Oh, no! No, no!
Massimo.
Franco Jannonefrom the Italian treasuryis coming in.
I'm sure he wants to discusshow to manage their bonds.
I need to know how Dominicmanages the auction.
-I'll be back as soon as I can.I'm on it.
Yes, please. Bye. Take care.
Dominic wouldn't be running this auction
unless it was important.
We should be in London,not here.
Not how you remember it?
I don't know why I came.
Maybe he wants to make amends.
He's dying.
Massimo!
Massimo Ruggero.
What was that about?
They don't like tourists.
Many experts are seeing it as Italy's moment of truth.
The bond auction set for the end of the week
is critical for Italy's economic stability.
There are rumors that the Economic Ministry
is planning to offer five to eight billion euros
in government bonds.
Was that him?
Franco Jannone.
He's much shorter than he looks on TV.
Why is Massimo so interested?
Because Dominic's interested.
How am I gonnaget inside this?
You need to find out whoChris Bailey's got running sales
and then... get rid of them.
Oliver would know.
-No way. -Yes way.
Are you...
Are you asking for my help?
-I just need a name. -You...
are asking for my help.
Don't be a dick about it.
Richard had to leave for the day,
so I'm replacing him on the Jannone thing.
Says who?
Where is Richard, anyway?
Family emergency.
And seeing as Mr. Jannone's looking to place at least
five billion in Italian bonds,
you should have picked me anyway.
I...
Why's that then?
You mean apart from the fact that I'm the best you've got?
Massimo...
Well?
This is going to be a while.
Okay.
Meet me at my house.
-I'll be there as soon as I can. -Cool.
Italy needs to sell bonds, debt,
which is equivalent to the whole of the Greek debt.
Italy is huge!
This campaign against us,
-it spreads mistrust. -Hm.
It's making it increasingly difficult for us
to finance public debt.
"PIIGS"...
Such a disgusting name.
Terminology is contemptible.
Still, we must accept reality.
Even Rheinthaler is dumping Italian debt.
The last auction was tough. We nearly didn't cover it.
We can't riskthe slightest misstep this time.
Well, what are you suggesting?
Reduce the offeringand keep the price up.
Now that would signal weakness to the markets.
Yeah, they smell fear, next time they come in to kill.
I can't leave this to chance.
We need to be sure
these bonds will sell at their proper value.
Eleanor's gonna take care of you.
Yields are already peaking.
I'm confident we can place all of them at market price.
-Let's go big! Mr. Jannone. Okay.
Thank you so much. See you soon -See you soon.
-Please. Bye.
Set a meeting with our clients.
Do it in person.
Be discreet.
Low ball it.
Tell them half of what we told Jannone.
Didn't we just promise him the opposite?
We need to service our clients.
The Italian government is one of our clients.
If this auction goes south, they could become Greece.
Times ten.
It's an opportunity to prove your worth
after that business with the VaR.
How's Massimo?
Okay, I think.
Where is he?
Your guess would be as good as mine, Mr. Morgan.
A decade ago, Naples...
I was wondering what happened to you.
I'm protecting our investment.
-Where? A little fishing village
on the Amalfi coast.
Oh, I see.
Massimo's father is dying.
And he brought you along with him?
We need him in London.
I'm earning his trust.Remember?
You told me to stick to him like glue.
Then use that trust to get some answers.
That's exactly what I'm doing.
You know, Sofia...
I can't help feeling that you missed
something on those CDO files.
What did I miss?
You're meant to tell methe answers
before I ask the questions.
If you can't...
I'll get them myself.
-Massimo again? I'm fucked.
Dominic wants to drive the Italian bond auction low.
And bring down the Italian government?
So tell him!
If I do, he'll tell me not to do it.
But Dominic's given mea direct order, so...
So you are fucked.
What if I persuadeall the clients to buyat the same price?
Low, but not so much.
Then I don't have todefy Dominic or tell Massimo.
Clever, but if just one of them tries to down bid the others,
then you're doubly fucked.
So do I tell Massimo or not?
No idea.
I appreciate the help, Kalim.
Well, over 20% of Europe's population at this point
is at risk of poverty.
-Hey. -Hi.
What happened?
Someone threw it through the window this afternoon.
I think this is for you, for your father.
But why threaten your father?
He's suffering just like they are.
I don't know.
No idea?
No.
Okay.
So...
what's the plan now?
To go and see the mayorabout my father's boats.
Then get the fuck out of this place.
-Are you okay? -Mm-hmm.
Eleanor Bourg at NYL.
I said I'd be calling with something big.
Let's meet for a coffee, talk about it.
Fantastic!
This information is confidential, but guaranteed.
Guaranteed. Guaranteed.
This information is confidential,
and guaranteed.
You know, after Lehman's,
I couldn't even take my kids to school without being abused.
They thought I was a criminal just because I worked in finance.
Scamming auctions...
is a crime that confirms all their suspicions.
All I'm doing is offering a valued client
-a preferred price. -What about your other valued clients?
-What about them?-You offer them the same price?
Do you know that all the money
your bank takes from the Italian government
could be used to pay the salaries
of teachers and doctors.
You work fora private fund, Mr. Sarti,
not the government.
Is this about patriotism?
Shit!
Massimo.
Vincenzo Manfredi, nice to meet you.
Sofia.
Massimo and I were best friends, right?
Long time ago.
Sorry, would you mind if Massimo and I have a chat?
Thank you.
Massimo...
Italy's returned to the bond market,
but despite the European Central Bank buying Italian debt
to break down the amount of interest that Rome has to offer,
there was relatively weak demand...
Did you think I wouldn't find out
you were undercutting us?
We're a bank.
We're servicing our customers as best we can.
I represent a sovereign state,
not some company you can buy or short.
Countries are companies.
Italy is currently a company that's on the ropes.
We don't need to shill
an auction for it to go badly.
You-you have no principles.
With all due respect, Doctor,
you should not talk to us about principles.
Oh, for years, we made everyone
believe demand for your bonds was sky-high,
when we all knew it wasn't true.
Our private debt is among the world's lowest.
Everyone in Italy has a home and access to welfare.
Private wealth is uselessif you don't tax it.
W-we took hard decisions.
"Hard decisions"?
Your politicians have been driving up public debt
by buying votes for 30 years.
Restructural reform,
cuts in spending, all waste.
You can shift the blame for this mess all you like.
But our next auction will not be yours to corrupt.
Someone told him he was being undercut.
Who was it?
It had to be Mr. Sarti.
That's on you.
No, I have to take responsibility
for Eleanor's appointment.
Excuse me?
Well, Massimo always insisted
that she was the best salesperson we had.
Perhaps his judgment was clouded by, um...
other factors.
You're welcome to review my record.
What you won't find amongst
the hundreds of millionsI've made for this bank
is a promotion as a resultof my boss dying!
You know what? -Sorry, I think you crossed the line.
Hey! You know what I care about? Results!
If you're good, prove it!
All the other bullshit,take it somewhere else!Go! Out!
It's an internal document
from the New York LondonInvestment Bank.
I want you to go throughevery fucking page with a comb
-until you find something. -What am I looking for?
Fraudulent assets relating to a nuclear plant in Moldova.
Get to it.
You can help him.
But I'm not sureI want to.
Let me tell you something.
This town is exactly
just like the place where I grew up in Argentina.
And the story's the same story.
Banks came in,
took all the money...
and people suffered and died.
People like my brother...
suffered and died.
-But they're not my people. -They're not your people?
Yeah, because you're so much better, right, Massimo?
-You have this beautiful life. -Oh, come on.
Lucky you.
Well, even if you don't belong here,
this is still your hometown.
And these are still the people you grew up with.
And it would be so easy for you.
Stop it! Stop it!
Get off him!
Let's go.
Massimo, let's go.
Oh, come on!
-Fuck. - The last time there was a collection
was the week before Christmas.
The Italian government says local council
and organized crime are to blame.
Hm.
Where's Massimo?
I don't fucking know.
Do you always do what he says?
Good night, Oliver.
You owe me a favor.
For that favor...
I'm callin' it in.
How many times a day do guys try and chat you up?
Who knows?
Used to be worse when I was up and coming.
Ah. Now that you made it, what, they leave you alone?
It's just different.
Anything big goes wrong,
it's because the woman's been over-emotional.
Huh.
How do you deal with that?
Not very well this time.
So...
If you can't get this, uh,
Sarti character back onside...
you're screwed?
Years of building a career...
gone.
Anyway...
Thanks.
Italy's too big to fail, isn't it?
Exactly. It's too big to fail
and there isn't enough money to save it.
Italy's sucked into the continent's debt crisis.
Just how bad is Italy's economy doing?
Hey. How are you?
Let me see.
Oh, I'm fine.
What were you trying to do?
Punish yourself?
I don't know.
Stefano saidyou killed his father.
He drowned...
after we stole his boat.
Who's "we"?
Vincenzo...
and me.
Vincenzo the mayor?
Yes.
Talk to me.
Tell me what happened.
How long were you here?
Two years.
How did Stefano's father
even get into the water?
He was rowing out to catch us.
We were going to hit his boat.
I... I shouted at Vincenzo to slow down,
but he couldn't hear me over the engine.
It wasn't your fault.You were just a boy.
It's not what the judge said.
What happened to Vincenzo?
Nothing.
What do you mean "nothing"?
Vincenzo's father was a powerful man.
He was never going to allow manslaughter on his son's record.
So...
He paid my father...
to keep Vincenzo out of it.
We were badly off.
So he took that money to buy his first boat.
Everyone kept their mouth shut,
so I could take the fall.
The boy who killed Stefano's father.
I hear they make a decent Italian coffee here, Mr... Sarti.
Have we met?
I work at New York London Bank.
Your colleague has calledfor reinforcements.
Listen, please just leaveand let me enjoy my espresso.
No, I'm new to this bank actually, but, uh...
You've been in this business a long time, haven't you?
It must be tough.
It must be. Constant pressure,
risks, the scams...
It's a bit unsavory for a man of your character.
You know nothing about my character.
I know that you applied for a job at the IMF last year.
A job where you wouldn't have to get your hands dirty.
Where you could work to change things from above.
-What's your point, Mr...? -Harris.
Harris.
Oliver Harris.
Now, you didn't get the job at IMF last year, did you?
But my boss...
Dominic Morgan...
he's a powerful man.
Do a service for Mr. Morgan
and the bank...
it'll do a service for you.
In Italy,we call this corruption.
Well, here...
we call it sliding doors.
What is Sarti doing here?
You two, Mr. Morgan's office.
Now.
Did you fuck me over?
You did that all by yourself.
Look, would you excuse me,let me take care of this?
-Of course. -Thank you.
Sarti just left.
Oliver informs me that...
you offered him a bribe.
A job at the IMF.
-Mr. Morgan, I-- It's a little obvious.
But effective.
Sarti's going to keep his mouth shut.
Congratulations.
I just did my job, Mr. Morgan.
Really well done.
Okay, that's all. Thank you.
Who made you shill the auction?
I had no choice, Massimo.
You know that, don't you?
Yes, I know.
Bye.
What?
Dominic's attacking Italy.
The other countries will follow now.
When are you going to be back?
I don't know.
I'm going to stay a little longer.
You did the right thing.
For the town.
For yourself.
I wish you didn't have to go back to London.
I wish neither of us did.
We could run off to an island.
Do you want to come?
Had a nice time?
Where's Massimo?
Still in Italy,
with his father.
So, what is it?
The CDO document.
Why didn't you tell me you had it?
You went through my things?
Answer the question, please.
Uh, you don't trust me anymore?
This CDO is guaranteed on fraudulent assets
and an abandoned nuclear plant.
You said you didn't find anything in Moldova.
That's right, I didn't.
What about the photos in your camera?
The plant was abandoned,
but the valuation matched government records.
There was nothing fraudulent about it.
Okay...
You might have told me that.
You might have asked.
Well...
it is a fraudulent asset, all right.
Which means we're sitting on proof of a criminal conspiracy
that could bring Dominic Morgan and the NYL
to their fucking knees.
-Good news then. -Yeah.
Great news.
Sí.
The cost of Italy's borrowing
has gone up to a record level since the Eurozone deal.
The country had to offer a rate of return never seen
since joining the single currency.
It had to promise the return of more than six percent
as opposed to 5.8% a month ago.
And there now concerns that Italy's on its way to becoming
the next victim of the European debt crisis.
Investors bet that Silvio Berlusconi's days
as Prime Minister are numbered.
Was this the moment that brought the curtain down
on Silvio Berlusconi's long running one-man show?
Mr. Berlusconi finally resigned last night.
If the worst does happen,
what you're saying is, Italy's too big to rescue.
Well, hang on a minute. Wasn't it too big
to be accepted into the Eurozone club
in the first place, if it was ever too big to rescue?
How did they invite it in?