The Big Short Page #7

you scared the sh*t out of me!

That's a good thing right? That means

that this vennett guy is not wrong!

No, he's not!

Cool

tell me more about these cdo's

yeah yeah, ehm, ok

vennett mentioned the cdo's, but actually,

we took a look and they're

way worse then even he

realizes -these things

don't even make sense Ben.

We can't even model them

it's a hundred times bigger than the nbs

and ninety percent AAA-rating?

Yes, over ninety percent

it's incredible!

Yeah, I took a good hard look at

the cdo's you want to short.

They're brilliant!

Worthless, total crap!

Jamie, very good!

What can I say.. I, I'm, I'm,

good at finding sh*t!

So Ben, we shorted the bb's and the bbb's,

and the risk is relatively low,

pay-up is like 25-to-1

ok, so why are you calling me?

I don't do this anymore!

Look, Ben...

We need you to help us get the isda.

If we get a hunting license,

we can short this crap

we know you hate wall-street,

we're not asking you to do the trading

we're simply asking you to...

To help us.

To get a seat at the f***ing table

it's a pretty ugly table guys

look Ben, the system f***ed up

in a big, big way here, ok?

And somehow... we, eh..

Know before anyone else.

You know, this is a

once in a lifetime deal!

I'm thinking

ok, I'll call deutsche bank

thank you Ben!

Oh and bear, what about bear?

They have some apprehensible product!

Ok, bear will trade with anybody!

I'll see if I can push it through

and oh, thank Jared for us.

Hi, it's mark,

I need to talk to Vinnie right now!

Wait a second

how it is that you are f***ing us,

cause what we are seeing here,

Morgan Stanley building fast!

Are we all jocks at the

same computer-screens?

Can we talk to one

person please?

Ok, yeah.

What do you mean, you're in the tower?

Vinnie, are you there?

Mark, are you there? Hello?

Yeah, yeah, did you hear?

Mortgages defaults have

gone through the roof!

Anybody jumping off the building yet?

Why would they?

Sub-prime mortgages are up?

What? -Vennett wants 1,5 million

more in collateral by-close

vennett's asking us to post collateral

what the hell is going on?

We don't know, but deutsche is

on the phone demanding payment

call vennett, call that little sh*t!

Call vennett!

Tell him to get his ass down here

so, sub-prime loans go bad,

but sub-rime bonds, which are made up

of sub-prime loans, are more valuable?

They want another 1.9

million by market close

what about the ratings-agencies?

Moody's, s&p?

Are they downgrading the

cdo's or mortgage bonds

where are the ratings-agencies at?

They're the f***ing same!

Nope, they're all still AAA!

What the hell!

Are you f***ing kidding me?

Those f***ers, those motherfuckers!

They go public and all the care about

is their bottom-line and their sh*t!

Mark, that's not all...

The Morgan Stanley risk-guys are here

they called in Kathy tao

I'm trying to convince her

to make her sell us swaps

apparently eh, tying up securing

some insurance payments

so, a housing armageddon

is not prudent investing.

What did Kathy say?

Nothing yet, she keeps asking

if this is one of your crusades

ok, I want you to walk back in there

and very calmly, very politely

tell the risk-assessors to f*** off!

And then meet me over at standard & poors,

we're gonna talk to Georgia

get that f*** Jared vennett

I want to bash his f***ing head in

uh, gentlemen...

I spoke with mark baum

he says:
To f*** off!

I don't see a damn thing.

Aaah, my eye-doctor is always busy

I end up taking any appointment

and my whole morning gets shot to hell!

So...

Alrighty

front-point partners

how can standard & poors help you?

Well, we don't understand

why the ratings-agencies

haven't downgraded

sub-prime bonds

since the underlying loans

are clearly deteriorating

well, the delinquency-rates

do have people

worried, but they're

actually within our models

so

Says you?

You're convinced the underlying mortgages

in these bonds are solid loans?

That is our opinion yeah.

Oh crack the tape!

Have you looked at the loan-level data?

What you think we do here all day?

They're giving

these loans to anyone with

a credit-score and a pulse

what do you think we do here all day?

Not sure, I guess that's why we're here.

What I don't understand

we can't re-recheck and then check again!

If these mortgage-bonds

are so stable, so solid

have you ever refused to rate?

You're delusional!

We stand behind it

Georgia!

Have you ever refused to rate

any of these bonds upper-tranches AAA?

Can we see the paperwork on those?

Oooh, I'm under no obligation to share that

information with you, whoever you might be.

Just answer the question Georgia,

can you name one time in the past year?

Where you checked the

tape and you didn't give

the banks the

AAA-percentage they wanted?

If we don;T give them the ratings,

they'll go to moody's right down the block.

If we don't work with them

they will go to our competitors

not our fault,

simply the way the world works.

Holy sh*t!

Ah yes, now you see it!

And I never said that!

You're selling ratings for fee's

a ratings shop

you could afford to make less,

make less.

Nobody said that!

And it is not my decision,

I have a boss.

Are you kidding me?

No I am not kidding you!

Is that the angle you're taking?

So now anybody who has a boss,

can't be held responsible for doing shitty

and illegal things! -What are you? Four?

No, eh, eh, I am not four!

Mister baum, I am not, no!

And I wonder, I wonder,

what your incentives might be.

Is it maybe in your best interest to have

the ratings changed? Is it, perhaps?

How many credit default swaps do you own?

Doesn't make me wrong

just makes you a hypocrite!

Raaaaaahr!

Mortgage-delinquencies went up and the

cdo's got more valuable, unbelievable!

We know, it's completely backwards!

I just called an old friend at bear

he didn't even know what a cdo is.

Yeah, I just had to wire bear and deutsche

seventy thousand dollars

it's like two plus two equals...

Fish!

Great!

You bought into a rigged game

we lose everything.. -I'm gonna

have to move back in with my mom!

Can't do that

well, alright I got a

colon in a couple of mins

wait a minute, hold on! Ben!

Ben, look!

Either the banks are clueless and they

don't know how to value these cdo's or...

They're suck crooks that... the cdo's

are worth sh*t, and they're hiding it!

I think we should buy more swaps!

What? -Suck it up and pay

up fellas we made a deal

no way, no!

Are you f***ing kidding me?

You come in here you f***ing

f***ing! -You're a f***,

how do you even seriously?

No, no, no!

Yeah!

You're unbelievable!

lndistinct shouting and cussing

no, no, no!

Seriously, colonic once a year!

Ass! -You got a matching little

Butler-boy you butt-f***!

Are you done?

Think so yeah -god I pulled a

muscle in my bowl from yelling

mortgage defaults have done nothing

but go up!

Yet you quote us

a higher price on the bonds

please explain that to me!

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