[crowd shouting]
[chanting in Spanish]
[in Spanish]
[chanting in Spanish]
[indistinct shouting]
[guard] No, no.
No.
[all scream]
[Massimo] I believe we are born innocent.
Trusting that love is stronger than hate.
But sooner or later...
Ramiro!
[gunshot]
...that innocence is shattered.
We see the cruel defeat the kind.
And we learn that fear can crush hope.
We grieve the loss of innocence.
But more than that, we long to defend the weak.
[sniffles]
To right the scales of justice.
To defeat the men whose hands drip with blood.
[Terence] How do you know she was murdered?
[Massimo] That's what I want youto find out.
-Got any whiskey? -Neat?
Yes, please.
Look, Massimo,
I'm happy to take your money,
but if Carrie died of an overdose...
I need to know who brought her back to London.
It can't be a coincidence.
Not after three years.
Coincidences do happen,you know.
All right.
I get it.
You're looking for someoneto blame.
A mystery man.
But has it occurred to you
that maybe you've alreadyfound him?
[Carrie] You have to get a tattoo like mine!
[police siren wailing distantly]
-Wait for us. -[indistinct chatter]
-Irish bonds? -It's top secret.
-Yeah! -[gasps]
-[croaks] -[elevator dings]
[elevator doors slide open]
[phones ringing]
Ah...
[indistinct chatter]
[male newscaster] Irish economy was the fastest growing in Europe.
The market dried up completely.
All the residential units that you see behind us.
[male newscaster] There is some continuity, obviously,
in the fact that the Conservatives...
Mr. Morgan.
Mm!
Good morning, Hans.
Ah.
You remember my associate, Karl Haufman?
What seems to be the problem, Hans?
-Right to the point, aren't you?-Is this about our agreement?
[clears throat]
Rheinthaler needs to suspend it.
At least for now.
Are you asking me or are you telling me?
I have no choice, Dominic.
Of course you have a choice,Hans.
You're the CEO.
Karl?
[Karl] I was called in to see the finance minister.
He says it's contrary to the national interest.
The finance minister has nothingto do with our agreement.
We still have to answer to a government, Dominic.
What about your bank'sinterests, Hans?
Have you seen the news this morning?
Ireland's on its knees.
How many bonds from Irish banks
did you gobble up during the boom?
They're about to leavea very bad taste in your mouth.
Are you threatening me?
You're the one suspending our agreement.
[Hans] I don't like it any more than you do.
Maybe if you talked to the minister,
you could get him to change his mind.
Maybe I could.
And until you do,
our exposure on this Irish thing...
you'll keep it to yourself, won't you?
[chuckles]
[male newscaster] Ireland has been urged to accept
a humiliating financial rescue from the European Union.
[indistinct chattering]
[Massimo] How much is Rheinthaler in for?
[Eleanor] Three, possibly four billion.
That's propriety information.
How'd you get Haufman to tell you that?
[Eleanor] The usual way.
Sushi at Mabu, rivers of Bavarian beer
and the filthiest strip club in the city.
[dance music blaring]
[Oliver] So Rheinthaler Bank is exposed for four billion on Irish housing bonds?
There is a Central Bankmeeting coming up.
He won't want to offload the bonds just yet.
But he'll have to sooner or later, won't he?
And when he does, the Irish banks will blow sky-high.
We short now, hush-hush. It's a hell of a play.
I'm not sure it is.
We used to kill for this kind of information.
All right. Start shorting.
But only small trades.I don't want thistraced back to us.
Okay.
Oliver...
look at the Irish bondssold over the past three years.
Not only to Rheinthaler Bank,
but to the other main banksin Germany, Holland and France.
All right.
[traffic ambience]
[ducks quacking]
[Chris]Detective Bale.
I hope I haven'tkept you waiting too long.
I've rather enjoyed the quiet, actually.
Yeah, you know,it's a beautiful spot.
I take my daughters riding here on Sundays.
What a lovely life you must lead.
Yes, well, we bankers are...
quite fortunate.
I'm afraid my colleagueswouldn't be too pleased
if they knew I wasbringing you this information.
So why are you?
I believe in the truth.
[Bale]No one need know you called me.
What do you have, Mr. Bailey?
It's about Ed Stuart's death.
And Massimo Ruggero.
[computer chiming]
-Hi. -Late night, hm?
No, I just couldn't sleep. That's all.
-Should I be worried about you, Sofia? -No.
I need someone I can trust on this.
A guy called Robert McKenna.
Yeah, I recognize the name.
He's a reporter for Central News Agency, right?
CNA is a front for an intelligence agency.
He made contact with us last night.
He says he has information he wants to share.
-A trap? -Could be.
Could be a man with a conscience.
I've heard they exist, but you know as well as I do,
it's awfully hard to tell one from the other.
I'm trusting you'll be able to.
Thanks for giving me another chance.
This is the last one.
-You wanted to see me? -Yeah, have a seat, Massimo.
Thank you.
[Dominic] Chris and Ihave had a discussion,
and there's gonna bea change little in structure,
and we wanted youto be first to know.
I didn't realize Chris was dictating policy now.
Was there a memo?
[Dominic]Due to the adverseLIA publicity,
-we need to keep our nose clean. -Hm.
-Want to fill him in? -I wouldn't presume
to tell Massimo a thing about how to do his job.
You have any questions,you know where to find me.
-Mm-hmm. -Gentlemen.
He's not a bad guy, you know.
Nor is he good at anything, as far as I can see.
Except taking credit for other people's work.
Political skills are valuable,
and he's well-likedby the board.
Just like Ed was.
That didn't work out too well, did it?
The vice-CEO chair remains empty for now.
But Chris will take a new role in Risk Management.
He's going to keep an eye on the VaR for me.
Okay.
[door opens]
Chris is in charge of the VaR?
See for yourself.
He's lowered itby two points.
We're getting put a leash by that guy, son of a bitch.
Sorry, but maybe I don't quite get what the VaR is.
The VaR is a little fucking number
decided by the risk office.
Basically, the lower the VaR, the less we can risk,
-and the less we risk... -The less money we can make.
In theory.
In practice, there are waysto dodge the VaR,
if need be.
Need be right now.
Not this time.
We're going to behave ourselves.
If we honor Chris' VaR,
you can forget about shorting the Irish bonds.
You can forget about making money altogether.
Then we'll forget about it.
We follow the rules to the letter.
-Got it? -But, Massimo,
with Paul gone, our unit's down this quarter.
Didn't you hearwhat I just said?
-I heard you. -Good.
Boss.
You look wonderful,Margaret.
Mwah. You're a shameless liar.
I'm just off the red-eye from D.C.
-You thrive on adversity. -[laughs]
I only have an hourbefore my flight to Hong Kong.
What can Ihelp you with?
I understand Hans Becker came to see you this morning.
You're well informed.
What did he want?
Seems he needs to suspend our agreement.
Pressure fromthe finance minister.
Hm. You weren't persuasive enough.
It's not a questionof being persuasive.
It seems to be genuinelyout of poor Becker's hands.
You need to find a solution.
And it won't be easy to get Washington
to apply any political pressure.
You know they're not with us on this.
There is an armistice ceremonythis week.
Let me meetwith them first.
All right.
And your mole?
Have you found him yet?
It seems he'shiding in plain sight.
[office phones ringing]
[phone rings]
Kate?
[Kate] I've got Detective Bale on the line, Massimo.
[Massimo] Okay.
Calling to make more threats, Detective?
I don't recall making any threats, Mr. Ruggero.
That's not how my colleague, Oliver Harris, tells it.
[Bale] We're done with Mr. Harris now.
It's you we're interested in.
-Oh? -Why don't you come down to the station?
I'm afraid now is not a good time.
Make it a good time.
Or we'll come to your officewith a warrant and a news crew.
Sure you weren't followed?
No. Are you?
So, what do you have?
A story about Gaddafi and the LIA.
What about it?
There's something off there,all right,
but you went after the wrong target.
NYL is working forthe Americans.
You mean the government?
More powerful than the government.
But the graves?
-Those weren't graves. -I saw them.
We all saw them.
The video's a fake.
Staged by somebody who wanted to cause military intervention,
so that Gaddafi ends up like Saddam.
You're lying.
I wish I was.
Ten thousand dead, 55,000 wounded...
and it never happened.
The videos, the photos, they were taken years ago.
What you saw was a cemetery. Here's the proof.
If you have the proof, why don't you just run it?
'Cause I workfor those bastards, remember?
My consciencebrings me to you.
But that does not outweigh mydesire to watch my kids grow up.
[train brakes squeal]
Duval saysI can trust you.
You can.
[male newscaster] He's being urged to accept
a humiliating financial rescue...
What news?
[Eleanor] Irish housing shares are starting to fall in.
The VaR is costing us millions every minute we do nothing.
I'll be backwithin the hour.
Fuck it. This is going to the trading desk.
No. You can't send thisto Jason, Kalim.
You can't short this.
Do you not know what we look like out there?
Acheng, Davenport, Libya.
People are saying that Massimo's lost his touch,
that we're finished.
Massimo said no.Are they really saying that?
We need to help him out together, as a team.
Like not missing out on the sale of the century.
Maybe he knowsmore than we do.
Also, the VaR is networked in.
As soon as someone breaks the rules, it's out there.
What if we changed the rules?
We would need a tech expert.
Huh.
What?
Mr. Ruggero? This way, please.
[clears throat]
How can I help you?
-[door closes] -[beeping]
Interview started 12:20,
Detective Inspector Bale and DS Winks present.
[Bale] New evidence has come to light
about your friend Edward Stuart.
-He wasn't my friend.-[Winks] No, he wasn't, was he?
Seems Mr. Stuartdidn't fall to his death,
but rather was pushed.
You know that for a fact?
Did you know Mr. Stuart gathered a dossier about you?
No.
Who told you that he did?
Seems he was gathering information
to stop you from getting the vice-CEO job.
Detailing all your questionable trading practices.
-May I see the dossier? -No, you may not.
I don't engage inquestionable trading practices.
In any case, it seems you and Mr. Stuart
had quite the rivalry.
[soft chuckle]
You're not suggesting...
I'm in the frame for this?
A man was murdered in front offriends and colleagues.
A wife and children are grieving.
And you are telling me that
"Massimo and Ed didn't like each other"
is your working theory?
Really?
You're what I'd callan underperforming asset.
Can I go?
Claire?
Ed was murdered and I knew it.I knew he wouldn't leave me.
He was what?
The policehave incontrovertible evidence
that he didn't jump.
Oh, my God.
Claire, I'm so sorry.
Do they have any idea who, why?
[Claire]But I'll find it.
If he was murdered, it was over fucking money.
And if it's about money, there has to be evidence of it
somewhere in this room.
Okay. I'll help you look.
You know what, Nina?
I need to be alone.
Of course.
[cries]
[cell phone vibrates]
-Yes? -We were right about Libya,
just not in the way we thought.
Sofia, this is over. Don't call me again.
Are you kidding me?
I'm telling you I have new information.
I don't give a shit.
-Wait. -[line disconnects]
[indistinct chattering]
The images of the graves were faked, without a doubt.
That body count was confirmed
by the Libyan delegation to the ICC.
[Sofia] It was confirmedby a man named Sayed Al Shanuka,
who's been getting backhanders from the LIA.
But Gaddafi was evenless of a threatto the Americans and Saddam,
so why take him out?
And that's the right question,
to which I don't have an answer yet.
You did good, Sof.
-Thanks. -Send me the files,
and fix the situation with Massimo, will you?
Uh, yes, I will.
Just let me get them organized first, okay?
How long will that take?
Not long. I'll send them tomorrow, all right?
-All right. -Okay.
[Bale] How long has he been here?
Since his wife threw him out of the house.
[knocks]
Yeah?
Detective InspectorBale and DS Winks.
Yeah, I know who you are. What do you want?
It's about Edward Stuart's death.
I didn't have anything to do with that.
We believe Massimo Ruggero does.
Okay.
[message alert]
[screaming]
[no audio]
[passkey beeps]
What are you doing here?
Cheers, mate.
I, uh... I told the policewhat I know about Massimo.
About Carrie showing upto the club that night.
Massimo thinking Ed sent her.
Why would you tell the police that?
They think Massimomurdered Ed.
That's crazy.
Is it?
Paul, why would you tell them anything?
Max gassed me after ten years
in the fucking trenchestogether.
Ten fucking years, mate.
He had his reasons.
Yeah, well,to hell with him.
He's gonna be charged with murder.
Massimo's fucked.
See you around.
-[elevator chimes] -[doors slide open]
You look happy.
Well, why shouldn't I be?
My career's on the rise.
Especially now that Ed's gone.
You climbed on the back of just about everyone else
in this building to get there.
Well, insult me while you can.
I shan't have to put upwith it for long.
Why is that?
I think you know.
You've been talking to the police.
I hardly need to, do I?
Everyone knows about your whore wife.
-[grunts] -Get up!
-[rapid beeping] -[yelps]
Massimo.
-It's okay. -[laughs]
Have you lost your mind?
-Chris could press charges. -I can't help that.
You assaulted an officerof the bank, in this building!
I want an explanation,
and you're not leaving hereuntil I get it.
The police think someone killed Ed.
And they think it was me.
Why would they think that?
Because Chris Bailey has been feeding them
a fucking character assassination, for a start.
Why would he do that?
Because he wants the vice-CEO job, Dominic.
When did you learn this?
Yesterday afternoon.
And you didn't think to tell me at once?
[Massimo]It seems I wasn't the only one.
[Dominic] No, clearly you weren't.
The idea you'd murder somebody is absurd.
Today's incident notwithstanding.
Okay, I want you to go home, I want you to get some rest.
And I am going to persuade Chrisnot to press charges,
and then I'm going to makethis ridiculous investigationgo away.
Okay.
[woman indistinct over PA]
Is there a problem?
No problem.The material is good.
Then what's this about? Meeting once was risky enough.
I need some more information
about a womancalled Carrie Price.
Who the fuck is that?
That's what I need youto find out.
That wasn't partof the deal.
It is now.
You work for the Americans.
They'll give you information if you ask.
They might. Depends who she is.
It might also be a giant red flag.
I'm taking risks too,McKenna.
Get me what I need,or find someone else
to spill your leaks,okay?
-Mr. Rigby? -Yes?
Won't you please come in? Mr. Trevor will see you now.
-[knock at door] -[door opens]
Mr. Rigby, would you likea tea or coffee?
I've already been asked actually, but no, thanks.
I'm not quite sure why I'm here,to be honest.
I've been told that you've beenmaking enquiries
into a womancalled Carrie Price.
[Terence] Who told you that?
I take ityou've found it difficult
to learn much of anything.
I can't confirm or deny anythingof what you're asking me.
Of course not.You take client confidentialityvery seriously.
I respect that.
You're quite a goodinvestigator, Mr. Rigby.
But...
it seems you haveyour fair share of challenges.
Two ex-wivesand a child to support,
and you're an alcoholic,isn't that right?
-What the hell is this about? -I have no desire to harm you.
I'd like to help you, in fact,provided you help me.
That's £50,000.
-For what? -Nothing too difficult.
You've been telling your client
you can't find any informationon Carrie Price.
You go right ontelling him that.
I really...
I really don't think I should be doing this.
Massimo told us to follow the rules right to the letter.
And we are, right?
This is just...
changing the rules.
Mm.
FYI, we get caught, we'll be prosecuted for computer fraud.
Look, the VaR is like the skin on your balls.
You can stretch it as much as you like.
Nice, Kalim.
It's set on a case-by-case basis.
We just need to set it for wherewe want on each of the trades.
-For the Irish bonds. -Yes.
[sighs]
If...
If we linked a Raspberry PI to some kind of a minicomputer
positioned on a switch that connects
the Risk Management computers to the central network,
we can control it remotely, altering the data traffic.
You understood that, right?
But even if this works,
what's gonna happen when we start cashing in?
Chris will see we've made millions.
So will Massimo.
You ever heard about the team who got fired
for making the bank millions?
[laughter]
[gunfire]
[general] And so,we gather today to commemorate
those who lost their lives,
so that freedom might endure for future generations.
I'm sorry Nina couldn't join us.
So is she.
But Nina has a lotgoing on right now.
Did you come here to change my mind?
The German Finance Ministry needs my support
just as much as I need yours.
Really?
Some think the dollar's time is up.
The euro's not as strongas it used to be.
In any case,Rheinthaler Bank is even weaker.
Whatever the liability, it's ours.
And we'll deal with it.
By letting Rheinthalerdeclare bankruptcy?
You exaggerate.
The Irish governmentdoesn't accept the bailout.
Irish City Bankwill go bankrupt.
And if it goes bankrupt,Rheinthaler will, too.
Can you imaginethe loss of confidencein your government
if the largest bank in Germanywere to collapse?
Even if the bailout were approved,
it wouldn't help us with our unguaranteed bonds.
No, it wouldn't.
Which is why you needfriends like me.
What is it you want, Dominic?
I think you know.
A drastic slowdownin the growth of housing stock.
The chronic shortage of new houses.
The Central Statistics office has...
[continues indistinct]
[elevator chimes]
[woman on TV] Cash services is one of our key industries...
Well?
Start trading.
The VaR will automatically adjust
to whatever orders you place.
[phone ringing]
Massimo.
[chuckles] You all right?
[Massimo on phone] What's going on over there?
Not much. It's quiet here.
Did you look into the Irish housing bonds?
Yeah, yeah. Yeah, yeah, but I didn't
find anything interesting.
What did you find?
Oh, exposure, like we thought.
How much?
Um, spread across the top banksin France,
Germany and Holland...
looks like about five percent.
Five percent.
Most of its with Rheinthaler Bank.
Did I miss something?
[Wade]This is what we think of as war.
In 1956, Britain, France and Israel
attacked Egypt after Nasser nationalized the Suez Canal.
Some 4,000 people were killed,
nearly 5,000 others wounded.
The United States strongly opposed the war,
but could hardly take military action against a European ally.
So, what did they do?
They attacked the British economy.
President Eisenhower ordered the Central American Bank
to sell off billions of British pounds.
Within weeks, the currency was so weakened,
they had no choice but to withdraw their forces.
The most powerful weapon of our time
is not guns, or tanks, or artillery.
It's finance.
How's my boy Oliver?
[Massimo] Bright. He's learning fast.
[Wade] As I expected.
I see a lot of potentialin that one.
What do you know about Irish housing bonds?
Ha! Timely question.
-Milk? -No, thank you.
They're implodingas we speak.
The Rheinthaler Bank is holding something like
three billion euros worth of them.
They were greedy.
Instead of lending money to Germans
who wanted to buy a house, or a car, or start a business,
they invested in high-risk housing bonds
anyone could see would implode.
They make five percent of the top European banks' holdings.
So why wouldn't Dominic want us to short them?
The first thing we did was tighten the VaR.
-Putting a collar around your neck. -Mm.
He must have his reasons.
What, though?
We could make millions shorting the Irish bonds
if they're about to go bankrupt.
[Massimo] They aren't about to go bankrupt.
Someone's guaranteeing those bonds.
I couldn't possibly say.
Although...
the European Central Bank
is meeting this evening in Dublin.
They wouldn't force the Irish government to save their bank
in order to save the Germans.
They couldn't...
[Kalim] How are we coming along?
[Oliver] Yeah, the Raspberry's ticking along.
[Kalim] So it's 260 million so far.
Come on, let's go. Let's go.
[Eleanor] We thought you'd gone home for the day.
Get everyone on the floor
to go longon Irish housing bonds.
But, Massimo, those bonds are about to turn to shit.
No, they're not.
The Irish government's going to guarantee them.
They couldn't possibly.
Why would the Irish government
incur a deficit to shore up a private bank?
They don't care about saving housing bonds.
They don't,but the Germans do.
As do the French and the Dutch.
-Oh, shit. -[Massimo] Yes.
They'll use the European CentralBank where they're in charge.
The Irish banks will be safe
because the ECB will force the Irish government to do it.
They'd save the banks
at the expense of their own people
who pay with their pensions,
their wages, their health care.
ECB will opt for the cheapestsolution for the economy.
So, it's far less expensiveto save the Irish bond holders
than a chunk ofthe European banking system.
Turning private debt into public debt.
That's armed robbery.
Get to work.
I have a confession to make.
We've been shorting the bonds all afternoon.
But I expressly told younot to do that.
All of you?
I...
I put a Raspberry PIin the Risk Management service.
You did what?
I'm sorry.
You knew about this, too?
Don't take it out on Oliver. We made him do it.
In violation of Chris' VaR?
How much have you shorted?
Two-hundred and sixty million.
[exhales]
[Kalim] You've not exactly been honest with us either.
When were you planning to tell us
the police think you killed Ed?
Where did you hear that?
But...
this is ridiculous, right?
It was Paul.
Erase the short and go long.
Now.
Now!
Senior bankers, regulators and the government
hammered out the final details of a deal
after hours of feverish negotiations.
In the previous 24 hours,
the bank had suffered an enormous fall in share prices.
As a result, many international investors
became very worried about the stability
of the Irish financial system.
[newscaster] Let's now go live to the final announcement
from an ECB official.
[ECB official] In the name of financial stability,
the Irish government has made the most responsible choice:
to save the Irish Trader Bank
and the other banks at risk of bankruptcy
through nationalization.
[Eleanor]Come on, guys. Get back to work.
Max, I don't know what to say.
I'm sorry.
[exhales]
[Sofia] I brought you somethingyou need to see.
Your wife was arrested in Virginia last summer
for prostitution.
I had someone looking, but...
he said all Carrie's files had been erased.
That's because a lawyer called William Trevor had them sealed.
You work for his biggest client.
Dominic Morgan.
She never called you?
No.
[Sofia] My brother raised me
after my parents died.
When I was a kid...
he shot himself.
So I know how it feels to live with regret.
Why are you giving me this?
Because you said you wanted to know why Ed Stuart died.
So do I.
[siren blares]
[car door opens and slams]
[recorder beeps]
[Winks] Interview started, 7:36 p.m.
Detective Inspector Bale and D.S. Winks present.
Is that the dossier?
Mrs. Stuart found something else.
Something her husband had gone to a lot of trouble to hide.
Ed Stuart's handwriting.
Let me see and I'll tell you. Looks like tranches of bonds.
Massimo Ruggero.
This is gonna send you to prison.
I just know it.
[sighs]
[phone ringing]
Sir, a phone call for you.It's the crown prosecutor.
[Winks] Interview suspended, 7:38.
[recorder beeps]
[phone ringing]
You're free to go.
The case has been transferred to Special Crimes.
What does that mean?
It means you've got friends in high places.
Look, I know youthink I did this.
But at some point,
you're going to realizeyou're wrong.
And if thoseare linked to Ed's death...
I can decode them.
I need to see those papers.
[overlapping voices on recording]
Fuck you! Fuck you!
[Masuch on TV] It's very good.
I'm impressed by the depth of the discussion in Ireland
and the understanding of complex
economic financial sector issues.
But also, when I come from the airport with the taxi driver,
they are often very well informed.
I must say, very well informed.
Klaus Masuch, did your taxi driver tell you
how the Irish people are bewildered
that we are required to pay
unguaranteed bondholders billions of euros
for debts that the Irish peoplehave no relation to
or no bearing with?
Primarily to bail out or to ensure
the solvency of European banks?
[woman] Well, can we take a couple together?
I ask you then to pass the mike,
and we'll come back to you for the second question.
Now, why are the Irish people required,
under threat from the ECB,
why are the Irish people required to pay billions
to unguaranteed bondholders under threat to the ECB?
You didn't answer the question the last time,
so maybe you'll answer it this time.
[woman] Well, I think he doesn't have anything to add
to what he's already said.
-[Browne] Well, just a minute---[woman] Sorry...
This isn't good--
This isn't good enough.