Margin Call Page #6

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 50 miles an hour.

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

not wasted in a f***ing car.

Jesus.

I guess you better get back over there.

Yeah.

Thanks for coming by.

You're welcome.

Who the f*** is this?

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

What?

They don't want any loose ends.

They fired me. F*** them. F*** them.

I totally agree. F*** 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 f*** knows, right?

There he is.

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.

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.

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 gonna 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.

Sh*t, 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 f***ing 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 favor.

I take my hand off,

then the whole world gets really

f***ing fair really f***ing 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 f***... F*** 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,

'cause we're gonna look like

the biggest pussies

God ever let through the door.

You think we're going to be wrong?

No, they're all f***ed.

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...

They are all coming in now.

Yes, they are.

Have you ever done anything like this?

No, never. Not even close.

Yeah.

Are you sure it's the only,

or the right thing to do?

For who?

I'm not sure.

Neither am I.

Oh, God.

You all right?

You're about to fire me.

This is all I ever wanted to do.

Really?

They're almost ready for you,

Ms. Robertson. Couple of minutes.

You as well?

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 okay. 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?

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.

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 gonna 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 f*** 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 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 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

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