"Is that them?" "Jesus Christ." "Are they going to do it right here?" "Have you guys ever been through this before?" " No." "it's best to ignore it." "Keep your head down...go back to work." "Go on." "Don't watch!" "Timothy Singh?" "Yes." "I'm afraid we have to speak with you." "Eric Dale?" " Excuse me?" " Eric Dale?" "I'm not Eric Dale." "Oh." "I'm so sorry." "He's my boss, he's down the hall." " Thanks." " Excuse me?" "Mr. Dale?" "This way." "Okay." "I'm obviously sorry ... that we are here today;" "but these are extra ordinary 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 jobs." " We hope you understand that this is in no way personal." "The majority of this floor is being let go today." "Ms. Bratberg is now going to run through the details;" "of what the firm is offering." "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 till 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 mobil 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.." "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 we appreciate your concern." "We understand that this is very difficult;" "and here is my card." "Please contact me over the next few weeks, If you'd any assistence with this transition in your life." "I'm sorry." "Are you still alive?" " Uh huh.." "For now." "Congratulations." "It's a bloodbath." " I heard." "Listen Eric?" "If there was something I could have done, I'd have done it." "Just tell me..." "Who was it?" "Was it Rogers?" " I'm not gonna side, you know me." "Robertson?" "That cunt." "I knew it." "I never should have gone to her last year." "Look it wasn't anyone." "It was bad luck." "And that's all it was." "Alright, Well..." "Good luck." "I was just in the middle of alot of shit here that I think somebody need to take a look at." "Eric Listen..." "They are telling us that everybody needs to get out of here and just leave this." "And while we appreciate your concern, but it's not your problem anymore." "Good luck." "Eric, I am very sorry." " Yeah." "id they say what was going to happen with us?" "Jesus Seth." " What?" "It's gonna get pretty ugly around here for a while.." "but you guys will be alright." "I'll be seeing you around." " Alright." "Thank you." "I just wanted to say thanks." "That's not neccessary." " Well, it is." "You were the person around here, that I.." " I know." "I was working on something But they wouldn't let me finish it." "So, take a look at it." "Be careful." "Robertson?" "Sarah?" "You shut off my phone?" "Eric, I didn't do anything." "Fuck you!" "It's fucking hedious." "It's gonna get worse before it gets better." "You got any Nicorettes?" "I'm out of Nicorettes." "Which means, in about.." "Ten minutes." "I'm gonna kill someone." "You alright Sam?" "My dog is dying." "I'm sorry?" "Just got a phone to the vet, it's some fucking tumor on her liver." "I must've paid almost a thousand bucks a day already, just to keep her alive." "and I don't have a fucking clue what to do about it." "Well they're all gone." "So?" "How many do we have left?" "About, Thirty-three." "Make sure everyone is out there, I gotta say something." "Yeah, I know." "They are ready." "Alright, Let's hear it!" "You are all still here for a reason... eighty percent of this floor was just sent home..." "forever." "We have spent the last hour saying our good-byes... they were good people and they were good at their jobs... but you all were better." "Now they are gone." "They are 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 the same thing is happening." "By the time we are done.." "3 of every seven guys;" "who were standing between you and your boss's job...are gone." "That is your opportunity." "I've been at this place for thirty-four years." "And I can tell you that this will not be the last time you're gonna go through this." "But you all are survivors..." "And that is how this firm over 107 years, has continued to grow stronger." "So, keep your heads high... and get back to work." "Let's hear it." "Everyone is going out man..." "you should come on." " Oh, I'm cool." "Thanks." "Okay." "Well, if you change your mind, jut give me a call." "I Will." "Come!" "Where are you guys going?" " The Grand." "I'll call you when I'm done." "Hey, Be glad, you're still alive." "I am." "Yeah, Hello." "I can't hear you." "Can you go outside, It's too loud." "Where are you?" " Lugo." "Are you with Will?" " Yeah, Will Emerson?" "Yeah, I think he's still here." "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." "You want me to get our boss's boss out of a club and bring him back to the office..." "at 10:00 on a Thursday night?" "Our boss just got axed,so technically he is our boss, and yes that's what I want you to do." "Why?" "Look man, Just trust me okay." "I need you guys back here, now." "Alright, we'll be there in ten." "Hey, look who it is, burning the candleat both ends." "Why didn't you come out with us?" "There aren't anymore cuts planned." "You don't have to kiss my arse." "I frankly, don't even know, what it is you guys do." "Will, I am so sorry I had to bring you guys back.." " That's alright." "Eric gave me this file before he left." "And he told me he couldn't quite figure it out," "And the last thing he says as the doors on the elevator close is 'be careful'." "He said, Be careful?" " Yeah, So..obviously.." "I'm little curious." "I get into it a bit and I realize that the only thing missing.." "This is not good, Will." "Go to model four, it makes more sense." "What is this?" "This is basically everything that we have in our books." "At any given time." "But what Eric was trying to do is to work this numbers for levels of volatility;" "that fall outside of our standard VAR model." "What are those levels?" "Well it's a fairly complicated..." " Simplify." "The volatility levels are set using.." "historic patterns basically, an then stretching those patterns out on a 10-15%... roughly." "Alright, So?" " So, We are starting to test those historic patterns." " When?" "Today?" "Monday..." "Last friday and wednesday.." " Two Fridays ago." "Alright, I get it." "Fuck me." "Once this thing gets going in the wrong direction..." "It's huge." " How huge?" "The losses are greater than the current value of the company...?" "Projected..." "Projected losses..." "Will." "This is just our floor?" " Yes." "Where the fuck is Eric Dale?" " I don't know." "Tried to call him, his phone's off." "What do you mean?" " They turned off everyone's phone who they axed today." "Fucking ruthless." "Call his home." " At this hour?" "Yes..." "Do we even know if he's right?" " Looks pretty fucking right to me." "Mrs. Dale." "This is Will Emerson" "I'm fine, thank you." "May I speak with Eric?" "No, we've tried that." "His phone appears to be off." "Listen, could you have him call me?" "The moment he comes in..." "the moment he walks through the door." "Thank you so much." "Goodbye." " Where the fuck is he?" " Doesn't he have like three kids?" " So?" "I don't know, would you go home?" "I know where he is." "I need you two, to go and get him." "There will be a car waiting for you downstairs." "You need to go." " Right now?" " Yeah, Right now." " What are you going to do?" " I'm gonna call, Sam." "Fuck me." " Yes?" " It's Will." "It's 11 O'clock at night?" "I know I'm sorry." "I wouldn't have called..." "I think you need to get back here." "It's 11 O'clock at night!" "I'm well aware of the fucking time!" "Sam, I'm telling you.." "You need to see this." "See what?" "Email it to me." "I don't think that would be a good idea." "I'm on my way." "Look at these people." "Wandering around, with absolutely no idea.." "what's about to happen." "Right?" " Well, I try not to let work get to me like that." "I've noticed that about you." "Look, we are twenty three years old..." " I'm 28." "I made nearly, a quarter of a million dollars last year..." "Fuck!" "for what...?" "Pushing some numbers around on a computer screen, so a bunch of glorified crack addicts could take that information and pretend to understand it, and then make a bet against some other jock half way around the world who if he.." "wasn't doing this, he'd be putting number seven or you know?" "And at the end of the day one guy win and the other guy loses." "You do know it's a little more complicated than that?" "Right?" "Yeah." "It's Will..." "He wants to know if we've found him?" "What do say?" "I would say...that we haven't found him, Yet." "Eric Dale..." "Oh Jesus..." " Before he leaves the building, escorted by fucking security..." "I had nothing to do with that." "Before he leaves the building he hands a disk to Peter Sullivan..." "Who's Peter Sullivan, again?" " Don't matter, One of Eric's guys." "Before, the elevator doors are closing.." "The last thing he says is..." "'Be Careful'" "'Be Careful'?" " Yeah." " Why?" "Take a look." "Oh Jesus, You know i can't read this fucking thing!" "Speak to me in English." "Basically, this kid, Peter Sullivan.." "He gets all inspired by you pep talk, Nice job!" "By the way.." "He dealt straight in, after work." "And I think he nailed it." " Nailed it?" "Yeah, I think he figured out what Eric was missing." "...it isn't good, Sam." "These here are the... historical volatility index limits, which of course, our entire trading model relies on pretty fuckingheavily..." "And well, we are now so levered up." "But once it gets outside those limits it gets ugly in a hurry." "And how close to those limits have we gotten?" "Oh Sam, we're beyond close..." "We broke through five or six days over the last two weeks, Now somehow, we've managed to stay on the upside of it... for now..." " For now?" "Well look.. what happens here when we get on the wrong side of it." "What am I looking at?" "You're looking at this figure here." "Wow...is that?" " Yeah." "And that wouldn't even be that bad a day for us... historically speaking." "Is that figure right?" "Where is Eric Dale?" " We shut his phone off." "So, I called his wife." "Who says, he's not home." "He's probably crying in a fucking beer somewhere." "Where's the kid who did this?" " Out looking for Eric." "Do you think he knows what he's doing?" " Get him back." "1500?" "2 grand?" "Okay, Yeah." "Alright, so come on, What'a you think Rogers makes in a year?" "I have no idea?" "Come on, play along." "Three quarters of a million?" "Come on." "Not even close." "Much more." "A million?" "Will Emerson made two and half million last year." "How do you know that?" "He told me." "Well I asked him." "Do you think that's true?" " Yeah probably." "That's fucked up." " Why, why's that fucked up?" "Does that seem right to you?" "Right?" "Jesus." "So, what do you think that means Rogers puts away?" " I have no idea, Seth." "This traffic's a fucking nightmare." " Subtitle by D3xt3r " "Gentlemen?" "Come with us, please." "Sam this is Seth Bregman and this is Peter Sullivan." "Where are we going?" "Going to get a second opinion on your work Peter." "So Sam what do you have for us?" "Well... they'll be here in a minute." "Finding someone in the copy room at this hour was a little bit of a challenge." "Okay, let's go right into introduction." "This is Sarah Robertson who you know, chief risk assessment officer.." "Ramesh Shah from upstairs and David Horn one of the firm's in house council." "Nice to meet you all." "This is my head of trading, Will Emerson." "Peter Sullivan, and Seth Bregman." "They work in our risk department." "Where is Eric Dale?" "He was let go today." "Who's left in your risk department?" "As of today that would be Peter and our junior analyst Seth...?" "Will Emerson?" " Please just hand it out." "Apparently Eric had been working on this for some time but was unable to finish it," "This morning, when he left the building;" "He handed the program to Peter here, and asked him to take a look at it." "Peter did." "He put in a few things out 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." "Again, expanded on original work of Eric's." "But yes." " What is your background?" " My background?" "Your CV." " I've been with the firm for 2 and half years working with Eric that whole time..." "But I hold a doctorate in engineering, speciality in propulsion, from MIT, with a Bachelors from Penn." "What's a specialty in propulsion, exactly?" "My thesis was a study in the way that friction ratios effect steering outcomes in aeronautical use under reduced gravity loads." "So, you are a rocket scientist?" " I was." "Interesting." "How did you end up here?" "Well it's all just numbers really, you're just changing what you're adding up... and if I may speak freely;" "the money here is, considerably more attractive." "What time is it?" "It's 2:15." "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 to know what he's doing." "So, it would appear we have a problem." "What time is it?" " 2:16." "Fuck me." "Fuck 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 as you certainly know our business is selling AND buying." "Doesn't work for very long without both components." "We suddenly stops buying for a day or two;" "that's not something you can ust doesn't hide under the rug, it gets out and when it does..." "this whole this thing comes to a end... and right quick." " I understand." " Do you?" "Yes." "How many traders do we have left between your floor and Petersen's?" "I don't know, what?" "Sixty?" " sixty." "Jared as I looke at this more closely, it's these VAR numbers that are really setting this thing off." "As I was saying..just speaking completely off the record." "It's only a matter of time before someone else startsputting these in." "and they come up with exactly the same results." "And look at exactly what we're 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 be left on the books, if they had to?" "Why would they still be on the books?" "Because suddenly nobody wants to fucking buy them." " Fuck you Sam!" "Will you give me a fucking break here?" "Without an active market, it'd take weeks or months for me to come up with accurate value on them." "You'll have to go block by block." "Seth, Could you please, give us for a few moments." "And Peter?" "Has anyone else has seen this?" " 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 fucking Christ!" "Who is that guy?" "He's Sam's boss." " He looks like he's fifteen years old." "He's Forty." " Yeah, How does that happen?" "Oh it happens all the time." "Except to me." "He's a fucking killer." "hat are they talking about, in there?" "It aint pretty." "What aint pretty?" "If people suddenly stop buying what we're selling...." "Jared, you cannot be doing what you are thinking about doing?" "Well, I don't see any other choice." "What does that mean?" "Fuck you... you don't have a choice." "Fuck me?" "Did you even looked at the numbers Sam?" "Yes, but what do I know." "Correct me, if i'm wrong, Mr.Shah." "These number, they don't add up." "One and one, no longer makes Two." "If I may, I'd like a little more time." "We have talked about this." " We need a little time before to give you our conclusion." "We meet again in 45 minutes." "Sam, do you have the file?" "What are you going to do?" "Are you going to call him?" "I already have." "Jesus." "Wow." "It's gorgeous." "It's a long way down." "Yes, it is." "Don't do that, C'mon." "Did you know the fear most people feel when they stand on the edge like this isn't the fear of falling." "It's the fear that they might jump?" "Well, that's very deep and depressing, thank you." "Yeah, well..." "I'm a little dark.." "Sometimes." "Come down, please." "C'mon..." "Will?" "Yeah, Fuck it!" "Not today." "So it looks like, they are gonna make us dump this shit." "What?" "You watch." "How?" "You'll see!" " How could they do that?" "You can't...it's impossible." "But they'll figure out a way." "I've been at this place for ten years and I've seen some things you wouldn't.." "you wouldn't believe... when all is said and done... they do not lose money." "They don't mind if everyone else does, but they don't loose." "Will?" "Did you really make two and half million last year?" "Yeah..sure." "How did you spend it all?" "They expire quickly." "You know, You'll learn and spend what's in your pocket." "Two and half millions goes quickly?" "Alright, let's see." "The tax man takes half up front." "So, you're left with one and a quarter." "My morgage takes another 300 grand." "I send 150 home for my parents, you know..to keep them going." "So, what's left?" " Eight hundred." "I spend 150 on a car." "About 75 in restaurants," "Probably, 50 on clothes." "And I put 400 away for a rainy day..." "That's smar." "Yeah, as it turns out." "It looks like the storm's coming." "You still got 125." "Yeah, I did spent 76,520 dollars on Hookers, booze and dancers." "But mainly, hookers." "76,5..?" "Yeah, It was a little shock initially, but then i realise that I could claim most of it off, as entertainment." "How old are you?" "43." "This is bizzare." "It's like a...dream." "Well, 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 is worthless." "What does that mean?" "It's broken." "There are eight trillion dollars of paper around the world relying on that equation?" "We were wrong." "No, You mean.." "you were wrong." "Don't get me started...." "We discussed this!" "I'm heading to 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've called Tuld." "Is there a contingency plan here?" "A contingency plan?" " Yes." " No, We went all in on this one." "So, we've got ourselves quite exposed here... haven't we?" "To Tuld or the market?" "To both." "He's here?" "Tuld's helicopter just landed." "I know, come with us." "Where's Sam?" " I don't know, You sure..you want all of us?" "Yes." "Just one piece of advice 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." "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 at such an uncommon hour;" "but from what I've been told, this matter needs to be handled urgently!" "so urgently, in fact.. it probably should have been addressed weeks ago... but that is spilled milk..." "Under the bridge!" "So, why doesn't somebody tell me what they think is going on here?" "Well, Mr. Tuld.." "as I mentioned earlier.." "if you compare the figure at the top page 13..." "Jared, it's a ?" "..just speak to me in plain english." "But 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 to the analyst who seems to have stumbled across this mess." "Certainly, that would be Peter Sullivan." "Right here." "Oh Mr.Sullivan. You are here!" "Good morning." "And 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 can assure you of that." "Well, sir." "As you may or may not know I work for Mr.Rogers." "As an associate in the risk assessment and management office at GSMBS" "Just relax, stand up." "Tell us in clear voice" "What is the nature of the problem." "Yes..." "Well as you probably know over the last 36-40 months the firm has begun packaging new MBS products;" "that combine several different traunches of rating classification in one tradable security." "This has been enourmously profitable..." "as I imagine you noticed." "I have." "Well the firm is currently doing a considerable amount of this business every day." "The problem..which is I guess why we are here tonight." "is that it takes us..." "the firm, about a month... to layer these products correctly." "thereby posing a challenge from a risk assessment standpoint." "And Mr. Sullivan that challenge is?" "We have to hold these assets on our books longer than we might ideally like to." " Yes." "But the key factor is here is, these are essentially just mortgages, 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 am guessing, your report here says;" "give me some rope, what I am guessing, it says is that.." "considering the, 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 had come up with.." "don't make much sense anymore;" "Considering what's taking place today?" "Actually not taking place today... but what's already taken place over the last two weeks." "So, you are saying , this had already happened?" " Sort of." "And Mr. Sullivan, what does your model say that that means... for us here?" "Well, that's where it becomes a projection." "But... ummm.." "You're speaking with me Mr. Sullivan." "Well... sir..." "If those assets decrease.." "by just 25 percent, 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 are going to be left holding..." "'the biggest bag of odorous excrement' ever assembled in the history of capitalism?" "Well sir, I'm not sure I'd.." "put it that way, but let me clarify... using your analogy, what this model shows... is the music, so to speak, just slowing," "If the music were to stop, as you put it, then this model would not 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?" "Why I earn 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 that the music has stopped, what can we do about it?" "Mr. Cohen, Ms. Robertson," "I'm afraid, I think..this is where you are supposed to step back in." "Lord knows we've relied enough on Mr. Sullivan tonight." "What have you got for us?" "What have I told you since... the first day you walked into my office?" "There are three ways to make a living in this business..." "Be first, be smarter, or cheat." "Now, I don't cheat..." "And although I like to think, we've some pretty smart people in this building." "it sure is a hell of alot 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 does this gonna come back to us?" " Everywhere." "Sam, I don't think you seem to understand what your boy here had just said... if I made you... how would you do it?" "Well, you call the traders in for their normal 6:30 meeting... and you be honest with them." "B'cos they're gonna know it's the end either way." "so you'd have to throw them a bone, and a pretty big one." "And then, you've gotta come out of the gate storming..." "No swaps..no nothing." "40 percent done by 10:15; by 11 O'clock all your trades have to be gone. 'cos by lunch-time words are gonna be out." "and by two o'clock you'll be getting 65 cents on the dollar, if you're lucky, and the feds will be in here up your ass;" "trying to slow us down." "Ramesh?" " They can slow you down... but they can't stop you." "it's yours to sell." "John...even if.." "we manage pull that off, and that's saying something..." "The real question is..." "Who are we selling this to?" "The same people we've been selling to for the last two years, and whoever else will buy it." "But John, If you do this." "You would've killed that market for years." "It's over." "And you are selling something that you know has no value." "We are selling to willing buyers at a current fair market price," "so that WE may survive!" "You'll 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." "It's 4:00..." "O'clock." "Jared you've got till 5:00 to break this down and draw me up a plan." "Is there anyone else who knows what's in there right now, block by block?" " Eric Dale." "Where is he?" "As of today he is no longer with the firm." "We have been trying to locate him." " Carmelo?" " Yes?" " Get me Eric Dale here by Six." " Done." "We meet back here in an hour." "Sam, let's talk." "This is a hell of a town." "I've always loved this place." "Since the day i arived." "Everything about it." "Sam, are you gonna go with me on this?" "I don't know John." "This one is very ugly." "You and I are salesmen." "We sell." "That's what we do." "It's not complicated." "Exactly." "And you know damn well.." "you don't make a sale unless you think the guy is gonna come back for more," "That's the lesson we learned." "and tomorrow we are done." "This is the big one." "Most of us aren't gonna make it out of this one." " Us?" " The street." "What are you talking about?" "This isn't the last 'situation' I will have to deal with this week." "This is just the start." "It's the start because you are starting it." "Maybe." "But I don't believe that." "Not this time." "The numbers just don't add up anymore." " Well I agree with you there." "I've been saying that for years." "I mean if this kid out there can come up with this thing...?" " I don't think I can go in knowing what I know and put the hammer down on these guys like this." "When did you start becoming so soft, Sam?" "Fuck you soft, you're panicking." "If you're the first one out the door;" "That's not called panicking." "Well, you are obviously operating with more information than i have." "But I think this could destroy this firm." "No one will ever trust you again." "Knowingly putting people out of business." "Full stop." " Let me deal with that, Sam." "How'd that go?" "This is a fucking shit show." "They are gonna go with it?" " Probably." " Jesus!" "Remember this day boys," "Remember this day." "What's the strategy here?" "Well, that's why i'm headed downstairs, to work it with my guys." "No, not 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 are still on this." "All along." "That's exactly my point." "And knowing what was discussed.." "by both you and I. I don't think this could provide you with anything." "other than, false sense of comfort." "I'm not looking for sense of comfort." "I don't think there's one to be found." "So again, what's the strategy?" "I'm just not sure there's much more to do in this." "It's very simple." "Don't even think of fucking me on this." "because if we are going down... you damn well know we'll be together." "No, I'm not sure I do know that." "What do you think Tuld made last year?" "Would you shut the fuck up." "86 mil." "In bonuses and salary ." "Really?" "Sure, it's public record." "He was worth a billion." " Was?" "Until today." "I could use some real air." "Probably a good idea." "Hello, Will Emerson." "Hello?" "No, thank you." "I understand." "No, we'll be discreet." "What?" "Eric's wife." "He's alive, he's home." "He doesn't wanna speak to us." "He doesn't know she rang me." "Where's he live?" "The heights." "Should we call Tuld's guy?" "No.it's Eric...the last thing we need is those guys going over there, you two go try to get him." "But you've got to be back here by 6:00 AM." "I hate Brooklyn." "May I come in?" "Please, sit down." "So... we are going to do this thing." " Okay." "It's going to be tight." "Is Sam on board?" "Not yet." "Sarah," "I need a head." "to feed to the traders..." "on the floor and the board." "Is it me or Cohen?" " It's you." "Of course you are... well aware 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 be taking at this point." "you're going to be well taken care of." "Obviously it's quite complicated." "John I was told that in no uncertain terms..." "It was always a very grey area." "Actually it was made very clear at the time, by you and I and Cohen." "I'd really prefer that you didn't fight me on this..." "We all fucked this one up pretty good..." "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." "What's the boy wonder want?" "You got a minute?" "We're just off to pick up Eric." " Yeah I know." "Will only take a second." " Alright, what is it?" " Tuld and I have concerns that Sam, may not be step up and do the right thing." " It's never been a problem." " No, it hasn't." "But, sometimes in an acute situation, Such as this... often what is right." "Can take on, mutiple interpretations." " Sam will step up." " Oh, I know..he will." "But if he doesn't." "IF he does not..." "We need to know that, You will." " You need to know that, I will..." "What?" " That you will step up." " I have not doubt." "That Sam will make the right decision." "But, just to make it clear." "He and I always have the same interpretation, Of what's right." "No matter, How acute..." "the situation." "Jesus, that's a nice place." " Yeah, it is.. he just bought it." " I hope it was with cash." " Fuck me." "You are a heartless little shit sometimes." "and it wasn't." "Don't touch any of the buttons!" "What are you doing here?" " Hey?" "So.." "Peter finished that model you were working on." " Really?" " Caused a shit storm." "I bet...it did." " Do you think he's right?" " I know...he's right." "Jared Cohen called an emergency meeting of the senior partners last night." "Based on your findings.." "They've decided to liquidate our entire position." "Today!" " I am very sorry about that." "They are worried about you being out here." "And they want me to get you back." " Jesus!" " I'm just saying.." " Fuck that." "Don't be rash." " Forget it, I've signed my papers." "I'm out!" "They will pay you." " I've been paid enough, already." "Did 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 Dilles Bottom, Ohio to Moundsville West Virgina." "It spans 912 feet above the Ohio river." "12,100 people a day use 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..." "Worth 25,410,000 miles... a month;" "and 304 millions 920,000 miles a year." "Saved." "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 thousand miles...that haven't had to be driven!" "At what?" "let's say... 50 miles an hour" "So, that's a 134 million, 164 thousand 800 hours... or" "559 thousand 20 days... so that one little bridge has saved the people of those two communities a combined, 1531 years of their lives not wasted in a fucking car..." "One thousand five hundred and 31 years!" " Jesus." "I guess... you better get back over there." " Yeah." "Thanks for coming by." " You're welcome." "Who the fuck is this?" "I'd imagine, it's the firm's people." " What?" "Tuld doesn't want any loose ends." "He fired me." "Fuck em..." "Fuck em." " I totally agree..." "Fuck them." "So, come back... take the money, You'll be home by five." "Otherwise, they are going to fight you on everything, they are going to fight you on the package, the options..." "Be smart." "Well.." "You're a better man than I." "That's always been true." "Yes, it has." "The house looks good." "Thanks." "Hey Eric... don't beat yourself up too much about this stuff, alright?" "Some people like driving the long way home." "Who the fuck knows." "Right?" "There he is." "John." "How's it looking?" " Cohen has done a nice job." "It can work." " What does that mean?" "It means, as you very well know, that you are a very important piece of this puzzle." "It's not a gift." "I need to know you are with me on this." "I'm with the firm John." "I won't get what I need out of your boys on the floor, unless they believe you... unless they believe in you completely." "Are you in, on this?" " I told you my reservations." "You can't have reservations!" "And I need to know now." "Look John.." "I'm completelywith the firm, as I always have been." "Excuse me." "Alright, Will." "Am I getting fired?" " I don't know." "Yeah, almost definitely." " Are you?" " No." "Seth, its nothing you did." "You're just in a wrong firm, in a wrong time." "Young guys are always the one to get called." "Listen, nothing i can say'll make you better" "It's gonna suck for a while..." "and then you'll be fine." "You alright?" "Yeah, yeah." "I'm fine." "For what its worth, I'm sorry this is happening to you." " Don't be." "You didn't do it to me." " Still, Al least you're gonna have some nice cash to walk away with." " I guess." "This is really gonna effect people." " Yeah, it's gonna affect people like me." " No, real people." "Jesus, Seth." "If you really wanna do this with your life." "You have to believe you're necessary." "And you are." "People wanna live like this." "In their cars and their big fucking houses, that they can't even pay for." "Then, you're necessary." "The only reason, that they all get continue living like kings is 'cos we got our fingers on the scales in their favour." "I take my hand off." "Well then the whole world gets really fucking fair, really fucking quickly and nobody asks you one shite." "They want what we've to give them.." "but they also wanna you know, play innocent and pretend they've no idea where it came from." "That's more hypocracy than I'm willing to swallow." "So, fuck them." "Fuck normal people!" "You know, the funny thing is." "Tommorow, if all of these goes tits up." "They're gonna crucify us." "For being, too reckless." "But if we are wrong?" "And everything gets back on track." "Well then, the same people are gonna laugh until they piss their pants." "Because, we are gonna look like the biggest pussies that God ever let through the door." "Do you think we are gonna be wrong?" "Nah, i don't know..fuck." "Good morning." "Peter... you want one?" " I don't smoke." "That's good." "I don't much either." "Are you tired?" " Of what?" "Remember, I don't work as hard as you do." " Oh, That's not true." " No it is...actually." " Are we all getting fired after today?" " Probably." " Are they going to fire you?" " Well, they won't exactly call it that." "but... it'll be a mercy killing really." "You don't have to stand out here for me." " No, I know." "I really don't 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 alot worse about a guy." " Does he know what's about to happen?" " What do you mean?" " Did you talk to him?" " No.." "I hadn't even thought of it." " They're all coming in now." " Yes they are." " Have you ever done anything like this?" " No... never.... not even close." " Are you sure..it's the only... or the... right thing to do?" " For who?" "I'm not sure." " Neither am I." " You alright?" "You are about to fire me." "You know, this is.." "This is all I've ever wanted to do." " Really?" "You as well, huh?" " Yes." " Jesus!" "Sorry." " Thank you." "I didn't think they were going to be able to get you back here." " They told me they were going to drag me through hell on everything the next two years.." "my options, my healthcare or I could come back here and make... $176,471.00 an hour" "to sit quietly... in this room." "I couldn't see much of 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." "Its okay, I understand, believe me." "there was nothing you could have done." "I guess... at the time... it didn't seem like there was much of a choice." " It never does." "What is your package going to be like?" " I don't know, that's what I'm waiting for now." " It probably 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 is going to be less so, but that isn't going to be the case." "Now, I am supposed to read this statement here to you all here, but how bout you read it on your own time and I'll just tell you what the fuck's 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 is over as of this morning." "There is 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 positions of fixed income MBS.." "today." "These are your packets, you will see what accounts you are responsible for today." "I'm sure it hasn't taken you long to.." "understand the implications of this sale." "on your relationships with your counter-parties 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 a piece." "For those of you who have never been through this before, this is what the beginning of a fire sale looks like." "I cannot begin to tell you how important first hour and half is gonna be." "I want you to hit every bite you can find." "Dealers, brokers, clients..." "Your mother, if she respond." "No swaps." "It's outgoing only, today." "Obviously, this isn't going down the way that any of us would've hoped." "but the ground is shifting below our feet," "And apparently, there is no other way out." "Christ... this is Obviously, a very very unique situation... if we are successful today." "We will have been successful in destroying our own jobs..." "I can not promise that any of you.." "all of you..." "Some of you would be repositioned within the firm." "but I can tell you that, I am very proud of the work we've done here today." "I have been at this place," "34 years," "I can tell you from experience, that people are going to say some very nasty things about what we do here today." "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." "Here's your packets, get to work." "Phone man:" "City..this is Eric." " Give me Elliott." " City." " Hey, its Will Emerson." "William, how are you?" " I'm alright, how's the trouble at scribes?" " Busting my ass, as always." " You see, that's what i've been trying to tell you." "John, why do you thing I'm saying this?" " I know you did." "What can i do for you?" " Listen, I just got tapped on my shoulder, we've got some words over here that we need to move." "So, today." "It looks like my lost is your gain." " What kind of size you're talking about?" "Should be on your screen, I just sent it." " Jesus, what is this gonna land?" " 96 on a dollar." " 91?" " Whole three and we're done at 94." "93 and a half?" " Done!" " This is trading?" " Hello, gorgious." " Will, what's happening over there?" " Today's moving day." " What's the fuck are you guys so worked up about?" " You think they tell me anything, all i know is that today my loss is your gain." "Now, you're friendly" "So, I'm coming to you first." "I got two seventy mill a fifteen year paying at a twenty half a part." " Where is it from?" " Where is it from?" "Do you care?" " No, not really." "Now..." "Where's the trade?" "I'm hearing that you guys...." " I'm only sharing this with you right now!" "85..." " Done." " Deutsche?" " Its Will Emerson." " Fuck you, you lying bastard." " Come on, are you still angry about that." "Word is out, i'm hanging up." " Merryll?" " Lawrence." " What the fuck are you guys doing over there?" " Just a little spring cleaning." " That is not what i'm hearing." "Alright, Lawrence." "Are you a buyer?" " I'm not sure anymore." "Where at?" " Why, it sounds like I should be asking 'Where at.' 375 mill at third year mix." " Fuck me.." " Are you with me on this?" "63 cents?" " or fuck you, I'm hanging up." "63?" " I'll come back to you on five." " Maybe, fifty five and five." " Well, alright then, stay on the line." "Sam, pick up the phone." "Sam...get on the line!" "I got Lawrence in now." " Where are we?" " sixty three six." " Jesus, and what?" "Get him to sixty five and hit it." "Are you fucking kidding me on this?" "That's a hundred million lost on a single trade." "I understand...hit it." "Well, Lawrence." "We'd fill a kill at sixty five." " It's filled." " Well done." "I just wanna give you heads up." "They're gonna start sending a few people home now." "Now?" " Yes, I know this ends." "Please sit." "Congratulations are clearly in order." "We did the best we could." "You did a hell of a job." "And i thank you for that." "C'mon sit." "Excuse me for eating, but..." "It's been a long day." " Can i get you something?" " No, nothing, Thanks." " What can i do for you?" " I want out." " I'm done, I want out." " It's a very difficult day for all..." " I need you to release my options," "If they're worth anything today, I want my bonus, I am out." " You'll get your bonus, your options... and keep a calm face." "But i need you to stay with me for next 24 months.." "You did some good today, you said that yourself." "You know..." "I'm starting to feel a little better about all this whole thing." "You're one of the luckiest guy in the world, Sam." "You could've been digging dicks all this years." "That's true." " And if i had, at least..." "How the hell did we fuck this up, quite so much?" " When did you start feeling so sorry for yourself..its unbearable." " So, you think we might've put a few people out of business today." "It's all for note." "But you've been doing that everyday, for almost 40 years Sam" "If this is all for note, then so is everything out there." "Its just money." "It's made up." "It's pieces of paper with a picture on it." "So, we don't have to kill each other, just to get something to eat." "Its not wrong." "And it's certainly not different today, then it's ever been." "1637, 1797, 1819, 37..57 84," "1901, 07 29, 1937..1974" "1987, Jesus!" "Didn't that fucker fuck me up good." "92, 97..2000 and whatever we wanna call this." "All just for same thing, over and over..we can't help ourselves." "And we wanna like uh," "Control it, or stop it or even slow it." "We haven't even since slightly altered." "We just react." "We get a lot of money, if we get it right." "And we get left by the side of road, if we get it wrong." "And there has always been, and always will be.." "the same percentage of winners and losers happy fucks and sad sacks." "Fat cats and starving dogs, in this world." "Yeah, then maybe more of us today, than there ever been... but the percentage, they stand exactly the same." "I'll do it John, not but because of the little speech," "But because I need the money." "Hard to believe, after all this years.." "But I... need the money." "Are you gonna keep the kid?" "Keep him?" "He's gonna promote him." "Its all hands on deck now Sam." "There's gonna be a lot of money to be made, coming out of this mess." "And they're gonna need all the brains, we can get out on here." "I went home from the vet and I couldn't think of where as to go." "She belongs here." "I know, but Sam you don't live here anymore." "Are you alright?" "You don't look so good." "Yeah, it's been a rough day all the way around." "I know, Sammy called." "Is he alright?" "They got hammered, but got out alive." " good." "Well, I am going to go back inside and go back to bed." "The alarm is on so don't try to break in." "Take care of yourself."