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  • Please... sit down

  • Welcome everyone, I must apologize for dragging 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 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 had mentioned earlier if you compare the figure at the top of page 13

  • Jerry, it's a little early for all that just speak to me in plain English.....ok

  • Infact, i would like to speak to the guy put this together..

  • Mr. Sullivan is it? Does he speak English?.... Sir?

  • I'd like to speak to the analyst who seems to have stumbled across this mess...

  • certainly that would be Peter Sullivan right here. Oh, Mr. Sullivan you'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'll 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 and MBS..Please just relax, stand up and tell us the cowboys

  • what is the nature of the bone? okay uh.. well as you probably know over the last 36 to

  • 40 months the firm has begun packaging new MBS products that combine several

  • different tranches of rating classification in one tradable security

  • this has been enormously profitable as I imagined you noticed.... I have

  • well the firm is currently doing a considerable amount of this business

  • every day

  • Now the problem, which is I guess why we are here tonight is, that it takes us

  • 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?

  • Well, we have to hold these assets on our books longer than we might ideally

  • like to

  • yes? but the key factor here is these are essentially just mortgages so that has

  • allowed us to push the leverage considerably beyond what you might be

  • willing or allowed to do in any other circumstance there by 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 I give me

  • some rope here

  • what I'm guessing it says is that considering that shall we say a bumpy

  • road we've been on the last week or so that the figures you're 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 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...um...

  • You're speaking with me Mr. Sullivan.

  • well sir... if those assets decreased by just twenty-five 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 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 would have stopped 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. Cole, Miss Roberts I'm afraid I think this is where you were 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

  • the first is 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 have to pay... really?.... i think so

  • where is this gonna come back to us?... everywhere

  • Sam I don't think you've seem to understand what your boy here has just said..... if

  • I made you

  • how would you do it?

  • well you call the traders in for the normal 6:30 meeting and you be honest

  • with them because they're gonna know it's the end either way, so you're gonna

  • have to throw him a bone and a pretty big one and then you've got to come out

  • of the gate storming no swaps no nothing

  • forty percent done by 10:15 by eleven o'clock all your trades have to be gone

  • because by lunchtime words going to be out and by two o'clock you're gonna be

  • selling at 65 cents on the dollar if you're lucky and then the feds are gonna

  • be in here up your ass trying to slow you down

  • Ramesh? they can slow you down but they can't stop you

  • she wants 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 setting it to

  • the last two years and whoever else will buy it ...but John if you do this you will

  • kill the market for years it's over and you're selling something that you know

  • has no value

  • we are selling to willing buyers at the current fair market price... so that we may

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

  • I understand... do you? - do you?

  • this is it.... I'm telling you, this is it...

  • that's four o'clock... Jared, you got till five to break this down, draw me up a plan

  • Is there anybody else who knows what's in here at the moment block by

  • block?

  • Eric Dale.. and where is he?

  • as of today he's no longer with the firm

  • we have been trying to locate him

  • Carmelo? yes... get me Eric Dale here by six...It's done...We meet back here in an

  • hour

Please... sit down

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マージンコール2011 ジェレミー・アイアンズ ケビン・スペイシー (Margin Call 2011 Jeremy Irons Kevin Spacey)

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    Jeffery Huang に公開 2021 年 01 月 14 日
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