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1
00:03:41,028 --> 00:03:43,519
IRA a dollar-franc.
2
00:03:43,865 --> 00:03:46,095
Four-ninety-eight, 40, 60.
3
00:03:46,267 --> 00:03:49,634
The market's going against us.
We're exposed on the 100 million.
4
00:03:49,804 --> 00:03:52,773
- We're gonna have to bail out.
- We'll take a whopping loss.
5
00:03:52,940 --> 00:03:54,965
We can't buck the tide any longer.
6
00:03:55,143 --> 00:03:57,805
Let me know the damage
when you've finished.
7
00:04:00,348 --> 00:04:02,782
- Hold the phones!
- Hold on.
8
00:04:04,619 --> 00:04:08,555
Okay, no arguments. Everybody cover
their short-currency positions.
9
00:04:08,723 --> 00:04:10,987
Buy yen, sterling, francs, marks.
10
00:04:11,459 --> 00:04:12,926
Sell dollars.
11
00:04:13,094 --> 00:04:14,891
We've got 100 million to dump.
12
00:04:15,062 --> 00:04:16,586
No haggling over prices.
13
00:04:19,167 --> 00:04:21,294
- Dollar's off.
- How much?
14
00:04:21,469 --> 00:04:23,767
Two percent against the mark
in 20 minutes.
15
00:04:23,938 --> 00:04:25,803
It started in Frankfurt.
16
00:04:25,973 --> 00:04:29,272
No. I think you'll find it started
about 10 blocks from here.
17
00:04:29,443 --> 00:04:32,571
At Borough National, as a matter of fact.
They're in trouble.
18
00:04:32,747 --> 00:04:36,183
Bailing out of their long-dollar position.
Dumping about 100 million.
19
00:04:36,350 --> 00:04:39,114
Keep talking.
Let me know if it slides further...
20
00:04:39,287 --> 00:04:40,982
...or hits the next big number.
21
00:04:42,156 --> 00:04:45,785
Frankfurt? Borough National New York.
A dollar-deutsche mark.
22
00:04:51,966 --> 00:04:54,628
Would you like...?
Can you make me a market of spot francs?
23
00:04:54,802 --> 00:04:58,329
- Give me another market!
- Another Geneva for 30-60. Want it?
24
00:04:58,506 --> 00:05:01,600
- Sell eight at 30!
- Two, two at 20.
25
00:05:01,776 --> 00:05:05,143
Hello, Bern National.
Yeah, how do you trade in French?
26
00:05:05,313 --> 00:05:08,749
- What's your spot on yen?
- Take two!
27
00:05:08,916 --> 00:05:10,349
- Three.
- You'll only do three?
28
00:05:10,518 --> 00:05:12,349
- Five million.
- We want sterling.
29
00:05:12,587 --> 00:05:13,918
- Four.
- Good.
30
00:05:15,256 --> 00:05:17,816
- What's the dollar-yen, please?
- Five at 75.
31
00:05:18,559 --> 00:05:20,857
- Make it two. That's four.
- Okay.
32
00:05:26,867 --> 00:05:28,698
- Take it.
- Four done.
33
00:05:29,103 --> 00:05:32,072
- Do you want it? Forty-60!
- Sell five at 40.
34
00:05:32,240 --> 00:05:34,538
- They'll only take two!
- Take the lousy two!
35
00:05:34,709 --> 00:05:38,110
- All right, that's just one!
- I love you too. You're beautiful.
36
00:05:38,279 --> 00:05:40,110
How about four? All right, two.
37
00:05:40,281 --> 00:05:42,579
- Help me out.
- What do you mean there's no market?
38
00:05:42,750 --> 00:05:44,411
It's coming? So is Christmas.
39
00:05:44,585 --> 00:05:47,110
I can't get Bern!
They're closed for the day!
40
00:05:47,288 --> 00:05:50,155
- We look like we're having trouble.
- Europe and the Street...
41
00:05:50,324 --> 00:05:53,020
...know we're dumping.
The dollar's dropping like a rock.
42
00:05:53,194 --> 00:05:56,493
All right, we'd better go in.
Long on dollars. Start with Paris.
43
00:05:56,664 --> 00:06:01,033
And tell Borough National
they can have 40 mil on Interbank.
44
00:06:01,202 --> 00:06:04,603
We're going to have to find someone
to ride shotgun over there.
45
00:06:04,772 --> 00:06:08,230
I'm not taking this roller coaster again.
46
00:06:11,112 --> 00:06:13,774
Earlier this week,
the dollar slipped 50 points.
47
00:06:13,948 --> 00:06:17,145
It recovered. But a lot of people
say things are going to get worse...
48
00:06:17,318 --> 00:06:18,546
... before they get better.
49
00:06:18,719 --> 00:06:21,984
Others in the banking community
say it was just a flutter.
50
00:06:22,156 --> 00:06:26,490
But if there's one thing all of us
worry about, it's money. Our money.
51
00:06:26,661 --> 00:06:28,629
In this case, of course, the dollar.
52
00:06:28,796 --> 00:06:31,697
Here tonight to discuss the dollar
is Maxwell Emery...
53
00:06:31,866 --> 00:06:33,891
... president of The First New York Bank.
54
00:06:34,068 --> 00:06:38,198
Mr. Emery has sometimes been called
the lion of American banking.
55
00:06:39,340 --> 00:06:42,935
The dollar's been under pressure
so frequently in our history.
56
00:06:43,110 --> 00:06:45,738
I don't think these times are exceptional.
57
00:06:46,414 --> 00:06:52,910
We go through regular cycles of anxiety.
In fact, we're an anxiety-prone people.
58
00:06:53,220 --> 00:06:56,656
But we've never had anxiety
with so much reason behind it.
59
00:06:56,824 --> 00:07:00,260
Since 1974, when the Arabs
started increasing the price of oil...
60
00:07:00,428 --> 00:07:02,487
... they've amassed billions of dollars.
61
00:07:02,663 --> 00:07:06,724
Until now, they've been very kind to leave
that money largely in American banks.
62
00:07:06,901 --> 00:07:10,166
Mr. Emery, has there ever been
such a concentration of wealth...
63
00:07:10,338 --> 00:07:12,499
... in the hands of one group before?
64
00:07:12,673 --> 00:07:15,005
No, I think probably not.
65
00:07:15,176 --> 00:07:19,237
But I assure you, their interests are ours.
66
00:09:45,793 --> 00:09:47,556
Have a good time.
67
00:09:47,728 --> 00:09:49,286
Thank you.
68
00:09:49,463 --> 00:09:52,023
- Wonderful party.
- Charlie will be by later.
69
00:09:52,199 --> 00:09:54,463
- He's working late at the office.
- See you then.
70
00:09:54,635 --> 00:09:56,569
Enjoy yourself.
71
00:10:15,923 --> 00:10:17,185
Want an educated opinion?
72
00:10:17,525 --> 00:10:21,427
You won't get a glamour boy like Hubbell
Smith to run a rescue operation over there.
73
00:10:21,595 --> 00:10:23,392
He won't touch it with a fork.
74
00:10:23,564 --> 00:10:27,557
He might. If the payoff is big enough.
75
00:10:29,703 --> 00:10:33,070
Could I have a white wine
and a Scotch on the rocks, please?
76
00:10:33,240 --> 00:10:37,108
Well, Max, I hear you rode in
on your white horse...
77
00:10:37,278 --> 00:10:38,939
...and bailed out Borough National.
78
00:10:39,113 --> 00:10:43,015
Well, that fellow down there is trying,
but he's overmatched.
79
00:10:43,517 --> 00:10:46,884
I feel sorry for the poor son of a bitch
who tries to fix that mess.
80
00:10:47,054 --> 00:10:50,649
I said I'd help them
but only if they'd take my boy.
81
00:10:52,893 --> 00:10:54,326
Wanna hear the deal?
82
00:10:54,962 --> 00:10:57,692
I don't know, Max.
I did my time in the trenches...
83
00:10:57,865 --> 00:11:00,732
...when I was running
those problem loans for you.
84
00:11:00,901 --> 00:11:02,562
I had enough crash-and-burn.
85
00:11:06,073 --> 00:11:07,870
Hub...
86
00:11:11,345 --> 00:11:14,041
...I'd consider it a personal favor.
87
00:11:14,214 --> 00:11:17,183
With those turkeys at Borough National,
miracle is a better word.
88
00:11:17,351 --> 00:11:21,310
Now, why do you piss cold water on it
when you know you're interested?
89
00:11:21,488 --> 00:11:23,251
What makes you so sure?
90
00:11:23,424 --> 00:11:27,360
The guy who turns them round
is going to be hero of the week.
91
00:11:27,528 --> 00:11:33,125
And we both know
that you're restless, ambitious...
92
00:11:33,801 --> 00:11:37,032
...and a sucker for a chance
at a star play.
93
00:11:37,204 --> 00:11:41,504
- That's the spirit that built the West.
- Has either one of you seen Lee Winters?
94
00:11:41,942 --> 00:11:45,241
Last time I saw her
she was over by the band.
95
00:11:45,613 --> 00:11:47,240
Something wrong?
96
00:11:47,414 --> 00:11:49,006
Charlie Winters has been murdered.
97
00:11:49,183 --> 00:11:51,344
A mugger broke into his office
and knifed him.
98
00:11:51,518 --> 00:11:53,918
Oh, my God.
99
00:12:03,731 --> 00:12:05,756
Isn't it?
100
00:12:06,834 --> 00:12:09,894
I love the way he plays too. Don't you?
101
00:12:12,406 --> 00:12:17,036
- Hello, Bill.
- Lee, could I talk to you alone?
102
00:12:17,211 --> 00:12:18,769
- Would you excuse us?
- Certainly.
103
00:12:25,786 --> 00:12:27,947
What is it, Hub?
104
00:12:29,690 --> 00:12:31,453
Nothing.
105
00:12:33,494 --> 00:12:37,658
I was just thinking about
the illusion of safety.
106
00:13:28,315 --> 00:13:31,045
- Yes.
- You were inquiring about Charlie Winters...
107
00:13:31,218 --> 00:13:36,588
... the other day.
I'm sorry to have to tell you that he's dead.
108
00:13:38,258 --> 00:13:41,250
I was struck by the coincidence.
109
00:13:41,428 --> 00:13:44,989
Charles Winters.
I'm sorry to hear about that.
110
00:13:45,165 --> 00:13:48,032
I'm sorry to hear about it too.
111
00:13:49,970 --> 00:13:52,837
I just wanted you to be aware.
112
00:13:54,141 --> 00:13:55,631
Good night.
113
00:14:04,752 --> 00:14:07,846
Police have concluded Charles Winters
was murdered by a burglar...
114
00:14:08,021 --> 00:14:11,047
... who panicked when Winters,
who was working late, surprised him.
115
00:14:11,625 --> 00:14:14,560
No other motivations
for his murder have been found.
116
00:14:14,728 --> 00:14:18,721
At his funeral yesterday in New York,
his widow, ex-film star Lee Winters...
117
00:14:18,899 --> 00:14:23,165
... was accompanied by leading members
of the corporate and financial world.
118
00:14:23,337 --> 00:14:26,932
So Lee Winters, the poor girl who
came out of the dirt hills of Arkansas...
119
00:14:27,107 --> 00:14:30,235
... to achieve stardom
as the glamorous Ashley Norman...
120
00:14:30,410 --> 00:14:32,640
... one of Hollywood's
most respected actresses...
121
00:14:32,813 --> 00:14:36,044
... who, at the height of her career,
gave it up to become the wife...
122
00:14:36,216 --> 00:14:38,047
... of a great American industrialist...
123
00:14:38,218 --> 00:14:42,245
... played today her toughest role:
where to go from here.
124
00:14:42,422 --> 00:14:44,822
There are rumors that things
aren't what they were...
125
00:14:44,992 --> 00:14:47,927
... in the troubled petrochemical empire
built by Winters...
126
00:14:48,462 --> 00:14:52,922
... now facing the critical question
of who will become its next chairman.
127
00:14:53,100 --> 00:14:55,193
And now in a...
128
00:14:56,737 --> 00:14:59,706
Don't take too long.
Hurry back down.
129
00:15:01,175 --> 00:15:05,509
- Gaby, did you take my book?
- What book?
130
00:16:18,952 --> 00:16:21,819
Well, Paris, we're seeing
some pressure out of Zurich.
131
00:16:22,289 --> 00:16:24,849
Eleven's ringing. Who's on 11?
132
00:16:25,025 --> 00:16:27,186
But we think it's topping out.
133
00:16:31,198 --> 00:16:33,928
We're all atwitter.
Let me have your dollar-franc, please.
134
00:16:34,101 --> 00:16:36,069
The question is, is he ready for us?
135
00:16:36,570 --> 00:16:38,401
I've had a balance sheet worked up...
136
00:16:38,572 --> 00:16:42,167
...and a summary of assets.
Is there anything else you might need?
137
00:16:42,743 --> 00:16:46,110
Oh, nothing special.
Your interim financials maybe.
138
00:16:46,280 --> 00:16:49,374
Something showing your cash position,
loan position, deposits.
139
00:16:49,549 --> 00:16:51,949
Also a P & L statement, if you've got one.
140
00:16:52,119 --> 00:16:57,216
The maturity schedules on your commercial
paper. Classifications on your loan portfolio.
141
00:16:57,391 --> 00:17:00,326
Maybe the last examiner's report.
142
00:17:00,494 --> 00:17:03,088
Oh, and your current profit breakdown.
143
00:17:03,463 --> 00:17:05,055
You sure that'll be enough?
144
00:17:05,732 --> 00:17:06,960
For a start.
145
00:17:42,235 --> 00:17:44,135
Cheers.
146
00:17:47,674 --> 00:17:52,543
Well, doctor, you've been on the case
for a while now. What's the prognosis?
147
00:17:52,713 --> 00:17:54,647
Will the patient live?
148
00:17:54,815 --> 00:17:57,511
The patient's been dead for six months
and doesn't know it.
149
00:17:58,151 --> 00:18:00,619
Come on, now. It's not that bad.
150
00:18:00,787 --> 00:18:02,448
No?
151
00:18:04,558 --> 00:18:06,651
Roy, I salute you.
152
00:18:07,961 --> 00:18:10,452
Borough National's your masterpiece.
153
00:18:11,431 --> 00:18:13,899
Well, we may have to tighten our belt.
154
00:18:14,401 --> 00:18:15,663
Try it around your neck.
155
00:18:18,105 --> 00:18:19,595
Okay.
156
00:18:19,873 --> 00:18:24,333
- I'll call Emery. You can bail out.
- No, I took this trip without a parachute.
157
00:18:24,511 --> 00:18:27,878
- This is when the fun begins.
- Smith, this is not some sort of game.
158
00:18:28,048 --> 00:18:30,778
Yes, it is. That's exactly what it is.
159
00:18:30,951 --> 00:18:33,943
You keep talking about a system, Roy.
That's your problem.
160
00:18:35,022 --> 00:18:38,355
You can't beat the system,
but you can win a game.
161
00:18:39,926 --> 00:18:41,917
- How?
- First, we have to find a way...
162
00:18:42,095 --> 00:18:44,393
...to get some profit in here now.
163
00:18:44,564 --> 00:18:46,259
Just 3 or 4 million...
164
00:18:46,433 --> 00:18:50,028
...so we can meet that dividend
and give ourselves a little time to breathe.
165
00:18:50,270 --> 00:18:53,103
A nice, hungry customer
so we can give him a big, fat loan.
166
00:18:53,273 --> 00:18:55,241
Say, a couple 100 million.
167
00:18:55,409 --> 00:18:58,173
- Collect the commission.
- Where are we gonna get the money?
168
00:18:58,345 --> 00:19:01,337
I'll find the money.
What we need right now is a customer.
169
00:19:01,515 --> 00:19:05,508
We really need a company even more
in the shithouse than we are.
170
00:19:05,685 --> 00:19:07,915
If that's possible.
171
00:19:11,324 --> 00:19:14,054
Sit down, Roy.
172
00:19:16,863 --> 00:19:19,957
Talk to me about
the Winterchem Petrochemical Corporation.
173
00:19:20,133 --> 00:19:22,158
We're loaned out to them to the legal limit.
174
00:19:23,103 --> 00:19:27,267
No matter how hungry they are,
we can't give them a thing.
175
00:19:27,441 --> 00:19:29,341
Not even lunch?
176
00:19:30,877 --> 00:19:32,868
I'll start with what you're dying to hear.
177
00:19:33,046 --> 00:19:36,174
We don't need to borrow another dime.
178
00:19:39,519 --> 00:19:41,680
Well, I don't know what to say.
179
00:19:41,855 --> 00:19:44,050
All we have to do is scale down a little.
180
00:19:44,224 --> 00:19:47,557
Think in more modest terms,
and we should weather the storm.
181
00:19:48,462 --> 00:19:51,295
I don't think it makes any sense at all.
182
00:19:51,665 --> 00:19:56,227
This is wrong. You can't cut back on this
company and expect it to ever grow again.
183
00:19:56,403 --> 00:19:58,530
The replacement cost
would be astronomical.
184
00:19:58,705 --> 00:20:01,037
We're grateful for your interest
in Winterchem.
185
00:20:01,208 --> 00:20:03,768
All the public relations
you've put in for the company.
186
00:20:04,177 --> 00:20:07,374
And I know how you must feel,
especially now that Charlie's gone.
187
00:20:07,547 --> 00:20:09,242
Henry, don't patronize me.
188
00:20:09,816 --> 00:20:14,048
You know where we went wrong. We let the
competition walk away with the technology.
189
00:20:14,221 --> 00:20:16,212
Instead of cutting,
we must invest in R & D.
190
00:20:16,389 --> 00:20:18,914
Keep the plants going
until new products are developed.
191
00:20:19,092 --> 00:20:23,825
- Financed how?
- We'll just get ourselves a moneymaker.
192
00:20:24,464 --> 00:20:27,228
There's a small petrochemical plant
in Spain at Valencia.
193
00:20:27,400 --> 00:20:31,063
They're in place.
Their balance sheet looks real good.
194
00:20:31,238 --> 00:20:35,038
And they're for sale. We'd have to invest
in some updating and a sure feedstock.
195
00:20:35,208 --> 00:20:38,609
If we get it, we'll be buying ourselves
a real cash-flow machine.
196
00:20:38,812 --> 00:20:41,804
I hear you, but that kind of capital
is simply not available.
197
00:20:42,315 --> 00:20:44,146
Sorry, good people. I'm running late.
198
00:20:44,317 --> 00:20:46,547
Roy, fill me in on the rest of this later.
199
00:20:46,720 --> 00:20:48,347
Ms. Winters.
200
00:20:48,522 --> 00:20:51,150
- Henry.
- Delighted to have met you.
201
00:20:52,459 --> 00:20:54,518
- Warner.
- Good to see you.
202
00:20:58,665 --> 00:21:02,965
That's a hell of a fella. I think
we're gonna enjoy working with him.
203
00:21:06,506 --> 00:21:11,273
Let me speak with Lee Winters, please.
She's at the far corner table.
204
00:21:11,444 --> 00:21:13,912
Lee, you're gonna be opening
the Palm Beach house soon?
205
00:21:14,080 --> 00:21:15,877
Sorry, Mrs. Winters, a call for you.
206
00:21:16,683 --> 00:21:20,050
Thank you. Excuse me, I'm sorry.
207
00:21:20,921 --> 00:21:22,320
Yes, this is Mrs. Winters.
208
00:21:22,489 --> 00:21:24,480
How good are you
at keeping a straight face?
209
00:21:24,658 --> 00:21:27,786
Because your Valencia deal
happens to be full of holes.
210
00:21:29,996 --> 00:21:32,328
Helen, I can't talk now.
I'm at a luncheon meeting.
211
00:21:32,499 --> 00:21:34,933
- lf you have some messages...
- Try this on Helen.
212
00:21:35,101 --> 00:21:37,763
Number one, what about
currency translation?
213
00:21:37,938 --> 00:21:40,907
A Spanish plant has peseta obligations.
If the peseta goes up...
214
00:21:41,074 --> 00:21:43,804
... your dollar earnings won't be worth
a plate of frijoles.
215
00:21:43,977 --> 00:21:46,002
Two, how about labor stability?
216
00:21:46,179 --> 00:21:50,343
Half the country's busy slipping bombs
in the pockets of the other half.
217
00:21:50,517 --> 00:21:53,782
Three, Winterchem's tapped out
with us at Borough National.
218
00:21:53,954 --> 00:21:56,718
How do you figure to fund
the acquisition?
219
00:21:58,391 --> 00:21:59,722
I see.
220
00:21:59,893 --> 00:22:01,690
Is that all, Helen?
221
00:22:01,861 --> 00:22:06,264
Sorry, but I didn't wanna embarrass you
in front of Tweedledum and Tweedledee...
222
00:22:06,433 --> 00:22:10,529
... since it's obvious that you wanna be
the new chairman of the board.
223
00:22:12,772 --> 00:22:17,141
No, absolutely not. Would you tell him
I'm out of town, please?
224
00:22:19,079 --> 00:22:23,948
I'm sorry. Some people
just don't understand business.
225
00:22:44,671 --> 00:22:47,231
Absolutely.
Of course we're gonna show a profit.
226
00:22:47,407 --> 00:22:51,605
One, their currency may be unstable, but
they have to sell in international markets...
227
00:22:51,778 --> 00:22:53,803
...so our dollar wouldn't be affected.
228
00:22:53,980 --> 00:22:57,575
Two, the Spanish labor market
happens to be relatively strike-free...
229
00:22:57,751 --> 00:23:00,811
...which you would have known
if you'd bothered to check, as I did.
230
00:23:01,321 --> 00:23:05,587
Three, there are other banks that recognize
a sound investment when they see one.
231
00:23:05,759 --> 00:23:08,592
As for that "chairman
of the board" remark...
232
00:23:08,928 --> 00:23:12,022
...Mr. Smith, I don't know
what you're talking about.
233
00:23:19,306 --> 00:23:21,797
How much stock did you say
her husband left her?
234
00:23:37,324 --> 00:23:38,916
You were saying?
235
00:23:39,993 --> 00:23:42,154
I thought we ought to have a drink on it.
236
00:23:46,933 --> 00:23:48,764
On what exactly?
237
00:23:49,269 --> 00:23:51,533
Your future at Winterchem.
238
00:23:56,309 --> 00:23:58,300
Scotch, if you don't mind, with a twist.
239
00:23:58,478 --> 00:24:01,572
Mr. Smith, you must have me confused
with an executive.
240
00:24:01,748 --> 00:24:04,046
They tolerated me on the board
because of Charlie.
241
00:24:04,217 --> 00:24:10,178
But now that he's gone, I'm just
an ex-movie star coasting into the sunset.
242
00:24:10,357 --> 00:24:12,757
Not someone throwing them
a curve ball at lunch...
243
00:24:12,926 --> 00:24:15,918
...about a Spanish petrochemical plant.
244
00:24:16,896 --> 00:24:19,160
I'd say you coast pretty good.
245
00:24:19,332 --> 00:24:21,266
Where'd you learn the moves?
246
00:24:21,735 --> 00:24:24,226
Charlie involved me a lot in the business.
247
00:24:24,404 --> 00:24:27,032
And when I was an actress,
I had my own company.
248
00:24:27,207 --> 00:24:31,303
I made my own deals.
Charlie always says I have...
249
00:24:34,881 --> 00:24:37,372
Charlie used to say I had good instincts.
250
00:24:42,489 --> 00:24:46,016
Well, we're playing the classic scene,
aren't we?
251
00:24:46,192 --> 00:24:47,819
The banker and the widow.
252
00:24:49,396 --> 00:24:51,694
I'm sorry. I guess this is all too soon.
253
00:24:51,865 --> 00:24:55,266
Of course it's too soon.
Everything's too soon, isn't it?
254
00:24:55,435 --> 00:24:58,700
The company's in trouble too soon.
Charlie died too soon.
255
00:24:58,872 --> 00:25:00,703
So what?
256
00:25:04,911 --> 00:25:06,640
lt'd be funny, wouldn't it?
257
00:25:06,946 --> 00:25:11,076
If the banker helped the widow
walk off with the chairmanship.
258
00:25:14,621 --> 00:25:16,418
Hilarious.
259
00:25:16,856 --> 00:25:19,017
You mind telling me how?
260
00:25:19,192 --> 00:25:22,923
- Your Valencia deal.
- I thought you said it was full of holes.
261
00:25:23,096 --> 00:25:25,826
I thought you said
you didn't wanna be chairman.
262
00:25:26,466 --> 00:25:28,696
Too bad because Ackerman's
just blowing smoke...
263
00:25:28,868 --> 00:25:33,134
...about all this so-called support.
Nobody really wants to sell off.
264
00:25:33,306 --> 00:25:35,934
Nobody wants to be on the board
of a shrinking company.
265
00:25:36,109 --> 00:25:38,600
You nail that deal, you have a real shot.
266
00:25:38,778 --> 00:25:40,541
Providing they took me seriously.
267
00:25:40,713 --> 00:25:44,581
Come up with the 500 million to buy
that plant, and they'll take you seriously.
268
00:25:46,219 --> 00:25:49,518
All you need is the okay
from Ackerman to go after it.
269
00:25:51,090 --> 00:25:54,184
And I'm in a position to put you
together with the money.
270
00:25:54,961 --> 00:25:56,553
There are risks involved.
271
00:25:59,933 --> 00:26:02,527
I've never been afraid of risks.
272
00:26:04,204 --> 00:26:07,537
That was Scotch with a twist.
273
00:26:10,410 --> 00:26:13,140
For one thing, I'm not gonna get the okay.
274
00:26:13,847 --> 00:26:16,077
Aren't you the man that told me
Winterchem...
275
00:26:16,249 --> 00:26:17,978
...was borrowed out with the bank?
276
00:26:18,151 --> 00:26:19,914
I'm the man.
277
00:26:20,086 --> 00:26:24,079
- Where's the money supposed to come from?
- Private placement. Outside source.
278
00:26:24,257 --> 00:26:27,249
- Direct?
- Through an agent I know.
279
00:26:27,427 --> 00:26:29,987
We'd have to negotiate with his people.
280
00:26:30,163 --> 00:26:35,100
Probably be a joint venture if they put up
the capital and share the profits.
281
00:26:37,270 --> 00:26:40,603
And the bank collects 1 percent
for setting it up.
282
00:26:41,140 --> 00:26:45,577
On 500 million, that's 5 million profit.
No risk to you.
283
00:26:47,113 --> 00:26:51,982
You have a very profitable
sense of humor, Mr. Smith.
284
00:26:52,452 --> 00:26:55,421
You wouldn't deny me a little incentive,
would you?
285
00:26:56,222 --> 00:26:58,087
No.
286
00:27:02,729 --> 00:27:04,959
Was that on the rocks or straight up?
287
00:27:05,231 --> 00:27:07,699
Of course, we do have to handle her
very carefully.
288
00:27:07,867 --> 00:27:11,496
Yes. She is sitting on the largest block
of company stock.
289
00:27:11,671 --> 00:27:16,199
If she sells her stock to some outfit,
we could all be out on our collective ass.
290
00:27:16,376 --> 00:27:18,241
I say to hell with her damn stock.
291
00:27:18,411 --> 00:27:22,279
What's she gonna do, unload
600,000 shares? That's her meal ticket.
292
00:27:22,448 --> 00:27:25,349
This isn't The Washington Post,
and she's not Katherine Graham.
293
00:27:26,119 --> 00:27:30,715
And I'll tell you, that woman is not going
to negotiate any deals for this management.
294
00:27:30,890 --> 00:27:33,120
Ever.
295
00:27:34,928 --> 00:27:37,453
Would you ask Mrs. Winters
to come in, please?
296
00:27:38,398 --> 00:27:40,730
Next thing she'll want
to be chairman of the board.
297
00:27:46,739 --> 00:27:50,436
Now, Lee, we want you to know
you'll always have a home at Winterchem.
298
00:27:50,610 --> 00:27:54,011
Remember, we'll always be happy
to hear any suggestions you might have.
299
00:27:54,180 --> 00:27:56,671
- Mr. Ackerman, please.
- One moment, please.
300
00:27:56,916 --> 00:27:59,248
- At least we didn't overestimate him.
- Hello.
301
00:27:59,419 --> 00:28:01,080
- Warner, this is Hub.
- Hi, what's up?
302
00:28:01,254 --> 00:28:03,916
Nothing special. I just thought
it was time we sat down...
303
00:28:04,090 --> 00:28:07,389
...and had a talk
about rescheduling your loans.
304
00:28:07,860 --> 00:28:09,919
- Maybe lunch next week?
- How about Thursday?
305
00:28:10,096 --> 00:28:11,757
Right, fine.
306
00:28:11,931 --> 00:28:15,833
By the way, I had a talk
with that Japanese conglomerate...
307
00:28:16,002 --> 00:28:18,493
...that's buying up every company in sight.
- Did you?
308
00:28:18,671 --> 00:28:21,367
Yeah, Shigemitsu-Han.
309
00:28:21,541 --> 00:28:24,032
They wanted to talk about
the Winterchem financials.
310
00:28:25,144 --> 00:28:27,669
Of course, I wouldn't,
but I thought you ought to know.
311
00:28:27,847 --> 00:28:30,407
No problem.
They tried to take us over last year...
312
00:28:30,583 --> 00:28:32,483
... but couldn't get enough stock.
313
00:28:32,652 --> 00:28:35,177
Well, in that case, we can all relax.
314
00:28:35,355 --> 00:28:36,982
So where do you guys like to eat?
315
00:28:37,156 --> 00:28:39,750
How about the Bibliotheque
next Thursday at 1?
316
00:28:39,926 --> 00:28:42,986
- Thursday at 1, right.
- See you then.
317
00:28:44,397 --> 00:28:48,356
I can't wait to see their faces
when they think I'm gonna sell my stock.
318
00:28:48,534 --> 00:28:50,001
- Hello.
- Helen.
319
00:28:50,169 --> 00:28:56,130
Would you contact Shigemitsu-Han and ask
if we can have lunch Thursday at 1.
320
00:28:56,409 --> 00:28:57,637
Thursday at 1.
321
00:29:25,905 --> 00:29:27,805
Hi, Lee.
322
00:29:49,062 --> 00:29:50,927
So she won't sell her stock, huh?
323
00:29:51,097 --> 00:29:53,156
Good move, Warner.
324
00:29:54,000 --> 00:29:57,527
Well, I'm starved. How about you guys?
325
00:29:58,137 --> 00:30:00,697
- I could use a drink.
- So could I.
326
00:30:02,608 --> 00:30:04,599
How did I do?
327
00:30:05,244 --> 00:30:07,576
Ackerman didn't eat a bite.
328
00:30:08,448 --> 00:30:10,780
- How long do we have to wait?
- As long as it takes.
329
00:30:11,117 --> 00:30:13,585
- lf it takes.
- Patience, patience.
330
00:30:13,753 --> 00:30:16,313
They have to huddle first.
331
00:30:16,489 --> 00:30:21,449
Look unconcerned, get back to the office
and argue a little bit.
332
00:30:21,828 --> 00:30:25,787
They're probably flipping a coin right now
to see who has to make the call.
333
00:30:29,969 --> 00:30:31,596
Yeah.
334
00:30:31,838 --> 00:30:33,806
Right, put him on.
335
00:30:38,044 --> 00:30:40,137
Guess who lost.
336
00:30:41,748 --> 00:30:43,716
Hey, Warner, long time no see.
337
00:30:43,883 --> 00:30:47,979
Hi. Listen, Hub,
I know you'll think I'm nuts...
338
00:30:48,154 --> 00:30:53,592
... but we may let Lee Winters check out
the financing on that Spanish thing after all.
339
00:30:53,760 --> 00:30:57,491
She's got an idea she can find
the 500 million somewhere privately.
340
00:30:57,663 --> 00:31:01,224
She'll probably give away the family jewels
to get it.
341
00:31:02,034 --> 00:31:05,595
Would it make you happier
if I kept an eye on her for you?
342
00:31:06,506 --> 00:31:09,168
Jesus, could you?
That would be really terrific.
343
00:31:09,342 --> 00:31:12,140
- We don't want to look like total idiots.
- Consider it done.
344
00:31:12,445 --> 00:31:15,744
Hub, I want you to know
we'll always be grateful.
345
00:31:15,915 --> 00:31:18,406
Just your friendly neighborhood banker.
346
00:31:19,051 --> 00:31:21,019
They'll always be grateful.
347
00:31:22,155 --> 00:31:23,383
We're not there yet.
348
00:31:23,556 --> 00:31:27,617
You still have to meet the agent
for the 500 million tonight at Emery's.
349
00:31:28,461 --> 00:31:31,055
Any ideas on how I should handle it?
350
00:31:31,230 --> 00:31:33,061
Straightforward.
351
00:31:33,232 --> 00:31:35,598
We've got nothing to hide.
352
00:31:36,369 --> 00:31:38,098
Do we?
353
00:31:49,048 --> 00:31:55,009
Please, Ms. Winters, excuse me.
I know this isn't the time or place...
354
00:31:55,188 --> 00:31:58,419
...but did your husband ever mention
Jerry Fewster?
355
00:31:58,591 --> 00:32:02,755
There's someone named Fewster. Did your
husband ever mention anything about him?
356
00:32:03,563 --> 00:32:05,053
In what connection?
357
00:32:05,231 --> 00:32:09,361
- You mean he didn't?
- I don't know. What was it about?
358
00:32:09,535 --> 00:32:13,995
No, if he didn't mention it, that's fine.
It's fine.
359
00:32:14,307 --> 00:32:18,107
- What did you say the name was?
- No, it doesn't matter.
360
00:32:18,277 --> 00:32:20,142
I'm sorry I bothered you.
361
00:32:26,285 --> 00:32:30,449
- Excuse me, does he work here?
- You mean Mr. Fewster?
362
00:32:30,890 --> 00:32:34,553
He's one of the federal bank examiners
who come in.
363
00:32:34,927 --> 00:32:37,054
He's very nervous.
364
00:32:43,035 --> 00:32:45,833
I don't believe Mr. Winters
told her anything.
365
00:32:46,005 --> 00:32:50,203
She looked right at me.
She didn't know what I was talking about.
366
00:32:52,144 --> 00:32:53,736
That's my train.
367
00:32:53,913 --> 00:32:57,974
Well, if you hear from her again,
we expect to hear from you.
368
00:32:58,150 --> 00:32:59,674
Okay?
369
00:33:02,088 --> 00:33:04,283
Not gonna eat your hot dog, huh?
370
00:36:04,804 --> 00:36:07,204
- Well, here they are.
- Oh, Hub.
371
00:36:07,373 --> 00:36:09,864
- I was concerned.
- Courtney, I'm sorry we're late.
372
00:36:10,042 --> 00:36:12,636
- You know Lee Winters?
- Good evening. Lovely to have you.
373
00:36:12,812 --> 00:36:15,178
Would you take her down by Max?
374
00:36:21,587 --> 00:36:23,248
- Good evening.
- Good evening.
375
00:36:23,422 --> 00:36:26,357
- Sorry we're late.
- Don't worry about it. So glad you're here.
376
00:36:26,525 --> 00:36:29,358
- Hello, Hub.
- Sorry, Max, got caught in traffic.
377
00:36:29,962 --> 00:36:32,192
Lee, I'd like you to meet Sal Naftari.
378
00:36:32,364 --> 00:36:33,854
How do you do, Mr. Naftari?
379
00:36:34,033 --> 00:36:38,766
Mrs. Winters, at last. I was beginning
to be afraid I might not get to meet you.
380
00:36:38,938 --> 00:36:42,066
For a few seconds there,
I had doubts myself.
381
00:36:42,241 --> 00:36:45,733
But I can't tell you how happy
I am that we made it.
382
00:36:45,911 --> 00:36:48,607
Oh, Mrs. Winters, I was just telling Max
before you came...
383
00:36:48,781 --> 00:36:52,478
...that I've just come back from Paris.
The state of the dollar is in crisis.
384
00:36:52,651 --> 00:36:55,620
I don't know what you naughty bankers
are gonna do to us next.
385
00:36:55,788 --> 00:36:58,382
Do you know that I couldn't buy
a single thing?
386
00:36:58,557 --> 00:37:01,617
It's awful. I'm gonna have to wear
American clothes all summer.
387
00:37:03,129 --> 00:37:04,994
- Two percent.
- Not this time.
388
00:37:05,397 --> 00:37:07,490
Okay, 2 and a half.
389
00:37:08,200 --> 00:37:09,462
Eight.
390
00:37:09,635 --> 00:37:12,229
Eight? Why 8?
391
00:37:14,440 --> 00:37:16,408
It's a woman. Makes it tougher.
392
00:37:19,745 --> 00:37:23,237
Hub, get it out of your head.
I've got a lock on this.
393
00:37:23,415 --> 00:37:26,316
These people are unpredictable.
They make up their own minds.
394
00:37:26,785 --> 00:37:29,686
I'm only the agent.
I can only make the introductions.
395
00:37:29,855 --> 00:37:32,050
The rest is up to you.
396
00:37:33,359 --> 00:37:37,796
If my deal is too rich, you're always
welcome to try it on your own.
397
00:37:38,364 --> 00:37:41,959
- Okay, 8.
- Plus a fee of 300,000 for contingencies.
398
00:37:42,134 --> 00:37:45,501
- Such as?
- lf I knew, they wouldn't be contingencies.
399
00:37:49,909 --> 00:37:53,367
I'll get right on it, providing,
of course, that's acceptable.
400
00:37:53,979 --> 00:37:55,844
Also, she'll have to travel.
401
00:37:56,315 --> 00:37:57,839
They'll want a meeting.
402
00:38:36,855 --> 00:38:38,516
- We welcome you.
- Thank you, Khalid.
403
00:38:38,691 --> 00:38:41,125
We're glad to be here.
My associate, Mrs. Winters.
404
00:38:41,293 --> 00:38:44,729
- How do you do?
- Mrs. Winters, welcome. Please.
405
00:39:01,046 --> 00:39:02,741
Come.
406
00:39:11,690 --> 00:39:13,624
I believe you know my father, Ahmed.
407
00:39:13,792 --> 00:39:15,760
Of course.
408
00:39:15,928 --> 00:39:18,419
He thanks you for honoring us
with your visit.
409
00:39:18,597 --> 00:39:21,327
Not at all.
You honor us with the invitation.
410
00:39:21,500 --> 00:39:23,627
And Mrs. Winters.
411
00:39:24,003 --> 00:39:25,231
How do you do?
412
00:40:14,186 --> 00:40:17,747
I feel like a beggar asking them
for alms, and I hate it.
413
00:40:17,923 --> 00:40:20,391
You and the rest of the world.
414
00:41:06,372 --> 00:41:08,636
I thought we had an appointment.
415
00:41:08,807 --> 00:41:10,934
This is an appointment.
416
00:41:34,233 --> 00:41:36,997
Mrs. Winters, please.
417
00:41:37,436 --> 00:41:39,700
Hub, good to see you.
418
00:41:42,474 --> 00:41:46,570
To begin with, I'm sure you will be pleased
to hear we have decided to make the loan.
419
00:41:48,547 --> 00:41:50,777
But first, I think it best to go over this...
420
00:41:50,949 --> 00:41:53,850
...to make sure we are clear
on the main points.
421
00:41:54,319 --> 00:41:55,547
Point one...
422
00:41:55,721 --> 00:42:00,158
...the sum is to be 500 million,
of course, for the plant in Valencia...
423
00:42:00,325 --> 00:42:02,885
...the money to be drawn
in units of 50 million.
424
00:42:03,262 --> 00:42:04,854
At times to be negotiated.
425
00:42:05,030 --> 00:42:06,725
Yes, of course.
426
00:42:06,899 --> 00:42:08,958
Point two, Winterchem to hold title...
427
00:42:09,134 --> 00:42:13,036
...but profits to be shared
on an equal basis.
428
00:42:13,205 --> 00:42:16,641
Point three, Mrs. Winters' stock
will stand as security...
429
00:42:16,809 --> 00:42:19,004
...for the entire transaction.
430
00:42:19,178 --> 00:42:22,079
- Point four...
- Excuse me.
431
00:42:22,247 --> 00:42:24,647
That means if something happens,
I lose all my stock.
432
00:42:25,884 --> 00:42:27,374
Mrs. Winters...
433
00:42:27,553 --> 00:42:29,953
...I should tell you
there are those in the family...
434
00:42:30,122 --> 00:42:32,784
...who do not think we should be
making this offer at all.
435
00:42:33,492 --> 00:42:36,325
I assume if you could've found
venture capital of this sort...
436
00:42:36,495 --> 00:42:38,588
...for a company like Winterchem
in America...
437
00:42:38,764 --> 00:42:42,256
...you would not be coming
all the way to Arabia looking for it.
438
00:42:42,534 --> 00:42:46,470
If you are able to arrange better terms
elsewhere, you are free to do so.
439
00:42:49,174 --> 00:42:50,835
Shall I continue?
440
00:43:00,752 --> 00:43:02,481
Point four...
441
00:43:02,654 --> 00:43:05,521
...after repayment of the principal
has been completed...
442
00:43:05,691 --> 00:43:10,253
...all interest payments must be made
by the 15th day of each month.
443
00:43:10,429 --> 00:43:14,593
If we're ever cash short when a payment
comes due, I could lose the whole company.
444
00:43:14,766 --> 00:43:17,394
Don't worry. We'll cover you on that.
445
00:43:17,769 --> 00:43:18,997
The bank will cover you.
446
00:43:19,171 --> 00:43:20,695
I don't like the risk.
447
00:43:20,873 --> 00:43:23,774
I guess it depends on how bad
you wanna be the chairman.
448
00:43:28,780 --> 00:43:30,873
Well, I guess I should call the cockpit.
449
00:43:31,049 --> 00:43:33,313
Have them radio the office
with the gory details.
450
00:43:33,485 --> 00:43:35,817
Hey, that can wait.
451
00:43:35,988 --> 00:43:37,717
This can't.
452
00:43:46,031 --> 00:43:49,125
You're really ticked off
about the deal, aren't you?
453
00:43:49,868 --> 00:43:51,529
I'm sorry.
454
00:43:51,904 --> 00:43:53,496
I just don't...
455
00:43:54,106 --> 00:43:56,597
I don't like being dependent, that's all.
456
00:43:57,509 --> 00:43:59,943
I was never dependent
on any one studio.
457
00:44:00,112 --> 00:44:02,546
I didn't depend on Charlie.
458
00:44:03,148 --> 00:44:07,084
And if anything goes wrong, I don't like
being dependent on Borough National.
459
00:44:10,322 --> 00:44:11,584
You mean me.
460
00:44:16,995 --> 00:44:18,485
Here.
461
00:44:18,797 --> 00:44:21,265
If you can't live with the deal, forget it.
462
00:44:23,168 --> 00:44:25,602
Tell New York the terms
are unacceptable.
463
00:44:30,175 --> 00:44:32,473
I warn you, I'm a problem.
464
00:44:33,245 --> 00:44:35,907
I'm a bad person
when I get in a corner.
465
00:44:36,682 --> 00:44:39,913
Fine. If you get in a corner,
tell me to go to hell.
466
00:44:40,085 --> 00:44:42,815
In business, that's the ground rules.
467
00:44:44,590 --> 00:44:48,492
But if you think the only thing we've
been doing together is business...
468
00:44:48,660 --> 00:44:50,787
...one of us is a fool.
469
00:45:04,743 --> 00:45:07,439
Would you radio Winterchem
in New York, please?
470
00:45:08,447 --> 00:45:11,507
Tell them we've come to terms
on the whole package.
471
00:45:15,220 --> 00:45:18,621
Well, you got your deal.
You got what you want.
472
00:45:20,292 --> 00:45:23,489
You don't know
the first goddamn thing I want.
473
00:45:25,864 --> 00:45:27,957
It's not the deal.
474
00:45:29,801 --> 00:45:32,326
The world's full of deals.
475
00:45:34,973 --> 00:45:37,942
A partner's somewhat more rare.
476
00:45:51,189 --> 00:45:53,248
I'm still not sure I trust you, you know.
477
00:45:55,560 --> 00:45:58,028
That's a perfect basis for a partnership.
478
00:47:21,480 --> 00:47:23,380
Thirty thousand.
479
00:47:32,858 --> 00:47:35,383
Just bumped him out of 20 million.
480
00:47:42,300 --> 00:47:43,790
I thought you ought to see that.
481
00:47:47,305 --> 00:47:49,603
They just want us to hold it?
Not roll it over?
482
00:47:51,176 --> 00:47:53,235
Doesn't make sense.
483
00:47:54,279 --> 00:47:58,682
They'll lose a ton of interest
if they don't re-deposit that money.
484
00:47:59,951 --> 00:48:01,976
Must be a mistake.
Ask them to send it again.
485
00:48:02,287 --> 00:48:03,686
You got it.
486
00:48:03,855 --> 00:48:06,483
By the way,
how much is the deposit for?
487
00:48:06,658 --> 00:48:08,489
Altogether, 95 million.
488
00:48:11,596 --> 00:48:14,064
Rebecca, let's get a confirmation on that.
489
00:48:14,232 --> 00:48:16,063
Let me have the maturity schedules...
490
00:48:16,234 --> 00:48:19,260
...on those Saudi Eurodollar deposits
we're holding.
491
00:48:19,437 --> 00:48:22,406
The ones that are due now
or all of them?
492
00:48:22,574 --> 00:48:24,474
- The works.
- What's going on?
493
00:48:24,643 --> 00:48:27,043
Nineteen deposits
worth 5 million each are due...
494
00:48:27,212 --> 00:48:30,147
...and the Saudis didn't
give us disposition instructions.
495
00:48:30,315 --> 00:48:32,875
You got 23 more maturing
in the next three weeks...
496
00:48:33,051 --> 00:48:35,747
...which is 210 million we're gonna
have to come up with...
497
00:48:35,921 --> 00:48:38,947
...if they decide not to roll over.
- Two hundred and ten million?
498
00:48:39,124 --> 00:48:41,820
That's practically every cent we carry.
It'll clean us out.
499
00:48:41,993 --> 00:48:44,689
They can't let that money
sit without earning interest.
500
00:48:44,863 --> 00:48:47,627
Even the Arabs aren't that rich.
501
00:48:48,400 --> 00:48:52,200
Maybe they'll advise us through
their London affiliate, I hope.
502
00:48:52,370 --> 00:48:55,032
Forty-60, anything there?
503
00:48:59,144 --> 00:49:01,237
If you wait five minutes,
I'll have an answer.
504
00:49:01,413 --> 00:49:04,541
That yen deal we lost, who was
the customer, and why did we lose it?
505
00:49:04,716 --> 00:49:08,083
Hapsas Oil. First New York
must have wanted the trade badly.
506
00:49:08,253 --> 00:49:11,245
They bid one point over market.
507
00:49:32,010 --> 00:49:33,944
Mr. Naftari returning your call.
508
00:49:34,112 --> 00:49:37,707
- Put him on. I got five minutes to kill.
- Yes, sir.
509
00:49:40,218 --> 00:49:43,847
I don't know. Some guys will go
anywhere to find a topless beach.
510
00:49:44,022 --> 00:49:46,115
Hey, Sal, how's Monte Carlo, you turkey?
511
00:49:46,291 --> 00:49:48,885
- Not bad. Something on your mind?
- No, nothing special...
512
00:49:49,060 --> 00:49:52,791
...except your friend Dawasir doesn't seem
to have both his oars in the water.
513
00:49:52,964 --> 00:49:54,192
What's going on?
514
00:49:54,366 --> 00:49:58,894
They got a couple of Eurodollar
deposits maturing. No big deal.
515
00:49:59,070 --> 00:50:00,970
But they're just letting them sit.
516
00:50:01,139 --> 00:50:02,868
You happen to know anything about it?
517
00:50:03,041 --> 00:50:05,236
Nobody's talked to me.
I haven't heard a word.
518
00:50:05,410 --> 00:50:07,810
Well, Europe's gonna start
closing in a few minutes.
519
00:50:07,979 --> 00:50:11,176
They work through London and Zurich,
and the interest they're losing...
520
00:50:11,349 --> 00:50:13,010
Well, what about it?
521
00:50:13,184 --> 00:50:14,515
Hub, you got a problem?
522
00:50:14,686 --> 00:50:19,214
Hey, listen, if it's okay with them,
it's just fine with me. What do I care?
523
00:50:20,926 --> 00:50:22,257
Then there's no problem?
524
00:50:22,494 --> 00:50:24,894
Yeah, kid, talk to you.
525
00:50:25,997 --> 00:50:27,430
Shit.
526
00:50:41,479 --> 00:50:45,916
He said you don't seem to have
both of your oars in the water.
527
00:50:47,752 --> 00:50:51,017
You cannot pull $95 million
in one chunk...
528
00:50:51,189 --> 00:50:54,352
...from a bank the size
of Borough National.
529
00:50:54,759 --> 00:50:56,852
When I undertook to manage this plan...
530
00:50:57,028 --> 00:50:59,997
...you agreed to do it gradually
in small amounts.
531
00:51:00,165 --> 00:51:02,929
You're now starting to move billions
in a matter of weeks.
532
00:51:03,101 --> 00:51:05,797
The world economic situation
is deteriorating...
533
00:51:05,971 --> 00:51:08,030
...more rapidly than we had thought.
534
00:51:08,206 --> 00:51:10,231
We don't think we can afford
to wait, Max.
535
00:51:10,408 --> 00:51:13,673
There will be no collapse in the
foreseeable future unless you panic...
536
00:51:13,845 --> 00:51:18,612
...and start it with some
damn fool move like this.
537
00:51:18,783 --> 00:51:21,980
And if you are wrong, what then?
538
00:51:22,587 --> 00:51:26,250
We wake up one morning,
our oil is gone.
539
00:51:26,424 --> 00:51:30,952
We find we have sold all we have in
exchange for paper money that is worthless.
540
00:51:34,499 --> 00:51:36,933
You're risking immediate exposure.
541
00:51:37,102 --> 00:51:39,127
We risk it every day.
542
00:51:39,371 --> 00:51:42,135
If Charles Winters
could stumble on that account...
543
00:51:42,307 --> 00:51:45,504
...it's just a question of time
before someone else finds out.
544
00:51:45,777 --> 00:51:48,302
- And when that happens...
- No one else will find out...
545
00:51:48,480 --> 00:51:52,507
...if you revert to your original timetable.
546
00:51:53,918 --> 00:51:55,783
All right, Max.
547
00:51:56,988 --> 00:51:59,013
We'll think about it.
548
00:52:00,191 --> 00:52:02,682
But I'm not sure
what our answer will be.
549
00:52:06,264 --> 00:52:09,529
You're playing with the end
of the world, you know.
550
00:52:10,969 --> 00:52:14,871
The end of the world as you know it.
551
00:52:21,813 --> 00:52:23,075
Europe's closing.
552
00:52:23,448 --> 00:52:26,042
You're on your own. No dispositions.
553
00:52:26,217 --> 00:52:28,242
I don't want anyone playing hero.
554
00:52:28,420 --> 00:52:30,718
- Give me the FYCB.
- Okay, let's hedge ourselves.
555
00:52:30,889 --> 00:52:34,086
Cover at least half the amount
of the deposits for one day.
556
00:52:34,459 --> 00:52:36,484
First New York and Morgan,
24 million each.
557
00:52:36,661 --> 00:52:38,720
Morgan, this is Borough National.
558
00:52:38,897 --> 00:52:41,764
First New York,
let me have your Fed Funds desk.
559
00:52:41,933 --> 00:52:43,833
Listen, we got room for 24, 25.
560
00:52:55,380 --> 00:52:58,645
- Right.
- No problem, get back to you.
561
00:52:58,950 --> 00:53:00,975
- Morgan's tight today.
- First New York's dry.
562
00:53:01,152 --> 00:53:02,949
Come back tomorrow
if we have a problem.
563
00:53:03,321 --> 00:53:05,949
This could be a real situation here,
Europe closing down.
564
00:53:06,124 --> 00:53:10,322
If we can't find the cash to cover those
Eurodollar deposits we're shit out of luck.
565
00:53:13,431 --> 00:53:15,592
Okay, try Boston and Chase, but that's it.
566
00:53:15,934 --> 00:53:19,700
Let's not blow it all over the street.
As long as nobody else knows...
567
00:53:20,105 --> 00:53:22,073
Now what the hell is that?
568
00:53:22,941 --> 00:53:24,704
Dollar's dropping.
569
00:53:24,876 --> 00:53:28,539
Dropping? It's going through
the basement, for chrissake. Why?
570
00:53:28,713 --> 00:53:32,706
Hey, Hub, it's Paris. They heard some
big Arab money is pulling out here.
571
00:53:32,884 --> 00:53:35,284
- They're gonna start shorting dollars.
- They're nuts.
572
00:53:35,453 --> 00:53:37,819
Negative. Kill those calls
to Boston and Chase.
573
00:53:37,989 --> 00:53:40,651
- That's what they said.
- Tell them we're buying.
574
00:53:40,992 --> 00:53:42,619
- We're buying?
- Tell them.
575
00:53:42,794 --> 00:53:45,092
Dollar dropping fast against marks and yen.
576
00:53:45,263 --> 00:53:47,128
Add sterling and guilders to that.
577
00:53:47,298 --> 00:53:50,790
Okay, just button up. No more calls
go out of here until I tell you.
578
00:53:50,969 --> 00:53:54,496
You better call your mama, both of you.
You're gonna be late for supper.
579
00:53:54,906 --> 00:53:58,467
Vince, this is Gil. I'm bottom-fishing.
You got any ideas?
580
00:53:58,710 --> 00:54:01,474
No, no, nothing definite.
581
00:54:01,646 --> 00:54:03,944
I wanted to flag it at the Fed
just in case.
582
00:54:04,115 --> 00:54:05,946
- Hang up.
- No, not much.
583
00:54:06,117 --> 00:54:08,347
Maybe 100 mil or so.
584
00:54:08,887 --> 00:54:12,323
Hang up that phone, Roy, or so help me
God, I'll tear it out of the wall.
585
00:54:17,695 --> 00:54:20,926
Sorry, I'm getting a little static here.
I'll be back to you.
586
00:54:23,134 --> 00:54:26,194
Look, Smith, you can save the dramatics
for some other time.
587
00:54:26,371 --> 00:54:30,239
Are you crazy?
Are you right out of your fucking skull?
588
00:54:30,408 --> 00:54:31,705
Nobody knows we're broke.
589
00:54:31,876 --> 00:54:34,106
I'm busting my ass
to act like business as usual...
590
00:54:34,279 --> 00:54:36,907
...and you call the Federal Reserve Bank.
591
00:54:37,081 --> 00:54:39,311
Why not take an ad
in The New York-fucking- Times?
592
00:54:39,484 --> 00:54:42,248
Everything is drying up on you.
You can't get it anywhere.
593
00:54:42,420 --> 00:54:44,354
I say we go to the Fed and make a clean
breast of it.
594
00:54:44,522 --> 00:54:48,014
And blow everything.
Look, the Fed will never find out.
595
00:54:48,193 --> 00:54:51,060
We'll issue some domestic CDs
to cover the Eurodollar deposits.
596
00:54:51,229 --> 00:54:53,993
By the time we add up our tabs,
it'll be two weeks from now.
597
00:54:54,165 --> 00:54:56,065
By then, everything will be fine.
598
00:54:56,234 --> 00:54:58,498
So we ran a little behind
on bookkeeping. So what?
599
00:54:59,170 --> 00:55:02,628
You can't do that. That's illegal.
That is criminal, for chrissake.
600
00:55:02,840 --> 00:55:05,172
Mildly. We can get by with it
for one night.
601
00:55:05,343 --> 00:55:08,039
- You don't know what's gonna happen.
- Walk to the Fed...
602
00:55:08,213 --> 00:55:10,613
...let them know,
I'll tell you what's gonna happen.
603
00:55:10,782 --> 00:55:12,147
You won't open tomorrow.
604
00:55:12,317 --> 00:55:15,980
With the performance record you've had,
they'll shut our ass down for good.
605
00:55:16,221 --> 00:55:19,418
We gotta sweat it out and pray
the Saudis roll over that 95 million...
606
00:55:19,591 --> 00:55:23,049
...before Europe opens in the morning.
It's the only chance we got.
607
00:55:25,129 --> 00:55:26,926
Come on, Roy, where's your balls?
608
00:55:27,865 --> 00:55:30,129
You're the one who's crazy.
609
00:55:30,668 --> 00:55:34,434
I don't know anything about this.
I am not losing my deniability.
610
00:55:34,606 --> 00:55:36,733
You can hide in the closet
if you want to...
611
00:55:36,908 --> 00:55:38,842
...but you're staying right here.
612
00:55:39,010 --> 00:55:41,979
If I catch you on the phone,
I'll break your fucking arm.
613
00:55:43,748 --> 00:55:46,273
What are you gonna do
if the Saudis ask for that money?
614
00:55:46,451 --> 00:55:49,909
I'll worry about it in the morning.
I gotta get through the night first.
615
00:55:50,088 --> 00:55:54,616
Sorry, Eurodollar section says the market's
getting worse. Liquidity's drying up.
616
00:55:54,792 --> 00:55:57,124
- How much of this is around the floor?
- Not a lot.
617
00:55:57,295 --> 00:56:01,629
Okay, here's the drill. For the rest of the
afternoon, no strong positions, no exposure.
618
00:56:01,799 --> 00:56:03,596
- Keep it humming. You got me?
- Yes, sir.
619
00:56:03,835 --> 00:56:07,362
Hong Kong opens 8:00 our time.
Maybe they'll run it through them.
620
00:56:07,538 --> 00:56:10,905
You and Betsy stay. I'll get back
from reception as soon as I can.
621
00:56:11,109 --> 00:56:13,873
You're not going to that Winters
reception tonight, are you?
622
00:56:14,045 --> 00:56:15,410
We're expected.
623
00:56:15,580 --> 00:56:19,607
And since the only conceivable reason for
our absence would be a crisis at the bank...
624
00:56:19,784 --> 00:56:23,845
...and since that's what we don't want
people to know we're up to our ass in...
625
00:56:24,022 --> 00:56:25,785
...one of us better be there.
626
00:56:25,957 --> 00:56:29,688
She's only the new chairman of the board
of one of our biggest customers.
627
00:56:30,828 --> 00:56:33,592
Excuse me just a second, Howard, Nancy.
628
00:56:33,765 --> 00:56:35,733
- Hello, Mr. Smith.
- Good evening.
629
00:56:35,900 --> 00:56:37,765
Are you over your jet lag?
630
00:56:37,935 --> 00:56:40,995
- Bankers aren't allowed to have jet lag.
- Oh, no?
631
00:56:41,172 --> 00:56:43,936
I feel lucky. Warner's agreed
to be chief operating officer.
632
00:56:44,108 --> 00:56:45,666
Glad to hear it.
633
00:56:45,843 --> 00:56:48,437
Roy Lefcourt sends his congratulations.
634
00:56:48,613 --> 00:56:50,080
He's a little under the weather.
635
00:56:50,248 --> 00:56:51,772
Oh, I'm sorry to hear that.
636
00:56:51,949 --> 00:56:53,940
I appreciate your being here.
637
00:56:54,118 --> 00:56:56,018
Thanks for your help.
638
00:56:57,689 --> 00:56:59,919
This is gonna work out all right.
639
00:57:10,034 --> 00:57:11,899
Oh, thank you.
640
00:57:19,344 --> 00:57:21,369
N-A...
641
00:57:21,913 --> 00:57:24,643
...blank, blank, L-E.
642
00:57:26,117 --> 00:57:27,846
Cremona.
643
00:57:33,624 --> 00:57:35,455
Me, any joy?
644
00:57:35,626 --> 00:57:39,357
No. Nothing moving here
but the leaves on the trees.
645
00:57:39,530 --> 00:57:42,055
Hong Kong opens in 10 minutes.
Want me to take a sniff?
646
00:57:42,233 --> 00:57:44,793
And have it in Paris through
the back door? Better not.
647
00:57:44,969 --> 00:57:47,199
How's our friend bearing up?
648
00:57:48,473 --> 00:57:51,067
I think he has visions
of numbers on his chest.
649
00:57:51,743 --> 00:57:53,973
He's not the only one.
650
00:57:54,178 --> 00:57:57,306
Let's keep the hatches
battened down. Not a word.
651
00:57:58,449 --> 00:58:00,007
Well...
652
00:58:00,184 --> 00:58:02,175
...that sounds fine.
653
00:58:02,687 --> 00:58:05,884
Just keep tracking.
We could get a move out of it.
654
00:58:06,724 --> 00:58:09,420
I'll check in myself if I get a chance.
655
00:58:09,594 --> 00:58:11,562
Not the bank.
656
00:58:12,397 --> 00:58:14,991
I might have to drift over there
for a couple of minutes.
657
00:58:15,166 --> 00:58:16,633
Tonight?
658
00:58:16,801 --> 00:58:19,395
Nothing they couldn't handle themselves.
659
00:58:19,804 --> 00:58:22,102
But I think I better look in on them.
660
00:58:22,473 --> 00:58:25,567
- Don't wait up for me.
- You're so tense.
661
00:58:28,045 --> 00:58:29,672
Are you all right?
56432
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