The Big Short Page #8

There's no way that makes sense!

There's no way you're

marketing these swaps appropriately!

I mean, why shouldn't we back out

of this trade right now?

Didn't I say, that when we made this deal,

that the rating-agencies, the scc

and the big banks were clueless!

Didn't I say that?

Didn't I say it?

Yes you did, you did!

Shut up!

Now their foot's on fire and they think

their steak is done, and you're surprised?

That's not stupidity...

That's fraud!

Tell me the difference

between stupid and illegal

and I'll have my wife's

brother arrested.

That was funny! -I guess you just don't

realize how clueless the system really is!

Yes, there's some shady sh*t going down!

But trust me, it's fueled by stupidity!

Look at yourselves!

You know you passed yourselves off

as cynical people but...

You still have some faith

in the system don't you?

I don't

well, except for Vinnie!

Who gives a sh*t?

No way!

Look!

Either we're right, or we're wrong

in a giant, giant way!

And if we're wrong then we gotta find

someone to help us get out of this trade

I'm not feeling remotely

confident that we're right

and, and... if we're wrong

who's gonna tell us? Who understands

this stuff? It makes no sense!

I think we need to go to Vegas!

What's in Vegas?

Vegas!

What the hell is in Las Vegas?

The American securitization forum

is there next week

every bond and cdo-salesman, sub-prime

lender and swap-trader is gonna be there

I'm telling you

your bet is against their money,

it's about time you find out

just how dumb that money really is

god no, I hate Vegas!

I hear the food has gotten really

good in Vegas, they have a nobu now

could you f***ing stop!

In a sense?

If the bond is rich, it is.

Rich just means overpriced

I can't sleep on a plane so I did

my homework -ok, let's focus!

What's our goal?

Figure out if this is a

deal of a lifetime or...

Everyone knows here something we don't

and we're gonna get royally screwed

right, remember that

when you meet with guys from bear!

I'll set you up with a face-to-face

awesome, where is that?

Holy sh*t! Five years ago securitization

was a loser-convention

a hundred, maybe two-hundred

people would show

500 billion dollars later you get this!

There's a lot of smuck-looking

people in here huh!?

It looks like someone

just hit a piata that

was filled with white

people who suck at golf

I mean, who are all these clown?

Ah come on, I think it looks fun!

Charlie,

vennett says these are the people

we're betting against.

Yeah, here we go

Chris on my left, Chris, on my left!

Gentlemen! -When do we get a chance to

face-time with some of these lovely folks?

Chris, give em the key-cords!

Do you even know which

key-cords you're giving out?

First of all, how was your travel?

Uneventful?

Uneventful!

Ok, I've been here for six hours!

I've already been to the

gym, I had two poached eggs,

and I played Blackjack

with Harry Dean Stanton

thank you for your diary!

Face-time! I'd like some face-time!

Just

remember, we're here just

to gather information!

We're gathering information,

we're not advertising our short-position!

Right? We don't want to spook anybody!

Can we do that?

You got a big mouth,

and you like to run it

can you just keep it shut

for a few minutes? -Ok, ok!

Yeah, don't worry, we'll play nice!

Ladies and gentlemen!

Business is good!

Profits are strong!

And the mortgage continues to be

the bedrock on which this economy is built.

Yes, we had to take some losses

in our sub-prime department last year,

but those losses,

will be contained at only five percent!

Now

in our residential sector...

Mark, it's not a q&a!

Of those variable rate-packages

were gobbled up by the

I have a question please!

Sir, the q&a is after my statement,

but you know what, you seem anxious!

How can I help you?

How are you?

Fine, thank you!

Would you say,

that is it a possibility,

or a probability

that sub-prime losses stop at five percent?

Thank you!

I would say it is a very

strong probability, indeed!

So, ehm, back to the residential sector,

when we rolled out the new

variable rates package -excuse me!

The ehm. He he he!

Zero!

Zero!

Zero!

There is a zero percent chance

that your sub-prime losses

will stop at five percent!

Zero!

Excuse me!

I have to take this

he must be from bank of America!

No, I'm really not doing

anything right now!

As I was saying, our residential sector

uh huh, and how are the kids?

Consumers reacted to our packages

mark baum really did that!

When we were in Vegas he did that!

He said that... he took the call,

now you see what I had to deal with!

Woohoo!

This uzi is f***ing awesome!

If I can get this cdo-machine to run

for another two years

and then, I'm rich as f***

and I got my house in Aspen!

But do you have any

concerns about the

performance of the

underlying securitizations?

It's easy to see that delinquencies,

eh, default-rates are

on the rise right now!

Could you please stop being

such a buzz-kill dude!

We didn't bring you out here

to talk about work bro!

Why'd you bring us out here?

Because we need to be able

to expense the ammo to a client!

We're gonna shoot some terrorists,

watch out boys!

These guys are morons!

F***ing tool!

Woo!-

F*** yes!

Boom, yeah man boom!

We ought to be buying every swap we can get our hands on!

Just hold on okay, hold on!

My brothers ex-girlfriend works for the

scc, she just told me she's in town, okay!?

So if we're missing something, maybe

she can tell me, give me some insight.

In the mean-time, you go to the main floor

to buy some more swaps

well actually, we're about

to invest in housing bonds.

I was just wondering if

the scc is worried about them at all

I know you're not allowed to tell

me specifics, but, just generally.

Ow, we don't investigate mortgage bonds

truth is, since we had our budgets cut,

we don't investigate much!

Then why are you here? I thought..

I'm not here for the scc!

I'm here on my own dime

I'm floating my resume to some big banks!

How's your brother by the way?

How are you floating your

resume to big banks?

I mean, you're supposed to be

the ones policing the big banks

grow up Jamie!

There must be some kind of law

against working for a financial institution

right after you've been working

in financial regulation right?

No!

No!

Hey!

Dougie!

Hey, come over here!

What are you doing at Caesar's?

He's a Goldman

we can do bbb-level swaps

at 500 basis points, maybe!

You're praising the swaps,

like the bond is gonna collapse

even though the bond-value

is going up? Really?

Exciting times!

What the hell is going on?!

Lewis, can you come early tomorrow, please?

I need to unload the aig and

country-wide Freddy Mac positions

so we can afford the premiums on the

core mortgage-shorts on the swaps

no problem Dr. burry

Dr. burry!

If the investors withdraw,

what's gonna happen here?

Are we done?

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