1 00:00:06,600 --> 00:00:08,080 Have you seen Pierpoint's stock price? 2 00:00:08,160 --> 00:00:09,360 You had a drink yet? 3 00:00:09,520 --> 00:00:11,600 The stock's fucking halved. Would you blame me? 4 00:00:12,000 --> 00:00:14,120 It was like Omaha Beach on the floor today. 5 00:00:15,000 --> 00:00:16,400 Serving Prosecco. 6 00:00:16,720 --> 00:00:17,920 Can't afford champagne. 7 00:00:18,000 --> 00:00:19,520 Screaming sell signal, no doubt. 8 00:00:19,600 --> 00:00:22,440 Yeah, I need you to come to the 13th floor immediately. 9 00:00:25,360 --> 00:00:26,680 - Yeah. - Yeah? 10 00:00:33,320 --> 00:00:36,080 Hey, hey, why the fuck did they not cancel this party? 11 00:00:36,280 --> 00:00:37,680 It's too late. You got a... 12 00:00:38,480 --> 00:00:40,280 Haven't seen a day this bloody since '08. 13 00:00:40,480 --> 00:00:41,480 Don't go home. 14 00:00:41,720 --> 00:00:42,800 Yeah, it's worse there, don't worry. 15 00:00:42,880 --> 00:00:43,880 Don't go to the party. 16 00:00:43,960 --> 00:00:46,200 Whatever's left on the desk's books, however you're axed 17 00:00:46,280 --> 00:00:48,760 long, short, any product, get rid of it now. 18 00:00:48,920 --> 00:00:51,560 You've got one hour of US trading left 19 00:00:51,640 --> 00:00:52,920 then you need to trade Asia. 20 00:00:53,120 --> 00:00:55,320 People might not be trading with us come morning. 21 00:00:55,400 --> 00:00:58,200 Book any profit. Take any loss. 22 00:00:58,520 --> 00:00:59,720 Clean house. 23 00:01:00,520 --> 00:01:01,720 Hey... 24 00:01:01,920 --> 00:01:03,120 what's going on? 25 00:01:04,120 --> 00:01:05,520 The bell's tolling. 26 00:01:13,760 --> 00:01:14,760 How bad is it? 27 00:01:14,840 --> 00:01:16,440 We'll be talking about Pierpoint's stock price 28 00:01:16,520 --> 00:01:17,760 in cents, not dollars soon. 29 00:01:17,840 --> 00:01:20,080 The debt we issued to fund the ESG pivot has matured 30 00:01:20,160 --> 00:01:21,560 and our creditors are banging down our door 31 00:01:21,640 --> 00:01:23,200 - for money that isn't there. - How close are we 32 00:01:23,280 --> 00:01:25,000 - to declaring bankruptcy? - Hours. 33 00:01:25,200 --> 00:01:26,640 The counsel in this room are working avenues 34 00:01:26,720 --> 00:01:28,800 for a capital injection to buy us a stay of execution. 35 00:01:28,880 --> 00:01:30,160 That price is low... 36 00:01:32,040 --> 00:01:34,000 I haven't seen price action this aggressive 37 00:01:34,080 --> 00:01:35,600 - since Lehman Brothers. - All right. Excuse me. 38 00:01:36,320 --> 00:01:37,320 He's about to come on. 39 00:01:37,560 --> 00:01:39,680 Tom, he's about to come on. 40 00:01:46,520 --> 00:01:48,240 You have the Assistant Secretary. 41 00:01:49,200 --> 00:01:50,280 Graham Steele speaking. 42 00:01:50,360 --> 00:01:52,640 This is Tom Wolsey in dreary London. 43 00:01:52,920 --> 00:01:55,920 I'm told Wilhelmina brought you up to speed last night. 44 00:01:56,240 --> 00:01:58,920 Yeah, listen, I've reviewed your situation 45 00:01:59,000 --> 00:02:00,440 and it looks like you've positioned yourself 46 00:02:00,520 --> 00:02:02,240 as lender, buyer, and seller. 47 00:02:02,320 --> 00:02:04,520 Like J.P. Morgan with WeWork. 48 00:02:04,800 --> 00:02:06,880 Yeah, a one-stop shop. 49 00:02:07,480 --> 00:02:10,240 And you didn't think this was inappropriately high-risk? 50 00:02:11,320 --> 00:02:12,720 And incestuous? Yup. 51 00:02:12,800 --> 00:02:14,400 For the record, I think it was. 52 00:02:14,600 --> 00:02:17,200 We liked the risk-reward. 53 00:02:17,800 --> 00:02:19,760 In hindsight, not so much. 54 00:02:20,080 --> 00:02:22,240 We're looking for an emergency cash injection 55 00:02:22,320 --> 00:02:25,760 of around $15 billion in short order to plug the hole 56 00:02:25,840 --> 00:02:28,120 and give us a chance to restructure. 57 00:02:28,240 --> 00:02:32,440 Yeah, our current share price is $45. 58 00:02:32,640 --> 00:02:36,040 It's now 8.00pm UK, Thursday night. 59 00:02:36,280 --> 00:02:37,520 We need to resolve this 60 00:02:37,600 --> 00:02:41,800 before the US markets open on Friday, 2.30pm UK. 61 00:02:44,560 --> 00:02:45,760 Okay. 62 00:02:45,880 --> 00:02:48,080 I don't have the reach or frankly the influence 63 00:02:48,160 --> 00:02:49,360 to advise here. 64 00:02:50,160 --> 00:02:52,480 You're Assistant Secretary of the Treasury 65 00:02:52,560 --> 00:02:54,800 for Financial Institutions, Graham. 66 00:02:55,200 --> 00:02:57,400 If you don't have the authority to do your job 67 00:02:57,480 --> 00:02:59,360 I wanna speak to someone who can. 68 00:03:01,800 --> 00:03:05,000 I'm gonna pull the Treasury Secretary out of her 3.00pm, okay? 69 00:03:08,200 --> 00:03:10,200 Can you get me at least two more packs of this? 70 00:03:10,320 --> 00:03:11,640 If I run out, I'll have to light up 71 00:03:11,720 --> 00:03:13,840 then it'll all get a bit too Glengarry in here. 72 00:03:22,400 --> 00:03:24,440 The head of sales should be at the 150th party. 73 00:03:24,520 --> 00:03:25,520 Keep up appearances. 74 00:03:25,600 --> 00:03:27,440 Trying to contain the issue to this room is a... 75 00:03:28,000 --> 00:03:29,280 it's a fool's errand. 76 00:03:30,080 --> 00:03:31,280 You okay? 77 00:03:31,680 --> 00:03:33,000 Yeah, just a little... 78 00:03:33,200 --> 00:03:34,400 a foggy head. 79 00:03:35,000 --> 00:03:36,840 It's a little late for a fireside chat 80 00:03:36,920 --> 00:03:38,400 - don't you think? - I can stay. 81 00:03:38,720 --> 00:03:40,720 Our voice combined is a voice which speaks 82 00:03:40,800 --> 00:03:42,720 with the authority of half a century in this firm. 83 00:03:42,800 --> 00:03:44,000 This is an existential moment. 84 00:03:44,080 --> 00:03:45,720 There are multiple possible outcomes. 85 00:03:45,840 --> 00:03:48,200 So, let's not let them sell our soul 86 00:03:48,640 --> 00:03:50,720 just because there's a gun to our temple. 87 00:03:56,760 --> 00:03:58,080 Yeah, would you excuse us? 88 00:03:59,240 --> 00:04:02,240 I've spoken to the rest of the Hanani Publishing Board 89 00:04:02,320 --> 00:04:04,240 and we have decided unanimously 90 00:04:04,320 --> 00:04:08,080 that we are going to take care of the damages. 91 00:04:09,280 --> 00:04:10,600 We all just wanna move on. 92 00:04:10,800 --> 00:04:12,880 I'm sure you can empathize. 93 00:04:13,360 --> 00:04:16,560 But our PR team is working around the clock 94 00:04:16,640 --> 00:04:18,280 to stage manage this. 95 00:04:18,760 --> 00:04:21,800 And what we're getting is... 96 00:04:22,880 --> 00:04:26,560 the press want a public face 97 00:04:26,720 --> 00:04:27,880 for this scandal. 98 00:04:28,120 --> 00:04:30,240 What, given a dead one doesn't work, right? 99 00:04:31,360 --> 00:04:33,000 I mean, she's been through enough. 100 00:04:33,400 --> 00:04:35,120 We'd like to brief the press 101 00:04:35,200 --> 00:04:37,400 that you knew all about the embezzlement 102 00:04:37,480 --> 00:04:40,360 and we're its main beneficiary. 103 00:04:40,520 --> 00:04:42,640 Now, they won't be able to finger you 104 00:04:42,720 --> 00:04:44,880 from a legal standpoint but it will be good... 105 00:04:44,960 --> 00:04:46,440 You want her to wear the fucking Scarlett Letter? 106 00:04:46,520 --> 00:04:47,840 Do you know how this country works? 107 00:04:47,920 --> 00:04:50,200 I mean, they'll hang her up as a fucking effigy. 108 00:04:50,760 --> 00:04:52,040 It's a lot of money. 109 00:04:52,640 --> 00:04:53,920 Many millions. 110 00:04:54,280 --> 00:04:56,400 And it's the real world. 111 00:04:56,480 --> 00:04:57,680 You know, there are... 112 00:04:57,800 --> 00:05:00,920 caveats and stipulations to that kind of money. 113 00:05:01,000 --> 00:05:03,360 Yeah, but they'll flay me. 114 00:05:04,120 --> 00:05:05,920 And I mean, they're gonna love it. 115 00:05:07,080 --> 00:05:09,080 I... I didn't do anything. 116 00:05:09,160 --> 00:05:11,800 Come on, I didn't know anything. 117 00:05:11,880 --> 00:05:13,000 I mean, honestly? 118 00:05:13,080 --> 00:05:15,800 It... it doesn't particularly matter. 119 00:05:16,000 --> 00:05:17,480 The truth, it's... 120 00:05:17,960 --> 00:05:18,960 it's not important. 121 00:05:19,040 --> 00:05:23,360 What's important is what's expedient for all of us. 122 00:05:23,440 --> 00:05:25,040 You can't force her to do this. 123 00:05:25,120 --> 00:05:27,280 We are paying back the families. 124 00:05:27,360 --> 00:05:28,720 It's the decent thing to do. 125 00:05:28,800 --> 00:05:32,160 You wanna publicly shame a fucking girl who has nothing 126 00:05:32,240 --> 00:05:33,800 to the point of... 127 00:05:33,920 --> 00:05:36,040 never being able to live a normal life again. 128 00:05:36,120 --> 00:05:37,560 And you're... you're okay with that? 129 00:05:40,040 --> 00:05:41,360 Those are the terms. 130 00:05:42,600 --> 00:05:43,800 The... 131 00:05:44,200 --> 00:05:46,600 alternative is the legal route. 132 00:05:46,680 --> 00:05:49,080 We'll sue the Hanani family. 133 00:05:49,160 --> 00:05:51,280 We'll sue you to claim back 134 00:05:51,360 --> 00:05:52,600 some of the money we pay 135 00:05:52,680 --> 00:05:54,600 in settlement to your father's victims. 136 00:05:54,680 --> 00:05:55,880 It'll be long. 137 00:05:56,120 --> 00:05:57,320 By your own admission 138 00:05:57,520 --> 00:06:00,360 you aren't capitalized enough for that kind of fight. 139 00:06:02,480 --> 00:06:05,840 You well know the end of the story 140 00:06:06,360 --> 00:06:09,440 for young women who are hounded by the tabloids, right? 141 00:06:14,920 --> 00:06:16,200 Accept the money. 142 00:06:17,800 --> 00:06:21,720 Accept your family's culpability and get on with your life. 143 00:06:25,240 --> 00:06:26,440 What life? 144 00:06:28,360 --> 00:06:31,160 Her boob job's insane. 145 00:06:31,720 --> 00:06:33,840 Rish, why did you pull us out of the party, man? 146 00:06:33,920 --> 00:06:36,520 Yeah, man, I was chirpsing this absolute... 147 00:06:36,680 --> 00:06:39,400 - MILF from Risk. - Stop talking, listen. 148 00:06:39,480 --> 00:06:41,400 The 150 party is a sham. 149 00:06:42,680 --> 00:06:44,880 Have you noticed that none of the top brass are there? 150 00:06:46,880 --> 00:06:49,040 How could this day get any worse? 151 00:06:49,120 --> 00:06:51,400 - Insolvency? - The CEO and CFO 152 00:06:51,480 --> 00:06:52,800 were meant to be in London for it. 153 00:06:53,040 --> 00:06:54,240 Where are they? 154 00:06:54,840 --> 00:06:56,800 - Guys, they're upstairs! - I... 155 00:06:57,320 --> 00:06:58,840 I told you! 156 00:06:58,960 --> 00:07:00,840 That's why it's so fucking scrote in here. 157 00:07:00,920 --> 00:07:03,320 - Look. Look at the bins. - Fucking stinks. 158 00:07:03,400 --> 00:07:05,160 I haven't seen a cleaner on the floor for two days. 159 00:07:05,240 --> 00:07:06,760 Yeah, maybe admin payroll's goosed. 160 00:07:06,840 --> 00:07:08,800 Those at the bottom get fucked first. But listen... 161 00:07:09,200 --> 00:07:11,280 I am working on an off-ramp for us. 162 00:07:12,200 --> 00:07:13,920 We're gonna be a pod on the buy side. 163 00:07:14,000 --> 00:07:16,400 Yeah, why would you take us with you? 164 00:07:16,560 --> 00:07:19,240 Well, I need a doe-eyed little flirt for the front of the house. 165 00:07:20,760 --> 00:07:22,320 And Sweetpea's actually smart. 166 00:07:23,840 --> 00:07:25,960 Look, we all deserve better than this. 167 00:07:26,360 --> 00:07:27,960 Covered in grease, while the white gloves 168 00:07:28,040 --> 00:07:29,480 laugh at us upstairs. 169 00:07:29,960 --> 00:07:32,400 I can tell you as sure as Mother Theresa is in hell 170 00:07:32,480 --> 00:07:33,680 they're not thinking about us up there. 171 00:07:33,840 --> 00:07:35,040 I am. 172 00:07:35,120 --> 00:07:36,440 What happened to your arm, by the way? 173 00:07:36,520 --> 00:07:38,520 Walked into a door. Look, get on the phones 174 00:07:38,600 --> 00:07:40,520 and move every position I have, okay? 175 00:07:40,600 --> 00:07:42,280 Senior secured, AAA 176 00:07:42,360 --> 00:07:43,840 BBB, jewels, junk, the lot. 177 00:07:43,920 --> 00:07:45,200 Eric's mandated it. 178 00:07:45,520 --> 00:07:47,040 I'll work our lifeboat. Move! 179 00:07:50,920 --> 00:07:52,120 Do you believe him? 180 00:07:52,360 --> 00:07:53,800 Would you work on the buy side? 181 00:07:54,040 --> 00:07:55,240 Ultimately... 182 00:07:56,400 --> 00:07:58,400 your prognosis is we're dead anyway 183 00:07:58,480 --> 00:07:59,760 - right? - Yeah. 184 00:08:01,120 --> 00:08:03,720 Look, even if this place is burning down... 185 00:08:04,760 --> 00:08:06,440 he's still our boss, right? 186 00:08:13,440 --> 00:08:14,440 No! 187 00:08:14,640 --> 00:08:15,640 What is the point 188 00:08:15,720 --> 00:08:18,440 of making this whole desk's PNL look good 189 00:08:18,640 --> 00:08:20,160 if this goes under, right? 190 00:08:20,480 --> 00:08:21,680 It's like... 191 00:08:22,120 --> 00:08:24,080 it's deckchairs on the Titanic. 192 00:08:24,160 --> 00:08:26,760 It's... Come on, we could, like... 193 00:08:28,400 --> 00:08:29,600 We could, like... 194 00:08:29,720 --> 00:08:32,800 commemorate Pierpoint's last birthday 195 00:08:33,080 --> 00:08:37,000 by getting absolutely fucking hooned. 196 00:08:38,120 --> 00:08:40,640 How many people know Pierpoint's 150th is a wake? 197 00:08:40,720 --> 00:08:41,760 Look, listen, listen. 198 00:08:42,000 --> 00:08:43,760 How do you fancy a Trequartista 199 00:08:43,840 --> 00:08:45,440 as elegant as me on a Bosman? 200 00:08:45,680 --> 00:08:46,760 A "boss man"? 201 00:08:46,920 --> 00:08:49,000 We're not hiring new fund managers. 202 00:08:49,080 --> 00:08:50,560 You need an execution guy. 203 00:08:50,840 --> 00:08:52,680 Someone who can look at flows, levels 204 00:08:52,760 --> 00:08:54,120 make sure you're not mistiming things 205 00:08:54,200 --> 00:08:56,040 - and losing upside. - Really? 206 00:08:56,240 --> 00:08:58,600 You're not a little overqualified for that? 207 00:08:58,960 --> 00:09:00,560 You're not desperate, are you? 208 00:09:00,880 --> 00:09:03,040 All right, final offer, quid pro quo? 209 00:09:03,160 --> 00:09:06,240 Chatter is that LeviathanAlpha are short Pierpoint in size. 210 00:09:06,680 --> 00:09:08,800 I can give you live missives from the madhouse. 211 00:09:08,920 --> 00:09:10,440 Ear to the ground in the asylum. 212 00:09:10,520 --> 00:09:14,080 And help you manage when to take profit or stop out. 213 00:09:16,160 --> 00:09:18,640 Keep me up to date and maybe we're talking. 214 00:09:18,720 --> 00:09:20,000 And... and... 215 00:09:20,200 --> 00:09:23,240 I wanna bring two smart, cheap juniors with me. 216 00:09:23,840 --> 00:09:25,120 Sweetpea and Anraj. 217 00:09:25,560 --> 00:09:28,120 If you are a serious fund, you need to grow. 218 00:09:28,760 --> 00:09:29,960 Do you want me to leave this? 219 00:09:30,680 --> 00:09:32,680 I forgot you were a family man. 220 00:09:33,040 --> 00:09:35,440 I don't need to remind you how loose I am with my seed. 221 00:09:35,680 --> 00:09:36,880 Thanks. 222 00:09:37,600 --> 00:09:38,800 Speak soon. 223 00:09:40,800 --> 00:09:42,120 Can I knock again tomorrow? 224 00:09:43,200 --> 00:09:44,400 No, thank you. 225 00:09:49,120 --> 00:09:51,200 Has Harper fully moved out? 226 00:09:52,760 --> 00:09:54,800 Yeah. Without a word. 227 00:09:57,320 --> 00:09:59,000 Remember to lock the back door tonight. 228 00:09:59,600 --> 00:10:00,800 I always forget. 229 00:10:02,040 --> 00:10:03,240 Where are you going? 230 00:10:04,360 --> 00:10:05,920 Yeah, I haven't told Pierpoint 231 00:10:06,000 --> 00:10:08,200 but I've got a job interview tomorrow morning... 232 00:10:08,800 --> 00:10:10,520 - in Wales. - What? 233 00:10:11,680 --> 00:10:12,880 Yeah. 234 00:10:13,000 --> 00:10:14,400 I met this guy Pierre 235 00:10:14,680 --> 00:10:16,680 who hooked me up with a medical research center 236 00:10:16,760 --> 00:10:18,040 attached to a university there. 237 00:10:18,120 --> 00:10:19,320 And, yeah... 238 00:10:19,440 --> 00:10:20,880 they're doing really cutting-edge work. 239 00:10:21,480 --> 00:10:22,480 Medicine? 240 00:10:22,720 --> 00:10:24,320 Medicine needs its money men. 241 00:10:30,080 --> 00:10:31,680 When was the last time you left the house? 242 00:10:34,520 --> 00:10:37,280 There are like five paps outside. 243 00:10:40,200 --> 00:10:41,400 I didn't see any. 244 00:10:43,320 --> 00:10:44,520 They're not here for you. 245 00:10:58,120 --> 00:10:59,640 There's nobody out there, Yas. 246 00:11:00,840 --> 00:11:02,040 I promise. 247 00:11:04,640 --> 00:11:05,840 Sorry. 248 00:11:07,640 --> 00:11:08,840 They... 249 00:11:10,200 --> 00:11:11,400 They really... 250 00:11:11,800 --> 00:11:13,160 get in your head. 251 00:11:20,280 --> 00:11:21,560 Why don't you come with me? 252 00:11:23,920 --> 00:11:25,920 I can't promise that I'll be... 253 00:11:26,920 --> 00:11:28,840 exhilarating company, but... 254 00:11:31,040 --> 00:11:32,440 I hired a Zipcar. 255 00:11:34,440 --> 00:11:35,960 I can drive you out of the city. 256 00:11:38,080 --> 00:11:39,920 I really don't see a way out. 257 00:11:44,080 --> 00:11:46,520 You know, a change of setting... 258 00:11:48,680 --> 00:11:49,880 It really helps me 259 00:11:50,480 --> 00:11:52,880 when I'm, you know... 260 00:11:54,120 --> 00:11:55,320 agitated. 261 00:12:04,080 --> 00:12:06,240 No, no, come on. 262 00:12:07,680 --> 00:12:08,880 Let's bail. 263 00:12:09,280 --> 00:12:10,560 Yeah, let's... 264 00:12:11,720 --> 00:12:14,240 let's mistake the open road for freedom. 265 00:12:15,320 --> 00:12:17,000 Like all culture teaches us to. 266 00:12:20,240 --> 00:12:21,440 Yeah? 267 00:12:23,280 --> 00:12:25,200 - Okay. - Yeah, okay. 268 00:12:27,560 --> 00:12:28,840 Be ready in twenty. 269 00:12:29,520 --> 00:12:30,720 I'm grabbing a shower. 270 00:12:42,480 --> 00:12:43,960 Who the hell is this? 271 00:12:45,400 --> 00:12:46,840 Tom, this is Eric Tao. 272 00:12:46,920 --> 00:12:49,520 Thirty years sales at Pierpoint across asset classes. 273 00:12:49,600 --> 00:12:51,760 Closest thing to a loyal lieutenant I have. 274 00:12:52,240 --> 00:12:55,160 If Pierpoint has such a thing as an institutional memory... 275 00:12:55,360 --> 00:12:57,040 - Tao is it. - Okay. 276 00:12:58,440 --> 00:13:00,840 And how important is history to us here today? 277 00:13:01,840 --> 00:13:04,440 Well, given Bill's kind introduction 278 00:13:04,520 --> 00:13:07,120 I see it as incumbent on me to say 279 00:13:07,240 --> 00:13:10,160 value is determined by history... 280 00:13:10,520 --> 00:13:12,240 which is indivisible from legacy. 281 00:13:12,320 --> 00:13:15,480 Institutions like ours don't pop up overnight. 282 00:13:15,800 --> 00:13:18,160 "Too big to fail" isn't an insult. 283 00:13:18,240 --> 00:13:19,240 It's a compliment. 284 00:13:19,320 --> 00:13:23,520 Our global interconnectivity and sheer size are hard-won. 285 00:13:23,600 --> 00:13:27,400 Let's make sure we let prospective buyers know that 286 00:13:27,600 --> 00:13:29,320 and value us accordingly. 287 00:13:31,200 --> 00:13:33,480 You're putting yourself at the center of history. 288 00:13:33,960 --> 00:13:35,160 Humble of you. 289 00:13:35,240 --> 00:13:36,240 Not at all. 290 00:13:36,320 --> 00:13:39,800 I'm putting Pierpoint at the center of the economic history 291 00:13:39,880 --> 00:13:42,000 of the 20th and 21st century. 292 00:13:42,080 --> 00:13:44,560 So, your purpose here is to belabor 293 00:13:44,640 --> 00:13:47,040 how Pierpoint is a "star on the American flag"? 294 00:13:47,120 --> 00:13:48,800 This is an American bank. 295 00:13:49,280 --> 00:13:50,640 I need practical thinkers 296 00:13:50,720 --> 00:13:53,560 who present workable options to me, not zealots. 297 00:13:55,600 --> 00:13:58,120 Please hold for the US Treasury Secretary. 298 00:13:58,720 --> 00:13:59,720 Tom. 299 00:13:59,800 --> 00:14:01,200 Madam Secretary. 300 00:14:01,440 --> 00:14:04,280 Graham filled me in on the situation. 301 00:14:04,520 --> 00:14:06,240 I don't wanna waste your time. 302 00:14:06,360 --> 00:14:08,520 The Treasury can't offer you a solution. 303 00:14:08,600 --> 00:14:09,800 Not today. 304 00:14:09,920 --> 00:14:11,200 Not tomorrow. 305 00:14:11,520 --> 00:14:12,600 Oh, Jesus... 306 00:14:12,720 --> 00:14:16,120 You of all people understand the risk if Pierpoint collapses? 307 00:14:16,520 --> 00:14:19,960 We've dropped another 10% the last hour of US trading. 308 00:14:20,040 --> 00:14:22,640 Surely, the lesson from '08 is that 309 00:14:22,720 --> 00:14:25,800 administration should act early to stop contagion. 310 00:14:26,120 --> 00:14:28,880 Tell me exactly where you were in '08, Tom. 311 00:14:29,480 --> 00:14:30,800 If I remember correctly 312 00:14:30,880 --> 00:14:32,960 I was the Vice Chair of the Federal Reserve 313 00:14:33,040 --> 00:14:34,040 and you were... 314 00:14:34,120 --> 00:14:35,120 What? 315 00:14:35,200 --> 00:14:37,800 Singing acapella with the Whiffenpoofs at Yale? 316 00:14:37,880 --> 00:14:40,200 I actually do a very stirring rendition 317 00:14:40,280 --> 00:14:42,040 of "Radio Ga Ga" to this day. 318 00:14:43,600 --> 00:14:46,440 The lesson from '08 is no more bailouts. 319 00:14:46,520 --> 00:14:49,480 We're not asking for TARP scale relief here. 320 00:14:49,680 --> 00:14:50,920 '08 happened. 321 00:14:51,240 --> 00:14:53,680 Moral hazard isn't a thing. 322 00:14:53,760 --> 00:14:55,520 Nobody will care. 323 00:14:55,640 --> 00:14:58,320 We're asking for less than a tenth of the packet. 324 00:14:58,480 --> 00:15:00,360 You are out of your mind 325 00:15:00,440 --> 00:15:03,520 if you think we're putting our hands into the coffers 326 00:15:03,600 --> 00:15:05,840 for a financial institution 327 00:15:06,080 --> 00:15:08,160 in an election year! 328 00:15:08,760 --> 00:15:11,120 Pull on her heartstrings. It's worth a shot. 329 00:15:11,320 --> 00:15:12,320 She's a Democrat. 330 00:15:12,400 --> 00:15:14,040 She only pretends to have a heart. 331 00:15:14,560 --> 00:15:15,680 Think about what you're doing. 332 00:15:15,760 --> 00:15:18,000 The only person you're hurting is the man on the street. 333 00:15:18,240 --> 00:15:20,640 The people on the pavement foot the check. 334 00:15:20,720 --> 00:15:22,920 The people you're supposed to protect. 335 00:15:23,000 --> 00:15:24,840 And in the immediacy 336 00:15:25,000 --> 00:15:28,120 the person who is footing the check eventually 337 00:15:28,240 --> 00:15:32,200 does not want to know they are footing it right now. 338 00:15:32,280 --> 00:15:34,440 It's an election year. 339 00:15:34,520 --> 00:15:36,080 So, you'll gladly let us fail? 340 00:15:36,320 --> 00:15:39,520 Oh, you're all salaried capitalists, right? 341 00:15:39,640 --> 00:15:42,760 Order some Chinese takeout and find a solution. 342 00:15:42,840 --> 00:15:44,480 I think the President might have something... 343 00:15:44,560 --> 00:15:48,560 The President still thinks we're at war with Japan. 344 00:15:49,120 --> 00:15:51,200 Goodbye, and good luck. 345 00:15:58,320 --> 00:16:00,800 Well, so much for "too big to fail." 346 00:16:01,800 --> 00:16:05,800 Surely, there are a number of sovereign wealth funds 347 00:16:05,880 --> 00:16:08,560 that'd like to grow their stake in Pierpoint. 348 00:16:09,000 --> 00:16:10,920 Well, no, hear me out. Hear me out. 349 00:16:11,760 --> 00:16:14,840 Credit Suisse was the last bank to go through this kind of thing 350 00:16:14,920 --> 00:16:17,880 and the Gulf clearly had a huge appetite 351 00:16:17,960 --> 00:16:20,520 - for a legacy banking name. - And look how that ended 352 00:16:20,600 --> 00:16:23,080 with them being subsumed into UBS, their biggest rival. 353 00:16:23,160 --> 00:16:26,520 I'm sorry, but I think I speak for our 45,000 employees 354 00:16:26,600 --> 00:16:29,160 when I stand in opposition to the idea of Pierpoint's name 355 00:16:29,240 --> 00:16:31,840 being used to reputation, to reputation... 356 00:16:32,720 --> 00:16:33,720 - Launder. - Launder. 357 00:16:33,800 --> 00:16:34,840 I know the fucking word, thank you. 358 00:16:34,920 --> 00:16:36,800 Reputation launder, that sort of state-backed money. 359 00:16:36,880 --> 00:16:38,080 Right, Eric? 360 00:16:40,560 --> 00:16:45,320 Their values are anathema to everything we hold dear. 361 00:16:45,440 --> 00:16:46,920 Quibbling over the cultural provenance 362 00:16:47,000 --> 00:16:48,320 of the capital that could save us 363 00:16:48,400 --> 00:16:50,240 feels indulgent. 364 00:16:50,320 --> 00:16:52,560 Could be time for some... some realpolitik. 365 00:16:52,640 --> 00:16:54,280 Oh, this from Madam ESG? 366 00:16:54,360 --> 00:16:56,960 I guess morals really do become more flexible in an emergency. 367 00:16:57,040 --> 00:16:58,600 Or maybe the answer's closer to home. 368 00:16:58,680 --> 00:17:00,240 Let's take a minute. 369 00:17:00,440 --> 00:17:02,280 Eric, let me steal you. Now. 370 00:17:03,760 --> 00:17:05,200 Phillip, can I have a word? 371 00:17:05,760 --> 00:17:06,960 Yeah. 372 00:17:12,720 --> 00:17:14,440 The fuck are you doing? Don't correct me. 373 00:17:14,520 --> 00:17:16,400 I don't need you to finish my fucking sentences. 374 00:17:16,480 --> 00:17:18,640 - Bill, I was just trying to... - No... you listen to me. 375 00:17:19,840 --> 00:17:21,480 It's a royal court in there, you understand? 376 00:17:21,560 --> 00:17:23,280 It's getting rather pungent in here, isn't it? 377 00:17:23,360 --> 00:17:24,360 Too much meat in the room. 378 00:17:24,440 --> 00:17:25,760 I thought tonight was more important 379 00:17:25,840 --> 00:17:27,280 than jockeying for favor and position. 380 00:17:27,360 --> 00:17:29,680 I thought we cared about the soul of the firm. 381 00:17:29,760 --> 00:17:30,760 We do. 382 00:17:30,840 --> 00:17:33,800 The more senior we become, the more influence we have. 383 00:17:33,880 --> 00:17:35,080 Listen... 384 00:17:35,640 --> 00:17:36,920 Wilhelmina, she's not the head 385 00:17:37,000 --> 00:17:38,720 of Banking Asset Management, Corporate Credit. 386 00:17:38,800 --> 00:17:41,520 But her... her ideology gave her a crusader's zeal 387 00:17:41,600 --> 00:17:42,720 to instruct those people. 388 00:17:42,800 --> 00:17:45,480 She wanted to be proven right and be first on ESG. 389 00:17:47,120 --> 00:17:48,480 That's why she pushed this shit so hard. 390 00:17:48,560 --> 00:17:50,440 That's why we overstretched. 391 00:17:50,520 --> 00:17:52,200 She should be strung up for it. 392 00:17:54,920 --> 00:17:57,120 This is all going to end in a purge. 393 00:17:57,200 --> 00:17:58,920 Which for us means... 394 00:17:59,280 --> 00:18:00,480 a putsch. 395 00:18:03,360 --> 00:18:04,800 How does Eric Tao... 396 00:18:05,040 --> 00:18:06,920 "Global Head of Institutional Securities" 397 00:18:07,000 --> 00:18:08,200 sound to you? 398 00:18:09,880 --> 00:18:11,480 And follow in your slipstream? 399 00:18:20,320 --> 00:18:21,840 I wonder what they're talking about. 400 00:18:22,160 --> 00:18:23,680 Whatever outcome suits them. 401 00:18:24,280 --> 00:18:27,040 It's key we lay as much shit as we can at her feet. 402 00:18:27,120 --> 00:18:29,160 She can be ESG's headstone. 403 00:18:29,240 --> 00:18:30,560 Bury it beneath her. 404 00:18:34,000 --> 00:18:35,680 Oh-fucking-kay. 405 00:18:36,480 --> 00:18:38,320 Mitsubishi is live. I've been close to them 406 00:18:38,400 --> 00:18:39,800 since my stint in Tokyo in the aughts. 407 00:18:39,880 --> 00:18:41,720 I've been priming them on a capital injection angle 408 00:18:41,800 --> 00:18:43,080 for the last few weeks. 409 00:18:45,080 --> 00:18:48,520 It'll allow us to fight another day and keep Pierpoint's autonomy. 410 00:18:48,600 --> 00:18:49,880 When I'm CFO 411 00:18:50,000 --> 00:18:52,400 I'll fucking drag you up with me. 412 00:18:52,480 --> 00:18:54,400 I'll place you anywhere in the world. 413 00:18:55,200 --> 00:18:57,320 How do you still have the energy for this? 414 00:18:57,960 --> 00:18:59,480 What else is there? 415 00:19:01,280 --> 00:19:03,080 "The action is the juice." 416 00:19:19,920 --> 00:19:21,640 They're fundamentally non-toxic, right? 417 00:19:21,720 --> 00:19:23,200 So that means you could get it to be as integrated 418 00:19:23,280 --> 00:19:25,080 into your daily life as... 419 00:19:25,240 --> 00:19:26,600 - as your morning coffee. - You are talking about 420 00:19:26,680 --> 00:19:27,720 magic mushrooms, right? 421 00:19:27,800 --> 00:19:29,400 Well, the active ingredient is psilocybin. 422 00:19:29,480 --> 00:19:30,920 Yeah, but it's in pharmaceutical form. 423 00:19:31,000 --> 00:19:32,000 In Little Labs product. 424 00:19:32,160 --> 00:19:33,560 So, surely the whole point 425 00:19:33,640 --> 00:19:36,120 is to get as mashed out of your own fucking head as possible? 426 00:19:36,200 --> 00:19:37,920 No, no, it's clearly an attitudinal thing. 427 00:19:38,000 --> 00:19:41,720 You know, it's about dose, and mindset, setting. 428 00:19:41,960 --> 00:19:43,160 You know, it... 429 00:19:43,520 --> 00:19:46,560 it's not about taking a fucking hero dose 430 00:19:46,640 --> 00:19:48,560 and seeing the face of God, or whatever. 431 00:19:48,640 --> 00:19:51,240 It's about an overall heightening 432 00:19:51,480 --> 00:19:52,880 in your day-to-day state. 433 00:19:53,080 --> 00:19:54,080 Your... 434 00:19:54,320 --> 00:19:56,440 Your introspection, your compassion. 435 00:19:57,160 --> 00:19:58,880 - I mean, do I sound stupid? - Word of warning 436 00:19:58,960 --> 00:20:01,640 you have no idea how annoying it is just listening to someone 437 00:20:01,720 --> 00:20:03,880 proselytizing about the benefits of hallucinogens. 438 00:20:03,960 --> 00:20:05,160 It's like, it's just... 439 00:20:05,240 --> 00:20:06,360 it's like you've joined a cult. 440 00:20:06,440 --> 00:20:07,480 Honestly. 441 00:20:07,560 --> 00:20:09,680 Finally, you're a lot more fucking animated. 442 00:20:10,480 --> 00:20:13,120 Only took you having to put someone down to get you there. 443 00:20:14,560 --> 00:20:15,760 Anyway 444 00:20:15,920 --> 00:20:18,080 you're missing the point, you know, this is just... 445 00:20:18,960 --> 00:20:20,240 it's a chance for me. 446 00:20:20,840 --> 00:20:23,760 You know, to do something off my own bat. 447 00:20:24,640 --> 00:20:25,840 For once. 448 00:20:32,000 --> 00:20:33,200 It's Maxim. 449 00:20:33,800 --> 00:20:35,080 I can call him back. 450 00:20:36,040 --> 00:20:37,240 I need to piss. 451 00:20:41,960 --> 00:20:43,160 Hey, Maxim. 452 00:20:43,480 --> 00:20:45,360 - Where are you? - Big Basin. 453 00:20:45,440 --> 00:20:46,680 South of San Fran. 454 00:20:47,880 --> 00:20:49,320 I'm not sure being alone with my thoughts 455 00:20:49,400 --> 00:20:52,560 is worth the $5,000 a week I'm paying, but... 456 00:20:52,880 --> 00:20:55,520 Yeah, well, your mind is squalid enough to need airing 457 00:20:55,600 --> 00:20:57,200 so, it's probably money well spent. 458 00:20:57,600 --> 00:20:59,640 Look, I'm sorry for falling out of your life. 459 00:21:00,880 --> 00:21:02,360 Been dealing with my own shit, you know? 460 00:21:03,400 --> 00:21:04,880 I saw those appalling photos of Charlie 461 00:21:04,960 --> 00:21:06,160 and honestly, I... 462 00:21:06,960 --> 00:21:08,240 I couldn't sleep. 463 00:21:08,880 --> 00:21:10,000 You know, I'm supposed to lock my phone 464 00:21:10,080 --> 00:21:11,920 in a lockbox here, but... 465 00:21:12,480 --> 00:21:13,760 who am I kidding? 466 00:21:14,000 --> 00:21:15,440 Just keep having to use it! 467 00:21:17,000 --> 00:21:18,440 Okay. So... 468 00:21:19,040 --> 00:21:20,440 what is it? 469 00:21:21,400 --> 00:21:23,280 Look, for all the reservations I had about your father 470 00:21:23,360 --> 00:21:24,360 you need to know 471 00:21:24,440 --> 00:21:27,720 the company were complicit in all of the fucked-up shit he did. 472 00:21:28,560 --> 00:21:29,760 How? 473 00:21:29,920 --> 00:21:32,000 I have some pretty heinous 474 00:21:32,080 --> 00:21:33,640 anti-woke pals at Hanani 475 00:21:33,720 --> 00:21:35,000 who are on the board with me 476 00:21:35,200 --> 00:21:37,280 and they hate its "new hypocrisy." 477 00:21:37,720 --> 00:21:39,040 The NDAs your father had 478 00:21:39,120 --> 00:21:40,920 don't just cover his personal life. 479 00:21:41,520 --> 00:21:42,520 Some of Charlie's women 480 00:21:42,600 --> 00:21:44,840 only started working for Hanani Publishing 481 00:21:45,040 --> 00:21:46,560 after they had signed. 482 00:21:46,680 --> 00:21:48,480 Hanani gave them these made-up jobs 483 00:21:48,680 --> 00:21:50,600 bogus accounting lines on the payroll. 484 00:21:50,920 --> 00:21:52,800 Rose and the company bought their silence for years 485 00:21:52,880 --> 00:21:53,960 just as much as he did. 486 00:21:54,120 --> 00:21:56,320 They're trying to make me the face of this thing. 487 00:21:56,400 --> 00:21:57,400 Yeah. 488 00:21:57,480 --> 00:21:59,040 Because it's an open secret at Hanani 489 00:21:59,120 --> 00:22:01,280 maybe it's a matter of time before someone leaks it. 490 00:22:01,880 --> 00:22:03,320 If they feed you to the press now 491 00:22:03,400 --> 00:22:04,600 your vestigial board seat means 492 00:22:04,680 --> 00:22:06,120 you'll be perfectly placed to be tarred 493 00:22:06,200 --> 00:22:07,520 if it ever comes to light. 494 00:22:07,760 --> 00:22:10,640 You're pre-packaged to take the blame as you're already the headline. 495 00:22:10,840 --> 00:22:13,200 That sneaky little cunt. 496 00:22:13,560 --> 00:22:16,240 Look, someone slipped me a screenshot of the payrolls. 497 00:22:16,600 --> 00:22:18,680 The women with the NDAs have a check next to their name. 498 00:22:18,760 --> 00:22:20,560 Well, can you send it to me? 499 00:22:20,640 --> 00:22:22,040 Yeah, I can. But it's probably illegal 500 00:22:22,120 --> 00:22:23,960 to send this kind of proprietary information. 501 00:22:24,160 --> 00:22:25,600 Your lawyer will advise you not to use it 502 00:22:25,680 --> 00:22:27,440 but I'll send it along. 503 00:22:27,760 --> 00:22:29,720 I just don't think they should be compounding your guilt. 504 00:22:29,960 --> 00:22:31,160 Sorry... 505 00:22:31,320 --> 00:22:32,520 grief. 506 00:22:32,880 --> 00:22:34,560 I don't wanna tell you how to feel about him. 507 00:22:35,200 --> 00:22:37,520 You know, I think Charlie found it difficult 508 00:22:37,600 --> 00:22:39,080 to see people as people. 509 00:22:39,760 --> 00:22:41,600 Yeah, you don't fucking say. 510 00:22:46,640 --> 00:22:47,840 Take care. 511 00:22:55,920 --> 00:22:57,360 - Is everything all right? - Yeah. 512 00:22:58,080 --> 00:22:59,280 Super fucking duper. 513 00:22:59,360 --> 00:23:01,440 So, this is it, right? 514 00:23:02,840 --> 00:23:04,160 This is the product that you're selling 515 00:23:04,240 --> 00:23:05,680 - if you get the job? - Yeah. 516 00:23:06,600 --> 00:23:08,680 Probably isn't the place to take it properly though. 517 00:23:10,080 --> 00:23:11,280 Right. 518 00:23:17,880 --> 00:23:19,080 You hungry? 519 00:23:21,080 --> 00:23:22,280 Yeah. 520 00:23:24,600 --> 00:23:26,320 Yeah, I'm fucking starving. 521 00:23:29,800 --> 00:23:31,080 Come on then. 522 00:23:32,080 --> 00:23:34,000 Oh, gosh, I do it all the time, it's great. 523 00:23:34,080 --> 00:23:35,280 - Yeah. - Yeah. 524 00:23:36,480 --> 00:23:38,480 So, the rooms are next to each other. 525 00:23:38,560 --> 00:23:39,680 Six and seven. 526 00:23:39,760 --> 00:23:41,200 Sorry that we're so late. 527 00:23:42,640 --> 00:23:45,200 Check-out is at 11.00 and breakfast is from 7.00. 528 00:23:45,280 --> 00:23:46,960 - Great, thank you. - Thanks. 529 00:23:47,040 --> 00:23:49,120 Just as a pre-warning, the... 530 00:23:49,240 --> 00:23:51,320 kettle in your room is a little bit iffy. 531 00:23:52,000 --> 00:23:54,680 Oh, is there any way that I could get one that works? 532 00:23:54,960 --> 00:23:56,680 Not tonight, sadly. 533 00:23:58,320 --> 00:24:01,000 It's just... it's a pretty basic amenity, though, no? 534 00:24:01,560 --> 00:24:03,320 She can use mine. It's all right. 535 00:24:04,600 --> 00:24:07,040 Right, I'm gonna go dump the bags and then we'll grab a bite? 536 00:24:07,120 --> 00:24:08,120 Yeah. Thank you. 537 00:24:08,320 --> 00:24:10,320 - Thank you. Enjoy your stay. - Cheers. Thank you. 538 00:24:13,600 --> 00:24:15,960 So, do you two work together? 539 00:24:16,880 --> 00:24:18,920 No, we're a couple. 540 00:24:19,120 --> 00:24:20,720 Oh, I just... 541 00:24:21,160 --> 00:24:22,920 I thought with the separate rooms... 542 00:24:23,000 --> 00:24:25,080 We're very religious. Do you have a lighter? 543 00:24:26,000 --> 00:24:27,200 Yes. 544 00:24:31,040 --> 00:24:32,440 Yeah, I got your email. 545 00:24:32,520 --> 00:24:34,080 What do you expect me to do with this? 546 00:24:34,240 --> 00:24:36,440 Well, I mean, it's leverage, you know? 547 00:24:36,520 --> 00:24:38,640 It's like evidence of their complicity. 548 00:24:38,720 --> 00:24:40,160 This is on Rose's head. 549 00:24:40,320 --> 00:24:42,120 Yeah, have you thought about what making this public 550 00:24:42,200 --> 00:24:43,400 would do to the victims? 551 00:24:43,600 --> 00:24:47,040 I mean, these women, like you, have been through a lot. 552 00:24:47,120 --> 00:24:49,560 Leaking this to the public would re-traumatize them. 553 00:24:49,640 --> 00:24:51,120 I didn't think about that, no. 554 00:24:51,520 --> 00:24:53,560 A publicity battle is gonna be very hard 555 00:24:53,640 --> 00:24:55,160 but we can win it. 556 00:24:55,920 --> 00:24:57,520 They go low, we go high. 557 00:24:57,880 --> 00:24:59,080 All right? 558 00:24:59,760 --> 00:25:00,960 Speak later. 559 00:25:11,800 --> 00:25:13,640 That cunt never answers. 560 00:25:13,720 --> 00:25:17,120 Tom, Tom, I've engaged Mitsubishi in substantive talks... 561 00:25:17,320 --> 00:25:18,920 - regarding a nine-billion... - Michael... Sorry. 562 00:25:19,000 --> 00:25:21,360 Michael Stone from Barclays is on his way into the building. 563 00:25:21,600 --> 00:25:25,000 Michael and I have a personal relationship. 564 00:25:26,000 --> 00:25:27,600 Horse driven mostly. 565 00:25:28,120 --> 00:25:30,240 Off the record, they've always been interested 566 00:25:30,320 --> 00:25:31,600 in our business. 567 00:25:31,760 --> 00:25:32,920 Okay, so what's the play? 568 00:25:33,080 --> 00:25:34,280 Sell a division? 569 00:25:35,120 --> 00:25:38,040 They did do that with Lehman's core North American operations. 570 00:25:38,120 --> 00:25:41,720 Given that our share price has now closed at $35 571 00:25:41,800 --> 00:25:43,920 we are, by all accounts, a distressed asset. 572 00:25:44,040 --> 00:25:45,640 They might weigh buying us wholesale. 573 00:25:46,080 --> 00:25:49,120 We need strategic investment, not a sale. 574 00:25:49,280 --> 00:25:52,080 In our 150th year, we cannot become a subsidiary 575 00:25:52,160 --> 00:25:53,960 to a fucking British high street bank. 576 00:25:54,040 --> 00:25:56,120 I appreciate how romantic a soul you have 577 00:25:56,200 --> 00:25:57,880 in a room like this, truly 578 00:25:57,960 --> 00:25:59,320 but we need to be practical. 579 00:25:59,400 --> 00:26:02,080 Barclays buying Pierpoint may be our best option. 580 00:26:04,280 --> 00:26:05,400 Mr. Stone, welcome. 581 00:26:05,560 --> 00:26:06,800 Oh, call me Michael, please. 582 00:26:07,000 --> 00:26:08,200 Please, this way. 583 00:26:15,560 --> 00:26:16,960 - Yep. - Yeah, H. 584 00:26:17,200 --> 00:26:19,720 Listen, you might have hit your take profit level. 585 00:26:20,040 --> 00:26:23,000 The Barclays CEO just arrived and he looks like he means business. 586 00:26:23,600 --> 00:26:26,600 And Pierpoint's stock will rip on any merger or takeover chatter. 587 00:26:26,680 --> 00:26:28,080 That's Nagasaki for your short. 588 00:26:28,160 --> 00:26:29,240 It's definitely him? 589 00:26:29,480 --> 00:26:31,680 Oh, yeah. And he looks horny for assets. 590 00:26:32,200 --> 00:26:33,400 Thanks. 591 00:26:33,480 --> 00:26:36,360 Hey, you know, I can't hire three people, Rish. 592 00:26:36,600 --> 00:26:37,800 What do you wanna do? 593 00:26:39,720 --> 00:26:42,080 Babes, come on, you know it's only ever been me. 594 00:26:44,440 --> 00:26:45,440 Okay. 595 00:26:45,520 --> 00:26:47,640 Come in after this all shakes out and we'll talk. 596 00:26:49,440 --> 00:26:52,240 And how would the floor take a sale to fucking Barclays? 597 00:26:52,600 --> 00:26:55,880 Maybe they just want somewhere to come to work. 598 00:26:56,440 --> 00:26:57,760 You don't have 20 years of options. 599 00:26:57,840 --> 00:26:59,320 I've never sold a goddamn share. 600 00:26:59,400 --> 00:27:01,160 A Brit takeover would decimate it all. 601 00:27:01,360 --> 00:27:03,160 You'd keep your deferreds. 602 00:27:04,280 --> 00:27:07,160 - Chump change. - So now we see your real motivation. 603 00:27:08,000 --> 00:27:09,440 And what's your motivation? 604 00:27:09,600 --> 00:27:11,000 Brokering a deal that obliterates us 605 00:27:11,080 --> 00:27:13,240 so long as you're central enough to keep your seat at the table? 606 00:27:13,480 --> 00:27:14,480 You know what? 607 00:27:14,560 --> 00:27:16,040 I think I've finally made up my mind about you. 608 00:27:16,120 --> 00:27:18,520 - Oh, go on, please. Enlighten me. - Yeah, you wanna take this offline? 609 00:27:18,600 --> 00:27:20,680 Does that fake macho bullshit ever actually work? 610 00:27:20,760 --> 00:27:22,520 You have the imagination of a fucking... 611 00:27:23,160 --> 00:27:24,360 - Michael! - Phillip. 612 00:27:24,560 --> 00:27:25,760 Hi. 613 00:27:25,880 --> 00:27:26,880 Hi. 614 00:27:26,960 --> 00:27:28,120 Wilhemina, we spoke on the phone. 615 00:27:28,200 --> 00:27:29,760 - Yes, we did. - Nice to see you, hi. 616 00:27:30,000 --> 00:27:31,200 Tom Wolsey. 617 00:27:33,880 --> 00:27:35,080 Oi, oi. 618 00:27:36,040 --> 00:27:37,040 Bon appétit. 619 00:27:37,120 --> 00:27:39,400 What the fuck is that? 620 00:27:39,560 --> 00:27:41,160 - You're kidding? - No. 621 00:27:41,280 --> 00:27:42,600 I got 'em to put scraps on and everything. 622 00:27:42,680 --> 00:27:44,360 Honestly, what is it? 623 00:27:44,680 --> 00:27:46,080 Well, it's a battered sausage. 624 00:27:46,160 --> 00:27:48,480 I am not eating a battered sausage. 625 00:27:48,560 --> 00:27:49,880 Have a chip, at least. 626 00:27:50,160 --> 00:27:51,960 - Okay. - Don't be such a snob. 627 00:27:56,160 --> 00:27:57,520 How perfect is this? 628 00:28:08,840 --> 00:28:10,040 You know... 629 00:28:11,680 --> 00:28:14,200 you could probably invite that impressionable young girl 630 00:28:14,280 --> 00:28:16,480 up to your room and fuck her silly. 631 00:28:17,480 --> 00:28:18,680 'Cause... 632 00:28:18,960 --> 00:28:20,520 there's not gonna be any... 633 00:28:21,280 --> 00:28:23,400 room hopping tonight here. 634 00:28:23,600 --> 00:28:25,080 Just FYI, you know. 635 00:28:25,280 --> 00:28:26,680 As fun as that might be. 636 00:28:26,880 --> 00:28:28,080 What are you doing? 637 00:28:29,160 --> 00:28:30,440 What do you mean? 638 00:28:31,360 --> 00:28:32,560 You don't have to. 639 00:28:36,640 --> 00:28:39,040 Not everything with us has to be a fucking game. 640 00:28:41,160 --> 00:28:42,640 Whatever vulnerability 641 00:28:43,080 --> 00:28:45,080 that you're feeling right now... 642 00:28:45,800 --> 00:28:47,000 sit in it. 643 00:28:48,600 --> 00:28:49,800 All right? 644 00:28:51,520 --> 00:28:52,720 'Cause we are... 645 00:28:53,200 --> 00:28:55,320 we are beyond the game. 646 00:28:58,480 --> 00:28:59,680 Sorry. 647 00:29:11,760 --> 00:29:13,000 I'm sorry. 648 00:29:15,360 --> 00:29:16,800 I don't know why I act like that. 649 00:29:27,440 --> 00:29:28,440 I don't know. 650 00:29:28,520 --> 00:29:31,120 I'm good at making people feel like I love them. 651 00:29:33,280 --> 00:29:34,480 But... 652 00:29:36,360 --> 00:29:38,040 I don't know that I ever have. 653 00:29:41,280 --> 00:29:42,480 Have you? 654 00:29:44,840 --> 00:29:46,040 Yeah. 655 00:29:49,600 --> 00:29:51,160 Girlfriend at school. Izzy Boon. 656 00:29:51,240 --> 00:29:52,960 I was fucking obsessed. 657 00:30:01,680 --> 00:30:05,560 It's just my first instinct whenever I feel anything 658 00:30:06,160 --> 00:30:07,360 like... 659 00:30:07,840 --> 00:30:09,520 love, or care... 660 00:30:10,920 --> 00:30:13,240 I just wanna make it ugly as quickly as I possibly can. 661 00:30:13,320 --> 00:30:14,960 You know, turn it into something else. 662 00:30:15,440 --> 00:30:16,600 Turn it into sex. 663 00:30:16,680 --> 00:30:18,200 You know, anything else. 664 00:30:19,680 --> 00:30:20,880 Right. 665 00:30:28,000 --> 00:30:29,280 I don't know what to say. 666 00:30:37,120 --> 00:30:38,520 Look, all I know is... 667 00:30:42,000 --> 00:30:43,800 except for the first time... 668 00:30:45,680 --> 00:30:46,960 in a long time... 669 00:30:49,200 --> 00:30:51,040 I've got this feeling in my stomach. 670 00:30:54,360 --> 00:30:55,680 And I couldn't work out what it was. 671 00:30:59,080 --> 00:31:00,480 But I know now... 672 00:31:02,600 --> 00:31:04,200 that it's anticipation. 673 00:31:06,840 --> 00:31:08,560 It's excitement for the future. 674 00:32:01,160 --> 00:32:02,640 Our short is about to turn. 675 00:32:07,520 --> 00:32:08,720 How do you know? 676 00:32:10,520 --> 00:32:11,720 Well... 677 00:32:13,840 --> 00:32:16,080 Listen, I think we are diametrically opposed 678 00:32:16,160 --> 00:32:18,400 when it comes to the relationship between information 679 00:32:18,480 --> 00:32:19,880 and how it's traded upon, right? 680 00:32:19,960 --> 00:32:21,160 I think 681 00:32:21,240 --> 00:32:23,320 everything and everyone 682 00:32:23,400 --> 00:32:26,160 is moving in a big sludge of grey. 683 00:32:26,240 --> 00:32:27,880 Don't over-intellectualize this shit. 684 00:32:27,960 --> 00:32:29,200 What have you done? 685 00:32:30,680 --> 00:32:31,800 I have it on good authority 686 00:32:31,880 --> 00:32:33,320 Michael Stone has just gone into Pierpoint. 687 00:32:33,400 --> 00:32:34,680 It's an acquisition target. 688 00:32:35,440 --> 00:32:37,920 We need to take profit before they buy it 689 00:32:38,000 --> 00:32:39,840 and Pierpoint stock rallies. 690 00:32:40,760 --> 00:32:42,400 No, I don't think we should do that. 691 00:32:43,280 --> 00:32:44,480 Why? 692 00:32:44,720 --> 00:32:46,720 Think about the risk-reward. 693 00:32:46,800 --> 00:32:48,600 I mean, what percentage chance 694 00:32:48,680 --> 00:32:51,120 do you ascribe to him being there to buy it? 695 00:32:51,760 --> 00:32:54,880 I mean, like a hundred percent. 696 00:32:55,000 --> 00:32:56,520 It's too big a coincidence. 697 00:32:56,600 --> 00:32:59,320 They're throwing a party for financial luminaries, no? 698 00:32:59,440 --> 00:33:01,520 And look, I mean, even if it's true 699 00:33:01,600 --> 00:33:03,800 so the stock gets a bump on the headline. 700 00:33:03,880 --> 00:33:06,400 I mean, what about the due diligence, the regulator, the government? 701 00:33:06,480 --> 00:33:08,080 Balance that against what we stand to gain 702 00:33:08,160 --> 00:33:10,440 if we hold the line, if Pierpoint trades to zero. 703 00:33:10,520 --> 00:33:11,520 Where's your stomach? 704 00:33:11,600 --> 00:33:13,520 I just don't know what it looks like to the regulator 705 00:33:13,600 --> 00:33:15,360 if we're always on the right side of this trade 706 00:33:15,440 --> 00:33:17,040 at precisely the right time. 707 00:33:18,600 --> 00:33:19,960 What aren't you telling me? 708 00:33:21,800 --> 00:33:25,040 Again, moving forward with honesty. 709 00:33:27,200 --> 00:33:29,520 I know Pierpoint are terminally ill. 710 00:33:30,720 --> 00:33:31,920 How? 711 00:33:32,160 --> 00:33:33,360 I overheard it. 712 00:33:34,160 --> 00:33:35,440 In the toilet. 713 00:33:38,480 --> 00:33:39,760 In Pierpoint? 714 00:33:42,880 --> 00:33:44,800 Holy fucking cunting Christ. I... 715 00:33:46,120 --> 00:33:47,600 Okay, that... 716 00:33:48,160 --> 00:33:50,600 is a completely different beast. 717 00:33:50,680 --> 00:33:52,640 I mean, trading on anything that you hear in there 718 00:33:52,720 --> 00:33:53,840 is privileged information. 719 00:33:53,920 --> 00:33:56,200 They... know we were in there. There's cameras, there's records. 720 00:33:56,280 --> 00:33:59,120 Okay, but, like, how is an SEC, FCA investigation 721 00:33:59,200 --> 00:34:01,160 gonna put anything together based on that? 722 00:34:01,240 --> 00:34:03,960 It would be speculative at best. 723 00:34:04,200 --> 00:34:06,320 What, we took a meeting and placed a short? 724 00:34:06,400 --> 00:34:07,960 Lock us up. Throw away the key. Come on! 725 00:34:08,040 --> 00:34:09,040 Okay, okay. 726 00:34:09,200 --> 00:34:11,800 The whole thing is fucking information soup. 727 00:34:11,880 --> 00:34:13,400 That is the point! 728 00:34:18,160 --> 00:34:20,920 You've backed us into a major fucking corner. 729 00:34:23,720 --> 00:34:24,920 Okay, well... 730 00:34:26,000 --> 00:34:27,280 I've said my piece. 731 00:34:28,640 --> 00:34:29,840 Yeah. 732 00:34:34,560 --> 00:34:35,640 People damn Lehman 733 00:34:35,720 --> 00:34:38,040 because of poor risk management in one area... 734 00:34:38,680 --> 00:34:40,080 housing derivatives. 735 00:34:40,200 --> 00:34:41,760 But we benefited hugely 736 00:34:41,840 --> 00:34:44,200 from acquiring the bond trading and EM businesses. 737 00:34:44,720 --> 00:34:46,640 I'm sure Pierpoint's suite will be... 738 00:34:46,920 --> 00:34:49,440 similarly exciting synergistically for us. 739 00:34:49,760 --> 00:34:51,880 We can give the market the soft signal this is happening 740 00:34:51,960 --> 00:34:54,880 and allay the share price, stave off any more panic. 741 00:34:55,080 --> 00:34:56,240 Give us some breathing room. 742 00:34:56,320 --> 00:34:58,360 Can I ask, would we be Barclays-Pierpoint 743 00:34:58,440 --> 00:34:59,760 or Pierpoint-Barclays? 744 00:34:59,840 --> 00:35:01,560 Do we care about the cosmetics? 745 00:35:01,640 --> 00:35:03,680 As someone who's been here longer than a fortnight 746 00:35:03,760 --> 00:35:05,160 you should care about the weight of our name. 747 00:35:05,240 --> 00:35:06,240 If you're addressing me 748 00:35:06,320 --> 00:35:07,960 could you look me in the face, please? 749 00:35:09,120 --> 00:35:10,680 Do we care about saving the name 750 00:35:10,760 --> 00:35:13,040 or saving the jobs of the people who work for us? 751 00:35:13,280 --> 00:35:14,640 Well, maybe you can tell us. 752 00:35:15,040 --> 00:35:16,480 Or maybe our potential suitor 753 00:35:16,560 --> 00:35:18,480 is best placed to answer that question? 754 00:35:21,240 --> 00:35:25,360 You guys are trading off a 150-year reputation 755 00:35:25,880 --> 00:35:28,040 which we respect, of course. 756 00:35:29,080 --> 00:35:30,720 But practically 757 00:35:30,800 --> 00:35:33,800 we are interested in your infrastructure. 758 00:35:35,120 --> 00:35:36,880 Now, as time is of the essence 759 00:35:37,280 --> 00:35:38,720 may I make some phone calls? 760 00:35:39,080 --> 00:35:41,600 I mean, you know, that is if you're still interested? 761 00:35:41,880 --> 00:35:43,080 Please. 762 00:35:48,320 --> 00:35:49,520 Tell me how that was appropriate. 763 00:35:49,600 --> 00:35:51,200 What's inappropriate is not drilling down 764 00:35:51,280 --> 00:35:52,800 on what this guy means by "infrastructure." 765 00:35:52,880 --> 00:35:54,360 Is that our... our tech, our terminals? 766 00:35:54,440 --> 00:35:56,320 Is that the fucking building in Midtown, what? 767 00:35:56,400 --> 00:35:57,920 I'm sure that'll be shaken out. 768 00:35:58,520 --> 00:35:59,880 Go fuck yourself. 769 00:36:01,760 --> 00:36:03,480 I do that regularly, thank you. 770 00:36:04,400 --> 00:36:07,280 Can I ask what the actual fuck it is you're doing here? 771 00:36:07,360 --> 00:36:08,360 You're barely 40. 772 00:36:08,440 --> 00:36:10,640 You're a fucking British management consultant. 773 00:36:10,720 --> 00:36:12,080 Bill, calm down. 774 00:36:12,160 --> 00:36:13,920 What we need is a capital injection 775 00:36:14,000 --> 00:36:16,960 so we're not backed into a corner and into a deal not on our terms. 776 00:36:17,040 --> 00:36:18,120 We need thinking time. 777 00:36:18,200 --> 00:36:20,200 It's a Band-Aid. A Band-Aid is not a solution. 778 00:36:20,280 --> 00:36:21,760 Mitsubishi will tide us over. 779 00:36:21,840 --> 00:36:22,960 They want us to be us. 780 00:36:23,040 --> 00:36:24,640 With no stipulations. 781 00:36:24,720 --> 00:36:27,120 There is no such thing as free money. 782 00:36:30,080 --> 00:36:32,280 We will thrash out a palatable acquisition multiple 783 00:36:32,360 --> 00:36:33,560 for all parties 784 00:36:33,640 --> 00:36:36,000 but I guess we can now shake hands. 785 00:36:36,760 --> 00:36:38,480 That's pending dotting the I's and crossing the T's 786 00:36:38,560 --> 00:36:39,760 for the regulator. 787 00:36:40,480 --> 00:36:43,320 And we'll pen an announcement to cushion the share price. 788 00:36:43,400 --> 00:36:44,920 - That's great news. - Yeah. 789 00:36:50,840 --> 00:36:52,560 So, this is what death feels like. 790 00:36:53,640 --> 00:36:55,600 One hundred and fifty years to build it... 791 00:36:57,240 --> 00:36:59,680 A two-minute phone call to bring it all down. 792 00:37:18,000 --> 00:37:19,400 Bill can't behave like that 793 00:37:19,640 --> 00:37:21,720 when the rest of Barclays management come in. 794 00:37:23,960 --> 00:37:25,520 He has our best interests at heart. 795 00:37:25,600 --> 00:37:28,200 Has he promised you the world if he comes out on top? 796 00:37:30,440 --> 00:37:32,240 He has a habit of doing that. 797 00:37:33,680 --> 00:37:36,520 Why is he turning this into a political zero-sum game? 798 00:37:37,720 --> 00:37:39,960 These factions, it's child's play. 799 00:37:40,040 --> 00:37:42,120 If we play this right and quell the in-fighting 800 00:37:42,200 --> 00:37:43,760 everyone in the room will be safe. 801 00:37:43,880 --> 00:37:45,080 Do... 802 00:37:45,280 --> 00:37:47,360 do I count as in the room? 803 00:37:49,120 --> 00:37:50,960 Get in Bill's ear. That's how you count. 804 00:37:52,400 --> 00:37:53,600 Bring him to heel 805 00:37:53,920 --> 00:37:55,400 convince him not to embarrass us 806 00:37:55,480 --> 00:37:57,760 in front of the people who are offering us a lifeline. 807 00:38:00,080 --> 00:38:02,400 You don't buy that BS about the workforce, do you? 808 00:38:03,960 --> 00:38:06,760 The guy usually pops a chub for reducing headcount. 809 00:38:07,400 --> 00:38:08,760 He's weaponizing them. 810 00:38:10,000 --> 00:38:11,120 He's self-interested. 811 00:38:11,200 --> 00:38:13,960 He just wants to play Christ with the Mitsubishi plan. 812 00:38:14,720 --> 00:38:16,400 We both know it's not gonna work. 813 00:38:16,800 --> 00:38:18,200 And as far as he's concerned... 814 00:38:19,160 --> 00:38:20,440 you're a useful idiot. 815 00:39:10,400 --> 00:39:14,200 Otto, look, I wouldn't be calling you if it wasn't a last resort. 816 00:39:14,280 --> 00:39:16,640 And I feel terrible about going behind her back 817 00:39:16,720 --> 00:39:18,880 but I need my working relationships 818 00:39:18,960 --> 00:39:21,560 to be predicated on trust and... 819 00:39:22,320 --> 00:39:24,000 on that basis, I... 820 00:39:24,560 --> 00:39:26,920 I think it's becoming untenable with Harper. 821 00:39:27,360 --> 00:39:28,840 Are you coming to bed? 822 00:39:29,240 --> 00:39:30,960 You're one of my best-performing projects. 823 00:39:31,040 --> 00:39:32,240 What's happened? 824 00:39:32,560 --> 00:39:35,880 She's been reckless with our AUM. 825 00:39:35,960 --> 00:39:37,200 Reckless how? 826 00:39:38,480 --> 00:39:39,680 Legally. 827 00:39:40,400 --> 00:39:43,320 Oh, you mean she's reckless with my money? 828 00:39:43,880 --> 00:39:47,600 That is simply something I cannot countenance. 829 00:39:50,360 --> 00:39:51,920 I'm sick of talking around the fact 830 00:39:52,000 --> 00:39:54,880 that you are solely to blame for Pierpoint's insolvency. 831 00:39:54,960 --> 00:39:57,680 It was a strategy agreed upon by a committee. 832 00:39:57,760 --> 00:39:59,160 It was only a committee when it failed. 833 00:39:59,240 --> 00:40:00,440 Bill, can... 834 00:40:04,240 --> 00:40:06,400 I have bad news. 835 00:40:10,120 --> 00:40:11,520 We need significantly more time 836 00:40:11,600 --> 00:40:13,240 to get this over the line with the regulator. 837 00:40:13,480 --> 00:40:15,200 We don't have any more time. 838 00:40:16,120 --> 00:40:17,720 Talk straight. What's going on? 839 00:40:18,640 --> 00:40:19,800 Well, between us 840 00:40:19,880 --> 00:40:21,760 I've just got off the phone with the Chancellor. 841 00:40:22,400 --> 00:40:24,080 He understands the gravity of the situation 842 00:40:24,160 --> 00:40:26,080 but he can't be seen to be ratifying 843 00:40:26,160 --> 00:40:28,000 the effective bailout of another bank. 844 00:40:28,320 --> 00:40:30,120 He's on thin ice as it is 845 00:40:30,200 --> 00:40:33,000 and he's got this bloody caucus of populist Tory backbenchers 846 00:40:33,080 --> 00:40:35,240 making his life hell. 847 00:40:36,680 --> 00:40:37,880 So, yeah. 848 00:40:38,320 --> 00:40:39,840 Sorry, I can't be of more help. 849 00:40:40,200 --> 00:40:42,240 So, what, we're just at the mercy 850 00:40:42,320 --> 00:40:44,320 of someone else's ambition? 851 00:40:45,720 --> 00:40:47,000 Aren't we always? 852 00:40:48,800 --> 00:40:50,360 Look, I need to get some sleep. 853 00:40:51,800 --> 00:40:53,000 Best of luck. 854 00:40:57,040 --> 00:40:58,400 Fuck! 855 00:40:59,880 --> 00:41:01,960 So, this is what we have at the moment. 856 00:41:03,200 --> 00:41:05,520 The Chancellor now looks like an ally 857 00:41:05,600 --> 00:41:08,320 of the financial sector's lawlessness 858 00:41:08,400 --> 00:41:09,800 and weak 859 00:41:10,120 --> 00:41:13,560 for kowtowing to an influential group of backbenchers. 860 00:41:14,000 --> 00:41:15,520 Led by his successor? 861 00:41:16,560 --> 00:41:18,920 Are we ready for that move? 862 00:41:19,360 --> 00:41:21,040 Maybe after the election. 863 00:41:23,520 --> 00:41:26,120 But these headlines won't hurt your chances. 864 00:41:31,240 --> 00:41:32,920 Eddie, thank you for staying so late. 865 00:41:33,160 --> 00:41:35,600 Let's have this online before the country wakes up. 866 00:41:35,920 --> 00:41:37,120 Got it. 867 00:41:42,720 --> 00:41:44,320 ...fashion-adjacent lifestyle. 868 00:41:44,400 --> 00:41:46,280 That's immediately a red flag. 869 00:41:46,360 --> 00:41:49,480 He's a hundred percent a misogynist and possibly a psychopath. 870 00:41:49,560 --> 00:41:51,560 What in the good fuck is going on? 871 00:41:52,200 --> 00:41:54,280 You better have sold the rest of my fucking positions! 872 00:41:54,360 --> 00:41:55,960 Where have you been? 873 00:41:56,080 --> 00:41:57,360 Been playing the fruities... 874 00:41:58,080 --> 00:41:59,920 - with a client. - Some... 875 00:42:00,120 --> 00:42:02,360 some guy keeps calling the desk for you. 876 00:42:02,440 --> 00:42:03,640 Who? 877 00:42:05,040 --> 00:42:06,360 Vin? Vinnie. 878 00:42:06,880 --> 00:42:08,080 - Vinay? - That's the one. 879 00:42:08,160 --> 00:42:09,560 - He called here? - Yeah. 880 00:42:09,920 --> 00:42:12,120 You're a dickhead. 881 00:42:13,200 --> 00:42:14,480 A fucking dickhead. 882 00:42:15,360 --> 00:42:17,720 So, Anraj is on Ecstasy. 883 00:42:17,880 --> 00:42:19,200 He was catatonic drunk 884 00:42:19,280 --> 00:42:21,080 but, hey, he insisted and... 885 00:42:21,280 --> 00:42:24,280 Well, we... we dragged some people to the floor and, hey... 886 00:42:24,600 --> 00:42:26,120 can't fire us twice, right? 887 00:42:28,320 --> 00:42:30,560 You bully me 'cause you were 888 00:42:30,640 --> 00:42:32,040 - bullied at school, innit? - Shut the fuck up! 889 00:42:32,120 --> 00:42:34,920 No, you're pure small man syndrome, bruv. 890 00:42:35,000 --> 00:42:36,200 You've got no taste, bruv. 891 00:42:36,280 --> 00:42:37,920 Look at your car, your taste level is dead. 892 00:42:38,000 --> 00:42:39,320 Why didn't you sell my fucking axes? 893 00:42:39,400 --> 00:42:40,680 Your IG Explore page 894 00:42:40,760 --> 00:42:43,200 - must be a crime against humanity. - Shut the fuck up! 895 00:42:43,280 --> 00:42:44,560 Nah, I'm done being quiet. 896 00:42:44,640 --> 00:42:46,240 Now, look, we're not... we're not thick, Rishi. 897 00:42:46,320 --> 00:42:47,520 We're not gonna play Santa 898 00:42:47,600 --> 00:42:49,520 wrapping coal in a bow for your clients. 899 00:42:49,600 --> 00:42:52,200 We're not gonna torch our reputations in the market 900 00:42:52,280 --> 00:42:54,360 selling your worthless positions. 901 00:42:55,200 --> 00:42:56,200 Why would we? 902 00:42:56,440 --> 00:42:58,040 To what end anyway? 903 00:43:01,760 --> 00:43:03,080 Best of luck drowning. 904 00:43:07,520 --> 00:43:09,120 Fuck. 905 00:43:23,040 --> 00:43:24,360 What's the time, please? 906 00:43:24,520 --> 00:43:26,360 It's just gone 4.00am. 907 00:43:27,400 --> 00:43:28,600 Okay. 908 00:43:29,600 --> 00:43:32,040 We have around ten hours 'til US open. 909 00:43:32,400 --> 00:43:33,880 Put a fucking solution in front of me. 910 00:43:33,960 --> 00:43:35,120 Mitsubishi is still in play. 911 00:43:35,200 --> 00:43:36,480 I can wake the head of their London office. 912 00:43:36,560 --> 00:43:37,960 They... want this as much as us. 913 00:43:38,040 --> 00:43:41,000 This solve is not viable long term given the state of our balance sheet. 914 00:43:41,080 --> 00:43:42,120 To assuage market fears 915 00:43:42,200 --> 00:43:44,920 all that matters is we can prove we've plugged the immediate hole. 916 00:43:45,000 --> 00:43:47,200 Why do you keep talking when the value add of your ideas 917 00:43:47,280 --> 00:43:48,640 is less than zero? 918 00:43:49,080 --> 00:43:50,320 We need to pivot. 919 00:43:50,680 --> 00:43:51,880 Mitsubishi... 920 00:43:52,080 --> 00:43:54,120 Wake them up. Get them in the room. 921 00:43:57,480 --> 00:43:59,520 (Japanese) Shotaro, can we pick up the conversation 922 00:43:59,600 --> 00:44:01,480 on that opportunity we've been discussing? 923 00:44:03,280 --> 00:44:04,480 Yes! 924 00:44:04,960 --> 00:44:05,960 It's on. It's on! 925 00:44:06,200 --> 00:44:07,400 Eric. 926 00:44:11,560 --> 00:44:13,640 Oh, it's a good thing Tom said yes. 927 00:44:14,480 --> 00:44:18,160 I soft-launched this to Mitsubishi's European executive committee already. 928 00:44:18,520 --> 00:44:19,960 It's lunchtime in Japan, right? 929 00:44:20,040 --> 00:44:22,520 Oh, they're just in from Duesseldorf where the European subsidiary is. 930 00:44:22,600 --> 00:44:24,440 Now, they're gonna come with terms that Tom finds attractive 931 00:44:24,520 --> 00:44:26,000 because I've prepped them on the financials. 932 00:44:26,080 --> 00:44:28,680 So let's take a fast twenty and call an associate in IBD up 933 00:44:28,760 --> 00:44:30,520 to triple-check the numbers in the deck. 934 00:44:30,600 --> 00:44:31,800 No missteps. 935 00:44:32,440 --> 00:44:34,760 Fast twenty still takes twenty. 936 00:44:36,480 --> 00:44:37,880 I need stronger nicotine. 937 00:44:39,120 --> 00:44:41,200 Any delivery vessel, I'm beyond caring. 938 00:44:47,200 --> 00:44:48,400 Yas? 939 00:44:53,640 --> 00:44:56,240 I just wanted to make a cup of tea. 940 00:44:56,640 --> 00:44:57,760 What the fuck have you done? 941 00:44:57,960 --> 00:44:59,760 Hey, hey. Come on, come on. 942 00:44:59,960 --> 00:45:01,160 Are you hurt? 943 00:45:01,480 --> 00:45:03,760 Hey, hey, Yas, look at me. 944 00:45:04,000 --> 00:45:05,200 Have you taken something? 945 00:45:05,440 --> 00:45:07,120 Look, what have you taken? 946 00:45:07,480 --> 00:45:10,560 Rob. Do you think I'm a bad person? 947 00:45:10,720 --> 00:45:13,280 - No! No, you're not a bad person. - Yes, you do. 948 00:45:13,360 --> 00:45:15,080 Rob, look at me, tell me that you think 949 00:45:15,160 --> 00:45:17,160 - that I'm a bad person. - You're not a bad person. 950 00:45:17,240 --> 00:45:20,120 Tell me that I'm allowed to wanna do bad things. 951 00:45:21,680 --> 00:45:22,880 What? 952 00:45:24,200 --> 00:45:25,480 You can do what you want. 953 00:45:27,960 --> 00:45:29,320 I want you. 954 00:45:30,000 --> 00:45:31,920 I want you. Oh, you're hard. 955 00:45:32,000 --> 00:45:33,120 What are you doing? 956 00:45:33,200 --> 00:45:34,720 - Come on. Just stop. - I want you. 957 00:45:34,800 --> 00:45:38,160 Stop... 958 00:45:39,120 --> 00:45:40,320 Stop... stop. 959 00:45:45,960 --> 00:45:48,800 Henry used to get hard when I cry too. 960 00:45:54,240 --> 00:45:55,440 Hey. 961 00:46:04,920 --> 00:46:07,040 Bill tells me you've been here 30 years. 962 00:46:07,760 --> 00:46:09,000 Aren't you bored? 963 00:46:13,320 --> 00:46:15,680 Been dropped into a few of these restructurings. 964 00:46:16,800 --> 00:46:20,040 They all have their own mythos and history, but... 965 00:46:21,200 --> 00:46:23,240 ultimately, they're much of a muchness. 966 00:46:23,480 --> 00:46:24,880 They're corporations. 967 00:46:27,160 --> 00:46:28,440 Not the people. 968 00:46:29,800 --> 00:46:31,000 The people are different. 969 00:46:31,200 --> 00:46:32,480 Are they really? 970 00:46:34,760 --> 00:46:35,800 There's a self-centeredness 971 00:46:35,880 --> 00:46:38,560 at the heart of Bill's romanticization of it all. 972 00:46:39,240 --> 00:46:40,600 False heroism. 973 00:46:41,760 --> 00:46:43,800 Do you think there's room for nobility in there? 974 00:46:51,840 --> 00:46:53,440 I was hoping Bill would be my mouthpiece 975 00:46:53,520 --> 00:46:55,480 to the wider Pierpoint family but... 976 00:46:56,480 --> 00:46:59,000 he seems like more of a problem than a solution. 977 00:47:04,480 --> 00:47:06,200 You're not a romantic, are you? 978 00:47:06,960 --> 00:47:08,200 What do you believe in? 979 00:47:12,880 --> 00:47:14,320 I don't believe in anything. 980 00:47:15,520 --> 00:47:16,960 I believe in the trade. 981 00:47:17,480 --> 00:47:18,680 When it works. 982 00:47:19,600 --> 00:47:21,200 When it stops working. 983 00:47:28,000 --> 00:47:29,200 By the way 984 00:47:29,760 --> 00:47:32,720 nostalgia is only useful when you're selling something. 985 00:47:40,240 --> 00:47:42,240 Any color that'll help us in the pitch? 986 00:47:44,040 --> 00:47:45,240 Nope. 987 00:47:46,320 --> 00:47:47,840 A whole lot of nothing. 988 00:47:50,120 --> 00:47:51,760 Deck look good to your eyes? 989 00:47:56,280 --> 00:47:57,480 Perfect. 990 00:48:02,240 --> 00:48:03,480 I'll see you out there. 991 00:48:03,920 --> 00:48:05,400 I'll see you out there. 992 00:48:08,600 --> 00:48:09,840 (Japanese) It's very nice of you to come here. 993 00:48:09,920 --> 00:48:11,720 Welcome to London. 994 00:48:18,400 --> 00:48:20,680 Thank you for meeting us so early. 995 00:48:22,040 --> 00:48:24,520 I'm sorry it's a little ripe in here. 996 00:48:26,680 --> 00:48:28,800 - Where the hell are you going? - I gotta take this. 997 00:48:32,560 --> 00:48:34,800 Thanks for calling me back. Sorry, it's early. 998 00:48:35,640 --> 00:48:38,800 Bill Adler told me about a connection 999 00:48:38,880 --> 00:48:40,000 that landed you on my desk. 1000 00:48:40,080 --> 00:48:42,120 Can you flesh that out for me a little? 1001 00:48:46,440 --> 00:48:47,760 Did you enjoy your stay? 1002 00:48:47,840 --> 00:48:49,040 Very much, thank you. 1003 00:48:51,520 --> 00:48:52,960 Did you want a bandage? 1004 00:48:55,240 --> 00:48:56,440 Sure. 1005 00:49:03,160 --> 00:49:04,680 Do you reckon she's a Libra? 1006 00:49:07,640 --> 00:49:10,560 I threw in an extra 20 quid for the busted kettle. 1007 00:49:11,040 --> 00:49:13,080 - Oh, thanks. - That's all right. 1008 00:49:13,440 --> 00:49:14,640 Cheers. 1009 00:49:14,800 --> 00:49:16,000 Cheers. 1010 00:49:17,160 --> 00:49:18,360 Have a safe trip. 1011 00:49:20,920 --> 00:49:24,040 Our proposal is that the Mitsubishi financial group 1012 00:49:24,120 --> 00:49:27,080 invest $9 billion in equity in Pierpoint 1013 00:49:27,160 --> 00:49:29,600 for a 19% interest in the company 1014 00:49:29,720 --> 00:49:31,640 on a fully diluted basis. 1015 00:49:36,000 --> 00:49:37,200 How did that get there? 1016 00:49:38,760 --> 00:49:41,000 As I was saying, our friends at Mitsubishi 1017 00:49:41,080 --> 00:49:42,600 are the best partners we could have. 1018 00:49:42,680 --> 00:49:45,760 They have enough dry powder to buy up our distressed debt 1019 00:49:45,840 --> 00:49:48,160 and to support the other assets on our books. 1020 00:49:48,240 --> 00:49:50,080 And they want us to be us. 1021 00:49:50,720 --> 00:49:52,440 They have reverence for our name. 1022 00:49:53,000 --> 00:49:55,480 We want to help build Pierpoint back to what it could be 1023 00:49:55,560 --> 00:49:57,760 in its 150th year. 1024 00:49:59,360 --> 00:50:02,240 We expect a very healthy ROI for you 1025 00:50:02,320 --> 00:50:04,200 on a decade-long horizon. 1026 00:50:04,400 --> 00:50:06,360 But of course, apologies for the small inaccuracy 1027 00:50:06,440 --> 00:50:07,760 on page 12. 1028 00:50:12,520 --> 00:50:13,800 What inaccuracy? 1029 00:50:14,040 --> 00:50:17,720 I am assuming this reference is linked incorrectly. 1030 00:50:18,640 --> 00:50:22,120 It looks like you are linking to enterprise value 1031 00:50:22,200 --> 00:50:24,120 instead of equity value. 1032 00:50:24,920 --> 00:50:28,280 It's causing a 15% decrease in the true P-E multiple 1033 00:50:28,360 --> 00:50:31,280 which would otherwise be 7.6 times... 1034 00:50:31,840 --> 00:50:33,960 well below peers. 1035 00:50:36,080 --> 00:50:37,920 I'm so sorry we missed this. 1036 00:50:39,400 --> 00:50:41,920 That's like a two to three percent uplift in IRR. 1037 00:50:42,080 --> 00:50:44,000 After ten years of what we know 1038 00:50:44,080 --> 00:50:46,920 will be a mutually beneficial relationship. 1039 00:50:47,360 --> 00:50:48,520 How could we have missed that? 1040 00:50:48,720 --> 00:50:50,400 It's sloppy. 1041 00:50:50,640 --> 00:50:51,840 Eric? 1042 00:50:51,920 --> 00:50:53,160 Bill, it's fine. Leave it. 1043 00:50:53,240 --> 00:50:54,920 It's late. 1044 00:50:55,520 --> 00:50:56,600 It happens. 1045 00:50:56,840 --> 00:50:58,440 It's just a book. 1046 00:50:59,080 --> 00:51:00,880 That's a huge decrease in the valuation. 1047 00:51:00,960 --> 00:51:02,280 How didn't I spot it? 1048 00:51:02,920 --> 00:51:04,560 Bill, you did spot it. 1049 00:51:05,680 --> 00:51:07,360 What? When? 1050 00:51:07,640 --> 00:51:09,720 We ran through it about an hour ago. 1051 00:51:09,800 --> 00:51:13,080 I raised it again in the bathroom just now. 1052 00:51:13,200 --> 00:51:15,840 You said it wasn't a deal breaker in the room. 1053 00:51:15,920 --> 00:51:17,560 That they know the numbers already. 1054 00:51:17,800 --> 00:51:20,040 Which they do. 1055 00:51:20,920 --> 00:51:22,240 We can move on. 1056 00:51:23,000 --> 00:51:24,520 That didn't happen. 1057 00:51:26,400 --> 00:51:27,600 Did it? 1058 00:51:28,640 --> 00:51:30,560 It's not mission-critical here. 1059 00:51:30,640 --> 00:51:33,360 No, it is. When did we discuss it? 1060 00:51:34,960 --> 00:51:36,280 I... don't think we did, did we? 1061 00:51:36,360 --> 00:51:39,000 - Maybe I'm just misremembering... - I think you can move on. 1062 00:51:39,080 --> 00:51:40,200 You have to understand 1063 00:51:40,280 --> 00:51:42,040 it's very important that I didn't misremember... 1064 00:51:42,120 --> 00:51:43,320 Bill... 1065 00:51:45,600 --> 00:51:46,800 What's going on? 1066 00:51:48,120 --> 00:51:49,320 Hey, Bill... 1067 00:51:52,040 --> 00:51:53,480 There's no shame. 1068 00:51:56,880 --> 00:51:58,120 I'm so... 1069 00:51:58,200 --> 00:51:59,440 I'm so sorry... 1070 00:52:00,960 --> 00:52:01,960 I've been quite sick 1071 00:52:02,040 --> 00:52:04,480 and I... I really didn't wanna bring it up in this forum, but... 1072 00:52:04,560 --> 00:52:07,600 You are fit to continue... 1073 00:52:10,960 --> 00:52:12,640 Gentlemen and... 1074 00:52:13,680 --> 00:52:14,680 lady... 1075 00:52:14,880 --> 00:52:16,400 could you give us five? 1076 00:52:17,600 --> 00:52:19,600 This isn't what we expect in these circumstances. 1077 00:52:19,680 --> 00:52:22,560 There should be multiple layers of review. 1078 00:52:22,800 --> 00:52:24,080 My apologies. 1079 00:52:40,840 --> 00:52:41,840 I'm so sorry. 1080 00:52:41,920 --> 00:52:43,560 I should have just breezed past it but it's... 1081 00:52:43,840 --> 00:52:44,960 it's quite important... 1082 00:52:45,040 --> 00:52:46,320 it's quite important for my prognosis 1083 00:52:46,400 --> 00:52:47,720 - that I... - What's wrong with you? 1084 00:52:49,840 --> 00:52:51,680 I have a malignant tumor. I... 1085 00:52:52,520 --> 00:52:54,880 I've not noticed much, if any, cognitive impairment. 1086 00:52:54,960 --> 00:52:56,560 - That's why... - And you've been keeping this 1087 00:52:56,640 --> 00:52:57,840 to yourself? 1088 00:53:02,760 --> 00:53:04,080 You shouldn't be in here. 1089 00:53:05,000 --> 00:53:06,800 Your health is of paramount importance. 1090 00:53:06,880 --> 00:53:09,160 My performance has never been compromised. 1091 00:53:09,240 --> 00:53:11,040 Apart from when it just mattered. 1092 00:53:12,120 --> 00:53:14,720 High stress. No sleep. 1093 00:53:14,920 --> 00:53:16,880 This isn't the place for a sick man. 1094 00:53:17,960 --> 00:53:19,160 Look... 1095 00:53:20,000 --> 00:53:22,400 I want you to go home. That isn't a suggestion. 1096 00:53:22,480 --> 00:53:24,560 I'm fit to work if I say I'm fit to work. 1097 00:53:24,640 --> 00:53:27,240 I want you to go rest. 1098 00:53:28,440 --> 00:53:29,640 Eric... 1099 00:53:31,120 --> 00:53:32,680 why don't you put Bill in a cab? 1100 00:53:42,480 --> 00:53:43,680 Come on. 1101 00:53:44,280 --> 00:53:45,800 It's okay, come on. 1102 00:54:15,400 --> 00:54:17,720 - Hello. - Hi, Denise. 1103 00:54:19,120 --> 00:54:22,040 I've slept on it and I don't wanna take Rose's offer. 1104 00:54:22,120 --> 00:54:23,120 And I know 1105 00:54:23,200 --> 00:54:25,600 I have thought about the implications. 1106 00:54:25,760 --> 00:54:27,560 But it's Rose and Hanani, okay? 1107 00:54:27,680 --> 00:54:29,120 They're the ones that are being inhumane. 1108 00:54:29,200 --> 00:54:30,680 And you can think that I'm meeting them on their level 1109 00:54:30,760 --> 00:54:32,280 if you want, that's fine. 1110 00:54:32,400 --> 00:54:35,640 But they have literally given me no choice. 1111 00:54:35,800 --> 00:54:37,120 - Have you stopped to think about - Yeah. Yes... 1112 00:54:37,200 --> 00:54:38,840 how this is going to affect the other victims? 1113 00:54:38,920 --> 00:54:40,640 Of course, I have thought about that, Denise. 1114 00:54:40,720 --> 00:54:41,800 Of course, I have. 1115 00:54:41,880 --> 00:54:43,120 But you have to understand 1116 00:54:43,200 --> 00:54:45,360 it is them, or it is me. 1117 00:54:55,800 --> 00:54:57,000 How was it? 1118 00:54:59,120 --> 00:55:00,320 So... 1119 00:55:00,720 --> 00:55:03,200 they've had their funding from the university totally cut off. 1120 00:55:03,360 --> 00:55:04,480 They balked at the idea 1121 00:55:04,560 --> 00:55:06,160 of any commercial application of psychedelics. 1122 00:55:06,240 --> 00:55:08,560 Only lab condition trials on treatment 1123 00:55:08,640 --> 00:55:10,640 for various mental disorders. 1124 00:55:10,840 --> 00:55:12,640 - Why? - Well, it's still illegal. 1125 00:55:12,720 --> 00:55:14,680 But Little Labs... 1126 00:55:15,520 --> 00:55:16,920 they wanna be the first mover. 1127 00:55:17,640 --> 00:55:20,360 Imagine being early on cannabis in California. 1128 00:55:21,520 --> 00:55:22,720 Sorry. 1129 00:55:22,920 --> 00:55:24,120 Well, no. 1130 00:55:24,320 --> 00:55:26,720 See, they've been flirting with the idea 1131 00:55:26,800 --> 00:55:28,920 of relocating to Silicon Valley, right? 1132 00:55:29,000 --> 00:55:32,200 And they said if I can help unlock VC dollars for 'em out there 1133 00:55:32,680 --> 00:55:34,160 then there might be a position open... 1134 00:55:35,560 --> 00:55:36,640 Head of Business Development. 1135 00:55:36,840 --> 00:55:38,640 - What? - Yeah, I know. 1136 00:55:38,840 --> 00:55:40,200 I couldn't believe it as well. 1137 00:55:41,000 --> 00:55:45,160 So, wait, would that mean that you move to the States? 1138 00:55:45,640 --> 00:55:46,840 Maybe... 1139 00:55:48,720 --> 00:55:49,920 Here. 1140 00:55:55,160 --> 00:55:56,240 Sleep will help. I'll... 1141 00:55:56,320 --> 00:55:58,400 I'll get a couple more hours and come straight back in. 1142 00:55:58,800 --> 00:56:01,120 I don't think anyone in there wants that. 1143 00:56:01,720 --> 00:56:02,920 Stay home. 1144 00:56:03,160 --> 00:56:04,360 For yourself. 1145 00:56:04,480 --> 00:56:06,840 I'll smooth out Mitsubishi. It'll work. 1146 00:56:08,640 --> 00:56:09,920 Peer to peer? 1147 00:56:10,120 --> 00:56:11,320 Stay home. 1148 00:56:11,680 --> 00:56:13,400 More time for your family. 1149 00:56:14,880 --> 00:56:17,000 The institution doesn't suffer. 1150 00:56:24,800 --> 00:56:26,160 Doors opening. 1151 00:56:29,600 --> 00:56:31,440 You made me distrust my... 1152 00:56:36,200 --> 00:56:37,400 For what? 1153 00:56:43,640 --> 00:56:45,160 Doors closing. 1154 00:57:26,200 --> 00:57:27,400 You Harper Stern? 1155 00:57:28,400 --> 00:57:29,400 Yeah. 1156 00:57:29,600 --> 00:57:32,120 Otto wants to see you. Get in the car. 1157 00:57:34,520 --> 00:57:35,720 Now? 1158 00:57:36,040 --> 00:57:37,240 He'd prefer it. 1159 00:58:01,440 --> 00:58:03,840 Well, I hope he's getting the care he needs. 1160 00:58:05,360 --> 00:58:07,440 I've heard that... 1161 00:58:08,840 --> 00:58:11,000 tumors can have certain... 1162 00:58:12,000 --> 00:58:13,240 neurological effects 1163 00:58:13,320 --> 00:58:15,760 as pertains to people's willingness 1164 00:58:16,160 --> 00:58:18,280 to take risk. 1165 00:58:23,320 --> 00:58:24,520 Well... 1166 00:58:24,640 --> 00:58:27,560 while I take some responsibility for my bullishness 1167 00:58:27,640 --> 00:58:29,400 over ESG as a concept... 1168 00:58:30,880 --> 00:58:33,480 Bill had the underlying relationship with Debt Syndicate 1169 00:58:33,560 --> 00:58:35,520 from his bond trading days. 1170 00:58:35,800 --> 00:58:39,480 He was the one pushing their appetite for risk. 1171 00:58:41,400 --> 00:58:42,600 Yes. 1172 00:58:43,400 --> 00:58:47,080 Fixed income was more Bill's background. 1173 00:58:48,040 --> 00:58:51,920 Hell, we can't let someone go because of their declining health. 1174 00:58:54,760 --> 00:58:55,960 But... 1175 00:58:58,440 --> 00:58:59,640 Eric... 1176 00:59:01,280 --> 00:59:03,280 as the closest to him... 1177 00:59:03,960 --> 00:59:07,720 if you think an indefinite period of absence 1178 00:59:07,800 --> 00:59:11,560 would be in his best interest... 1179 00:59:13,640 --> 00:59:16,760 it is something our executive committee 1180 00:59:16,960 --> 00:59:20,080 would be willing to consider. 1181 00:59:23,720 --> 00:59:27,120 He has seemed a little... 1182 00:59:27,880 --> 00:59:29,360 out of sorts. 1183 00:59:37,440 --> 00:59:40,200 While I respect the rules of the game... 1184 00:59:41,600 --> 00:59:44,560 I find pinning this all on a sick man 1185 00:59:44,640 --> 00:59:46,400 morally unconscionable. 1186 00:59:48,840 --> 00:59:51,280 But tomorrow is more important than yesterday 1187 00:59:51,360 --> 00:59:52,560 for Pierpoint. 1188 00:59:58,680 --> 01:00:00,040 So fuck him then, right? 1189 01:00:07,480 --> 01:00:09,200 Is Mitsubishi worth pursuing? 1190 01:00:09,720 --> 01:00:11,240 It's a Band-Aid. No more. 1191 01:00:11,320 --> 01:00:13,160 Phillip was onto something when he told us 1192 01:00:13,240 --> 01:00:15,120 that we should be looking towards the Gulf. 1193 01:00:15,600 --> 01:00:18,480 So I've brokered an introduction. 1194 01:00:21,600 --> 01:00:23,600 Ali, gentlemen... 1195 01:00:24,440 --> 01:00:26,280 it's Pierpoint's anniversary. 1196 01:00:27,920 --> 01:00:30,400 How would you like to buy a piece of history?