Fire sale - Margin Call (2011)
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- čas přidán 18. 12. 2019
- Floor head Sam Rogers (Kevin Spacey) is briefing his staff on the current "fill or kill" situation where the goal is to drop all toxic assets ASAP.
Film: Margin Call
Released: 2011
Director: J.C. Chandor
Distributors: Lionsgate, Roadside Attractions, Benaroya Pictures - Krátké a kreslené filmy
This is one of the greatest horror movies ever made
Well put. It really is a horror film. I never thought of it that way. Thank you.
😂
“For… the greater good.”
Not even he believed that when he paused. Choked it out and left fast.
The greater good...
@@zuxx00 Shut it!
@@andrewmojzer2337STOP SAYING THAT!! 😂
"My loss is your gain"
Now you have successfully gained my loss
I love how despite Spacey's character despised this move, he rallied the crap out of that team. He treated them like the professionals that they are and simultaneously drove home the company's postion and his disdain of it. Well written and acted.
It's unfortunate that we have to muddle Spacey's career with his off screen antics. He was a brilliant actor and his acting is missed.
@@ChickenMeister84 I love how Spacey was credibly accused of having sexually assaulted multiple young men, then after the usual tarring and feathering in the public square that ultimately means nothing, he released a super creepy and cryptic video in the mode of one of his most sleazy and ruthless characters, laced with symbology and inuendo... and then all of a sudden some of those accusers recanted their stories, and I think at least one of them died... and today Spacey is a free man, who'll probably eventually return to the limelight in another couple years.
I love how all of that happened, and nobody really did anything about it, even though it was right under our eyes.
@@LabTech41 he didn't act again though, didn't he? isn't he in the black list of hollywood now?
@@LabTech41 They didn't do anything about it, because three out of four of his accusers died. The fourth withdrew. Funny that.
@@yourfriendoverseas5810 Yeah, funny how a bunch of rare events occurred in just such a fashion as to allow a rich and well connected man to avoid consequences.
Actually, subsequent to my previous statement, I looked it up and found out that for the most part, his acting career never ended, and he's still acting to this day; he got canned from "House of Cards", but if you look at his filmography, there wasn't much of an interruption of his career; if there was a pause it was a barely noticeable blip, it's just that the work he did afterwards wasn't as well known as his other work.
That's what happens when you get past a certain threshold in society and join the Elite: even if you get caught doing some dirt, you either take a short vacation, transfer from one sphere of influence to another, or worst case semi-retire for a couple years.
Like, remember how Governor Cuomo was being investigated for his actions during the pandemic, and word was coming out to even the people who weren't in the know that Cuomo had intentionally put coof patients into old folks homes, who's geriatric patients ended up being the majority of the state's fatalities... and then all of a sudden out of the blue some lady accused him of sexual harassment, and he resigned soon after, thus essentially 86'ing the investigation? Sexual harassment will put a politician into retirement for a couple years, but I'd be surprised if Cuomo doesn't relaunch his political career soon enough, when he's sure that any heat on the pandemic policy is over.
Every phone call he makes is an industry relationship he’s burning.
He knows and he's willing to bet that he'll make it through better than them. And I bet he did because he's better at his job than they are at theirs.
"If you do this, you will never sell to these people again."
Dosent matter when the buyer no longer exists.
Love how he sits down to speak honestly about how their reputations will be damaged by the fire sale, but then stands up to put on glasses before saying what he knows is BS about the “greater good.”
Yes, the 'greater good'--of saving the company from bankruptcy.
@@lego4virgo the company deserved it.
@@erikanderson1402 While I can definitely see your point--well, actually, yeah--I see your point.
Only this guy can act persuasive while showing that he knows it's bs
He's a salesman, just like the rest of them. Only he's selling to employees, not customers.
The guy who bought at 93.5 💀💀
They prolly moved it right away at 98. Those are day trade boosters when buying under market.
In 2023 the Fed would pay him 100% for it to cover any losses. At least temporarily.
@@corpr8dystopia7781:36 😅 1:37 1:38
Thats Citibank. And thats why their stock never hit new All Time Highs since 2008
@@MrPikachu53 I was at Citi in 2008 when their stock hit All Time Low... Nothing got done that entire week - everyone was just watching stock ticker plummet all the way to $0.99
Will is such a persuasive salesman that even though I've seen this movie multiple time I'm still tempted to buy what he's selling!
Right?!
It’s people like YOU who he targets, lol. You are easily persuaded.
At the end of the day it might not even have been that bad of a deal - but over a longer time period than any trading company would have wanted to keep it on their books.
No it literally went to zero the next day lol
@@justinschrank4806 it’s. It an issue of the assets being worthless . But they are over valued n the firm is over leveraged on them
Now I know why Emerson was the Head of Trading 🤯
Potentially make an additional $2.7m on top of their salary and commissions for getting rid of crappy assets? Which trader wouldn’t take that deal?
Ones that realize they’re kissing their long term careers goodbye, by burning all of their relationships.
exactly. And most of them look like they're in their 20s/early 30s, could still start a whole new career
@@DG-nq5ex As someone who worked on a trading desk from 2011-2014, cultivating relationships is your lifeblood, and burning them is literally career suicide. No one will ever work with you again, and they keep books. I think that’s even a line in the movie somewhere. The industry is very silo’ed, not many other places to turn and make anywhere near as much money afterwards, especially if you went out scorched earth. I would bet in real life many of those traders would end up leaving New York after this.
I know this movie didn’t get a lot of hype, but I can tell you from experience they NAILED this whole thing. I could go on for days talking about how they got all the little details perfect. I would guess they had someone weighing in on this film, who had actually been in one of those situation room meetings before. Love this movie, one of my favorite finance films of all time.
"potentially" is the key word. you could fall short of achieving the bonus (both bonuses), and then you're doubly fucked.
@@nietz009 I couldn’t agree more, getting into the business now, but having that book of business is your lifeline. And when you don’t those key players in it, and Those bridges burned, leaves you in a bad position, just as same as these ones in the movie
That trade scene is one of my favorite scenes in a movie
When merril says its filled and you hear the trading bells close; that absolutely crushes me with dooming anxiety and adrenaline. Knowing Emerson just is selling death notes with a smile... Such a wild movie
An unsung masterstroke is in the delivery of that one line: 'I cannot promise that any of you, all of you, some of you, will be repositioned within the firm' - it is an ingenious executive business method, to muddy the pessimism by rearranging the odds. If all of us can't be, maybe some of us will be? Who cares what came first?
I like how the division head steps out of the meeting room when Sam Rogers starts speaking to them frankly about what will happen to their jobs. Jared doesn't want to be there because Sam obviously shouldn't be telling these employees that they will be fired but does anyway so they aren't in the dark. Interesting detail there.
Whole film is full of those little details. Fantastic film.
@@SBandy I know, I always seem to come back to this movie. So well done, I watched before not knowing the details of the housing bubble the first time, loved it. Learned the about the financials behind it, rewatched it, and loved it even more.
Sam isn't on the traders' side at all. This is just a good cop bad cop routine, bad cop being the "firm". His candidness is another level of control to motivate the workers, that's why Tuld worked so hard to get him to "be onboard"
@pancake One of things I noticed in a recent rewatch is that everyone who is eventually canned throughout the film was obsessed with money, except for Eric Dale but they attempt to rehire him. Almost like the film is saying, that smart greed does the worst and the greediest people aren't always the smartest. They choose to loose money, customers, and essentially fuck over their buyers so they "may survive." Idk, this movie is great, lol.
He is not the division head, he is the Chief financial officer
"...are we fill or kill at 65?"
That guy at Merrill should have seen the flashing caution lights, road flares, and grim reaper furiously waving the red flag at him.
I believe he said "WE'RE fill or kill at 65"
yes, question would be why is he settling for such a cheap price
Wonder if that trade was what got Merrill bought by BofA. Nice that they made that one the last phone call.
@@MrDoubtful42069 point isn’t to take a profit. Point was to get the toxic assets off the books as soon as possible. It’s better to take a big loss than a loss of the entire investment.
That’s what the guy who discovered this mess told John Tuld. If they continued holding the assets, the loss would be greater than the overall market value of the company (meaning bankruptcy).
@@moneymastermind2698 I know, I'm saying the guy on the other end of the phone should be asking that
One of my favourite films. It's riveting and has an aire of desperation and impending doom. The boardroom scenes are compelling with outstanding performances from everyone. An incredible movie without a gunshot or explosion or one jump scare, but in it's own way, terrifying.
This brief telephone exchange in the movie, sums up the plot and theme perfectly:
Trader: (answering the phone) "Deutsche."
Will: "It's Will Emerson."
Trader: "FUCK YOU, you limey bastard."
Will: "Come on. You still angry about that?"
Trader: "Word is out. I'm hanging up now." *CLICK*
MARGIN CALL. KILLER FILM.💯
3:51 when Kevin Spacey realises he can no longer produce any more motivational speech to justify what they are going to do.
for the "greater good" xD (walks away)
it's reminiscent of Goldman Sachs execs publicly saying they are doing "God's work" in the aftermath of 2008
Kevin Spacey is one hell of an actor and one of the best in the industry.
I was gonna comment "well this aged poorly" ... i realized you just typed it yesterday. Was one of the best. Honestly i dont care how many teenagers he groped i need more Kevin Spacey movies.
@@gregwestlake1506 Well he wrote it after Spacey was cleared/vindicated so all good.
@@gregwestlake1506 He's not wrong, Spacey is great actor not great person. But who's great person nowadays?
Not-guilty period.
Shame he is a perv though...
A tough thing to do, to tell all your brokers to screw over all your clients and to burn all their bridges by selling dogshit to them.
Even worse promising them juicy retirement bonuses that you know you have zero intention of paying and then firing them all after the trading is done wiht security walking them to the door, cold.
They're not selling to their clients, they're selling to counterparties.
@@llynellyn I don't know about having no intention of paying them.
@@smurfaccount9269 If you watch the film they get fired and escorted out of the building after the sales are complete. It's implied by the writing that they were never paid as there's no evidence of any promise of payment (aside from Sam's saying so) and given what we see that company do there's zero chance they would be paid.
@@llynellyn "There’s a scene where Cohen sees Roger and tells him They’re about to cut some the traders before end of the day which will cause them not to hit many of their personal sales goals."
It seems you're right, oof.
Flippin' corporations :(
Such a great movie…. Great performances, great writing, great everything… Underrated…🔥🔥💪💪👍👍❤️
30 years mortgage notes selling at 65? with a 130 million dollar cushion, unless there's a ton of sub-prime mortgages in that package, ordinarily you'd be making a killing by taking that deal. The sick truth about this investment business is that most of these guys don't want to do the grunt work to find out or clean up the bundled deals over the long term which is why you have so much garbage on many deals.
Remember that this movie took place during the 2007-08 economic crisis when the chickens came home to roost on sub-prime mortgages. So I'm guessing there were a lot of them in that MBS.
Spoiler Alert, it was almost purely sub-prime in that MBS. Maybe 10-15% Alt-A if you were lucky. At this point of the crisis almost everything being held on the books for structuring was absolute garbage.
Remember the scene in Big Short with the jenga blocks? "I've seen some that are 65% AAA rated, that I know for a fact are filled with 95% subprime shit with FICOs below 550!"
Consider there was zero regulations on this bundling of derivatives at the time. You could sell a bundle with only 2-3 AAA as a AAA rated bundle and it was just a label.
@@brianmcfarlane6971 they simply couldn't find enough good mortgages to sell. The big short goes into this in detail.
" And apparently.." is so fn brilliant. Spacey is World Class Actor.
I have watched this movie countless times and still mind blown Deutsche hung up but Merrill FOK’d 65 hahaha
That's why Deutsche survived pretty unscathed while Merrill had to sell to Bank of America to avoid bankruptcy
@@MC-tu4rf Wow!!
@@MC-tu4rf It’s because Deutsche was aware of the full extent of the scam they (the banks) were pulling with the CDOs. That bank is so dirty they loaned to Trump when no one else would … nuff said.
@@MC-tu4rf for $50 billion
Well it looks like history has caught up to Deutsche! Global Banking Crisis 2023!
I love the dripping, facetious, moral justification.
It is only partialy facetious, for LOT of Americans, MBS is what got them their houses. Sam is with the firm for 34 years, a trader for possibly even longer than that. '
The MBS was a very legitimate, good, financial tool for much of that time.
@@michalsoukup1021 Until it wasn't.
Would this really completely ruin the careers of the traders? Sure, they'll make their counterparties angry by selling them absolute bunk and ruin those relationships for years... but the ability to pull that off is impressive to an employer who was not burned by the trade. It's not like the traders are traitors to the entire profession.
Well since the firm is about to go potentially go bankrupt, most would be let go off, also they destroyed an entire asset class that day.
They'll have to start from stratch with new contacts, which isn't a small matter. The market is in turmoil so they won't be getting a new job in the near future in that field. So it would really depend upon their drive to rebound.
Your post mentions an employer who wasn't burned by the trade but that's exactly it - they were all burned by the trade. Even if you didn't engage in the direct trade, the cascade of market collapse and the implosion of the product trashed everything. And no one that manages to keep a job at any of these firms wants to be your coworker... you used them and sold them garbage.
It’s about relationships/burning bridges. Would you trust someone who knowingly sold you a hill of beans? Word will get out not to do business with them. It’ll be very hard for them to find people to play ball.
@@hothotheat3000 I understand what you're saying but it's the firm and their managers who decided they should sell and ordered the traders to do it. They performed their job just like any employer would want them to do. Sure, they could've refused only to lose the bonus and lose their job which will happen anyway. Their managers bear most of the blame here, not the traders who do what their employers ask them to do.
This is what wallstreet scamming sounds like, nicely put.
A truly underrated movie. Sharply written and acted.
Depending on how they were let go, I imagine lots were laid off with a pittance of a severance package, meaning those potential bonuses might have been all they walked away with.
"All." If they'd gotten the full 2.7m in bonus, that's more than enough to wisely invest and get started on an early retirement.
@@bigmike- That is a HUGE assumption and far from always being true, ESPECIALLY during the financial crisis that this took place in in 2008. Additionally, as I said, this is probably ALL they got, no severance past that. Just that. In the middle of the greatest financial crisis of our lifetimes.
Not to mention that gets taxed too, and if that's all they got, it got taxed at a high bracket (and rightfully so: people making that much SHOULD be taxed more, but for the average person being taxed that it's a yearly income, not a one off payment with job loss attached).
You have no idea what kind of financial commitments that these people had in place *because they had a job.* They may have had student loans, a mortgage, a sick kid or parents, etc. and *been relying on a steady income for years, not a once off $2.7 million dollars.*
So you're assumption, that they can invest all 2.7m of that, is a *huge assumption,* especially considering during this time period how many people were getting foreclosed on, how many people ended up declaring bankruptcy, losing jobs, etc., and all the other financial impacts this had on the wider economy. The financial commitments they had in place could have completely restricted them from investing enough of that money to comfortably live on, or even the rising costs and inflation during this period forcing them to use a higher percentage of that to get by before finding another job.
And even single people would still have to take a large chunk of that to account for any and all living expenses UP UNTIL THOSE INVESTMENTS PAID OUT; or until they find another job. It's not like suddenly they got that $2.7 million and don't have a mortgage or rent, or property taxes, or children, or anything else really that costs money.
For all you know one of those people has a severely disabled child with costs alone of 500k a year, not counting all the other financial obligations (mortgage, car, utilities, taxes, etc.). That right there would be maybe 1 year of financial guarantees, then past that? Up shits creek.
Basically: you're making HUGE assumptions about people who had jobs that they clearly relied on somehow being "ok" just because they got $2.7 million dollars in the middle of an enormous, worldwide, financial crisis, not considering any obligations they have prior that may prevent them from investing some, or any, of that money.
I would be willing to wager that aside from the people who were single (i.e. not married or in a long term relationship) were in a much better position to do so than anyone with a family, for whom this money may have given them a year or two at best.
What if they sold 78 % instead of 93%
Not even the bonus plus no work ever again
Why would all these traders say yes
@@spellsword_fn6799 I imagine because they are the ones most aware about then imminent collapse of the economy, about how their stock options with the company might now be worthless, and it was the only way for them to have ANYTHING going forward the next 2-5 years.
Yes, their ability to get another job is basically shot, but no one would be hiring traders for several years after 2008, so maybe they saw it as the *only* way to continue providing even a little bit?
If they don't achieve it they leave with nothing. If they choose not to sacrifice their careers, they also choose to leave with nothing fully knowning that no one will be hiring people for those jobs for years to come.
So, it's a damned if you do, damned if you don't scenario.
@@spellsword_fn6799 Because they're getting laid off one way or another, so may as well try to make the sales goal.
"Oh My God, we're having a FIRE!... sale"
Haha, exactly what crossed my mind, arrested devolopment quotes power my life
One of the greatest actors of "out" generation
The longer I work in this business, the more I see what Rogers (and Tuld) are doing, and why they have no alternative.
Their alternative was to not have purchased these mortgage bonds that they knew were filled with shit
@@100Hasake Yes, but money.
@@100Hasake if they did in the first place they wouldnt had brought it
Elighten us please....
@@100Hasake At the time, it was considered a safe investment for mortgages.
It was the mortgage companies and banks that lowered the standards for people that ultimately were the root of the problem.
It was compounded exponentially by the mortgage garuntees that failed when people with bad credits all defaulted on loans
The good reputation and high standing of city traders is widely known to be extremely valuable and precious.
I'm happy you are not sarcastic at all.
It actually is, among their own. They may not care that the fck regular people over and that they're despised by them (there's Emerson's chat with Seth in the car earlier) but they very much care and remember who is loyal and respectable withing their own circles.
Sensational acting and a brilliant movie.
Nice touch are the glasses - when he has them on he is the puzzle, the brick in the whole construct. But the moment he took them off, for a minute, he spoke from the heart. And after putting them on, like a mask, he is again a wheel i the machine.
a day like this about to happen, just yesterday BoE prevented such a fire sale for UK gilts, just a matter of time before rate rises break something.
As has been pointed out before, when they are selling at 65 cents on the dollar they are likely losing money over the long run - but the guy at Merrill was right to drive a hard bargain. He knows he can have upside but if they are desperate it might go to zero. If the Merrill trader is a fool he thinks he made a great trade and mugged Will Emerson. If he's smart he knows it is a risk but hopes to live to see the upside.
Its either lose millions or lose BILLIONS. The assets and mortgages they held were that toxic to the banking firm.
@@abloogywoogywoowere they really though? My understanding of the story is that they were solid assets, it was only the risk associated with owning them and allowing them to dropping a few percentage points that was the problem
@@MsDragonbal776 When I say "assets" they are technically just securities and mortgages. Borrowed money on undeveloped land, and its become toxic, if the market were to slow down by just a few percent, that loss would be greater than the capital value of the entire company. The firm because of HR laying everyone off didn't realize it slept-walked right into this mess 2 weeks ago. That's HR for you.
@@MsDragonbal776There were a few things going on here:
First much of the property underlying the mortgages was given an appraisal that was greater than the property was really worth, as mortgage companies were trying to make as many mortgages as possible (and wouldn't hire appraisers who wouldn't give them the numbers they were looking for). This, combined with mortgages that were at or near 100% loan to 'value' meant the mortgages would be worth less than their face value the moment the economy took a dip and people started missing payments.
Secondly, the firm was heavily margined on these mortgages. And, as in mentioned earlier in the film, with mortgages the firm could margin to a much greater degree than they could with say stock. As a result, if say the value of the bundled mortgages fell by 20%, then the value of the loss might be 8 or 9 times that (and yes, I know that's more than 100%). Worse for the firm, is that if this loss causes their margin rate to exceed the maximum, then they get a Margin Call, which they are required to meet That Day (and which they obviously wouldn't be able to do).
Thus, they could not hold-and-wait, until they unraveled all, or near all of their margin position, thus the 93% goal they were shooting for.
@@MsDragonbal776 and the massive "margin call" they would need to find on the trillions of borrowed money used to buy them....THAT is the point
6:24 The mask slips off for a moment, you can feel the panic and stress. Amazing scene.
Just like jeremy irons said, "this is it". The finale of everyone carreer except them exec.
it was Mr. Tuld.
This is what art looks like .
I was literally drunk at a bar and wondering why BAC was at $6 a share after they let BAC absorb Countrywide and I bought a ton of BAC around $6. And I still hold most of it to this day.........
wild, good for you man!
This movie was perfect.
The thing is, if this is the kind of work you have dedicated your life to, you have wasted your life… and made the world strictly worse
That Merrill rep tho 😅
“Might he 55 in five 🤨”
At 2:48 Sam goes off the party line, then goes back at 3:46.
Sold a dream to stay afloat but issued rafts with holes.
If my teachers rounded like you, I would’ve never left high school 😂
Me at 3:59 PM When My calls finally sell after waiting for a buyer… “IT’S FILLED”.!!
Glasses on, corporate talk of senior salesma selling the job.
Glasses off, human moment of person who actually understands what is going on.
Glasses on. Final corporate go get’em.
BOOM! It comes crashing down.
I understand, hit it. Fully committed to the objective, swift decision making. He knew where the price would be mid afternoon, no surprise. Exiting the business, the executives wanted fully out, proceed.
brilliant............
This movie came out too soon. 2011 was still bad times for anyone looking for a job (speaking from personal experience); the recovery was tepid and we were still reeling from the catastrophe that was 2008. I don't think audiences were ready for such a visceral look "behind the scenes" of how we all got screwed by a bunch of rich a**holes. Sitting here in 2023, with that period firmly in the rearview, I can objectively enjoy this movie for how good it is. I don't think I could see it in 2011 and view it with an unbiased eye.
Still waiting for the same thing to happen again in the wake of all the artificial propping up of the economy after the coughcough
Well, it is not late 😂. M. Burry is calling winter again, after his wrong call in October 2022, Bear market Rally. And maybe in 2024, will finally come the most anticipate recession. According to a Blockworks interview, Stealth Stimilus is ending in 2023. 2024 is the real deal.
Look at Jared Cohen man. Ruthless and inspirational all at once 😂
Should have hired Tobias Funke to explain the fire sale
yeah these guys really only sold the sale part
AMAAAAAAAZIIIIING GRAAAACE
My loss is your gain = bag holders
Fill or kill, gotta love it.
What i love about this scene, that sam told the truth no bs. Told them there careers are over and reputations are beyond repair. But made sure his guys are not gonna leave empty handed.
Such a good actor.
Great movie
Spacey is amazing in this flick.
great movie
It's a great deal at that time ... Especially for a finance guy ... And Kevin spacey is back i heard..
Is this movie an accurate portrayal of work-life balance? Like do these guys ever sleep? Obviously emergency meetings at 2:15am don’t happen often I’m guessing, but going out to the bar until after midnight and then being at the morning meeting at 6:30 am? How do they function?
Oh yeah, look up horror stories about jobs in investment banking. It's basically two jobs in one. You'll earn enough to pay for a really nice apartment in NY that you'll spend almost zero time in.
Most of the traders and junior staff are in their late 20s, when you still have endless endurance for stuff like that. By the time you get older, you either get promoted to the tier where you only have to stay overnight on the rare hugely fucked up days, or you're out of the business.
These are traders so no, this is not indicative of their hours. They basically work market open to close +/- 2 hrs and rarely weekends unless you have to make an algo or smth. Investment Bankers are the ones with the awful hours
Things that end with -ine.
Caffeine
Nicotine
Cocaine
Amphetamine
etc
etc
why do you think so many of these guys end up doing cocaine?
Undeniable
Here in April 2022.
Please do a full one.
I always felt the big trading floor is a bit misalligned with the dialogue going on in the background
Then here is me setting my stop loss at 1% and still sweating. 6:30
The whistle at the start almost deafened me on my headphones
Will Emerson kicks a$$.
I like this movie, better than the big short
Oh my God! We're having a fire... sale
Yes Tau Commander - For the Greater Good.
"For the Greater Good." Stop saying that!
Wonder if they got the bonuses
Kevin Spacey might be a terrible human being, but he is an extraordinary actor.
Only one thing in the statement you made is an undeniable fact. The other part is just hearsay until he's been proven guilty or something or accepts it forthcomingly. That being said, if I had a kid, I would keep an eye on the kid if Kevin's around, for sure. 😂😂😂
Not guilty on EVERY CHARGE
Well, what do you say about today'# veredict?
@@torosytoros No idea.
Man, I love KS's acting.
Protip: When Sam tells the sellers their numbers and his boss is waiting by the door, Sam just makes up every figure on the spot- 93%, cool its not 100%, but its above 90%. 1.4 million, cool its above a million. Nobody told Sam what he was authorized to offer, even his boss learning from him.
1.4m was chosen so that, after taxes, it'd be a take-home of just about 1m flat.
@@bigmike- nope. If you're working in NYC (even if you live in Jersey), and earning at that level, Fed + NY State + NY City taxes come in around 50% total - so more like $700K (+/-)...
I disagree. During the board meeting Sam tells Tuld he needs to be honest with the traders and be prepared to throw them a bone and a pretty big one. He ends the meeting by telling Jared he has an hour to come up with a plan. In the later bathroom scene Tuld tells Sam that Jared has done a nice job on the plan and that it could work. That”s where the bonus plan was created. He has already told Tuld they should sell it all (probably in private and then before the board.). 100% would not be practical, so he came up with 93%. He adds the second bonus for the floor to incentivize them as a group to help each other out.
@@toddlevinuh...no, its 1 million
@@Vorteksio3 Uh no you're wrong. I live in NYC. At the highest personal income tax levels, US Fed income tax is 37%. NY State income tax is 10.9% more. NYC City income tax is 3.876% more. 37 + 10.9 + 3.876 = 51.776% total fed/state/city income tax owed on $1.4MM earnings, which means you take home the balance = 48.226% of your income, or $675,164 after tax take home on $1,400,000 earned. You're welcome.
Most came forward
"Our talents have been used for a greater good" "My loss is your gain". Flip those words for the truth. Deception with a smile.
@1:47 I like the black dudes face on the left, further up the table , he’s like hell yeah, I’m getting me a milli 🤣
imagine what the losses were if they were willing to throw $120 million in bonuses at the traders to dump the assets before the loss hit
Can you imagine those guy that buy early in the day at 93? Later in the day, it was 65.. Tomorrow it's worthless.
The movie makes it seem like the mortgages being sold are cheap because the bank is going out of business. Actually, they are cheap because interest rates increased making older mortgages very cheap (a fire sale). Older mortgages were cheaper because adjustable mortgages now had far higher risk, and low rate fixed mortgages were worth much less in a higher intreset rate environment.
So did they get the Bonus?
Unable to be disputed .
Not contested.
No one
The glasses as a prop is genuise
"Your mother if she's buying" LOL
1:54 is that tuco?
BRING BACK KEVIN SPACEY!!
Probably what's actually happening on wall street right now again
In the following years, it has become obvious that traders like these are super-results-driven practical people, while the Federal Reserve is manned by hypertheoretical PhD Economists who face no consequences for being wrong. That is why our system is messed up, because too many decisions are made by these extremes, and there is nothing in between.
6:41 *I UNDERSTAND. HIT IT!!!! (Wheeling and dealing)*
6:03 $375 million worth of Fixed and Variable Rate Mortgage Backed Securities sold at 65% of face value that equates to $243.75 million ROI.
The Merrill trader was playing hardball but Will got him in the end.
"Oh, my God! We're having a fire ... sale! Oh, the burning, it burns me! Evacuate all of the school children! Ama ... This isn't a fever ... zing Grace ... I can't even see where the knob is..."
The long term move for these sales guys would have been to walk out door. Preserve their relationships with a 20-30 year career ahead of them would have netted them more in the long term
Beatles: Tomorrow never knows.
How much were they able to sell finally?
I don't care, Kevin Spacey is a DAMN fine actor.
He is a gay though. A Lgtbqlmnop
rivian tomorrow morning