Prática de Shadowing: Margin Call - "Sell it all. Today." 👆🤘👆 - Aprenda a falar inglês com vídeo

Please sit down.

Welcome, everyone.

I must apologize for dragging you all here 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 addressed weeks ago.

But that is spilt milk under the bridge.

So, why doesn't somebody tell me what they think is going on here?

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

Jared, 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 can show you of that.

Well, um...

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 care boys what is the nature of the problem.

Okay, uh...

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.

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.

I'm sorry, 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. Lennon.

Sit down.

What I'm guessing your report here says, and 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 are saying this has already happened?

Sort of.

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

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

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.

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.

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. And standing here tonight...

I'm afraid that I don't hear a thing.

Just...

silence.

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

Mr. Cohen, 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?

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

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

Be first, be smarter, or cheat.

Now, I don't cheat.

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.

Sell it all today.

Is that even possible, Sam?

Yes, but at what cost?

I'll have to pay.

Really?

I think so.

Where is this gonna come back to us?

Everywhere.

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

If I made you, how would you do this?

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

So you're gonna have to throw them a bone and a pretty big one.

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

No swaps, no nothing.

40 % done by 10 .15.

By 11 o 'clock, all your trades have to be gone because by lunchtime, word's going to be out and by 2 o 'clock, you're going to be selling at 65 cents on the dollar if you're lucky.

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

Ramesh.

They can slow you down.

They can't stop you.

100

It's yours to sell.

101

But, John, even if we manage to pull that off, and that's saying something, the real question is,

102

who are we selling this to?

103

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

104

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

105

It's over.

106

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

107

We are selling to willing buyers at the current fair market price so that we may survive.

108

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

109

I understand. Do you? Do you?

110

This is it.

111

I'm telling you, this is it.

112

Now it's four o 'clock.

113

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

114

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

115

Eric Dale. And where is he?

116

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

117

We have been trying to locate him.

118

Carmelo.

119

Yes.

120

Get me Eric Dale here by six, then.

121

It's done.

122

We meet back here in an hour.

123

Sam, let's talk.

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O que é a Técnica de Shadowing?