Margin Call Full Movie Film 2011

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um

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is that then

jesus christ

are they gonna do it right here

you guys ever been through this before

no

it's best to ignore it keep your head

down go back to work

and watch

[Music]

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yes i'm afraid we have to speak

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eric dale

excuse me eric dale

um no sorry

i'm not airdale

oh i'm so sorry he's my boss

just down the hall

thanks

excuse me

mr dale

this way

okay

[Music]

i'm so sorry

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i am obviously sorry that we are here

today but these are extraordinary times

as you very well must know

look i run risk management

i don't really see how that's a natural

place to start cutting we hope you

understand this is in no way personal

the majority of this floor is being let

go today

miss brett burke is now going to run

through the details of what the firm is

offering

okay

mr dale the firm is offering you six

months severance at half your salary you

will keep all unvested options that you

currently hold health will be extended

through that period you have until

tomorrow at 4 47 to either take the

offer or it will be revoked

do you understand

yes

unfortunately mr dale due to the highly

sensitive nature of your work here the

firm has to take certain precautions for

security purposes that may seem

punitive in nature i hope considering

your

over 19 years of service to the firm you

will understand that these measures are

in no way a reflection of the firm's

feelings towards your performance

or your character

i don't

understand

she's apologizing

for what's about to happen

your company email access to the server

access to the building and your mobile

data and phone service will all be

severed as of this meeting and this

gentleman

will take you to your office so you can

clear out your personal belongings

what about the um what i'm currently

working on i'm in the middle of

something the firm has worked out its

transition plan and is prepared to move

forward

but we do appreciate your concern

we understand that this is difficult

and here is my card

please contact me in the next few weeks

if you need any assistance with this

transition in your life

sir

okay

okay

[Music]

hey

i'm sorry

you're still alive uh-huh for now

congratulations

it was a bloodbath

i heard

listen eric

if there's something i could have done i

would have done it i know all right yeah

i know

i know

okay

just tell me

who was it

come on will

rogers i'm not gonna say you know you

know me robertson

that [ __ ]

i knew it i knew i shouldn't have

[ __ ] gone to her last night and

anyone eric you know what it was it was

bad luck and that's all it was yep

yep

all right well good luck

well

come here

i was just in the middle of a lot of

[ __ ] right here that i think somebody

needs to take a look at

eric listen

they're telling us everybody needs to

get out of here just leave that stuff

and while we appreciate your concern

this is not your problem anymore

good luck

thank

okay you just weighed mr murphy

eric i'm very sorry

yeah

yeah did they say was gonna happen with

us jesus seth

what

it's gonna get pretty ugly around here

for a while

but you know you guys will be all right

good luck here

i'll see you around okay all right

thank you

[Music]

hey eric

i just

i wanted to say thanks

it's not necessary well it is

you are the person around here that i

i know

hey look i was working on something but

they wouldn't let me finish it so

take a look at it

be careful

[Music]

yes

robertson

sarah robertson

sarah

you shut off my phone

back i didn't do anything

[ __ ] you

well that was [ __ ] hideous

it's gonna get worse before it gets

better

yeah i think

much

you know i need to caress

amount of nicorettes

which means in about

10 minutes i'm gonna kill someone

you're all right sam

my dog is dying

i'm sorry

she's got a phone with the vet [ __ ]

tumor on her liver

i'm spending like a thousand bucks a day

already just trying to keep it alive

yeah i don't have a [ __ ] clue what to

do about it

well they're all they're all gone

so

how many do we have left

about 33.

well i'll make sure they're all out

there i've got to say something

yeah no they're ready

they're ready for you

all right let's hear it

[Applause]

you're all still here for a reason

80 of this floor was just sent home

forever

we spent the last hour saying our

goodbyes

they were good people and they were good

at their jobs

but you were better

now they're gone they're not to be

thought of again

this is your

opportunity on every floor of this

building and in every office from hong

kong to london same thing's happening

by the time we're done

three of every seven guys who are

standing between you and your boss's job

are gone

that

is your opportunity

i've been with this place for

34 years

and i can tell you this is not the last

time that you're going to go through

this

but you are all survivors

and that is how this firm over 107 years

has continued to grow stronger so keep

your heads high get back to work let's

hear it

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everyone's going out man you should come

on i don't know i'm cool thanks

okay well uh you can change your mind

just give me a call

i

will

come

where are you guys going the grand

i will call you when i am done

all right

hey

be glad you're still alive

i am

have a good night man

mama there's wolves

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this is

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in this

so

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so

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[ __ ] me

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yellow hey

are you i can't hear you

what uh can you go outside uh it's too

loud i don't want to say it's loud

all right what's up hey uh where are you

lugo

okay are you with will

uh yeah will emerson yeah yeah i think

he's i think he's still here why

all right i need you to get will and i

need you guys to come back up here

uh where to the office what i'm serious

wait is that you want me to you want me

to get our boss's boss out of a club and

bring him back to the office at 10

o'clock on a thursday night well our

boss got axed so technically he is our

boss and yes that is what i want you to

do

why look man just trust me okay i need

you guys back here now all right we'll

be there

[Music]

have i ever told you how much i love

your bag

well really i do you have uh a little

dress that matches it yeah because you

could you could dance around in it like

a [ __ ] girl

hey

look who's burning the candle about

events

why didn't you come out with us

there's no more cuts planned you don't

have to kiss my ass

i frankly don't even know what it is you

guys do well i'm really sorry i had to

bring you guys back here but that's all

right

what's going on look at this

eric gave me this file before he left

eric

dale and and he told me that he couldn't

quite figure it out and the last thing

he said to me before the elevator doors

closed was be careful

he said be careful yeah so obviously i'm

a little curious i start to get into a

little bit and i realize that the only

thing that he's missed

this is not good well right okay so what

is he doing here um

no no go to model four it makes more

sense

okay

all right what is this

this is basically everything that we

have in our books at any given time but

what eric was trying to do was to work

these numbers for levels of volatility

that fall outside of the standard va

online what are those levels

fairly complicated simplify uh the

volatility levels are set using historic

patterns basically and then stretching

those patterns out of 10 15 roughly all

right so so we are starting to

uh test those historic patterns

when

today

tuesday monday

last friday and wednesday two two

fridays ago

all right i get it

[Music]

[ __ ] me

once this thing gets going the wrong

direction this is uh

this is [ __ ] huge oh huge

well the losses are greater than the

current value of the company projected

losses the projected losses will

and this is just our floor yes

what the [ __ ] is eric down i don't know

i tried to call him his phones off what

do you mean they turned everybody's

phone off at the axe today [ __ ]

ruthless

you try his personal self yeah i call

this cell phone it's not on cole is home

at this hour

yeah do we even know if he's right looks

pretty [ __ ] right to me it does

mrs dallas will emerson

i'm fine thank you may i speak with eric

now we've tried that his phone appears

to be off listen could you have him call

me the moment he comes in but the moment

he walks through the door

thank you so much

goodbye

[ __ ] is he doesn't he have like three

kids so

no [ __ ] i don't know would you go home

i know where he is

i need you two to go and get him

there'll be a car waiting for you

downstairs you need to go right now

yeah right now

what are you gonna do

i'm gonna call son

[Music]

[ __ ] me

yes

it's will

it's 11 o'clock at night

i know i'm sorry i wouldn't have called

what's the problem

i think you need to get back here

what

so listen

it's 11 o'clock at night i am well aware

of the [ __ ] time sam i'm telling you

you need to see this

see what

it's

email it to me i don't think that that

would be a good idea

i'm on my

look way these people

wandering around with absolutely no

idea what's about to happen

right

well i i try to not let work get to me

like that

i've noticed that about you

come on man i mean we're 23 years old

i'm 28. all right 28 whatever it's the

same thing but i made

nearly

a quarter of a million dollars last year

[ __ ] for what

i push numbers around on a computer

screen a bunch of glorified crack

addicts really they take that

information they pretend to understand

it and they bet it against some other

jock halfway around the world who

you know if he wasn't doing this he'd be

at an otb somewhere putting it all on

number seven you know so

at the end of the day one guy wins one

guy loses

you do know it's a little more

complicated than that right

it's really wants to know if we found

him what do i say

i would say that we haven't found him

yet

[Music]

hey hey so

eric dale oh jesus

before he leaves the building escorted

by [ __ ] security by the way nothing

to do with that i know i'm sorry go on

before he leaves the building he has his

disc to peter solomon who's peter

solomon again the matter is one of

eric's guides right but before the

elevator doors are closing the last

thing he says is

be careful

be careful

yeah

be careful yeah why

take a look

oh jesus you know i can't [ __ ] read

these things just speak to me in english

all right basically this kid peter

sullivan gets all inspired by your pep

talk nice job by the way

and he dealt straighten off the work

and i think he nailed it

nailed it

yeah i think he figured out what eric

was missing

and

it's not good

sam these here are the

historical volatility index limits which

of course our entire trading model

relies on pretty [ __ ] heavily well

we're now so levered up that once it

gets outside of these limits

it gets ugly in a hurry

and how close to those limits have we

gotten

no sir we're beyond close

we broke through these limits five or

six days in the last two weeks now

somehow we managed to stay on the right

side of it for now for now

well look what happens when we get on

the wrong side of it

wait a minute what am i looking at it

looking at this figure here

whoa is that yeah and that would not be

a bad day for us historically speaking

is that figure right i don't know i

can't be sure

where's eric dale we shot his phone off

of course we did yeah so i called his

wife who says he's not home yeah he's

probably crying some [ __ ] beer yeah

it was

where's the kid that did this i sent him

out looking for eric you think he knows

what he's doing

i don't know what do i know get him back

here get him back here

[Music]

when these girls making a knife

two grand

that's pretty great

i mean you know i'll consider

no no no we asked and nobody's seen him

okay

yep

all right so what do you think rogers

makes in a year

uh i don't have no idea come on play

along what yeah i don't know last year

three quarters of a million

come on

what oh it's not even close

more much more

a million

yeah will emerson made two and a half

million [ __ ] you

[ __ ] me [ __ ] you how do you know that he

he told me he just told you i asked him

but yeah he told me

do you think that's true

yeah probably

it's [ __ ] up

why is that [ __ ] up does it seem right

to you

right i mean right as right as

jesus

so what do you think that means roger's

puts away i have no idea i said this

traffic is a [ __ ] nightmare

[Applause]

[Music]

[Music]

gentlemen

mr rogers

come with us boys

sam this is seth bregman and peter

sullivan sir

well uh-huh

where are we going

we're going to get a second opinion on

your work peter

[Music]

so sam what do you have for us

hey let's be here in a minute finding

somebody in the coffee room at this hour

was a little bit of a challenge okay

let's go right into the introductions

this is sarah robertson who you know

chief risk management officer ramesh

shah from upstairs and david horn one of

the firm's in-house counsel nice to meet

you all this is my head of trading will

emerson and this is

peter uh sullivan and seth bregman they

work in our roost department where's

eric dale

he was let go today

who do you have left in your risk

department

as of today that would be peter and our

junior analyst seth

really

uh will emerson yes please just hang

them up

thank you

apparently eric had been working on this

for some time but he wasn't able to

finish it this morning as he left the

building he handed the program to peter

here and asked him to take a look at it

peter did he put a few things in that

eric seemed to be missing

and this is what came out

peter is this your work

mostly mr dale's

but is this your draft

yes um

uh again expanded on the original work

from mr dale but yes

what's your background my background

your cv i've been with the firm for two

and a half years working with eric that

whole time but i hold a doctorate in

engineering specialty and propulsion

from mit with the bachelor's from penn

what is a specialty in propulsion

exactly my thesis was a study in the

ways that friction ratios affect

steering outcomes and aeronautical use

under reduced gravity loads

so you're a rocket scientist

i was

yeah

interesting

how did you end up here it's all just

numbers really just changing what you're

adding up and to speak freely

the money here is considerably more

attractive

what time is it

2 15. [ __ ] me

[ __ ] me

and i'm guessing by the fact that you

two haven't said anything that the math

checks out

look

we'd need some time to go over this

but mr sullivan here seems like he knows

what he's doing

so it would appear we have a problem oh

thank you for that

what time is it 2 16. [ __ ] me

[ __ ] me

sam

how long under normal operations would

it take your people to clear that from

our books

what

all of it

yes

i don't know weeks weeks yeah weeks

but you certainly know that our business

is selling and buying

it doesn't work for very long without

both components we suddenly stopped

buying for a day or two that's not

something you can hide under the rug

that gets out and when it does this

whole thing comes to an end and right

quick

i understand do you

yes

how many traders do we have left between

your floor and peterson's i don't know

what's 660. jared as i look at this more

closely it is these var numbers that are

setting this thing

as i was saying and i speak completely

off the record it's only a matter of

time before someone else starts putting

these in and they come up with exactly

the same results and look at exactly

what we are looking at right now if they

haven't already understood

and sarah what value would you allow to

be placed on those assets that might

remain on the books if they had to

why would they still be on the books

because suddenly nobody wants to [ __ ]

buy [ __ ] you sam will you give me a

[ __ ] break excuse me without an

active market it would take weeks or

months for me to come up with an

accurate value on them you would have to

go block by block yeah look jared it's a

very simple business right we talked

about it

will peter and uh what the [ __ ] is his

name

thank you seth uh could you please give

us a few moments

and peter

has anyone else seen this

no no one aside from us

and eric dale yes and can it really be

possible that we don't know where eric

dale is

i called his wife he hasn't come home

yet and we turned off his phone today

perfect

well i'd like to know where he is

jesus [ __ ] christ who is that guy

sam's

boss finally looks like he's 15 years

old

he's 40.

yeah how does that happen

oh it happens all the time

except to me

kid's a [ __ ] killer

what are they talking about in there

and i'm pretty

well wedding pretty

people stop buying while we're selling

jared

you cannot be doing what you're thinking

of doing well i don't see any other

choice what do what does that mean we

don't have a choice [ __ ] you you don't

have a choice me

did you even look at the numbers sam

yeah but what do i know correct me if

i'm wrong mr shah but uh these numbers

they don't add up one and one no longer

makes two look if i may i would like

jared we can't tell you are you [ __ ]

kidding me

we have talked about we need a little

more time to give you our conclusion

okay

we meet again in 45 minutes

sam give the file

what are you going to do

you're going to call him

i already have

jesus

wow that's gorgeous

it's a long way down

yes it is

don't do that come on

you know the feeling that people

experience when they stand on the edge

like this isn't a fear of falling

it's a feather that might jump

well that's very deep and depressing

thank you yeah well i'm a little dark

sometimes all right well come down

please well please come on

well

yeah [ __ ] it

not today

it looks like they're gonna make us dump

this [ __ ]

right

you watch

how

you'll see

how could they do that they can't it's

impossible but they'll figure a way

i've been in this company for 10 years

and i've seen things you wouldn't

you

you wouldn't believe

when all is said and done they do not

lose money they don't mind if everybody

else does

but they don't lose

will

did you really make two and a half

million last year

uh sure

how did you spend it all

that was quite quickly you know you're

learning to spend what's in your pocket

two and a half million goes quickly all

right let's see

so the tax man takes half up front so

you're left with one and a quarter

my mortgage takes another 300 grand i

send 150 home for my parents you know

keep them going

so what's uh 800. all right 800.

spent 150 on a car

about 75 on restaurants probably

50 on clothes

i put 400 away for a rainy day that's

smart yeah as it turns out because it

looks like the storm's coming

still got 125.

yeah well i did spend seventy six

thousand five hundred and twenty dollars

on hookers blues and dances but mainly

hookers

[Laughter]

76 five

i was a little shocked initially but

then i realized that i could climb most

of it back as entertainment was true

how old are you

43. jesus

this is bizarre

it's like a

dream

oh i don't know

seems like we actually may have just

woken up

come in

how do we look

i should go no you should stay

so

it's legit

the kid killed it

the formula's worthless

what does that mean it's broken

there are eight trillion dollars of

paper around the world relying on that

equation

well we were wrong

no you you mean

you were wrong don't get me started we

discussed this i'm heading for the

conference room no i want you to hear

this

i don't want to hear this

how do you think i've stuck around this

place so long

i called told

do we have a contingency plan here a

contingency plan yes

no we went all in on this one

so we've gotten ourselves quite exposed

here haven't we

to tell

or the market

to both

[Music]

[Music]

he's here

[Music]

tools helicopters i know come with us

where's sam i don't know you sure you

want all of us yes

uh

one piece of advice uh for everyone

before we go in there

this could get a little ugly

but whatever you do just tell the truth

no sugar coating do not change a word of

it no one here is smart enough

including the rocket scientist

[Music]

mr khan

morning

this way please

he's already in there waiting for you

excellent

please sit down

welcome everyone i must apologize for

dragging you all here such an uncommon

hour but from what i've been told this

matter needs to be dealt with urgently

so urgently in fact probably should have

been dressed weeks ago but that is spilt

milk under the bridge so

why doesn't somebody tell me what they

think is going on here

mr told uh as i mentioned earlier

if you compare the figure at the top of

page 13. jared is a little early for all

that just speak to me in plain english

okay in fact i'd like to speak to the

guy who put this together mr sullivan is

it does he speak english sir

i'd like to speak with the analyst who

seems to stumble across this mess

certainly that would be peter sullivan

right here

oh mr sullivan you're here good morning

maybe you could tell me what you think

is going on here and please speak as you

might

to a young child or a golden retriever

it wasn't brains that got me here i

assure you of that

well

um

sir as you may or may not know i work

here for mr rogers as an associate in

the risk assessment and management

office at mbs please just relax stand up

tell us the clear voice

what is the nature of the problem

okay uh

well as you probably know over the last

36 to 40 months the firm has begun

packaging new mbs products that

combine

several different tranches of rating

classification in one tradable security

uh this has been enormously profitable

as i imagine

you noticed i have

well the firm is currently doing a

considerable amount of this business

every day now the problem which is i

guess

why we are here tonight is that it takes

us uh the firm about a month

to layer these products correctly

thereby posing a challenge from a risk

management standpoint

uh mr solomon that challenge is

well we have to hold

these assets on our books longer than we

might ideally like to

yes

but the key factor here is these are

essentially just mortgages so that has

allowed us to

push the leverage considerably beyond

what you might be willing or allowed to

do

in any other circumstance thereby

pushing the risk profile without raising

any red flags

now thank you sit down what i'm guessing

your report here says and give me some

rope here

what i'm guessing it says is that

considering that shall we say

bumpy road we've been on the last week

or so

but the figures your brilliant

co-workers up the line ahead of you have

come up with

don't make much sense anymore

considering what's taking place today

actually not what's taking place today

but what's already taken place over the

last two weeks

so you are saying

this has already happened

sort of

so

and mr sullivan what does your model say

that that means

for us here

well that's where it becomes a

projection

but um

you're speaking with me mr sullivan

well sir

if those assets decrease by just

25 and remain on our books

that loss would

be greater than the current market

capitalization of this entire company

so

what you're telling me

is that

music is about to stop

and we're going to be left holding the

biggest bag of odorous excrement ever

assembled in the history of

capitalism

sir i'm not sure that i would put it

that way but let me clarify

using your analogy

what this model shows

is the music so to speak just slowing

the music were to stop as you put it

then this model wouldn't be even close

to that scenario it would be

considerably worse

let me tell you something mr sullivan

do you care to know

why

i'm in this chair with you all i mean

why i earned the big bucks

yes

i'm here for one reason and one reason

alone

i'm here to guess what the music might

do a week a month

a year from now

that's it

nothing more

i'm standing here tonight

i'm afraid that i don't

hear

a

thing

just

silence

so

now that we know the music has stopped

what can we do about it

mr cohen

ms robertson

i'm afraid i think this is where you're

supposed to step back in

lord knows we've relied enough on mr

sullivan tonight

what do you have for us

what have i told you since the first day

you stepped into my office

there are three ways to make a living in

this business be first

be smarter or cheat

no i don't cheat

and although i like to think we have

some pretty smart people in this

building

it sure is a hell of a lot easier to

just be first

sell it all today

is that even possible sam

yes but at what cost

i'll have to pay

really

i think so

where is this going to come back to us

everywhere

sam i don't think you seem to understand

what your boy here has just said

if i made you

how would you do this

well you call the traders in for the

normal 6 30 meeting and you'll be honest

with them because they're going to know

it's the end either way

so you're going to have to throw them a

bone and a pretty big one

and then you've got to come out of the

gate storming

no swaps no nothing

40 done by 10 15 by 11 o'clock all your

trades have to be gone because by

lunchtime word's gonna be out

and by two o'clock you're going to be

selling at 65 cents on the dollar if

you're lucky and then the feds are going

to be in here up your ass trying to slow

you down

ramesh they can slow you down they can't

stop you it's yours to sell yeah but

john

even if

we managed to

pull that off and that's saying

something

the real question is who are we selling

this to

same people we've been selling it to the

last two years and whoever else will buy

it but john

if you do this

you will kill the market for years it's

over

and you're selling something that you

know has no value we are selling to

willing buyers at the current fair

market price

so that we

may

survive you will never sell anything to

any of those people ever again i

understand do you

do you

this is it

i'm telling you this is it

now it's four o'clock

jared you got till five to break this

down draw me up a plan is there anybody

else who knows what's in here at the

moment block by block

eric dale

and where is he

as of today he's no longer with the firm

we have been uh trying to locate him

carmelo yes get me eric dale here by 6

30.

it's done

we meet back here in an hour

sam

let's talk

this is a hell of a time

i've always loved this place since the

day i arrived everything about it

sami you're gonna go with me on this

i don't know john

this one is very ugly

you and i we're salesmen

we sell that's what we do it's not

complicated exactly

and you know damn well you don't sell

anything to anybody unless you think

they're gonna come back for more that's

the lesson we learned and tomorrow

we're done but this is it son you keep

saying that what's that supposed to mean

this is a big one

most of us aren't gonna make it out of

this one

bus

the street

what are you talking about

this isn't the last situation i'm gonna

have to deal with this week this is just

the start

it's the start cause you're starting it

maybe but i don't believe that not this

time i mean the numbers they just don't

add up anymore i agree with you there

i've been saying that for years

i mean i mean this kid out there can

come up with this thing

look i just don't think i can walk in

there knowing what i know and put the

hammer down on these guys

when did you start getting so soft sam

[ __ ] you soft you're panicking

if you're the first out of the door

that's not called panicking

well you're obviously operating with

more information than i have

but i think this will destroy this firm

no one will ever trust you again you're

knowingly putting people out of business

full stop

you let me deal with that sound

[Music]

how'd it go this is a [ __ ] [ __ ] show

they gotta go with it probably

jesus

[Music]

remember this day boys

[Music]

remember this day

so what's the strategy here

well that's where i'm headed right now

downstairs to work on it with my guys no

no you and i with john

i'm not sure that we need one sarah

that's not the way i do things

please

listen he knows where we've stood on

this

all along

that's exactly my point

and knowing what was discussed by both

you and i

i don't see how this could provide you

with anything other than a false sense

of comfort i'm not looking for a sense

of comfort here sarah

[Music]

i don't think there's one to be found

so again what's the strategy here

well i'm just not sure there's much more

to do on this

it's very simple don't even think about

[ __ ] me on this

because if we're going down

and you damn well know it'll be together

no

i'm not sure that i do know that

hey

oh i'm sorry

what do you guys think told me last year

would you shut the [ __ ] up

86 million

in bonuses and sour

really sure it's public record and it's

a lot of [ __ ] money

it was worth a billy

it was

till today

really

we'll see

i'm getting some coffee so we want

anything else

remember i could use some real air

probably a good idea is that all right

well it was all right so i get out of

here for a minute of course there's not

a prison you want me to hold your hand

why they put all this fruit on it

hello will emerson

hello

right

no thank you i

i understand

no we'll we'll be discreet

thank you

what eric's wife

he's alive he's home doesn't want to

speak to us and he doesn't know that she

rang me where does he live heights

shall i call tools guy no

it's eric's last thing we need is those

guys going over there now you two go get

him and try to bring him here but you

got to be back by 6 a.m all right

i hate brooklyn

[Music]

may i come in

of course please sit down

so

we're gonna do this thing

okay

it's gonna be tight

is sam on board

not yet

sarah

i need a head

to feed to the traders on the floor on

the board

is it me or cohen

it's you

of course you're

well aware that i filtered several

warnings to you and cohen about this a

year ago

i really don't think that's the best

path for you to take at this point

you're going to be well taken care of

here

obviously it is

quite complicated john i was told under

no uncertain terms it was always a very

gray area actually it was made very

clear at the time by you me and cohen

i'd really appreciate it if you didn't

fight me on this

we all [ __ ] this one up pretty good

yes

we need you to stay here till this is

finished and the markets close

i understand

they'll go over the numbers with you

downstairs

good luck

oh [ __ ] jared jared's coming

what's the boy wonder one

you got a minute you just have to pick

up eric yeah i know it'll only take a

second

all right what is it

told and i have concerns that sam may

not be willing to step up and do the

right thing here

this has never been a problem no it

hasn't

but sometimes in acute situations such

as this

often

what is right

can take on multiple interpretations

sam will step up oh i know he will but

if he doesn't

if he doesn't

we need to know that you will

thank you you need to know that i will

what

that you'll step up

i have no doubt that sam will make the

right decision but just to make it clear

he and i have always had the same

interpretation of what's right

no matter how acute the situation

[Music]

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foreign

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so

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jesus that's a nice place yeah it is you

just bought it

i hope it was just cash

[ __ ] man you're a heartless little [ __ ]

sometimes

and it wasn't

don't touch any of the buttons

what are you doing here

hey

so peter finished the model you were

working on

really

calls the [ __ ] stone

i bet it did you think he's right

i know he's right

[ __ ]

all right

so jared cohen called an emergency

meeting at the senior partners last

night and based on your findings

they've decided to liquidate our entire

position

today

i'm very sorry about that

they're worried about you being out here

and they want me to bring you back

please

just say

[ __ ] that don't [ __ ] about it don't be

wrong get it i signed my paper i am out

there

on me

i'll pay you

i haven't paid enough already

[ __ ]

do you know i built a bridge once

sorry a bridge

no i didn't know that

i was an engineer by trade

it went from dills bottom ohio to

moundsville west virginia

it spanned 912 feet above the ohio river

12 100 people used this thing a day

and it cut out 35 miles of extra driving

each way between wheeling and new

martinsville that's a combined 847 000

miles of driving

a day

for 25 million 410 000 miles a month

and 304 million

920 000 miles a year safe

now i completed that project in 1986

that's 22 years ago

so over the life of that one bridge

that's 6 billion 708 million

240

000

miles that haven't had to be driven

at

what let's say

50 miles an hour so that's what that's a

134 million 164 800 hours or 559 000 20

days

so that one little bridge has saved the

people of those two communities to

combine 1531

years of their lives

not wasted in a [ __ ] car

1531 years

well i guess you better get back over

there

thanks for coming by

you're welcome

what the [ __ ] is this

well i would imagine it's the farm's

people what

i don't want any loose ends

he fired me

[ __ ] them [ __ ] them i totally agree [ __ ]

them so come back take the money you'll

be home by five

otherwise they're gonna fight you on

everything they're gonna fight you on

your package your options everything no

be smart

well you're a better man than me

that's always been true yes he has

house looks good

thanks

hey eric

don't beat yourself up too much about

this stuff all right

some people like driving the long way

home

who the [ __ ] knows right

[Music]

ah

there he is

[Music]

john

how's it looking

carly's done a nice job it could work

what does that mean

it means

as you very well know

that you're a very important piece of

this puzzle

hmm

it's very generous

it's not a gift

i need to know you're with me on

this with the firm john

i won't get what i need from your boys

on the floor unless they believe you

unless they believe in you completely

are you in on this

i've told you my reservations you can't

have reservations

and i need to know now

well john i am completely with the firm

as i always have been excuse me

[Music]

um

all right will

am i getting fired

i don't know

yeah

almost definitely yes

are you

no

seth it's nothing you did you're just in

the wrong farm at the wrong time

young guys are always the first to get

cold

listen nothing i'm gonna say is gonna

make you feel any better it's just gonna

suck for a while and then you'll be fine

you're right

yeah yeah i'm fine

for what it's worth

i'm sorry this is happening to you

don't be you didn't do it to me

still at least you're gonna have some

nice cash to walk away with

i guess

[ __ ] this is really gonna affect people

yeah it's gonna affect people like me

now wow

real real people

jesus sir listen if you really want to

do this with your life you have to

believe you're necessary and you are

people want to live like this and their

cars in the big [ __ ] houses they

can't even pay for then you're necessary

the only reason that they all get to

continue living like kings is because we

got our fingers on the scales in their

favor

i take my hand off

when the whole world gets really [ __ ]

fair really [ __ ] quickly and nobody

actually wants that they say they do but

they don't

they want what we have to give them

but i also want to you know

play innocent and pretend they have no

idea where it came from well that's more

hypocrisy than i'm willing to swallow so

[ __ ]

[ __ ] normal people

you know the funny thing is tomorrow if

all of this goes tits up

they're gonna crucify us for being too

reckless

but if we're wrong

and everything gets back on track

one of the same people are gonna laugh

till they piss their pants because we're

gonna look like the biggest [ __ ] god

ever let through the door

you think we're going to be wrong

no they're all [ __ ]

good morning

peter

you want one

i don't smoke

oh that's good i don't much either

you tired

of what

remember i don't work as hard as you oh

that's not true no it is actually

we all getting fired tonight probably

they gonna fire you

well they won't exactly call it that

it'll be a mercy killing really yeah you

don't have to stand out here for me

no i don't

really want to go back in there just yet

i understand that

i think i know your son

really

not well but he always seemed like a

nice person

he is a nice person

i guess you could say worse things about

a guy

does he know what's about to happen

what do you mean

did you talk to me

no i hadn't even thought

well

they're all coming in now

yes they

have are ever done anything like this

no never not even close

oh

yeah

are you sure it's the

only

or the right thing to do

for who

i'm not sure

neither am i

[Music]

oh god

[Music]

uh

uh

so

all right

you're about to find me

yeah this is

this is all i ever wanted to do

really

so

they're almost ready for you miss

robertson couple of minutes

you as well huh

yes

jesus yeah

sorry

thank you

i didn't think they were going to be

able to get you back here

well you told me they were going to drag

me through hell on everything over the

next two years my options my health care

or i could come back here and make

uh 176

471 dollars an hour to sit quietly in

this room

didn't seem like much of a choice

it never is

obviously looking back it was expressed

with

insufficient urgency

but your point was passed on

i need you to know that

eric

it's okay

i understand

believe me

there was nothing else you could have

done

i guess

at the time it didn't seem like there

was much of a choice

it never does

you have kids yeah

so

what's your package gonna be like

i don't know that's what i'm waiting for

now

it's probably gonna be pretty good

it better be

thank you all for coming in a little

early this morning

i know yesterday was pretty bad and i

wish i could say that today's gonna be

less so but that isn't gonna be the case

now i'm supposed to read this statement

to you all here but why don't you just

read it on your own time and i'll just

tell you what the [ __ ] going on here

i've been here all night

meeting with the executive committee

and the decision has been made to unwind

a considerable portion of the firm's

holdings in several key asset classes

the crux of it is

in the firm's thinking

the party's over as of this morning

there's going to be considerable turmoil

in the markets for the foreseeable

future

and they believe

it is better that this turmoil

begin with us

as a result

the firm has decided to liquidate

its majority position of fixed income

mbs

today

these are your packets you will see what

accounts you're responsible for today

i'm sure it hasn't taken you long to

understand the implications of this sale

on your relationships with your

counterparties and as a result

on your careers

i have expressed this

reality

to the executive committee and they

understand

as a result

if you achieve a 93 sale of your assets

you will receive a 1.4

million dollar one-off bonus if the

floor as a whole

achieves a 93 sale you will get an

additional 1.3

million dollars apiece

for those of you who've never been

through this before

this is what the beginning of a fire

sale looks like i cannot begin to tell

you how important the first hour and a

half is gonna be i want you to hit every

bite you can find dealers brokers

clients your mother if she's buying

and

no swaps

it's outgoing only today

obviously this is not going down the way

that any of us would have hoped but

the ground is shifting below our feet

and apparently there's no other way out

guys

this is obviously a very very unique

situation

if we are successful today

we will have been successful in

destroying our own jobs

i cannot promise that any of you all of

you

some of you will be repositioned within

the firm

but i can tell you that i am very proud

of the work that we have done here

together

i've been at this place

34 years

and i can tell you from experience that

people are going to say some very nasty

things about what we do here today

and about what you've dedicated a

portion of your lives to

but

have faith

that in the bigger picture

our skills have not been wasted

we have accomplished much

and our talents

have been used

for the greater good

there's your packets get to work

[Music]

so

[Music]

city this is eric give me elliott

city hey it's will emerson william how

are you i'm all right how's the trap in

the stride busting my ass as always you

see that's why i tried to tell you john

why do you think i'm single i know you

did what can i do for you listen i just

got the tap on my shoulder and we've got

some risk over here that we need to move

so today it looks like my loss is your

game what kind of size you're talking

should be on your screen i just sent it

jesus where does this land 96 on the

dollar 91 all three and we're done at

94. 93 and a half

done

[Music]

hello gorgeous well what's happening

over there well today's moving day [ __ ]

are you guys so worked up about you

think they tell me anything all i know

is that today my loss is your game now

you're a friendly so i'll come to you

first i got 270 ml of 15 a year paying

out a point and a half above par where's

it from where's it from do you care

no not really now where's the train i'm

hearing from you alexis you guys i'm

only sharing this with you right now

85.

it's will emerson

[ __ ] you you find me pastor you're still

angry about that

i'm hanging up

merrell lawrence what the [ __ ] are you

guys doing over there just a little

spring cleaning that is not what i'm

hearing all right laurence are you a

buyer i'm not sure anymore we're at well

it sounds like i should be asking you

where what are we talking about here 375

million 30 year mixed [ __ ] me are you

with me on this

63 cents oh [ __ ] you're hanging out 63

let me call my man here i'll come back

to you in five maybe 55 and five

well all right then stay on the line

sam pick up the phone

sam get on the line

yeah i got lawrence in merrell where are

we 63 cents jesus on what 375 of next

day get him to 65 and hit it are you

[ __ ] kidding me that's

what is that that's a 131 million loss

on a single trade i understand

hit it

hey lawrence we're phillip killer65

it's filled

[Music]

well done

i just want to give you a heads up uh

they're gonna start sending a few people

home now

now

yes sam no loose ends

of course

and for what it's worth uh

you're still good

yeah

i guess someone upstairs really likes

you

[Music]

sam

please sit

congratulations are clearly in order

they did the best they could

you did a hell of a job

and i thank you for it come on sit

excuse me for eating but

it's been a long day

can i get you something no nothing

thanks

so

what can i do for you i want out

i'm done i want out

it's been very difficult i need you to

release my options if they're worth

anything after today i want my bonus i'm

out you'll get your bonus your options

and keep your current base but i need

you to stay with me for the next 24

months okay

oh come on sam

put a smile on your face you did some

good today you said that yourself

you know

i'm starting to feel a little better

about this whole thing

you're one of the luckiest guys in the

world sam could have been digging

ditches all these years

that's true

and if i had at least there'd be some

holes in the ground to show for it

i just don't know how we [ __ ] this up

quite so much

when did you start feeling so sorry for

yourself it's unbearable

what

so you think we might have put a few

people out of business today

that's all for not

but you've been doing that every day for

almost 40 years sam

and if this is all for naught then so is

everything out there

it's just money

it's made up

pieces of paper with pictures on it so

we don't have to kill each other just to

get something to eat

it's not wrong

and it's certainly no different today

than it's ever been

1637

1797 1819 37 57

84

1901 07

29 1937 1974

1987 jesus didn't that [ __ ] [ __ ] me

up good 92 97 2000 and whatever we want

to call this it's all just the same

thing over and over we can't help

ourselves

and you and i can't

control it or

stop it or even slow it we even ever so

slightly alter it

we just

react and we make a lot of money if we

get it right

and we get left by the side of the road

if we get it wrong

and there have always been and they

always will be the same percentage of

winners and losers happy [ __ ] and sad

sacks fat cats and starving dogs in this

world

yeah

there may be more of us today than

there's ever been but the percentages

they stay exactly the same

so

i'll do it john but not because every

little speech

but because i need the money

hard to believe after all these years

but i

i need the money

the executive director do you want

coffee

you gonna keep the kid

keep him

he's getting promoted

it's all hands on deck now sam

there's gonna be a lot of money to be

made coming out of this mess and we're

gonna need all the brains we can get

around here

situation

so

so

hello

i've called the police

mary

sam

yeah

what are you doing

sam what are you doing

ella died

hmm

i was driving home from the vet and i

couldn't think of where else to go

she belongs here i know

but sam you don't live here anymore

are you all right

you don't look so good

yeah it's been a rough day all the way

around i know sammy called

is he all right they got hammered but

they got out alive

good

well i'm gonna go

back inside and

go back to bed

the alarm is on so don't try and break

in

take care of yourself

[Music]

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uh

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[Music]

so

[Music]

[Music]

[Music]

[Music]

you