Will?

390
00:29:34,667 --> 00:29:36,111
Where are we going?

391
00:29:36,146 --> 00:29:39,551
We're going to get a second opinion
on your work, Peter.

392
00:30:14,507 --> 00:30:16,547
So, Sam, what do you have for us?

393
00:30:16,626 --> 00:30:17,630
It'll be here in a minute.

394
00:30:17,706 --> 00:30:20,508
Finding somebody in the copy room at this
hour was a little bit of a challenge.

395
00:30:20,509 --> 00:30:22,067
Okay, let's go right
into the introductions.

396
00:30:22,146 --> 00:30:23,510
This is Sarah Robertson, who you know.

397
00:30:23,586 --> 00:30:26,905
Chief Risk Management Officer
Ramesh Shah from upstairs.

398
00:30:26,906 --> 00:30:29,230
And David Horn,
one of the firm's in-house counsel.

399
00:30:29,506 --> 00:30:32,985
Nice to meet you all. This is my Head
of Trading, Will Emerson, and this is...

400
00:30:32,986 --> 00:30:36,391
Peter Sullivan and Seth Bregman.
They work in our Risk Department.

401
00:30:36,466 --> 00:30:37,906
Where's Eric Dale?

402
00:30:38,266 --> 00:30:39,990
He was let go today.

403
00:30:42,226 --> 00:30:44,985
Who do you have left
in your Risk Department?

404
00:30:44,986 --> 00:30:48,794
As of today that would be
Peter and our Junior Analyst, Seth.

405
00:30:51,145 --> 00:30:52,313
Really?

406
00:30:53,386 --> 00:30:54,586
Will Emerson?

407
00:30:54,666 --> 00:30:56,914
Yes, please. Just hand them out.

408
00:30:57,386 --> 00:30:58,390
Thank you.

409
00:31:09,545 --> 00:31:11,672
Apparently, Eric had been working on this
for some time,

410
00:31:11,707 --> 00:31:12,954
but he wasn't able to finish it.

411
00:31:13,026 --> 00:31:14,586
This morning, as he left the building,

412
00:31:14,587 --> 00:31:17,313
he handed the program to Peter here
and asked him to take a look at it.

413
00:31:17,385 --> 00:31:21,030
Peter did. He put a few things in
that Eric seemed to be missing,

414
00:31:21,106 --> 00:31:23,025
and this is what came out.

415
00:31:24,826 --> 00:31:26,069
Peter, is this your work?

416
00:31:28,146 --> 00:31:29,434
Mostly Mr. Dale's.

417
00:31:30,025 --> 00:31:31,825
But is this your draft?

418
00:31:31,826 --> 00:31:32,905
Yes.

419
00:31:33,945 --> 00:31:37,273
Again, expanded on the original work
by Mr. Dale. But, yes.

420
00:31:37,585 --> 00:31:38,709
What's your background?

421
00:31:38,785 --> 00:31:40,193
- My background?
- Your CV?

422
00:31:40,265 --> 00:31:41,584
I've been with the firm
for two and a half years,

423
00:31:41,585 --> 00:31:42,633
working with Eric that whole time.

424
00:31:42,705 --> 00:31:44,549
But I hold a doctorate in engineering,

425
00:31:44,625 --> 00:31:47,544
specialty in propulsion, from MIT
with a bachelor's from Penn.

426
00:31:47,545 --> 00:31:49,913
What is a specialty in propulsion, exactly?

427
00:31:50,145 --> 00:31:52,829
My thesis was a study
in the ways that friction ratios

428
00:31:52,905 --> 00:31:55,666
affect steering outcomes in aeronautical
use under reduced gravity loads.

429
00:31:57,025 --> 00:31:59,153
So, you're a rocket scientist?

430
00:31:59,505 --> 00:32:00,946
I was. Yeah.

431
00:32:01,985 --> 00:32:03,109
Interesting.

432
00:32:03,345 --> 00:32:04,633
How did you end up here?

433
00:32:04,705 --> 00:32:07,432
It's all just numbers, really.
Just changing what you're adding up.

434
00:32:07,505 --> 00:32:10,987
And to speak freely, the money here is
considerably more attractive.

435
00:32:19,744 --> 00:32:21,144
What time is it?

436
00:32:21,145 --> 00:32:22,192
2215.

437
00:32:22,624 --> 00:32:25,548
Fuck me. Fuck me.

438
00:32:26,025 --> 00:32:28,393
And I'm guessing by the fact
that you two haven't said anything

439
00:32:28,465 --> 00:32:30,104
that the math checks out.

440
00:32:30,105 --> 00:32:33,270
Look, we'd need some time to go over this.

441
00:32:33,344 --> 00:32:36,629
But Mr. Sullivan here seems like
he knows what he's doing.

442
00:32:36,705 --> 00:32:38,385
So, it would appear we have a problem.

443
00:32:38,585 --> 00:32:39,984
Thank you for that.

444
00:32:39,985 --> 00:32:41,263
What time is it?

445
00:32:41,264 --> 00:32:42,869
- 2:16.
- Fuck me.

446
00:32:44,464 --> 00:32:45,665
Fuck me.

447
00:32:53,624 --> 00:32:56,663
Sam, how long under normal operations

448
00:32:56,664 --> 00:32:58,945
would it take your people
to clear that from our books?

449
00:33:02,384 --> 00:33:03,704
What?

450
00:33:04,425 --> 00:33:06,105
- All of it?
- Yes.

451
00:33:07,744 --> 00:33:09,143
I don't know. Weeks.

452
00:33:09,144 --> 00:33:10,911
- Weeks?
- Yeah. Weeks.

453
00:33:11,824 --> 00:33:15,393
But you certainly know
that our business is selling and buying?

454
00:33:16,584 --> 00:33:18,428
It doesn't work for very long
without both components.

455
00:33:18,504 --> 00:33:20,064
We suddenly stop buying for a day or two,

456
00:33:20,144 --> 00:33:23,183
that's not something you can hide
under the rug. That gets out.

457
00:33:23,184 --> 00:33:27,385
And when it does, this whole thing
comes to an end, and right quick.

458
00:33:28,504 --> 00:33:30,424
- I understand.
- Do you?

459
00:33:33,504 --> 00:33:34,508
Yes.

460
00:33:36,704 --> 00:33:40,031
How many traders do we have left
between your floor and Peterson's?

461
00:33:40,103 --> 00:33:41,991
- I don't know, what...
- 60.

462
00:33:42,064 --> 00:33:43,545
Jared, as I look at this more closely,

463
00:33:43,546 --> 00:33:45,824
it is these VAR numbers
that are setting this thing off.

464
00:33:45,904 --> 00:33:47,192
Excuse me.

465
00:33:58,864 --> 00:34:00,662
I warned you about this last year.

466
00:34:00,663 --> 00:34:02,747
We would not be in this position
if we had done what I...

467
00:34:02,748 --> 00:34:03,703
Please.

468
00:34:03,784 --> 00:34:06,263
As I was saying,
and I speak completely off the record,

469
00:34:06,264 --> 00:34:08,064
it's only a matter of time
before someone else

470
00:34:08,143 --> 00:34:11,068
starts putting these in and
they come up with exactly the same results

471
00:34:11,143 --> 00:34:12,824
and look at exactly
what we're looking at right now,

472
00:34:12,903 --> 00:34:13,950
if they haven't already.

473
00:34:13,951 --> 00:34:15,342
Understood.

474
00:34:15,343 --> 00:34:18,703
And, Sarah, what value would you allow
to be placed on those assets

475
00:34:18,783 --> 00:34:21,102
that might remain on the books,
if they had to?

476
00:34:21,103 --> 00:34:22,749
Why would they still be on the books?

477
00:34:22,750 --> 00:34:24,390
Because suddenly nobody wants
to fucking buy them.

478
00:34:24,463 --> 00:34:25,749
Fuck you, Sam. Will you give me

479
00:34:25,750 --> 00:34:26,944
- a fucking break here?
- Excuse me, Jared...

480
00:34:27,023 --> 00:34:28,943
Without an active market,
it would take weeks or months

481
00:34:29,023 --> 00:34:30,943
for me to come up with
an accurate value on them.

482
00:34:31,023 --> 00:34:32,387
You would have to go block by block.

483
00:34:32,464 --> 00:34:34,864
Look, Jared, it's a very simple business,
right? We talked about this.

484
00:34:34,944 --> 00:34:36,111
Sam.

485
00:34:36,983 --> 00:34:39,187
Will, Peter, and...

486
00:34:39,263 --> 00:34:40,507
- What the fuck is his name?
- Seth.

487
00:34:40,508 --> 00:34:43,908
Thank you. Seth. Could you please
give us a few moments?

488
00:34:45,823 --> 00:34:47,143
And, Peter?

489
00:34:47,583 --> 00:34:48,826
Has anyone else seen this?

490
00:34:49,143 --> 00:34:50,703
No, no one aside from us.

491
00:34:50,783 --> 00:34:52,387
- And Eric Dale.
- Yes.

492
00:34:52,463 --> 00:34:56,462
And can it really be possible that
we don't know where Eric Dale is?

493
00:34:56,463 --> 00:34:58,591
I called his wife, he hasn't come home yet,

494
00:34:58,663 --> 00:35:01,141
and we turned off his phone today.

495
00:35:01,142 --> 00:35:02,190
Perfect.

496
00:35:02,783 --> 00:35:04,388
Well, I'd like to know where he is.

497
00:35:14,342 --> 00:35:17,302
Jesus fucking Christ. Who is that guy?

498
00:35:17,303 --> 00:35:18,624
Sam's boss.

499
00:35:19,623 --> 00:35:21,784
He looks like he's 15 years old.

500
00:35:21,862 --> 00:35:23,270
He's 40.

501
00:35:23,343 --> 00:35:25,351
Yeah, how does that happen?

502
00:35:25,862 --> 00:35:27,903
Oh, it happens all the time.

503
00:35:30,782 --> 00:35:32,266
Except to me.

504
00:35:34,342 --> 00:35:36,229
Kid's a fucking killer.

505
00:35:38,622 --> 00:35:41,187
What are they talking about in there?

506
00:35:45,423 --> 00:35:47,027
It ain't pretty.

507
00:35:48,142 --> 00:35:49,790
What ain't pretty?

508
00:35:51,022 --> 00:35:53,750
If people stop buying what we're selling.

509
00:35:57,742 --> 00:35:58,909
Jared.

510
00:36:00,182 --> 00:36:02,910
You cannot be doing
what you're thinking of doing.

511
00:36:02,982 --> 00:36:04,466
Well, I don't see any other choice.

512
00:36:04,542 --> 00:36:05,950
What does that mean,
we don't have a choice?

513
00:36:06,022 --> 00:36:07,101
Fuck you, you don't have a choice.

514
00:36:07,182 --> 00:36:10,381
Fuck me?
Did you even look at the numbers, Sam?

515
00:36:10,382 --> 00:36:11,861
Yeah, but what do I know?

516
00:36:11,862 --> 00:36:13,270
Correct me if I'm wrong, Mr. Shah,

517
00:36:13,342 --> 00:36:15,661
but these numbers, they don't add up.

518
00:36:15,662 --> 00:36:17,102
One and one no longer makes two.

519
00:36:17,182 --> 00:36:18,860
Look, if I may,
I would like a little bit more time.

520
00:36:18,861 --> 00:36:20,181
Jared, we can't tell you yet.

521
00:36:20,182 --> 00:36:22,428
Are you fucking kidding me?
We have talked about this.

522
00:36:22,429 --> 00:36:24,790
We need a little more time
to give you our conclusion.

523
00:36:24,791 --> 00:36:27,347
Okay. We meet again in 45 minutes.

524
00:36:27,821 --> 00:36:30,189
- Sam, do you have the file?
- Yeah.

525
00:36:46,741 --> 00:36:48,705
What are you going to do?

526
00:36:51,342 --> 00:36:53,186
Are you gonna call him?

527
00:36:57,702 --> 00:36:59,185
I already have.

528
00:37:13,421 --> 00:37:14,545
Jesus.

529
00:37:18,861 --> 00:37:20,585
Wow, that's gorgeous.

530
00:37:29,501 --> 00:37:31,226
It's a long way down.

531
00:37:32,061 --> 00:37:33,382
Yes, it is.

532
00:37:44,620 --> 00:37:46,748
Will, don't do that. Come on.

533
00:37:49,741 --> 00:37:51,508
You know the feeling that people experience

534
00:37:51,509 --> 00:37:55,385
when they stand on the edge like this
isn't a fear of falling.

535
00:37:55,460 --> 00:37:57,861
It's the fear that they might jump.

536
00:37:58,541 --> 00:38:01,422
That's very deep and depressing.
Thank you.

537
00:38:01,500 --> 00:38:03,660
Yeah, well, I'm a little dark sometimes.

538
00:38:03,661 --> 00:38:05,985
All right. Come down, please, Will.
Please, come on.

539
00:38:06,060 --> 00:38:07,304
Will.

540
00:38:07,581 --> 00:38:09,021
Yeah, fuck it.

541
00:38:11,940 --> 00:38:13,261
Not today!

542
00:38:19,981 --> 00:38:22,305
It looks like they're going to
make us dump this shit.

543
00:38:22,500 --> 00:38:23,547
What?

544
00:38:24,341 --> 00:38:25,740
You watch.

545
00:38:25,741 --> 00:38:26,865
How?

546
00:38:27,501 --> 00:38:28,659
You'll see.

547
00:38:28,660 --> 00:38:30,099
How could they do that?

548
00:38:30,100 --> 00:38:32,828
They can't. It's impossible.
But they'll figure a way.

549
00:38:33,100 --> 00:38:34,748
I've been at this company for 10 years,

550
00:38:34,749 --> 00:38:37,948
and I've seen things you wouldn't believe.

551
00:38:38,660 --> 00:38:41,267
When all is said and done,
they do not lose money.

552
00:38:41,340 --> 00:38:43,980
They don't mind if everybody else does,

553
00:38:44,060 --> 00:38:45,828
but they don't lose.

554
00:38:53,780 --> 00:38:54,860
Will?

555
00:38:56,100 --> 00:38:59,179
Did you really make
two and a half million last year?

556
00:38:59,180 --> 00:39:00,501
Yeah, sure.

557
00:39:03,660 --> 00:39:05,580
How did you spend it all?

558
00:39:06,020 --> 00:39:07,384
It goes quite quickly.

559
00:39:07,459 --> 00:39:09,302
You know,
you learn to spend what's in your pocket.

560
00:39:09,303 --> 00:39:10,860
Two and a half million goes quickly?

561
00:39:10,940 --> 00:39:12,784
All right, let's see.

562
00:39:12,860 --> 00:39:14,899
So the taxman takes half up front,

563
00:39:14,900 --> 00:39:16,263
so you're left with one and a quarter.

564
00:39:17,100 --> 00:39:19,378
My mortgage takes another 300 grand.

565
00:39:19,379 --> 00:39:22,587
I send 150 home for my parents,
you know, keep them going.

566
00:39:22,660 --> 00:39:23,859
- So what's that?
- 800.

567
00:39:23,860 --> 00:39:25,104
All right, 800.

568
00:39:25,940 --> 00:39:27,664
Spent 150 on a car.

569
00:39:28,380 --> 00:39:32,308
About 75 on restaurants.
Probably 50 on clothes.

570
00:39:33,419 --> 00:39:36,339
- I put 400 away for a rainy day.
- That's smart.

571
00:39:36,340 --> 00:39:39,821
Yeah, as it turns out,
'cause it looks like the storm's coming.

572
00:39:40,499 --> 00:39:42,027
You still got 125.

573
00:39:43,939 --> 00:39:48,380
Yeah, well, I did spend $76,520
on hookers, booze, and dancers.

574
00:39:48,459 --> 00:39:50,107
But mainly hookers.

575
00:39:51,259 --> 00:39:52,460
76,5007

576
00:39:53,259 --> 00:39:55,387
I was a little shocked initially,
but then I realized

577
00:39:55,459 --> 00:39:58,699
that I could claim most of it back
as entertainment. it's true.

578
00:40:03,940 --> 00:40:05,107
- Holy shit!
- Goddamn!

579
00:40:05,180 --> 00:40:07,907
The cavalry is here!
Come on, we should go.

580
00:40:14,499 --> 00:40:16,060
How old are you?

581
00:40:17,619 --> 00:40:19,224
- 43.
- Jesus.

582
00:40:24,819 --> 00:40:26,423
This is bizarre.

583
00:40:28,778 --> 00:40:30,787
It's like a dream.

584
00:40:34,619 --> 00:40:38,667
I don't know, seems like we actually
may have just woken up.

585
00:40:41,258 --> 00:40:42,338
Come in.

586
00:40:43,659 --> 00:40:45,142
How do we look?

587
00:40:45,818 --> 00:40:48,306
- I should go.
- No. You should stay.

588
00:40:48,379 --> 00:40:49,503
So?

589
00:40:50,139 --> 00:40:51,857
It's legit.

590
00:40:51,858 --> 00:40:53,463
The kid killed it.

591
00:40:54,139 --> 00:40:56,300
The formula's worthless.

592
00:40:56,378 --> 00:40:58,223
- What does that mean?
- It's broken.

593
00:40:59,179 --> 00:41:02,103
There are eight trillion dollars of paper
around the world

594
00:41:02,179 --> 00:41:03,706
relying on that equation.

595
00:41:03,778 --> 00:41:05,022
Well, we were wrong.

596
00:41:05,099 --> 00:41:07,303
No, you mean you were wrong.

597
00:41:07,378 --> 00:41:09,419
Now, don't get me started.
We discussed this.

598
00:41:09,499 --> 00:41:10,546
I'm heading for the conference room.

599
00:41:10,618 --> 00:41:12,058
No, I want you to hear this.

600
00:41:13,978 --> 00:41:15,857
I don't want to hear this.

601
00:41:15,858 --> 00:41:19,186
How do you think I've stuck around
this place so long?

602
00:41:26,378 --> 00:41:27,818
I called Tuld.

603
00:41:30,298 --> 00:41:32,186
Do we have a contingency plan here?

604
00:41:32,187 --> 00:41:34,382
- A contingency plan?
- Yes.

605
00:41:34,738 --> 00:41:36,986
No, we went all in on this one.

606
00:41:38,058 --> 00:41:41,505
So we've gotten ourselves
quite exposed here, haven't we?

607
00:41:43,498 --> 00:41:45,507
To Tuld or the market?

608
00:41:47,338 --> 00:41:48,626
To both.

609
00:42:10,498 --> 00:42:11,981
He's here?

610
00:42:41,457 --> 00:42:44,456
- Tuld's helicopter just landed.
- I know. Come with us.

611
00:42:44,457 --> 00:42:46,541
- Where's Sam?
- I don't know. You sure you want all of us?

612
00:42:46,617 --> 00:42:47,784
Yes.

613
00:42:53,777 --> 00:42:57,137
One piece of advice for everyone
before we go in there.

614
00:42:57,657 --> 00:42:59,185
This could get a little ugly.

615
00:42:59,257 --> 00:43:01,657
But whatever you do, just tell the truth.
No sugarcoating

616
00:43:01,737 --> 00:43:03,176
Do not change a word of it.

617
00:43:03,177 --> 00:43:06,779
No one here is smart enough,
including the rocket scientist.

618
00:43:13,417 --> 00:43:15,501
- Mr. Cohen.
- Morning.

619
00:43:17,297 --> 00:43:18,857
This way, please.

620
00:43:23,537 --> 00:43:25,740
He's already in there waiting for you.

621
00:43:25,817 --> 00:43:27,018
Excellent.

622
00:43:49,576 --> 00:43:50,656
John.

623
00:43:51,977 --> 00:43:53,581
Please, sit down.

624
00:43:56,296 --> 00:43:57,944
Welcome, everyone.

625
00:43:58,017 --> 00:44:00,624
I must apologize for dragging you all here
at such an uncommon hour.

626
00:44:00,696 --> 00:44:04,864
But from what I've been told, this
matter needs to be dealt with urgently.

627
00:44:04,936 --> 00:44:07,860
So urgently, in fact, it probably
should have been addressed weeks ago.

628
00:44:07,936 --> 00:44:10,097
But that is spilt milk under the bridge.

629
00:44:10,176 --> 00:44:14,181
So, why doesn't somebody tell me
what they think is going on here?

630
00:44:15,136 --> 00:44:17,744
Mr. Tuld, as I mentioned earlier,

631
00:44:17,816 --> 00:44:20,500
if you compare the figure
at the top of page 13...

632
00:44:20,576 --> 00:44:23,980
Jared, it's a little early for all that.
Just speak to me in plain English.

633
00:44:25,216 --> 00:44:26,255
Okay.

634
00:44:26,256 --> 00:44:28,297
In fact, I'd like to speak to
the guy who put this together.

635
00:44:28,376 --> 00:44:30,699
Mr. Sullivan, is it? Does he speak English?

636
00:44:30,776 --> 00:44:32,020
Sir?

637
00:44:32,096 --> 00:44:33,656
I'd like to speak with the analyst

638
00:44:33,736 --> 00:44:35,263
who seems to have
stumbled across this mess.

639
00:44:35,336 --> 00:44:38,260
Certainly. That would be Peter Sullivan.
Right here.

640
00:44:38,336 --> 00:44:40,497
Oh, Mr. Sullivan, you're here.
Good morning.

641
00:44:40,575 --> 00:44:43,215
Maybe you could tell me
what you think is going on here.

642
00:44:43,216 --> 00:44:47,100
And please,
speak as you might to a young child

643
00:44:47,175 --> 00:44:49,575
or a golden retriever.

644
00:44:49,576 --> 00:44:53,177
It wasn't brains that got me here.
I can assure you of that.

645
00:44:57,175 --> 00:45:00,176
Well, sir, as you may or may not know,
I work

646
00:45:00,256 --> 00:45:03,660
here for Mr. Rogers as an associate
in the Risk Assessment

647
00:45:03,736 --> 00:45:05,574
and Management Office at MBS.

648
00:45:05,575 --> 00:45:09,177
Please. Just relax. Stand up.
Tell us in a clear voice.

649
00:45:09,255 --> 00:45:11,536
What is the nature of the problem?

650
00:45:13,576 --> 00:45:14,623
Okay.

651
00:45:16,295 --> 00:45:19,654
As you probably know,
over the last 36 to 40 months

652
00:45:19,655 --> 00:45:22,743
the firm has begun packaging

653
00:45:22,815 --> 00:45:27,736
new MBS products that
combine several different tranches

654
00:45:27,815 --> 00:45:30,936
of rating classifications
in one tradable security.

655
00:45:31,815 --> 00:45:33,895
This has been enormously profitable,

656
00:45:33,896 --> 00:45:36,024
as I imagine you noticed.

657
00:45:36,096 --> 00:45:37,263
I have.

658
00:45:37,455 --> 00:45:39,584
The firm is currently doing
a considerable amount

659
00:45:39,655 --> 00:45:40,660
of this business every day.

660
00:45:40,735 --> 00:45:44,494
Now the problem, which is, I guess,
why we are here tonight,

661
00:45:44,495 --> 00:45:47,496
is that is takes us, the
firm, about a month

662
00:45:48,015 --> 00:45:52,174
to layer these products correctly,
thereby posing a challenge

663
00:45:52,175 --> 00:45:54,378
from a Risk Management standpoint.

664
00:45:54,615 --> 00:45:56,383
And, Mr. Sullivan, that challenge is?

665
00:45:56,775 --> 00:46:00,814
We have to hold these assets on our books
longer than we might ideally like to.

666
00:46:00,815 --> 00:46:01,982
Yes.

667
00:46:02,055 --> 00:46:04,782
But the key factor here is
these are essentially just mortgages.

668
00:46:04,855 --> 00:46:08,613
So that has allowed us to push
the leverage considerably beyond

669
00:46:08,614 --> 00:46:12,139
what you might be willing or allowed to do
in any other circumstance,

670
00:46:12,215 --> 00:46:16,023
thereby pushing the risk profile
without raising any red flags.

671
00:46:17,694 --> 00:46:19,419
Now... Thank you, Mr. Sullivan. Sit down.

672
00:46:19,495 --> 00:46:21,818
What I'm guessing your report here says,

673
00:46:21,895 --> 00:46:24,219
and give me some rope here.

674
00:46:24,294 --> 00:46:28,135
What I'm guessing it says is that
considering the, shall we say,

675
00:46:28,215 --> 00:46:31,259
bumpy road we've been on
the last week or so,

676
00:46:31,335 --> 00:46:35,974
that the figures your brilliant co-workers
up the line ahead of you have come up with

677
00:46:36,009 --> 00:46:38,253
don't make much sense any more

678
00:46:38,254 --> 00:46:40,655
considering what's taking place today.

679
00:46:40,734 --> 00:46:42,414
Actually, not what's taking place today,

680
00:46:42,415 --> 00:46:45,142
but what's already taken place
over the last two weeks.

681
00:46:45,215 --> 00:46:48,455
So, you're saying
this has already happened?

682
00:46:48,534 --> 00:46:49,854
Sort of.

683
00:46:51,255 --> 00:46:52,455
Sort of.

684
00:46:53,614 --> 00:46:58,142
And, Mr. Sullivan, what does your model
say that, that means for us here.

685
00:46:59,294 --> 00:47:01,782
Well, that's where it becomes a projection.

686
00:47:02,014 --> 00:47:03,181
But...

687
00:47:05,414 --> 00:47:07,978
You're speaking with me, Mr. Sullivan.

688
00:47:08,374 --> 00:47:09,738
Well, sir,

689
00:47:10,374 --> 00:47:14,093
if those assets decrease by just 25%

690
00:47:14,094 --> 00:47:15,981
and remain on our books,

691
00:47:16,574 --> 00:47:20,622
that loss would be greater than
the current market capitalization

692
00:47:20,694 --> 00:47:22,538
of this entire company.

693
00:47:25,894 --> 00:47:28,742
So, what you're telling me

694
00:47:30,254 --> 00:47:33,374
is that the music is about to stop

695
00:47:34,613 --> 00:47:37,657
and we're going to be left
holding the biggest bag

696
00:47:37,734 --> 00:47:39,022
of odorous excrement

697
00:47:39,293 --> 00:47:41,901
ever assembled in the history of

698
00:47:43,693 --> 00:47:45,057
capitalism.

699
00:47:48,934 --> 00:47:53,014
Sir, I'm not sure that I would put
it that way. But let me clarify.

700
00:47:53,533 --> 00:47:55,653
Using your analogy,

701
00:47:55,654 --> 00:47:57,454
what this model shows

702
00:47:58,493 --> 00:48:01,221
is the music, so to speak, just slowing.

703
00:48:02,534 --> 00:48:04,812
If the music were to stop, as you put it,

704
00:48:04,813 --> 00:48:07,978
then this model wouldn't be even close
to that scenario.

705
00:48:08,054 --> 00:48:10,661
It would be considerably worse.

706
00:48:14,533 --> 00:48:17,141
Let me tell you something, Mr. Sullivan.

707
00:48:18,133 --> 00:48:22,542
Do you care to know why
I'm in this chair with you all?

708
00:48:22,613 --> 00:48:24,937
I mean, why I earn the big bucks?

709
00:48:26,213 --> 00:48:27,173
Yes.

710
00:48:27,254 --> 00:48:30,374
I'm here for one reason
and one reason alone.

711
00:48:30,853 --> 00:48:36,701
I'm here to guess what the music might do
a week, a month, a year from now.

712
00:48:37,973 --> 00:48:39,261
That's it.

713
00:48:40,093 --> 00:48:41,217
Nothing more.

714
00:48:43,493 --> 00:48:45,577
And standing here tonight,

715
00:48:46,373 --> 00:48:51,741
I'm afraid that I don't hear a thing.

716
00:48:54,333 --> 00:48:55,500
Just

717
00:48:57,852 --> 00:48:59,336
silence.

718
00:49:14,492 --> 00:49:18,497
So, now that we Know the music has
stopped, what can we do about it?

719
00:49:19,252 --> 00:49:21,413
Mr. Cohen? Ms. Robertson?

720
00:49:22,773 --> 00:49:26,254
I'm afraid I think this is where
you're supposed to step back in.

721
00:49:26,692 --> 00:49:30,053
Lord knows we've relied enough
on Mr. Sullivan tonight.

722
00:49:31,652 --> 00:49:33,661
What do you have for us?

723
00:49:41,293 --> 00:49:45,297
What have I told you since
the first day you stepped into my office?

724
00:49:46,172 --> 00:49:48,976
There are three ways to make a living
in this business,

725
00:49:49,052 --> 00:49:52,293
be first, be smarter, or cheat.

726
00:49:53,172 --> 00:49:54,852
Now, I don't cheat.

727
00:49:55,332 --> 00:49:59,576
And although I like to think we have
some pretty smart people in this building,

728
00:50:00,172 --> 00:50:03,577
it sure is a hell of a lot
easier to just be first.

729
00:50:04,332 --> 00:50:06,057
Sell it all. Today.

730
00:50:08,772 --> 00:50:10,780
Is that even possible, Sam?

731
00:50:11,252 --> 00:50:13,096
Yes, but at what cost?

732
00:50:14,812 --> 00:50:16,372
I'll have to pay.

733
00:50:18,052 --> 00:50:19,491
Really?

734
00:50:19,492 --> 00:50:20,855
I think so.

735
00:50:22,012 --> 00:50:24,260
Where is this going to come back to us?

736
00:50:25,012 --> 00:50:26,059
Everywhere.

737
00:50:26,851 --> 00:50:31,260
Sam, I don't think you seem to understand
what your boy here has just said.

738
00:50:34,851 --> 00:50:36,456
If I made you,

739
00:50:37,212 --> 00:50:38,859
how would you do this?

740
00:50:44,492 --> 00:50:47,580
You call the traders in for their normal
6:30 meeting and you be honest with them.

741
00:50:47,652 --> 00:50:50,052
Because they're going to know
it's the end either way.

742
00:50:50,252 --> 00:50:53,132
You're going to have to throw them a bone,
and a pretty big one.

743
00:50:53,211 --> 00:50:55,535
And then you've got to
come out of the gates storming.

744
00:50:55,612 --> 00:50:57,772
No swaps. No nothing.

745
00:50:57,851 --> 00:51:00,055
40% done by 10:15. By 11:00,

746
00:51:00,131 --> 00:51:01,570
all your trades have to be gone

747
00:51:01,571 --> 00:51:03,895
because by lunchtime,
word's going to be out.

748
00:51:04,851 --> 00:51:08,810
And by 2:00 you're going to be selling
at 65 cents on the dollar, if you're lucky.

749
00:51:08,811 --> 00:51:11,692
And then the feds are going to be in here,
up your ass, trying to slow you down.

750
00:51:11,771 --> 00:51:12,938
Ramesh?

751
00:51:13,011 --> 00:51:15,530
They can slow you down.
They can't stop you.

752
00:51:15,531 --> 00:51:16,810
It's yours to sell.

753
00:51:16,811 --> 00:51:18,895
But, John, even if

754
00:51:19,811 --> 00:51:22,931
we manage to pull that off,
and that's saying something,

755
00:51:24,451 --> 00:51:27,331
the real question is,
who are we selling this to?

756
00:51:27,811 --> 00:51:30,299
Same people we've been selling it to
the last two years,

757
00:51:30,371 --> 00:51:31,970
and whoever else will buy it.

758
00:51:31,971 --> 00:51:34,219
But, John, if you do this,

759
00:51:35,570 --> 00:51:38,419
you will kill the market for years.
It's over.

760
00:51:40,571 --> 00:51:43,375
And you're selling something
that you know has no value.

761
00:51:43,810 --> 00:51:48,098
We are selling to willing buyers
of the current fair market price.

762
00:51:48,771 --> 00:51:52,130
So that we may survive.

763
00:51:52,131 --> 00:51:55,819
You will never sell anything
to any of those people ever again.

764
00:51:55,890 --> 00:51:57,134
I understand.

765
00:51:57,250 --> 00:51:58,975
- Do you?
- Do you?

766
00:52:00,171 --> 00:52:01,730
This is it!

767
00:52:01,731 --> 00:52:03,935
I'm telling you. This is it.

768
00:52:14,850 --> 00:52:16,171
Now, it's 4:00.

769
00:52:16,770 --> 00:52:19,775
Jared, you've got till 5:00 to
break this down and draw me up a plan.

770
00:52:19,810 --> 00:52:23,935
Is there anybody else who knows what's
in here at the moment, block by block?

771
00:52:24,610 --> 00:52:25,898
Eric Dale.

772
00:52:26,450 --> 00:52:27,574
And where is he?

773
00:52:27,970 --> 00:52:30,610
As of today, he's no longer with the firm.

774
00:52:30,930 --> 00:52:33,298
We have been trying to locate him.

775
00:52:37,050 --> 00:52:38,054
- Carmelo.
- Yes.

776
00:52:38,130 --> 00:52:40,138
Get me Eric Dale here by 6:30.

777
00:52:40,610 --> 00:52:41,811
It's done.

778
00:52:42,090 --> 00:52:44,010
We meet back here in an hour.

779
00:52:46,370 --> 00:52:48,050
Sam, let's talk.

780
00:53:00,770 --> 00:53:02,734
This is a hell of a town.

781
00:53:04,490 --> 00:53:07,371
I've always loved this place,
since the day I arrived.

782
00:53:07,449 --> 00:53:08,770
Everything about it.

783
00:53:17,290 --> 00:53:19,974
Sam, are you going to go with me on this?

784
00:53:21,770 --> 00:53:23,494
I don't know, John.

785
00:53:25,210 --> 00:53:27,010
This one is very ugly.

786
00:53:28,609 --> 00:53:30,573
You and I, we're salesmen.

787
00:53:31,329 --> 00:53:33,889
We sell. That's what we do.
It's not complicated.

788
00:53:33,890 --> 00:53:35,134
Exactly.

789
00:53:35,930 --> 00:53:38,417
And you know damn well
you don't sell anything to anybody

790
00:53:38,489 --> 00:53:40,333
unless you think they're gonna
come back for more.

791
00:53:40,409 --> 00:53:43,530
That's the lesson we learned.
And tomorrow, we're done.

792
00:53:44,050 --> 00:53:45,130
But this is it, Sam.

793
00:53:45,209 --> 00:53:47,337
You keep saying that.
What's that supposed to mean?

794
00:53:47,649 --> 00:53:49,329
This is the big one.

795
00:53:49,969 --> 00:53:52,653
Most of us aren't going to
make it out of this one.

796
00:53:52,729 --> 00:53:54,693
- Us?
- The Street.

797
00:53:55,649 --> 00:53:57,057
What are you talking about?

798
00:53:57,409 --> 00:53:59,973
This isn't the last situation
I'm gonna have to deal with this week.

799
00:54:00,049 --> 00:54:01,216
This is just the start.

800
00:54:01,729 --> 00:54:03,497
It's the start 'cause you're starting it.

801
00:54:03,809 --> 00:54:06,733
Maybe. But I don't believe that.
Not this time.

802
00:54:07,489 --> 00:54:09,617
The numbers,
they just don't add up any more.

803
00:54:09,689 --> 00:54:13,127
I agree with you there.
I've been saying that for years.

804
00:54:13,128 --> 00:54:16,293
If this kid out there can
come up with this, then...

805
00:54:17,248 --> 00:54:19,889
Look, I just don't think I can
walk in there knowing what I know

806
00:54:19,969 --> 00:54:21,574
and put the hammer down on these guys.

807
00:54:22,529 --> 00:54:24,613
When did you start getting so soft, Sam?

808
00:54:25,129 --> 00:54:27,856
Fuck you, soft. You're panicking

809
00:54:30,529 --> 00:54:34,774
If you're the first out of the door,
that's not called panicking.

810
00:54:40,448 --> 00:54:44,137
You're obviously operating
with more information than I have.

811
00:54:45,889 --> 00:54:48,496
But I think this will destroy this firm.

812
00:54:48,968 --> 00:54:50,528
No one will ever trust you again.

813
00:54:50,529 --> 00:54:53,256
You're knowingly putting people
out of business, full stop.

814
00:54:55,808 --> 00:54:58,012
You let me deal with that, Sam.

815
00:55:12,448 --> 00:55:13,495
How'd it go?

816
00:55:14,488 --> 00:55:16,529
This is a fucking shit show.

817
00:55:17,328 --> 00:55:19,772
- They're gonna go with it?
- Probably.

818
00:55:20,608 --> 00:55:21,732
Jesus.

819
00:55:23,408 --> 00:55:25,252
Remember this day, boys.

820
00:55:27,328 --> 00:55:28,932
Remember this day.

821
00:55:43,968 --> 00:55:46,052
So, what's the strategy here?

822
00:55:46,127 --> 00:55:47,328
That's where I'm headed right now.

823
00:55:47,408 --> 00:55:49,175
Downstairs to work on it with my guys.

824
00:55:49,248 --> 00:55:51,649
No, no. You and I with John.

825
00:55:57,168 --> 00:56:01,447
I'm not sure that we need one, Sarah.
That's not the way I do things.

826
00:56:01,448 --> 00:56:02,649
Please.

827
00:56:04,767 --> 00:56:07,528
Listen, he knows where we've stood on this

828
00:56:07,608 --> 00:56:08,928
all along.

829
00:56:09,567 --> 00:56:11,454
That's exactly my point.

830
00:56:11,968 --> 00:56:15,536
And knowing what was discussed
by both you and I,

831
00:56:16,007 --> 00:56:19,007
I don't see how this could
provide you with anything

832
00:56:19,008 --> 00:56:21,648
other than a false sense of comfort.

833
00:56:21,728 --> 00:56:24,848
I'm not looking for
a sense of comfort here, Sarah.

834
00:56:25,887 --> 00:56:28,451
I don't think there's one to be found.

835
00:56:38,527 --> 00:56:40,491
So, again, what's the strategy here?

836
00:56:42,887 --> 00:56:45,287
I'm just not sure
there's much more to do on this.

837
00:56:46,287 --> 00:56:47,892
It's very simple.

838
00:56:48,407 --> 00:56:51,168
Don't even think about fucking me on this.

839
00:56:52,167 --> 00:56:54,208
'Cause if we're going down,

840
00:56:55,287 --> 00:56:57,371
then you damn well know it'll be together.

841
00:56:58,927 --> 00:56:59,975
No.

842
00:57:00,767 --> 00:57:02,611
I'm not sure that I do know that.

843
00:57:23,847 --> 00:57:24,927
Hey.

844
00:57:25,566 --> 00:57:27,007
Oh, I'm sorry.

845
00:57:40,086 --> 00:57:42,847
What do you guys think
Tuld made last year?

846
00:57:44,847 --> 00:57:46,451
Would you shut the fuck up?

847
00:57:46,526 --> 00:57:47,934
86 million.

848
00:57:49,126 --> 00:57:51,046
In bonuses and salary.

849
00:57:51,966 --> 00:57:53,767
- Really?
- Sure, it's public record.

850
00:57:53,846 --> 00:57:56,050
That is a lot of fucking money.

851
00:57:57,207 --> 00:57:58,854
He was worth a billion.

852
00:57:58,926 --> 00:57:59,886
Was?

853
00:58:01,086 --> 00:58:02,374
Till today.

854
00:58:03,166 --> 00:58:04,367
Really?

855
00:58:05,886 --> 00:58:07,206
You'll see.

856
00:58:10,046 --> 00:58:12,774
I'm going to get some coffee.
You guys want anything else?

857
00:58:12,846 --> 00:58:15,574
- I'm all right.
- I could use some real air.

858
00:58:15,646 --> 00:58:17,566
- Probably a good idea.
- Is it all right, Will?

859
00:58:17,646 --> 00:58:19,534
- Is what all right?
- If I get out of here for a minute?

860
00:58:19,535 --> 00:58:21,245
Of course, it's not a prison.

861
00:58:21,246 --> 00:58:23,406
You want me to hold your hand?

862
00:58:27,846 --> 00:58:30,410
Why did they put all this fruit on it?

863
00:58:39,406 --> 00:58:41,404
Hello, Will Emerson.

864
00:58:41,405 --> 00:58:42,529
Hello.

865
00:58:46,006 --> 00:58:47,207
Right.

866
00:58:48,486 --> 00:58:50,766
No, thank you. I understand.

867
00:58:53,246 --> 00:58:55,133
No, we'll be discreet.

868
00:58:56,605 --> 00:58:57,893
Thank you.

869
00:58:58,525 --> 00:59:00,173
- What?
- Eric's wife.

870
00:59:00,686 --> 00:59:02,725
He's alive, he's home,
he doesn't want to speak to us,

871
00:59:02,726 --> 00:59:04,133
and he doesn't know that she rang me.

872
00:59:04,205 --> 00:59:05,810
- Where's he live?
- Heights.

873
00:59:06,205 --> 00:59:07,809
- Shall I call Tuld's guy?
- No.

874
00:59:08,285 --> 00:59:10,533
It's Eric. The last thing we need
is those guys going over there.

875
00:59:10,605 --> 00:59:12,011
No, you two go get him
and try to bring him here.

876
00:59:12,012 --> 00:59:14,373
- But you got to be back by 6:00 a. m.
- All right.

877
00:59:17,525 --> 00:59:19,130
I hate Brooklyn.

878
00:59:24,005 --> 00:59:25,010
May I come in?

879
00:59:25,085 --> 00:59:27,169
Of course. Please, sit down.

880
00:59:32,805 --> 00:59:33,809
So...

881
00:59:37,805 --> 00:59:39,933
We're going to do this thing.

882
00:59:42,925 --> 00:59:44,049
Okay.

883
00:59:45,284 --> 00:59:47,204
It's going to be tight.

884
00:59:48,925 --> 00:59:50,409
Is Sam on board?

885
00:59:50,765 --> 00:59:52,009
Not yet.

886
00:59:55,645 --> 00:59:56,933
Sarah,

887
00:59:57,525 --> 01:00:01,365
I need a head to feed to the traders
on the floor and the board.

888
01:00:05,884 --> 01:00:07,803
Is it me or Cohen?

889
01:00:07,804 --> 01:00:09,092
It's you.

890
01:00:18,364 --> 01:00:22,128
Of course, you're well aware
that I filtered several warnings

891
01:00:22,204 --> 01:00:24,769
to you and Cohen about this a year ago.

892
01:00:25,204 --> 01:00:29,449
I really don't think that's the best path
for you to take at this point.

893
01:00:33,324 --> 01:00:36,128
You're going to be well taken care of here.

894
01:00:38,724 --> 01:00:40,449
Obviously, it is

895
01:00:41,444 --> 01:00:42,404
quite complicated.

896
01:00:42,484 --> 01:00:44,525
John, I was told under
no uncertain terms...

897
01:00:44,604 --> 01:00:46,723
It was always a very gray area.

898
01:00:46,724 --> 01:00:51,612
Actually, it was made very clear
at the time by you, me, and Cohen.

899
01:00:53,444 --> 01:00:56,891
I'd really appreciate it
if you didn't fight me on this.

900
01:01:08,564 --> 01:01:11,084
We all fucked this one up pretty good.

901
01:01:11,884 --> 01:01:13,008
Yes.

902
01:01:15,284 --> 01:01:17,283
We need you to stay here
until this is finished

903
01:01:17,284 --> 01:01:19,522
and the market's closed.

904
01:01:19,523 --> 01:01:20,931
I understand.

905
01:01:23,164 --> 01:01:26,568
They'll go over the numbers
with you downstairs.

906
01:01:26,643 --> 01:01:27,931
Good luck.

907
01:01:44,883 --> 01:01:46,803
Oh, fuck. Jared's coming.

908
01:01:48,004 --> 01:01:50,045
What's the boy wonder want?

909
01:01:55,643 --> 01:01:57,967
- You got a minute?
- Just off to pick up Eric.

910
01:01:58,043 --> 01:01:59,723
Yeah. I know. It will only take a second.

911
01:01:59,804 --> 01:02:01,092
All right, what is it?

912
01:02:01,403 --> 01:02:03,684
Tuld and I have concerns that Sam

913
01:02:03,763 --> 01:02:06,612
may not be willing to step up
and do the right thing here.

914
01:02:07,003 --> 01:02:08,367
This has never been a problem.

915
01:02:08,444 --> 01:02:09,448
No, it hasn't.

916
01:02:09,643 --> 01:02:12,808
But sometimes,
in acute situations such as this,

917
01:02:12,883 --> 01:02:18,044
often what is right can take on
multiple interpretations.

918
01:02:21,883 --> 01:02:23,324
Sam will step up.

919
01:02:23,403 --> 01:02:26,044
Oh, I know he will. But if he doesn't...

920
01:02:27,522 --> 01:02:30,566
But if he doesn't,
we need to know that you will.

921
01:02:32,643 --> 01:02:33,603
Thank you.

922
01:02:33,683 --> 01:02:36,007
You need to know that I will what?

923
01:02:36,083 --> 01:02:37,763
That you'll step up.

924
01:02:39,363 --> 01:02:42,124
I have no doubt that
Sam will make the right decision.

925
01:02:42,202 --> 01:02:43,841
But just to make it clear,

926
01:02:43,842 --> 01:02:46,450
he and I have always had
the same interpretation of what's right,

927
01:02:48,443 --> 01:02:50,843
no matter how acute the situation.

928
01:05:30,200 --> 01:05:31,839
Jesus, that's a nice place.

929
01:05:31,840 --> 01:05:34,044
Yeah, it is. He just bought it.

930
01:05:35,601 --> 01:05:37,281
I hope it was with cash.

931
01:05:38,361 --> 01:05:40,925
Fuck me,
you're a heartless little shit sometimes.

932
01:05:42,680 --> 01:05:44,121
And it wasn't.

933
01:05:45,880 --> 01:05:48,128
Don't touch any of the buttons.

934
01:05:54,281 --> 01:05:56,441
- What are you doing here?
- Hey.

935
01:06:03,000 --> 01:06:06,044
So, Peter finished the model
you were working on.

936
01:06:06,680 --> 01:06:07,804
Really?

937
01:06:08,240 --> 01:06:09,681
It caused a shit storm.

938
01:06:10,160 --> 01:06:11,568
I bet it did.

939
01:06:12,600 --> 01:06:13,888
You think he's right?

940
01:06:14,640 --> 01:06:16,244
I know he's right.

941
01:06:18,400 --> 01:06:19,447
Fuck.

942
01:06:21,400 --> 01:06:22,688
All right.

943
01:06:27,640 --> 01:06:29,888
So Jared Cohen called
an emergency meeting

944
01:06:29,960 --> 01:06:31,521
with the senior partners last night.

945
01:06:31,800 --> 01:06:34,080
And based on your findings,

946
01:06:34,160 --> 01:06:37,248
they've decided to liquidate
our entire position.

947
01:06:37,800 --> 01:06:38,760
Today.

948
01:06:41,160 --> 01:06:43,124
I'm very sorry about that.

949
01:06:49,320 --> 01:06:52,364
They're worried about you being out here
and they want me to bring you back.

950
01:06:53,039 --> 01:06:54,206
Please.

951
01:06:54,760 --> 01:06:56,478
I'm just saying.

952
01:06:56,479 --> 01:06:58,039
- Fuck them. Fuck them.
- Eric...

953
01:06:58,040 --> 01:07:00,604
- Don't be rash.
- Forget it. I signed my paper. I'm out.

954
01:07:00,680 --> 01:07:03,080
- They'll pay you.
- They got nothing on me.

955
01:07:03,160 --> 01:07:04,207
They'll pay you.

956
01:07:05,040 --> 01:07:07,168
I've been paid enough already.

957
01:07:11,080 --> 01:07:12,159
Fuck.

958
01:07:15,319 --> 01:07:17,687
Do you know I built a bridge once?

959
01:07:18,439 --> 01:07:20,087
- Sorry?
- A bridge.

960
01:07:21,240 --> 01:07:22,920
No, I didn't know that.

961
01:07:22,999 --> 01:07:25,127
I was an engineer by trade.

962
01:07:27,280 --> 01:07:31,164
It went from Dilles Bottom, Ohio,
to Moundsville, West Virginia.

963
01:07:31,239 --> 01:07:33,918
It spanned 912 feet above the Ohio River.

964
01:07:33,919 --> 01:07:36,407
12,100 people use this thing a day.

965
01:07:37,159 --> 01:07:40,367
And it cut out 35 miles
of extra driving each way

966
01:07:40,439 --> 01:07:42,763
between Wheeling and New Martinsville.

967
01:07:42,839 --> 01:07:47,564
That's a combined 847,000 miles
of driving a day.

968
01:07:48,999 --> 01:07:52,643
Or 25,410,000 miles a month.

969
01:07:54,199 --> 01:08:00,168
And 304,920,000 miles a year saved.

970
01:08:01,399 --> 01:08:05,404
Now, I completed that project in 1986.
That's 22 years ago.

971
01:08:06,439 --> 01:08:08,523
So over the life of that one bridge,

972
01:08:08,598 --> 01:08:14,447
that's 6,708,240,000 miles

973
01:08:14,518 --> 01:08:17,237
that haven't had to be driven at...

974
01:08:17,238 --> 01:08:19,562
What? Let's say 50 miles an hour.

975
01:08:19,639 --> 01:08:21,647
So that's what?

976
01:08:21,719 --> 01:08:25,243
That's 134,164,800 hours.

977
01:08:25,319 --> 01:08:28,243
Or 559,020 days.

978
01:08:29,399 --> 01:08:31,517
So that one little bridge
has saved the people

979
01:08:31,518 --> 01:08:32,806
of those two communities a combined

980
01:08:32,878 --> 01:08:36,206
1,531 years of their lives

981
01:08:37,199 --> 01:08:39,327
not wasted in a fucking car.

982
01:08:42,999 --> 01:08:46,119
1,531 years.

983
01:08:46,679 --> 01:08:47,803
Jesus.

984
01:08:58,838 --> 01:09:01,446
I guess you better get back over there.

985
01:09:05,318 --> 01:09:06,398
Yeah.

986
01:09:10,078 --> 01:09:11,878
Thanks for coming by.

987
01:09:11,958 --> 01:09:13,441
You're welcome.

988
01:09:17,478 --> 01:09:18,886
Who the fuck is this?

989
01:09:18,958 --> 01:09:21,397
I would imagine it's the firm's people.

990
01:09:21,398 --> 01:09:22,565
What?

991
01:09:22,998 --> 01:09:25,246
They don't want any loose ends.

992
01:09:26,718 --> 01:09:29,086
They fired me. Fuck them. Fuck them.

993
01:09:29,358 --> 01:09:32,686
I totally agree. Fuck them.
So come back, take the money,

994
01:09:32,758 --> 01:09:34,397
you'll be home by 5:00.

995
01:09:34,398 --> 01:09:36,002
Otherwise, they're going to
fight you on everything.

996
01:09:36,003 --> 01:09:39,206
They're going to fight you
on your package, your options, everything.

997
01:09:39,838 --> 01:09:41,081
Be smart.

998
01:09:47,158 --> 01:09:49,526
Well, you're a better man than me.

999
01:09:50,198 --> 01:09:52,762
- That's always been true.
- Yes, it has.

1000
01:09:58,037 --> 01:09:59,521
House looks good.

1001
01:10:01,117 --> 01:10:02,285
Thanks.

1002
01:10:03,717 --> 01:10:05,005
Hey, Eric.

1003
01:10:05,798 --> 01:10:08,886
Don't beat yourself up too much
about this stuff, all right?

1004
01:10:10,157 --> 01:10:13,245
Some people like driving
the long way home.

1005
01:10:13,317 --> 01:10:15,281
Who the fuck knows, right?

1006
01:10:46,237 --> 01:10:47,645
There he is.

1007
01:10:48,877 --> 01:10:50,001
John.

1008
01:10:51,557 --> 01:10:53,161
How's it looking?

1009
01:10:53,837 --> 01:10:56,445
Cohen's doing a nice job. It could work.

1010
01:10:56,876 --> 01:10:58,557
What does that mean?

1011
01:10:59,917 --> 01:11:01,204
It means,

1012
01:11:01,717 --> 01:11:03,484
as you very well know,

1013
01:11:04,436 --> 01:11:07,524
that you're a very important piece
of this puzzle.

1014
01:11:38,236 --> 01:11:39,841
That's very generous.

1015
01:11:40,396 --> 01:11:41,717
It's not a gift.

1016
01:11:41,996 --> 01:11:44,560
I need to know you're with me on this.

1017
01:11:47,716 --> 01:11:49,277
I'm with the firm, John.

1018
01:11:51,956 --> 01:11:54,237
I won't get what I need from your boys
on the floor

1019
01:11:54,316 --> 01:11:55,517
unless they believe you.

1020
01:11:57,596 --> 01:12:00,237
Unless they believe in you completely.

1021
01:12:04,316 --> 01:12:06,041
Are you in on this?

1022
01:12:07,635 --> 01:12:09,240
I've told you my reservations.

1023
01:12:09,555 --> 01:12:11,400
You can't have reservations.

1024
01:12:12,636 --> 01:12:14,523
And I need to know now.

1025
01:12:16,756 --> 01:12:20,444
Well, John, I am completely with the firm,
as I always have been.

1026
01:12:20,516 --> 01:12:21,804
Excuse me.

1027
01:12:48,835 --> 01:12:51,083
All right, Will, am I getting fired?

1028
01:12:51,876 --> 01:12:53,283
I don't know.

1029
01:12:56,475 --> 01:12:57,555
Yeah.

1030
01:12:58,675 --> 01:13:00,519
Almost definitely. Yes.

1031
01:13:02,995 --> 01:13:04,556
- Are you?
- No.

1032
01:13:07,075 --> 01:13:08,439
Seth, it's nothing you did.

1033
01:13:08,440 --> 01:13:10,596
You're just in the wrong firm
at the wrong time.

1034
01:13:10,675 --> 01:13:13,076
Young guys are always
the first to get culled.

1035
01:13:13,475 --> 01:13:15,843
Listen, nothing I'm gonna say
is going to make you feel any better.

1036
01:13:15,844 --> 01:13:19,436
It's just going to suck for a while,
and then you'll be fine.

1037
01:13:23,555 --> 01:13:24,756
You all right?

1038
01:13:26,595 --> 01:13:28,123
Yeah. I'm fine.

1039
01:13:28,715 --> 01:13:32,196
For what it's worth,
I'm sorry this is happening to you.

1040
01:13:33,715 --> 01:13:35,994
Don't be. You didn't do it to me.

1041
01:13:35,995 --> 01:13:38,876
Still, at least you're going to have
some nice cash to walk away with.

1042
01:13:39,315 --> 01:13:40,755
I guess.

1043
01:13:40,835 --> 01:13:42,363
Shit, this is really
going to affect people.

1044
01:13:42,435 --> 01:13:43,962
Yeah, it's going to affect people like me.

1045
01:13:44,035 --> 01:13:46,763
No. No. Real people.

1046
01:13:47,395 --> 01:13:48,922
Jesus, Seth.

1047
01:13:48,994 --> 01:13:50,837
Listen, if you really want to
do this with your life,

1048
01:13:50,838 --> 01:13:52,919
you have to believe you're necessary.
And you are.

1049
01:13:53,435 --> 01:13:55,037
People want to live like
this, in their cars

1050
01:13:55,038 --> 01:13:57,402
and the big fucking houses
they can't even pay for,

1051
01:13:57,475 --> 01:13:58,916
then you're necessary.

1052
01:13:58,994 --> 01:14:01,714
The only reason that they all get to
continue living like kings

1053
01:14:01,715 --> 01:14:04,596
is because we've got our fingers
on the scales in their favor.

1054
01:14:04,674 --> 01:14:06,673
I take my hand off,

1055
01:14:06,674 --> 01:14:10,393
then the whole world gets really
fucking fair really fucking quickly,

1056
01:14:10,394 --> 01:14:13,122
and nobody actually wants that.
They say they do, but they don't

1057
01:14:13,194 --> 01:14:15,159
They want what we have to give them,

1058
01:14:15,234 --> 01:14:17,602
but they also want to play innocent

1059
01:14:17,674 --> 01:14:19,398
and pretend they have no idea
where it came from.

1060
01:14:19,474 --> 01:14:21,274
That's more hypocrisy
than I'm willing to swallow.

1061
01:14:21,354 --> 01:14:23,918
So fuck... Fuck normal people.

1062
01:14:24,554 --> 01:14:28,199
The funny thing is, tomorrow,
if all of this goes tits up

1063
01:14:28,514 --> 01:14:31,679
they're going to crucify us
for being too reckless.

1064
01:14:31,755 --> 01:14:33,555
But if we're wrong

1065
01:14:33,634 --> 01:14:36,155
and everything gets back on track,

1066
01:14:36,234 --> 01:14:38,673
then the same people are going to
laugh till they piss their pants,

1067
01:14:38,674 --> 01:14:40,158
'cause we're gonna look like
the biggest pussies

1068
01:14:40,234 --> 01:14:42,362
God ever let through the door.

1069
01:14:46,354 --> 01:14:47,762
You think we're going to be wrong?

1070
01:14:50,194 --> 01:14:51,994
No, they're all fucked.

1071
01:15:07,153 --> 01:15:08,277
Good morning.

1072
01:15:08,994 --> 01:15:10,118
Peter.

1073
01:15:10,674 --> 01:15:12,114
You want one?

1074
01:15:12,793 --> 01:15:13,917
I don't smoke.

1075
01:15:13,994 --> 01:15:16,155
Oh, that's good. I don't much either.

1076
01:15:28,354 --> 01:15:29,642
You tired?

1077
01:15:30,594 --> 01:15:33,398
Of what? Remember,
I don't work as hard as you.

1078
01:15:33,474 --> 01:15:34,521
That's not true.

1079
01:15:34,593 --> 01:15:36,273
No, it is, actually.

1080
01:15:40,073 --> 01:15:41,601
We all getting fired tonight?

1081
01:15:41,674 --> 01:15:42,874
Probably.

1082
01:15:44,113 --> 01:15:46,232
Are they going to fire you?

1083
01:15:46,233 --> 01:15:48,481
They won't exactly call it that.

1084
01:15:50,073 --> 01:15:51,633
It'll be a mercy killing, really.

1085
01:15:51,714 --> 01:15:54,518
You don't have to stand out here for me.

1086
01:15:54,594 --> 01:15:55,957
No, I don't

1087
01:15:56,593 --> 01:15:59,321
really want to go back in there just yet.

1088
01:15:59,793 --> 01:16:01,398
I understand that.

1089
01:16:03,633 --> 01:16:05,314
I think I know your son.

1090
01:16:05,673 --> 01:16:06,917
Really?

1091
01:16:06,993 --> 01:16:10,081
Not well, but he always seemed
like a nice person.

1092
01:16:10,673 --> 01:16:12,320
He is a nice person.

1093
01:16:12,793 --> 01:16:15,761
I guess you could say worse things
about a guy.

1094
01:16:16,553 --> 01:16:18,997
Does he know what's about to happen?

1095
01:16:19,473 --> 01:16:20,913
What do you mean?

1096
01:16:21,993 --> 01:16:23,673
Did you talk to him?

1097
01:16:24,753 --> 01:16:26,794
No, I hadn't even thought...

1098
01:16:33,473 --> 01:16:35,481
They are all coming in now.

1099
01:16:36,673 --> 01:16:38,157
Yes, they are.

1100
01:16:43,113 --> 01:16:45,633
Have you ever done anything like this?

1101
01:16:46,233 --> 01:16:48,436
No, never. Not even close.

1102
01:16:51,873 --> 01:16:52,952
Yeah.

1103
01:16:55,832 --> 01:16:58,200
Are you sure it's the only,

1104
01:16:59,672 --> 01:17:01,592
or the right thing to do?

1105
01:17:04,793 --> 01:17:06,037
For who?

1106
01:17:08,513 --> 01:17:09,921
I'm not sure.

1107
01:17:10,712 --> 01:17:12,152
Neither am I.

1108
01:17:45,151 --> 01:17:46,395
Oh, God.

1109
01:18:51,991 --> 01:18:53,432
You all right?

1110
01:18:55,511 --> 01:18:57,398
You're about to fire me.

1111
01:19:12,790 --> 01:19:16,272
This is all I ever wanted to do.

1112
01:19:23,190 --> 01:19:24,434
Really?

1113
01:19:51,951 --> 01:19:54,198
They're almost ready for you,
Ms. Robertson. Couple of minutes.

1114
01:19:58,831 --> 01:20:00,194
You as well?

1115
01:20:00,910 --> 01:20:02,034
Yes.

1116
01:20:02,710 --> 01:20:04,030
- Jesus.
- Yeah.

1117
01:20:06,791 --> 01:20:08,471
- Sorry.
- Thank you.

1118
01:20:22,830 --> 01:20:26,071
I didn't think they were going to
be able to get you back here.

1119
01:20:27,990 --> 01:20:29,592
Well, they told me they were going to

1120
01:20:29,593 --> 01:20:31,838
drag me through hell on everything
over the next two years,

1121
01:20:31,909 --> 01:20:33,918
my options, my health care.

1122
01:20:34,550 --> 01:20:36,917
Or I could come back here and make

1123
01:20:37,870 --> 01:20:41,591
$176,471 an hour

1124
01:20:41,950 --> 01:20:44,033
to sit quietly in this room.

1125
01:20:45,470 --> 01:20:47,674
Didn't seem like much of a choice.

1126
01:20:48,590 --> 01:20:50,030
It never is.

1127
01:20:54,470 --> 01:20:58,071
Obviously, looking back,
it was expressed with

1128
01:20:59,069 --> 01:21:00,869
insufficient urgency,

1129
01:21:01,709 --> 01:21:05,070
but your point was passed on.
I need you to know that.

1130
01:21:05,630 --> 01:21:06,634
Eric.

1131
01:21:07,149 --> 01:21:09,594
It's okay. I understand.

1132
01:21:09,669 --> 01:21:12,310
Believe me. There was nothing else
you could have done.

1133
01:21:13,069 --> 01:21:14,357
I guess.

1134
01:21:17,270 --> 01:21:20,478
At the time, it didn't seem like
there was much of a choice.

1135
01:21:21,269 --> 01:21:22,752
It never does.

1136
01:21:32,949 --> 01:21:34,673
You have kids, yeah?

1137
01:21:44,269 --> 01:21:46,997
So, what's your package going to be like?

1138
01:21:49,429 --> 01:21:52,113
I don't know.
That's what I'm waiting for now.

1139
01:21:52,709 --> 01:21:54,989
It's probably going to be pretty good.

1140
01:21:56,269 --> 01:21:57,709
It better be.

1141
01:22:12,749 --> 01:22:16,267
Thank you all for coming in
a little early this morning.

1142
01:22:16,268 --> 01:22:17,469
I know yesterday was pretty bad,

1143
01:22:17,548 --> 01:22:19,468
and I wish I could say that
today's gonna be less so,

1144
01:22:19,469 --> 01:22:21,716
but that isn't going to be the case.

1145
01:22:21,788 --> 01:22:23,708
Now, I'm supposed to read
this statement to you all here.

1146
01:22:23,789 --> 01:22:25,229
But why don't you just
read it on your own time,

1147
01:22:25,309 --> 01:22:27,829
and I'll just tell you
what the fuck is going on here.

1148
01:22:28,829 --> 01:22:32,909
I've been here all night
meeting with the executive committee,

1149
01:22:33,909 --> 01:22:36,948
and the decision has been made
to unwind a considerable portion

1150
01:22:36,949 --> 01:22:40,189
of the firm's holdings
and several key asset classes.

1151
01:22:42,989 --> 01:22:45,716
The crux of it is, in the firm's thinking,

1152
01:22:46,348 --> 01:22:48,868
the party is over as of this morning.

1153
01:22:49,588 --> 01:22:53,909
There's gonna be considerable turmoil
in the markets for the foreseeable future,

1154
01:22:53,988 --> 01:22:58,996
and they believe it is better
that this turmoil begin with us.

1155
01:23:00,588 --> 01:23:02,268
As a result,

1156
01:23:02,348 --> 01:23:04,792
the firm has decided to liquidate

1157
01:23:04,868 --> 01:23:08,993
its majority position
of fixed income MBS today.

1158
01:23:10,987 --> 01:23:12,471
These are your packets.

1159
01:23:12,548 --> 01:23:15,952
You will see what accounts
you're responsible for today.

1160
01:23:17,068 --> 01:23:19,436
I'm sure it hasn't taken you long

1161
01:23:20,828 --> 01:23:23,346
to understand the implications of this sale

1162
01:23:23,347 --> 01:23:25,266
on your relationships
with your counterparties

1163
01:23:25,267 --> 01:23:26,872
and, as a result,

1164
01:23:28,308 --> 01:23:29,355
on your careers.

1165
01:23:30,028 --> 01:23:34,033
I have expressed this reality
to the executive committee,

1166
01:23:34,108 --> 01:23:35,548
and they understand.

1167
01:23:35,827 --> 01:23:37,267
As a result,

1168
01:23:37,268 --> 01:23:40,786
if you achieve a 93% sale of your assets,

1169
01:23:40,787 --> 01:23:45,708
you will receive
a $1.4 million one-off bonus.

1170
01:23:45,987 --> 01:23:49,871
If the floor as a whole
achieves a 93% sale,

1171
01:23:50,308 --> 01:23:55,437
you will get an additional
$1.3 million apiece.

1172
01:23:56,748 --> 01:23:59,672
For those of you who have
never been through this before,

1173
01:23:59,747 --> 01:24:02,355
this is what the beginning
of a fire sale looks like.

1174
01:24:02,587 --> 01:24:06,068
I cannot begin to tell you how important
the first hour and a half is gonna be.

1175
01:24:06,147 --> 01:24:08,592
I want you to hit every bite you can find.

1176
01:24:08,667 --> 01:24:12,586
Dealers, brokers, clients.
Your mother, if she's buying.

1177
01:24:12,587 --> 01:24:14,671
And, no swaps.

1178
01:24:15,507 --> 01:24:17,548
It's outgoing only. Today.

1179
01:24:20,787 --> 01:24:25,074
Obviously, this is not going down
the way that any of us would have hoped.

1180
01:24:25,787 --> 01:24:28,586
But the ground is shifting below our feet,

1181
01:24:28,587 --> 01:24:31,315
and apparently there's no other way out.

1182
01:24:49,346 --> 01:24:50,394
Guys,

1183
01:24:53,067 --> 01:24:56,111
this is obviously
a very, very unique situation.

1184
01:24:57,026 --> 01:24:59,465
If we are successful today,

1185
01:24:59,466 --> 01:25:02,914
we will have been successful
in destroying our own jobs.

1186
01:25:04,426 --> 01:25:07,350
I cannot promise that
any of you, all of you,

1187
01:25:08,187 --> 01:25:11,231
some of you will be
repositioned within the firm.

1188
01:25:12,506 --> 01:25:17,351
But I can tell you that I am very proud of
the work that we have done here together.

1189
01:25:19,426 --> 01:25:23,147
I've been at this place 34 years,

1190
01:25:24,226 --> 01:25:26,594
and I can tell you from experience
that people are going to say

1191
01:25:26,666 --> 01:25:29,705
some very nasty things
about what we do here today

1192
01:25:29,706 --> 01:25:33,275
and about what you've dedicated
a portion of your lives to.

1193
01:25:34,026 --> 01:25:35,030
But,

1194
01:25:36,186 --> 01:25:40,791
have faith that in the bigger picture,
our skills have not been wasted.

1195
01:25:41,546 --> 01:25:43,505
We have accomplished much,

1196
01:25:43,506 --> 01:25:46,310
and our talents have been used

1197
01:25:48,586 --> 01:25:50,430
for the greater good.

1198
01:25:51,266 --> 01:25:53,547
Here's your packets. Get to work.

1199
01:26:27,626 --> 01:26:29,546
<i>- City this is Eric.
- Give me Elliot.</i>

1200
01:26:30,825 --> 01:26:32,471
<i>- City.
- Hey, it's Will Emerson.</i>

1201
01:26:32,472 --> 01:26:33,543
<i>William, how are you?</i>

1202
01:26:33,544 --> 01:26:35,311
I'm all right.
How's the trouble and strife?

1203
01:26:35,312 --> 01:26:36,473
<i>Busting my ass, as always.</i>

1204
01:26:36,546 --> 01:26:39,066
You see, that's what I tried to tell you,
John. Why do you think I'm single?

1205
01:26:39,146 --> 01:26:40,944
<i>I know you did.
What can I do for you?</i>

1206
01:26:40,945 --> 01:26:42,593
Listen. I just got the tap on my shoulder,

1207
01:26:42,665 --> 01:26:44,585
and we've got some risk over here
that we need to move.

1208
01:26:44,586 --> 01:26:46,864
So today it looks like
my loss is your gain.

1209
01:26:46,865 --> 01:26:48,153
<i>What kind of size are we talking?</i>

1210
01:26:48,225 --> 01:26:50,344
It should be on your screen.
I just sent it.

1211
01:26:50,345 --> 01:26:51,993
<i>Jesus! Where does this land?</i>

1212
01:26:52,065 --> 01:26:53,864
<i>- 96 on the dollar.
- 91.</i>

1213
01:26:53,865 --> 01:26:55,349
All three and we're done at 94.

1214
01:26:55,425 --> 01:26:57,389
<i>- Ninety-three and a half
- Done.</i>

1215
01:26:59,306 --> 01:27:00,669
<i>- Trading.
- Hello, gorgeous.</i>

1216
01:27:00,745 --> 01:27:02,349
<i>Will, what's happening over there?</i>

1217
01:27:02,425 --> 01:27:03,866
Well, today's moving day.

1218
01:27:03,945 --> 01:27:05,713
<i>Fuck are you guys so
worked up about?</i>

1219
01:27:05,714 --> 01:27:09,469
You think they tell me anything? All I know
is that today, my loss is your gain.

1220
01:27:09,545 --> 01:27:11,629
Now you're a friendly,
so I've come to you first.

1221
01:27:11,705 --> 01:27:15,504
I got 270 mil at 15 year
paying out a point and a half above par.

1222
01:27:15,539 --> 01:27:18,232
<i>- Where's it from?
- Where's it from? Do you care?</i>

1223
01:27:18,625 --> 01:27:19,792
<i>No, not really.</i>

1224
01:27:19,865 --> 01:27:21,588
<i>Now, where's the trade?
I'm hearing things...</i>

1225
01:27:21,589 --> 01:27:23,309
<i>- Alexis...
- You guys are scaring me a little.</i>

1226
01:27:23,385 --> 01:27:26,353
I'm only sharing this
with you right now. 85.

1227
01:27:27,705 --> 01:27:28,709
<i>Done.</i>

1228
01:27:30,864 --> 01:27:33,112
<i>- Deutsche.
- It's Will Emerson.</i>

1229
01:27:33,185 --> 01:27:34,985
<i>Fuck you, you limey bastard.</i>

1230
01:27:35,065 --> 01:27:36,593
Come on, are you still angry about that?

1231
01:27:36,594 --> 01:27:38,833
<i>Word is out. I'm hanging up now.</i>

1232
01:27:40,145 --> 01:27:41,553
<i>- Merrill.
- Lawrence!</i>

1233
01:27:41,625 --> 01:27:43,512
<i>What the fuck are
you guys doing over there?</i>

1234
01:27:43,585 --> 01:27:45,746
<i>- Just a little spring cleaning.
- That is not what I'm hearing.</i>

1235
01:27:45,824 --> 01:27:47,385
All right, Lawrence, are you a buyer?

1236
01:27:47,464 --> 01:27:49,264
<i>I'm not sure any more. Where at?</i>

1237
01:27:49,345 --> 01:27:50,949
Well, it sounds like
I should be asking you where at.

1238
01:27:51,105 --> 01:27:52,152
<i>What are we talking about here?</i>

1239
01:27:52,225 --> 01:27:54,503
Three hundred seventy-five mil
at 30 year mixed.

1240
01:27:54,504 --> 01:27:56,872
<i>- Fuck me.
- Are you with me on this?</i>

1241
01:27:57,504 --> 01:27:59,708
<i>- Sixty-three cents.
- Oh, fuck you. I'm hanging up.</i>

1242
01:27:59,785 --> 01:28:01,225
<i>Sixty-three.</i>

1243
01:28:01,985 --> 01:28:04,113
Let me call my man here.
I'll come back to you in five.

1244
01:28:04,114 --> 01:28:06,224
<i>It may be 55 in 5.</i>

1245
01:28:06,225 --> 01:28:08,986
Well, all right, then. Stay on the line.

1246
01:28:09,064 --> 01:28:11,183
Sam, pick up the phone.

1247
01:28:11,184 --> 01:28:13,552
<i>- Sam, get on the line!
- Yeah.</i>

1248
01:28:13,625 --> 01:28:15,152
<i>- I got Lawrence at Merrill.
- Where are we?</i>

1249
01:28:15,224 --> 01:28:16,904
<i>- Sixty-three cents.
- Jesus.</i>

1250
01:28:16,984 --> 01:28:19,343
<i>- On what?
- 375 mix 30.</i>

1251
01:28:19,344 --> 01:28:20,904
<i>Get him to 65 and hit it.</i>

1252
01:28:20,905 --> 01:28:22,825
Are you fucking kidding me? That's...

1253
01:28:22,904 --> 01:28:26,189
What is that? That's a $131
million loss on a single trade.

1254
01:28:26,265 --> 01:28:28,349
<i>I understand. Hit it.</i>

1255
01:28:29,584 --> 01:28:32,268
Hey, Lawrence. We're fill or kill at 65.

1256
01:28:32,584 --> 01:28:33,708
<i>It's filled.</i>

1257
01:28:56,384 --> 01:28:57,628
Well done.

1258
01:29:04,384 --> 01:29:05,868
I just want to give you a heads up.

1259
01:29:05,943 --> 01:29:09,064
They're going to start sending
a few people home now.

1260
01:29:11,464 --> 01:29:12,468
Now?

1261
01:29:12,543 --> 01:29:14,431
Yes, Sam. No loose ends.

1262
01:29:20,583 --> 01:29:21,871
Of course.

1263
01:29:23,144 --> 01:29:25,031
And for what it's worth,

1264
01:29:26,024 --> 01:29:27,628
you're still good.

1265
01:29:30,424 --> 01:29:33,544
Yeah, I guess someone upstairs
really likes you.

1266
01:30:25,783 --> 01:30:26,862
Sam.

1267
01:30:28,263 --> 01:30:29,746
Please, sit.

1268
01:30:29,823 --> 01:30:32,311
Congratulations are clearly in order.

1269
01:30:33,022 --> 01:30:35,150
They did the best they could.

1270
01:30:35,943 --> 01:30:39,707
You did a hell of a job.
And I thank you for it. Come on, sit.

1271
01:30:40,422 --> 01:30:41,666
Excuse me for eating,

1272
01:30:43,462 --> 01:30:45,143
but it's been a long day.

1273
01:30:45,222 --> 01:30:48,146
- Can I get you something?
- No, nothing. Thanks.

1274
01:30:51,262 --> 01:30:53,106
So, what can I do for you?

1275
01:30:53,182 --> 01:30:54,623
I want out.

1276
01:30:56,102 --> 01:30:57,947
I'm done. I want out.

1277
01:31:00,182 --> 01:31:02,986
- It's been a very difficult day for everyone.
- I need you to release my options,

1278
01:31:02,987 --> 01:31:05,541
if they're worth anything after today.
I want my bonus. I'm out.

1279
01:31:05,542 --> 01:31:08,303
You'll get your bonus, your options,
and keep your current base.

1280
01:31:08,382 --> 01:31:11,666
But I need you to stay with me
for the next 24 months, okay?

1281
01:31:15,462 --> 01:31:17,381
Oh, come on, Sam.

1282
01:31:17,382 --> 01:31:18,506
Put a smile on your face.

1283
01:31:18,507 --> 01:31:21,381
You did some good today.
You said that yourself.

1284
01:31:21,382 --> 01:31:24,590
Do you know, I'm starting to feel
a little better about this whole thing.

1285
01:31:26,662 --> 01:31:29,423
You're one of the luckiest guys
in the world, Sam.

1286
01:31:29,501 --> 01:31:31,269
Could have been digging
ditches all these years.

1287
01:31:32,422 --> 01:31:33,710
That's true.

1288
01:31:33,782 --> 01:31:37,503
And if I had, at least there'd be
some holes in the ground to show for it.

1289
01:31:39,142 --> 01:31:40,141
Jesus.

1290
01:31:40,142 --> 01:31:43,470
I just don't know
how we fucked this up quite so much.

1291
01:31:47,302 --> 01:31:49,266
When did you start feeling
so sorry for yourself?

1292
01:31:49,267 --> 01:31:51,061
It's unbearable. What?

1293
01:31:51,622 --> 01:31:54,862
So you think we might have put
a few people out of business today.

1294
01:31:54,942 --> 01:31:56,742
That's all for naught.

1295
01:31:57,621 --> 01:32:01,505
But you've been doing that every day
for almost 40 years, Sam.

1296
01:32:02,741 --> 01:32:06,506
And if this is all for naught,
then so is everything out there.

1297
01:32:09,141 --> 01:32:10,789
It's just money.

1298
01:32:11,381 --> 01:32:12,909
It's made up,

1299
01:32:13,861 --> 01:32:15,225
pieces of paper with pictures on it

1300
01:32:15,301 --> 01:32:19,065
so that we don't have to kill each other
just to get something to eat.

1301
01:32:19,621 --> 01:32:21,062
It's not wrong.

1302
01:32:21,541 --> 01:32:24,585
And it's certainly no different today
than it's ever been.

1303
01:32:25,901 --> 01:32:28,662
1637, 1797,

1304
01:32:28,741 --> 01:32:32,941
1819,1837, 1857,1884,

1305
01:32:34,781 --> 01:32:36,745
1901, 1907,

1306
01:32:37,181 --> 01:32:40,105
1929, 1937, 1974,

1307
01:32:40,861 --> 01:32:43,785
1987, Jesus.
Didn't that fucker fuck me up good.

1308
01:32:43,861 --> 01:32:46,862
1992, 1997, 2000,
and whatever we want to call this.

1309
01:32:46,941 --> 01:32:50,705
It's all just the same thing, over and over.
We can't help ourselves.

1310
01:32:51,500 --> 01:32:54,980
And you and I can't control it

1311
01:32:54,981 --> 01:32:57,742
or stop it or even slow it.

1312
01:32:57,820 --> 01:32:59,981
Or even ever so slightly alter it.

1313
01:33:00,901 --> 01:33:02,384
We just react.

1314
01:33:03,221 --> 01:33:05,425
And we make a lot of money
if we get it right.

1315
01:33:05,500 --> 01:33:08,349
And we get left by the side of the road
if we get it wrong.

1316
01:33:08,421 --> 01:33:10,188
And there have always been
and there always will be

1317
01:33:10,261 --> 01:33:11,865
the same percentage of winners and losers,

1318
01:33:11,940 --> 01:33:13,228
happy fucks and sad sacks,

1319
01:33:13,301 --> 01:33:15,985
fat cats and starving dogs in this world.

1320
01:33:17,941 --> 01:33:18,988
Yeah.

1321
01:33:20,421 --> 01:33:23,339
There may be more of us today
than there's ever been.

1322
01:33:23,340 --> 01:33:26,625
But the percentages,
they stay exactly the same.

1323
01:33:45,340 --> 01:33:49,059
I'll do it, John,
but not because of your little speech.

1324
01:33:49,060 --> 01:33:51,189
But because I need the money.

1325
01:33:52,500 --> 01:33:56,942
Hard to believe after all these years,
but I need the money.

1326
01:34:00,260 --> 01:34:01,427
This is the executive dining room.

1327
01:34:01,500 --> 01:34:04,020
- Do you want coffee or tea?
- No.

1328
01:34:08,060 --> 01:34:09,947
You gonna keep the kid?

1329
01:34:11,380 --> 01:34:13,704
Keep him? He's getting promoted.

1330
01:34:14,500 --> 01:34:16,267
It's all hands on deck now, Sam.

1331
01:34:16,340 --> 01:34:18,664
There's going to be a lot of money
to be made coming out of this mess,

1332
01:34:18,665 --> 01:34:22,228
and we're gonna need
all the brains we can get around here.

1333
01:35:42,979 --> 01:35:44,267
Hello.

1334
01:35:45,659 --> 01:35:47,307
I've called the police.

1335
01:35:47,379 --> 01:35:48,503
Mary.

1336
01:35:49,139 --> 01:35:50,579
- Sam.
- Yep.

1337
01:35:53,299 --> 01:35:54,979
What are you doing?

1338
01:36:10,299 --> 01:36:12,186
Sam, what are you doing?

1339
01:36:14,218 --> 01:36:15,702
Ella died.

1340
01:36:40,258 --> 01:36:44,546
I was driving home from the vet
and I couldn't think of where else to go.

1341
01:36:45,978 --> 01:36:48,663
- She belongs here.
- I know.

1342
01:36:48,738 --> 01:36:50,942
But, Sam, you don't live here anymore.

1343
01:36:56,858 --> 01:36:58,505
Are you all right?

1344
01:36:59,618 --> 01:37:01,462
You don't look so good.

1345
01:37:03,178 --> 01:37:05,262
Yeah, it's been a rough day
all the way around.

1346
01:37:05,338 --> 01:37:07,063
I know, Sammy called.

1347
01:37:07,458 --> 01:37:08,462
Is he all right?

1348
01:37:08,538 --> 01:37:11,462
They got hammered, but they got out alive.

1349
01:37:11,537 --> 01:37:12,585
Good.

1350
01:37:20,098 --> 01:37:22,421
Well, I'm gonna go back inside

1351
01:37:24,498 --> 01:37:25,906
and go back to bed.

1352
01:37:27,057 --> 01:37:29,818
The alarm is on, so don't try and break in.

1353
01:37:38,817 --> 01:37:40,617
Take care of yourself.