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These are the user uploaded subtitles that are being translated: 1 00:00:12,000 --> 00:00:13,239 ♪ (ENERGETIC DREAMY MUSIC PLAYING) ♪ 2 00:00:13,240 --> 00:00:15,879 You know, people mistake their needs being satisfied 3 00:00:15,880 --> 00:00:16,999 for freedom, 4 00:00:17,000 --> 00:00:19,359 but when it drinks this well, who are we to argue? 5 00:00:19,360 --> 00:00:21,879 HILARY WYNDHAM: How did you know I was a Lagavulin man? 6 00:00:21,880 --> 00:00:24,119 I just wish you'd sent a revolver instead. 7 00:00:24,120 --> 00:00:25,759 Oh, well, you're going to get that next week. 8 00:00:25,760 --> 00:00:27,479 You can quote SternTao's view, 9 00:00:27,480 --> 00:00:28,839 "The shares are trading above fair value 10 00:00:28,840 --> 00:00:29,839 and stand to correct." 11 00:00:29,840 --> 00:00:31,319 JIM DYCKER: I have more valuable sources 12 00:00:31,320 --> 00:00:33,199 than a barely nascent fund to quote, 13 00:00:33,200 --> 00:00:34,879 especially as you're yet to give me anything 14 00:00:34,880 --> 00:00:37,999 more material on Tender other than what I already have. 15 00:00:38,000 --> 00:00:39,719 Look, I think they're processing porn 16 00:00:39,720 --> 00:00:41,319 and gambling payments in jurisdictions 17 00:00:41,320 --> 00:00:43,639 where it's illegal and using third-party acquisitions 18 00:00:43,640 --> 00:00:45,719 to wash them, even though Halberstram has mooted 19 00:00:45,720 --> 00:00:47,359 that he may wind up those income sources. 20 00:00:47,360 --> 00:00:48,679 Well, shit. 21 00:00:48,680 --> 00:00:50,319 I will give you a quote. 22 00:00:50,320 --> 00:00:52,239 "SternTao are actively pursuing Tender 23 00:00:52,240 --> 00:00:54,599 as a potential short, among other positions." 24 00:00:54,600 --> 00:00:56,399 Yeah, my article isn't a cotillion 25 00:00:56,400 --> 00:00:57,479 for your new venture. 26 00:00:57,480 --> 00:00:59,399 Are you calling Tender fraudulent or not? 27 00:00:59,400 --> 00:01:02,039 I mean, I don't think I'll get the F-word past my editor. 28 00:01:02,040 --> 00:01:04,039 HARPER STERN: Is there a not insignificant chance 29 00:01:04,040 --> 00:01:06,679 that your piece gets gutted or squashed by legal? 30 00:01:06,680 --> 00:01:08,239 No. The worst-case scenario is 31 00:01:08,240 --> 00:01:09,959 the more alarmist language is sanded down. 32 00:01:09,960 --> 00:01:11,999 I view it as the first in a potential series. 33 00:01:12,000 --> 00:01:14,239 I'm trying to get financial sign-off from my editor 34 00:01:14,240 --> 00:01:16,080 for underground reconnaissance further afield. 35 00:01:16,520 --> 00:01:17,959 Can I be blunt? 36 00:01:17,960 --> 00:01:19,599 Are you short Tender in a personal account? 37 00:01:19,600 --> 00:01:20,799 Excuse me? 38 00:01:20,800 --> 00:01:22,239 Do you stand to gain financially 39 00:01:22,240 --> 00:01:23,839 by speaking negatively about them? 40 00:01:23,840 --> 00:01:26,479 I saw your piece about getting fleeced in FTX. 41 00:01:26,480 --> 00:01:28,079 I'd understand if you were... 42 00:01:28,080 --> 00:01:29,719 looking for shortcuts to rebuild your life. 43 00:01:29,720 --> 00:01:31,239 You know what? I am rebuilding my life. 44 00:01:31,240 --> 00:01:32,839 Through my honest work. All right? 45 00:01:32,840 --> 00:01:34,679 Certainly not by being naive enough to go back 46 00:01:34,680 --> 00:01:35,839 to the thing that burned me. 47 00:01:35,840 --> 00:01:38,359 I don't even have an active trading account anymore. 48 00:01:38,360 --> 00:01:39,719 Doesn't sound like you're on your way 49 00:01:39,720 --> 00:01:41,079 to our new investor breakfast. 50 00:01:41,080 --> 00:01:43,279 HILARY: Eric, I would have been excited 51 00:01:43,280 --> 00:01:45,239 to have come and listened to you and... 52 00:01:45,240 --> 00:01:46,879 - ERIC TAO: Harper. - (GASPS MOCKINGLY) 53 00:01:46,880 --> 00:01:49,279 Ah, unforgettably forgettable memories 54 00:01:49,280 --> 00:01:50,919 from the Pierpoint killing floor. 55 00:01:50,920 --> 00:01:53,599 ERIC: Well, we're calling ourselves "SternTao." 56 00:01:53,600 --> 00:01:55,079 Between you and me, 57 00:01:55,080 --> 00:01:57,559 the short only fund is a little high-risk for us 58 00:01:57,560 --> 00:01:59,239 at the Railway Pension Scheme. 59 00:01:59,240 --> 00:02:00,639 Well, if there's any more protein 60 00:02:00,640 --> 00:02:02,359 on the illegal payments laundering thesis, 61 00:02:02,360 --> 00:02:03,599 - I want it. - JIM: Yeah, you know, 62 00:02:03,600 --> 00:02:05,119 this isn't how this relationship works. 63 00:02:05,120 --> 00:02:06,879 FINDIGEST STAFF 1: Yeah, stop calling it "click-bait" 64 00:02:06,880 --> 00:02:08,079 and call it "curiosity gathering." 65 00:02:08,080 --> 00:02:09,239 Hello? 66 00:02:09,240 --> 00:02:11,279 ERIC: I hope your son gets your money's worth at Yale, 67 00:02:11,280 --> 00:02:12,399 and don't worry, 68 00:02:12,400 --> 00:02:13,760 he'll come back to you eventually. 69 00:02:14,480 --> 00:02:16,039 Do you really believe that? 70 00:02:16,040 --> 00:02:17,240 For a loan, yeah. 71 00:02:18,000 --> 00:02:19,079 ♪ (MUSIC FADES) ♪ 72 00:02:19,080 --> 00:02:21,119 Just trying to find common ground with the guy. 73 00:02:21,120 --> 00:02:23,120 What is this, the Deadbeat Dads Club? 74 00:02:25,400 --> 00:02:27,159 I think this might be too intimate a space 75 00:02:27,160 --> 00:02:28,440 to be working together. 76 00:02:29,360 --> 00:02:30,919 ERIC: Who were you on the phone to? 77 00:02:30,920 --> 00:02:34,079 ♪ (INTRIGUING SYNTH MUSIC PLAYING) ♪ 78 00:02:34,080 --> 00:02:37,239 The Railway Pension scheme was long odds anyway. 79 00:02:37,240 --> 00:02:39,879 They don't have that kind of appetite for risk. 80 00:02:39,880 --> 00:02:43,239 The composition of our audience who've confirmed for breakfast... 81 00:02:43,240 --> 00:02:46,799 family offices, high-net worth individuals. 82 00:02:46,800 --> 00:02:47,880 Dumb money? 83 00:02:49,240 --> 00:02:50,479 You lead us off. 84 00:02:50,480 --> 00:02:52,520 I'll fill in the gaps. 85 00:02:53,040 --> 00:02:54,120 Okay. 86 00:02:56,880 --> 00:02:58,039 (HENRY MUCK CHUCKLES) 87 00:02:58,040 --> 00:02:59,560 ♪ (INTRIGUING MUSIC CONTINUES) ♪ 88 00:03:02,560 --> 00:03:04,959 When you fuck my mouth with your tongue like that, 89 00:03:04,960 --> 00:03:06,480 I know I've got you back. 90 00:03:08,080 --> 00:03:09,319 - (SOFT KNOCKING) - HAYLEY CLAY: Sorry. 91 00:03:09,320 --> 00:03:12,319 I just wanted to tell you that Jennifer Bevan's here. 92 00:03:12,320 --> 00:03:13,439 Your 9:00 a.m. 93 00:03:13,440 --> 00:03:15,239 Great. 94 00:03:15,240 --> 00:03:16,760 - Thanks, Hayley. - HAYLEY CLAY: Yeah. 95 00:03:17,920 --> 00:03:19,040 (YASMIN KARA-HANANI CHUCKLES) 96 00:03:19,760 --> 00:03:21,399 You can't talk like that in here. 97 00:03:21,400 --> 00:03:22,399 I can. 98 00:03:22,400 --> 00:03:23,520 And I will. 99 00:03:24,360 --> 00:03:25,719 Now, you need to focus 100 00:03:25,720 --> 00:03:28,119 on the societal benefit angle of the app, 101 00:03:28,120 --> 00:03:29,439 financial well-being. 102 00:03:29,440 --> 00:03:32,199 But I also think that we should really use this time with Bevan 103 00:03:32,200 --> 00:03:35,759 to highlight the Muck Renaissance, you know? 104 00:03:35,760 --> 00:03:37,319 Just as much as you feel comfortable with. 105 00:03:37,320 --> 00:03:39,319 Men shouldn't feel a stigma when talking 106 00:03:39,320 --> 00:03:40,999 about their mental health, that kind of thing. 107 00:03:41,000 --> 00:03:43,120 Yeah, won't she... Won't she see through me, I don't know... 108 00:03:43,640 --> 00:03:45,119 weaponizing my trauma? 109 00:03:45,120 --> 00:03:48,359 But, Henry, narrative is important. 110 00:03:48,360 --> 00:03:50,439 People are gonna narrativize this for you, 111 00:03:50,440 --> 00:03:52,040 so you might as well control it. 112 00:03:53,080 --> 00:03:56,119 She saw you at your worst. 113 00:03:56,120 --> 00:03:57,679 She's gonna be feeding back to government. 114 00:03:57,680 --> 00:03:59,679 We just need to build her trust in you. 115 00:03:59,680 --> 00:04:01,319 HENRY: Yeah, Whitney and the Tender board trust me, 116 00:04:01,320 --> 00:04:02,439 that's what matters. 117 00:04:02,440 --> 00:04:04,319 I mean, they made me CEO for fuck's sake, 118 00:04:04,320 --> 00:04:05,959 but th... this isn't about me. 119 00:04:05,960 --> 00:04:07,799 This is about the details of the company, 120 00:04:07,800 --> 00:04:09,559 and... and in the immediacy, 121 00:04:09,560 --> 00:04:11,479 it's about getting the IBN Bauer merger 122 00:04:11,480 --> 00:04:12,799 over the line with the regulator. 123 00:04:12,800 --> 00:04:15,519 No, no, look, if I make it too personal, I'll... 124 00:04:15,520 --> 00:04:17,479 I'll just put my fucking foot in my mouth. 125 00:04:17,480 --> 00:04:18,959 - (EXHALES SHAKILY) - Darling... 126 00:04:18,960 --> 00:04:20,239 ♪ (DREAMY MUSIC PLAYING) ♪ 127 00:04:20,240 --> 00:04:21,600 ...you are the company. 128 00:04:22,960 --> 00:04:24,240 You're the head and the heart. 129 00:04:25,280 --> 00:04:26,560 It's all about you. 130 00:04:30,280 --> 00:04:32,359 I'd be dead without you, you know that? 131 00:04:32,360 --> 00:04:33,599 (YASMIN CHUCKLES) 132 00:04:33,600 --> 00:04:35,600 ♪ (MUSIC SWELLS) ♪ 133 00:04:37,640 --> 00:04:39,039 - Ready? - Yeah. 134 00:04:39,040 --> 00:04:40,160 Yeah. 135 00:04:42,680 --> 00:04:43,759 ♪ (MUSIC FADES) ♪ 136 00:04:43,760 --> 00:04:46,399 Tender's ambitions predate me. 137 00:04:46,400 --> 00:04:48,759 I never made any attempt to, um... 138 00:04:48,760 --> 00:04:51,439 to cover up my failure at Lumi, 139 00:04:51,440 --> 00:04:54,639 nor have I oversold my successful, 140 00:04:54,640 --> 00:04:57,639 if, uh, short-lived, political career. 141 00:04:57,640 --> 00:04:59,319 These are the vicissitudes of life 142 00:04:59,320 --> 00:05:00,839 in the arena as I see it. 143 00:05:00,840 --> 00:05:03,479 And Jennifer, you and Henry are on the same page. 144 00:05:03,480 --> 00:05:04,639 I mean, you surely know 145 00:05:04,640 --> 00:05:06,359 what it's like to live in the firing line 146 00:05:06,360 --> 00:05:08,999 simply because you care enough to be engaged. 147 00:05:09,000 --> 00:05:10,439 HENRY: Yeah, you know what? Um... 148 00:05:10,440 --> 00:05:12,319 (INDISTINCT CHATTER) 149 00:05:12,320 --> 00:05:13,999 If you want to talk about me, let's, uh... 150 00:05:14,000 --> 00:05:16,519 (CLEARS THROAT) ...let's talk about me. 151 00:05:16,520 --> 00:05:19,519 I could talk about my profound struggles 152 00:05:19,520 --> 00:05:22,999 with mental health, uh, my family's barbaric history. 153 00:05:23,000 --> 00:05:24,199 I could talk about the fact 154 00:05:24,200 --> 00:05:27,839 I most likely wouldn't be sat here if my wife... 155 00:05:27,840 --> 00:05:29,759 hadn't have pulled me out of a pretty dark hole 156 00:05:29,760 --> 00:05:31,479 after the election. 157 00:05:31,480 --> 00:05:34,759 But your party consistently voted to underfund access 158 00:05:34,760 --> 00:05:36,079 to mental health on the NHS. 159 00:05:36,080 --> 00:05:37,839 Yeah, and if you check my record, 160 00:05:37,840 --> 00:05:40,399 you'll see that I defied a three-line whip 161 00:05:40,400 --> 00:05:42,040 to oppose that legislation. 162 00:05:43,040 --> 00:05:46,239 Jenni, you saw the worst of it. 163 00:05:46,240 --> 00:05:47,639 HENRY: Yeah, look, um... 164 00:05:47,640 --> 00:05:50,119 (INDISTINCT CHATTER) 165 00:05:50,120 --> 00:05:51,719 I had to be told 166 00:05:51,720 --> 00:05:54,839 how appalling I was to you, and I have never felt 167 00:05:54,840 --> 00:05:56,000 - such shame... - Henry. 168 00:05:57,000 --> 00:05:58,720 Your letter said it all. 169 00:05:59,320 --> 00:06:00,439 I know the cycles. 170 00:06:00,440 --> 00:06:02,679 My brother also had issues with alcohol. 171 00:06:02,680 --> 00:06:03,840 It's day by day. 172 00:06:04,600 --> 00:06:05,640 Yeah. 173 00:06:06,720 --> 00:06:09,199 Anyway, uh... I want to make 174 00:06:09,200 --> 00:06:10,879 your voters' lives a little easier, 175 00:06:10,880 --> 00:06:13,400 and a banking license will allow Tender to do just that. 176 00:06:14,320 --> 00:06:16,639 First, you need to let us buy this bank. 177 00:06:16,640 --> 00:06:17,999 ♪ (PENSIVE DREAMY MUSIC PLAYING) ♪ 178 00:06:18,000 --> 00:06:20,359 The business secretary is going to reason 179 00:06:20,360 --> 00:06:22,679 that Tender's merger with a European bank 180 00:06:22,680 --> 00:06:25,359 like IBN Bauer is anti-competitive. 181 00:06:25,360 --> 00:06:27,479 Consolidation of the banking and fintech sectors 182 00:06:27,480 --> 00:06:29,159 across Europe. 183 00:06:29,160 --> 00:06:31,399 Yeah, well, we don't sell it to Lisa like that. 184 00:06:31,400 --> 00:06:33,439 We sell it to her and the regulator 185 00:06:33,440 --> 00:06:35,999 as the consumer being given a fresh choice, 186 00:06:36,000 --> 00:06:38,439 away from fossilized institutions, 187 00:06:38,440 --> 00:06:42,799 and maybe even an opportunity for a post-Brexit relationship 188 00:06:42,800 --> 00:06:44,359 with the European banking sector. 189 00:06:44,360 --> 00:06:45,559 We don't talk about Brexit. 190 00:06:45,560 --> 00:06:46,999 Yeah, look, nobody believes 191 00:06:47,000 --> 00:06:49,119 we can be the next Silicon Valley. 192 00:06:49,120 --> 00:06:51,399 Nobody believes that we can attract 193 00:06:51,400 --> 00:06:54,279 that kind of direct foreign investment 194 00:06:54,280 --> 00:06:57,039 because of your government's over-regulation. 195 00:06:57,040 --> 00:07:00,519 Every day for the past month, I've walked these floors, 196 00:07:00,520 --> 00:07:04,559 and working with our team, I have never felt more strongly 197 00:07:04,560 --> 00:07:06,119 that this is our chance 198 00:07:06,120 --> 00:07:09,120 to be a genuine leader in a new frontier. 199 00:07:09,640 --> 00:07:11,919 You guys can own it. 200 00:07:11,920 --> 00:07:14,639 Let Tender help you help the government. 201 00:07:14,640 --> 00:07:15,880 Push through the merger. 202 00:07:18,360 --> 00:07:20,999 We're 100 percent net short. 203 00:07:21,000 --> 00:07:24,919 Fads, secular losers, five to ten core shorts 204 00:07:24,920 --> 00:07:27,999 with smaller satellite positions and sector overlay. 205 00:07:28,000 --> 00:07:29,199 Running that concentrated, 206 00:07:29,200 --> 00:07:30,959 you could get taken out by one position. 207 00:07:30,960 --> 00:07:32,559 MICHAEL ABBOTT: The market's way too volatile 208 00:07:32,560 --> 00:07:35,399 to be taking a large short-directional bet. Bonkers. 209 00:07:35,400 --> 00:07:36,999 Short-only, you've essentially given up 210 00:07:37,000 --> 00:07:38,719 before you've even started. 211 00:07:38,720 --> 00:07:40,360 HARPER: You want differentiation. 212 00:07:41,320 --> 00:07:43,359 You see a market that only goes up. 213 00:07:43,360 --> 00:07:46,439 We see a target-rich environment. 214 00:07:46,440 --> 00:07:48,559 The family offices that you invest for, 215 00:07:48,560 --> 00:07:50,679 the clients that you represent, 216 00:07:50,680 --> 00:07:53,479 demand an uncorrelated return profile. 217 00:07:53,480 --> 00:07:56,039 High risk, high reward. 218 00:07:56,040 --> 00:07:58,439 ERIC: I've worked with Harper for many years. 219 00:07:58,440 --> 00:08:02,559 That's a bone-deep moneymaker. 220 00:08:02,560 --> 00:08:05,199 I know her as the woman who petulantly gated her fund. 221 00:08:05,200 --> 00:08:06,320 (UTENSIL CLINKS SOFTLY) 222 00:08:07,560 --> 00:08:09,919 Or the woman who orchestrated her freedom 223 00:08:09,920 --> 00:08:12,479 so she could be stood in front of you today. 224 00:08:12,480 --> 00:08:14,760 INVESTOR 1: Tell me SternTao isn't just two people. 225 00:08:15,280 --> 00:08:16,439 Where's the team? 226 00:08:16,440 --> 00:08:18,199 Who's your trader? 227 00:08:18,200 --> 00:08:22,119 PIERRE WOMACK: In truth, I feel a little disappointed. 228 00:08:22,120 --> 00:08:24,799 I was very excited to meet you both, but... 229 00:08:24,800 --> 00:08:26,320 (BREATHES DEEPLY) 230 00:08:27,160 --> 00:08:29,399 ...you've either got a short that puts 231 00:08:29,400 --> 00:08:31,880 the cat inside the pigeon, or you don't. 232 00:08:34,280 --> 00:08:35,960 Who says I don't have that idea? 233 00:08:38,600 --> 00:08:40,760 Eric didn't misspeak about secular losers. 234 00:08:41,520 --> 00:08:44,239 Broken business models? Okay. 235 00:08:44,240 --> 00:08:47,559 Slightly sketchy management teams? Fine. 236 00:08:47,560 --> 00:08:48,799 ♪ (INTRIGUING DREAMY MUSIC PLAYING) ♪ 237 00:08:48,800 --> 00:08:51,359 But my real passion lies 238 00:08:51,360 --> 00:08:53,480 with finding dead men walking. 239 00:08:54,640 --> 00:08:57,479 Where the base case is a total reevaluation 240 00:08:57,480 --> 00:08:59,560 and a re-rating of the equity story. 241 00:09:03,040 --> 00:09:04,640 We have our eyes on Tender. 242 00:09:06,320 --> 00:09:08,920 ♪ (MUSIC TURNS TENSE) ♪ 243 00:09:14,520 --> 00:09:17,879 AVA ANAND: The market is treating that as a growth stock. 244 00:09:17,880 --> 00:09:19,919 What exactly is your thesis? 245 00:09:19,920 --> 00:09:23,159 We have fundamental misgivings about their core offering. 246 00:09:23,160 --> 00:09:26,239 PIERRE: Too high risk for such a generalized, 247 00:09:26,240 --> 00:09:28,599 detail-poor take. 248 00:09:28,600 --> 00:09:29,999 HARPER: Pierre... (CHUCKLES) 249 00:09:30,000 --> 00:09:32,079 ...anyone who wants to place money with us 250 00:09:32,080 --> 00:09:34,719 will have full access to our researched view 251 00:09:34,720 --> 00:09:38,480 above and beyond cursory remarks at an introductory breakfast. 252 00:09:40,640 --> 00:09:41,720 (CHUCKLES SOFTLY) 253 00:09:42,800 --> 00:09:44,559 FERDINAND SCHWARZWALD On our IBN Bauer merger, 254 00:09:44,560 --> 00:09:47,199 the Prudential Regulation Authority dragging their heels 255 00:09:47,200 --> 00:09:49,039 has allowed a quiet noise in Vienna 256 00:09:49,040 --> 00:09:51,159 - to develop into a bit of a din. - ♪ (TENSE MUSIC CONTINUES) ♪ 257 00:09:51,160 --> 00:09:53,159 FERDINAND: Given the family voted in favor of the merger, 258 00:09:53,160 --> 00:09:55,239 I thought this was a non-issue 259 00:09:55,240 --> 00:09:57,639 I could handle personally without it reaching you. 260 00:09:57,640 --> 00:10:00,839 But the Bauer family still represents two board seats. 261 00:10:00,840 --> 00:10:03,079 Moritz and his mother have been audibly re-litigating 262 00:10:03,080 --> 00:10:06,119 the concerns they raised when we were negotiating. 263 00:10:06,120 --> 00:10:08,719 They've now asked for a sit-down with your executive team. 264 00:10:08,720 --> 00:10:10,079 His opposition is immaterial. 265 00:10:10,080 --> 00:10:11,679 There was a majority vote. 266 00:10:11,680 --> 00:10:14,599 Moritz and his mother voted to sell their family bank. 267 00:10:14,600 --> 00:10:16,639 It's a legacy board seat. They're paid to have no issues. 268 00:10:16,640 --> 00:10:17,959 They're paid to shut the fuck up. 269 00:10:17,960 --> 00:10:20,079 Yeah, we can't strike such a hostile tone. 270 00:10:20,080 --> 00:10:21,519 We have to act quickly here. 271 00:10:21,520 --> 00:10:23,199 The meeting with the regulator is tomorrow, 272 00:10:23,200 --> 00:10:24,759 and we need that banking license. 273 00:10:24,760 --> 00:10:25,759 Bevan's in hand, 274 00:10:25,760 --> 00:10:27,519 but Dearn will be a harder nut to crack. 275 00:10:27,520 --> 00:10:29,159 But this is all for the fucking birds 276 00:10:29,160 --> 00:10:31,399 unless IBN Bauer follow through and sell. 277 00:10:31,400 --> 00:10:33,159 Who's the agitator? The son or the mother? 278 00:10:33,160 --> 00:10:35,679 FERDINAND: The son. Moritz's issue is security. 279 00:10:35,680 --> 00:10:37,679 Says he fears the data 280 00:10:37,680 --> 00:10:40,119 of IBN's banking clients being targeted, harvested, 281 00:10:40,120 --> 00:10:41,239 what have you, post-merger. 282 00:10:41,240 --> 00:10:42,559 LOUISA STÖCKL: Uh, it's ludicrous. 283 00:10:42,560 --> 00:10:44,679 Our anti-fraud systems are state of the art, 284 00:10:44,680 --> 00:10:46,759 and they're an antiquated Austrian bank. 285 00:10:46,760 --> 00:10:48,959 Didn't the Bauers finance the Reich? 286 00:10:48,960 --> 00:10:50,559 It's a bit late to be growing a conscience 287 00:10:50,560 --> 00:10:52,799 on GDPR issues in 2026. 288 00:10:52,800 --> 00:10:54,719 They've given huge financial support 289 00:10:54,720 --> 00:10:57,279 to Shoah survivors. Tens of millions. 290 00:10:57,280 --> 00:10:59,119 No varnish. My reading, 291 00:10:59,120 --> 00:11:01,359 this guy is an Alpine fuckboy with an outsized sense 292 00:11:01,360 --> 00:11:03,319 of his own relevance and recourse. 293 00:11:03,320 --> 00:11:07,199 Sorry to add my voice here, but in my experience, 294 00:11:07,200 --> 00:11:10,559 testy family members respond well to a bit of face time. 295 00:11:10,560 --> 00:11:11,999 You know, an ego massage. 296 00:11:12,000 --> 00:11:13,279 Exactly. 297 00:11:13,280 --> 00:11:15,999 Support scaffold for delusions of his own grandeur. 298 00:11:16,000 --> 00:11:17,479 Working title for my biographer. 299 00:11:17,480 --> 00:11:19,359 - (BOTH CHUCKLE) - (SCATTERED CHUCKLING) 300 00:11:19,360 --> 00:11:21,119 HENRY: Uh, in all seriousness, 301 00:11:21,120 --> 00:11:23,599 we can't risk postponement, or God forbid, 302 00:11:23,600 --> 00:11:26,199 pay the termination fees if this thing falls apart. 303 00:11:26,200 --> 00:11:29,159 I think if they've asked, we should all go. 304 00:11:29,160 --> 00:11:31,559 You know? Multiple faces will make him feel 305 00:11:31,560 --> 00:11:33,119 important and heard. 306 00:11:33,120 --> 00:11:35,239 Lend him our ears. Pretend we're listening. 307 00:11:35,240 --> 00:11:37,719 Come back, deal with the regulator. 308 00:11:37,720 --> 00:11:40,079 - ROBIN WILLIAMSON: Henry, I... - No, no, no... No. 309 00:11:40,080 --> 00:11:41,600 It's his executive decision. 310 00:11:42,800 --> 00:11:44,279 Sorry, I don't mean to be too direct, 311 00:11:44,280 --> 00:11:47,799 but in what capacity are you in this room exactly? 312 00:11:47,800 --> 00:11:50,799 Oh, um, she's a paid consultant, 313 00:11:50,800 --> 00:11:53,080 and, uh... and we need her here. 314 00:11:55,040 --> 00:11:57,040 (INHALES, CHUCKLES) 315 00:12:03,240 --> 00:12:04,759 ♪ (MUSIC FADES) ♪ 316 00:12:04,760 --> 00:12:08,199 That Tender idea, was that just... contrarianism, 317 00:12:08,200 --> 00:12:10,240 or you think there's a there there? 318 00:12:11,360 --> 00:12:12,400 (CUP CLATTERS) 319 00:12:13,920 --> 00:12:15,839 I read that they're in the process of acquiring 320 00:12:15,840 --> 00:12:17,199 an Austrian bank. 321 00:12:17,200 --> 00:12:19,879 I got a tip that there might be more going on 322 00:12:19,880 --> 00:12:20,999 underneath the hood. 323 00:12:21,000 --> 00:12:23,239 What do you mean a fucking tip? 324 00:12:23,240 --> 00:12:25,639 A journalist shared an unpublished hypothesis. 325 00:12:25,640 --> 00:12:28,159 Does he or his employer have enough caché 326 00:12:28,160 --> 00:12:29,799 that the market will care? 327 00:12:29,800 --> 00:12:32,479 Or is he just a self-published scribbler? 328 00:12:32,480 --> 00:12:35,039 No, he works for FinDigest. 329 00:12:35,040 --> 00:12:37,760 Why the fuck is he leaking this stuff piecemeal to you? 330 00:12:38,800 --> 00:12:41,359 The ethical blowback for him could be huge. 331 00:12:41,360 --> 00:12:43,439 HARPER: (SIGHS) He's sending pre-publication questions 332 00:12:43,440 --> 00:12:45,919 to Tender, but I don't know when he's publishing. 333 00:12:45,920 --> 00:12:47,559 How much does a stock re-rate 334 00:12:47,560 --> 00:12:50,039 when a market darling's been proven to be overvalued? 335 00:12:50,040 --> 00:12:52,320 ♪ (SUSPENSEFUL DREAMY MUSIC PLAYING) ♪ 336 00:12:53,040 --> 00:12:54,120 Well... 337 00:12:55,280 --> 00:12:58,439 the operative word there is "proven." 338 00:12:58,440 --> 00:13:00,839 You can't kill a blue chip with a thousand cuts 339 00:13:00,840 --> 00:13:01,880 from some reporter. 340 00:13:02,680 --> 00:13:04,559 Look at Herbalife. 341 00:13:04,560 --> 00:13:06,439 Looks like a pyramid scheme. 342 00:13:06,440 --> 00:13:08,559 Smells like a pyramid scheme. 343 00:13:08,560 --> 00:13:13,039 Ackman intellectually lays out how it functions as one. 344 00:13:13,040 --> 00:13:15,199 Maybe that's the truth. 345 00:13:15,200 --> 00:13:17,719 But what good is the truth? You've got timing. 346 00:13:17,720 --> 00:13:20,399 You got Herbalife's PR machine. 347 00:13:20,400 --> 00:13:23,880 You got Carl Icahn talking up the other side of the trade. 348 00:13:24,920 --> 00:13:26,520 How good a storyteller are you? 349 00:13:27,920 --> 00:13:31,040 And how long can you sustain the story? 350 00:13:32,960 --> 00:13:36,240 Without a smoking gun, you will lose. 351 00:13:37,440 --> 00:13:42,000 Ackman closed out Herbalife, he lost. 352 00:13:45,440 --> 00:13:47,040 So can we prove it? And then... 353 00:13:47,720 --> 00:13:49,880 can we be loud enough? 354 00:13:51,240 --> 00:13:55,359 Short-only work is ugly, hard, investigative. 355 00:13:55,360 --> 00:13:57,040 It's anti-status quo, 356 00:13:58,200 --> 00:13:59,800 anti-establishment... 357 00:14:01,440 --> 00:14:02,880 anti-power. 358 00:14:06,320 --> 00:14:08,280 Which part of that is meant to be a problem for us? 359 00:14:12,520 --> 00:14:13,679 ♪ (MUSIC FADES) ♪ 360 00:14:13,680 --> 00:14:15,439 - No, no, no. Hold on a sec. Whit? - I'm... 361 00:14:15,440 --> 00:14:18,319 HENRY: FinDigest have just sent pre-publication questions. 362 00:14:18,320 --> 00:14:20,439 Who the fuck is this Dycker guy? Where's he getting it from? 363 00:14:20,440 --> 00:14:21,999 WHITNEY HALBERSTRAM: Ah, it's just conjecture. 364 00:14:22,000 --> 00:14:24,559 Yeah, well, he says, "With these figures in mind..." 365 00:14:24,560 --> 00:14:25,919 - Hayley. - "...it cannot be ruled out 366 00:14:25,920 --> 00:14:29,359 that Tender continues to process illicit transactions, 367 00:14:29,360 --> 00:14:32,079 including gambling and pornography payments 368 00:14:32,080 --> 00:14:34,119 through African jurisdictions, 369 00:14:34,120 --> 00:14:36,679 where such services are legal for non-residents." 370 00:14:36,680 --> 00:14:37,919 I mean, is he saying 371 00:14:37,920 --> 00:14:39,879 we're being willfully blind to money laundering, 372 00:14:39,880 --> 00:14:41,359 or is it intentional? Which is it? 373 00:14:41,360 --> 00:14:42,959 All it demonstrates is his incompetence 374 00:14:42,960 --> 00:14:43,999 in reading a balance sheet 375 00:14:44,000 --> 00:14:45,359 with as many moving parts as ours. 376 00:14:45,360 --> 00:14:47,439 We're not giving this guy oxygen. You know why? 377 00:14:47,440 --> 00:14:49,039 More than likely, he's had some rogue, 378 00:14:49,040 --> 00:14:50,279 trumped-up report slipped to him 379 00:14:50,280 --> 00:14:51,399 by some amateur short-seller 380 00:14:51,400 --> 00:14:53,159 looking to make a quick buck day-trading our shares 381 00:14:53,160 --> 00:14:54,599 when this grubby little piece gets airtime. 382 00:14:54,600 --> 00:14:57,560 Yeah, well, how can you be so sure? 383 00:14:58,120 --> 00:14:59,279 I guarantee he's talking 384 00:14:59,280 --> 00:15:00,559 to someone in the hedge fund community. 385 00:15:00,560 --> 00:15:02,279 It happens all the time in the retail space 386 00:15:02,280 --> 00:15:03,719 with celebrated stories. 387 00:15:03,720 --> 00:15:05,679 It's market manipulation, pure and simple. 388 00:15:05,680 --> 00:15:07,319 There's no large institutional short base 389 00:15:07,320 --> 00:15:08,439 for good reason. 390 00:15:08,440 --> 00:15:10,079 Okay, well, what's our response? 391 00:15:10,080 --> 00:15:12,039 LOUISA: Robust legal action, if needs be. 392 00:15:12,040 --> 00:15:13,719 Regardless of their accusation, 393 00:15:13,720 --> 00:15:15,799 I'll draft up an airtight response. 394 00:15:15,800 --> 00:15:18,199 Their in-house legal will be pushing back 395 00:15:18,200 --> 00:15:19,839 on a lot of this pre-publication. 396 00:15:19,840 --> 00:15:21,199 I think we don't engage. 397 00:15:21,200 --> 00:15:23,239 A story like this could threaten the merger. 398 00:15:23,240 --> 00:15:24,879 Moritz doesn't need another rock to throw. 399 00:15:24,880 --> 00:15:26,160 Yasmin, what do you think? 400 00:15:28,880 --> 00:15:31,479 Well, you know, I don't have the qualifications, 401 00:15:31,480 --> 00:15:32,639 but, um, yeah. 402 00:15:32,640 --> 00:15:34,839 I... I'd say, to Whitney's point, 403 00:15:34,840 --> 00:15:37,119 a blanket statement, if they publish. 404 00:15:37,120 --> 00:15:39,279 "The allegations are spurious," et cetera. 405 00:15:39,280 --> 00:15:40,519 WHITNEY: Yeah, leave it there. 406 00:15:40,520 --> 00:15:42,479 If it even sees daylight. 407 00:15:42,480 --> 00:15:43,919 The story ends where we say it ends. 408 00:15:43,920 --> 00:15:45,799 - (ELEVATOR DINGS) - (DOORS WHIRRING OPEN) 409 00:15:45,800 --> 00:15:47,159 Can I talk to you privately, 410 00:15:47,160 --> 00:15:48,279 - quick? - Yeah. Yeah. 411 00:15:48,280 --> 00:15:49,639 - Of course. - HAYLEY: Okay, thank you. 412 00:15:49,640 --> 00:15:50,959 YASMIN: Uh, I... I'll catch up with you. 413 00:15:50,960 --> 00:15:52,439 HENRY: Yeah, meet us at Farnborough, darling. 414 00:15:52,440 --> 00:15:53,999 Plane sets off in two hours. 415 00:15:54,000 --> 00:15:55,120 (ELEVATOR DOORS CLOSE) 416 00:15:57,600 --> 00:15:58,680 Um... 417 00:16:00,400 --> 00:16:01,560 Um... 418 00:16:02,920 --> 00:16:06,080 I have a confession to make. 419 00:16:06,480 --> 00:16:07,519 YASMIN: Mm-hmm. 420 00:16:07,520 --> 00:16:09,559 Well, yeah. Anything you say stays with me. 421 00:16:09,560 --> 00:16:11,560 ♪ (TENSE MUSIC PLAYING) ♪ 422 00:16:12,960 --> 00:16:14,999 I nearly slept with the journalist 423 00:16:15,000 --> 00:16:16,320 asking those questions. 424 00:16:17,720 --> 00:16:22,359 He, like, followed me... like, into a club. 425 00:16:22,360 --> 00:16:26,400 And I think I fell asleep, and I don't... 426 00:16:27,480 --> 00:16:29,119 really remember the play-by-play. 427 00:16:29,120 --> 00:16:31,759 W... Wait, so what, he forced himself on you? 428 00:16:31,760 --> 00:16:32,919 HAYLEY: No. 429 00:16:32,920 --> 00:16:35,359 No, not... not really at all. 430 00:16:35,360 --> 00:16:36,440 I mean... 431 00:16:37,040 --> 00:16:38,840 I was pretty fucked up. 432 00:16:41,760 --> 00:16:42,800 Did you fuck him? 433 00:16:45,640 --> 00:16:47,879 Did you answer any of his questions? 434 00:16:47,880 --> 00:16:48,920 HAYLEY: No. 435 00:16:52,560 --> 00:16:54,279 I hate when men try and take something 436 00:16:54,280 --> 00:16:55,359 that isn't theirs. 437 00:16:55,360 --> 00:16:57,600 (BREATHES DEEPLLY) 438 00:17:06,800 --> 00:17:08,440 (CLEARS THROAT) Well... 439 00:17:09,640 --> 00:17:11,479 thanks for telling me. 440 00:17:11,480 --> 00:17:14,279 I like this transparency, and of course, I, um, 441 00:17:14,280 --> 00:17:16,519 - I... I won't tell anyone. - (SIGHS) Thank you. 442 00:17:16,520 --> 00:17:17,680 Yeah. 443 00:17:18,400 --> 00:17:19,679 When we get there, 444 00:17:19,680 --> 00:17:22,239 feel free to explore Vienna tonight. 445 00:17:22,240 --> 00:17:24,159 - Have the night off. - HAYLEY: Oh, well, 446 00:17:24,160 --> 00:17:26,399 I'm Whitney and Henry's EA, so... 447 00:17:26,400 --> 00:17:28,000 I need to hear from either of them. 448 00:17:29,040 --> 00:17:30,160 YASMIN: Mm. 449 00:17:31,360 --> 00:17:32,640 Great, okay. 450 00:17:34,200 --> 00:17:36,000 - Eric, I got us lunch. - (DOOR CLOSES) 451 00:17:38,840 --> 00:17:39,840 Eric? 452 00:17:41,720 --> 00:17:42,879 TEEN: Are you her? 453 00:17:42,880 --> 00:17:43,919 ♪ (MUSIC FADES) ♪ 454 00:17:43,920 --> 00:17:45,240 - Who? - You. 455 00:17:46,320 --> 00:17:47,880 - Lara? - Lily. 456 00:17:48,720 --> 00:17:49,839 HARPER: Damn. 457 00:17:49,840 --> 00:17:52,880 You're, like, so grown compared to what was in my head. 458 00:17:53,800 --> 00:17:56,039 You shouldn't really be thinking about me. 459 00:17:56,040 --> 00:17:58,200 (FOOTSTEPS APPROACHING) 460 00:18:00,880 --> 00:18:03,279 Tell... Tell Mom you, uh... 461 00:18:03,280 --> 00:18:04,360 (BILLS RUSTLING) 462 00:18:05,000 --> 00:18:06,200 ...enjoyed yourself. 463 00:18:07,160 --> 00:18:08,240 I will. 464 00:18:08,760 --> 00:18:10,039 I did, mostly. 465 00:18:10,040 --> 00:18:11,720 (FOOTSTEPS DEPARTING) 466 00:18:12,560 --> 00:18:13,800 ERIC: Okay. 467 00:18:20,920 --> 00:18:22,079 LILY TAO: Bye. 468 00:18:22,080 --> 00:18:23,120 Bye. 469 00:18:24,880 --> 00:18:26,120 (DOORS CLOSES) 470 00:18:27,720 --> 00:18:29,880 How's Operation Normal Guy going? 471 00:18:31,800 --> 00:18:34,439 Having a twin who's better at stuff 472 00:18:34,440 --> 00:18:36,799 like sports and socializing 473 00:18:36,800 --> 00:18:39,120 fosters a bloody resentment of the world. 474 00:18:39,720 --> 00:18:40,800 Who knew? 475 00:18:42,080 --> 00:18:43,320 You have siblings? 476 00:18:47,760 --> 00:18:49,359 I got somewhere with brokers and trading lines. 477 00:18:49,360 --> 00:18:51,680 - I spoke with Kenny. - Goldman still? 478 00:18:52,960 --> 00:18:56,479 I... I'm not sure how he'd feel about covering me 479 00:18:56,480 --> 00:18:58,280 since I fired him on a hangover. 480 00:18:59,240 --> 00:19:00,280 Deutsche Bank. 481 00:19:00,760 --> 00:19:02,159 Fuck, ouch. 482 00:19:02,160 --> 00:19:03,759 I hope he didn't fall off the wagon. 483 00:19:03,760 --> 00:19:05,559 (TELEPHONE RINGING) 484 00:19:05,560 --> 00:19:07,159 Your 3:00 p.m. is here. 485 00:19:07,160 --> 00:19:09,839 So this is your set-up? (CHUCKLES) 486 00:19:09,840 --> 00:19:11,399 HARPER: Yeah, it's a little lo-fi. 487 00:19:11,400 --> 00:19:13,439 Eric handles the overhead. 488 00:19:13,440 --> 00:19:15,959 It's mostly club sandwiches and fries. 489 00:19:15,960 --> 00:19:17,959 - (SWEETPEA GOLIGHTLY CHUCKLES) - How's Mostyn's? 490 00:19:17,960 --> 00:19:18,960 SWEETPEA: Ooh. 491 00:19:19,800 --> 00:19:22,559 Hmm, the misogyny swings 492 00:19:22,560 --> 00:19:25,120 between patronizing and lecherous. 493 00:19:26,520 --> 00:19:28,399 - HARPER: God. - I don't know. 494 00:19:28,400 --> 00:19:31,479 Sometimes, I... I feel like, um... 495 00:19:31,480 --> 00:19:34,239 Cherry pie left on the windowsill? 496 00:19:34,240 --> 00:19:35,479 It's a bunch of men running around 497 00:19:35,480 --> 00:19:36,999 hitting themselves over the head with a hammer 498 00:19:37,000 --> 00:19:39,079 like fucking cartoon wolves. 499 00:19:39,080 --> 00:19:41,200 (LAUGHS) Yeah. 500 00:19:42,000 --> 00:19:44,879 Well, it's my own fault, so... 501 00:19:44,880 --> 00:19:45,960 HARPER: Hey. 502 00:19:47,480 --> 00:19:48,520 No, it's not. 503 00:19:49,800 --> 00:19:51,119 No, it's not. 504 00:19:51,120 --> 00:19:53,439 That Siren leak was not your fault. 505 00:19:53,440 --> 00:19:54,519 You did something for you, 506 00:19:54,520 --> 00:19:57,119 and some asshole made it... not for you. 507 00:19:57,120 --> 00:19:59,240 And I hope he fucking suffers for it. 508 00:20:00,600 --> 00:20:01,680 Thank you. 509 00:20:02,680 --> 00:20:04,439 When you sent me that email about Tender, 510 00:20:04,440 --> 00:20:05,479 you piqued my interest. 511 00:20:05,480 --> 00:20:07,719 And you know what I'm like. I couldn't stop looking. 512 00:20:07,720 --> 00:20:09,479 Mostyn would never. 513 00:20:09,480 --> 00:20:11,599 Tender's IPO deck from two years ago. 514 00:20:11,600 --> 00:20:13,239 Compare it to their annual reports. 515 00:20:13,240 --> 00:20:14,439 What am I looking at? 516 00:20:14,440 --> 00:20:16,319 They use euphemisms about the kind of payments 517 00:20:16,320 --> 00:20:18,999 they're processing. "Emotional content" is porn. 518 00:20:19,000 --> 00:20:20,279 "Gaming" is gambling. 519 00:20:20,280 --> 00:20:22,879 Clearly, that is a key source of their revenue back then, 520 00:20:22,880 --> 00:20:25,839 but since the IPO and over the next five years, 521 00:20:25,840 --> 00:20:27,519 the EMEA region is maturing 522 00:20:27,520 --> 00:20:29,159 into a key driver of their growth. 523 00:20:29,160 --> 00:20:30,639 And that's not possible? 524 00:20:30,640 --> 00:20:32,039 No, I'm not saying it's not possible 525 00:20:32,040 --> 00:20:34,199 for EMEA acquisitions to drive growth. 526 00:20:34,200 --> 00:20:35,399 I'm saying that this... 527 00:20:35,400 --> 00:20:38,159 - (TOILET FLUSHING) - ...constant erratic evolution 528 00:20:38,160 --> 00:20:41,839 of their strategy isn't even slightly reflected 529 00:20:41,840 --> 00:20:43,719 in their... in their projections. 530 00:20:43,720 --> 00:20:46,319 So much risk isn't baked into the share price. 531 00:20:46,320 --> 00:20:47,880 - The... - ERIC: Hi again, Sweetpea! 532 00:20:48,800 --> 00:20:51,239 Hi! Hi, Eric! 533 00:20:51,240 --> 00:20:54,679 So... (CLEARS THROAT) ...if your thesis is correct, 534 00:20:54,680 --> 00:20:57,799 they're still continuing to process illegal payments, 535 00:20:57,800 --> 00:20:59,319 even though they've made overtures 536 00:20:59,320 --> 00:21:00,879 that they're stepping away from this 537 00:21:00,880 --> 00:21:02,239 as their core business. 538 00:21:02,240 --> 00:21:03,679 I mean, in any case, it's primed 539 00:21:03,680 --> 00:21:06,079 for a mega correction and re-rating. 540 00:21:06,080 --> 00:21:10,319 Analysts are recommending 25 Buys, 2 Sells. 541 00:21:10,320 --> 00:21:12,079 SWEETPEA: Mm. Incentive and groupthink. 542 00:21:12,080 --> 00:21:14,479 The star fintech analyst at MS, he's just upgraded, 543 00:21:14,480 --> 00:21:16,399 a couple of smaller places followed. 544 00:21:16,400 --> 00:21:17,839 The market's reading Muck's appointment 545 00:21:17,840 --> 00:21:19,639 as a positive catalyst, not sure why. 546 00:21:19,640 --> 00:21:21,799 ERIC: Even a basket case could win 547 00:21:21,800 --> 00:21:23,879 if enough influence wanted it to. 548 00:21:23,880 --> 00:21:25,999 Yeah, well, nobody wants to stand 549 00:21:26,000 --> 00:21:27,359 in front of a moving train. 550 00:21:27,360 --> 00:21:29,599 Nobody wants to get off it when it's full of cash. 551 00:21:29,600 --> 00:21:30,720 (SWEETPEA CHUCKLES) 552 00:21:31,960 --> 00:21:33,919 - Thank you. - My pleasure. 553 00:21:33,920 --> 00:21:35,879 HARPER: We would love you to come on full time. 554 00:21:35,880 --> 00:21:37,320 - (CHUCKLES SOFTLY) - (KNOCKING ON DOOR) 555 00:21:41,080 --> 00:21:42,959 Don't know if you can make head or tail of it, 556 00:21:42,960 --> 00:21:45,040 - but it's what you asked for. - Anywhere is fine. 557 00:21:45,600 --> 00:21:46,639 What the... 558 00:21:46,640 --> 00:21:48,600 Sorry, what the fuck is he doing here? 559 00:21:50,720 --> 00:21:52,159 - (BOX THUDS) - SWEETPEA: No, genuinely, 560 00:21:52,160 --> 00:21:53,679 stay the fuck away from me, 561 00:21:53,680 --> 00:21:55,399 - honestly. - I am not staying. 562 00:21:55,400 --> 00:21:57,719 You're working with this piece of shit? 563 00:21:57,720 --> 00:21:58,959 We're helping him out a little. 564 00:21:58,960 --> 00:22:00,920 You're... (SCOFFS) Um... 565 00:22:02,520 --> 00:22:05,919 This guy is a fucking psychotic liar, 566 00:22:05,920 --> 00:22:08,439 a fucking pathological degenerate. 567 00:22:08,440 --> 00:22:10,479 I have read every horrible detail. 568 00:22:10,480 --> 00:22:11,639 ERIC: Sweetpea, relax. 569 00:22:11,640 --> 00:22:13,959 Don't tell me to fucking relax. He's a fucking murderer. 570 00:22:13,960 --> 00:22:15,719 I'm not, okay? I'm not a murderer. 571 00:22:15,720 --> 00:22:18,279 Please, just stay the fuck away from me. 572 00:22:18,280 --> 00:22:19,400 I'm not a murderer! 573 00:22:22,440 --> 00:22:24,359 If you put me in a room with this cunt again, 574 00:22:24,360 --> 00:22:26,359 you will never hear from me again, okay? 575 00:22:26,360 --> 00:22:28,200 Yeah. Yeah. 576 00:22:30,360 --> 00:22:33,920 (RECEDING DEPARTING) 577 00:22:34,720 --> 00:22:35,800 (RISHI RAMDANI SIGHS) 578 00:22:36,360 --> 00:22:37,599 Looks good. 579 00:22:37,600 --> 00:22:41,120 ♪ ("O DU MEIN ÖSTERREICH" BY FRANZ VON SUPPÉ PLAYING) ♪ 580 00:22:44,640 --> 00:22:46,080 - YASMIN: Hello. - CASTLE HELP: Welcome. 581 00:22:46,600 --> 00:22:47,800 Please come with me. 582 00:22:50,920 --> 00:22:52,479 - (EXHALES) - (CAR DOOR CLOSES) 583 00:22:52,480 --> 00:22:54,839 (FERDINAND SPEAKING GERMAN) 584 00:22:54,840 --> 00:22:56,280 HENRY: Hope it's got a fucking loo. 585 00:23:01,920 --> 00:23:03,159 FERDINAND: Moritz. 586 00:23:03,160 --> 00:23:04,559 Ferdinand. 587 00:23:04,560 --> 00:23:05,599 ♪ (MUSIC FADES) ♪ 588 00:23:05,600 --> 00:23:06,599 (FERDINAND GREETS IN GERMAN) 589 00:23:06,600 --> 00:23:07,879 This is Tender's new CEO... 590 00:23:07,880 --> 00:23:08,879 - Hi. - ...Henry Muck. 591 00:23:08,880 --> 00:23:11,159 Moritz-Hunter Bauer. 592 00:23:11,160 --> 00:23:13,719 I think we had mutual friends at Winchester. 593 00:23:13,720 --> 00:23:16,999 I was unlucky enough to spend five years at Harrow. 594 00:23:17,000 --> 00:23:20,079 I tell you, for every genuine homosexual, 595 00:23:20,080 --> 00:23:22,199 nine are created by British boarding schools. 596 00:23:22,200 --> 00:23:24,839 - (LAUGHS) - FERDINAND: And his wife, Yasmin. 597 00:23:24,840 --> 00:23:27,599 I also do some comms consulting for Henry's office. 598 00:23:27,600 --> 00:23:28,920 - Hi. - MORITZ-HUNTER BAUER: A pleasure. 599 00:23:30,040 --> 00:23:32,240 My mother, Princess Johanna. 600 00:23:33,520 --> 00:23:34,520 Welcome. 601 00:23:35,760 --> 00:23:37,839 - Thank you. - JOHANNA BAUER: It's a pleasure. 602 00:23:37,840 --> 00:23:41,279 Well, look, um, Moritz, we're here to assure you 603 00:23:41,280 --> 00:23:43,479 that we will be dutiful custodians 604 00:23:43,480 --> 00:23:44,519 of your family's bank... 605 00:23:44,520 --> 00:23:47,159 Part of the depredations 606 00:23:47,160 --> 00:23:49,639 of neoliberal late capitalism is 607 00:23:49,640 --> 00:23:52,319 there is no central authority to appeal to. 608 00:23:52,320 --> 00:23:54,199 Just a patchwork of economic zones 609 00:23:54,200 --> 00:23:56,599 to facilitate capital flight. 610 00:23:56,600 --> 00:23:59,159 We'll be subsumed, unhappily, and say, 611 00:23:59,160 --> 00:24:03,399 "Ah, it's the free market. This is supposed to happen." 612 00:24:03,400 --> 00:24:05,320 Well, Tender doesn't want you to be unhappy. 613 00:24:06,680 --> 00:24:09,559 Happiness is a full stomach, Mr. Halberstram. 614 00:24:09,560 --> 00:24:12,679 So let's save this conversation for dinner, yeah? 615 00:24:12,680 --> 00:24:14,319 JOHANNA: What a splendid idea of yours. 616 00:24:14,320 --> 00:24:16,359 Allow me to show you to your rooms. 617 00:24:16,360 --> 00:24:18,679 - Please, after you. - YASMIN: Oh, fantastic. 618 00:24:18,680 --> 00:24:20,479 - (DOOR OPENS) - AUTOMATED VOICE: (OVER PHONE) Hello. 619 00:24:20,480 --> 00:24:22,799 - You've reached Tender. - ♪ ("ORINOCO FLOW" BY ENYA PLAYING ON PHONE) ♪ 620 00:24:22,800 --> 00:24:25,039 - (DOOR CLOSES) - AUTOMATED VOICE: Your call is important to us. 621 00:24:25,040 --> 00:24:26,159 Please continue to hold 622 00:24:26,160 --> 00:24:27,519 while we find the next available operator. 623 00:24:27,520 --> 00:24:29,479 - What are you looking for? - AUTOMATED VOICE: Or press zero... 624 00:24:29,480 --> 00:24:31,119 HARPER: Uh, I don't know, actually. 625 00:24:31,120 --> 00:24:34,999 Patterns in Tender's payment transaction history, 626 00:24:35,000 --> 00:24:36,879 routed through their EMEA acquisitions. 627 00:24:36,880 --> 00:24:39,079 Didn't you tell me you had plans tonight? 628 00:24:39,080 --> 00:24:40,999 This shit ain't going anywhere. 629 00:24:41,000 --> 00:24:42,920 Yeah, I'm not sure that I should. 630 00:24:43,920 --> 00:24:46,600 You're not sure you should? Is it a dude? 631 00:24:47,440 --> 00:24:50,359 Go. Operation Normal Girl. 632 00:24:50,360 --> 00:24:51,999 Go! 633 00:24:52,000 --> 00:24:54,399 HARPER: I've tried calling four of the payment processors 634 00:24:54,400 --> 00:24:55,959 they acquired in Africa. 635 00:24:55,960 --> 00:24:58,279 Every time I was put on this eternal fucking hold 636 00:24:58,280 --> 00:25:00,159 through Tender's Dublin call center. 637 00:25:00,160 --> 00:25:01,799 AUTOMATED VOICE: Hello. You've reached Tender. 638 00:25:01,800 --> 00:25:03,799 - Your call is important to us. - HARPER: Ugh, this endless 639 00:25:03,800 --> 00:25:06,359 - fucking Muzak. Shut up. - AUTOMATED VOICE: Please continue... 640 00:25:06,360 --> 00:25:09,039 - (ERIC LAUGHS) - (BREATHES DEEPLY) 641 00:25:09,040 --> 00:25:11,640 I genuinely feel like I'm losing my grip on reality. 642 00:25:13,000 --> 00:25:14,040 Pierre called. 643 00:25:14,800 --> 00:25:17,679 Good news is he thinks Tender, 644 00:25:17,680 --> 00:25:19,880 at the very least, feels toppy. 645 00:25:21,160 --> 00:25:23,639 Bad news is he wants... 646 00:25:23,640 --> 00:25:26,399 quite specific terms and structure. 647 00:25:26,400 --> 00:25:28,039 How aggressive? 648 00:25:28,040 --> 00:25:30,000 ERIC: He wants a first-loss arrangement. 649 00:25:31,040 --> 00:25:33,399 Pierre acts as guarantor. 650 00:25:33,400 --> 00:25:35,399 I put up ten million dollars. 651 00:25:35,400 --> 00:25:37,119 He puts up 90. 652 00:25:37,120 --> 00:25:40,039 But the first ten million the fund loses 653 00:25:40,040 --> 00:25:42,679 is my ten million. 654 00:25:42,680 --> 00:25:46,520 Depending on how our main position performed, 655 00:25:47,760 --> 00:25:51,120 I might have to liquidate my family office... 656 00:25:52,880 --> 00:25:54,959 my girls' inheritance. 657 00:25:54,960 --> 00:25:57,400 HARPER: I would literally never ask you to do that. 658 00:25:58,520 --> 00:26:00,799 Don't really see where that leaves the health 659 00:26:00,800 --> 00:26:03,839 of our little venture here, then. 660 00:26:03,840 --> 00:26:05,959 Unless we find our short, raise capital 661 00:26:05,960 --> 00:26:06,999 and put a team together, 662 00:26:07,000 --> 00:26:09,599 we're gonna be stalled on the launch pad. 663 00:26:09,600 --> 00:26:11,999 We don't even have a trader, for fuck's sake. 664 00:26:12,000 --> 00:26:14,039 Maybe get the fuck outta here for a bit. 665 00:26:14,040 --> 00:26:16,159 HARPER: I want to work. 666 00:26:16,160 --> 00:26:19,719 ERIC: Hey, I've lived a life where everything is work. 667 00:26:19,720 --> 00:26:21,719 I've lived a life where everything is leisure. 668 00:26:21,720 --> 00:26:23,479 I'm telling you, 669 00:26:23,480 --> 00:26:25,400 for a few hours on a Tuesday evening, 670 00:26:26,000 --> 00:26:27,759 there's a middle ground. 671 00:26:27,760 --> 00:26:29,520 This is all gonna be here when you get back. 672 00:26:39,680 --> 00:26:41,520 - (KNOCKING ON DOOR) - (DOOR OPENS) 673 00:26:42,720 --> 00:26:44,560 I just came to settle you in. 674 00:26:46,200 --> 00:26:47,759 I hope you feel comfortable. 675 00:26:47,760 --> 00:26:49,199 I put you in my favorite room. 676 00:26:49,200 --> 00:26:50,239 Oh! 677 00:26:50,240 --> 00:26:52,400 It's full of our habseligkeiten. 678 00:26:53,360 --> 00:26:54,560 Do you know this word? 679 00:26:55,720 --> 00:26:58,319 (IN GERMAN) 680 00:26:58,320 --> 00:26:59,960 (BOTH CHUCKLE) 681 00:27:02,560 --> 00:27:04,039 (CHUCKLES SOFTLY) 682 00:27:04,040 --> 00:27:06,039 (IN ENGLISH) Well, you know, literally translated, 683 00:27:06,040 --> 00:27:09,120 it means "possessions closest to your soul." 684 00:27:10,840 --> 00:27:12,480 - That's beautiful. - JOHANNA: Hmm. 685 00:27:13,680 --> 00:27:15,519 (IN GERMAN) 686 00:27:15,520 --> 00:27:16,879 (CHUCKLES) 687 00:27:16,880 --> 00:27:18,079 JOHANNA: (IN ENGLISH) Well, 688 00:27:18,080 --> 00:27:20,520 if you need anything, just let me know. 689 00:27:21,560 --> 00:27:23,039 - Danke schoen. - JOHANNA: Gern. 690 00:27:23,040 --> 00:27:24,079 (CHUCKLES) 691 00:27:24,080 --> 00:27:26,600 (DOOR OPENS, CLOSES) 692 00:27:29,200 --> 00:27:30,679 I... I admire the UK system. 693 00:27:30,680 --> 00:27:32,439 The pendulum swings, of course, 694 00:27:32,440 --> 00:27:34,999 but at least you don't muzzle insurgents. 695 00:27:35,000 --> 00:27:36,119 Well, your mother tells me 696 00:27:36,120 --> 00:27:38,399 that you were a bit of a historian. 697 00:27:38,400 --> 00:27:40,639 Most of our political quagmire can be answered 698 00:27:40,640 --> 00:27:42,599 - by the early modern period. - YASMIN: Hmm. 699 00:27:42,600 --> 00:27:45,599 That's why my political hero is... (IN FRENCH) ...Louis XIV. 700 00:27:45,600 --> 00:27:47,480 (IN ENGLISH) All answers lie with the Sun King. 701 00:27:48,320 --> 00:27:50,799 I'm sorry. I, uh... 702 00:27:50,800 --> 00:27:52,679 I don't think I've ever heard anyone say that. 703 00:27:52,680 --> 00:27:55,359 - (BOTH CHUCKLE) - (YASMIN LAUGHS) 704 00:27:55,360 --> 00:27:59,040 Eh, anyone with eyes can see Western liberalism has failed. 705 00:28:00,480 --> 00:28:02,479 Decades of political gridlock, 706 00:28:02,480 --> 00:28:05,359 partisan divisions accelerated by social media, 707 00:28:05,360 --> 00:28:09,799 a short-term policy driven by a need to win elections. 708 00:28:09,800 --> 00:28:12,519 The most successful central government in the world today 709 00:28:12,520 --> 00:28:14,239 functions as an absolute monarchy, 710 00:28:14,240 --> 00:28:17,279 and for that, calls itself communism. 711 00:28:17,280 --> 00:28:18,399 Okay, Moritz. 712 00:28:18,400 --> 00:28:21,239 This isn't very riveting dinner conversation. 713 00:28:21,240 --> 00:28:22,959 YASMIN: Oh, Johanna, please sit down. 714 00:28:22,960 --> 00:28:25,079 We can't have you wait on us. 715 00:28:25,080 --> 00:28:27,360 Oh, please. It's an absolute privilege. 716 00:28:28,800 --> 00:28:30,680 Oh, um, I read your Substack. 717 00:28:31,720 --> 00:28:33,079 - MORITZ: I'm flattered. - Yeah. 718 00:28:33,080 --> 00:28:34,319 Uh, fragmentation 719 00:28:34,320 --> 00:28:36,519 and the acceleration of atomization, 720 00:28:36,520 --> 00:28:38,359 it is killing us as a species. 721 00:28:38,360 --> 00:28:41,279 Take any successful corporation in America. 722 00:28:41,280 --> 00:28:43,199 They're not a collectivist enterprise, 723 00:28:43,200 --> 00:28:45,039 they're dictatorships. 724 00:28:45,040 --> 00:28:47,799 Then why do Foxconn and many industrial parks need 725 00:28:47,800 --> 00:28:49,079 worker-suicide nets? 726 00:28:49,080 --> 00:28:51,280 All I'm saying is that they are not democracies. 727 00:28:53,280 --> 00:28:54,280 FERDINAND: Sad... 728 00:28:55,640 --> 00:28:58,279 that we must always wash up on the reef of politics. 729 00:28:58,280 --> 00:29:00,119 JOHANNA: Oh, I couldn't agree more. 730 00:29:00,120 --> 00:29:02,319 - So, bon appétit. - (UTENSILS CLINKING) 731 00:29:02,320 --> 00:29:04,479 - YASMIN: Thank you. - (HENRY CLEARS THROAT) 732 00:29:04,480 --> 00:29:06,959 MORITZ: Although, for me, 733 00:29:06,960 --> 00:29:11,039 my, uh, politics and my business, 734 00:29:11,040 --> 00:29:13,280 to the extent to which it still is mine, 735 00:29:14,000 --> 00:29:16,119 are one and the same. 736 00:29:16,120 --> 00:29:20,279 What some see as protectionism, isolationism, 737 00:29:20,280 --> 00:29:22,480 I see as respect for tradition. 738 00:29:25,040 --> 00:29:27,960 IBN Bauer is a 300-year-old institution. 739 00:29:29,120 --> 00:29:32,559 I'm concerned this merger represents 740 00:29:32,560 --> 00:29:35,719 a threat to our customers' privacy. 741 00:29:35,720 --> 00:29:38,639 I do know how fast and loose modern fintech companies play 742 00:29:38,640 --> 00:29:39,800 with their customers' data. 743 00:29:41,440 --> 00:29:43,120 HENRY: Moritz, um... 744 00:29:46,160 --> 00:29:50,120 this merger, it represents growth for both parties. 745 00:29:51,680 --> 00:29:53,959 We respect the past, um, 746 00:29:53,960 --> 00:29:57,679 but we will drag IBN Bauer into the future. 747 00:29:57,680 --> 00:30:02,239 (CLOCK TICKING) 748 00:30:02,240 --> 00:30:03,799 I'm speaking to Julian Wullschläger 749 00:30:03,800 --> 00:30:05,279 and others on the board to ensure 750 00:30:05,280 --> 00:30:08,039 that this merger receives the full scrutiny it deserves, 751 00:30:08,040 --> 00:30:11,079 even if that means re-engaging the Austrian regulator 752 00:30:11,080 --> 00:30:12,360 around data protection. 753 00:30:13,160 --> 00:30:14,839 Train's left the station. 754 00:30:14,840 --> 00:30:16,879 You thought because I am a small individual voice, 755 00:30:16,880 --> 00:30:19,039 the weight of your capital would bury me? 756 00:30:19,040 --> 00:30:20,159 You voted for this, 757 00:30:20,160 --> 00:30:21,840 and you'll be compensated incredibly well. 758 00:30:22,520 --> 00:30:24,439 Ah, it's always money, 759 00:30:24,440 --> 00:30:26,439 (STERNLY) ...Mr. HalberSchtram? 760 00:30:26,440 --> 00:30:28,160 JOHANNA: Moritz, it's enough said. 761 00:30:28,680 --> 00:30:30,399 (SPEAKING GERMAN) 762 00:30:30,400 --> 00:30:33,679 - I never mean to embarrass you. - I know, Schatz. 763 00:30:33,680 --> 00:30:36,119 We just have to be practical and just humor him. 764 00:30:36,120 --> 00:30:37,279 There's practicality, 765 00:30:37,280 --> 00:30:39,759 and then there's acquiescing to some tinpot tyrant. 766 00:30:39,760 --> 00:30:41,639 Fine, he's a bit of an intellectual pseud. 767 00:30:41,640 --> 00:30:43,759 No, no, no, he's a fucking fascist. 768 00:30:43,760 --> 00:30:44,919 We're his guests! You want 769 00:30:44,920 --> 00:30:46,759 to fucking call him out in front of his mum? 770 00:30:46,760 --> 00:30:49,439 What about that thinly-veiled anti-Semitism, hmm? 771 00:30:49,440 --> 00:30:50,879 That's not what that was, come on. 772 00:30:50,880 --> 00:30:52,999 - Whitney. - For someone whose last name is Hanani, 773 00:30:53,000 --> 00:30:54,079 you seem pretty relaxed. 774 00:30:54,080 --> 00:30:55,959 We need to fly out as early as possible. 775 00:30:55,960 --> 00:30:57,359 But this is now a live issue. 776 00:30:57,360 --> 00:30:58,759 I don't think it's a very bright idea 777 00:30:58,760 --> 00:31:00,599 to just abandon the problem and hope for the best. 778 00:31:00,600 --> 00:31:02,519 HENRY: Yeah, but we can't no-show with the regulator. 779 00:31:02,520 --> 00:31:04,439 We have to fly out first thing. 780 00:31:04,440 --> 00:31:05,799 Okay, I'm staying. I insist. 781 00:31:05,800 --> 00:31:07,159 (JOHANNA AND MORITZ ARGUING IN GERMAN) 782 00:31:07,160 --> 00:31:09,119 You're lucky your wife is such a pragmatist. 783 00:31:09,120 --> 00:31:10,519 (YASMIN CHUCKLES SOFTLY) 784 00:31:10,520 --> 00:31:13,919 ♪ ("SUKIYAKI" BY KYU SAKAMOTO PLAYING) ♪ 785 00:31:13,920 --> 00:31:15,919 (INDISTINCT CHATTER) 786 00:31:15,920 --> 00:31:17,560 (GLASSES CLINKING) 787 00:31:20,280 --> 00:31:24,359 (CHATTER CONTINUES) 788 00:31:24,360 --> 00:31:26,359 KWABENA BANNERMAN: Hey. Sorry, sorry, sorry, sorry, sorry. 789 00:31:26,360 --> 00:31:28,559 HARPER: I've been sitting here for 15 fucking minutes. 790 00:31:28,560 --> 00:31:30,079 KWABENA: Bro. Fuck. 791 00:31:30,080 --> 00:31:33,319 Whole civilizations have risen and fallen in 15 minutes. 792 00:31:33,320 --> 00:31:36,239 (CHATTER CONTINUES) 793 00:31:36,240 --> 00:31:37,359 Hey, hey! 794 00:31:37,360 --> 00:31:38,999 I was joking. What the fuck? 795 00:31:39,000 --> 00:31:40,679 I'm trying to build a business. 796 00:31:40,680 --> 00:31:42,599 I don't have 15 minutes. 797 00:31:42,600 --> 00:31:44,199 So for the two I plan to stand right here, 798 00:31:44,200 --> 00:31:46,400 I might as well tell you that I fucked somebody else. 799 00:31:47,720 --> 00:31:48,920 Okay. 800 00:31:51,080 --> 00:31:53,479 Okay, you don't care? 801 00:31:53,480 --> 00:31:55,559 KWABENA: What, in the last 15 minutes? 802 00:31:55,560 --> 00:31:58,360 (CHUCKLING) Remind me never to be late again. 803 00:32:00,520 --> 00:32:02,200 Were you gonna say that before I was late? 804 00:32:04,400 --> 00:32:06,199 Is it even true? 805 00:32:06,200 --> 00:32:07,840 Are you not sleeping with other people? 806 00:32:08,640 --> 00:32:09,640 No. 807 00:32:11,360 --> 00:32:12,640 Not as far as I'm aware. 808 00:32:16,280 --> 00:32:17,399 Okay. 809 00:32:17,400 --> 00:32:19,240 Do you want to put a pin in this, then? 810 00:32:20,560 --> 00:32:22,320 I just thought we were hanging out. 811 00:32:25,480 --> 00:32:26,640 But you like me? 812 00:32:28,000 --> 00:32:29,720 You make it pretty fucking hard. 813 00:32:30,800 --> 00:32:33,600 But yeah, if you'll let me. 814 00:32:34,560 --> 00:32:35,600 (HESITATES) 815 00:32:36,560 --> 00:32:38,359 You're a tiny bit too punctual, though. 816 00:32:38,360 --> 00:32:39,960 It's my... It's my only note. 817 00:32:42,240 --> 00:32:43,400 Be on time. 818 00:32:45,000 --> 00:32:47,159 I have a job that I left to be with you. 819 00:32:47,160 --> 00:32:48,839 KWABENA: Yeah, so leave it there. 820 00:32:48,840 --> 00:32:51,679 God, we both came here for biodynamic sake 821 00:32:51,680 --> 00:32:53,560 and maybe some mutual fellatio. 822 00:32:54,560 --> 00:32:56,839 Try separating church and state sometimes. 823 00:32:56,840 --> 00:32:58,119 It's easy. 824 00:32:58,120 --> 00:32:59,199 Yeah, fuck this. 825 00:32:59,200 --> 00:33:01,199 I actually came to offer you a job. (SCOFFS) 826 00:33:01,200 --> 00:33:02,359 KWABENA: Really? 827 00:33:02,360 --> 00:33:04,239 Maybe this relationship is done better over email. 828 00:33:04,240 --> 00:33:05,319 Harper. 829 00:33:05,320 --> 00:33:07,119 (RAISES VOICE) What's prompted this enormous sense 830 00:33:07,120 --> 00:33:08,319 of humor failure? 831 00:33:08,320 --> 00:33:09,560 Harper? 832 00:33:11,240 --> 00:33:12,719 - ♪ (MUSIC STOPS) ♪ - (DOOR SLAMS SHUT) 833 00:33:12,720 --> 00:33:13,760 How was it? 834 00:33:15,560 --> 00:33:18,439 - I hope that means good. - (OBJECTS CLATTERING) 835 00:33:18,440 --> 00:33:20,879 ERIC: You mind me being this casually dressed? 836 00:33:20,880 --> 00:33:22,520 Don't be so fucking weird. 837 00:33:23,080 --> 00:33:24,639 Hard-coded, I'm afraid. 838 00:33:24,640 --> 00:33:26,080 You good on presents? 839 00:33:27,080 --> 00:33:29,399 What are 14-year-old girls into? 840 00:33:29,400 --> 00:33:30,919 How the fuck should I know? 841 00:33:30,920 --> 00:33:32,439 You should know what your daughters like 842 00:33:32,440 --> 00:33:33,440 and dislike. 843 00:33:36,560 --> 00:33:38,760 I followed up with the rest of the family offices. 844 00:33:39,560 --> 00:33:41,199 In truth, I... I had to chase. 845 00:33:41,200 --> 00:33:42,879 A few eyes were on stalks 846 00:33:42,880 --> 00:33:45,519 at you suggesting Tender was anything 847 00:33:45,520 --> 00:33:47,159 but a blue-chip safe haven. 848 00:33:47,160 --> 00:33:49,159 I dropped Tender to be spiky and controversial 849 00:33:49,160 --> 00:33:51,199 in a meeting that I thought was headed south. 850 00:33:51,200 --> 00:33:53,559 It's gonna take labor and sweat, 851 00:33:53,560 --> 00:33:56,240 and turning stones, and fucking time. 852 00:33:58,120 --> 00:33:59,559 ERIC: I have plenty of time. 853 00:33:59,560 --> 00:34:00,999 If that's all you've got to offer me, 854 00:34:01,000 --> 00:34:02,679 I think we should reevaluate what's going on here. 855 00:34:02,680 --> 00:34:05,279 Why are you being so sharp with me? 856 00:34:05,280 --> 00:34:08,959 Because this is not some recreational fucking... game 857 00:34:08,960 --> 00:34:11,039 or some lame extension of your retirement, 858 00:34:11,040 --> 00:34:14,239 while you're floating around trying to rehab your life, 859 00:34:14,240 --> 00:34:16,559 or, I don't know, cosplaying the roles 860 00:34:16,560 --> 00:34:18,679 that you have spent your life ignoring. 861 00:34:18,680 --> 00:34:20,359 When the fuck did I ever say 862 00:34:20,360 --> 00:34:22,280 I wanted it to be recreational? 863 00:34:23,320 --> 00:34:25,759 If you don't want my daughter in our workspace... 864 00:34:25,760 --> 00:34:27,200 When the fuck did I say that? 865 00:34:28,880 --> 00:34:30,399 ERIC: You seem a little triggered is all. 866 00:34:30,400 --> 00:34:32,679 Tri... Sorry, triggered? 867 00:34:32,680 --> 00:34:35,759 Who the fuck uses that word seriously? 868 00:34:35,760 --> 00:34:37,519 Are you kidding me? 869 00:34:37,520 --> 00:34:38,919 Shit that people fucking say, 870 00:34:38,920 --> 00:34:40,919 "Oh, my trauma made me stronger." 871 00:34:40,920 --> 00:34:42,519 No, no! 872 00:34:42,520 --> 00:34:45,279 My trauma traumatized me. 873 00:34:45,280 --> 00:34:47,239 And it made me fucking weak. 874 00:34:47,240 --> 00:34:48,759 And I have had to deal with consequences 875 00:34:48,760 --> 00:34:50,360 that were not my fault. 876 00:34:51,240 --> 00:34:53,079 And it has nothing to do 877 00:34:53,080 --> 00:34:55,160 with what I am doing right now! 878 00:34:56,440 --> 00:34:57,960 Do you know why I do this? 879 00:34:58,640 --> 00:35:00,279 Because I enjoy it, 880 00:35:00,280 --> 00:35:02,320 and I'm fucking good at it! 881 00:35:03,640 --> 00:35:06,199 It starts and ends with work 882 00:35:06,200 --> 00:35:08,320 and being proven fucking right. 883 00:35:10,520 --> 00:35:11,600 (SIGHS HEAVILY) 884 00:35:13,360 --> 00:35:14,760 (ASHTRAY CLINKING SOFTLY) 885 00:35:17,960 --> 00:35:19,600 This is life or death for me. 886 00:35:22,160 --> 00:35:23,759 You used to act like it too. 887 00:35:23,760 --> 00:35:24,920 (ASHTRAY CLINKING SOFTLY) 888 00:35:27,480 --> 00:35:29,040 Sounds like you're a little triggered. 889 00:35:32,280 --> 00:35:33,280 Okay. 890 00:35:34,480 --> 00:35:35,880 I can act like it. 891 00:35:36,640 --> 00:35:37,720 And you... 892 00:35:39,360 --> 00:35:42,559 you come to meetings I spend days wrangling 893 00:35:42,560 --> 00:35:44,800 with ideas that aren't half-baked. 894 00:35:51,560 --> 00:35:52,639 (HARPER SIGHS) 895 00:35:52,640 --> 00:35:54,440 (SIREN WAILING IN DISTANCE) 896 00:35:55,080 --> 00:35:56,200 Do you know I'm a twin? 897 00:35:57,920 --> 00:36:00,880 No, because you've never mentioned it. 898 00:36:05,840 --> 00:36:08,039 Uh, I did a cursory Google. 899 00:36:08,040 --> 00:36:10,559 A good percentage of the addresses 900 00:36:10,560 --> 00:36:12,959 and contact numbers of these acquisitions are listed 901 00:36:12,960 --> 00:36:15,079 to the same place. 902 00:36:15,080 --> 00:36:17,160 - Guess. - I'm too tired. 903 00:36:17,720 --> 00:36:19,760 The Dublin call center. 904 00:36:20,840 --> 00:36:22,039 HARPER: An impasse then? 905 00:36:22,040 --> 00:36:23,479 ERIC: I thought so too. 906 00:36:23,480 --> 00:36:26,559 Plus, I'm not sure it's altogether incriminating, 907 00:36:26,560 --> 00:36:28,439 but I did notice something in the documents. 908 00:36:28,440 --> 00:36:30,839 - It's printed small... - ♪ (INTRIGUING MUSIC PLAYING) ♪ 909 00:36:30,840 --> 00:36:33,759 ...but on every hundredth or so page, 910 00:36:33,760 --> 00:36:36,639 there's a "care of" address. See? 911 00:36:36,640 --> 00:36:38,839 Google Street View, it looks like... 912 00:36:38,840 --> 00:36:40,319 well, it doesn't look like much. 913 00:36:40,320 --> 00:36:43,239 I... I sorta want to use the term... "shithole." 914 00:36:43,240 --> 00:36:44,320 HARPER: Show me. 915 00:36:47,000 --> 00:36:48,799 ERIC: That can't be right, right? 916 00:36:48,800 --> 00:36:50,359 Does it look like a satellite office 917 00:36:50,360 --> 00:36:53,359 of an enterprise with a nine billion market cap? 918 00:36:53,360 --> 00:36:56,359 Who, what, or where is Sunderland? 919 00:36:56,360 --> 00:36:57,480 Sounds cold. 920 00:37:06,080 --> 00:37:07,919 - SWEETPEA: (OVER PHONE) Hello? - HARPER: Hey, Sweetpea. 921 00:37:07,920 --> 00:37:09,839 Um, I'm really, really sorry about today. 922 00:37:09,840 --> 00:37:11,359 - SWEETPEA: No shit. - And I know that you said 923 00:37:11,360 --> 00:37:13,800 that you were going to take a beat, but, um... 924 00:37:14,720 --> 00:37:16,479 swing time for a field trip? 925 00:37:16,480 --> 00:37:18,679 I think this may satisfy your curiosity, 926 00:37:18,680 --> 00:37:20,879 and I need your expertise. 927 00:37:20,880 --> 00:37:21,999 (KNOCKING ON DOOR) 928 00:37:22,000 --> 00:37:23,719 ♪ (MUSIC FADES) ♪ 929 00:37:23,720 --> 00:37:25,280 (ANIMALS HOWLING IN DISTANCE) 930 00:37:26,800 --> 00:37:28,040 Hi, um... 931 00:37:28,880 --> 00:37:30,999 Whitney wanted me to share 932 00:37:31,000 --> 00:37:33,599 three different versions of prospective rebuttals 933 00:37:33,600 --> 00:37:35,519 to the FinDigest article. 934 00:37:35,520 --> 00:37:37,679 (CHUCKLES) You could have emailed them. 935 00:37:37,680 --> 00:37:39,119 - (CHUCKLES) - HAYLEY: Yeah. 936 00:37:39,120 --> 00:37:41,159 Right. (CHUCKLES) Sorry. 937 00:37:41,160 --> 00:37:43,119 Sorry, I didn't, um... 938 00:37:43,120 --> 00:37:45,520 YASMIN: Can I smell martinis on your breath? 939 00:37:47,040 --> 00:37:49,839 Raya must see a pretty lean scene in Vienna. 940 00:37:49,840 --> 00:37:52,079 - (BOTH CHUCKLE) - (DOOR OPENS, CLOSES) 941 00:37:52,080 --> 00:37:53,639 - Hi, Hayley. - HAYLEY: Hi. 942 00:37:53,640 --> 00:37:55,919 - HENRY: Sorry. - It's okay. 943 00:37:55,920 --> 00:37:58,999 Calabasas here just tried and failed to get laid. 944 00:37:59,000 --> 00:38:00,559 (LAUGHS) 945 00:38:00,560 --> 00:38:03,039 Well, Yasmin, I'm sure she doesn't want us speculating 946 00:38:03,040 --> 00:38:05,079 about her youthful misadventures. 947 00:38:05,080 --> 00:38:06,400 Well, I'm not speculating. 948 00:38:08,240 --> 00:38:10,279 Tell him. (CHUCKLES) 949 00:38:10,280 --> 00:38:11,359 HAYLEY: She's right. 950 00:38:11,360 --> 00:38:14,719 But more like, he tried and failed. (CHUCKLES) 951 00:38:14,720 --> 00:38:16,280 (CHUCKLES) Classic. 952 00:38:17,600 --> 00:38:18,640 Well, I mean... 953 00:38:20,080 --> 00:38:21,480 you're too good for most. 954 00:38:24,920 --> 00:38:26,680 She's very frustrated. 955 00:38:29,600 --> 00:38:31,479 Aren't you, Hayley? 956 00:38:31,480 --> 00:38:33,520 I don't... I don't know if I'd say that. 957 00:38:35,200 --> 00:38:36,440 A little. 958 00:38:38,160 --> 00:38:39,400 Sure. 959 00:38:40,320 --> 00:38:41,639 Yas, what the fuck are you doing? 960 00:38:41,640 --> 00:38:42,640 Hayley... 961 00:38:46,160 --> 00:38:48,679 - Come here. - HENRY: (WHISPERING) Yas, Yas, you're all I need. 962 00:38:48,680 --> 00:38:49,880 YASMIN: Do you, um... 963 00:38:51,840 --> 00:38:53,160 Do you like him? 964 00:38:54,760 --> 00:38:55,880 Do you... 965 00:38:57,880 --> 00:39:00,079 - ...like this? - (HENRY MOANS DEEPLY) 966 00:39:00,080 --> 00:39:01,800 ♪ ("BASSICALLY" BY TEI SHI PLAYING) ♪ 967 00:39:02,520 --> 00:39:03,840 (HENRY SIGHS HEAVILY) 968 00:39:04,480 --> 00:39:05,720 Do you want to kiss him? 969 00:39:08,200 --> 00:39:09,640 I want this for you. 970 00:39:18,080 --> 00:39:20,479 - Um... - ♪ Baby, I'll behave... ♪ 971 00:39:20,480 --> 00:39:22,559 Do you... (HESITATES) Do you want this? 972 00:39:22,560 --> 00:39:23,799 Mm-hmm. 973 00:39:23,800 --> 00:39:26,320 ♪ If you let me stay ♪ 974 00:39:28,440 --> 00:39:31,320 ♪ Please don't think ♪ 975 00:39:32,640 --> 00:39:36,879 ♪ That I'm begging you For love ♪ 976 00:39:36,880 --> 00:39:40,600 ♪ Baby, let me stay ♪ 977 00:39:41,720 --> 00:39:45,280 ♪ When the world is gone ♪ 978 00:39:46,480 --> 00:39:50,520 ♪ Promise I'll behave ♪ 979 00:39:51,360 --> 00:39:54,999 ♪ Never right your wrongs ♪ 980 00:39:55,000 --> 00:39:56,279 (BREATHES HEAVILY) 981 00:39:56,280 --> 00:40:00,999 - ♪ Is that what you want? ♪ - ♪ Is that what you want? ♪ 982 00:40:01,000 --> 00:40:03,960 ♪ Like the other boys ♪ 983 00:40:05,680 --> 00:40:10,559 ♪ Someone you can flaunt ♪ 984 00:40:10,560 --> 00:40:12,679 ♪ Like the other toys ♪ 985 00:40:12,680 --> 00:40:13,920 Good. (EXHALES) 986 00:40:15,400 --> 00:40:16,600 Now spit on it. 987 00:40:18,640 --> 00:40:20,199 (HAYLEY HAWKS SPIT, SPUTTERS) 988 00:40:20,200 --> 00:40:21,679 (EXHALES) 989 00:40:21,680 --> 00:40:24,360 (MOANS DEEPLY, SIGHS) 990 00:40:26,640 --> 00:40:30,160 (HENRY BREATHING HEAVILY) 991 00:40:36,880 --> 00:40:38,080 (HAYLEY GASPING) 992 00:40:44,520 --> 00:40:47,360 - ♪ (MUSIC STOPS ABRUPTLY) ♪ - (HENRY, HAYLEY GRUNTING) 993 00:40:49,520 --> 00:40:51,199 (HENRY GASPS, WHIMPERS) 994 00:40:51,200 --> 00:40:52,519 YASMIN: Calabasas, look at me. 995 00:40:52,520 --> 00:40:55,800 - (HAYLEY GASPING) - (HENRY PANTING) 996 00:40:56,400 --> 00:40:57,439 (HENRY PANTING) 997 00:40:57,440 --> 00:40:58,999 ♪ (SOFT INTRIGUING MUSIC PLAYING) ♪ 998 00:40:59,000 --> 00:41:00,440 YASMIN: Get off her, Henry. 999 00:41:00,920 --> 00:41:02,799 (FLUIDS SQUELCHING) 1000 00:41:02,800 --> 00:41:05,439 - (HAYLEY PANTING) - (BED CREAKING) 1001 00:41:05,440 --> 00:41:06,719 Now turn around on the bed, 1002 00:41:06,720 --> 00:41:08,679 open your legs and show me your cunt. 1003 00:41:08,680 --> 00:41:09,920 (EXHALES) 1004 00:41:13,000 --> 00:41:16,280 - (PANTING) - (BED CREAKING) 1005 00:41:17,120 --> 00:41:18,480 (EXHALES HEAVILY) 1006 00:41:29,120 --> 00:41:32,120 Now I believe you have something that belongs to my husband. 1007 00:41:37,320 --> 00:41:38,720 And therefore, to me. 1008 00:41:42,440 --> 00:41:44,439 (SLURPING) 1009 00:41:44,440 --> 00:41:46,040 (BIRDS CHIRPING) 1010 00:41:48,800 --> 00:41:49,840 (GULPS) 1011 00:41:51,120 --> 00:41:52,279 (BURPS) 1012 00:41:52,280 --> 00:41:54,039 JOHANNA: Well, it seems the men have been scattered 1013 00:41:54,040 --> 00:41:55,279 by the wind. 1014 00:41:55,280 --> 00:41:57,599 They've abandoned you with me. 1015 00:41:57,600 --> 00:41:59,360 Help me take the dogs out. 1016 00:42:01,480 --> 00:42:03,359 Moritz's name on the bank is no more 1017 00:42:03,360 --> 00:42:04,959 than an honorific, really. 1018 00:42:04,960 --> 00:42:06,279 And he knows 1019 00:42:06,280 --> 00:42:07,919 that the Tender deal is a good deal. 1020 00:42:07,920 --> 00:42:09,440 He just craves attention. 1021 00:42:10,000 --> 00:42:11,599 YASMIN: How so? 1022 00:42:11,600 --> 00:42:13,919 Well, he simply doesn't want to be defined 1023 00:42:13,920 --> 00:42:15,119 by his family name only. 1024 00:42:15,120 --> 00:42:17,639 - (BIRDS CHIRPING) - (DOG BARKING) 1025 00:42:17,640 --> 00:42:19,559 W... Well, I mean, 1026 00:42:19,560 --> 00:42:21,960 I could speak to one of Alexander's editors. 1027 00:42:23,120 --> 00:42:25,519 Yeah, even if it's a one-off column, 1028 00:42:25,520 --> 00:42:26,679 it will make Moritz feel 1029 00:42:26,680 --> 00:42:29,519 like the world's actually listening to him for once. 1030 00:42:29,520 --> 00:42:32,119 - This is such a wonderful idea. - (CHUCKLES) 1031 00:42:32,120 --> 00:42:34,759 You know, I think seeing his thinking valorized 1032 00:42:34,760 --> 00:42:36,039 by Norton masthead, 1033 00:42:36,040 --> 00:42:37,799 I think this would give him meaning. 1034 00:42:37,800 --> 00:42:38,999 - Mm-hmm. - You know, even if it's just 1035 00:42:39,000 --> 00:42:40,799 for an instant, to see his name, 1036 00:42:40,800 --> 00:42:43,359 his view printed, black and white. 1037 00:42:43,360 --> 00:42:46,639 Yeah, I mean, legacy media still has weight. 1038 00:42:46,640 --> 00:42:48,759 Yes, the weight of history. 1039 00:42:48,760 --> 00:42:51,119 Yeah, he has a way for not couching his views 1040 00:42:51,120 --> 00:42:52,479 for polite company. 1041 00:42:52,480 --> 00:42:55,479 But the general direction of travel 1042 00:42:55,480 --> 00:42:58,440 of his thinking is undergirded by common sense, 1043 00:42:59,200 --> 00:43:00,280 wouldn't you say? 1044 00:43:02,520 --> 00:43:03,640 He... (BURPS) Oh. 1045 00:43:04,360 --> 00:43:05,400 Sorry. (CHUCKLES) 1046 00:43:06,040 --> 00:43:07,040 Yeah. 1047 00:43:07,880 --> 00:43:09,799 Yeah. I would. 1048 00:43:09,800 --> 00:43:11,999 ♪ ("HORST-WESSEL-LIED" BY MILVA PLAYING) ♪ 1049 00:43:12,000 --> 00:43:13,319 - (WHISTLES) - (DOG BARKS) 1050 00:43:13,320 --> 00:43:16,400 - (JOHANNA WHISTLING) - (DOG BARKING) 1051 00:43:18,000 --> 00:43:24,680 ♪ ("HORST-WESSEL-LIED" CONTINUES PLAYING) ♪ 1052 00:43:26,080 --> 00:43:32,520 ♪ (VOCALIST SINGING IN ITALIAN) ♪ 1053 00:43:34,360 --> 00:43:39,800 ♪ (SINGING IN ITALIAN CONTINUES) ♪ 1054 00:43:42,240 --> 00:43:50,240 ♪ (SINGING IN ITALIAN CONTINUES) ♪ 1055 00:43:56,960 --> 00:44:02,880 ♪ (SINGING IN ITALIAN CONTINUES) ♪ 1056 00:44:04,600 --> 00:44:11,600 ♪ (SINGING IN ITALIAN CONTINUES) ♪ 1057 00:44:11,960 --> 00:44:14,039 - ♪ (MUSIC CONCLUDES) ♪ - EDWARD BURGESS: Fuckin' James. 1058 00:44:14,040 --> 00:44:15,479 James! 1059 00:44:15,480 --> 00:44:17,079 FINDIGEST STAFF: 1,800 comments on this piece 1060 00:44:17,080 --> 00:44:18,559 about parents helping their kids buy 1061 00:44:18,560 --> 00:44:20,359 shoebox properties in London. 1062 00:44:20,360 --> 00:44:21,839 I haven't had a postbag this full 1063 00:44:21,840 --> 00:44:23,319 since that piece about the beauty 1064 00:44:23,320 --> 00:44:24,840 of London's mosques. 1065 00:44:25,640 --> 00:44:27,599 You asked for the right to reply? 1066 00:44:27,600 --> 00:44:30,360 Yeah. Yeah, just nothing back as of yet. 1067 00:44:30,880 --> 00:44:32,519 Cunts. 1068 00:44:32,520 --> 00:44:34,319 (HESITATES) Why wait to publish? 1069 00:44:34,320 --> 00:44:35,759 I mean, we know they're just gonna say 1070 00:44:35,760 --> 00:44:36,879 the allegations are baseless 1071 00:44:36,880 --> 00:44:38,120 and pull up a drawbridge. 1072 00:44:41,640 --> 00:44:43,079 What? "Tender, investigated. 1073 00:44:43,080 --> 00:44:44,559 The high-growth fintech company's results 1074 00:44:44,560 --> 00:44:47,079 lack transparency and should spook investors." 1075 00:44:47,080 --> 00:44:49,119 Oh, fucking hell, can't we be blunter? 1076 00:44:49,120 --> 00:44:51,119 I mean, "Ex-porn payments company still 1077 00:44:51,120 --> 00:44:53,159 illegally processing porn payments?" 1078 00:44:53,160 --> 00:44:55,199 (CHUCKLES) James, you failed to have noticed, 1079 00:44:55,200 --> 00:44:56,519 the night lawyer wants to take out 1080 00:44:56,520 --> 00:44:58,080 a large chunk of your copy. 1081 00:44:58,920 --> 00:45:00,159 JIM: How much? 1082 00:45:00,160 --> 00:45:01,719 ♪ (TENSE MUSIC PLAYING) ♪ 1083 00:45:01,720 --> 00:45:03,719 - Oh, fuck off. - EDWARD: Mm. 1084 00:45:03,720 --> 00:45:06,679 See, you can't imply circuitous accounting without evidence. 1085 00:45:06,680 --> 00:45:08,279 We don't have the luxury of speculating 1086 00:45:08,280 --> 00:45:09,679 without an insider. 1087 00:45:09,680 --> 00:45:10,999 Why are you so desperate to get this 1088 00:45:11,000 --> 00:45:12,239 out of here half-cooked? 1089 00:45:12,240 --> 00:45:14,679 Ah, 'cause Paddy Radden Keefe or someone will get the scent 1090 00:45:14,680 --> 00:45:17,879 and a serious outlet with budget will beat us to it. 1091 00:45:17,880 --> 00:45:20,479 Look, mate, all I'm saying is the faster we publish, 1092 00:45:20,480 --> 00:45:22,799 the safer my man will feel going on record. 1093 00:45:22,800 --> 00:45:24,399 Now, you know I have someone who may, 1094 00:45:24,400 --> 00:45:26,759 they may, play ball in corroborating this. 1095 00:45:26,760 --> 00:45:29,279 You know he's too intimidated to do it electronically. 1096 00:45:29,280 --> 00:45:31,079 Well, these guys, they're fucking litigious. 1097 00:45:31,080 --> 00:45:32,839 So it either goes out with the changes, 1098 00:45:32,840 --> 00:45:34,759 or it doesn't go out at all. 1099 00:45:34,760 --> 00:45:36,120 - Sorry. - (JIM GRUMBLES) 1100 00:45:39,040 --> 00:45:40,040 All right. 1101 00:45:41,760 --> 00:45:43,599 Uh, yeah... Yeah, fuck it, print it. 1102 00:45:43,600 --> 00:45:44,719 It's a start. 1103 00:45:44,720 --> 00:45:46,839 But if you won't unlock budget for me to go to Accra, 1104 00:45:46,840 --> 00:45:48,599 I guess I'll book my own fucking ticket, yeah? 1105 00:45:48,600 --> 00:45:49,960 - BURGESS: Hmm. - JIM: Yeah. 1106 00:45:52,200 --> 00:45:53,320 You prat! 1107 00:45:54,440 --> 00:45:55,759 (DOOR CLOSES) 1108 00:45:55,760 --> 00:45:57,560 HARPER: Took fucking long to get here. 1109 00:45:58,120 --> 00:45:59,239 It's a bit sketchy. 1110 00:45:59,240 --> 00:46:00,840 SWEETPEA: I grew up on a street like this. 1111 00:46:01,960 --> 00:46:03,880 So we gonna tell 'em we're in finance or what? 1112 00:46:04,440 --> 00:46:05,999 Just let me handle it. 1113 00:46:06,000 --> 00:46:07,879 - (DOORBELL RINGS) - (DOOR OPENS) 1114 00:46:07,880 --> 00:46:09,039 Hiya. 1115 00:46:09,040 --> 00:46:11,759 We're actually from the Office of National Statistics. 1116 00:46:11,760 --> 00:46:13,879 We might have rung your bell by mistake, so forgive me. 1117 00:46:13,880 --> 00:46:15,159 - No worries. - SWEETPEA: No, sorry. 1118 00:46:15,160 --> 00:46:17,839 We were under the impression that this was an office. 1119 00:46:17,840 --> 00:46:20,279 Is there anyone who works here? 1120 00:46:20,280 --> 00:46:22,640 ALISON STODDART: Well, me... me son works from home. 1121 00:46:23,240 --> 00:46:24,240 (MOUSE CLICKS) 1122 00:46:26,160 --> 00:46:27,279 You girls okay? 1123 00:46:27,280 --> 00:46:29,039 BOTH: Fine. 1124 00:46:29,040 --> 00:46:30,599 JEFFREY STODDART: So I get a ton of emails 1125 00:46:30,600 --> 00:46:32,519 from various payment sites in Africa. 1126 00:46:32,520 --> 00:46:33,999 That's the graft, really. 1127 00:46:34,000 --> 00:46:35,200 The amount. 1128 00:46:35,720 --> 00:46:37,319 Lots of attachments. 1129 00:46:37,320 --> 00:46:39,239 - Can you show me one attachment? - JEFFREY: Sure. 1130 00:46:39,240 --> 00:46:40,720 (MOUSE CLICKS) 1131 00:46:41,480 --> 00:46:42,959 - JEFFREY: It's... - Transactions. 1132 00:46:42,960 --> 00:46:44,000 JEFFREY: Yeah. 1133 00:46:44,680 --> 00:46:45,719 How'd you know? 1134 00:46:45,720 --> 00:46:47,239 What do you do with them? 1135 00:46:47,240 --> 00:46:49,959 JEFFREY: Well, it's loads of transactions at different price points. 1136 00:46:49,960 --> 00:46:52,399 I collate them and bucket them. 1137 00:46:52,400 --> 00:46:54,079 It's not all that taxing, like. 1138 00:46:54,080 --> 00:46:55,999 Don't put yourself down. Work is work. 1139 00:46:56,000 --> 00:46:58,159 JEFFREY: So anywhere between zero pound 1140 00:46:58,160 --> 00:47:01,319 and 12 pound gets labelled "PZ202." 1141 00:47:01,320 --> 00:47:04,679 Whereas between 12 and 80 gets "PZ303." 1142 00:47:04,680 --> 00:47:07,759 Eighty and 200. 200 and 500, it goes on. 1143 00:47:07,760 --> 00:47:10,279 And those buckets populate a new spreadsheet... 1144 00:47:10,280 --> 00:47:11,719 - (MOUSE CLICKS) - ...here. 1145 00:47:11,720 --> 00:47:13,959 ALISON: I'm just popping out, Jeffrey, love. 1146 00:47:13,960 --> 00:47:15,239 ♪ (INTRIGUING DREAMY MUSIC PLAYING) ♪ 1147 00:47:15,240 --> 00:47:16,439 He's not... 1148 00:47:16,440 --> 00:47:18,759 building the charts in Tender's earnings report. 1149 00:47:18,760 --> 00:47:20,519 Um, Jeffrey, do you mind if I just note 1150 00:47:20,520 --> 00:47:22,279 some of those codes down? 1151 00:47:22,280 --> 00:47:25,639 So, every one of Tender's available transactions is coded 1152 00:47:25,640 --> 00:47:27,919 - by hand by gorgeous Jeffrey. - Yeah. 1153 00:47:27,920 --> 00:47:29,599 They must have a dozen Jeffreys, 1154 00:47:29,600 --> 00:47:32,519 coding by price, not by origination or service. 1155 00:47:32,520 --> 00:47:33,879 And that is how they're hiding the porn 1156 00:47:33,880 --> 00:47:35,799 and the gambling, right? So they're recording it, then... 1157 00:47:35,800 --> 00:47:37,719 Yeah. So, like, if you buy hardcore porn, 1158 00:47:37,720 --> 00:47:38,759 or flowers for your nan, 1159 00:47:38,760 --> 00:47:40,479 or you piss away your money at roulette, 1160 00:47:40,480 --> 00:47:42,479 - it is all categorized the same. - Ah. 1161 00:47:42,480 --> 00:47:44,359 I mean, as long as it roughly costs the same. 1162 00:47:44,360 --> 00:47:47,799 It's just like one big bucket of slop called "consumables." 1163 00:47:47,800 --> 00:47:49,719 Right. Well, we have to see this through. 1164 00:47:49,720 --> 00:47:51,280 - Yeah, I agree! - Okay. 1165 00:47:52,320 --> 00:47:53,759 - Fuck me! - (LAUGHS) 1166 00:47:53,760 --> 00:47:56,439 Fuck us! That was such a fucking mental buzz! 1167 00:47:56,440 --> 00:47:57,600 Sweetpea. 1168 00:47:58,840 --> 00:48:00,680 Come work with me. Please. 1169 00:48:03,040 --> 00:48:05,719 Harper, you left Petra. And you left Mostyn. 1170 00:48:05,720 --> 00:48:06,919 I need your word 1171 00:48:06,920 --> 00:48:08,479 that you will actually see this through. 1172 00:48:08,480 --> 00:48:09,560 No distractions. 1173 00:48:10,080 --> 00:48:11,120 Understood. 1174 00:48:12,080 --> 00:48:14,520 If you come, you have my word. 1175 00:48:21,040 --> 00:48:22,079 Okay. 1176 00:48:22,080 --> 00:48:23,319 (CHUCKLES) 1177 00:48:23,320 --> 00:48:25,240 Great. Get Eric on your phone. 1178 00:48:28,320 --> 00:48:30,319 ♪ (MUSIC FADES) ♪ 1179 00:48:30,320 --> 00:48:31,639 HARPER: James, it's Harper. 1180 00:48:31,640 --> 00:48:33,719 What if I told you you were 100 percent correct 1181 00:48:33,720 --> 00:48:35,639 on your Tender payments laundry thesis? 1182 00:48:35,640 --> 00:48:37,879 Well, as you'll no doubt remember, 1183 00:48:37,880 --> 00:48:41,159 earlier this year, Lisa, your government 1184 00:48:41,160 --> 00:48:44,519 promised to "rip up the bureaucracy 1185 00:48:44,520 --> 00:48:47,399 that blocks investment" and urged the regulator, 1186 00:48:47,400 --> 00:48:52,319 that's you, Colin, to "take growth seriously." 1187 00:48:52,320 --> 00:48:56,559 Blocking this deal would, um, break both those promises. 1188 00:48:56,560 --> 00:48:58,679 Global innovators, large and small, 1189 00:48:58,680 --> 00:48:59,999 would take note that, 1190 00:49:00,000 --> 00:49:04,799 despite the Labour Party's often, um... lofty rhetoric, 1191 00:49:04,800 --> 00:49:06,919 the UK is closed for business. 1192 00:49:06,920 --> 00:49:09,839 It would represent a major blow to UK citizens, 1193 00:49:09,840 --> 00:49:12,439 who currently at least, remain largely 1194 00:49:12,440 --> 00:49:14,279 in the dark about how parlous 1195 00:49:14,280 --> 00:49:16,479 their economic circumstances really are. 1196 00:49:16,480 --> 00:49:17,959 LISA DEARN: Noblesse oblige, 1197 00:49:17,960 --> 00:49:20,279 aristocracy-knows-best type stuff. 1198 00:49:20,280 --> 00:49:22,200 (SCOFFS) It's hard to stomach from you. 1199 00:49:23,200 --> 00:49:24,559 People have short memories. 1200 00:49:24,560 --> 00:49:25,839 I see my role in politics 1201 00:49:25,840 --> 00:49:27,880 as maintaining a very long one. 1202 00:49:28,520 --> 00:49:29,639 And that includes seeing 1203 00:49:29,640 --> 00:49:31,480 through a charlatan's rebranding. 1204 00:49:32,440 --> 00:49:34,519 And I haven't forgotten making you squirm 1205 00:49:34,520 --> 00:49:35,919 during the Lumi inquiry. 1206 00:49:35,920 --> 00:49:38,320 ♪ (TENSE DREAMY MUSIC PLAYING) ♪ 1207 00:49:40,480 --> 00:49:42,159 It would be an act of narcissism, 1208 00:49:42,160 --> 00:49:45,079 bordering on self-harm, to allow personal history 1209 00:49:45,080 --> 00:49:46,319 to deliver a fatal blow 1210 00:49:46,320 --> 00:49:48,079 to what we're on the verge of achieving here. 1211 00:49:48,080 --> 00:49:49,839 This merger will give us a banking license, 1212 00:49:49,840 --> 00:49:51,919 - meaning more choice, lower prices... - (DOOR OPENS) 1213 00:49:51,920 --> 00:49:54,159 ...a wave of innovation to follow in our slipstream. 1214 00:49:54,160 --> 00:49:55,959 Bold statements, but they're hardly backed up 1215 00:49:55,960 --> 00:49:57,320 in any of the literature that you've... 1216 00:49:58,160 --> 00:50:00,119 Ricky Martyn, with a Y. 1217 00:50:00,120 --> 00:50:01,239 WHITNEY: Ah. 1218 00:50:01,240 --> 00:50:03,679 Chief of Staff to the Prime Minister. 1219 00:50:03,680 --> 00:50:05,599 So the floor's all yours, I'm all ears. 1220 00:50:05,600 --> 00:50:07,160 - (FINGERS SNAP) - Oi, did you know about this? 1221 00:50:09,440 --> 00:50:11,519 DEARN: Ricky, thanks for stepping in. 1222 00:50:11,520 --> 00:50:12,920 You interrupted my next... 1223 00:50:15,240 --> 00:50:17,079 You interrupted my next question, 1224 00:50:17,080 --> 00:50:18,800 which was to Colin. 1225 00:50:19,880 --> 00:50:22,199 Uh, how does anything we've heard have any bearing 1226 00:50:22,200 --> 00:50:25,159 on whether a merger with an Austrian bank 1227 00:50:25,160 --> 00:50:26,479 represents an antitrust issue? 1228 00:50:26,480 --> 00:50:28,399 - The banking system... - WHITNEY: Colin, the complaints 1229 00:50:28,400 --> 00:50:30,519 you've heard from our rivals are obfuscating their real fear. 1230 00:50:30,520 --> 00:50:32,719 They're not scared of a reduction in competition. 1231 00:50:32,720 --> 00:50:35,639 - They're scared of an increase of it. - (SCOFFS) 1232 00:50:35,640 --> 00:50:38,839 WHITNEY: This is an objectively pro-competitive deal. 1233 00:50:38,840 --> 00:50:43,279 Colin. Ricky, Jennifer, Lisa, it's not just a question 1234 00:50:43,280 --> 00:50:45,679 of whether Labour's Britain is pro-business. 1235 00:50:45,680 --> 00:50:48,999 It's about whether Labour is pro-reducing financial fraud, 1236 00:50:49,000 --> 00:50:51,559 pro-teaching financial hygiene to its electorates, 1237 00:50:51,560 --> 00:50:54,879 pro-the consumer's agency in his own financial life. 1238 00:50:54,880 --> 00:50:56,799 Your last government isolated you from Europe. 1239 00:50:56,800 --> 00:50:58,959 I urge you to see this as a first 1240 00:50:58,960 --> 00:51:01,280 of many necessary steps towards reintegration. 1241 00:51:03,880 --> 00:51:05,080 Don't you think? 1242 00:51:07,320 --> 00:51:08,520 WHITNEY: Henry! 1243 00:51:10,200 --> 00:51:11,799 (HENRY CLEARS THROAT) 1244 00:51:11,800 --> 00:51:14,159 Uh, sorry. Yeah. You know, of course. Yeah. 1245 00:51:14,160 --> 00:51:15,399 COLIN CULLEN: As I understand it, 1246 00:51:15,400 --> 00:51:18,279 your securing of an Austrian banking license 1247 00:51:18,280 --> 00:51:21,239 to trade in the EU will be followed 1248 00:51:21,240 --> 00:51:23,119 by an application for a UK license. 1249 00:51:23,120 --> 00:51:24,199 We're a UK company. 1250 00:51:24,200 --> 00:51:25,759 - That's not how... - RICKY MARTYN: Colin, 1251 00:51:25,760 --> 00:51:28,319 the PM wants it stated in here 1252 00:51:28,320 --> 00:51:31,119 how much he admires Tender's vision 1253 00:51:31,120 --> 00:51:33,840 for making Britain the fintech capital of Europe, 1254 00:51:34,360 --> 00:51:35,480 if not the world. 1255 00:51:41,960 --> 00:51:45,839 (HESITATING) And we respect the PRA's independence 1256 00:51:45,840 --> 00:51:47,319 and honor their decisions. 1257 00:51:47,320 --> 00:51:49,039 Lisa, we could sidebar with Colin 1258 00:51:49,040 --> 00:51:50,400 about this later, I'm sure. 1259 00:51:51,240 --> 00:51:52,479 HENRY: Thank you, Ricky. 1260 00:51:52,480 --> 00:51:55,280 ♪ (TENSE DREAMY MUSIC RISES) ♪ 1261 00:52:05,200 --> 00:52:06,720 ♪ (MUSIC FADES) ♪ 1262 00:52:08,240 --> 00:52:09,439 HENRY: Whitney was right. 1263 00:52:09,440 --> 00:52:12,039 The FinDigest piece reads like sensationalist nonsense 1264 00:52:12,040 --> 00:52:13,639 to manipulate the share price. 1265 00:52:13,640 --> 00:52:15,240 Louisa's drafting a response. 1266 00:52:21,280 --> 00:52:23,880 I guess this is why Moritz backed out. 1267 00:52:24,920 --> 00:52:26,839 Yeah, Alexander put me in touch with Percy 1268 00:52:26,840 --> 00:52:28,000 in the opinion pages. 1269 00:52:28,560 --> 00:52:30,039 So, 1270 00:52:30,040 --> 00:52:32,119 you went behind my back 1271 00:52:32,120 --> 00:52:34,680 to my uncle... to give this guy a platform? 1272 00:52:35,400 --> 00:52:37,119 Alexander agreed with me, Henry. 1273 00:52:37,120 --> 00:52:38,879 It's soft-skill negotiation. 1274 00:52:38,880 --> 00:52:41,719 This isn't some crank writing in The Spectator, 1275 00:52:41,720 --> 00:52:43,159 "In Defense of The Wehrmacht." 1276 00:52:43,160 --> 00:52:46,239 This is a national newspaper with responsibility. 1277 00:52:46,240 --> 00:52:48,239 It's a kook running his mouth. 1278 00:52:48,240 --> 00:52:50,119 - It's, you know... - It's... It's what? 1279 00:52:50,120 --> 00:52:52,319 It's tomorrow's fucking chip paper? 1280 00:52:52,320 --> 00:52:54,320 Don't be so fucking naive. 1281 00:52:55,240 --> 00:52:56,439 (SCOFFS) 1282 00:52:56,440 --> 00:52:58,479 Don't you think you should be thanking me? 1283 00:52:58,480 --> 00:53:00,319 I mean, the deal wouldn't have gone through 1284 00:53:00,320 --> 00:53:02,280 without me giving Moritz this opportunity. 1285 00:53:04,480 --> 00:53:05,799 HENRY: What you did with Hayley... 1286 00:53:05,800 --> 00:53:06,880 (SCOFFS) 1287 00:53:07,720 --> 00:53:08,800 HENRY: ...didn't feel right. 1288 00:53:10,320 --> 00:53:11,399 You know I'm an addict. 1289 00:53:11,400 --> 00:53:14,359 It felt very like... enabler behavior. 1290 00:53:14,360 --> 00:53:16,160 YASMIN: You wanted her, Henry. 1291 00:53:17,400 --> 00:53:18,600 So you fucked her. 1292 00:53:20,280 --> 00:53:22,280 I was just bold enough to know what to give you. 1293 00:53:23,280 --> 00:53:24,520 HAYLEY: Hi. 1294 00:53:25,080 --> 00:53:26,280 (HESITATES) 1295 00:53:26,920 --> 00:53:28,720 Big weekend, Calabasas? 1296 00:53:29,360 --> 00:53:31,239 I'm too young for hangovers. 1297 00:53:31,240 --> 00:53:33,039 Uh, your morning is pretty stacked, 1298 00:53:33,040 --> 00:53:35,399 and I booked your car for 7:00 tonight 1299 00:53:35,400 --> 00:53:36,839 for your dinner at Arlington. 1300 00:53:36,840 --> 00:53:37,920 Did I book that? 1301 00:53:38,400 --> 00:53:40,999 Uh, she did. 1302 00:53:41,000 --> 00:53:43,360 Do you want to join us for a nightcap, Hayley? 1303 00:53:44,320 --> 00:53:46,519 I mean, there are some introductions 1304 00:53:46,520 --> 00:53:47,999 that we can make for you. 1305 00:53:48,000 --> 00:53:51,359 Yeah, I... I have plans, but I could cancel... 1306 00:53:51,360 --> 00:53:52,759 - easily. - HENRY: No, no, no. 1307 00:53:52,760 --> 00:53:54,919 Keep your plans, Hayley. 1308 00:53:54,920 --> 00:53:57,840 (INDISTINCT DISTANT CHATTER) 1309 00:54:08,760 --> 00:54:10,200 Who the fuck did I marry? 1310 00:54:11,360 --> 00:54:12,959 (CHUCKLES SOFTLY) 1311 00:54:12,960 --> 00:54:15,359 Shouldn't you know that, darling? 1312 00:54:15,360 --> 00:54:19,559 ♪ ("ORINOCO FLOW" BY ENYA PLAYING) ♪ 1313 00:54:19,560 --> 00:54:22,440 (INDISTINCT CHATTER) 1314 00:54:24,440 --> 00:54:27,279 FinDigest's article hasn't been as stock negative as I'd hoped. 1315 00:54:27,280 --> 00:54:28,719 The market eventually will be forced 1316 00:54:28,720 --> 00:54:29,839 to price Tender's deception, 1317 00:54:29,840 --> 00:54:31,559 and they will punish them for it. 1318 00:54:31,560 --> 00:54:32,639 No guarantee. 1319 00:54:32,640 --> 00:54:34,519 - (CELL PHONE BUZZING) - SWEETPEA: Hiya. 1320 00:54:34,520 --> 00:54:36,959 The Sunderland discovery puzzle piece is useless 1321 00:54:36,960 --> 00:54:38,799 to the market without the full image. 1322 00:54:38,800 --> 00:54:39,919 It's as good as a hunch 1323 00:54:39,920 --> 00:54:43,679 without a groundswell of investor sentiment behind it. 1324 00:54:43,680 --> 00:54:46,440 I thought the trader you hired was supposed to show to this? 1325 00:54:47,080 --> 00:54:48,160 Ah. 1326 00:54:49,720 --> 00:54:51,680 I agreed to Pierre's terms, by the way. 1327 00:54:53,160 --> 00:54:55,119 I told you I didn't want that from you. 1328 00:54:55,120 --> 00:54:56,640 Well, you have it. 1329 00:54:57,480 --> 00:54:58,680 I gave it to you. 1330 00:55:00,320 --> 00:55:02,679 And all I ask... 1331 00:55:02,680 --> 00:55:07,599 is that we widen the perimeter of what we consider to be 1332 00:55:07,600 --> 00:55:10,240 acceptable discourse between us. 1333 00:55:11,600 --> 00:55:15,559 I won't hurt you just by knowing you. 1334 00:55:15,560 --> 00:55:18,039 I really appreciate your financial backing. 1335 00:55:18,040 --> 00:55:19,720 It is more than I deserve. 1336 00:55:20,600 --> 00:55:21,839 And I will break my back 1337 00:55:21,840 --> 00:55:24,439 to ensure that your faith is rewarded. (BREATHES DEEPLY) 1338 00:55:24,440 --> 00:55:28,039 But it is already a miracle that we are in any position 1339 00:55:28,040 --> 00:55:29,399 to be working together again. 1340 00:55:29,400 --> 00:55:30,880 And you and I both know... 1341 00:55:32,000 --> 00:55:33,639 that nothing good comes from us being 1342 00:55:33,640 --> 00:55:35,200 any more intimate than that. 1343 00:55:39,160 --> 00:55:40,320 Ah! 1344 00:55:41,000 --> 00:55:43,159 Deutsche! Goldman spit you out? 1345 00:55:43,160 --> 00:55:45,039 Well, the universe has quiet designs 1346 00:55:45,040 --> 00:55:46,879 - to keep us humble. - HARPER: Huh. 1347 00:55:46,880 --> 00:55:48,600 - KENNY KILBANE: Just come this way. - HARPER: Okay. 1348 00:55:50,000 --> 00:55:52,799 So, we would like to place a short with you. 1349 00:55:52,800 --> 00:55:54,999 Buy-side is full of tyrants who deny their tyranny. 1350 00:55:55,000 --> 00:55:57,439 Sell-side is full of slaves who deny their servitude. 1351 00:55:57,440 --> 00:55:59,279 Somewhere in the middle, all of human life. 1352 00:55:59,280 --> 00:56:00,879 - Right. - (CHUCKLES) 1353 00:56:00,880 --> 00:56:02,760 How does it feel to finally have the power? 1354 00:56:04,040 --> 00:56:07,359 A constant nerve-jangling desire to enshrine it. 1355 00:56:07,360 --> 00:56:09,040 - (LAUGHS) - KWABENA: Harp! 1356 00:56:11,880 --> 00:56:13,679 - I'm sorry I'm late. - ELEVATOR VOICE: Door opening. 1357 00:56:13,680 --> 00:56:15,119 - ERIC: This your man? - Yes. 1358 00:56:15,120 --> 00:56:16,599 - Eric. - KWABENA: Kwabena. 1359 00:56:16,600 --> 00:56:18,359 ♪ Turn it up, turn it up... ♪ 1360 00:56:18,360 --> 00:56:19,520 ERIC: Kenny, I wanted... 1361 00:56:20,480 --> 00:56:23,960 I'm just glad I got a chance to say sorry. 1362 00:56:24,640 --> 00:56:26,760 I am. I am sorry. 1363 00:56:27,360 --> 00:56:29,119 Well... 1364 00:56:29,120 --> 00:56:30,959 it's not the worst thing anyone's ever done. 1365 00:56:30,960 --> 00:56:32,600 ELEVATOR VOICE: Door closing. 1366 00:56:33,960 --> 00:56:35,079 (DOORS THUD, ECHO) 1367 00:56:35,080 --> 00:56:36,599 ♪ ("ORINOCO FLOW" BY ENYA CONTINUES) ♪ 1368 00:56:36,600 --> 00:56:44,600 ♪ Sail away Sail away, sail away ♪ 1369 00:56:51,440 --> 00:56:55,479 ♪ From the North to the South Ebudae unto Khartoum ♪ 1370 00:56:55,480 --> 00:56:59,639 ♪ From the deep Sea of Clouds To the Island of the Moon ♪ 1371 00:56:59,640 --> 00:57:03,759 ♪ Carry me on the waves To the land I've never been ♪ 1372 00:57:03,760 --> 00:57:05,839 ♪ Carry me on the waves ♪ 1373 00:57:05,840 --> 00:57:07,999 ♪ To the lands I've never seen ♪ 1374 00:57:08,000 --> 00:57:10,119 ♪ We can sail, we can sail ♪ 1375 00:57:10,120 --> 00:57:12,159 ♪ With the Orinoco Flow ♪ 1376 00:57:12,160 --> 00:57:14,159 ♪ We can sail, we can sail ♪ 1377 00:57:14,160 --> 00:57:16,519 ♪ Sail away Sail away, sail away ♪ 1378 00:57:16,520 --> 00:57:20,479 ♪ We can steer, we can near With Rob Dickins at the wheel ♪ 1379 00:57:20,480 --> 00:57:22,439 ♪ We can sail, we can sail ♪ 1380 00:57:22,440 --> 00:57:25,880 ♪ Sail away Sail away, sail away ♪ 1381 00:57:28,640 --> 00:57:29,960 ♪ (SONG CONCLUDES) ♪ 96786

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