تدريب Shadowing: Margin Call 2011 Senior Partners Emergency Meeting HD 1080p - تعلم التحدث بالإنجليزية عبر الفيديو

- - Thank you.

Thank you.

Please, sit down.

Thank you.

Welcome, everyone.

I must apologize for dragging you all here to such an uncommon hour.

But from what I've been told, this matter needs to be dealt with urgently.

So urgently, in fact, probably should have been dressed weeks ago.

That is spilt milk under the bridge. So.

Why doesn't somebody tell me what they think is going on here?

Mr. Told, as I mentioned earlier, If you compare the figure at the top of page 13...

-Jerry, it's a little early for all that.

Just speak to me in plain English.

Okay.

In fact, I'd like to speak to the guy who put this together.

Mr. Sullivan, is it?

Does he speak English?

Sir?

I'd like to speak with the analyst who seems to stumble across this mess.

Certainly.

That would be Peter Sullivan, right here.

Oh, Mr. Sullivan, you're here.

Good morning.

Maybe you could tell me what you think is going on here.

And please, speak as you might to a young child.

or a golden retriever.

It wasn't brains that got me here, I'm sure you of that.

Well-- Sir, as you may or may not know,

I work here for Mr. Rogers as an associate in the Risk Assessment and Management Office at MBS.

Please.

Just relax, stand up, tell us the clear voice.

What is the nature of the problem?

Thank you.

OK.

Well, as you probably know, over the last 36 to 40 months,

the firm has begun packaging new MBS products that Combine several different tranches of rating classification in one, tradable security.

uh, This has been enormously profitable, as I imagine.

You noticed?

I have.

Well, the firm is currently doing a considerable amount of this business every day.

Now the problem which is, I guess, why we are here tonight is that it takes us, the firm, About a month.

to layer these products correctly, thereby posing a challenge from a risk management standpoint.

And so that challenge is, well, we have to hold these assets on our books longer than we might ideally like to.

Yes.

But the key factor here is these are essentially just mortgages, so that has allowed us to push the leverage considerably beyond what you might be willing or allowed to do

in any other circumstance, thereby pushing the risk profile without raising any red flags.

- Now, thank you, Mr. Anderson.

Sit down.

What I'm guessing your report here says...

Give me some rope here.

What I'm guessing it says is that Considering the, shall we say, bumpy road we've been on the last week or so,

that the figures your brilliant co -workers up the line ahead of you have come up with don't make much sense anymore.

considering what's taking place today.

Actually not what's taking place today, but what's already taken place over the last two weeks.

So you're saying, This has already happened.

Sort of.

Thank you.

And Mr. Sullivan, what does your model say that that means?

for us here.

Well, that's where it becomes a projection. But, um...

You're speaking with me, Mr. Sullivan.

Well, sir, if those assets decrease by just 25 % and remain on our books.

that loss would be greater than the current market capitalization of this entire company.

Thank you.

So, what you're telling me...

is that The music is about to stop.

And we're going to be left holding the biggest bag of odorous excrement.

ever assembled in the history of...

capitalism.

Sir, I'm not sure that I would-- put it that way, but let me clarify Using your analogy, What this model shows?

is the music, so to speak, Just slowing.

Thank you.

If the music were to stop, as you put it, then this model wouldn't be even close.

to that scenario, it would be considerably worse.

Let me tell you something, Mr. Sullivan.

- Do you care to know why I'm in this chair with you all.

I mean, why I earn the big bucks.

Yes.

I'm here for one reason and one reason alone.

I'm here to guess what the music might do a week, a month.

a year from now.

That's it.

Nothing more.

Thank you.

I'm standing here tonight I'm afraid that I don't...

here A...

thing.

Just...

Silence.

- Thanks.

Thank you.

So, Now that we know the music has stopped, what can we do about it?

Mr. Cole.

Ms. Robertson.

I'm afraid I think this is where you're supposed to step back in.

Lord knows we've relied enough on Mr. Sullivan tonight.

What do you have for us?

100

Thank you.

101

What have I told you since the first day you stepped into my office?

102

There are three ways to make a living in this business. Be first.

103

Bismarra. or cheat.

104

Now, I don't cheat.

105

Thank you.

106

And although I like to think we have some pretty smart people in this building, It sure is a hell of a lot easier to just be first.

107

sell it all today.

108

Is that even possible, Sam?

109

Yes, but at what cost?

110

I'll have to pay.

111

Really?

112

I think so.

113

Where is this gonna come back to us?

114

everywhere.

115

Sam, I don't think you seem to understand what your boy here has just said.

116

If I made you, How would you do this?

117

Thank you.

118

Thank you.

119

- Uh.

120

- Thank you.

121

Well, you call the traders in for the normal 6 :30 meeting, and you be honest with them, because they're going to know it's the end either way.

122

So you're going to have to throw him a bone and a pretty big one.

123

and then you've got to come out of the gate storming.

124

No swaps, no nothing.

125

40 % done by 10 :15.

126

By 11 o 'clock, all your trades have to be gone, because by lunchtime, word's going to be out.

127

and by 2 o 'clock you're gonna be selling at 65 cents on the dollar if you're lucky.

128

and then the feds are going to be in here up your ass trying to slow you down.

129

Ramesh.

130

They can slow you down.

131

I can't stop you.

132

It's yours to sell.

133

- Yeah, but John, even if we managed to pull that off and that's saying something.

134

The real question is, Who are we selling this to?

135

Same people we've been selling it to for the last two years, and whoever else will buy it.

136

But John, if you do this, you will kill the market for years.

137

It's over.

138

and you're selling something that you know has no value.

139

We are selling to willing buyers at the current fair market price.

140

so that we may survive.

141

You will never sell anything to any of those people ever again.

142

I understand. Do you? Do you?

143

This is it.

144

I'm telling you, this is it.

145

Okay.

146

Thank you.

147

Now it's four o 'clock.

148

Jared, you've got till five to break this down and draw me up a plan.

149

Is there anybody else who knows what's in here at the moment, block by block?

150

Eric Dale. And where is he?

151

As of today, he's no longer with the firm.

152

We have been trying to locate it.

153

Carmelo, get me Eric Dale here by 6 :30.

154

It's done.

155

We meet back here in an hour.

156

Sam, let's talk.

157

Thank you.

158

- I'm sorry.

159

Okay.

160

Thank you.

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تدريب Shadowing: Margin Call 2011 Senior Partners Emergency Meeting HD 1080p - تعلم التحدث بالإنجليزية عبر الفيديو

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