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For you, I suggest
securities and shares. Cigarettes?
At the end of the 70s, banking was not
work that makes a lot of money.
That's just useless work.
What about the Mets match?
The contents are bad people. Only sell insurance or
accounting.
And if banking is boring,
the department of securities is really useless.
Everyone knows about securities.
We give securities to children when they are 15 years old.
Maybe when he is 30 years old he can get hundreds of dollars.
Boring.
That's how things are going up to when Lewis Ranieri enters
Salomon Brothers.
You might not know who he is, but he changed your life
more than Michael Jordan, iPod and YouTube combined into one.
All right, brothers and sisters! Let's make money!
Let's make money! How?
Lewis doesn't realize it,
but he has changed the world of banking forever
with one simple idea.
The mortgage-backed security (Secured mortgage securities). Or with the brand selling MBS.
You all have personal mortgages.
Fixed interest rate, 30 years.
Boring, safe, rewarding small, right? However,
if you have a thousand pieces and combined together,
suddenly the return increases but the risk remains small because,
Guaranteed mortgage!
And who doesn't pay the mortgage?
What is the credit rating for this securities?
Ladies and gentlemen, this securities, the rating is AAA.
This is what is looking for Michigan pension funds.
I will buy $ 20 million.
Oh come on, a little excited.
$ 25 million.
Money comes like rain,
and for the first time,
the bankers who originally went to the club personally now go to the stiptease club.
Not long after that, stocks and savings are hardly taken into account.
- They make $ 50, $ 100, $ 200 billion - Whoo!
In the form of mortgage securities and
dozens of other types of securities in a year.
And America doesn't realize when the number one industry
being a saturated industry.
And one day, almost 30 years after that, in 2008,
everything falls.
March. Bear Stearns is in debt
and the central bank has instructed its sales.
This is called the worst financial crisis in modern times.
Obviously this is the biggest financial disaster for decades in this country,
and maybe the end of the American business era.
Finally, the mortgage is guaranteed to be which is triggered by Lewis Ranieri
turns into a monster
subvert the entire world economy.
And there are no experts or leaders or gossipers who can predict it.
I think most of you don't know exactly what happened.
Yeah, you repeat someone's words
so you don't look stupid, but come on.
Our financial institution is STRONG.
But there are some people who see the signs of their arrival.
When the whole world is partying,
some outsiders and nerds can see what others don't see.
Not me. I'm not a nerd. I'm pretty cool.
But we will meet again.
These outsiders see big lies at the heart of the economy.
And they see it by doing something
that never occurred to by other losers.
They pay attention.
Throughout the 1930s,
the property market collapses on a national scale
by 80%.
I mean, half of the debt mortgage is stuck.
And, there are
special characteristics, very visible.
In short,
one of the benchmarks
increases significantly
with complexity and embezzlement.
And you know that number goes up?
Whoo!
Akus always feels
more comfortable alone.
I think it's because of my glass eyes.
I lost my eyes when was sick in childhood.
It creates a gap separates from others.
And you know that number
up?
The highest darkening ratio _ since the 1930s.
Hey, hey, it's okay. It is okay.
No, I don't know that.
In 1933, the fourth year of the Great Depression.
We wash it then wear it again.
You play great, kid.
I even heard the coach say that.
Can we just go home?
Most social interactions are strange to me.
Even when I try to praise,
it becomes wrong.
Your haircut is good. Do you do it yourself?
What?
No. No, I...
Sorry. I just...
I will continue.
My wife tells me I have to share more.
Mmm.
- It seems healthy. - Yeah.
Mmm-hmm.
Uh...
So am I accepted to work?
I think I can help your finances.
Yeah.
Yeah, of course. Please.
Your name...
David. Nice.
I think I'll find a table.
Are there things that you want me to do as a start...
Uh...
Yeah.
Later you can tell me. I will be back.
Don't you think it's weird when, um,
Tech Bubble Burst (Blast Bubble Technology Economy) in 2001
and home sales in San Jose,
and capital of technology companies in the world,
the number goes up?
Isn't that weird?
Strange.
We talk about property. The property is always stable.
Low risk. Solid.
That's how it is, yeah.
I want you to find me
sales of 20 securities best-selling mortgages.
So you want to know what are the 20 best selling mortgage securities?
No, no, I want to know each of these mortgages.
Okay, aren't these mortgages made up of...
Wait, aren't these mortgages made up of
thousands of mortgages?
Yeah.
Immediately, Dr. Burry.
I'm a friendly person.
Ask anyone, I am fun to work with.
But the second time my son screwed up, I...
screaming at him just like my father did to me.
I listen to the words that come out of my mouth and...
Sorry I'm late! There are no taxis.
Oh...
Listen to this.
Yesterday, I met a retail banker.
I should suggest that invest some money,
but vice versa
I told him about sanctions for overdrafts
and banks only allow customers issue 10-12 checks
before the bank finally warns that they are doing overdrafts.
And that person has already done it millions of times.
I'm getting angry.
I asked him, I looked his face and I said,
"How can you sleep
" when you know a lot the person you are losing? "
And you know what he is doing? He is leaving. whatever.
What happened?
In the story who was wrong? Me?
Or the bastard who left me?
Isn't he guilty? You can't come late and boycott all sessions.
What do you mean? I did not boycott this meeting.
Is that right?
Yeah.
What is your job?
Related to commodities.
Good luck with that.
Mark, I know you are experiencing a deep loss.
Maybe you want to talk about it.
I didn't talk about that.
Wait.
Wait...
Damn, I have to pick up this phone. Sorry Sorry.
No... I don't care, Porter.
This person's business is built by harming people.
How long will it last?
See you all!
95...
30 days late... 60 days...
Timely payments...
This FICO number...
Too late. They can pay but it's too late...
30 days late others...
LTV, 95... LTV, 90... They can pay but it's too late...
Delay 60 days? Gosh!
LTV, 110? Things like I never heard before!
Delay 30 days, interest rate adjustment...
In 2007 interest adjustments...
In 2006 interest adjustments...
95... 90... Gosh!
All day long does not move at all.
He did this in a few days.
He has never spoken to me since he hired me.
Maybe LTV... high risk,
only interest... during mortgage history I've never heard of anything like that,
Never heard of something like that... How can it be?
Michael, how are you guys?
Lawrence, I found something very interesting.
Very good, Michael. Every time you find something interesting,
we can make money.
What stocks are you reviewing?
No, no, no. Not stocks.
I want to take a position short over the property market.
Are you serious? The problem is the market property is very stable.
Greenspan just stated
the property market bubble is regional, bad credit is very rare.
Say to them I immediately go there.
- Please repeat again? - Listen, listen...
Greenspan said wrong.
Either you are serious about this, but sometimes you are heard
very disparaging and arrogant.
The fact is so. Greenspan's statement is wrong.
I don't know you want me to give it up like that...
Look, Michael.
Metro Capital is in behind you 4 years ago
when you are a Doctor with
site and amount of inheritance.
So far we are fine.
What if you just focus on stocks?
Listen. You know me. I, I...
I look for a value wherever it is located.
And the fact is
this mortgage guaranteed securities contents
is a suprime loan (rank B) that is very risky.
And when most interest rates
rose in 2007,
the loan will begin to fall.
And if it falls above 15% then all securities are of no value.
Michael, stop first.
Later we'll talk about it again, okay?
Lawrence, please, don't think I'm stupid. Listen...
Securities guaranteed mortgage.
This, this, this...
Subprime loans. Tranche.
Quite confusing & apos; right?
Does that saturate you? Or feel stupid?
That's how it should be.
Wall Street is happy to use confusing terms which aims to make you think only themselves can do their work.
Or, better,
so you don't bother them.
So this is Margot Robbie in the tub taking a bubble of soap to explain.
Basically, Lewis Ranieri's mortgage very profitable for large banks.
They generate billions of with a fee of 2%
of each of the securities they successfully sell.
But then they start running out of mortgages
to be included.
Moreover, the number of houses and communities
with good paying ability
also limited & apos; right?
So the bank starts filling in securities
with a riskier mortgage.
Thank you, Benter.
That way the bank can continue turning the profit engine, right?
By the way, this risky mortgage is called subprime.
So whenever you hear "subprima", think about it
"junk".
Our friend Michael Burry discovers the fact that mortgage securities
who should have this 65% AAA rating
actually just a pile of garbage.
So he will now take a "short" position on the securities.
The meaning is "bet against".
Understand?
Good.
Now move away.
Only a matter of time until
other people see this investment.
We must act now!
How do you know the valuable letter is not valuable?
Isn't the content thousands
mortgage letter page?
I read everything.
- Do you read everything? - I read... Yeah.
No one reads it. Only lawyers
who reads it.
Look, I don't think they also know what they have done.
The property market relies on
bad credit, and I...
This is a time bomb, and I want to take a short position.
With what instrument, Michael?
There are no insurance contracts or any options for mortgage securities.
The market is too stable.
Lawrence...
This is what I will do. I will persuade the bank
to make me that instrument.
And then
I will buy.
I don't want a business like that.
Money is not money. That is the money whose value drops
Hey! Excuse me!
I ask you. What company treats its customers
like that but still successful?
OK. Okay, Goldman. You are right.
Mark Baum builds his career
never assume individuals or companies
that they obey the rules without being proven themselves.
When he was little he was a great student
when studying the Talmud at Yeshiva. Whatever it is.
But one day the rabbi (the name for the Jewish priest) spoke to his mother.
Paul is a good child, and Mark is a great student
in the Torah and Talmud fields.
Then what's the problem, rabbi?
The reason Mark learned so hard.
He is looking for inconsistencies in the word of God!
Did he find something?
Later, Baum started his business himself on Wall Street.
He has great abilities sniff the wrong thing.
And he is not afraid to tell people when and where occurrence.
But then a tragedy _ happened to Mark,
and that rotates the point of view
and assume that the whole system is a lie.
Wait.
This is Cynthia. I will arrive at the office in 20 minutes.
Hi, baby.
The therapist calls me. You did it again.
There are no taxis. What should I do?
I'm worried about you, Mark.
At least I went to attend.
You roam like you have rights
- determine everything is wrong. - Okay.
Your anger is huge.
OK. Do you know?
I'm a bad guy and I'm upset.
But there is a storm out here, baby.
You don't know what these people are doing.
And they passed by like their in the E video.
They are all messed up, you know.
Do you know what they care about? They care about soccer matches.
Or the artist who enters rehabilitation.
I think you should try treatment.
No, no. We have agreed. It affects work.
You hate Wall Street. Maybe it's time to stop.
- I love my work. - You hate your job.
I love my work.
You're sad.
I love my work. I love my work, honey.
Mark...
Every day I'm sad with what happened.
I know for sure you also feel the same thing, but you never show it.
I know how your closeness with your sister.
Paul.
Where do you want to go, Paul?
Paul!
Every day I think you will talk about it, but it never happened.
Can you at least think about about making changes?
Good. Good. Honey, you know? I will consider it.
However, to be honest, Cynthia. I am alright. That's how it is.
Hey, hey, hey! No, no.
My taxi. That's my taxi. That is my taxi. That's my taxi.
- Stupid basis. Damn you. - Damn you.
- Damn you.
I'll call again later.
I want to buy swaps on mortgage securities.
Bad Credit Swap that will pay
if the securities that are are used as collateral for traffic jams.
Do you want to bet against the property market?
- Yes. - Why?
The securities will jam
if millions of Americans don't pay their mortgage.
That never happened in history.
Please do not take offense, Dr. Burry,
this is like a stupid investment.
Based on public opinion
from markets and banks in the current culture.
Yes, this is a stupid investment.
But, uh... Everyone is wrong.
Wow, shocking.
We are talking about Wall Street, Dr. Burry.
If you offer free money to us, we will take it.
One of my concerns is if the securities are stuck,
uh, I want to make sure, um, payment
um, if only a problem occurs liquidity with your bank.
Sorry, are you serious?
You want to bet against the property market
and you are worried we can't pay you?
Yes, that's right.
Unless the market falls.
The property market will never fall
because currently it is very sturdy.
I mean, who doesn't pay his mortgage?
Mmm-hmm.
Dr. Burry,
we can make the structure of the payment referred to
who will pay you if valuable letter is stuck.
But that also applies with your payment
if the value of mortgage securities rises.
You must pay a premium monthly to us.
What is acceptable, Dr. Burry?
Yes. Yes.
Um, I have a prospectus on guaranteed mortgage securities
I want to position short.
Most mortgages...
which in my opinion is not at all will give us harm.
Dr. Burry, this doesn't matter.
Yeah. We will prepare $ 5 juta million to sell to you
in the form of Swap Bad Credit on mortgage securities.
Can we raise it to $ 100 million?
Uh, of course, $ 100 million doesn't matter.
We will contact you, send some documents.
Um...
I like this mug.
Can I bring one home for my child?
Please... Yes.
Thank you.
Take two.
Can it be worth $ 200 million?
I mean, it could be. But are you sure?
Of course. Of course, it can be like that.
We do different projects. In the plantation sector.
Securities that want are positioned short.
It's not bad to see yourself on the big screen.
Very cool.
I ordered 24-ounce T-bone, which was chosen.
- Volume... - Yeah.
Compared to prime credit.
I prefer subprima, and the point is...
Can I ask for lettuce, tomatoes, without onions?
So, without onions. Lettuce, tomato, Thousand Island okay?
Yeah.
Hey, Randall! Is there a lot of money?
Not a bonus is still three months away.
We just sold $ 200 million in SWAP forms for mortgage securities.
Someone is a financial manager from California.
Crazy & right?
A completely new way make money, Doug.
Wait, wait. There is no swap for a mortgage.
Now there. We made it for him.
Maybe he forgot to take the medicine.
I don't know.
- Want to join? No? - Wait a minute.
Oh...
Hey, Jared.
You hear what's new just got Randall
with the financial manager?
Randall? Nonsense.
He is bad. I'm sure it's a small deal.
No, this is true.
I told you we will meet again.
Unfortunately, in a place like this I should never go to it.
I never hang out with the idiots after going home, at all.
My friends are classy.
It seems like that person wants $ 200,000 in the form of Bad Credit Swaps.
Randall generates sales. Can you believe it?
Someone takes a short position of $ 200 million on mortgage securities?
That's only with Deutsche. Her gossip did it all over the city.
What is the total?
$ 1.3 billion.
What? That's about the same as with Scion liquidity.
Michael, this is worrying.
Lawrence, it's not
all of our liquidity.
And I'm not sure
You understand the purpose of this transaction.
All transactions are certain.
Mike, I consider myself a mentor for you.
But our company is not comfortable
with this investment. Do you understand?
Lawrence, I have full rights
when talking about investment strategies.
You can read our agreement.
Don't talk about agreement to me, Michael.
We think of you
will not behave like crazy.
This is not crazy.
This is very logical.
So, now we pay a premium to swap
against the property market until the securities get stuck?
In other words, we lose millions
Until something that has never happened before can happen?
Right.
Hello, Mark Baum.
Oh hey, Kathy, you caught me.
This afternoon I have personal business.
I'm not your caregiver.
If FrontPoint makes money for Morgan Stanley, I'm happy.
Okay. Hey, am I not wrong? I heard you hoped?
We hope to be expected.
IVF cleans us but we still hope to be positive...
That's interesting!
Lump in my ball. And I did a scan.
Mmm-hmm.
It turns out there is a large object called epididymis.
That is the object around the ball
and like a bag inside
I have
- epididymis. - I'm transfixed...
Glued with this. Do you have a picture?
Almost as big as the testicles themselves.
Listen to this. Cynthia...
Comrades. Cynthia wants me to stop and open a B & B in Vermont.
Sounds fun. I really want to see a
Mark Baum runs a lodging business.
You will say, "Please, this is your oatmeal, fucker."
Mark rejects funds from moneyed people,
so he must get funds from under the Morgan Stanley umbrella.
The small team reflects distrust of the system.
You guys are crazy. You crazy.
He says this work makes me unhappy.
But you're happy when you're not happy.
I'm happy when I'm not happy.
Vinnie Daniel.
Do you know how to make pancakes?
- One person near Mark. - You know
- how to wash? Make the bed? - Okay...
Vinnie's father died of a criminal act when he was a teenager.
Like Mark, he doesn't talk about it.
I'm not talking about that.
Cynthia is not kidding. He really can make him move to Vermont.
I mean, he made me wear seat belts.
- Hey, you want me... - Porter Collins.
Former Olympic Olympic rowing athlete studying at Brown.
He works with Baum on the previous firm
and do not understand why no one obeys Baum.
Men with all good ideas.
Sorry. I think you contacted FrontPoint wrong.
Because there are other FrontPoint
in the same building.
And Danny Moses. The optimist.
And a reliable trader.
That is the reason they want to listen optimistic nonsense.
That's a strange telephone.
You've been waiting for a long time people are wrong.
Earlier people from Deutsche
who talks about putting positions short against property securities.
And in the middle of the conversation
I realize he contacted FrontPoint that was wrong.
And then... because he wants someone from the 8th floor.
He wants to put a short position on property securities?
Uh-huh. It happens about 5 times a day someone wrongly connected.
We have to change names.
Wait. Wait.
He wants to put a short position on property securities?
Who wants to bet against property?
What is ABX's position?
ABX position?
Check the value of securities subprime mortgages. Sleep.
ABX's position is, uh...
Wow, come down! Down 3 points from last year's position.
That's weird. I never heard of this leak.
What is the name of the person?
Jared Vennett. Vennett.
Very true. This lucky bastard
get wind of the best transactions in Wall Street history
from a wrong call.
They should pay 10% to my stupid assistant.
His name is Jared Vennett. Vennett.
Jared Vennett from Deutsche. Sounds suspicious.
Sounds like a bastard.
Do you smell it?
I smell the smell of money.
This is the mortgage principle...
Okay, hi. How are you?
Sit down.
Okay, Mr. Vennett from Deutsche Bank. What can you convey?
Here it is.
So how many people do you ask about this transaction?
Some. Clearly visible interest.
- No! - My boss can be angry...
- NO! - Are you crazy, Jared?
- Go there. - Screw you.
That's the reason you talked to us, wrongly connected.
It seems like a lot of interest from these people.
OK. Some people who met us
just laugh at me about this agreement. Are you too?
Is this meeting like that?
Not like that.
This is only Mark's wish.
- Let's see what you have. - Sorry.
Do you smell the smell? What smell?
- What? - What is that smell?
Your perfume?
No.
Opportunity.
No. Money.
- Oh... - Okay.
- I smell the smell of money. - Okay.
Chris, damn.
Sorry.
This is the principle of mortgage securities.
OK? Originally simple.
There are several thousand mortgages with AAA rating combined into one,
guaranteed by the American government.
Modern versions are slightly different.
Is separate. And consists of layers of tranche.
Tranche is French which means "part of something."
Highest level, AAA, first paid.
The lowest rating, B, paid the last time,
which was declared to be the first traffic jam.
Obviously, if you buy a B rating, you can make more money.
But a little more risky.
Sometimes it gets stuck.
Chris?
Somewhere in the line, this B and BB rating
changes from a bit risky
to be garbage. Where is the trash?
Right behind you.
What I mean is the lowest FICO score.
No verification of income.
Adjustable interest rates. Trash!
The basic interest rate rises from the original 1% to 4%, friend.
And if it rises up to 8%, and it will definitely go up,
a lot of this BBB rating will be zero too.
And that... you're too close.
Is an opportunity.
Okay.
What do you mean that if the interest rate is 8% then valuable _ letters are jammed, now we are already at 4%?
Right.
If it reaches 8%, is it doomsday?
Yeah. Correct.
How could not be aware of this?
Are you sure of your calculations?
Look at him. Look at my quant.
Kuant what?
My Quantity!
My calculation expert. See him
Do you realize there is something different about it? Look at his face.
That's quite racist.
Look at his eyes! I give the instructions.
His name is Yang!
He won a math competition in China!
He can't even speak English!
Yes, I'm sure of the calculation.
Actually, my name is Jiang and I can speak English.
Jared says I can't because he thinks
it can make it sound more original.
And I got second place in the national competition.
So you offer us the opportunity to put a short position on that? How to?
With something called Bad Credit Swap.
It's like insurance for valuable letters, and if it explodes
You can make a profit of 10 to 1, even 20 to 1.
And now it's slowly exploding!
10 to 1? 20 to 1? Impossible.
And no one pays attention.
Nobody pays attention!
Because banks are too busy take care of commission payments
after selling securities.
But wait. You are a bank. You work for the bank.
I think your pay is quite good and fat.
Please don't talk about my payment.
Good pay, that's a good shirt. Is there also for men?
Aren't you a bank person?
I work for the bank. I don't think like a bank.
Large banks, small banks, I want to make money. Okay?
Let me explain. I stand in front of the house that fires...
and I offer fire insurance for that.
How can securities guarantee be as bad as that?
It is not legal.
No one knows what is inside.
No one knows what is in the securities.
I've seen some of them have a 65% AAA
rating I know the reality is 95% is filled with subprime credit
with FICO numbers below 550!
Not possible.
Do you want to be surprised?
When the market considers a letter valuable too risky to buy,
what do you think we do?
Guess what.
I don't know. Tell me.
OK. Do you think we just keep it in record? No.
We only repackaged it with the product
who didn't sell well then put it in the CDO.
- CDO? - Yes. CDO.
- What is that? - This is where we collect some B ratings,
Unsold BB and BBB,
and we collect it into one stack.
And when the stack is big enough,
all of a sudden is considered a diverse commodity
and losers at the rating agency give a rating of 92% -93% AAA,
no questions appear.
Wait a minute. What? Repeat again.
Collateralized debt obligation. (Collateral Debt Bonds)
Important to understand because this is what causes it
property crisis changes to national economic disaster.
This is the world famous chef, Anthony Bourdain explained.
Okay, I'm a Sunday afternoon chef
specify a menu in a large restaurant.
I ordered my fish on Friday,
namely mortgage securities where Michael Burry positions himself short.
But some of the fish fresh are not sold.
I don't know why. Maybe Halibut
is considered to have intelligence like dolphins.
So what should I do?
Dispose of all unsold fish, in this case _ is likened to BBB level securities,
into trash cans and bear losses?
No.
Become a skilled and moral chef like me,
any bad level securities that I can't sell,
I put it in seafood soup.
Notice, this is not an old stock fish. This is truly new cuisine!
And the best part is they eat halibut which is 3 days old.
That's the CDO.
How can things like this be used as collateral?
You're like Dora the Explorer
and you're the first person
- who discovered this. - Wait. Wait.
So if the securities are the mortgage is dog poop,
then CDO is dog poop coated with cat litter.
Yes, right.
Institution treats CDO like a sturdy securities,
and that will be zero.
No. It can't be like that. Just last year, sales of letters
property worth of $ 500 billion.
Rating agencies, banks, and government,
do you say they keep quiet about this?
Yes. All of my departments have long been familiar with this.
They call me Chicken Little. They call me Bubble Boy.
A rating, zero. Rating B, zero.
BB rating, zero. BBB rating, zero.
Then that happens.
What is that?
That's the American property market.
Thank you.
Great, Jared.
Shut your mouth.
Chat with you.
Good. Okay.
Decide, do an agreement. Let's be friends.
We look forward. Thank you.
- Don't mess with me. - OK.
You will say no & no?
No. No, now I will evaluate it.
Thank you. Thank you for coming.
Bye, Jared.
I don't like it.
He is playing with us.
Too many hidden
and he gave up his position.
How if he is right?
You want him to be right.
Yes, right.
The bank gives us a 25% interest rate on a credit card.
They are playing with our in school loans
that we can never get at a cheap price.
Then this person entered in my office and said
banks turn greedy, they don't pay attention to market instructions,
and can I profit from their stupidity?
Obviously yes, I want the estimate to be correct!
How could you not hate it?
All of them are traits that you teach us not to trust.
I can't hate it. He is very straightforward
about his personal desires, that is what I appreciate.
Can I buy a car from him? No.
What is the statement about the market of securities right?
No.
Let's find out. Let's find out.
Listen. These are 2 simple questions.
Is there a bubble in the property market?
And if there is, how influential is the bank?
Yeah. Okay.
We do it quickly.
Because if he is right,
every loser with funds of several million dollars will fight.
Come on.
That morning...
JPMorgan Chase. JPMorgan Chase.
OK. Stop saying "JPMorgan Chase".
My hunch is good.
It's just a meeting, you know & apos, right?
Only meeting. It's like...
Normal meeting. Okay?
Drinking coffee, have a meeting.
- Brownfield Fund? - Yes!
- Hey. Hello. - Ted.
Chris. I'm Ted's staff.
Chris. Okay.
- I'm Charlie, Charlie Geller. - Charlie.
- Jamie Shipley. Hi. - Jamie.
We are very excited to be able to feel the atmosphere of the trading floor.
Good.
Please sit down first.
OK.
So, I... Ted asked me to do a preliminary meeting.
But I can't find something that sells from you.
We just moved here from Boulder.
- Yeah. - Okay.
Can you show the bidding document?
Brownfield has its own funds.
- This is our funds. - Yeah.
How much are you managing?
Of course. We currently manage $ 30 million.
Um, but we started it
4 years ago with only $ 110,000 in capital.
Wow.
So as you can see, it's a phenomenal profit.
We want to get an ISDA deal with JPMorgan so we can
make a deal in the long term.
- That's so cool. - Yeah.
ISDA Agreement: An agreement that allows an investor to occupy a "large child table" and can make high-level transactions that are not available to amateur traders.
Trying to make a transaction without ISDA like try to win the Indy race using the Ilama car.
Cool.
Thank you.
But you are still under capital requirements for ISDA.
How much less?
Uh...
One billion four hundred seventy million, so...
a lot.
This makes us look bad, right & apos; right,
because we don't know the minimum capital requirements?
Uh...
Not good.
But, uh,
continue your profit progress then
contact us. That's how it is.
OK?
- Okay. - Thank you, Chris.
Good luck, friend.
Thank you, Chris.
Damn!
Who are the people who want to have a meeting? at 4:50 in the afternoon?
ta-ga.
That is very painful.
Bro, B of A and Bear don't even reply to our phone.
And even Wachovia
- ignore us, friend! - I know.
These are all prospectuses of all losers
who did not manage to cross the lobby.
I don't think I can do this anymore.
I'm young. I can still do something with my life.
I miss Colorado. The reward is better.
Gentlemen, we invite you out.
Good, we will get out soon. Come on.
See this. Look at this.
This person
say the property market is a giant bubble.
Okay, this section is not entirely accurate.
We didn't find Jared's instructions Vennett about the property bubble
in the lobby of the bank that refused us.
The reality is, um,
a friend who tells Charlie, and I read it
in the Grant Interest Rate Observer.
This is crazy.
It's crazy.
Damn, he said the benefits of could reach 10 to 1
with Bad Credit Swaps for guaranteed mortgage securities?
And the overall property market will collapse?
For Jamie and Charlie, predictions of destruction
market properties like music in their ears.
They start working in Jamie's garage
with Jamie's savings of $ 110,000
from a shipping business on the East Coast.
Our investment strategy is simple.
People aren't happy think bad things will happen,
so they always underestimate the possibility.
Their strategy is simple and brilliant.
What he meant.
Jamie and Charlie find a market that sells very cheap for things that are thought will never happen.
So when they are wrong, is a small mistake,
but when they are right, big is true.
In a few years develop $ 110,000 to $ 30 million.
But later the time moved to New York City.
And so far, it hasn't gone smoothly.
Although this seems interesting...
No bank wants to give us ISDA. We have fleas.
Transactions like this are clear we cannot do.
We must contact Ben.
Let's call Ben!
Ben Rickert is a former trader in Singapore
work for Chase and stop because he feels disgusted with this business.
Previously he was a neighbor of Jamie when they were still in Colorado
and they meet when takes his dog for a walk.
But Ben is somber.
According to him not only the whole system will fall.
He thinks the whole world will collapse.
All of these vegetables are immediately taken from my garden.
You have to start planting in your own garden.
- All you have to do is get rid of petrochemicals from your soil. - Hmm.
I use wood ash and urine to help the soil regain fertility.
Both things create ammonium nitrate.
Seeds will be a new currency unit.
And not Franken seed from Monsanto.
What I mean is seeds good, healthy and organic.
You guys make your own garden.
- Learn to live from the ground. - You're a weirdo.
Ben has a lot of experience at big banks.
Jamie and Charlie never even entered the bank toilet in Manhattan.
But Ben doesn't want to be related to the banking world.
He is very clean.
Okay, we press any number
maybe we can do calculations later after we talk about Ben.
We always do the calculations.
When do we not do calculations?
We do more careful calculations...
Please you can get out.
Of course. Just a minute.
Good ma'am. We go.
Oh God. I hate doing this. It's just a waste of time.
Oh come on. Can you just relax?
45 minutes from the city there is property development.
Mark wants us to check it out.
I hope there is a Cuban restaurant in all the way there.
Because I hear Cuban cuisine in Miami it feels great.
Please do not giggle while I feel miserable.
That makes me really hate you.
What is the connection to want to eat good food with giggles?
Hello?
How much is the price?
Each of $ 425,000?
How are you friends? What do you need?
Hello. I am doing a survey to the mortgage owner
who has neglected to pay 90 days.
I'm looking for Harvey Humpsey.
Are you looking for a dog the owner of the house?
This homeowner fills up a mortgage application
use the name of the dog?
I think so.
Wait, the bastard doesn't pay the mortgage?
The problem is that I've paid the rent.
Yes, he failed to pay for 90 days.
Seriously friend,
Do I have to leave this house?
My child has just adapted at school, friend.
Hey. How are you?
My name is Ken.
Are you Ken?
Um, you have to talk about the matter to the homeowner.
Sorry, I don't have more information than that.
But you, um...
Have a nice day. Bye, Ken.
There are books everywhere!
Books everywhere?
Will everything be okay?
You... You have to call him.
You have to call it.
This is not my fault, friend. I've paid rent...
Hello!
It looks like Mary Celeste.
Listen. All they take is TV.
This is weird.
They don't even clear the cat litter.
Oh God.
It's like Chernobyl.
There are hundreds of homes. It's impossible only 4 people live here.
Oh, fuck it!
Damn!
He's been there for 7 hours.
How do you want to go to the toilet?
I heard he had a problem.
He empties reserve funds.
My friends in Manhattan say...
Dr. Office Burry.
No, he prefers if you send it an email.
Excuse me.
Mr. Fields, Mr....
- Hi, Lawrence. - Gosh!
We are not sure of your ability to see
macroeconomic trends.
You came here only to say that? Why?
Everyone can see bubbles in the property field.
Actually, no people see it.
That's why it's called a bubble.
That's stupid, Lawrence.
There are always signs.
Darkening mortgages
has quadrupled since 2000
and flat salary average,
but house prices are soaring.
That means home is debt, not asset.
So Mike Burry from San Jose, man
who cuts his hair at Supercuts and doesn't wear shoes,
better than Alan Greenspan and Hank Paulson.
Yaaa...
Dr. Mike Burry, yes, that's how it is.
Funny. Very funny.
Are you taunting us, Mike?
Lawrence,
I don't know how to mock.
I don't know how to be funny. I don't know how to
cooperate with people.
I...
I only know how to read numbers.
How big is the short position now?
Um...
Only $ 1.3 billion.
And the premium?
We pay, uh,
around $ 80 to 90 million
every year, it's quite high,
but I am the first times to do this transaction.
Pay attention. The funds will return. Maybe it's early, but I'm not wrong.
That's the same thing. The same thing, Mike!
You manage funds of $ 555 million?
In 6 years, everything will disappear.
In one bet.
No, the second quarter of 2007 is time the adjusted interest rate will increase.
Bad credit will soar.
Yes. That's what you think.
How much should we provide if they withdraw an agreement?
Approximately 2 quarters ahead.
If your investor panics.
$ 302 million?
I...
Oh God, Mike.
There will be no agreement. Because it will kill yourself.
I mean, its value is down 17% this year.
But if they believe me, and they believe, because...
Nobody believes in you! There is no!
I sent several emails to my investors
I told them...
that the second quarter of 2007 is
it's time our position gives a profit and...
I'm very sure.
People will withdraw the money.
Lawrence, it's very stupid. I mean,
if capital funds decrease too far,
the swap contract will be canceled.
And then the bank may take all collateral.
Wait a minute. Wait.
Everything.
Is the contract canceled?
Damn!
Oh, fucker!
Michael?
Return my money.
Michael, do you hear? I want my money back.
Return my money...
fucker.
At the moment the middle market experiences a little anxiety.
Everyone says, "Okay, that's crazy. when it was 18 months ago.
This couple bought it for $ 650,000 last year.
He will release it at that price.
Hi, John.
No, no.
He regrets it, but he will release it.
Why did he sell it?
Currently both of them don't work.
Marlene, you said they were motivated, right?
Motivated like if in this environment.
The house on the left, I say they are motivated.
Wow, it seems like a lot of people are motivated.
Oh, the situation is only temporary.
That's all. Only...
Temporary anxiety.
So what is the decision?
I have to talk to my wife. Um...
This price will not last long.
Actually, can I talk to a mortgage broker?
Who do you recommend? Anyone you like.
Yes, yes, there is someone. Of course.
Yeah, PSK is better than me.
I send them to Cabo.
So does Morgan Stanley ask us to join? Is that so?
Oh no. No. They manage our funds,
but we are not part of them.
We invest in financial service companies
and we are trying to understand the business of mortgage where to live.
How many loan credits do you withdraw every month?
- Around 60. - Yes.
How many years ago?
Ten...
Maybe fifteen.
Yes, I used to be a bartender. Now I have my own ship.
You have...
How many of them are mortgages with adjusted interest?
- Most. - Oh, yes.
Maybe around 90%.
Bonuses for housing like that are very high a few years ago.
Adjustable interest rates are our favorite.
Are there applicants who are rejected?
Your question is serious?
Listen, if they are rejected, means I'm bad at work.
Even if they don't have money?
My firm offers NINJA loans.
OK.
"No Income, No Job." (No income, no work)
If I want, I leave it alone income points are not filled.
The company doesn't care.
These people just want a home. And they go with the flow.
Good for you.
Your company didn't check it?
If I enter the application on Friday afternoon,
big banks will buy it on Monday afternoon.
Yeah. Same with me.
Can you wait a minute?
Yes.
I don't understand. Why did they confess?
They don't confess.
They boast.
Do these people understand what they buy?
I focus on immigrants.
After they know they can get home,
they are signatures wherever you tell them.
Don't ask. Don't understand interest rates.
- Stupid basis. - Yes.
And you also focus on immigrants?
For them the ability to pay is less bad.
Look, I'm a person who likes profits.
Okay...
I make $ 2,000 for loans prime with fixed interest rates, okay?
But I can make $ 10,000 for pinjman subprima adjusted interest rates.
Believe me, I don't want to ride a BMW 7 Series car without strippers.
In the collection there is no one whose reputation is good but they have a lot of money.
I think I've read Warren Buffett said things like that.
What? Who is Warren Buffett?
Okay, be a stripper. Do you mean exotic dancers?
Yeah, yeah, yeah.
Naked, you know, without clothes.
- Strippers. - Yes.
Can you introduce us?
Yes! Yes.
I always get customized payment options. I'm a personal contractor.
What? I did not hear. Sorry.
I always get options adjusted payments.
I'm a personal contractor. I need flexibility.
And you claim what your job is to a mortgage company?
I wrote "therapist".
- You can touch me. - Always?
Only in the V.I.P room.
No, no, you said always get adjustments.
And you have more than one property credit?
Everyone, too. At least in this place.
Sorry, what?
Everyone, too. At least in this place.
That way you only need to pay about 5%.
The tariff is currently rising, you know?
Yes. But that is only temporary.
Can you not move first? I will still pay you.
Sorry. Some people pay attention.
Okay, listen. If home prices don't rise,
you will not be able to file refinancing.
And you will continue to pay monthly bills like now
after the promotional interest rate is no longer valid.
Your monthly interest can go up to 200% -300%.
James says whenever I can apply for refinancing.
He is a liar.
Actually, especially in this case, James might be wrong.
200 percent? For all my loans?
What do you mean by "all" loans?
Aren't we talking about 2 loans at one house?
I have five houses.
And a condo.
Hey, there's a bubble on the market.
Where do you know?
Trust me. Contact Vennett, buy $ 50 million Swaps for SBM.
What do we want to buy? Garibaldi IV, BBB.
Mark, are you sure?
Yes. Yes, it's time we do it.
Do what?
Everything.
FrontPoint! FrontPoint!
Is this protection of American funds?
Good, listen. One last question.
How do you cheat us?
There are better ways for to say that, Vinnie.
I'm serious.
We will buy swaps from you, but only if you say how you cheat us.
I didn't trick you, Vinnie. I give you profit.
I tell you sincerely, Vinnie.
I give you a beneficial agreement in this century directly in front of your eyes.
What do I get from it? Easy.
The balance of $ 20 million with the option negative carry one month.
My boss scolded me
because he thinks I'm crazy.
OK?
We do this transaction,
the problem won't be too big anymore.
And of course, the swap is a black market, so I set the price.
Whatever price I want.
And when you want to take your payment,
You will be wide-eyed, I will give you big profits.
The good news, Vinnie, you don't want to be concerned about my reward
because you will generate very large profits.
That's my honors for this transaction.
Do you want to know what you got?
You get ice cream, hot fudge, bananas, and nuts.
Right now, I can sprinkle brown, and yes,
If this continues, I get the cherry.
But you got the sundae, Vinnie.
You got the sundae.
Well, I'll take it. thanks.
So what?
- Do you want me to take care of it? - Yes.
We take $ 50 million, Garibaldi IV, BBB.
Prepare your pencil. The document will be ready soon.
Damn.
Yes!
That's right.
Oh my goodness.
He has many numbers, and I always forget
which number he set, because he is very specific.
Start with this one.
Maybe this isn't the first.
Try it.
Okay... I... okay.
Ben Rickert.
Hey, Ben. This is Jamie.
Jamie, you know you should not use this network.
I told you & apos;
Okay, let's try the second number of total 14.
Ben Rickert.
Ben, why are you doing it, friend? I mean...
You're a retired trader & right? Nobody hears your phone.
NSA has $ 52 billion in funds and
to observe tens of millions of phone calls every second.
Do you think they don't use it?
"Ben Rickert" and "dirty bomb" in one sentence...
- Astagaaaa. - Sorry friend.
Ben Rickert.
Do you have a chance to see what we sent, Ben?
This is Charlie. I'm here too.
Hi, Charlie. Yeah, I have time. Wait.
Ben, are you still connected?
Yes.
I will be honest friends.
This scares me.
But that's a good thing & isn't it?
That means the Vennet is not wrong.
No, he's not wrong.
Good.
Tell me more about this CDO.
Yes, yes. Okay, Vennett calls CDO,
but actually, we note in more detail
and it turns out to be worse than he expected.
This doesn't make sense!
We can't even model it.
This is 100 times greater than SBM.
And with a 90% AAA rating.
- Yes! Exactly! - More than 90%.
This is amazing.
I pay attention to the details of the CDO that you want to position short.
Brilliant. Worthless. Really rubbish.
Jamie. Very good.
What do I have to say? I'm really good at looking for bad things.
Ben, we installed short positions for BB and BBB ratings,
and the risk is relatively low.
The advantage is around 25 to 1.
Yes.
Okay, so why did you contact me? I don't do anything like this anymore.
Look Ben?
We want you to help we get ISDA.
If we can get the license, we can do the transaction.
And we know that you hate Wall Street.
We don't ask you to make a transaction.
We just want you to help we get a seat
on the Wall Street stage.
That's a bad place, guys.
Look, Ben, the system is very very messy, okay?
And somehow,
we know that before people realize it.
Do you know? This is a golden opportunity that doesn't come 2x for life.
I'm considering.
OK. I will contact Deutsche Bank.
Thank you, Ben. thanks.
Dan Bear. What about Bear? They have some inappropriate products.
OK. Bear wants to transact with anyone.
OK. I'll work the way.
Thank you, Noah. Thank you to Jared.
Can we enter?
Yes me too.
Truth like poetry.
And most people hate poetry. Talk in a Washington D.C bar.
Hi. This is Mark. I want to talk to with Vinnie, right now.
We just want you to explain to us
It looks like you cheated us,
because what we see...
Morgan Stanley Building, as soon as possible.
Do we both see the same screen?
This doesn't make sense.
Vinnie, are you there?
Mark, are you there?
Yes, you can hear?
Mortgage bad loans are very high.
Have anyone killed yourself?
Why do they want to do that? Prices of Subprime Mortgage securities rise.
What?
Vennett wants another $ 1.9 million to be used as collateral.
Vennett asks us to add collateral.
What happened?
We don't know, but Deutsche is in the middle of calling and wants payment.
Contact Vennett. Contact the damn thing.
Contact him Vennett. Tell him to come here.
So subprime loans deteriorate,
but subprime securities, which actually consists of
from subprime loans, turns out to be more valuable?
I know. They want another $ 1.9 million _ at the latest when the market closes.
What about rating agents? Moody & sos; s, S & P...
They do not reduce the rating of CDO and mortgage securities?
What is their rating position?
Everything is the same.
The rating is still AAA.
What exactly is this? Are they kidding?
Fucker! Basic fucker rating agent!
They announce it to the public, and what they care about
is only the lower limit and their own interests.
Hey, Mark, not only that.
Risk Staff from Morgan Stanley is here.
They asked Kathy Tao to come.
They persuaded him to ask us to sell our swaps.
It seems, comparing insurance payments for 6 years
with the hope of the destruction of the property business
for them is not a safe investment.
What did Kathy say?
None. He still keeps asking if this is one of your strategies.
Okay, I want you to go in there
very calm, very friendly
tell the staff the risk of getting away.
And then meet me at Standard & Poor's.
We will talk to Georgia.
OK. Okay.
Tell the bastard Jared Vennett to come here.
I'll destroy his head.
Uh, ladies and gentlemen?
I talked to Mark Baum. He says get away.
My vision is bad.
My eye doctor is always busy.
Finally I serve all the promises they give me,
and all morning it gets very busy!
So...
OK,
FrontPoint Partners,
What can be helped by Standard & Poor's?
We don't understand why
rating agencies have not lowered the rating of subprime securities
since collateral for loans is clearly deteriorating.
Indeed, a rating violation makes people anxious,
but the subprima loan rating is still in our calculation.
- So... - That's what you think.
You are sure of mortgage collateral in this letter of defense is sturdy.
That's our opinion, yes.
Have you seen data on loan levels?
I mean, they give this loan
to anyone who wants it.
Excuse me, sir. What do you think we are doing here all day?
We are not sure. That's why we are here.
This is what we don't understand...
We check, check, check again.
If the mortgage securities are so stable...
Maybe you should check your friend.
Have you ever refused? Rating requests...
Ma'am, it's making it up.
We stand behind them.
Georgia, have you ever refused the rating request
one of the valuable letters above the AAA tranche?
Can we see the documents?
I have no right to provide that information
with you, whatever your position.
Just answer the question, Georgia.
Can you just mention it once
when you check the document
and don't give the AAA rating they want?
If we don't give the rating they requested,
they will move to Moody & apos; s.
If we don't cooperate, they will move to our rivals.
Not our fault. This is how the world system is run.
Damn.
Yes, now you understand.
Suppose I never said it.
They sell ratings for honorarium.
Store rating.
You can do it better.
Nobody says that.
And this is not my decision. I have a boss.
Are you kidding me?
No, I'm not "kidding".
What will your boss do during an IPO?
What point of view do you take?
So, now, anyone who has a boss is not considered responsible for illegal decisions.
How old are you, 4 years old?
No, I'm not 4 years old, Mr. Baum. No.
And I wonder what your motives are behind all this.
Will it be profitable for you
if the rating changes? Is that true?
How big is Swap Credit What jams do you have? Hmm?
That doesn't make me guilty.
No.
That makes you a hypocrite.
Sorry!
Violations of mortgages increase
and CDO are increasingly valuable. Can not be trusted.
Cannot be trusted.
We know. This is clearly the opposite.
I just called old friend in Bear.
He doesn't even know what the CDO is.
Yes, I only need to pay Bear & Deutsche for $ 70,000.
That's like 2 plus 2 equal to
fish.
It's cheating. We buy something that is rigged.
We can lose everything.
I have to go back to live with my mother.
It can't happen.
OK. I have an appointment with a doctor to check the large intestine.
Wait a minute. Wait, Ben.
Ben, listen.
Either the bank doesn't understand
and they don't know how to rate this CDO,
or they are indeed criminals who know CDO is worthless
but they hide it.
I think we have to buy more Swaps.
What?
Accept and pay, friend. We have made an agreement.
Not possible! No!
Are you kidding me?
Are you serious? Do you think this is a game?
No. No. No.
Yes. Yes.
No! No!
Seriously, appendicitis promises once a year.
Bastard!
Desperate your nickname butler boy, fucker!
- Have you finished? - I think it's already.
Gosh! My back muscles are attracted to screaming.
Ow!
The current mortgage credit is increasing.
But you give a higher price.
Please explain that. Because it doesn't make sense.
It's impossible for you to calculate this swap rashly.
What is the reason for us to support this transaction?
Didn't I say when we made an agreement
that rating agent, SEC
and big tub don't know anything? Did I never say that?
- Yes. - I told you & apos, right?
Yes, you said.
Shut up.
Now they're in trouble,
but they think the problem is is over, and you are surprised?
This is not ignorance. This is embezzlement.
Mention the difference between stupid and illegal,
my wife's brother can be arrested by the police.
That was funny.
I guess you just don't realize that this _ system really doesn't understand what's going on.
Yes, there are fluctuations that do not match predictions,
but trust me, everything fueled ignorance!
Look at yourself.
You call yourself you cynical people
but you still have trust in the system, right & apos; right?
I don't.
Except Vinnie. And who cares about that?
- Not allowed! - Listen...
Either we are right or we are really wrong.
And if we are wrong, then we have to find someone
that can help us get out of this transaction.
I'm not entirely sure we are right.
And if we are wrong, who will warn?
Who understands this problem? Does not make sense!
I think we should go to Vegas.
What's in Vegas?
Vegas?
What's in Las Vegas?
Next week there will be held American Securities Forum.
All securities sellers and CDO, subprima lenders
and swap traders will be there.
Tell you, bets you against Dumb Money.
This is the time you are looking for know how stupid the money is.
Gosh, I hate Vegas.
I hear that food in Vegas is delicious.
Now there is a Nobu Restaurant there.
Can you stop discussing such a thing?
Makes sense?
And if the securities are "rich"...
Either, contains assets?
"Rich" only means being overrated.
I can't sleep on a plane, so I do my homework.
Okay, focus. What is our purpose?
To find out if this is profitable
or does everyone know something we don't know
then we will get a big problem.
Right. Remember that when you meet Bear people.
I have arranged your appointments to meet directly.
- Amazing. - Where?
Damn. Five years ago, Security was only a meeting of losers.
100, maybe 200 people come.
$ 500 billion later, you get something like this.
There are so many greedy-looking people?
Like pinata which contains white people who are poor at playing golf.
I mean who are these clowns?
Oh come on. I think it's fun.
Actually. Vennett says these people we are betting on.
- Yes, here it is. This is it. - Here it is.
Chris, left. Chris, standing on the left.
Ladies and gentlemen.
When we have the opportunity meet directly
with these people?
Chris, give him a card.
What do you have to give?
- You just gave it up? - Thank you.
First, what is your trip? How are you? Is it smooth?
- Current. - Okay.
I'm 6 hours faster. I've been sporting,
Eat 2 boiled eggs
and play blackjack with Harry Dean Stanton.
Thank you for the daily report.
Meet directly. I want to meet directly.
Keep in mind. We are here to collect information.
We collect information, okay?
We don't advertise our short positions. Understand?
We don't want to scare others. Can you do that?
I know your mouth can't be regulated.
Can you just keep it for a few days?
OK. Okay.
Yes, don't worry. We will play pretty.
Ladies and gentlemen.
Business is currently good.
Big profits
and mortgages still continue is solidly a foundation
where our economy is built on it.
And, right, we experience a slight loss
last year in the area of loans suprima, but the loss is
will be held at 5%.
In the field of residential property...
Mark, this is not a question and answer session.
Launch us against variable interest rate packages
invaded by consumers!
Sorry, I have a question.
Uh...
Sir, my question and answer session after I finished my statement.
But you seem to be very worried? Is there anything I can help?
- Thank you. How are you? - Okay, thank you.
Do you think there is a possibility
that the loan loss suprima will stop at 5%?
Thank you.
I say it's very likely.
So back to the housing sector.
When we launch the tribal package the new variable interest...
- Excuse me. - Um...
Yes, sir.
Zero! Zero!
Chances are 0%
subprima loan losses will stop at 5%.
Zero.
Excuse me.
I have to lift this.
Surely he is from Bank America.
Our loan area suprima has no problem.
No, I'm not being doing anything right now.
As I said, our housing area...
What about children?
Consumers welcome our package...
Mark Baum really did this.
When we were in Vegas, he did that.
He said that, he picked up the telephone.
Now do you understand what I'm facing?
Yes, Beretta... Meh.
But this Uzi weapon is amazing!
What I need is a machine CDO is running for another 2 years.
So I can be rich and can buy a house in Aspen.
But are you not worried about the conditions
of collateral securities that exist?
Relatively easy to see the violation
and currently the benchmark interest rate continues to rise.
Please stop talking about bad things like that, friend.
We don't want to meet you to talk about your friends' work.
So what for?
So that you pay the ammunition fee.
I will shoot terrorists. Pay attention!
They are idiots.
- Stupid. - Whoo!
They are stupid.
Damn, huh! Boom!
Yeah!
We have to buy all swaps that we can get.
Wait, okay? Wait a minute.
My older sister's boyfriend works at the SEC.
He said he was here too, okay?
So, if something is missed maybe he can tell us.
Maybe you can give a little information.
Meanwhile, go to the main floor
and ask the swap price.
Actually, we are
want to invest in letters valuable property, and...
I wonder if there are SEC concerns about that.
I know you are not allowed to tell in detail, only in general.
Oh, we don't check mortgage securities.
In fact, since our allocation of funds was deducted, we did not do a lot of checks.
Then what are you here for? I thought...
I'm not representing the SEC.
I come here for personal gain.
I enter a proposal to several large banks.
By the way, how's your brother?
How can you send an application to a large bank?
I mean, you should,
determine rules for banks.
Mature, Jamie.
Surely there are rules that prohibit someone working in a financial institution
after previously working
to the financial regulator, right?
No. No.
Hey! Dougie!
Hey! Come here What are you doing at Caesars?
He works at Goldman.
See you later.
We can offer swaps for BBB ratings at 500 basis points. Maybe.
You give a swap price like the securities will collapse
even though the value is rising? Serious?
Talk time.
What happened?
Lewis, can you come early tomorrow?
I want to re-structure the position
AIG, Countrywide and Freddie
so we can pay premiums...
of Swap we have.
No problem, Dr. Burry.
- Dr. Burry? - Hmm?
If investors withdraw their funds,
What will happen here? Is our history finished?
To be honest, I don't know.
The value of securities does not go down.
Not moving. Possible
we are on a system that is really rigged.
Or... you're wrong.
Of course.
Maybe I'm wrong. It's just that I don't know.
I guess when someone is wrong, they never...
They never know why.
See you in the morning.
Yes.
Even Bear raises the price.
And they continue to call us Brownhole.
You don't have money or reputation, that's all.
Don't think too much about it.
I don't think I want to go into this night's striptease.
I will only drink ginger and watch a pay-per-view program.
I will give you tickets for all of us tomorrow morning.
Agreement. We need an agreement & right? Deal.
We need an agreement that is affordable for us.
An agreement that they will not reject.
So... what can we do? We can...
Tranche AA. What if we bet on tranche AA?
Who doesn't want to take bets like that?
We know the rating is 95% AAA,
but the reality may be around 25%.
Some of them are 0%!
We also know if the base point tranche will fall above 8%,
tranches on it will also be affected.
Everything will be zero.
I'm sure the AA level now is actually like level B.
I rarely say it, but I think Charlie is right.
Look, Ben.
Returns
200 versus 1.
But they only decide based on rating.
So they give penny rates for every dollar if betting for AA.
When I start thinking you guys are stupid...
There are no people on the planet who bet on AA.
Banks will think we're being drunk or stricken.
They will take whatever we offer.
Brilliant.
This is what we do and not other people realize.
Even Baum or Burry don't think makes short positions for AA.
But that's what we did.
Little Brownhole Capital.
We want to take a position short against the tranche AA CDO.
Come on guys, what are you pointing at?
Oh, nothing. We are new to this business. We are just excited.
We want to buy a swap for tranche AA for $ 15 million.
I don't understand.
You can buy tranche AA as many as you want.
$ 40 million for short AA positions.
Brother, I will sell for whatever you want.
You understand it well, Bob. Do you want a deal?
No problem. No problem with me.
With pleasure.
Oh!
Don't do that. Stop. Stop.
- Stop it. - Charlie.
Stop it! Stop it.
What?
Do you know what's new just do you?
Come on. We just did a gold deal!
We must celebrate.
You just bet against the American economy.
That's right!
- Yeah! - Which means...
Which means if we are right...
If we are right, the people also lose their homes. Work.
People lose retirement savings. People don't get pensions.
Do you know what I hate about banking?
Banking reduces population. These are the numbers.
Every 1% increase in unemployment, 40,000 people die. Do you know that?
- No. - You know that?
No, I don't know.
We are just too happy.
Don't dance.
- Good. - Where are you going?
Whoa, I'm very scared.
First of all, a good show today.
- You're amazing. - Thank you.
Your big mouth is really a relief.
I appreciate that.
You worry about yourself and your swap is mocked?
This is an opportunity for you
meet your opponent's bet.
Try to listen.
Okay, alright. Who is this person?
Brashy bastard.
I'm a CDO manager.
"CDO Manager"?
Yes, at the Harding Advisors firm.
I don't know anyone needs to be managed in the CDO.
Oh
We choose securities that are into the CDO portfolio
and oversee the asset.
I do more for the CDO Merrill Lynch.
What do you represent the investors or Merrill Lynch?
Investor.
You did it.
- Yes. - But...
Merrill Lynch does not provide customers
unless you enter a valuable letter from Merrill Lynch into the CDO.
A good question. We call it that Merrill and I have, um...
Our relationship is quite good.
Your relationship with Merrill Lynch is good enough.
We have worked together for a long time.
And the CDO you made
consists of quality high and highest value.
- Of course. Yes. - Of course.
Do you consider a little the benchmark interest rate continues to rise?
I assume there are no risks in this product, Mark.
OK.
Let me be clear. The bank contacted you.
They give you the valuable letter they want to sell.
They give you clients,
they give you money to run your business.
Give you a big honor for that.
But you represent investors?
Right like that?
Yes.
But we are not in the same building _ as Merrill Lynch.
- Okay. Where is your office? - We are in New Jersey.
Your distance is 20 minutes.
Five minutes if using a helicopter.
Funny isn't it?
Fun.
Oh my goodness.
Your boss will explode.
No, he was too curious to not explode.
Wait. Say again.
CDO "A" has a CDO "B" section.
And CDO "B" has a CDO "A" section.
But then they are included in CDO "C".
Yes, it's called CDO squared.
A CDO from CDO.
OK?
And then there are CDOs that are made from different sides of your Swap bets.
We call it synthetic CDO.
What do you say? Synthetic CDO.
That's crazy stuff.
No. This is amazing.
The face boils. He looks like a bad person on Dune.
Okay, let's just call it
You have a pool of $ 50 million containing subprime loans.
How much money is bet against,
synthetic CDO and swap
at this time, tonight?
$ 50 million... Hmm...
One billion dollars.
What?
If the mortgage securities found Michael Burry
as a comparison...
How big is the market for insurance mortgage securities
compared to real mortgages?
About 20 times.
If the mortgage securities are in comparison
and CDO are the fuel,
then synthetic CDO like atomic bomb
with the fingers of the President who is drunk
ready to press it.
At that moment
with a stupid look, Mark Baum realized
the entire world economy might collapse.
And I know what you think.
"What is synthetic CDO?"
This is Dr. Richard Thaler, The father of the behavioral economy
and Selena Gomez who will explain.
OK. So this is how synthetic CDO works.
Just say I bet $ 10 million for a blackjack position.
$ 10 million because this position symbolizes
a mortgage securities.
Okay, Selena's position here is pretty good, showing 18.
Bandar shows seven.
A very good position for Selena.
Good opportunity. The fact is, the chance to win
in this position is 87%.
So, my chance is good. I'm in a series of victories.
All of these people joined in the action.
How could I lose, right?
This is a classic mistake.
In this basketball is called Hot Hand Fallacy.
A player does a number of shots in one turn.
People believe furthermore they will succeed.
People think whatever is happening now
will continue to happen in the future.
During a property explosion, the market continues to rise and rise and people think will never go down.
So people who watch and think I won't lose
will make side bets.
Now, this is the first synthetic CDO.
I like Selena Gomez.
I bet $ 50 million he will win.
And I'll give 3 to 1 a chance for you.
Opportunity 3 to 1? Okay, I'll take the bet.
Now, someone else wants to bet too
from the first synthetic betting result.
I bet he will win $ 50 million.
That will be the second synthetic CDO.
Hey, I bet $ 200 million, women with glasses
who will win the bet.
He might win. So I want a large return.
How about 20 to 1?
Agree.
And this will continue to occur with the increasing number of synthetic CDOs.
And we can change the investment which was originally $ 10 million to be billions of dollars.
Are you okay?
No.
I actually feel nauseous.
So I'll leave.
Do you think I'm like parasites & apos, right, Mr. Baum?
However, it seems, the people highly respect me.
Let's do this.
I'll tell you how much I have.
You also tell me how much you are.
Gosh, you really are a fucking ***.
Take a short position for all the things that have been touched by that person.
I want half a billion additional swaps.
Are you sure of that? The collateral can make you bankrupt.
Yes. Yes.
Where do you want to go?
I want to find moral liberation
on the roullete table.
Hey, hey, hey!
This is worse than I thought.
I think the economy will collapse.
But first you said
the system has been damaged since Mark was first. So...
Why are you surprised?
This is more complicated than anything I ever imagined.
You who want to be honest.
I'm a banker. I'm one of the parts.
Always like that, Mark. You are not affected.
That changes me. Turn me into someone
who is unable to reach people...
He is in pain. My brother is really in pain.
There is no perfect way to help.
Sad. Scary.
So stop trying to improve the world.
He tells me...
You're not a saint.
Saints don't live on Park Avenue.
Who has bad thoughts.
Feel something like us.
My first response is offering him some money.
I offer him money!
His face was so hit.
That's right.
Michael?
- Michael? - Yes. Yes.
Is everything okay?
Yes dear.
Are you sure?
Yes dear.
I'm fine.
For all investors.
As you know,
our agreement allows me to take an unusual benchmark
when the market does not function properly.
I currently have reason to believe that mortgage market securities has been cheated.
So that with the aim of protecting the investors from this rigged market,
I decided to limit the withdrawal of investor funds until further notice.
With respect, Dr. Michael J. Burry.
I will demand.
Everyone, deep down, is waiting for the end of the world. Haruki Murakami (Novel 1Q84)
I never thought of my life
can change so far since I moved to L.A.
It's not like, it's easy to, don't meet you.
He dismisses rumors that he is using drugs to increase stamina.
The notes are not manipulated.
Oh, God, friend.
Can you stop changing TV channels?
- You drive me crazy. - OK.
- Okay. - Move to the business channel only.
And S & P gets 3 points.
Gosh!
Today's mortgage crisis continues.
Subprima lenders New Century Financial,
was once the top in this industry, currently, submitted to bankruptcy.
- Company immediately... - Whoa, whoa, whoa.
My voice is back again...
Firing 3,200 workers.
Manufacturing Index also falls in March...
It's started.
A warning that the economy can slow down.
Supply Management Institute
also reported rising prices...
I will contact my mother.
Source of slowdown economic growth...
Time, time and time again,
I can just beat you, Mark!
We have known each other for 7 years...
He is very nagging. I am amazed.
I can only enjoy it.
Not possible. It's impossible
such a big bank.
See you later, Kathy!
So?
According to Kathy it would be better if we sold our short positions.
What's new?
And he said Morgan Stanley would buy it.
Damn!
What are you saying?
I told him we wouldn't sell a dime.
Uh, if you need data in 2005...
Demands Mr. Fields are very specific for data from past years.
Good. Then come out. Give my greetings to Lawrence.
I will deliver.
After a new week, can you call me back?
Sorry, Mike.
Goldman system failed. A lot of messages are missing.
Yes, B of A says electric power problem,
and Morgan Stanley says their server is stuck.
Huh. That's weird.
I don't think it's possible.
So what is our position at the market?
I think it's still the same, Mike.
What? Can you explain to me?
Because of how possible the value of an insurance contract
not affected by death the things insured?
They are stand-alone markets. Not always related.
I know that sounds weird,
but this is a very complicated product.
They are related.
They will lose their place of residence, they will lose their jobs,
they will lose...
Do you listen to me?
This is like the end of capitalism.
This is like the Dark Ages repeated again.
I don't want to talk to Daddy.
Okay, I also love Mom. Save your money.
My mother said I had to drink Xanax and double the dose of Zoloft.
I ask Bear Stearns to estimate the price of our short positions.
They say CDO prices have not moved.
This is really crazy!
Do you realize it? These people are criminals
and they should be put in jail.
Look at the TABX.
You can see the CDO value ZERO!
So you know what they are doing, huh?
You know what they do & apos; right?
Yeah. They reconstruct.
They sell CDO, then them to another bank
and take a short position from something they just sold!
Let's meet the media!
This is a great story. Who doesn't want to publish it?
Robert Redford!
No, you don't understand!
I understand friends. I understand.
What should I do?
Do you want me to write "Destroy Us"?
Yes! That's the perfect title!
Casey, now every bank in this city reconstructs securities
to customers who don't understand anything.
And they don't evaluate it until they remove it from registration.
This level of crime like has not happened before,
even on Wall Street.
Jamie... and I'm honest?
It took me years to establish relationships with Wall Street.
There are no banks or any rating agencies which will justify stories like this
just because the news is from two people from...
Sorry, the trader from the warehouse who thinks this is the end of the world.
Wow.
I think you're what you are, Casey.
I really think so.
Seriously?
Yes, Jamie, try to be a father with a 3-year-old child and wife who is currently studying S2.
I don't want to waste my reputation for your wild hunch.
Wow.
Thank you for coming friend.
It's nice to meet you.
Yeah, Casey. I always hate you,
because when you were in college you were a bastard
and has not changed to this day!
Thank you, Charlie. Still living with your mother?
Charlie, come on!
Mark Baum again. Contact me.
Subprime securities fall free.
Rumors are scattered and credit is getting worse.
Who can transfer data money faster? I'm sure Goldman.
Yeah, that's right.
Jared, chaos occurs. Where are we?
"Caesar cries, because there is no other world to conquer."
Shane?
No one else buys CDO or mortgage securities
and everyone wants to swap.
Swaps are the most popular product.
- That's good for us. - Yes and no.
I heard from someone who heard from someone...
No, Alex, no. Sorry.
Bennie Cleager at Morgan experienced
big losses in the field of securities.
Your ship might have already entered the water.
Maybe it's time to get out a life jacket and get out.
I was robbed.
I was robbed! All out!
Good.
- Do you feel it? - No.
What did you hear, Tommy?
happens.
Everyone wants our swap.
Kathy's office is looking for you.
Currently their tone is different & apos; right?
That's not good.
Maybe later. Not at this time.
This is a joke. Will never.
I listen.
- Dr. Burry? - Yes.
Deeb Winston, Goldman Sachs.
Look, I'm checking your position.
I want to talk about your position and make sure everything is reasonable.
Yes, I think you mean
You secure a short net position by yourself.
So you are free and mark swap accurately from me
because now you want to do that.
I'm not sure you want what I say.
I guess...
I think you've said it.
Tell Jeff in Goldman that I will not transfer funds.
This is nonsense!
Okay, we'll talk about it later.
Thank you.
Thank you for coming soon, Mark.
- Yeah. - Um...
I know you've heard rumors
about a number of losses Morgan experienced.
- Congratulations. - What for?
Oh
Thank you. Um...
Fun?
Yes.
Very. Um...
I want you to know that, um...
That, yes, Morgan experienced a number of losses,
but our liquidity is strong and there is nothing to worry about.
Should Bennie Cleager worry?
Because of the story
he suffered a big loss.
Kathy, come on. We already know each other.
What happened?
How bad?
OK.
Two years ago, Bennie Cleager worked in the Morgan
securities division also takes short positions for credit subprime property, $ 2 billion BBB.
Bennie is smarter than I thought.
No, it's not smart at all.
The premium from the swap takes up the profits.
To balance BBB's short position,
he sells so many swaps A and AA as protection.
Lots.
According to him it is impossible that will be affected.
Tell me Morgan Stanley doesn't delay the swap contract.
Damn.
During this time I tried to find out know who is my opponent,
and apparently Morgan Stanley.
Where is the same as me.
How big is the exposure? $ 3 billion?
Please don't say more than four.
I can't answer that.
Yes, you can answer it, because I entered here
and people crying along the hallway.
Kathy,
You asked me to come for saying everything was fine,
and apparently not.
What happened?
The exposure is as big as...
$ 15 billion.
Gosh!
He always says bad credit is not possible more than 8%.
Oh, my goodness.
There will be millions of people losing their homes!
Yes, but we can't do anything to Morgan Stanley.
Yes...
Submit to bankrupt proceedings.
Morgan falls, all of our accounts go into their balance sheets.
This is crazy.
Morgan makes us bet
Take a short position for bank stock. Then we wait.
Or we sell our swaps when the market opens.
We get bonuses, our investors get profit, we get...
30 cents per dollar? Not bad.
That way our returns are 3 times.
Not if there is no market left as a place to sell.
Forget it. We won't waste our supporters.
If Morgan is below expectations, we won't get anything.
Vinnie.
Come on. I will say when it's time to sell.
Look, I understand there are personal elements for you,
however we have financial responsibility.
No. There is no.
There is no one responsible.
Fuck with responsibility. Are you kidding?
The big bastards at the bank will take...
Do you want dessert?
Please, we are talking!
- Please let us. - Sorry.
We will wait, and we will wait,
and keep waiting
until they feel the pain, until they bleed.
- This is what I want. - But what about the clients
who entrust their funds to us...
I will say when it's time to sell.
This is not about you.
This is not about you and mahogany soapbox
- Upper East Side. - Hey! Hey!
I will say when it's time to sell!
It's up to you, Mark.
Do you hear the news?
OK. So there are not only two mortgage protection funds
the guaranteed Bear Stearns that rises to the surface,
but now there is a legal claim to Bear.
Gosh!
Come on! Push! Push!
So what? Now Bear can really fall down.
- This is a risk that we should not take. - Then how?
We buy our 80% swap from Bear.
- We can lose everything. - So how?
- Hey, sir? - Wait a minute!
That's my opinion.
We buy everything.
We don't know how to sell it at all.
I know. We must contact Ben to do it.
I tried contacting him and he didn't reply.
No. He is on vacation with his wife's family.
They are in England.
What?
- Hello, Ben. Hey, - You guys?
Yeah, we're here. Can you hear us?
- Do you hear? - Yes, we heard.
Yes. It's very difficult to get signals or Wi-Fi.
I will try to sell $ 200 million worth of securities.
In a pub. That smells like sheep.
You can do it.
I don't want to pressure you, Ben
but if you don't succeed, we lose everything.
OK. Let's see how Credit Suisse tastes.
Here is Brownfield Fund.
I want to sell my Bad Credit Swap.
OK. How much do you have?
20 pieces of tranche AA from CDO A.B.S.
A.B.S.? Is... Is it bad enough?
Of course. Very bad.
What is the abstract value?
Nominal value at maturity amounting to 205 million dollars.
Well, we can, in number 50.
No. We want at least 100 million.
100 million? Who are you, drug dealer or banker?
Because if you are a banker, you can leave now!
I don't know what we can with that number.
Just give your best number?
Yes. Chuck 100 million for me, friend.
I think our difference is far away.
Listen, if you don't want this transaction, just close the phone.
That's what I thought.
- 90 million. - 70.
85.
- 78. - 84.
Here Dr. Burry.
It seems that the collapse of the financial sector is near.
Let's start selling my position.
$ 1.3 billion.
Of course, I'll wait.
Greetings Lawrance, your total profit of $ 489 million from Scion Capital has been entered into your account. Thank you again.
So, I'm right.
I have a lot of problems for 2 years,
but I'm right.
And everyone is wrong.
And, really, I got a bonus from that. Demand me.
Do you know?
This is a lot of money. I understand. I can feel your judgment on me.
Visible.
But, hey, I've never said I'm a hero in this story.
Hey, Ben. How?
Eight...
Sorry?
No. 80 million.
$ 80 million, $ 80 million, is good enough & isn't it?
- 80 is great. - Is that good enough?
- 80 extraordinary, Ben. - Okay.
Thank you. Thank you very much.
Mostly to UBS.
You are very lucky. The biggest bank
in France today freezes the customer's money market account.
This reaches Europe.
Greece and Iceland have collapsed.
Spain is experiencing a crisis.
Seriously? Shit
Ben, contact us when you return.
However, hey, before you close,
uh, I'm just curious...
Um...
Why do you do this for us?
You don't need to. Uh...
Thank you. But why?
You say you want to be rich. Now you are rich.
Goal!
Pamplona manages to score.
Along with the property market and banks experiencing chaos,
only one who refuses sells his short position.
Mark Baum.
So it's very perfect when he is asked to speak
at a conference against Bruce Miller,
investors who are always optimistic.
After him and Mark argue, Alan Greenspan,
one of the architects of the whole crisis is scheduled to speak.
All people in Mark's office were present, he even invited his friends.
This is the match of Ali vs. Foreman in the financial world.
Realistic against the fool.
And if it looks too perfect,
believe me, this really happened.
Welcome everyone. Let's give a warm welcome to
Mr. Bruce Miller and Mark Baum.
Take control of yourself.
So as some of you know, Bear Stearns
just received a loan from JP Morgan.
Of course, we have to wait and see how the market responds,
but it should be able to answer public attention about the health of the bank.
You have no plans to sell
Your stock at Bear of $ 200 million?
No. Maybe, when it's done from here,
I will buy more.
At different points of view, Mr. Baum.
I have to stand up.
Okay, hi.
My firm's research is quite simple.
Wall Street takes a brilliant idea,
mortgage securities from Lewis Ranieri,
and turn it into an atomic bomb
with embezzlement and ignorance
which in its journey damages the world economy.
How do you really feel?
I'm glad you still have a sense of humor.
If you become yourself surely my humor tastes gone.
Anyone who knows me knows that
it doesn't matter to me to say people are wrong if that is the truth.
Bear Stearn refutes rumors of liquidity problems.
Gosh, it's become 39 now!
We live in an era of American embezzlement.
Not only banking, but also in government,
education, religion, food,
even baseball.
What bothers me is not
because darkening is not good or embezzlement is evil.
That's it for 15,000 years
embezzlement and short-term thinking
never works.
- Gosh, Bear in position 37... - Never once.
Finally, people are trapped, not as planned.
Everything falls.
When do we forget about that?
I think we are better than this. I really think so.
And in fact we are no better than that
doesn't make me feel better and better.
That makes me... sad.
Every time I press "refresh" the value decreases.
And fun seeing
Wall Street actors who are arrogant and stupid turned out to be wrong,
and you're wrong, sir,
I know, at the end of the day
ordinary people who will become
victims of all this.
Because it's always like that, always.
Now 32.
This is really crazy.
That's my statement. thanks.
Let's see Deutsche.
Are parties optimistic about having a response?
It's just that, along Wall Street history,
there has never been a bank investment that has fallen
unless it turns out to do criminal activity.
So, really, I insist with Bear Stearns optimism.
Mr. Miller, Sorry. Short question.
Since you two started the conversation,
Bear Stearns stock values have dropped by more than 38%.
Will you still buy more?
Yes, of course, of course I will buy more. Why not?
Boom.
Gosh!
It closes the first part of our presentation.
Next, will be present former chairman of the Central Bank,
Alan Greenspan.
Ladies and gentlemen?
... today employees Lehman Brothers,
along with Wall Street stock that goes down to zero.
The collapse of a fragile New York bank
following the hustle and bustle of market volatility
and fear of the world economy.
I have to look inside.
How do you do it?
Come on.
I leave my cellphone inside. I have already removed my card.
Don't mind if I borrow your card?
I don't care anymore. You can do anything.
Go straight to the transport.
Don't talk to the media.
After 18 years, just asked to leave? Very impressive!
I will talk to anyone I want!
Don't talk to the media.
Go straight to the transport.
Don't talk to...
Hey, listen, you want to eat tonight?
There are, uh, Cuban nuances
just open on the Lower East Side. It should be good.
- Oh, really? - Yeah.
You and me?
Yeah, or someone else.
- Looks like okay. I want. - Yeah.
Finally.
Mark, hey.
Here is a blood flood.
Morgan's stock loses half its value.
Down to 23.10. It's free fall.
Clients want to talk to you about withdrawing their funds.
Now or not at all, Mark. We have to sell.
Mark.
Mark, did you hear?
Mailbox one.
You have 15 messages.
Mike, I can't contact you.
Can you contact me immediately?
This is Jack. Do you buy stock?
The middle market is in a very low _ state. This is crazy!
In my profile it says,
"I'm a medical student with just one eye,
" clumsy social behavior,
"and with loans education of $ 145,000"
He writes back,
"You're the one I'm looking for."
He is truly honest.
So I will be honest.
The housing property crisis symbolizes the biggest financial opportunity...
Making money is not as I thought.
This business kills important parts of life.
Parts that don't exist have to do with business.
For the past 2 years, my feelings...
like eating yourself.
Everyone I respect
no longer want to talk to me
except if you use a lawyer.
People
want authority that allows they judge something...
but they choose that authority not based on facts or results.
They choose it because of power and intimacy.
And I'm not
and never "familiar" at all.
So...
So, I entered the realization phase
that I have to close the funds.
With respect, Michael J. Burry, M.D.
This is not what I imagined.
What do you think we will find?
I don't know.
Grow up.
Mark, are you still there?
Mark?
Paulson and Bernanke have just left the White House.
There will be a bailout.
It should be like that & right?
The market will collapse.
They already know.
Cash won't stop flowing from the ATM.
They must limit it.
They already know the tax payer who will bear it.
They are not stupid. It's just that they don't care.
Yeah. Because they are criminals.
But at least we will see some of them go to prison.
Right? I mean, they have to break up banks.
I mean, the party is over.
I don't know, Vinnie.
I think
in the next few years people will do
what they always do when the economy fails.
They will blame immigrants and poor people.
But Mark is wrong.
In the next few years, hundreds of bankers
and ranking agency officials enter prison.
SEC completely overhauled
And the Board has no other choice but to break up big banks and provide regulations for mortgage and derivative industries.
Just kidding.
The bank takes money from given by Americans and use it to give a big bonus for yourself
and lobby the Council to cancel major reforms.
And then they blame immigrants and the poor.
And this time, even the teacher.
And when everything is done,
only one banker goes to jail.
This damn bastard.
Kareem Serageldin from Credit Suisse.
He hid a few billion losses in mortgage securities,
something that is mostly done by large banks during a crisis.
Mark, are we selling now?
The funds can generate nearly $ 1 billion.
You will get $ 200 miles clean, Mark.
After we sell,
we will be the same as them.
You know that.
No. In this case, we are not bad people.
We don't deceive the American people and prey on their dreams
to own a house. Okay?
Those who do it.
And now we will beat them.
One billion dollars.
Right.
But we must close our position or we can lose.
Now or not at all, Mark.
OK.
Sell everything.
When all the riots are over, 5 trillion dollars in pensions, real
estate, 401k retirement plan, savings and securities are lost.
8 million people lose jobs, 6 million lose
place of residence. And that's only in America.
Mark Baum's wife, Synthia, says after the collapse of Mark becomes
people are friendly and never say "have lost" to anyone.
Danny, Vinnie and Porter are still running their business
in Manhattan... the Nobu restaurant.
Charlie Geller and Jamie Shipley try to sue the rating agent
but laughed at by all legal counsel offices.
Jamie still runs Brownfield but Charlie leaves New
York to live with Charlotte and build a family.
Ben Rickert is currently living with his wife on large plantations. They have lots of seeds.
Michael Burry several times contact the government
hope someone wants to interview him to find out
how can he first know the system will
collapsed for years before compared to others
No one has returned their wishes. However he was audited four times and questioned by the FBI.
The small investment that is still done is one commodity: AIR.
In 2015, several large banks began selling
billions of products called "Opportunity Tranche Inden"
According to Bloomberg News, is just another term from CDO.
Translated by: www.subtitlecinema.com