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1
00:00:06,683 --> 00:00:09,243
You seen Pierpoint’s stock price?
You had a drink yet?
2
00:00:09,523 --> 00:00:11,603
The stock’s fucking halved,
would you blame me?
3
00:00:12,123 --> 00:00:14,043
It was like Omaha Beach
on the floor today.
4
00:00:15,163 --> 00:00:16,323
They're serving Prosecco.
5
00:00:16,883 --> 00:00:18,003
Can't afford champagne.
6
00:00:18,163 --> 00:00:19,603
It screams sell signal, no doubt.
7
00:00:19,603 --> 00:00:21,963
Yeah, I need you to come
to the 13th floor immediately.
8
00:00:33,283 --> 00:00:36,003
Hey, hey, why the fuck
did they not cancel this party?
9
00:00:36,523 --> 00:00:37,643
It's too late. You've got a...
10
00:00:38,683 --> 00:00:40,403
I haven't seen a day
this bloody since '08.
11
00:00:40,523 --> 00:00:42,483
- Don't go home.
- Yeah, it's worse there.
12
00:00:42,483 --> 00:00:43,963
- Don't worry.
- Don't go to the party.
13
00:00:44,083 --> 00:00:46,243
Whatever's left on the desk's books,
however you're axed,
14
00:00:46,363 --> 00:00:48,563
long, short, any product,
get rid of it now.
15
00:00:49,203 --> 00:00:53,003
We've got one hour of U.S. trading left
and you need to trade Asia.
16
00:00:53,123 --> 00:00:55,363
People might not be trading
with us come morning.
17
00:00:55,363 --> 00:00:58,003
Book any profit. Take any loss.
18
00:00:58,683 --> 00:00:59,683
Clean house.
19
00:01:00,683 --> 00:01:02,683
Hey, what's going on?
20
00:01:04,243 --> 00:01:05,363
The bell's tolling.
21
00:01:13,763 --> 00:01:14,723
How bad is it?
22
00:01:14,723 --> 00:01:16,523
We'll be talking about
Pierpoint's stock price
23
00:01:16,523 --> 00:01:17,763
in cents, not dollars soon.
24
00:01:17,763 --> 00:01:20,163
The debt we issued to fund
the ESG pivot has matured,
25
00:01:20,163 --> 00:01:22,523
and our creditors are banging down
our door for money that isn't there.
26
00:01:22,523 --> 00:01:24,363
How close are we to declaring bankruptcy?
27
00:01:24,363 --> 00:01:26,723
Hours. The counsel in this room
are working avenues
28
00:01:26,723 --> 00:01:28,923
for a capital injection
to buy us a stay of execution.
29
00:01:28,923 --> 00:01:30,203
That price is low--
30
00:01:32,083 --> 00:01:34,883
I haven't seen price action
this aggressive since Lehman Brothers.
31
00:01:34,883 --> 00:01:35,923
Excuse me.
32
00:01:36,363 --> 00:01:39,523
He's about to come on.
Tom! He's about to come on.
33
00:01:46,643 --> 00:01:48,243
You have the assistant secretary.
34
00:01:49,203 --> 00:01:50,323
Graham Steele speaking.
35
00:01:50,323 --> 00:01:52,483
This is Tom Wolsey in dreary London.
36
00:01:53,003 --> 00:01:55,803
I'm told Wilhelmina brought you
up to speed last night.
37
00:01:56,363 --> 00:01:58,883
Yeah, listen,
I've reviewed your situation.
38
00:01:59,003 --> 00:02:02,203
It looks like you've positioned yourself
as lender, buyer, and seller.
39
00:02:02,323 --> 00:02:04,523
Like JP Morgan with WeWork?
40
00:02:04,883 --> 00:02:06,683
Yeah, a one-stop shop.
41
00:02:07,523 --> 00:02:10,123
And you didn't think
this was inappropriately high-risk?
42
00:02:11,443 --> 00:02:14,243
And incestuous? Yep.
For the record, I think it was.
43
00:02:14,603 --> 00:02:17,123
We liked the risk-reward.
44
00:02:17,763 --> 00:02:19,563
In hindsight, not so much.
45
00:02:20,123 --> 00:02:22,323
We're looking for
an emergency cash injection
46
00:02:22,323 --> 00:02:25,723
of around 15 billion dollars
in short order to plug the hole
47
00:02:25,723 --> 00:02:28,083
and give us a chance to restructure.
48
00:02:28,283 --> 00:02:32,203
Our current share price is 45 dollars.
49
00:02:32,683 --> 00:02:35,843
It's now 8:00 p.m., U.K., Thursday night.
50
00:02:36,363 --> 00:02:40,083
We need to resolve this
before the U.S. markets open on Friday,
51
00:02:40,243 --> 00:02:41,643
2:30 p.m., U.K.
52
00:02:44,563 --> 00:02:45,523
Okay.
53
00:02:46,043 --> 00:02:49,203
I don't have the reach or, frankly,
the influence to advise here.
54
00:02:50,243 --> 00:02:54,723
You're assistant secretary of the Treasury
for Financial Institutions, Graham.
55
00:02:55,203 --> 00:02:57,403
If you don't have
the authority to do your job,
56
00:02:57,403 --> 00:02:59,243
I want to speak to someone who can.
57
00:03:01,803 --> 00:03:04,803
I'm gonna pull the treasury secretary
out of her 3:00 p.m., okay?
58
00:03:08,163 --> 00:03:10,203
Can you get me
at least two more packs of this?
59
00:03:10,323 --> 00:03:11,763
If I run out, I'll have to light up,
60
00:03:11,763 --> 00:03:13,683
then it'll all get
a bit too Glengarry in here.
61
00:03:22,483 --> 00:03:24,563
The head of sales
should be at the 150th party.
62
00:03:24,563 --> 00:03:25,603
Keep up appearances.
63
00:03:25,603 --> 00:03:27,483
Trying to contain the issue
to this room is--
64
00:03:28,083 --> 00:03:29,163
It's a fool's errand.
65
00:03:30,083 --> 00:03:31,403
- You okay?
- John Mack?
66
00:03:31,563 --> 00:03:34,523
- Right? Should we get him on the phone?
- Yeah, just a little... a foggy head.
67
00:03:35,123 --> 00:03:36,963
It's a little late for a fireside chat.
68
00:03:37,203 --> 00:03:38,283
- Don't you think?
- I can stay.
69
00:03:38,803 --> 00:03:41,483
Our voice combined is a voice
which speaks with the authority
70
00:03:41,483 --> 00:03:42,923
of half a century in this firm.
71
00:03:42,923 --> 00:03:45,723
This is an existential moment.
There are multiple possible outcomes.
72
00:03:45,883 --> 00:03:50,643
So, let's not let them sell our soul
just because there's a gun to our temple.
73
00:03:55,803 --> 00:03:57,843
Julian? Yeah, would you excuse us?
74
00:03:59,363 --> 00:04:02,443
I've spoken to the rest
of the Hanani Publishing board
75
00:04:02,443 --> 00:04:04,243
and we have decided unanimously
76
00:04:04,243 --> 00:04:07,883
that we are going to take care
of the damages.
77
00:04:09,403 --> 00:04:12,763
We all just wanna move on.
I'm sure you can empathize.
78
00:04:13,323 --> 00:04:18,163
But our PR team is working
round the clock to stage-manage this.
79
00:04:18,763 --> 00:04:21,683
And what we're getting is...
80
00:04:22,923 --> 00:04:23,923
the press
81
00:04:24,683 --> 00:04:27,923
want a public face for this scandal.
82
00:04:28,203 --> 00:04:30,203
Well, given a dead one
doesn't work, right?
83
00:04:31,443 --> 00:04:32,883
I mean, she's been through enough.
84
00:04:33,443 --> 00:04:37,443
We'd like to brief the press that you knew
all about the embezzlement
85
00:04:37,443 --> 00:04:40,403
and were its main beneficiary.
86
00:04:40,643 --> 00:04:42,763
Now, they won't be able to finger you
87
00:04:42,763 --> 00:04:45,043
from a legal standpoint,
but it will be good--
88
00:04:45,043 --> 00:04:46,723
You want her to wear
the fucking scarlet letter?
89
00:04:46,723 --> 00:04:48,003
Do you know how this country works?
90
00:04:48,003 --> 00:04:50,083
I mean, they'll hang her up
as a fucking effigy.
91
00:04:50,843 --> 00:04:51,923
It's a lot of money.
92
00:04:52,643 --> 00:04:53,803
Many millions.
93
00:04:54,283 --> 00:04:56,323
And it's the real world.
94
00:04:56,323 --> 00:04:59,563
You know, there are caveats
and stipulations
95
00:04:59,563 --> 00:05:03,243
- to that kind of money.
- Yeah, but they'll flay me.
96
00:05:04,163 --> 00:05:05,923
And I mean, they're gonna love it.
97
00:05:07,003 --> 00:05:11,923
I didn't do anything.
Come on. I didn't know anything.
98
00:05:11,923 --> 00:05:15,763
I mean, honestly,
it doesn't particularly matter.
99
00:05:16,003 --> 00:05:18,963
The truth, it's... it's not important.
100
00:05:18,963 --> 00:05:23,483
What's important is
what's expedient for all of us.
101
00:05:23,483 --> 00:05:25,203
You can't force her to do this.
102
00:05:25,203 --> 00:05:28,763
We are paying back the families.
It's the decent thing to do.
103
00:05:28,763 --> 00:05:32,203
You wanna publicly shame
a fucking girl who has nothing?
104
00:05:32,203 --> 00:05:36,123
To the point of never being able
to live a normal life again,
105
00:05:36,123 --> 00:05:37,563
and you're okay with that?
106
00:05:40,163 --> 00:05:41,363
Those are the terms.
107
00:05:42,683 --> 00:05:46,643
The alternative is the legal route.
108
00:05:46,763 --> 00:05:49,083
We'll sue the Hanani family.
109
00:05:49,083 --> 00:05:52,123
We'll sue you to claim back
some of the money
110
00:05:52,123 --> 00:05:54,683
we pay in settlement
to your father's victims.
111
00:05:54,683 --> 00:05:55,803
It'll be long.
112
00:05:56,243 --> 00:05:59,003
By your own admission,
you aren't capitalized enough
113
00:05:59,003 --> 00:06:00,363
for that kind of fight.
114
00:06:02,483 --> 00:06:05,683
You well know the end of the story
115
00:06:06,483 --> 00:06:09,363
for young women who are hounded
by the tabloids, right?
116
00:06:15,043 --> 00:06:16,043
Accept the money.
117
00:06:17,843 --> 00:06:21,643
Accept your family's culpability
and get on with your life.
118
00:06:25,283 --> 00:06:26,243
What life?
119
00:06:28,443 --> 00:06:31,283
Her boob job's insane.
120
00:06:31,723 --> 00:06:33,843
Rish, why did you pull us out
of the party, man?
121
00:06:33,843 --> 00:06:38,403
Yeah, man, I was chirpsing
this absolute MILF from Risk.
122
00:06:38,403 --> 00:06:41,283
Stop talking, listen.
The 150 party is a sham.
123
00:06:42,723 --> 00:06:44,883
Have you noticed that none
of the top brass are there?
124
00:06:46,843 --> 00:06:49,003
How could this day get any worse?
125
00:06:49,003 --> 00:06:50,083
Insolvency?
126
00:06:50,083 --> 00:06:52,763
The CEO and CFO
were meant to be in London for it.
127
00:06:53,163 --> 00:06:54,123
Where are they?
128
00:06:54,883 --> 00:06:56,083
Guys, they're upstairs.
129
00:06:56,323 --> 00:06:58,643
I... I told you.
130
00:06:58,963 --> 00:07:00,803
That's why it's so fucking scrot in here.
131
00:07:00,803 --> 00:07:03,163
- Look. Look at the bins.
- Fucking stinks.
132
00:07:03,163 --> 00:07:05,163
I haven't seen a cleaner
on the floor for two days.
133
00:07:05,163 --> 00:07:06,803
Yeah, maybe admin payroll's goosed.
134
00:07:06,803 --> 00:07:08,123
Those at the bottom get fucked first.
135
00:07:08,123 --> 00:07:11,083
But listen,
I am working on an off-ramp for us.
136
00:07:12,243 --> 00:07:13,923
We're gonna be a pod on the buy side.
137
00:07:13,923 --> 00:07:16,323
Yeah, why would you take us with you?
138
00:07:16,563 --> 00:07:19,163
Well, I need a doe-eyed little flirt
for the front of house.
139
00:07:20,843 --> 00:07:22,283
And Sweetpea's actually smart.
140
00:07:23,843 --> 00:07:25,923
Look, we all deserve better than this.
141
00:07:26,443 --> 00:07:29,523
Covered in grease while the white gloves
laugh at us upstairs.
142
00:07:30,043 --> 00:07:32,403
I can tell you as sure
as Mother Teresa is in hell
143
00:07:32,403 --> 00:07:34,683
they're not thinking
about us up there. I am.
144
00:07:35,163 --> 00:07:36,563
What happened to your arm by the way?
145
00:07:36,563 --> 00:07:38,563
Walked into a door.
Look. Get on the phones
146
00:07:38,683 --> 00:07:40,123
and move every position I have.
147
00:07:40,403 --> 00:07:41,443
Okay? Senior secured,
148
00:07:41,443 --> 00:07:45,003
AAA, BBB, jewels, junk, the lot.
Eric's mandated it.
149
00:07:45,603 --> 00:07:46,923
I'll work our lifeboat. Move.
150
00:07:51,003 --> 00:07:53,803
Do you believe him?
Would you work on the buy side?
151
00:07:54,083 --> 00:07:55,043
Ultimately...
152
00:07:56,483 --> 00:07:58,403
your prognosis is we're dead anyway,
153
00:07:58,403 --> 00:07:59,603
- right?
- Yeah.
154
00:08:01,203 --> 00:08:03,643
Look, even if this place
is burning down...
155
00:08:04,843 --> 00:08:06,403
he's still our boss, right?
156
00:08:13,443 --> 00:08:15,883
- No. What is the point...
- What?
157
00:08:16,003 --> 00:08:18,563
...of making this whole desk's
PNL look good
158
00:08:18,563 --> 00:08:20,163
if this goes under, right?
159
00:08:20,363 --> 00:08:21,323
It's like...
160
00:08:22,203 --> 00:08:24,243
It's deckchairs on the Titanic.
161
00:08:24,243 --> 00:08:26,723
It's-- Come on, we could, like...
162
00:08:28,483 --> 00:08:32,763
We could, like, commemorate
Pierpoint's last birthday
163
00:08:33,083 --> 00:08:36,763
by getting absolutely fucking hooned.
164
00:08:38,163 --> 00:08:40,763
How many people know
Pierpoint's 150th is a wake?
165
00:08:40,763 --> 00:08:41,883
Listen, listen.
166
00:08:41,883 --> 00:08:45,443
How do you fancy a Trequartista
as elegant as me on a Bosman?
167
00:08:45,563 --> 00:08:48,963
A boss-man?
We're not hiring new fund managers.
168
00:08:49,123 --> 00:08:52,603
You need an execution guy.
Someone who can look at flows, levels.
169
00:08:52,603 --> 00:08:54,203
Make sure you're not mistiming things
170
00:08:54,203 --> 00:08:55,843
- and losing upside.
- Really?
171
00:08:56,163 --> 00:08:58,443
You're not a little
overqualified for that?
172
00:08:58,923 --> 00:09:00,403
You're not desperate, are you?
173
00:09:00,883 --> 00:09:03,043
All right, final offer, quid pro quo?
174
00:09:03,043 --> 00:09:06,203
Chatter is that LeviathanAlpha
are short Pierpoint in size.
175
00:09:06,643 --> 00:09:08,683
I can give you live missives
from the madhouse.
176
00:09:09,043 --> 00:09:10,523
Ear to the ground in the asylum,
177
00:09:10,523 --> 00:09:13,883
and help you manage
when to take profit or stop out.
178
00:09:16,363 --> 00:09:18,843
Keep me up to date,
and maybe we're talking.
179
00:09:18,843 --> 00:09:23,123
And... and I wanna bring two smart,
cheap juniors with me.
180
00:09:23,843 --> 00:09:24,963
Sweetpea and Anraj.
181
00:09:25,603 --> 00:09:27,843
If you are a serious fund,
you need to grow.
182
00:09:28,803 --> 00:09:29,883
Do you want me to leave this?
183
00:09:30,723 --> 00:09:32,443
I forgot you were a family man.
184
00:09:32,963 --> 00:09:35,483
I don't need to remind you
how loose I am with my seed.
185
00:09:35,483 --> 00:09:36,523
Thanks.
186
00:09:37,683 --> 00:09:38,643
Speak soon.
187
00:09:40,843 --> 00:09:42,043
Can I knock again tomorrow?
188
00:09:43,203 --> 00:09:44,163
No, thank you.
189
00:09:49,243 --> 00:09:51,083
Has Harper fully moved out?
190
00:09:52,803 --> 00:09:54,763
Yeah. Without a word.
191
00:09:57,403 --> 00:09:59,043
Remember to lock the back door tonight.
192
00:09:59,603 --> 00:10:00,723
I always forget.
193
00:10:02,123 --> 00:10:03,203
Where are you going?
194
00:10:04,363 --> 00:10:05,963
You know, I haven't told Pierpoint,
195
00:10:06,083 --> 00:10:08,203
but I've got a job interview
tomorrow morning.
196
00:10:08,923 --> 00:10:10,363
- In Wales.
- What?
197
00:10:11,683 --> 00:10:14,323
Yeah, I met this guy, Pierre,
198
00:10:14,763 --> 00:10:16,843
who hooked me up
with a medical research center
199
00:10:16,843 --> 00:10:20,843
attached to a university there. And yeah.
They're doing really cutting-edge work.
200
00:10:21,483 --> 00:10:24,163
- Medicine?
- Medicine needs its money men.
201
00:10:30,083 --> 00:10:31,843
When was the last time you left the house?
202
00:10:34,523 --> 00:10:37,203
There are, like, five paps outside.
203
00:10:40,283 --> 00:10:41,283
I didn't see any.
204
00:10:43,403 --> 00:10:44,603
They're not here for you.
205
00:10:58,043 --> 00:10:59,643
There's nobody out there, Yas.
206
00:11:00,843 --> 00:11:01,803
I promise.
207
00:11:04,603 --> 00:11:05,683
Sorry.
208
00:11:07,563 --> 00:11:08,523
They...
209
00:11:10,203 --> 00:11:12,923
They really get in your head.
210
00:11:20,283 --> 00:11:21,363
Why don't you come with me?
211
00:11:23,843 --> 00:11:25,803
I can't promise that I'll be...
212
00:11:26,963 --> 00:11:28,803
exhilarating company, but...
213
00:11:31,123 --> 00:11:32,443
I hired a Zipcar.
214
00:11:34,523 --> 00:11:35,883
I can drive you out of the city.
215
00:11:38,163 --> 00:11:39,883
I really don't see a way out.
216
00:11:44,123 --> 00:11:46,283
You know, a change of setting...
217
00:11:48,683 --> 00:11:52,843
it really helps me when I'm, you know...
218
00:11:54,203 --> 00:11:55,203
agitated.
219
00:12:04,123 --> 00:12:06,003
Nope. Nope. Come on.
220
00:12:07,923 --> 00:12:09,923
Let's bail. You know, let's...
221
00:12:11,763 --> 00:12:14,243
Let's mistake the open road for freedom.
222
00:12:15,203 --> 00:12:16,923
Like all culture teaches us to.
223
00:12:20,283 --> 00:12:21,243
Yeah?
224
00:12:23,283 --> 00:12:25,043
- Okay.
- Yeah, okay.
225
00:12:27,643 --> 00:12:30,403
Be ready in 20. I'm grabbing a shower.
226
00:12:42,523 --> 00:12:43,883
Who the hell is this?
227
00:12:45,443 --> 00:12:46,963
Tom, this is Eric Tao.
228
00:12:46,963 --> 00:12:49,563
Thirty years sales at Pierpoint
across asset classes.
229
00:12:49,563 --> 00:12:51,803
Closest thing
to a loyal lieutenant I have.
230
00:12:52,243 --> 00:12:54,963
If Pierpoint has such a thing
as an institutional memory,
231
00:12:55,443 --> 00:12:57,003
- Tao is it.
- Okay.
232
00:12:58,443 --> 00:13:00,763
And how important is history
to us here today?
233
00:13:01,883 --> 00:13:04,483
Well, given Bill's kind introduction,
234
00:13:04,483 --> 00:13:10,003
I see it as incumbent on me to say
value is determined by history,
235
00:13:10,563 --> 00:13:12,323
which is indivisible from legacy.
236
00:13:12,323 --> 00:13:15,323
Institutions like ours
don't pop up overnight.
237
00:13:15,883 --> 00:13:19,203
"Too big to fail" isn't an insult,
it's a compliment.
238
00:13:19,203 --> 00:13:23,523
Our global interconnectivity
and sheer size are hard-won.
239
00:13:23,523 --> 00:13:27,443
Let's make sure
we let prospective buyers know that
240
00:13:27,643 --> 00:13:29,283
and value us accordingly.
241
00:13:31,283 --> 00:13:33,323
You're putting yourself
at the center of history.
242
00:13:34,003 --> 00:13:35,043
Humble of you.
243
00:13:35,363 --> 00:13:37,603
Not at all. I'm putting Pierpoint
244
00:13:37,603 --> 00:13:42,083
at the center of the economic history
of the 20th and 21st century.
245
00:13:42,243 --> 00:13:45,283
So, your purpose here
is to belabor how Pierpoint
246
00:13:45,283 --> 00:13:48,763
- is a star on the American flag?
- This is an American bank.
247
00:13:49,363 --> 00:13:50,643
I need practical thinkers
248
00:13:50,643 --> 00:13:53,363
who present workable options
to me, not zealots.
249
00:13:55,803 --> 00:13:57,923
Please hold for the U.S.
Treasury secretary.
250
00:13:58,763 --> 00:14:01,083
- Tom!
- Madam Secretary.
251
00:14:01,523 --> 00:14:04,363
Graham filled me in on the situation.
252
00:14:04,483 --> 00:14:06,203
I don't wanna waste your time.
253
00:14:06,203 --> 00:14:11,043
The Treasury can't offer you a solution.
Not today. Not tomorrow.
254
00:14:11,643 --> 00:14:12,683
Oh, Jesus.
255
00:14:12,803 --> 00:14:15,923
You, of all people, understand the risk
if Pierpoint collapses.
256
00:14:16,563 --> 00:14:19,963
We've dropped another ten percent
the last hour of U.S. trading.
257
00:14:20,123 --> 00:14:23,523
Surely the lesson from '08
is that administration
258
00:14:23,523 --> 00:14:25,643
should act early to stop contagion.
259
00:14:26,203 --> 00:14:28,843
Tell me exactly
where you were in '08, Tom.
260
00:14:29,443 --> 00:14:30,763
If I remember correctly,
261
00:14:30,763 --> 00:14:33,083
I was the vice chair
of the Federal Reserve
262
00:14:33,083 --> 00:14:34,923
and you were, what?
263
00:14:35,203 --> 00:14:37,883
Singing acapella
with the Whiffenpoofs at Yale?
264
00:14:37,883 --> 00:14:41,923
I actually do a very stirring rendition
of "Radio Ga Ga" to this day.
265
00:14:43,643 --> 00:14:46,363
The lesson from '08 is no more bailouts.
266
00:14:46,363 --> 00:14:49,363
We're not asking
for TARP scale relief here.
267
00:14:49,763 --> 00:14:50,883
'08 happened.
268
00:14:51,243 --> 00:14:55,363
Moral hazard isn't a thing.
Nobody will care.
269
00:14:55,683 --> 00:14:58,323
We're asking for less than
a tenth of the packet.
270
00:14:58,483 --> 00:15:00,403
You are out of your mind
271
00:15:00,403 --> 00:15:03,403
if you think we're putting
our hands into the coffers
272
00:15:03,563 --> 00:15:08,043
for a financial institution
in an election year?
273
00:15:08,803 --> 00:15:10,123
Pull on her heart strings.
274
00:15:10,123 --> 00:15:12,323
- It's worth a shot.
- She's a Democrat.
275
00:15:12,323 --> 00:15:14,003
She only pretends to have a heart.
276
00:15:14,563 --> 00:15:15,763
Think about what you're doing.
277
00:15:15,763 --> 00:15:18,203
The only person you're hurting
is the man on the street.
278
00:15:18,203 --> 00:15:20,603
The people on the pavement foot the check.
279
00:15:20,603 --> 00:15:22,923
The people you're supposed to protect.
280
00:15:22,923 --> 00:15:24,963
And in the immediacy
281
00:15:24,963 --> 00:15:28,043
the person who is footing
the check eventually
282
00:15:28,243 --> 00:15:32,283
does not want to know
they are footing it right now.
283
00:15:32,283 --> 00:15:36,203
- It's an election year.
- So, you'll gladly let us fail?
284
00:15:36,203 --> 00:15:39,323
Oh, you're all
salaried capitalists, right?
285
00:15:39,643 --> 00:15:42,843
Order some Chinese takeout
and find a solution.
286
00:15:42,843 --> 00:15:44,563
I think the president
might have something--
287
00:15:44,563 --> 00:15:48,483
The president still thinks
we're at war with Japan.
288
00:15:49,123 --> 00:15:50,963
Goodbye and good luck.
289
00:15:58,323 --> 00:16:00,723
Well, so much for "too big to fail".
290
00:16:02,003 --> 00:16:05,803
Surely, there are a number
of sovereign wealth funds
291
00:16:05,803 --> 00:16:08,443
that would like to grow
their stake in Pierpoint?
292
00:16:09,043 --> 00:16:10,803
Well, no, hear me out, hear me out.
293
00:16:11,843 --> 00:16:14,843
Credit Suisse was the last bank
to go through this kind of thing,
294
00:16:14,843 --> 00:16:19,403
and the Gulf clearly had a huge appetite
for a legacy banking name.
295
00:16:19,403 --> 00:16:20,563
And look how that ended,
296
00:16:20,563 --> 00:16:23,043
with them being subsumed
into UBS, their biggest rival.
297
00:16:23,043 --> 00:16:26,603
I'm sorry, but I think I speak
for our 45,000 employees
298
00:16:26,603 --> 00:16:29,203
when I stand in opposition
to the idea of Pierpoint's name
299
00:16:29,203 --> 00:16:31,803
being used to reputation--
to-- to reputation...
300
00:16:32,843 --> 00:16:33,803
- Launder.
- Launder.
301
00:16:33,803 --> 00:16:35,643
I know the fucking word.
Thank you. Reputation launder
302
00:16:35,643 --> 00:16:37,723
that sort of state-backed money.
Right, Eric?
303
00:16:40,603 --> 00:16:45,163
Their values are anathema
to everything we hold dear.
304
00:16:45,363 --> 00:16:47,003
Quibbling over the cultural provenance
305
00:16:47,003 --> 00:16:50,003
of the capital that could
save us feels indulgent.
306
00:16:50,323 --> 00:16:52,563
Could be time for some...
some realpolitik.
307
00:16:52,563 --> 00:16:54,323
Oh, this from Madam ESG?
308
00:16:54,323 --> 00:16:56,923
I guess morals really do
become more flexible in an emergency.
309
00:16:56,923 --> 00:17:00,203
- Or maybe the answer is closer to home.
- Let's take a minute.
310
00:17:00,443 --> 00:17:02,203
Eric, let me steal you. Now.
311
00:17:03,763 --> 00:17:06,403
- Phillip, can I have a word?
- Yeah.
312
00:17:12,723 --> 00:17:14,443
What the fuck are you doing?
Don't correct me.
313
00:17:14,443 --> 00:17:16,483
I don't need you to finish
my fucking sentences!
314
00:17:16,483 --> 00:17:18,963
- Bill, I was just trying to--
- No, no, no, you listen to me.
315
00:17:19,763 --> 00:17:21,603
It's a royal court in there,
you understand?
316
00:17:21,723 --> 00:17:23,323
It's getting rather pungent
in here, isn't it?
317
00:17:23,323 --> 00:17:24,363
Too much meat in the room.
318
00:17:24,363 --> 00:17:27,363
I thought tonight was more important
than jockeying for favorite position.
319
00:17:27,363 --> 00:17:29,803
I thought we cared
about the soul of the firm.
320
00:17:29,803 --> 00:17:34,403
We do. The more senior we become,
the more influence we have. Listen.
321
00:17:35,643 --> 00:17:38,163
Wilhelmina, she's not the head of Banking,
Asset Management,
322
00:17:38,163 --> 00:17:40,283
Corporate Credit, but her... her ideology
323
00:17:40,283 --> 00:17:42,723
gave her a crusader's zeal
to instruct those people.
324
00:17:42,723 --> 00:17:45,483
She wanted to be proven right
and be first on ESG.
325
00:17:47,123 --> 00:17:48,603
That's why she pushed this shit so hard.
326
00:17:48,603 --> 00:17:52,043
That's... that's why we overstretched.
She should be strung up for it.
327
00:17:54,963 --> 00:18:00,243
This is all going to end in a purge,
which for us means a putsch.
328
00:18:03,403 --> 00:18:04,723
How does "Eric Tao,
329
00:18:05,283 --> 00:18:07,803
Global Head of Institutional Securities,"
sound to you?
330
00:18:09,923 --> 00:18:11,483
And follow in your slipstream?
331
00:18:20,403 --> 00:18:21,763
I wonder what they're talking about.
332
00:18:22,243 --> 00:18:23,563
Whatever outcome suits them.
333
00:18:24,003 --> 00:18:27,203
It's key we lay as much shit
as we can at her feet.
334
00:18:27,203 --> 00:18:30,363
She can be ESG's headstone.
Bury it beneath her.
335
00:18:34,003 --> 00:18:35,443
Oh-fucking-kay.
336
00:18:36,563 --> 00:18:38,403
Mitsubishi is live.
I've been close to them
337
00:18:38,403 --> 00:18:39,883
since my stint in Tokyo in the aughts.
338
00:18:39,883 --> 00:18:41,723
I've been priming them
on a capital injection angle
339
00:18:41,723 --> 00:18:42,963
for the last few weeks.
340
00:18:45,043 --> 00:18:48,563
It'll allow us to fight another day
and keep Pierpoint's autonomy.
341
00:18:48,563 --> 00:18:52,363
When I'm CFO,
I'll fucking drag you up with me.
342
00:18:52,363 --> 00:18:54,323
I'll place you anywhere in the world.
343
00:18:55,243 --> 00:18:57,323
How do you still have
the energy for this?
344
00:18:58,043 --> 00:18:59,243
What else is there?
345
00:19:01,203 --> 00:19:03,083
The action is the juice.
346
00:19:20,003 --> 00:19:21,723
They're fundamentally non-toxic, right?
347
00:19:21,723 --> 00:19:24,283
So that means you could get it to be
as integrated into your daily life
348
00:19:24,403 --> 00:19:26,043
as... as your morning coffee.
349
00:19:26,043 --> 00:19:27,963
You are talking
about magic mushrooms, right?
350
00:19:27,963 --> 00:19:29,683
The active ingredient is psilocybin, yeah,
351
00:19:29,683 --> 00:19:31,963
but it's in pharmaceutical form,
in LittleLabs product.
352
00:19:32,163 --> 00:19:34,643
So, surely the whole point
is to get as mashed out
353
00:19:34,643 --> 00:19:36,123
of your own fucking head as possible?
354
00:19:36,123 --> 00:19:38,443
No, no, it's clearly
an attitudinal thing, you know?
355
00:19:38,643 --> 00:19:42,643
It's about dose and mindset,
setting, you know? It...
356
00:19:43,563 --> 00:19:46,523
It's not about taking
a fucking hero dose
357
00:19:46,523 --> 00:19:48,483
and seeing the face of God or whatever.
358
00:19:48,483 --> 00:19:53,003
It's... it's about an overall heightening
in your day-to-day state,
359
00:19:53,243 --> 00:19:56,323
your introspection,
your... your compassion.
360
00:19:57,043 --> 00:19:58,883
- I mean, do I sound stupid?
- Word of warning,
361
00:19:58,883 --> 00:20:01,363
you have no idea
how annoying it is just listening
362
00:20:01,363 --> 00:20:03,923
to someone proselytizing
about the benefits of hallucinogens.
363
00:20:04,043 --> 00:20:07,323
It's like...
It's like you've joined a cult, honestly.
364
00:20:07,483 --> 00:20:09,603
Finally, you're a little more
fucking animated.
365
00:20:10,523 --> 00:20:12,643
Only took you having to put
someone down to get you there.
366
00:20:14,643 --> 00:20:16,923
Anyway, you're missing
the point, you know,
367
00:20:16,923 --> 00:20:20,083
this is just-- It's a chance for me,
368
00:20:20,923 --> 00:20:23,643
you know, to do something off my own bat.
369
00:20:24,523 --> 00:20:25,483
For once.
370
00:20:32,003 --> 00:20:32,963
It's Maxim.
371
00:20:33,723 --> 00:20:34,763
I can call him back.
372
00:20:36,043 --> 00:20:37,003
I need a piss.
373
00:20:42,083 --> 00:20:45,323
- Hey, Maxim. Where are you?
- Big Basin?
374
00:20:45,323 --> 00:20:46,683
South of San Fran.
375
00:20:47,883 --> 00:20:49,443
I'm not sure being alone
with my thoughts
376
00:20:49,443 --> 00:20:52,443
is worth the 5,000 dollars
a week I'm paying, but...
377
00:20:52,883 --> 00:20:55,643
Yeah, well, your mind
is squalid enough to need airing,
378
00:20:55,643 --> 00:20:57,083
so it's probably money well spent.
379
00:20:57,603 --> 00:20:59,483
Look, I'm sorry
for falling out of your life.
380
00:21:00,843 --> 00:21:02,523
I've been dealing
with my own shit, you know?
381
00:21:03,443 --> 00:21:05,963
I saw those appalling photos
of Charlie, and honestly, I...
382
00:21:07,003 --> 00:21:07,963
I couldn't sleep.
383
00:21:08,963 --> 00:21:11,123
You know, I'm supposed to lock
my phone in a lockbox here,
384
00:21:11,123 --> 00:21:13,443
but who am I kidding?
385
00:21:13,923 --> 00:21:15,323
Just keep having to use it.
386
00:21:17,043 --> 00:21:20,323
Okay, so, what is it?
387
00:21:21,403 --> 00:21:23,523
Look, for all the reservations
I had about your father,
388
00:21:23,523 --> 00:21:25,763
you need to know
the company were complicit
389
00:21:25,763 --> 00:21:27,603
in all of the fucked-up shit he did.
390
00:21:28,603 --> 00:21:29,563
How?
391
00:21:30,083 --> 00:21:33,643
I have some pretty heinous
anti-woke pals at Hanani
392
00:21:33,643 --> 00:21:37,043
who are on the board with me,
and they hate its new hypocrisy.
393
00:21:37,683 --> 00:21:40,803
The NDAs your father had
don't just cover his personal life.
394
00:21:41,483 --> 00:21:43,643
Some of Charlie's women
only started working
395
00:21:43,643 --> 00:21:46,403
for Hanani Publishing
after they had signed.
396
00:21:46,763 --> 00:21:50,563
Hanani gave them these made-up jobs,
bogus accounting lines on the payroll.
397
00:21:51,003 --> 00:21:52,843
Rose and the company
bought their silence for years,
398
00:21:52,843 --> 00:21:54,003
just as much as he did.
399
00:21:54,003 --> 00:21:55,683
They're trying to make me the face
400
00:21:55,683 --> 00:21:57,283
- of this thing.
- Yeah.
401
00:21:57,603 --> 00:21:59,003
Because it's an open secret at Hanani,
402
00:21:59,003 --> 00:22:01,243
maybe it's a matter of time
before someone leaks it.
403
00:22:01,843 --> 00:22:03,403
If they feed you to the press now,
404
00:22:03,403 --> 00:22:06,203
your vestigial board seat means you'll be
perfectly placed to be tarred
405
00:22:06,203 --> 00:22:07,563
if it ever comes to light.
406
00:22:07,803 --> 00:22:10,603
You're pre-packaged to take the blame
as you're already the headline.
407
00:22:10,923 --> 00:22:12,963
That sneaky, little cunt.
408
00:22:13,643 --> 00:22:16,083
Look, someone slipped me
a screenshot of the payrolls.
409
00:22:16,683 --> 00:22:18,803
The women with the NDAs
have a check next to their name.
410
00:22:18,803 --> 00:22:20,483
What-- Can-- Can you send it to me?
411
00:22:20,763 --> 00:22:22,243
Yeah, I can, but it's probably illegal
412
00:22:22,243 --> 00:22:23,923
to send this kind
of proprietary information.
413
00:22:24,043 --> 00:22:27,323
Your lawyer will advise you not to use it,
but I'll send it along.
414
00:22:27,843 --> 00:22:29,963
I just don't think they should
be compounding your guilt--
415
00:22:30,123 --> 00:22:31,963
Sorry, grief.
416
00:22:32,883 --> 00:22:34,603
I don't wanna tell you
how to feel about him.
417
00:22:35,283 --> 00:22:37,523
You know, I think Charlie
found it difficult
418
00:22:37,523 --> 00:22:39,003
to see people as people.
419
00:22:39,843 --> 00:22:41,603
Yeah, you don't fucking say.
420
00:22:46,643 --> 00:22:47,603
Take care.
421
00:22:55,843 --> 00:22:57,323
- Is everything all right?
- Yeah.
422
00:22:58,163 --> 00:23:01,363
Super fucking duper.
So, this is it, right?
423
00:23:02,843 --> 00:23:04,203
This is the product that you're selling?
424
00:23:04,203 --> 00:23:05,643
- If you get the job?
- Yeah.
425
00:23:06,643 --> 00:23:08,643
Probably isn't the place
to take it properly, though.
426
00:23:10,083 --> 00:23:11,043
Right.
427
00:23:17,923 --> 00:23:18,883
You hungry?
428
00:23:21,083 --> 00:23:22,043
Yeah.
429
00:23:24,643 --> 00:23:26,243
Yeah, I'm fucking starving.
430
00:23:29,803 --> 00:23:30,763
Come on, then.
431
00:23:32,283 --> 00:23:34,043
Oh, gosh.
I do it all the time. It's great.
432
00:23:34,043 --> 00:23:35,163
- Yeah?
- Yeah.
433
00:23:36,643 --> 00:23:39,723
So, the rooms are next
to each other, six and seven.
434
00:23:39,723 --> 00:23:41,203
Sorry that we're so late.
435
00:23:42,603 --> 00:23:45,283
Checkout is at 11:00
and breakfast is from 7:00.
436
00:23:45,283 --> 00:23:47,003
- Great, thank you.
- Thanks.
437
00:23:47,163 --> 00:23:48,483
Just as a pre-warning,
438
00:23:48,483 --> 00:23:51,283
the kettle in your room
is a little bit iffy.
439
00:23:52,123 --> 00:23:54,603
Oh, is there any way that
I could get one that works?
440
00:23:54,963 --> 00:23:56,563
Not tonight, sadly.
441
00:23:58,363 --> 00:24:00,963
It's just, it's a pretty basic
amenity though, no?
442
00:24:01,563 --> 00:24:03,323
She can use mine, it's all right.
443
00:24:04,443 --> 00:24:06,843
Right, I'm gonna go dump the bags
and then we'll grab a bite?
444
00:24:06,843 --> 00:24:08,043
Thank you.
445
00:24:08,363 --> 00:24:10,283
- Thank you, enjoy your stay.
- Cheers, thank you.
446
00:24:13,723 --> 00:24:15,723
So, do you two work together?
447
00:24:16,923 --> 00:24:18,923
No, we're a couple.
448
00:24:19,163 --> 00:24:22,803
Oh, I just-- I thought
with the separate rooms--
449
00:24:22,963 --> 00:24:25,003
We're very religious.
Do you have a lighter?
450
00:24:25,963 --> 00:24:26,923
Yes.
451
00:24:31,083 --> 00:24:33,923
Yeah, I got your email.
What do you expect me to do with this?
452
00:24:34,363 --> 00:24:38,523
Well-- I mean, it's leverage, no?
It's, like, evidence of their complicity.
453
00:24:38,523 --> 00:24:40,123
This is on Rose's head.
454
00:24:40,403 --> 00:24:42,283
Have you thought
about what making this public
455
00:24:42,283 --> 00:24:43,603
would do to the victims?
456
00:24:43,603 --> 00:24:47,083
I mean, these women, like you,
have been through a lot.
457
00:24:47,203 --> 00:24:49,443
Leaking this to the public
would re-traumatize them.
458
00:24:49,603 --> 00:24:51,043
I didn't think about that, no.
459
00:24:51,483 --> 00:24:55,043
A publicity battle is gonna be very hard,
but we can win it.
460
00:24:55,963 --> 00:24:58,643
They go low, we go high. All right?
461
00:24:59,803 --> 00:25:00,763
Speak later.
462
00:25:11,483 --> 00:25:13,643
That cunt never answers.
463
00:25:13,643 --> 00:25:17,083
Tom, Tom, I've engaged Mitsubishi
in substantive talks
464
00:25:17,083 --> 00:25:18,963
- regarding a--
- Michael-- Sorry.
465
00:25:18,963 --> 00:25:21,363
Michael Stone from Barclays
is on his way into the building.
466
00:25:21,643 --> 00:25:24,963
Michael and I have
a personal relationship.
467
00:25:25,963 --> 00:25:27,483
Horse-driven, mostly.
468
00:25:28,003 --> 00:25:31,363
Off the record, they've always
been interested in our business.
469
00:25:31,723 --> 00:25:34,123
Okay, so what's the play? Sell a division?
470
00:25:35,043 --> 00:25:38,083
They did do that with Lehman's
core North American operations.
471
00:25:38,083 --> 00:25:41,723
Given that our share price
has now closed at 35 dollars,
472
00:25:41,723 --> 00:25:43,963
we are, by all accounts,
a distressed asset.
473
00:25:44,163 --> 00:25:45,643
They might weigh buying us wholesale.
474
00:25:46,123 --> 00:25:49,003
We need strategic investment, not a sale.
475
00:25:49,283 --> 00:25:52,083
In our 150th year,
we cannot become a subsidiary
476
00:25:52,083 --> 00:25:54,003
to a fucking British high street bank.
477
00:25:54,123 --> 00:25:57,883
I appreciate how romantic a soul you have
in a room like this, truly,
478
00:25:57,883 --> 00:25:59,323
but we need to be practical.
479
00:25:59,323 --> 00:26:02,203
Barclays buying Pierpoint
may be our best option.
480
00:26:04,203 --> 00:26:06,803
- Mr. Stone, welcome.
- Oh, call me Michael, please.
481
00:26:06,923 --> 00:26:07,883
Please, this way.
482
00:26:15,563 --> 00:26:16,843
- Yeah?
- Yeah, H.
483
00:26:17,243 --> 00:26:19,763
Listen, you might have
hit your take-profit level.
484
00:26:20,083 --> 00:26:22,883
The Barclays CEO just arrived
and he looks like he means business.
485
00:26:23,683 --> 00:26:26,523
And Pierpoint's stock will rip
on any merger or takeover chatter.
486
00:26:26,643 --> 00:26:28,083
That's Nagasaki for your short.
487
00:26:28,083 --> 00:26:31,523
- It's definitely him?
- Oh, yeah, and he looks horny for assets.
488
00:26:32,243 --> 00:26:36,243
Thanks. Hey, you know,
I can't hire three people, Rish.
489
00:26:36,643 --> 00:26:37,643
What do you wanna do?
490
00:26:39,723 --> 00:26:42,043
Babes, come on.
You know it's only ever been me.
491
00:26:44,483 --> 00:26:47,523
Okay, come in after this
all shakes out and we'll talk.
492
00:26:49,483 --> 00:26:52,123
And how would the floor
take a sale to fucking Barclays?
493
00:26:52,563 --> 00:26:55,843
Maybe they just want somewhere
to come to work.
494
00:26:56,403 --> 00:26:59,363
You don't have 20 years of options.
I've never sold a goddamn share.
495
00:26:59,363 --> 00:27:02,923
- A Brit takeover would decimate it all.
- You could keep your deferreds.
496
00:27:04,203 --> 00:27:07,043
- Chump change.
- So, now we see your real motivation.
497
00:27:08,043 --> 00:27:09,443
And what's your motivation?
498
00:27:09,643 --> 00:27:11,123
Brokering a deal that obliterates us
499
00:27:11,123 --> 00:27:13,443
so long as you're central enough
to keep your seat at the table?
500
00:27:13,443 --> 00:27:14,483
You know what?
501
00:27:14,483 --> 00:27:16,083
I think I've finally made up
my mind about you.
502
00:27:16,083 --> 00:27:18,843
- Oh, go on. Please, enlighten me.
- You wanna take this offline?
503
00:27:19,283 --> 00:27:21,043
Does that fake macho bullshit
ever actually--
504
00:27:21,043 --> 00:27:22,843
You have the imagination of a fucking--
505
00:27:23,243 --> 00:27:24,323
- Michael!
- Phillip.
506
00:27:24,443 --> 00:27:26,523
Hi. Hi.
507
00:27:26,883 --> 00:27:28,723
- Wilhelmina. We spoke on the phone.
- Yes, we did. Hi.
508
00:27:28,723 --> 00:27:31,123
- Nice to see you. Hi.
- Tom Wolsey.
509
00:27:33,923 --> 00:27:34,883
Oi, oi.
510
00:27:35,963 --> 00:27:36,923
Bon appétit.
511
00:27:37,163 --> 00:27:39,363
What the fuck is that?
512
00:27:39,563 --> 00:27:41,123
- Are you kidding?
- No.
513
00:27:41,243 --> 00:27:42,763
I got them to put scraps on
and everything.
514
00:27:42,763 --> 00:27:44,323
Honestly, what is it?
515
00:27:44,723 --> 00:27:46,203
What-- It's a battered sausage.
516
00:27:46,203 --> 00:27:49,883
- I'm not eating a battered sausage.
- Have a chip, at least.
517
00:27:50,243 --> 00:27:51,843
- Okay.
- Don't be such a snob.
518
00:27:56,243 --> 00:27:57,443
How perfect is this?
519
00:28:08,883 --> 00:28:09,843
You know...
520
00:28:11,803 --> 00:28:14,283
you could probably invite
that impressionable young girl
521
00:28:14,283 --> 00:28:16,323
up to your room and fuck her silly.
522
00:28:17,523 --> 00:28:20,283
'Cause there's not gonna be any...
523
00:28:21,283 --> 00:28:23,443
room hopping tonight here.
524
00:28:23,763 --> 00:28:26,523
Just FYI, you know,
as fun as that might be.
525
00:28:27,003 --> 00:28:27,963
What are you doing?
526
00:28:29,203 --> 00:28:30,163
What do you mean?
527
00:28:31,363 --> 00:28:32,443
You don't have to.
528
00:28:36,643 --> 00:28:39,003
Not everything with us
has to be a fucking game.
529
00:28:41,243 --> 00:28:44,843
Whatever vulnerability
that you're feeling right now...
530
00:28:45,963 --> 00:28:46,923
sit in it.
531
00:28:48,643 --> 00:28:49,603
All right?
532
00:28:51,643 --> 00:28:55,203
'Cause we are... we are beyond the game.
533
00:28:58,683 --> 00:28:59,643
Sorry.
534
00:29:11,803 --> 00:29:12,763
I'm sorry.
535
00:29:15,363 --> 00:29:16,803
I don't know why I act like that.
536
00:29:27,443 --> 00:29:28,403
I don't know.
537
00:29:28,403 --> 00:29:30,963
I'm good at making people feel
like I love them.
538
00:29:33,283 --> 00:29:34,243
But...
539
00:29:36,443 --> 00:29:37,803
I don't know that I ever have.
540
00:29:41,323 --> 00:29:42,283
Have you?
541
00:29:44,843 --> 00:29:45,803
Yeah.
542
00:29:49,563 --> 00:29:52,923
Girlfriend at school, Izzy Boon.
I was fucking obsessed.
543
00:30:01,763 --> 00:30:05,523
It's just my first instinct.
Whenever I feel anything,
544
00:30:06,243 --> 00:30:09,483
like love or care,
545
00:30:10,923 --> 00:30:13,243
I just wanna make it ugly
as quickly as I possibly can.
546
00:30:13,243 --> 00:30:14,843
You know, turn it into something else.
547
00:30:15,483 --> 00:30:18,083
Turn it into sex. You know, anything else.
548
00:30:19,723 --> 00:30:20,683
Right.
549
00:30:28,163 --> 00:30:29,283
I don't know what to say.
550
00:30:37,323 --> 00:30:38,483
All I know is...
551
00:30:42,003 --> 00:30:43,763
is that for the first time...
552
00:30:45,683 --> 00:30:46,723
in a long time...
553
00:30:49,203 --> 00:30:50,963
I've got this feeling in my stomach.
554
00:30:54,363 --> 00:30:55,803
I couldn't work out what it was.
555
00:30:59,123 --> 00:31:00,203
But I know now...
556
00:31:02,563 --> 00:31:04,123
that it's anticipation.
557
00:31:06,883 --> 00:31:08,563
It's excitement for the future.
558
00:32:01,203 --> 00:32:02,563
Our short is about to turn.
559
00:32:07,523 --> 00:32:08,563
How do you know?
560
00:32:10,603 --> 00:32:11,563
Well...
561
00:32:13,843 --> 00:32:16,123
Listen, I... I think
we are diametrically opposed
562
00:32:16,123 --> 00:32:18,363
when it comes to the relationship
between information
563
00:32:18,363 --> 00:32:19,963
and how it's traded upon, right?
564
00:32:19,963 --> 00:32:26,243
I think everything and everyone
is moving in a big sludge of gray.
565
00:32:26,243 --> 00:32:29,043
Don't over-intellectualize this shit.
What have you done?
566
00:32:30,803 --> 00:32:33,403
I have it on good authority Michael Stone
has just gone into Pierpoint.
567
00:32:33,403 --> 00:32:34,803
It's an acquisition target.
568
00:32:35,563 --> 00:32:39,643
We need to take profit before they buy it
and Pierpoint stock rallies.
569
00:32:40,323 --> 00:32:42,363
Uh-uh. No.
I don't think we should do that.
570
00:32:43,363 --> 00:32:44,323
Why?
571
00:32:44,843 --> 00:32:48,763
Think about the risk-reward.
I mean, what percentage chance
572
00:32:48,763 --> 00:32:51,243
do you ascribe to him
being there to buy it?
573
00:32:51,803 --> 00:32:56,643
I mean, like a hundred percent?
It's too big a coincidence.
574
00:32:56,643 --> 00:32:59,363
They're throwing a party
for financial luminaries, no?
575
00:32:59,563 --> 00:33:03,923
And look, I mean, even if it's true,
so the stock gets a bump on the headline.
576
00:33:03,923 --> 00:33:06,483
I mean, what about the due diligence,
the regulator, the government?
577
00:33:06,483 --> 00:33:09,163
Balance that against what we stand
to gain if we hold the line,
578
00:33:09,163 --> 00:33:11,603
if Pierpoint trades to zero.
Where's your stomach?
579
00:33:11,723 --> 00:33:13,643
I just don't know what it looks like
to the regulator
580
00:33:13,643 --> 00:33:15,403
if we're always
on the right side of this trade
581
00:33:15,403 --> 00:33:17,123
at precisely the right time.
582
00:33:18,763 --> 00:33:20,003
What aren't you telling me?
583
00:33:21,843 --> 00:33:25,043
Again, moving forward with honesty...
584
00:33:27,323 --> 00:33:29,523
I know Pierpoint are terminally ill.
585
00:33:30,683 --> 00:33:33,283
- How?
- I overheard it.
586
00:33:34,323 --> 00:33:35,323
In the toilet.
587
00:33:38,603 --> 00:33:39,563
In Pierpoint?
588
00:33:43,003 --> 00:33:44,923
Holy fucking cunting Christ. I...
589
00:33:46,283 --> 00:33:50,723
Okay, that is a completely
different beast.
590
00:33:50,723 --> 00:33:53,923
I mean, trading on anything that you hear
in there is privileged information.
591
00:33:53,923 --> 00:33:56,443
They know we were in there.
There's cameras, there's records.
592
00:33:56,443 --> 00:33:59,243
Okay, but like,
how is an SEC FCA investigation
593
00:33:59,243 --> 00:34:03,843
gonna put anything together based on that?
It would be speculative at best.
594
00:34:04,323 --> 00:34:06,443
What, we took a meeting
and placed a short?
595
00:34:06,443 --> 00:34:09,123
- Lock us up, throw away the key, come on.
- Okay, okay.
596
00:34:09,123 --> 00:34:11,923
The whole thing
is fucking information soup.
597
00:34:11,923 --> 00:34:13,403
That is the point.
598
00:34:18,323 --> 00:34:20,923
You've backed us
into a major fucking corner.
599
00:34:23,803 --> 00:34:24,763
Okay, well...
600
00:34:26,083 --> 00:34:27,123
I've said my piece.
601
00:34:28,763 --> 00:34:29,723
Yeah.
602
00:34:34,683 --> 00:34:35,883
People damn Lehman
603
00:34:35,883 --> 00:34:38,123
because of poor risk management
in one area.
604
00:34:38,883 --> 00:34:41,923
Housing derivatives.
But we benefited hugely
605
00:34:41,923 --> 00:34:44,243
from acquiring the bond trading
and EM businesses.
606
00:34:44,843 --> 00:34:48,083
I'm sure Pierpoint's suite will be
similarly exciting,
607
00:34:48,083 --> 00:34:49,443
synergistically, for us.
608
00:34:49,763 --> 00:34:51,163
We can give the market the soft signal
609
00:34:51,163 --> 00:34:52,883
this is happening
and allay the share price,
610
00:34:53,403 --> 00:34:56,323
stave off any more panic.
Give us some breathing room.
611
00:34:56,323 --> 00:34:59,923
Can I ask, would we be Barclays-Pierpoint
or Pierpoint-Barclays?
612
00:34:59,923 --> 00:35:01,563
Do we care about the cosmetics?
613
00:35:01,683 --> 00:35:03,603
As someone who's been here
longer than a fortnight,
614
00:35:03,603 --> 00:35:05,323
you should care
about the weight of our name.
615
00:35:05,323 --> 00:35:07,923
If you're addressing me,
could you look me in the face, please?
616
00:35:09,243 --> 00:35:11,003
Do we care about saving the name
617
00:35:11,003 --> 00:35:13,123
or saving the jobs
of the people who work for us?
618
00:35:13,123 --> 00:35:14,563
Well, maybe you can tell us.
619
00:35:15,163 --> 00:35:18,443
Or maybe our potential suitor
is best placed to answer that question.
620
00:35:21,243 --> 00:35:25,323
You guys are trading off
a 150-year reputation,
621
00:35:26,043 --> 00:35:27,923
which we respect, of course.
622
00:35:29,283 --> 00:35:30,683
But practically,
623
00:35:30,963 --> 00:35:33,483
we are interested in your infrastructure.
624
00:35:35,283 --> 00:35:38,643
Now, as time is of the essence,
I'll make some phone calls.
625
00:35:39,123 --> 00:35:41,323
I mean, you know,
that is if you're still interested.
626
00:35:41,923 --> 00:35:42,883
Please.
627
00:35:48,523 --> 00:35:49,643
Tell me how that was appropriate.
628
00:35:49,643 --> 00:35:52,923
What's inappropriate is not drilling down
on what this guy means by infrastructure.
629
00:35:53,043 --> 00:35:54,523
Is that our... our tech, our terminals?
630
00:35:54,523 --> 00:35:56,523
Is that the fucking building
in Midtown? What?
631
00:35:56,523 --> 00:35:57,963
I'm sure that'll be shaken out.
632
00:35:59,003 --> 00:36:00,083
Go fuck yourself.
633
00:36:01,843 --> 00:36:03,603
I do that regularly, thank you.
634
00:36:04,483 --> 00:36:07,403
Can I ask what the actual fuck
it is you're doing here?
635
00:36:07,523 --> 00:36:10,723
You're barely 40. You're a fucking
British management consultant.
636
00:36:10,723 --> 00:36:12,083
Bill, calm down.
637
00:36:12,083 --> 00:36:14,003
What we need is a capital injection
638
00:36:14,003 --> 00:36:17,083
so we're not backed into a corner
and into a deal not on our terms.
639
00:36:17,083 --> 00:36:19,043
- We need thinking time.
- It's a Band-Aid.
640
00:36:19,043 --> 00:36:21,883
- A Band-Aid is not a solution.
- Mitsubishi will tide us over.
641
00:36:21,883 --> 00:36:24,723
They want us to be us
with no stipulations.
642
00:36:24,723 --> 00:36:27,083
There is no such thing as free money.
643
00:36:30,203 --> 00:36:33,363
We will thrash out a palatable acquisition
multiple for all parties,
644
00:36:33,763 --> 00:36:36,123
but I guess we can now shake hands.
645
00:36:36,923 --> 00:36:39,563
That’s pending dotting the I’s
and crossing the T’s for the regulator.
646
00:36:40,603 --> 00:36:43,523
And we'll pen an announcement
to cushion the share price.
647
00:36:43,523 --> 00:36:45,083
- This is great news.
- Yeah.
648
00:36:51,003 --> 00:36:52,523
So, this is what death feels like.
649
00:36:53,763 --> 00:36:55,523
One hundred and fifty years to build it.
650
00:36:57,403 --> 00:36:59,603
Two-minute phone call
to bring it all down.
651
00:37:18,083 --> 00:37:19,323
Bill can't behave like that
652
00:37:19,723 --> 00:37:21,843
when the rest
of Barclays management come in.
653
00:37:24,083 --> 00:37:25,563
He has our best interests at heart.
654
00:37:25,563 --> 00:37:28,163
Has he promised you the world
if he comes out on top?
655
00:37:30,563 --> 00:37:32,163
He has a habit of doing that.
656
00:37:33,763 --> 00:37:36,523
Why is he turning this
into a political zero-sum game?
657
00:37:37,763 --> 00:37:40,083
These factions, it's child's play.
658
00:37:40,083 --> 00:37:42,123
If we play this right
and quell the infighting,
659
00:37:42,123 --> 00:37:43,643
everyone in the room will be safe.
660
00:37:43,843 --> 00:37:47,283
Do... do I count as in the room?
661
00:37:49,283 --> 00:37:51,043
Get in Bill's ear, that's how you count.
662
00:37:52,483 --> 00:37:53,443
Bring him to heel.
663
00:37:54,043 --> 00:37:56,203
Convince him not to embarrass us
in front of the people
664
00:37:56,203 --> 00:37:57,723
who are offering us a lifeline.
665
00:38:00,123 --> 00:38:02,563
You don't buy that BS
about the workforce, do you?
666
00:38:04,083 --> 00:38:06,643
The guy usually pops a chub
for reducing head count.
667
00:38:07,483 --> 00:38:08,563
He's weaponizing them.
668
00:38:10,123 --> 00:38:11,123
He's self-interested.
669
00:38:11,123 --> 00:38:14,043
He just wants to play Christ
with the Mitsubishi plan.
670
00:38:14,763 --> 00:38:16,363
We both know it's not gonna work.
671
00:38:16,923 --> 00:38:20,363
And as far as he's concerned,
you're a useful idiot.
672
00:39:10,403 --> 00:39:14,363
Otto, look, I wouldn't be calling you
if it wasn't a last resort,
673
00:39:14,363 --> 00:39:16,683
and I feel terrible
about going behind her back,
674
00:39:16,683 --> 00:39:21,723
but I need my working relationships
to be predicated on trust, and...
675
00:39:22,403 --> 00:39:23,923
on that basis, I...
676
00:39:24,723 --> 00:39:27,003
I think it's becoming
untenable with Harper.
677
00:39:27,483 --> 00:39:28,763
Are you coming to bed?
678
00:39:29,203 --> 00:39:31,083
You're one of my best-performing projects.
679
00:39:31,083 --> 00:39:32,123
What's happened?
680
00:39:32,683 --> 00:39:35,803
She's being reckless with our AUM.
681
00:39:36,003 --> 00:39:36,963
Reckless how?
682
00:39:38,563 --> 00:39:39,523
Legally.
683
00:39:41,443 --> 00:39:43,243
You mean she's reckless with my money?
684
00:39:43,923 --> 00:39:47,603
That is simply something
I cannot countenance.
685
00:39:50,483 --> 00:39:52,003
I'm sick of talking around the fact
686
00:39:52,003 --> 00:39:54,923
that you are solely to blame
for Pierpoint's insolvency.
687
00:39:54,923 --> 00:39:57,803
It was a strategy
agreed upon by a committee.
688
00:39:57,803 --> 00:40:00,283
- It was only a committee when it failed.
- Bill, can--
689
00:40:04,283 --> 00:40:06,363
I have bad news.
690
00:40:10,203 --> 00:40:13,443
We need significantly more time to get us
over the line with the regulator.
691
00:40:13,643 --> 00:40:15,243
We don't have any more time.
692
00:40:16,323 --> 00:40:17,723
Talk straight. What's going on?
693
00:40:18,763 --> 00:40:19,963
Well, between us,
694
00:40:19,963 --> 00:40:21,683
I've just got off the phone
with the chancellor,
695
00:40:22,523 --> 00:40:24,123
he understands
the gravity of the situation,
696
00:40:24,123 --> 00:40:27,963
but he can't be seen to be ratifying
the effective bailout of another bank.
697
00:40:28,443 --> 00:40:30,203
He's on thin ice as it is,
698
00:40:30,203 --> 00:40:33,123
and he's got this bloody caucus
of populist Tory backbenchers
699
00:40:33,123 --> 00:40:35,163
making his life hell.
700
00:40:36,883 --> 00:40:39,803
So, yeah. Sorry I can't be of more help.
701
00:40:40,323 --> 00:40:41,283
So, what? We’re...
702
00:40:41,443 --> 00:40:44,163
we're just at the mercy
of someone else's ambition?
703
00:40:45,763 --> 00:40:46,763
Aren't we always?
704
00:40:48,963 --> 00:40:50,363
Look, I need to get some sleep.
705
00:40:51,923 --> 00:40:52,883
Best of luck.
706
00:40:57,123 --> 00:40:58,443
Fuck!
707
00:41:00,003 --> 00:41:01,923
So, this is what we have at the moment.
708
00:41:03,243 --> 00:41:08,243
The chancellor now looks like an ally
of the financial sector's lawlessness
709
00:41:08,523 --> 00:41:13,483
and weak for kowtowing
to an influential group of backbenchers.
710
00:41:14,123 --> 00:41:15,483
Led by his successor.
711
00:41:16,723 --> 00:41:18,803
Are we ready for that move?
712
00:41:19,443 --> 00:41:20,843
Maybe after the election.
713
00:41:23,643 --> 00:41:26,083
But these headlines
won't hurt your chances.
714
00:41:31,083 --> 00:41:32,883
Eddie, thank you for staying so late.
715
00:41:33,243 --> 00:41:35,643
Let's have this online
before the country wakes up.
716
00:41:35,963 --> 00:41:36,923
Got it.
717
00:41:41,123 --> 00:41:44,283
If he thinks this leads
to a fashion-adjacent lifestyle,
718
00:41:44,283 --> 00:41:46,403
it's immediately a red flag.
719
00:41:46,403 --> 00:41:49,483
He was a hundred percent a misogynist,
and possibly a psychopath.
720
00:41:49,483 --> 00:41:51,723
What in the good fuck is going on?
721
00:41:52,283 --> 00:41:54,163
You better have sold the rest
of my fucking positions.
722
00:41:54,403 --> 00:41:55,883
Where have you been?
723
00:41:56,203 --> 00:41:59,163
I've been playing the fruities
with a client.
724
00:41:59,323 --> 00:42:02,323
Some guy keeps calling the desk for you.
725
00:42:02,323 --> 00:42:03,363
Who?
726
00:42:05,123 --> 00:42:06,283
Vin? Vinnie?
727
00:42:06,923 --> 00:42:08,323
- Vinay?
- That's the one.
728
00:42:08,323 --> 00:42:09,603
- He called here?
- Yeah.
729
00:42:09,923 --> 00:42:11,883
You're a dickhead, bruv.
730
00:42:13,323 --> 00:42:14,443
A fucking dickhead.
731
00:42:15,443 --> 00:42:17,523
So, Anraj is on ecstasy.
732
00:42:17,963 --> 00:42:20,923
He was catatonic drunk,
but hey, he insisted,
733
00:42:20,923 --> 00:42:23,523
and well, we dragged
some people to the floor
734
00:42:23,523 --> 00:42:26,123
and, hey, can't fire us twice, right?
735
00:42:28,363 --> 00:42:29,643
You bully me
736
00:42:30,283 --> 00:42:32,403
- 'cause you were bullied at school, innit?
- Shut the fuck up!
737
00:42:32,403 --> 00:42:35,003
No, you're pure small-man syndrome, bruv.
738
00:42:35,123 --> 00:42:38,123
You got no taste, bruv.
Look at your car, your taste level's dead.
739
00:42:38,123 --> 00:42:39,403
Why didn't you sell my fucking axes?
740
00:42:39,603 --> 00:42:41,203
Your IG Explore page must be
741
00:42:41,203 --> 00:42:43,283
- a crime against humanity!
- Shut the fuck up!
742
00:42:43,283 --> 00:42:44,763
No, I'm done being quiet.
743
00:42:44,763 --> 00:42:46,563
Now, look... look, we're not...
we're not sick, Rishi.
744
00:42:46,683 --> 00:42:49,763
We're not gonna play Santa,
wrapping coal in a bow for your clients.
745
00:42:49,763 --> 00:42:52,283
We're not gonna torch
our reputations in the market
746
00:42:52,283 --> 00:42:54,403
selling your worthless positions.
747
00:42:55,323 --> 00:42:58,043
Why would we? To what end, anyway?
748
00:43:01,883 --> 00:43:02,963
Best of luck drowning.
749
00:43:08,163 --> 00:43:09,123
Fuck.
750
00:43:23,083 --> 00:43:26,243
- What's the time, please?
- It's just gone 4:00 a.m.
751
00:43:27,443 --> 00:43:28,403
Okay.
752
00:43:29,643 --> 00:43:31,883
We have around ten hours till U.S. open.
753
00:43:32,483 --> 00:43:35,123
- Put a fucking solution in front of me.
- Mitsubishi is still in play.
754
00:43:35,123 --> 00:43:36,643
I can wake the head
of their London office.
755
00:43:36,643 --> 00:43:38,123
They want this as much as us.
756
00:43:38,123 --> 00:43:41,203
This solve is not viable long term,
given the state of our balance sheet.
757
00:43:41,203 --> 00:43:43,723
To assuage market fears,
all that matters is we can prove
758
00:43:43,723 --> 00:43:45,003
we plugged the immediate hole.
759
00:43:45,003 --> 00:43:47,323
Why do you keep talking
when the value add of your ideas
760
00:43:47,323 --> 00:43:48,603
is less than zero?
761
00:43:49,163 --> 00:43:51,603
We need to pivot. Mitsubishi?
762
00:43:52,203 --> 00:43:54,123
Wake them up. Get them in the room.
763
00:44:05,003 --> 00:44:06,883
It's on. It's on. Eric.
764
00:44:11,643 --> 00:44:13,683
It's a good thing Tom said yes.
765
00:44:14,643 --> 00:44:18,083
I soft launched this to Mitsubishi's
European Executive Committee already.
766
00:44:18,643 --> 00:44:20,123
It's lunchtime in Japan, right?
767
00:44:20,123 --> 00:44:22,563
They're just in from Düsseldorf,
where the European subsidiary is.
768
00:44:22,563 --> 00:44:24,643
Now, they're gonna come
with terms that Tom finds attractive,
769
00:44:24,643 --> 00:44:26,163
because I've prepped them
on the financials.
770
00:44:26,163 --> 00:44:28,843
So, let's take a fast 20
and call an associate in IBD up
771
00:44:28,843 --> 00:44:31,563
to triple-check the numbers in the deck.
No missteps.
772
00:44:32,603 --> 00:44:34,843
Fast 20 still takes 20.
773
00:44:36,723 --> 00:44:37,763
I need stronger nicotine.
774
00:44:39,203 --> 00:44:41,163
Any delivery vessel, I'm beyond caring.
775
00:44:41,963 --> 00:44:44,523
Ow! Ow!
776
00:44:47,203 --> 00:44:48,163
Yas?
777
00:44:53,723 --> 00:44:56,243
I just wanted to make a cup of tea.
778
00:44:56,803 --> 00:44:57,803
What the fuck have you done?
779
00:44:57,803 --> 00:45:00,763
Hey, come here, come here.
Are you hurt?
780
00:45:01,723 --> 00:45:03,763
Hey, hey. Yas, look at me.
781
00:45:04,123 --> 00:45:06,243
- Have you taken something? Yeah?
- Uh-huh.
782
00:45:06,363 --> 00:45:07,323
What have you taken?
783
00:45:07,323 --> 00:45:10,563
Rob, do you think I'm a bad person?
784
00:45:10,723 --> 00:45:14,363
- No. No, you're not a bad person.
- You do. Rob, look at me.
785
00:45:14,363 --> 00:45:16,283
Tell me that you think
that I'm a bad person.
786
00:45:16,283 --> 00:45:17,443
Look, you're not a bad person!
787
00:45:17,443 --> 00:45:20,083
Tell me that I'm allowed
to want to do bad things.
788
00:45:21,683 --> 00:45:22,643
What?
789
00:45:24,323 --> 00:45:25,563
You can do what you want.
790
00:45:28,163 --> 00:45:29,323
I want you.
791
00:45:30,123 --> 00:45:33,123
- I want you. Oh, you're hard.
- What are you doing?
792
00:45:33,123 --> 00:45:34,923
- Come on. Just stop. Stop.
- I want you.
793
00:45:34,923 --> 00:45:36,963
Stop! Stop! Stop! Stop!
794
00:45:37,643 --> 00:45:38,603
Stop!
795
00:45:39,483 --> 00:45:40,443
Stop!
796
00:45:46,043 --> 00:45:48,763
Henry used to get hard when I cried, too.
797
00:45:54,363 --> 00:45:55,363
Hey.
798
00:46:05,043 --> 00:46:06,963
Bill tells me you've been here 30 years.
799
00:46:07,883 --> 00:46:08,883
Aren't you bored?
800
00:46:13,403 --> 00:46:15,683
Been dropped into
a few of these restructurings.
801
00:46:16,883 --> 00:46:20,123
They all have their own
mythos and history, but...
802
00:46:21,283 --> 00:46:23,123
ultimately, they're much for muchness.
803
00:46:23,483 --> 00:46:24,803
They're corporations.
804
00:46:27,283 --> 00:46:28,323
Not the people.
805
00:46:29,963 --> 00:46:32,403
- The people are different.
- Are they really?
806
00:46:34,843 --> 00:46:38,603
There's a self-centeredness at the heart
of Bill's romanticization of it all.
807
00:46:39,363 --> 00:46:40,563
False heroism.
808
00:46:41,803 --> 00:46:43,843
Do you think there's room
for nobility in there?
809
00:46:51,923 --> 00:46:55,643
I was hoping Bill would be my mouthpiece
to the wider Pierpoint family, but...
810
00:46:56,683 --> 00:46:59,003
he seems like more
of a problem than a solution.
811
00:47:04,603 --> 00:47:06,123
You're not a romantic, are you?
812
00:47:07,003 --> 00:47:08,163
What do you believe in?
813
00:47:12,963 --> 00:47:14,363
I don't believe in anything.
814
00:47:15,643 --> 00:47:18,483
I believe in the trade, when it works...
815
00:47:19,683 --> 00:47:21,283
when it stops working.
816
00:47:28,123 --> 00:47:29,083
By the way,
817
00:47:29,843 --> 00:47:32,803
nostalgia's only useful
when you're selling something.
818
00:47:40,363 --> 00:47:42,163
Any color that'll help us in the pitch?
819
00:47:44,163 --> 00:47:45,123
Nope.
820
00:47:46,363 --> 00:47:47,683
A whole lot of nothing.
821
00:47:50,243 --> 00:47:51,603
Deck look good to your eyes?
822
00:47:56,403 --> 00:47:57,363
Perfect.
823
00:48:02,323 --> 00:48:05,243
- I'll see you out there.
- I'll see you out there.
824
00:48:18,483 --> 00:48:20,643
Thank you for meeting us so early.
825
00:48:22,163 --> 00:48:24,483
I'm sorry it's a little ripe in here.
826
00:48:26,683 --> 00:48:28,843
- Where the hell are you going?
- I gotta take this.
827
00:48:32,683 --> 00:48:34,683
Thanks for calling me back.
Sorry it's early.
828
00:48:35,763 --> 00:48:40,083
Bill Adler told me about a connection
that landed you on my desk.
829
00:48:40,083 --> 00:48:42,123
Can you flesh that out for me a little?
830
00:48:46,363 --> 00:48:48,723
- Did you enjoy your stay?
- Very much. Thank you.
831
00:48:51,603 --> 00:48:52,963
Did you want a bandage?
832
00:48:55,443 --> 00:48:56,403
Sure.
833
00:49:03,243 --> 00:49:04,643
Do you reckon she's a Libra?
834
00:49:07,803 --> 00:49:10,723
I threw in an extra 20 quid
for the busted kettle.
835
00:49:11,123 --> 00:49:14,123
- Oh, thanks.
- Ah, it's all right. Cheers.
836
00:49:14,923 --> 00:49:15,883
Cheers.
837
00:49:17,123 --> 00:49:18,283
Have a safe trip.
838
00:49:21,003 --> 00:49:24,083
Our proposal is that
the Mitsubishi Financial Group
839
00:49:24,083 --> 00:49:26,363
invest nine billion dollars in equity
840
00:49:26,363 --> 00:49:29,563
in Pierpoint for a 19-percent interest
in the company
841
00:49:29,803 --> 00:49:31,523
on a fully diluted basis.
842
00:49:36,123 --> 00:49:37,163
How did that get there?
843
00:49:38,883 --> 00:49:42,603
As I was saying, our friends at Mitsubishi
are the best partners we could have.
844
00:49:42,603 --> 00:49:45,843
They have enough dry powder
to buy up our distressed debt
845
00:49:45,843 --> 00:49:48,163
and to support
the other assets on our books.
846
00:49:48,323 --> 00:49:49,963
And they want us to be us.
847
00:49:50,803 --> 00:49:52,563
They have reverence for our name.
848
00:49:53,083 --> 00:49:55,683
We want to help build Pierpoint
back to what it could be
849
00:49:55,683 --> 00:49:57,723
in its 150th year.
850
00:49:59,523 --> 00:50:04,323
We expect a very healthy ROI for you
on a decade-long horizon,
851
00:50:04,603 --> 00:50:07,643
but of course, apologies
for the small inaccuracy on page 12.
852
00:50:12,643 --> 00:50:13,763
What inaccuracy?
853
00:50:14,323 --> 00:50:17,643
I am assuming this reference
is linked incorrectly.
854
00:50:18,643 --> 00:50:22,203
It looks like you are linking
to enterprise value
855
00:50:22,203 --> 00:50:24,003
instead of equity value.
856
00:50:25,003 --> 00:50:28,403
It's causing a 15-percent decrease
in the true PE multiple,
857
00:50:28,403 --> 00:50:31,403
which should otherwise be
seven-point-six times,
858
00:50:31,843 --> 00:50:33,723
well below peers.
859
00:50:36,203 --> 00:50:37,843
I'm so sorry we missed this.
860
00:50:39,443 --> 00:50:41,963
That's like a two-to-three
percent uplift in IRR.
861
00:50:42,203 --> 00:50:44,083
After ten years of what we know
862
00:50:44,203 --> 00:50:46,883
will be a mutually
beneficial relationship.
863
00:50:47,563 --> 00:50:48,683
How could we have missed that?
864
00:50:48,843 --> 00:50:51,323
It's sloppy. Eric.
865
00:50:51,923 --> 00:50:54,763
Bill, it's fine. Leave it. It's late.
866
00:50:55,643 --> 00:50:58,403
It happens. It's just a book.
867
00:50:59,243 --> 00:51:02,163
That's a huge decrease in the valuation.
How didn't I spot it?
868
00:51:02,963 --> 00:51:04,443
Bill, you did spot it.
869
00:51:05,683 --> 00:51:07,523
What? When?
870
00:51:07,843 --> 00:51:09,843
We ran through it about an hour ago.
871
00:51:09,843 --> 00:51:13,083
I raised it again
in the bathroom just now.
872
00:51:13,203 --> 00:51:15,883
You said it wasn't
a deal-breaker in the room,
873
00:51:15,883 --> 00:51:17,763
that they know the numbers already,
874
00:51:17,763 --> 00:51:19,963
which they do.
875
00:51:21,043 --> 00:51:22,163
We can move on.
876
00:51:23,003 --> 00:51:24,403
That didn't happen.
877
00:51:26,483 --> 00:51:27,443
Did it?
878
00:51:28,683 --> 00:51:30,723
It's not mission critical here.
879
00:51:30,923 --> 00:51:33,363
No, it is. When did we discuss it?
880
00:51:34,963 --> 00:51:36,363
I don't think we did, did we?
881
00:51:36,363 --> 00:51:39,203
- Maybe I'm just misremembering.
- I think you can move on.
882
00:51:39,203 --> 00:51:41,243
You have to understand
it's very important
883
00:51:41,243 --> 00:51:42,923
- that I didn't misremember.
- Bill.
884
00:51:45,483 --> 00:51:46,443
What's going on?
885
00:51:48,203 --> 00:51:49,163
Hey, Bill.
886
00:51:52,123 --> 00:51:53,283
There's no shame.
887
00:51:57,043 --> 00:51:59,523
I'm so... I'm so sorry, if...
888
00:52:01,043 --> 00:52:02,003
I've been quite sick,
889
00:52:02,003 --> 00:52:04,643
and I really didn't wanna bring it up
in this forum, but--
890
00:52:04,803 --> 00:52:07,443
You are fit to continue.
891
00:52:11,043 --> 00:52:14,363
Gentlemen and lady,
892
00:52:15,043 --> 00:52:16,403
could you give us five?
893
00:52:17,723 --> 00:52:19,803
This isn't what we expect
in these circumstances.
894
00:52:19,803 --> 00:52:22,603
No, there should be
multiple layers of review.
895
00:52:22,843 --> 00:52:23,923
My apologies.
896
00:52:39,723 --> 00:52:42,963
I... I'm so sorry. I should have
just breezed past it,
897
00:52:42,963 --> 00:52:46,643
but it's... it's quite important...
it's quite important for my prognosis.
898
00:52:46,643 --> 00:52:47,843
What's wrong with you?
899
00:52:49,963 --> 00:52:51,523
I have a malignant tumor. I...
900
00:52:52,603 --> 00:52:55,003
I've not noticed much,
if any, cognitive impairment.
901
00:52:55,003 --> 00:52:56,243
- That's why it's--
- And you've been
902
00:52:56,243 --> 00:52:57,523
keeping this to yourself?
903
00:53:02,843 --> 00:53:03,883
You shouldn't be in here.
904
00:53:05,123 --> 00:53:07,043
Your health is of paramount importance.
905
00:53:07,043 --> 00:53:09,163
My performance
has never been compromised.
906
00:53:09,163 --> 00:53:10,963
Apart from when it just mattered.
907
00:53:12,283 --> 00:53:16,843
High stress, no sleep.
This isn't the place for a sick man.
908
00:53:18,003 --> 00:53:18,963
Look...
909
00:53:20,203 --> 00:53:22,083
I want you to go home.
That isn't a suggestion.
910
00:53:22,403 --> 00:53:24,563
I'm fit to work if I say I'm fit to work.
911
00:53:24,563 --> 00:53:27,123
I want you to go rest.
912
00:53:28,523 --> 00:53:29,483
Eric...
913
00:53:31,163 --> 00:53:32,563
why don't you put Bill in a cab?
914
00:53:42,603 --> 00:53:43,563
Come on.
915
00:53:44,283 --> 00:53:45,603
It's okay. Come on.
916
00:54:15,523 --> 00:54:16,723
- Hello?
- Hi.
917
00:54:16,923 --> 00:54:19,843
Denise, I've slept on it,
918
00:54:19,843 --> 00:54:22,283
and I don't want to take Rose's offer.
919
00:54:22,283 --> 00:54:25,523
And I know-- I have thought
about the implications,
920
00:54:25,843 --> 00:54:29,163
but it's Rose and Hanani, okay?
They're the ones that are being inhumane,
921
00:54:29,163 --> 00:54:30,963
and you can think that
I'm meeting them on their level
922
00:54:30,963 --> 00:54:32,283
if you want, that's fine,
923
00:54:32,523 --> 00:54:35,363
but they have literally
given me no choice.
924
00:54:35,723 --> 00:54:37,243
Have you stopped to think about how this
925
00:54:37,243 --> 00:54:39,003
- is gonna affect the other victims?
- Yes, of course!
926
00:54:39,003 --> 00:54:40,603
Of course I have
thought about that, Denise!
927
00:54:40,603 --> 00:54:41,763
Of course I have!
928
00:54:41,883 --> 00:54:45,323
But you have to understand,
it is them or it is me!
929
00:54:55,843 --> 00:54:56,803
How was it?
930
00:54:59,243 --> 00:55:03,243
So, they've had their funding
from the university totally cut off.
931
00:55:03,443 --> 00:55:04,643
They balked at the idea
932
00:55:04,643 --> 00:55:06,323
of any commercial
application of psychedelics,
933
00:55:06,323 --> 00:55:10,283
only lab-conditioned trials
on treatment for various mental disorders.
934
00:55:10,403 --> 00:55:11,403
Why?
935
00:55:11,843 --> 00:55:14,643
Well, it's still illegal, but LittleLabs,
936
00:55:15,603 --> 00:55:16,843
they want to be the first mover.
937
00:55:17,443 --> 00:55:20,363
Now, imagine being early
on cannabis in California.
938
00:55:21,603 --> 00:55:23,563
- Sorry.
- Well, no.
939
00:55:24,483 --> 00:55:28,403
See, they've been flirting with the idea
of relocating to Silicon Valley.
940
00:55:28,763 --> 00:55:31,363
All right? And they said
if I can help unlock VC dollars
941
00:55:31,363 --> 00:55:34,443
for them out there,
then there might be a position open.
942
00:55:35,683 --> 00:55:37,523
- Head of business development.
- What?
943
00:55:37,523 --> 00:55:39,923
Yeah, I know.
I couldn't believe it as well.
944
00:55:41,003 --> 00:55:45,123
So, wait... wait. Would that mean
that you move to the States?
945
00:55:45,683 --> 00:55:46,643
Maybe.
946
00:55:48,643 --> 00:55:49,603
Here.
947
00:55:55,363 --> 00:55:57,283
Sleep will help.
I'll... I'll get a couple more hours
948
00:55:57,283 --> 00:55:58,483
and come straight back in.
949
00:55:59,043 --> 00:56:01,123
I don't think anyone in there wants that.
950
00:56:01,883 --> 00:56:04,003
Stay home. For yourself.
951
00:56:04,403 --> 00:56:06,723
I'll smooth out Mitsubishi. It'll work.
952
00:56:08,803 --> 00:56:10,963
Peer to peer, stay home.
953
00:56:11,803 --> 00:56:13,283
More time for your family.
954
00:56:15,003 --> 00:56:16,883
The institution doesn't suffer.
955
00:56:24,843 --> 00:56:26,003
Door opening.
956
00:56:29,763 --> 00:56:31,403
You made me distrust my...
957
00:56:36,363 --> 00:56:37,323
For what?
958
00:56:43,763 --> 00:56:44,963
Door closing.
959
00:57:26,243 --> 00:57:27,283
You Harper Stern?
960
00:57:28,443 --> 00:57:29,403
Yeah.
961
00:57:29,643 --> 00:57:32,083
Otto wants to see you. Get in the car.
962
00:57:34,563 --> 00:57:35,523
Now?
963
00:57:36,123 --> 00:57:37,123
He'd prefer it.
964
00:58:01,483 --> 00:58:03,763
Well, I hope
he's getting the care he needs.
965
00:58:05,443 --> 00:58:07,443
I've heard that...
966
00:58:09,003 --> 00:58:10,963
tumors can have certain...
967
00:58:12,123 --> 00:58:15,643
neurological effects as pertains
to people's willingness
968
00:58:16,243 --> 00:58:18,083
to take risk.
969
00:58:23,443 --> 00:58:26,683
Well, while I take some responsibility
970
00:58:26,683 --> 00:58:29,323
for my bullishness
over ESG as a concept...
971
00:58:30,963 --> 00:58:33,483
Bill had the underlying
relationship with Debt Syndicate
972
00:58:33,483 --> 00:58:35,363
from his bond trading days.
973
00:58:35,843 --> 00:58:39,403
He was the one pushing
their appetite for risk.
974
00:58:41,443 --> 00:58:42,403
Yes.
975
00:58:43,443 --> 00:58:46,883
Fixed income was more Bill's background.
976
00:58:48,203 --> 00:58:51,843
You know, we can't let someone go
because of their declining health...
977
00:58:54,803 --> 00:58:55,763
but...
978
00:58:58,483 --> 00:58:59,443
Eric...
979
00:59:01,363 --> 00:59:03,163
as the closest to him,
980
00:59:04,003 --> 00:59:07,763
if you think
an indefinite period of absence
981
00:59:07,763 --> 00:59:11,443
would be in his best interest...
982
00:59:13,683 --> 00:59:16,683
it is something our executive committee
983
00:59:17,083 --> 00:59:20,043
would be willing to consider.
984
00:59:23,883 --> 00:59:26,963
He has seemed a little...
985
00:59:28,003 --> 00:59:29,203
out of sorts.
986
00:59:37,563 --> 00:59:40,043
While I respect the rules of the game...
987
00:59:41,683 --> 00:59:46,403
I find pinning this all on a sick man
morally unconscionable.
988
00:59:48,843 --> 00:59:52,243
But tomorrow is more important
than yesterday for Pierpoint.
989
00:59:58,683 --> 00:59:59,963
So, fuck him then, right?
990
01:00:07,563 --> 01:00:09,283
Is Mitsubishi worth pursuing?
991
01:00:09,723 --> 01:00:11,403
It's a Band-Aid. No more.
992
01:00:11,403 --> 01:00:13,323
Phillip was onto something when he told us
993
01:00:13,323 --> 01:00:15,163
that we should be
looking towards the Gulf.
994
01:00:15,763 --> 01:00:18,203
So, I've brokered an introduction.
995
01:00:21,723 --> 01:00:23,363
Ali. Gentlemen.
996
01:00:24,323 --> 01:00:26,003
It's Pierpoint's anniversary.
997
01:00:28,083 --> 01:00:30,483
How would you like
to buy a piece of history?
74712
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