"Is that them?" "Jesus Christ." "Are they gonna 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." "Come on." "Eric Dale?" " Excuse me?" " Eric Dale?" " Um... no." " Sorry?" "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 am 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." "Okay." "Mr. Dale the firm is offering you 6 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, 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 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 need any assistence... with this transition in your life." "Sir." "Well..." "Okay." "Hey..." "I'm sorry." " You still alive?" " Uh-huh... for now." "Congratulations." " It's a bloodbath." " I heard." "Listen Eric?" "If there was something I could've done, I would've done it." " I know." " Alright?" "Yeah." "I know." "Okay." "Just tell me... who was it?" "Come on, Bill." " Rogers?" " I'm not gonna side, you know me." "Robertson?" "That cunt." "I knew it." "I knew I shouldn't have fucking..." " gone to her last year." " It wasn't anyone." "Eric, you know what it was?" "It was bad luck." "And that's all it was." "Yeah..." "Yup." "Alright, well, good luck." "Bill..." "come here." "I was just in the middle of a lotta shit here... that I think somebody needs to take a look at it." "Eric, listen..." "They're telling us that everybody needs to get outta here... and just leave their stuff." "And while we appreciate your concern, this is not your problem anymore." "Good luck." " Eric, I'm very sorry." " Yeah." "Did they say what's 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 alright." " I'm gonna go." " Alright." " I'll see you around, okay?" " Alright." "Thank you." "Hey..." "I just..." "wanted to say thanks." " It's not neccessary." " Well, it is." "You were the person around here, that I..." "I know." "Hang on..." "I was working on something, but they wouldn't let me finish it." "So... take a look at it." "Be careful." "Robertson?" "Sarah Robertson?" "Sarah!" "You shut off my phone?" "Eric, I didn't do anything." "Fuck you!" "Well, that was fucking hedious." "It's gonna get worse before it gets better." "You think?" "Much." "You got any Nicorettes?" "I'm outta Nicorettes." "Which means, in about... ten minutes." "I'm gonna kill someone." "You alright Sam?" "My dog is dying." "I'm sorry?" "Just got off the phone to the vet, it's some fucking tumor on the liver." "I must've paid almost a 1000 bucks a day already, just to keep her alive." "I don't have a fucking clue what to do about it." "Well they're all..." "they're all gone." "So?" "How many do we have left?" "About, thirty-three." "Well, make sure they're all out there, I gotta say something." "Yeah, I know." "They're ready." "They're ready for you." "Alright, Let's hear it!" "You're all still here for a reason... eighty percent of this floor was just sent home... forever." "We spent the last hour saying our good-byes... 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 the same thing's happening." "By the time we're done... three 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, this is not the last time... you're gonna 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." "Everyone's going out, man." "You should... come on." "Oh, I'm cool." "Thanks." "Okay." "Well, uh, if you change your mind, just give me a call." "I will." "Come!" " Where you guys going?" " The Grand." "I will call you when I am done." "Alright." "Hey!" "Be glad, you're still alive." "I am." " Will you connect me?" " I did." "Fuck me." "Fuck." " Hello." " Hey." "Billy, I can't hear you." "Uh... can you go outside, uh... it's too loud." "Alright, hold on" "Alright, what's up?" " Hey, uh... where are you?" " Lugo." " Okay, are you with Will?" " Uh... yeah, Will Emerson?" " Yeah." " Yeah, I think he is..." "I think he's still here." "Why?" "Alright, I need you to get Will and I need you guys to come back up here." " Go where?" " To the office." " What?" " I'm serious." "Wait a second, you want me..." "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?" "Well, 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." "Have I ever tould you how much I love your bike?" "Not really, I... do you have, uh..." "a little dress that matches it?" "Yeah, I guess, you could..." "you could bounce 'em around there... like a fucking girl." "Hey!" "..." "Look who's burning the candle at both ends." "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." "Will, I'm real sorry I had to bring you guys back here, but..." "That's alright." " What's wrong?" " Look at this." "Eric gave me this file before he left." "And?" "Well, and... and he told me he couldn't quite figure it out... and the last thing he said to me before the elevator closed, 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." " Yeah, so what're you doing here?" "Um..." "No, no, go to model four, it makes more sense." "Okay." " Got it." " 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 the standard VAR model." "What are those levels?" " It's, uh... fairly complicated..." " Simplify." "Uh... the volatility levels are set using... historic patterns basically, and then stretching those patterns out on a 10-15%... roughly." " Alright, so?" " So, we are starting to... test those historic patterns." "When?" " Today?" " Tuesday." "Monday..." " last friday and wednesday..." " Two Fridays ago." "Alright, I get it." "Fuck me." "Once this thing gets going in the wrong direction..." "This is, uh..." " this is, fucking huge." " How huge?" "Well, the losses are greater than the current value of the company." "Projected loses..." "they're projected losses, Will." " This is just our floor?" " Yes." " Where the fuck is Eric Dale?" " I don't know." "I tried to call him, his phone's off." "What do you mean?" "They turned everbody's phone off that got axed today." "Fucking ruthless." "Did you try his personal cell?" "Yeah, I called his cell phone, it's not on." " Call his home." " At this hour?" " Yeah... do we even know if he's right?" " Looks pretty fucking right to me." "Yeah, it does." "Mrs. Dale, it's Will Emerson." "I'm fine, thank you." "May I speak with Eric?" "No, we 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?" "Well, I don't know, would you go home?" "I know where he is." "I need you two, to go and get him." "There be a car waiting for you downstairs." "You need to go." " Right now?" " Yeah, right now." " What you gonna 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..." "What's the problem?" "I think, you need to get back here." "What?" " Sam, listen..." " 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?" " It's, uh..." " E-mail 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..." "I try not to let work get to me like that." "I've noticed that about you." "Come on, I mean look, we're 23 years old..." " I'm 28." " Alright 28, well that's the same thing." "I made... nearly, 1/4 million dollars last year..." "Fuck!" "For what?" "..." "I..." "I push 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 doing..." "You know, if he wasn't doing this?" "He'd be heading out to be somewhere, putting it all on number 7, it looks like." "And at the end of the day, one guy wins, one 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 I say?" "I would say..." "that we haven't found him, yet." " Hey." " Hey." "So?" " Eric Dale." " Oh, Jesus..." "Before he leaves the building, escorted by fucking security..." " I had nothing to do with that." " I know." "I'm sorry." "Go on." "Before he leaves the building he hands a disk to Peter Sullivan..." " Who's Peter Sullivan, again?" " Don't matter." "It's one of Eric's guys." " Right." " But before, the elevator doors are closing... the last thing he says is..." "'Be Careful'" "Yeah." " 'Be Careful'?" "..." "Why?" " Yeah." "Take a look." "Oh Jesus." "You know I can't fucking read this things... just speak to me in English." "Basically, this kid, Peter Sullivan, gets all inspired by you pep talk." "Nice job!" "By the way" "And he goes straight in, after 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, wich... of course, our entire trading model relies on pretty fucking heavily..." "And well, we are now so levered up." "But once it gets outside of these 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 these limits 5 or 6 days over the last 2 weeks." "Now somehow, we've 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." "What am I looking at?" "You're looking at this figure here." " Whoa!" "Is that?" " Yeah." "And that would not be a bad day for us to start, historically speaking." " Is that figure right?" " I don't know, probably so." "Where is Eric Dale?" " We shut his phone off." " Of course we did." "Yeah, so I called his wife, who says, he's not home." "He's probably crying in some fucking beer..." " somewhere." " That's not how it was." " Where's the kid who did this?" " I send him out to find Eric." "You think he knows what he's doing?" " I don't know, what do I know." " Get him back here." "Get him back." "What do these girls make in a night?" "1500?" "2 grand." "2 grand?" "Well..." "that's pretty great." "They been paying off the city." "Will." "Yeah." "No." "No, no, we ask, but nobody seen him." "Okay." "Yeah." "Alright, so what do you think Rogers makes in a year?" " Uh..." "I have no idea?" " Come on, play along." "What'd he have ****?" " Last year." "I guess, 3 quarters of a million?" "Come on." " What?" " That's not even close." " More?" " Much more." "A million?" "Will..." "Will Emerson made..." " two and half million last year." " Fuck you." " Fuck me?" " Fuck you." " How do you know that?" " He... told me." " He just told you?" " No, I ask him." "He never told me." " You think that's true?" " Yeah probably." " That's fucked up." " Why, why's that fucked up?" "Does that seem right to you?" "Right?" "I mean right is... right is..." "Jesus." "So, what do you think that means Rogers puts away?" "I have no idea, Seth." "This traffic's a fucking nightmare." "Gentlemen?" " Will." " Mr. Rogers." "Come with us, please." "Sam this is Seth Bregman and this is Peter Sullivan." "Sir." "Where we going?" "We're going to get a second opinion on your work, Peter." "So Sam what 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, and this is, Peter, uh, Sullivan, and Seth Bregman." " They work in our risk department." " Where is Eric Dale?" "He was let go today." "Who you have left in your risk department?" "As of today that would be..." "Peter and our junior analyst Seth." "Will." " Uh..." "Will Emerson?" " Yes please, just hand it out." "Let's see." "Apparently Eric had been working on this for some time... but was unable 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 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..." "Is this your draft?" "Yes, um..." "Again, expanded on original work of Eric's." "But yes." " What's 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 is 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're a rocket scientist?" " I was." "Interesting." "How did you end up here?" "Well it's all just numbers really, just changing what you're adding up... but if I may speak freely:" "The money here, is considerably more attractive." "What time is it?" "2:15." "Oh, really?" "And I'm guessing, by the fact that you 2 haven't said anything... that the math checks out?" "Look, we 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." "Thank you for that." " 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 you'd certainly know our business is selling and buying." "Doesn't work for very long without both components." "We suddenly stop 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 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 is these VAR numbers that are setting this thing off." "Excuse me a second." "I want you on this" "Please..." "As I was saying and I'm speaking 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 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 remain 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?" " Excuse me, Jerry." "Without an active market, it would take weeks or months... for me to come up with an accurate value on them." "You got to go block by block." "Hey, look, Jared, it's a very simple buisness, right?" " We talked about it." " Sam!" "Uh... well, Peter and uh..." " What the fuck is his name?" " Seth." "Thank you." "Seth, uh... could you please, give us for a few moments." "And Peter?" " Has anyone else has 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 fucking Christ!" "Who... 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." "What are they talking about, in there?" "It ain't pretty." "Uh, what ain't pretty?" "If people suddenly stop buying what we're selling." "Jared... you cannot be doing what you are thinking of doing?" "Well, I don't see any other choice." "What do you... what does that mean?" "We don't have a choice." "Fuck you, you don't have a choice!" "Fuck 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 number, they don't add up." "One and one, no longer makes two." " If I may, I would like..." " Jared," " a little more time." " we can't tell without considering..." " We have talked about this." " We need a little more time... to give you our conclusion." "Okay..." "we meet again in 45 minutes." " Sam, do you have the file?" " Yeah." "What're you gonna do?" "You're gonna call him?" "I already have." "Ooh, Jesus." "Wow." "It's gorgeous." "It's a long way down." "Yes, it is." "Don't do that, whoa, wait." "Stop that." "Come on." "You know the fear that people experience... when they stand on the edge like this isn't a fear of falling." "It's a 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, Will." "Please, come on." "Will?" "Yeah, fuck it!" "Woo!" "Not today." "It looks like, they're gonna make us dump this shit." "What?" "You watch." "How?" " You'll see!" " How could they do that?" "They can't... it's impossible." "But they'll figure a way." "I been in this company 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?" "Goes by quickly." "You know, you'll learn to spend what's in your pocket." "Two and half millions goes quickly?" "Alright, let's see." "So 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." "Right, eight hundred." "I spend 150 on a car." "About 75 in restaurants." "Probably... 50 on clothes." "I put 400 away for a rainy day..." "That's smart." "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?" "I was a little shocked initially, but then I realised that I could claim most of it back, as entertainment." "It's true." " What was that?" " Holy shit." "The cavalry is here." "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 woke 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 8 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 wanna hear this." "How do you think I've stuck around this place so long?" "I called Tuld." "You 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 Tuld or the market?" "To both." "He's here?" "Mh-hm." " 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." " Mr. Told." " Good 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 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." "That is spilled milk under the bridge!" "So, why doesn't somebody tell me what they think is going on here?" "Mr. Tuld, uh..." "as I mentioned earlier... if you compare the figure at the top page 13..." "Jared, it's irrelevant now, just speak to me in plain english." "Okay." "But I'd like to speak to the guy who put this together." "Mr. Sullivan is it?" "Does he speak English?" "Sir?" "I like to speak with the analyst who seems to have stumbled 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 golden retriever." "It wasn't brains, that got me here." "I can 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 GSMBS." "Please, just relax, stand up, tell us in 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 trounces 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're 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, 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," " I'm act..." " Give me some rope." "What I'm guessing it says, is that... considering then, 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 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 has already happened?" "Sort of." "And, Mr. Sullivan, what does your model say what that means... for us here?" "Well, that's where it becomes a projection." "But, uhm..." "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're gonna 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." "If 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 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 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." "Now, 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 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 this?" "Well, you call the traders in for their normal 6:30 meeting... and be honest with them." "Because they're gonna know it's the end either way." "So you have to throw 'em a bone, and a pretty big one." "And then, you gotta come outta the gate storming." "No swaps, no nothing." "40 percent done by 10:15." "by 11 o'clock all your trades have to be gone... because by lunch-time, words gonna be out." "And by 2 o'clock you'll be selling at 65 cents on the dollar, if you're lucky." "And the feds are gonna 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 to... 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 2 years... and whoever else will buy." "But, John, if you do this... you would 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 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!" "Now it's 4:00 o'clock." "Jared, you got 'till 5:00, to break this down and draw me up a plan." "Is there anybody else who knows what's in here... at the moment, block by block?" "Eric Dale." "Where is he?" "As of today he is 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 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 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." "This is it, Sam." "You keep saying that, what's that suppose to mean?" "This is the big one." "Most of us aren't gonna make it outta this one." " Us?" " The street." "What're 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 are starting it." "Maybe, but I don't believe that." "Not this time." "And the numbers they just don't add up anymore." "I agree with you there, I've been saying that for years." "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?" "Fuck you soft, you're panicking." "If you're the first outta 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." "Knowingly putting people outta business, full stop." "You let me deal with that, Sam." "How'd that go?" "This is a fucking shit show." " They're gonna go with it?" " Probably." "Jesus!" "Remember this day boys." "Remember this day." "So, what's the strategy here?" "Well that's where we're headed right now, downstairs to work on 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 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, per say." "I 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 in this." "It's very simple." "Don't even think about of fucking me on this." "Because if we're going down... then you damn well know we'll be together." "No, I'm not sure, that I do know that." " Hey." " Oh, I'm sorry." "What you guys think Tuld made last year?" "Would you shut the fuck up." "86 million." "In bonuses and salary." " Really?" " Sure, it's public record." "He was worth a billion." "Was?" "'Till today." " Tonight?" " We'll see." "I'm gonna get some coffee, does anyone want something else?" " No." " I could use some real air." " Probably a good idea." " Is it alright, Will?" "Hey, Will, uh..." "is there anything you need?" "Our cause ic not important." "You want me to hold your Hand?" "Why'd they put all this fruit away?" "Hello, Will Emerson." "Hello?" "Right." "No, thank you." "Alright, I understand." "No, we'll..." "we'll be discreet." "Thank you." " 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 does he live?" " Heights." "Should I call Tuld's guy?" "No, it's Eric, the last thing we need... is those guys going over there." "Now you two go get him... try to bring him in, but you gotta be back by 6:00 am." "Alright." "I hate Brooklyn." "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 and 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 gonna be well taken care of, really." "Obviously it is..." "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 me and Cohen." "I really appreciate it, if you didn't fight me on this." "We all fucked this one up pretty good." "Yeah." "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." "Back there," "What's the boy wonder want?" "You got a minute?" " We're just off to pick up Eric." " Yeah I know, it'll only take a second." "Alright, what is it?" "Tuld and I have concerns that Sam, may not be willing to step up and do the right thing here." "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 doesn't... we need to know, that you will." "Tank you." "You need to know that I will what?" "That you'll step up." "I have not doubt, that Sam will make the right decision." "But, just to make it clear." "He and I've 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're a heartless little shit sometimes." "And it wasn't." "Don't touch any of the buttons!" "What're you doing here?" "Hey?" "So, Peter finished that model you were working on." "Really?" "Caused a shit storm." "I bet it did." "You think he's right?" "I know he's right." "Fuck." "So, Jared Cohen called an emergency meeting... of the senior partners last night." "Based on your findings... they 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." " Jesus!" " I'm just saying." "Fuck that." " Fuck 'em" " Don't be rash." "Forget it, I signed my paper." "I'm out!" " They'll pay you." " Not me." "They'll pay you." "I've been paid enough, already." "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, uh..." "Moundsville, West Virgina." "It spans 912 feet above the Ohio river." "12,100 people use this thing a day." "And It cut off 35 miles... of extra driving each way, between Wheeling and New Martinsville." "That's a combined... 847 thousand miles of driving, a day." "Worth 25 million 410 thousand miles, a month." "And 304 million 920 thousand 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 what?" "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 2 communities a combined," "1 thousand 5 hundred and 31 years of their lives... not wasted in a fucking car." "1 thousand 5 hundred and 31 years!" "Jesus." "Well, I guess, you better get back over there." "Yeah." "Thanks for coming by." "You're welcome." "Who the fuck is this?" "Well, I would imagine, it's the firm's people." "What?" "Tuld don't want any loose ends." "He fired me." "Fuck them." "Fuck them." "I totally agree, fuck 'em." "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 the package, the options, the whole... huh?" "Be smart." "Good luck." "Well..." "you're a better man than me." "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?" "Ah..." "there he is." "John." "How's it looking?" "Cohen's done a nice job, it could work." "What's that mean?" "It means..." "as you very well know, that you're a very important piece of this puzzle." "Mmm." "That's very generous." "It's not a gift." "I need to know you're with me on this." "I'm 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." "Look John, I'm completely with the firm, as I always have been." "Excuse me." "Alright, Will, am, am I getting fired?" "I don't know." "Yeah..." "almost definitely, yes." " Are you?" " No." "Seth, its nothing you did." "You're just in a wrong firm, in a wrong time." "You young guys are always the first to get called." "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 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, at least you're gonna have some nice cash to walk away with." "I guess." "Shit, this is really gonna effect people." " Yeah, it's gonna affect people like me." " No, no..." "I mean, real..." "real people." "Jesus, Seth." "Listen, 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 to continue living like kings... is because 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 say they do but they don't." "They want what we have to give them.." "but they also wanna, you know, play innocent and pretend they have no idea where it came from." "That's more hypocracy than I'm willing to swallow, so, fuck -em." "Fuck normal people!" "You know, the funny thing is." "Tommorow, if all of this 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 gonna laugh until they piss their pants." "'Cause, we're gonna look like the biggest pussies, God ever let through the door." "You think we're gonna be wrong?" "Nah, there all fucked." "Good morning." "Peter... you want one?" "I don't smoke." "Well, that's good." "I don't much either." "You tired?" "Of what?" "Remember, I don't work as hard as you do." " Oh, that's not true." " No it is, actually." " We're all getting fired tonight?" " Probably." "They gonna fire you?" "Well, they won't exactly call it that." "It'll be a mercy killing really." "You don't have to stand out here for me." "No, I know." "I really don't wanna 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 him?" "No, I hadn't even thought of it." "Ah..." "They're all coming in now." "Yes they are." "You ever done anything like this?" "No, never, not even close." " No." " Yeah." "Are you sure it's the..." "the only... or the right thing to do?" "For who?" "I'm not sure." "Neither am I." "Oh, no..." "You alright?" "You're about to fire me." "You know, this is..." "this is all I ever wanted to do." "Really?" "They're almost ready for you, Ms. Robertson." "Couple of minutes." "You as well, huh?" "Yes." " Jesus!" " I know." " Sorry." " Thank you." "I didn't think they were really be able to get you back here." "They told me they were gonna drag me through hell on everything... in the next two years.." "my options, my healthcare... or I could come back here and make... uh... 176 thousand..." "4 hundred and 71 dollars an hour... to sit quietly in this room." "I couldn't see that 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." "Its okay, I understand, believe me." "There's nothing else you could've done." "I guess." "At the time it didn't seem like there was much of a choice." "It never does." "You have kids, yeah?" "Mh-hm." "So, uh... what's your package gonna be like?" "I don't know, that's what I'm waiting for now." "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 is 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 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's gonna 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'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 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 dollars a piece." "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 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 isn't going down the way that any of us would've hoped, but... the ground is shifting below our feet." "And apparently, there's no other way out." "Christ... this is obviously a very, very unique situation." "If we are successful today..." "We will've 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'm very proud of the work we have done here today." "I've been in this place... 34 years." "And I can tell you from experience, that people are gonna 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." "Here's your packets, get to work." " City... this is Eric." " Give me Elliott." " City." " Hey, it's 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 try to tell you." "John, why do you thing I'm single?" "I know you did." "What can I do for you?" "Listen, I just got a tap on my shoulder, we've got some risk over here, we need to move." "So, today looks like my loss is your gain." "What kinda size you're talking about?" "Should be on your screen, I just sent it." " Jesus, where's this laying?" " 96 on a dollar." " 91?" " Hold three we're done at 94." " 93 and a half?" " Done!" " This is trading?" " Hello, gorgious." " Will, what's happening over there?" " Well, 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... at fifteen a year, paying at a twenty half a part." " Where's it from?" " Where's it from?" "Do you care?" "No, not really." "Now, where's the trade?" " I'm hearing, that you guys..." " Elexus, I'm only sharing this... with you, right now!" " 85..." " Done." "Deutsche?" "It's Will Emerson." "Fuck you, you lying bastard." "Come on, you're still angry about that?" "Word's 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?" "Well, it sounds like I should be asking 'Where at'." "What've we got 375 mill, at third eight mixed." " Fuck me.." "You with me on this?" " 63 cents?" " Oh, fuck you, I'm hanging up." "Sixty three." "Let it go, my man." "I'll come back to you at five." "Maybe, fifty five and five." "Well, alright then, stay on the line." "Sam, pick up the phone." "Sam, get on the line!" " Yeah, I got Lawrence in now." " Where are we?" " Sixty three six." " Jesus, and what?" "Tree seventy five and next up." "Get me sixty five and hit it." "Are you fucking kidding me on this?" "What is that?" "That's a 131 million dollar loss on a single trade." "I understand..." "hit it." "Hey, Lawrence." "We'll fill a kill at sixty five." "It's filled." "Well done." "I just wanna give you heads up." "I know, they're gonna start sending a few people home now." " Now?" " Yes, I know this ends." "Of course." "Hey, for what it's worth, uh..." "you're still good." "Yeah." "I guess, I'm going upstairs for the lightshow." "Sam!" "..." "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 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 a very difficult day for all..." " I need you to release my options, if they're worth anything today, I want my bonus, I'm 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, okay?" "And... you did some good today, you said that yourself." "You know..." "I'm starting to feel a little better about something." "You're one of the luckiest guys in the world, Sam." "You could've been digging ditches all this years." "That's true." "And if I had, at least there be some holes in the ground to show for it." "I just don't kow how we fuck this up, quite so much?" "When did you start feeling so sorry for yourself, it's unbearable." "I'm not." "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." "And this is all for note, and..." "so is everything out there." "Its 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 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..." "whatever we wanna call this." "It's 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 even haven't it slightly altered." "We just react." "We make a lotta 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 is, they stay 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..." "I need the money." "You gonna keep the kid?" "Keep him?" "He's getting promoted." "It's all hands on deck now, Sam." "There's gonna be a lotta money to be made, coming outta this mess." "And they're gonna need all the brains, we can get around here." "Hello?" " I'm talking to ***?" " Mary..." " Sam." " Yeah." "What're you doing?" "Sam, what are you doing?" "Stella died." "I was carrying her 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 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, 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 to break in." "Take care of yourself."