Margin Call Page #3

hour was a little bit of a challenge.

Okay, let's go right

into the introductions.

This is Sarah Robertson, who you know.

Chief Risk Management Officer

Ramesh Shah from upstairs.

And David Horn,

one of the firm's in-house counsel.

Nice to meet you all. This is my Head

of Trading, Will Emerson, and this is...

Peter 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.

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 MI 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.

What time is it?

F*** me. F*** 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.

- F*** me.

F*** 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.

I warned you about this last year.

We would not be in this position

if we had done what I...

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 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 f***ing buy them.

F*** you, Sam. Will you give me

- a f***ing break here?

- Excuse me, Jared...

Without an active market,

it would take weeks or months

for me to come up with

an accurate value on them.

You would have to go block by block.

Look, Jared, it's a very simple business,

right? We talked about this.

Sam.

Will, Peter, and...

- What the f*** 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 f***ing 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 f***ing 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?

F*** you, you don't have a choice.

F*** 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 little bit more time.

Jared, we can't tell you yet.

Are you f***ing kidding me?

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 are you going to do?

Are you gonna call him?

I already have.

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, f*** it.

Not today!

It looks like they're going to

make us dump this sh*t.

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 10 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,

'cause 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.

I was a little shocked initially,

but then I realized

that I could claim most of it back

as entertainment. it's true.

- Holy sh*t!

- 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.

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