Margin Call

This film contains very strong language.

OFFICE HUBBUB

BELL RINGS

OFFICE HUBBUB

Is that them?

Jesus Christ.

Are they going to do it right here?

You guys ever been through this before?

No.

It's best to ignore it, keep your head down, and go back to work.

Go on.

Don't watch.

Timothy Singh?

-Yes.

-I'm afraid we have to speak with you. Come.

Eric Dale?

-Excuse me?

-Eric Dale?

-No.

-Sorry?

I'm not Eric Dale.

I'm so sorry.

He's my boss.

He's down the hall.

Thanks.

Excuse me, Mr Dale?

This way.

OK.

I am obviously sorry that we are here today.

But these are extraordinary times, as you very well must know.

Look, I run Risk Management.

I don't really see how that's a natural place to start cutting jobs.

We hope you understand 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.

OK.

Mr Dale, the firm is offering you a six-month severance at half your salary.

You will keep all unvested options that you currently hold.

Health will be extended through that period.

You have until tomorrow at 4.47 to either take the offer or it will be revoked.

Do you understand?

Yes.

Unfortunately, Mr Dale,

due to the highly sensitive nature of your work here,

the firm has to take certain precautions for security purposes

that may seem punitive in nature.

I hope, considering your...

..over 19 years of service to the firm,

you will understand that these measures are in no way a reflection

of the firm's feelings towards your performance

or your character.

I don't understand.

She's apologising for what's about to happen.

Your company e-mail, access to the server, access to the building,

and your mobile data and phone service will all be severed as of this meeting.

And this gentleman will take you to your office

so you can clear out your personal belongings.

What about what I'm currently working on? I'm in the middle of something that...

The firm has worked out its transition plan and is prepared to move forward.

But we do appreciate your concern.

We understand that this is difficult. And here is my card.

Please contact me in the next few weeks

if you need any assistance with this transition in your life.

Sir. >

OK.

OK.

OK.

-KNOCKING

-Hey.

I'm sorry.

-You still alive?

-Uh-huh. For now.

Congratulations.

It was a bloodbath.

I heard.

Listen, Eric, if there was something I could have done,

-I would have done it.

-I know.

-All right?

-Yeah, I know. I know.

OK.

Just tell me, who was it?

-Come on, Eric.

-Come on. Will?

-Rogers?

-I'm not going to say, you know. 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.

-Yup.

Yup.

All right, well, good luck.

Will?

Come here.

I was just in the middle of a lot of shit right here

that I think somebody needs to take a look at.

Eric, listen, they're telling us everybody needs to get out of here.

Just leave their stuff.

And while we appreciate your concern...

..this is not your problem any more.

Good luck.

Thank you.

-Right this way, Mr Murphy.

->

-Eric, I'm very sorry.

-Yeah.

Did they say what was going to happen with us?

-Jesus, Seth!

-What?

It's going to get pretty ugly around here for a while.

But, you know, you guys will be all right.

-Good luck, Eric.

-All right.

I'll see you around, OK? All right. Thank you.

Eric.

I wanted to say thanks.

-It's not necessary.

-Well, it is.

You were the person around here that I...

I know.

Hey, look, I was working on something,

but they wouldn't let me finish it.

So, take a look at it.

Be careful.

STREET HUBBUB

RECORDED MESSAGE: 'We're sorry. The telephone you are calling from

'is not in service at this time.'

Robertson!

Sarah Robertson.

Sarah.

You shut off my phone?

Eric, I didn't do anything.

Fuck you.

Well, that was fucking hideous.

It's going to get worse before it gets better.

You think?

Much.

You got any Nicorettes?

I'm out of Nicorettes.

Which means in about ten minutes, I'm going to kill someone.

You all right, Sam?

My dog is dying.

I'm sorry.

Just got off the phone with the vet.

Fucking tumour on her liver.

I was spending, like, 1,000 a day already

just trying to keep her alive.

Yeah,

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 33.

Well, make sure they're all out there. I've gotta say something.

Yeah, no, they're ready.

They're ready for you.

< WHISTLING

All right, let's hear it.

ALL CLAP

You're all still here for a reason.

80% of this floor was just sent home, for ever.

We spent the last hour saying our goodbyes.

They were good people and they were good at their jobs,

but you were better.

Now they're gone, they're not to be thought of again.

This is YOUR opportunity.

On every floor of this building

and in every office, from Hong Kong to London,

the same thing is happening.

By the time we're done,

three of every seven guys who were standing

between you and your boss' job are gone.

That is your opportunity.

I've been with this place for 34 years,

and I can tell you this is not the last time

that you're going to go through this. But you are all survivors.

And that is how this firm,

over 107 years, has continued to grow stronger.

So, keep your heads high. Get back to work. Let's hear it.

APPLAUSE

Everyone's going out, man. You should... Come on.

No, man. I'm cool. Thanks.

OK. Well, 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.

All right.

Hey, be glad you're still alive.

I am.

-Have a good night, man.

-You, too!

MUSIC PLAYS

VOLUME INCREASES

MUSIC DISTORTS AND FADES

DIALLING TONE

DIALS NUMBER

RINGING TONE

-Come on. Come on. Come on.

-RECORDED MESSAGE: 'We're sorry. You've reached a number...'

-Fuck me. Fuck!

-'..that has been disconnected.'

DIALS NUMBER

LOUD MUSIC PLAYS

MOBILE VIBRATES

-Hello?

-Hey.

-I can't hear you.

-What?

Can you go outside? It's too loud.

Hold on a second. It's loud. Just give me a second.

All right, what's up? Hey, where are you?

-Lugo.

-OK. Are you with Will?

-Yeah. Will Emerson?

-Yeah.

Yeah. I think he's still here. Why?

All right. I need you to get Will,

-and I need you guys to come back up here.

-Where?

-To the office.

-What?

-I'm serious.

Wait a sec... You want me to get our boss' boss out of a club

and bring him back to the office at 10.00 on a Thursday night?

Well, our boss got axed, so technically he is our boss,

-and yes, that is what I want you to do.

-Why?

Look, man. Just trust me, OK? I need you guys back here now.

All right. We'll be there in 10.

(Fuck.)

INDISTINCT CONVERSATION

VACUUM WHIRS

Have I ever told you how much I love your bag?

No, really.

-Do you have a little dress that matches it?

-Yeah, I do.

Because you could bounce around in it 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 arse.

I frankly don't even know what it is you guys do.

-Well, I'm really sorry I had to bring you guys back here, but...

-That's all right.

-What's going on?

-Look at this.

-Eric gave me this file before he left.

-Eric...

Dale. And he told me that he couldn't quite figure it out.

And the last thing he said to me

before the elevator doors closed was, "Be careful."

-He said, "Be careful"?

-Yeah. So, obviously, I'm a curious.

I start to get into it a little bit, and I realise that the only thing that he's missing...

-This is not good, Will.

-All right. OK. So what is he doing here?

No, no. Go to model four. It makes more sense.

OK. All right.

What is this?

This is basically everything that we have in our books at any given time.

But, what Eric was trying to do was to work these numbers

for levels of volatility that fall outside of the standard VAR model.

-What are those levels?

-It's fairly complicated.

Simplify.

The volatility levels are set using historic patterns, basically,

and then stretching those patterns out another 10-15% roughly.

All right, so?

So, we are starting to test those historic patterns.

When?

-Today.

-Tuesday.

-Monday.

Last Friday and Wednesday.

Two Fridays ago.

All right. I get it.

Fuck me.

Once this thing gets going in the wrong direction,

-this is fucking huge.

-How huge?

Well, the losses are greater than the current value of the company.

Projected losses. The projected losses, Will.

-And this is just our floor?

-Yes.

Where the fuck is Eric Dale?

I don't know. I tried to call him. His phone is off.

-What do you mean?

-They turned everybody's phone off that they axed today.

Fucking ruthless.

Did you try his personal cell?

Yeah, I called his cellphone. 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.

-It does.

Mrs Dale, it's 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?

Fuck, 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 going to call Sam.

(Fuck me...)

MOBILE RINGS

-Yes?

-'It's Will.'

It's 11.00 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 11.00 at night!

I'm well aware of the fucking time, Sam.

I'm telling you, you need to see this.

'See what?'

It's...

E-mail it to me.

I don't think that 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 to not let work get to me like that.

I've noticed that about you.

Come on. We're 23 years old.

-I'm 28.

-All right, 28. Whatever, it's the same thing,

but I made nearly a quarter of a million dollars last year.

Fuck. For what? I push numbers around on a computer screen.

A bunch of glorified crack addicts are willing to take

that information, and they pretend to understand it,

and they bet it against some other jock halfway around the world

who, you know, if he wasn't doing this, he'd be in an OTB somewhere,

putting it all on number seven, you know?

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.

PHONE VIBRATES

It's Will. He wants to know if we found him. What do I say?

Let's say that we haven't found him yet.

OK.

-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 this disk to Peter Sullivan.

-Who's Peter Sullivan again?

-Doesn't matter. He's one of Eric's guys.

-All right.

But before the elevator doors are closing,

the last thing that he says is, "Be careful".

"Be careful"?

-Yeah.

-"Be careful"?

-Yeah.

-Why?

-Take a look.

Oh, Jesus. You know I can't fucking read these things.

Just speak to me in English.

All right. Basically, this kid, Peter Sullivan,

he gets all inspired by your pep talk. Nice job, by the way.

And he delves 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

which, of course, our entire trading model relies on pretty fucking heavily.

Well, we're now so levered up that once it gets outside of these limits...

..it gets ugly in a hurry.

And how close to those limits have we gotten?

Sam, we're beyond close.

We broke through these limits five or six days in the last two 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.

CLACKS KEYS

-Wait a minute. 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, historically speaking.

-Is that figure right?

-I don't know. I can't be sure.

-Where's Eric Dale?

-We shut his phone off.

-Of course we did.

-Yeah. So I called his wife, who says he's not home.

-Yeah, he's probably crying in some fucking beer somewhere.

-Yeah, or worse.

-Where's the kid that did this?

-I sent him out looking for Eric.

You think he knows what he's doing?

-I don't know. What do I know?

-Get him back here. Get him back here!

HE CLACKS KEYS

LOUD MUSIC PLAYS

What do you think these girls make in a night?

1,500?

Two grand?

Two grand.

Fuck. That's...

That's pretty great.

I mean, all considered.

MOBILE VIBRATES

(Shit.)

..Will?

Yep.

No. No, we asked, and nobody's seen him.

OK, yep.

All right, so what do you think Rogers makes in a year?

-I don't know, I have no idea.

-Come on. Play along.

-What year? I don't know.

-Last year.

Three quarters of a million.

Come on.

-What?

-Oh, it's not even close.

-More?

-Much more.

A million?

Will Emerson made two and a half million last year.

-Fuck you.

-Fuck me.

Fuck you. How do you know that?

-He told me.

-He just told you?

I asked him, and yeah, he told me.

You think that's true?

Yeah, probably.

That's fucked up.

Why is that fucked up?

I don't know, does it seem right to you?

Right? I mean, right is... Right is...

SIRENS WAIL NEARBY

Jesus.

So what do you think that means Rogers puts away?

I have no idea, Seth. This traffic is a fucking nightmare.

CAR HORNS HONK

SIRENS WAIL

HE BLOWS A NOTE

(Sorry!)

LIFT PINGS

Gentlemen.

Will. Mr Rogers.

Come with us, please.

-Sam, this is Seth Bregman and Peter Sullivan.

-Sir.

-Will?

-Uh-huh?

Where are we going?

We're going to get a second opinion on your work, Peter.

LIFT PINGS

-So, Sam, what do you have for us?

-It'll be here in a minute. Finding somebody in the copy room

-at this hour was a little bit of a challenge.

-OK, let's go right into the introductions.

This is Sarah Robertson, who you know. Chief Risk Management Officer. Ramesh Shah from upstairs.

And David Horn, one of the firm's in-house counsel.

Nice to meet you all. This is my Head of Trading, Will Emerson, and this is...

Peter Sullivan and Seth Bregman. They work in our Risk Department.

Where's Eric Dale?

He was let go today.

Who do you have left in your Risk Department?

As of today that would be Peter and our Junior Analyst, Seth.

Really?

< Will Emerson?

Yes, please. Just hand them out.

-Thank you.

->

Apparently, Eric had been working on this for some time,

but he wasn't able to finish it.

This morning, as he left the building, he handed the program

to Peter here and asked him to take a look at it. Peter did.

He put a few things in that Eric seemed to be missing,

and this is what came out.

-SARAH:

-Peter, is this your work?

Mostly Mr Dale's.

But is this your draft?

Yes.

Again, expanded on the original work by Mr Dale. But, yes.

-What's your background?

-My background?

-Your CV?

-I've been with the firm

for two and a half years, working with Eric that whole time.

But I hold a doctorate in Engineering,

specialty in propulsion, from MIT with a Bachelor's from Penn.

-What is a specialty in propulsion, exactly?

->

My thesis was a study in the ways that friction ratios

affect steering outcomes in aeronautical use under reduced gravity loads.

So, you're a rocket scientist?

I was. Yeah.

-Interesting.

-How did you end up here?

It's all just numbers, really. Just changing what you're adding up.

And to speak freely, the money here is considerably more attractive.

SILENCE

What time is it?

2.15.

Fuck me. Fuck me.

And I'm guessing by the fact that you two haven't said anything that the math checks out.

Look, we'd need some time to go over this.

But Mr Sullivan here seems like he knows what he's doing.

-So, it would appear we have a problem.

-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 certainly know that our business is selling AND buying?

It 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 thing comes to an end, and right quick.

-I understand.

-Do you?

Yes.

How many traders do we have left between your floor and Peterson's?

-I don't know, what...

-60.

-Jared, as I look at this more closely,

-it is these VAR numbers that are setting this thing off.

-Excuse me.

DOOR OPENS AND CLOSES

-WHISPERS:

-I warned you about this last year.

-We would not be in this position if we had done what I...

-I know.

-DOOR OPENS

-Please?

-As I was saying, and I speak completely off the record,

it's only a matter of time before someone else

starts putting these in and they come up with exactly the same results

-and look at 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...

Without an active market, it would take weeks or months to come up with an accurate value.

You would have to go block by block.

-Look, Jared, it's a very simple business, right? We talked about this.

-Sam!

-Will, Peter, and... What the fuck is his name?

-Seth.

Thank you. Seth. Could you please give us a few moments?

And, Peter?

Has anyone else seen this?

No, no-one aside from us.

-And Eric Dale.

-Yes.

And can it really be possible that we don't know where Eric Dale is?

I called his wife, he hasn't come home yet,

and we turned off his phone today.

Perfect(!)

Well, I'd like to know where he is.

Jesus fucking Christ. Who is that guy?

Sam's boss.

He looks like he's 15 years old.

He's 40.

Yeah, how does that happen?

Oh, it happens all the time.

Except to me.

Kid's a fucking killer.

What are they talking about in there?

It ain't pretty.

What ain't pretty?

If people stop buying what we're selling.

Jared.

You cannot be doing what you're thinking of doing.

-Well, I don't see any other choice.

-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 these numbers, they don't add up.

One and one no longer makes two.

-Look, if I may, I would like a bit more time.

-Jared, we can't tell you yet.

Are you fucking kidding me? We have talked about this.

We need a little more time to give you our conclusion.

OK. We meet again in 45 minutes.

Sam, do you have the file?

Yeah. >

DATA KEY CLATTERS

What are you going to do?

Are you going to call him?

I already have.

HE SIGHS

Wow.

Jesus.

Wow, that's gorgeous.

It's a long way down.

Yes, it is.

Will, don't do that! Come on.

You know the feeling that people experience

when they stand on the edge like this isn't a fear of falling.

It's the fear that they might jump.

That's very deep and depressing. Thank you.

Yeah, well, I'm a little dark sometimes.

All right. Come down, please, Will. Please, come on.

Will.

Yeah, fuck it.

Whoo!

HE PANTS

Not today!

HE LAUGHS

PETER LAUGHS

It looks like they're going to 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've been at this company for ten years, and I've seen things you wouldn't believe.

When all is said and done, they do not lose money.

They don't mind if everybody else does, but they don't lose.

Will?

Did you really make two and a half million last year?

Yeah, sure.

How did you spend it all?

It goes quite quickly.

You know, you learn to spend what's in your pocket.

Two and a half million goes quickly?

All right, let's see.

So the taxman takes half up front,

so you're left with one and a quarter.

My mortgage takes another 300 grand.

I send 150 home for my parents, you know, keep them going.

-So what's that?

-800.

All right, 800.

Spent 150 on a car.

About 75 on restaurants.

Probably 50 on clothes.

-I put 400 away for a rainy day.

-That's smart.

Yeah, as it turns out, cos it looks like the storm's coming.

You still got 125.

Yeah, well, I did spend 76,520 on hookers, booze, and dancers.

But mainly hookers.

ALL LAUGH

-76,500?

-I was a little shocked initially, but then I realised

that I could claim most of it back as entertainment. It's true.

HELICOPTER APPROACHES

-Holy shit! Goddamn!

-The cavalry is here! Come on, we should go.

How old are you?

-43.

-(Jesus!)

This is bizarre.

It's like a...dream.

I don't know, seems like we actually may have just woken up.

KNOCK AT DOOR Come in.

How do we look?

-I should go.

-No. You should stay.

So?

It's legit.

The kid killed it.

The formula's worthless.

-What does that mean?

-It's broken.

There are eight trillion dollars of paper around the world

relying on that equation.

Well, we were wrong.

No, you mean YOU were wrong.

Now, don't get me started. We discussed this.

-I'm heading for the conference room.

-No, I want you to hear this.

I don't want to hear this.

How do you think I've stuck around this place so long?

I called Tuld.

Do we have a contingency plan here?

-A contingency plan?

-Yes.

No, we went all in on this one.

So we've gotten ourselves quite exposed here, haven't we?

To Tuld or the market?

To both.

MOBILE VIBRATES

-He's here?

-Mm-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.

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 Cohen.

-Morning.

This way, please.

He's already in there waiting for you.

Excellent.

DOOR CLOSES

DOOR OPENS

John.

Please, sit down.

Welcome, everyone. I must apologise for dragging you all here at such an uncommon hour.

But from what I've been told, this matter needs to be dealt with urgently.

So urgently, in fact, it probably should have been addressed weeks ago.

But that is spilt milk under the bridge.

So, why doesn't somebody tell me what they think is going on here?

Mr Tuld, as I mentioned earlier,

if you compare the figure at the top of page 13...

Jared, it's a little early for all that. Just speak to me in plain English.

-OK.

-In fact, I'd like to speak to the guy who put this together.

-Mr Sullivan, is it? Does he speak English?

-Sir?

I'd like to speak with the analyst

who seems to 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 a 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 MBS.

Please. Just relax. Stand up. Tell us in a clear voice.

What is the nature of the problem?

OK.

As you probably know, over the last 36 to 40 months

the firm has begun packaging

new MBS products that combine several different tranches

of rating classifications in one tradable security.

This has been enormously profitable, as I imagine you noticed.

-I have.

-The firm is currently doing a considerable amount

of this business every day.

Now, the problem, which is, I guess, why we are here tonight,

is that is takes us, the firm, about a month

to layer these products correctly, thereby posing a challenge

from a Risk Management 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 here is these are essentially just mortgages.

So that has allowed us to push the leverage considerably beyond

what you might be willing or allowed to do in any other circumstance,

thereby pushing the risk profile without raising any red flags.

Now... Thank you, Mr Sullivan. Sit down. What I'm guessing your report here says,

and give me some rope here.

What I'm guessing it says is that considering the, shall we say,

bumpy road we've been on the last week or so,

that the figures your brilliant co-workers up the line ahead of you have come

up with don't make much sense any more considering what's taking place today.

Actually, not what's taking place today, but what's already taken place over the last two weeks.

-So, you're saying this has already happened?

-Sort of.

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...

You're speaking with me, Mr Sullivan.

Well, sir,

if those assets decrease by just 25%

and remain on our books, that loss would be greater

than the current market capitalisation of this entire company.

So, what you're telling me...

..is that the music is about to stop...

..and we're going to be left holding the biggest bag

of odorous excrement ever assembled in the history of...

..capitalism.

Sir, I'm not sure that I would put it that way. But let me clarify.

Using your analogy,

what this model shows

is the music, so to speak, just slowing.

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.

And 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 going to come back to us?

Everywhere.

Sam, I don't think you to understand what your boy here has just said.

If I made you,

how would you do this?

You call the traders in for their normal 6.30 meeting and you be honest with them.

Because they're going to know it's the end either way.

You're going to have to throw them a bone, and a pretty big one.

And then you've got to come out of the gates storming.

No swaps. No nothing.

40% done by 10.15. By 11.00, all your trades have to be gone

because by lunchtime, word's going to be out.

And by 2.00 you're going to be selling at 65 cents on the dollar, if you're lucky.

And then the feds are going to be in here, up your ass, trying to slow you down.

-Ramesh?

-They can slow you down. They can't stop you.

It's yours to sell.

But, John, even if

we manage to pull that off, and that's saying something...

..the real question is, who are we selling this to?

Same people we've been selling it to the last two years,

and whoever else will buy it.

But, John,

if you do this,

you will kill the market for years. It's over.

And you're selling something that you know has no value.

We are selling to willing buyers of the current fair market price.

So that we may survive.

You will never sell anything to any of those people ever again.

I understand.

-Do you?

-Do you?!

This is it!

I'm telling you. This is it!

Now, it's 4.00.

Jared, you've 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?

-SARAH:

-Eric Dale.

And where is he?

As of today, he's no longer with the firm.

We have been 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.

HE MOUTHS

This is a hell of a town.

I've always loved this place, since the day I arrived.

Everything about it.

Sam, are you going to 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 going to come back for more.

That's the lesson we learned. And tomorrow, we're done.

-But this is it, Sam.

-You keep saying that. What's that supposed to mean?

This is the big one.

Most of us aren't going to make it out of this one.

-Us?

-The Street.

What are you talking about?

This isn't the last situation I'm going to have to deal with this week. This is just the start.

-It's the start cos you're starting it.

-Maybe. But I don't believe that.

Not this time. The numbers, they just don't add up any more.

I agree with you there. I've been saying that for years.

If this kid out there can come up with this, then...

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 out of the door, that's not called panicking.

You're obviously operating with more information than I have.

But I think this will destroy this firm.

No-one will ever trust you again.

You're knowingly putting people out of business, full stop.

You let me deal with that, Sam.

How'd it go?

This is a fucking shit show.

-They're going to go with it?

-Probably.

Jesus.

Remember this day, boys.

Remember this day.

-So, what's the strategy here?

-That's where I'm headed right now.

Downstairs to work on it with my guys.

No, no. You and I with John.

I'm not sure that we need one, Sarah.

-That's not the way I do things.

-Please(!)

Listen, he knows where we've stood on this all along.

That's exactly my point.

And knowing what was discussed by both you and I,

I don't see how this could provide you with anything

other than a false sense of comfort.

I'm not looking for a sense of comfort here, Sarah.

I don't think there's one to be found.

LIFT PINGS

So, again, what's the strategy here?

I'm just not sure there's much more to do on this.

It's very simple.

Don't even think about fucking me on this.

Cos if we're going down...

then you damn well know it'll be together.

No. I'm not sure that I do know that.

LIFT BEEPS

Hey.

Oh, I'm sorry.

What do 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.

That is a lot of fucking money.

He was worth a billion.

Was?

Till today.

Really?

You'll see.

I'm going to get some coffee. Does anyone want anything else?

-I'm all right.

-I could use some real air.

-Probably a good idea.

-Is it all right, Will?

-Is what all right?

-If I get out of here for a minute?

-Of course, it's not a prison.

You want me to hold your hand?

Why did they put all this fruit on it?

PHONE RINGS

Hello, Will Emerson.

Hello.

Right.

No, thank you. I understand.

No, we'll be discreet.

Thank you.

-What?

-Eric's wife. He's alive,

he's home, he doesn't want to speak to us, and he doesn't know that she rang me.

-Where does he live?

-Heights.

-Shall I call Tuld's guy?

-No! It's Eric. The last thing we need is those guys going over there.

-No, you two go get him and try to bring him here. But you got to be back by 6am.

-All right.

I hate Brooklyn!

KNOCK AT DOOR

May I come in?

Of course. Please, sit down.

DOOR CLOSES

So...

We're going to do this thing.

OK.

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're well aware that I filtered several warnings

to you and Cohen about this a year ago.

I really don't think that's the best path for you to take at this point.

You're going to be well taken care of here.

Obviously, it is quite complicated.

John, I was told under no uncertain terms...

It was always a very grey area.

Actually, it was made very clear at the time by you, me, and Cohen.

I'd really appreciate it if you didn't fight me on this.

We all fucked this one up pretty good.

Yes.

We need you to stay here until this is finished and the market's closed.

I understand.

They'll go over the numbers with you downstairs.

Good luck.

DOOR OPENS AND CLOSES

Oh, fuck. Jared's coming.

What's the Boy Wonder want?

-You got a minute?

-Just off to pick up Eric.

-Yeah. I know. It will only take a second.

-All right, what is it?

Tuld and I have concerns that Sam

may not be willing to step up and do the right thing here.

-This has never been a problem.

-No, it hasn't.

But sometimes, in acute situations such as this,

often what is right can take on multiple interpretations.

CAR APPROACHES

-Sam will step up.

-Oh, I know he will. But if he doesn't...

But if he doesn't, we need to know that you will.

Thank you.

-You need to know that I will what?

-That you'll step up.

I have no doubt that Sam will make the right decision.

But just to make it clear,

he and I have always had the same interpretation of what's right...

..no matter how acute the situation.

CAR REVS

CLASSICAL MUSIC PLAYS

CRASHING, MUSIC STOPS

HE GASPS

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 are you doing here?

-Hey.

So, Peter finished the model you were working on.

Really?

It caused a shit storm.

I bet it did.

You think he's right?

I know he's right.

(Fuck!)

All right.

So, Jared Cohen called an emergency meeting

with the senior partners last night.

And based on your findings,

they've decided to liquidate our entire position.

Today.

I'm very sorry about that.

They're worried about you being out here and they want me to bring you back.

Please(!)

I'm just saying.

-Fuck them. Fuck them.

-Eric...

-Don't be rash.

-Forget it. I signed my paper. I'm out.

-They'll pay you.

-They got nothing on me.

They'll pay you.

I've been paid enough already.

(Fuck!)

Do you know I built a bridge once?

-Sorry?

-A bridge.

No, I didn't know that.

I was an engineer by trade.

It went from Dilles Bottom, Ohio, to Moundsville, West Virginia.

It spanned 912 feet above the Ohio River.

12,100 people 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.

Or 25,410,000 miles a month.

And 304,920,000 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 6,708,240,000 miles

that haven't had to be driven at...

What? Let's say 50mph.

So that's what?

That's 134,164,800 hours.

Or 559,020 days.

So that one little bridge has saved the people of those two communities a combined

1,531 years of their lives

not wasted in a fucking car.

1,531 years.

Jesus.

I guess you better get back over there.

Yeah.

-Thanks for coming by.

-You're welcome.

-Who the fuck is this?

-I would imagine it's the firm's people.

What?

They don't want any loose ends.

They fired me. Fuck them. Fuck them.

I totally agree. Fuck them.

So come back, take the money, you'll be home by 5.00.

Otherwise, they're going to fight you on everything.

They're going to fight you on your package, your options, everything.

Be smart.

Well, you're a better man than me.

-That's always been true.

-Yes, it has!

House looks good.

Thanks.

Hey, Eric.

Don't beat yourself up too much about this stuff, all right?

Some people like driving the long way home.

Who the fuck knows, right?

CAR DOOR CLOSES

ENGINE REVS

WATER SPLASHES

DOOR OPENS

Ah! There he is. DOOR CLOSES

John.

How's it looking?

Cohen's doing a nice job. It could work.

What does that mean?

It means,

as you very well know,

that you're a very important piece of this puzzle.

Hmm.

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.

Well, John, I am completely with the firm,

as I always have been. Excuse me.

HE SIGHS

HE GROANS

-All right, Will, am I getting fired?

-I don't know.

Yeah.

Almost definitely. Yes.

-Are you?

-No.

Seth, it's nothing you did.

You're just in the wrong firm at the wrong time.

Young guys are always the first to get culled.

Listen, nothing I'm going to say is going to make you feel any better.

It's just going to suck for a while, and then you'll be fine.

You all right?

Yeah. I'm fine.

For what it's worth, I'm sorry this is happening to you.

Don't be. You didn't do it to me.

Still, at least you're going to have some nice cash to walk away with.

I guess. Shit, this is really going to affect people.

-Yeah, it's going to affect people like me.

-No. No. REAL people.

Jesus, Seth. Listen, if you really want to do this with your life,

you have to believe you're necessary. And you are.

People want to live like this, in their cars

and the big fucking houses they can't even pay for, then you're necessary.

The only reason that they all get to continue living like kings

is because we've got our fingers on the scales in their favour.

I take my hand off,

then the whole world gets really fucking fair really fucking quickly,

and nobody actually wants that. They say they do, but they don't.

They want what we have to give them, but they also want to play innocent

and pretend they have no idea where it came from.

That's more hypocrisy than I'm willing to swallow.

So fuck... Fuck normal people.

The funny thing is, tomorrow, if all of this goes tits up

they're going to crucify us for being too reckless.

But if we're wrong and everything gets back on track,

then the same people are going to laugh till they piss their pants,

cos we're going to look like the biggest pussies

God ever let through the door.

You think we're going to be wrong?

No, they're all fucked.

Good morning.

Peter.

You want one?

-I don't smoke.

-Oh, that's good. I don't much either.

You tired?

Of what? Remember, I don't work as hard as you.

-That's not true.

-No, it is, actually.

-We all getting fired tonight?

-Probably.

-Are they going to fire you?

-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 don't really want to go back in there just yet.

I understand that.

I think I know your son.

Really?

Not well, but he always seemed like a nice person.

He IS a nice person.

I guess you could say worse things about a guy.

Does he know what's about to happen?

What do you mean?

Did you talk to him?

No, I hadn't even thought...

HELICOPTER OVERHEAD

Wow.

They are ALL coming in now!

Yes, they are...

HELICOPTER POWERS DOWN

Have you ever done anything like this?

No, never. Not even close.

Oh.

Yeah.

Are you sure it's the only...

..or the right thing to do?

For who?

I'm not sure.

Neither am I.

SOBBING

HE SOBS

Oh, God.

HE GASPS

HE SOBS

DOOR OPENS >

DOOR CLOSES >

SOBBING

(All right...)

WATER SPLASHES

HE SIGHS

You all right?

-You're about to fire me.

-WATER SPLASHES

HE GROANS

WATER SPLASHES

This is all I ever wanted to do.

Really?

DOOR OPENS

DOOR CLOSES

They're almost ready for you, Ms Robertson. Couple of minutes.

You as well, huh?

Yes.

-Jesus.

-Yeah.

-Sorry.

-Thank you.

I didn't think they were going to be able to get you back here.

Well, they told me they were going to drag me through hell

on everything over the next two years, my options, my health care.

Or I could come back here and make

176,471 an hour

to sit quietly in this room.

Didn't seem like much of a choice.

It never is.

Obviously, looking back, it was expressed with...

insufficient urgency,

but your point was passed on. I need you to know that.

-Eric.

-It's OK. I understand.

Believe me. There was nothing else you could have done.

I guess.

At the time, it didn't seem like there was much of a choice.

It never does.

You have kids, yeah?

Mm-hm.

So, what's your package going to be like?

I don't know. That's what I'm waiting for now.

It's probably going to be pretty good.

It better be.

OFFICE HUBBUB

HE WHISTLES

SILENCE DESCENDS

Thank you all for coming in a little early this morning.

I know yesterday was pretty bad, and I wish I could say that

today's going to be less so, but that isn't going to 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 is 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 and several key asset classes.

The crux of it is, in the firm's thinking,

the party is over as of this morning.

There's going to be considerable turmoil in the markets for the foreseeable future,

and they believe it is better that this turmoil begin with us.

As a result,

the firm has decided to liquidate

its majority position of fixed income MBS today.

These are your packets.

You will see what accounts you're responsible for today.

I'm sure it hasn't taken you long...

..to understand the implications of this sale

on your relationships with your counterparties and, as a result...

..on your careers.

I have expressed this reality to the executive committee,

and they understand.

As a result, if you achieve a 93% sale of your assets,

you will receive a 1.4 million one-off bonus.

If the floor as a whole achieves a 93% sale,

you will get an additional 1.3 million apiece.

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 the first hour and a half is going to be.

I want you to hit every bite you can find.

Dealers, brokers, clients.

Your mother, if she's buying.

And, no swaps.

It's outgoing only. Today.

Obviously, this is not going down the way that any of us would have hoped.

But the ground is shifting below our feet,

and apparently, there's no other way out(!)

HE SIGHS

Guys...

..this is obviously a very, very unique situation.

If we are successful today,

we will have been successful in destroying our own jobs.

I cannot promise that any of you, all of you,

some of you will be repositioned within the firm.

But I can tell you that I am very proud of the work that we have done here together.

I've been at this place 34 years,

and I can tell you, from experience,

that people are going to say some very nasty things

about what we do here today

and about what you've dedicated a portion of your lives to.

But, have faith

that in the bigger picture,

our skills have not been wasted.

We have accomplished much,

and our talents have been used...

..for the greater good.

Here's your packets. Get to work.

BELL RINGS, RINGING TONE

City, this is Eric.

-Give me Elliot.

-City.

-Hey, it's Will Emerson.

-William, how are you?

-I'm all right.

-How's the trouble and strife?

-Busting my ass, as always.

You see, that's what I tried to tell you, John. Why do you think I'm single?

I know you did. What can I do for you?

I just got the tap on my shoulder,

and we've got some risk that we need to move.

So today it looks like my loss is your gain.

What kind of size are we talking?

It should be on your screen. I just sent it.

Jesus! Where does this land?

-96 on the dollar.

-91.

All three and we're done at 94.

-93 and a half.

-Done.

RINGING TONE

-Trading.

-Hello, gorgeous.

-Will, what's happening over there?

-Well, today's moving day.

What 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 a friendly, so I've come to you first.

I got 270 mil at 15 year paying out a point and a half above par.

-Where's it from?

-Where's it from? Do you care?

No, not really. Now, where's the trade? I'm hearing things...

-Alexis...

-You guys are scaring me a little.

-I'm only sharing this with YOU right now.

-85.

Done.

RINGING TONE Deutsche.

It's Will Emerson. Fuck you, you limey bastard.

Come on, are you still angry about that?

Word is out. I'm hanging up now.

-RINGING TONE Merrill.

-Lawrence!

-What the fuck are you guys doing?

-A little spring cleaning.

-That is not what I'm hearing.

-All right, Lawrence, are you a buyer?

I'm not sure any more. Where at?

I should be asking you where at.

-What are we talking about here?

-375 mil at 30 year mixed.

-Fuck me!

-Are you with me on this?

-63 cents.

-Oh, fuck you. I'm hanging up.

-63.

-Let me call my man here. I'll come back to you in five.

It may be 55 in 5.

Well, all right, then. Stay on the line.

Sam, pick up the phone.

-Sam, get on the line!