The Big Short Page #11

Shane!

Well...

Nobody's buying cdo's and

mortgage bonds anymore

and everybody wants swaps, swaps are not

he most popular product on the street

that's good for us!

Yes, and no.

I heard from somebody,

who heard from somebody

no Alex. No... sorry!

I'm betting kleeger over

at Morgan is taking

up some heavy losses

in the bond-department

your sh*t might be taking on water

time to get our life-jacket and get out.

Holy sh*t!

I'm jacked

I'm jacked!

I'm jacked to the tits!

Good!

Do you feel it?

No!

What'd you hear tiny?

It's happening

everybody wants our swaps

Kathy's office is looking for you!

Singing a different tune now, aren't they?

That's not good.

Maybe later.

No, no this isn't a joke

you gotta start unwinding...

Listening!

Dr. burry?

Yah!

Deev woonsen, Goldman sachs

listen, I've been reviewing your position

I wanted to discuss your marks,

make sure they're fair!

Yeah, I, I, I thi, I think you mean..

That you've..

Secured a net-short

position yourselves, so

you're free to mark my

swaps accurately for once

because it's now in your interest to do so.

Ehm... I'm not sure what you want me to say

I think that...

I think you've already said it.

You tell Jeff at Goldman that I'm not

transferring funds, this is bullshit!

Okay, we'll talk later.

Thank you...

Thanks for coming so quickly mark

yeah

ehm...

I know you've been hearing rumblings

about some losses Morgan has suffered.

Congratulations

on what?

Oh!

Thanks.

Ehm..

Having fun?

Yes! He he!

Tons!, ehm...

I just wanted you to know that ehm...

Yes, Morgan has suffered some losses,

but our liquidity is strong,

and there's no cause for concern!

Would Benny kleeger be concerned?

Because word on the street is

he took some pretty heavy losses

Kathy come on, we know each-other..

How, how?...

How bad is this?

Ok...

Two years ago, Benny kleeger

in Morgan's bond-department

also started shorting

sub-prime housing

two million in triple-b's

Benny is smarter than I thought!

No, he's not smart at all!

The premiums on the swaps

ate into his desks profit

to cover his triple-b shorts,

he sold a lot of a- and double-a

swaps as protection, a lot!

He believed that there was no way,

that they could be affected.

Tell me Morgan-Stanley doesn't

hold the contracts on these swaps

holy sh*t

all this time I've been trying to figure

out whom I've been betting against.

And it's Morgan-Stanley

which is me...

What's your exposure?

Three billion?

Please don't tell me it's more than four!

I can't answer that!

Yes you can answer that,

because...

I walk in here and people

are crying in your hallway

Kathy..

You bring me in to tell me everything

is fine, and everything is not fine!

What?

What is happening?

Long exposure is...

Fifteen billion

Jesus Christ, are you f***ing

kidding me?! -You kept

saying defaults over eight

percent were impossible!

That there would be a million homeless

oh my god!

Yeah, but we have nothing

to do with Morgan-Stanley

yeah... just tell the bankruptcy-court

Morgan fails,

all our accounts go under bow and ship

that's just crazy!

Morgan makes a sucker's bet

and we pay their f***ing gambling debt?

Short the bank's stocks!

Wait..

Or we sell our swaps,

when the market opens

we get our bonuses,

our investors get their profit

we get... thirty cents on the dollar,

not bad!

We're three times up

not if there's no market up to sell them in

forget it, I'm not giving

out any life-hooks

mark, if Morgan goes under,

we end up with nothing!

Vinnie...

Jesus, come on!

I say, when we sell

look I get that this is personal for you,

but we have a fiduciary responsibility

no, no we don't!

Respons...?

Nobody is acting responsible!

F*** responsibility!

Are you kidding me?

The a**holes at the big

banks, are gonna take..

You boys want menu's now?

We're talking!.. Please!

Excuse us!

We are going to wait,

and we are going to wait

we are going to wait, until they feel

the pain, until they start to bleed

that is what I want

yeah, but what about our clients, they've

been trusting us with their savings.

I say when we sell!

This isn't about you!

Hey, hey, hey!

I say when we sell!

Whatever you say mark

dude, did you hear the news?

Ok, so not only did two

mortgage hedge-funds

backed by bear-stearns

go belly-up

but now, there's a class-action

lawsuit against bear

holy sh*t!

Let's go! Push, push!

So? What? Bear could really collapse here?

That's a risk we really shouldn't take!

But eighty percent of our swaps is bear

we lose everything!

Hey sir!

One second!

That's my opinion! -Aw,

we bought these f***ing

things, and we have no

clue how to sell them

I know, we have to get Ben to do it!

I've been trying to call him,

but he won't get back to me

no, he's on vacation with his

wife's family! They're in England!

What?!

Hello, Ben? Hey!

Guys?

Yeah, we're here, can you hear us?

Guys?-

We hear ya, yeah!

I probably got cell-phone and wifi-service

I'm trying to sell 200 million

dollars worth of securities

in a pub...

Smells like sheep

you can do this!

I don't want to pressure

you Ben, but if you

don't pull this off,

we lose everything!

Ok, let's see what credit

suisse's appetite is.

This is brownfield fund, I'm wanting

to unload my credit default swaps.

Alright, what've you got?

Twenty double-a tranches of abs cdo's

eh yes.. But these eh...

These are pretty bad

absolutely, they're complete sh*t!

What's your.. What's your?

Basevalue is two-hundred and five million

dollars

alright, we could, we could go to forty

no, we want at least a hundred million

a hundred million?

Who are you a drug-dealer or a banker?

Cause if you're a banker

you can f*** right off!

I don't know if we can make a market,

just give me your best price!

Yeah, check! A hundred million worth,

and aim higher!

I think we're far apart

look if you don't want

to deal, just hang up.

That's what I thought!

Ninety million

seventy!

Eighty-five

seventy-eight

eightyfour!

Seventy-eight

eightyfour!

It's Dr. burry

looks like the collapse of the

financial sector is imminent

start to sell my position

2.3 billion

sure, I'll hold!

So I was right.

I took a rash of sh*t for two years. But...

I was right! And...

Everyone was wrong!

And yeah I got a bonus-cheque for it

sue me!

You know.

It's a lot of money!

I get it, I can feel you judging me.

That's palpable

but hey!

I never said I was the hero of this story

hey, hey babe!

How are we looking?

Ace... goi..

S-sorry?

No, eighty million!

Ok, so eighty million!

Eighty million, eigthy million,

that's good right?

Eighty is great, no eighty is great,

thank you, thank you so much!

Most of them went to ubs

you're very lucky!

The largest bank in France froze it's

customer's money-market accounts today

this thing is hitting Europe!

Greece and Iceland are finished

Spain is teetering

are you serious? F***!

Ben call us when you get home!

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