Margin Call Page #7

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 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 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.

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.

- 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?

Listen. I just got the tap on my shoulder,

and we've got some risk over here

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.

- Ninety-three and a half

- Done.

- Trading.

- Hello, gorgeous.

Will, what's happening over there?

Well, today's moving day.

F*** 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.

- Deutsche.

- It's Will Emerson.

F*** you, you limey bastard.

Come on, are you still angry about that?

Word is out. I'm hanging up now.

- Merrill.

- Lawrence!

What the f*** are

you guys doing over there?

- Just 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?

Well, it sounds like

I should be asking you where at.

What are we talking about here?

Three hundred seventy-five mil

at 30 year mixed.

- F*** me.

- Are you with me on this?

- Sixty-three cents.

- Oh, f*** you. I'm hanging up.

Sixty-three.

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!

- Yeah.

- I got Lawrence at Merrill.

- Where are we?

- Sixty-three cents.

- Jesus.

- On what?

- 375 mix 30.

Get him to 65 and hit it.

Are you f***ing kidding me? That's...

What is that? That's a $131

million loss on a single trade.

I understand. Hit it.

Hey, Lawrence. We're fill or kill at 65.

It's filled.

Well done.

I just want to give you a heads up.

They're going to start sending

a few people home now.

Now?

Yes, Sam. No loose ends.

Of course.

And for what it's worth,

you're still good.

Yeah, I guess someone upstairs

really likes you.

Sam.

Please, sit.

Congratulations are clearly in order.

They did the best they 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 been a very difficult day for everyone.

- I need you to release my options,

if they're worth anything after today.

I want my bonus. I'm out.

You'll get your bonus, your options,

and keep your current base.

But I need you to stay with me

for the next 24 months, okay?

Oh, come on, Sam.

Put a smile on your face.

You did some good today.

You said that yourself.

Do you know, I'm starting to feel

a little better about this whole thing.

You're one of the luckiest guys

in the world, Sam.

Could have been digging

ditches all these years.

That's true.

And if I had, at least there'd be

some holes in the ground to show for it.

Jesus.

I just don't know

how we f***ed this up quite so much.

When did you start feeling

so sorry for yourself?

It's unbearable. What?

So you think we might have put

a few people out of business today.

That's all for naught.

But you've been doing that every day

for almost 40 years, Sam.

And if this is all for naught,

then so is everything out there.

It's just money.

It's made up,

pieces of paper with pictures on it

so that we don't have to kill each other

just to get something to eat.

It's not wrong.

And it's certainly no different today

than it's ever been.

Didn't that f***er f*** me up good.

and whatever we want to call this.

It's all just the same thing, over and over.

We can't help ourselves.

And you and I can't control it

or stop it or even slow it.

Or even ever so slightly alter it.

We just react.

And we make a lot of money

if we get it right.

And we get left by the side of the road

if we get it wrong.

And there have always been

and there always will be

the same percentage of winners and losers,

happy fucks and sad sacks,

fat cats and starving dogs in this world.

Yeah.

There may be more of us today

than there's ever been.

But the percentages,

they stay exactly the same.

I'll do it, John,

but not because of your little speech.

But because I need the money.

Hard to believe after all these years,

but I need the money.

This is the executive dining room.

- Do you want coffee or tea?

- No.

You gonna keep the kid?

Keep him? He's getting promoted.

It's all hands on deck now, Sam.

There's going to be a lot of money

to be made coming out of this mess,

and we're gonna need

all the brains we can get around here.

Hello.

I've called the police.

Mary.

- Sam.

- Yep.

What are you doing?

Sam, what are you doing?

Ella died.

I was driving 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 all right?

You don't look so good.

Yeah, it's been a rough day

all the way around.

I know, Sammy called.

Is he all right?

They got hammered, but they got out alive.

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