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But what you believe is right
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BBM: 2BF23F1C
LINE: NEXIABET

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00:01:20,800 --> 00:01:23,240
Hi, Frank.
How are your wives and children?
Wechat: NEXIABET
Whatsapp: +66944385708

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00:01:23,240 --> 00:01:24,560
For you, I suggest

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00:01:24,561 --> 00:01:28,320
securities and shares. Cigarettes?

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00:01:28,320 --> 00:01:30,480
At the end of the 70s,
banking was not

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work that makes a lot of money.

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That's just useless work.

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What about the Mets match?

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The contents are bad people.
Only sell insurance or

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accounting.

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And if banking is boring,

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the department of securities
is really useless.

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00:01:46,520 --> 00:01:47,958
Everyone knows about securities.

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00:01:47,959 --> 00:01:50,120
We give securities to children when they are 15 years old.

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Maybe when he is 30 years old
he can get hundreds of dollars.

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Boring.

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That's how things are going up to
when Lewis Ranieri enters

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Salomon Brothers.

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You might not know who he is,
but he changed your life

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00:02:04,801 --> 00:02:08,600
more than Michael Jordan, iPod and
YouTube combined into one.

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00:02:10,400 --> 00:02:12,240
All right, brothers and sisters!
Let's make money!

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00:02:12,241 --> 00:02:15,839
Let's make money! How?

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Lewis doesn't realize it,

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00:02:17,720 --> 00:02:19,720
but he has changed the world of banking forever

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with one simple idea.

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The mortgage-backed security (Secured mortgage securities). Or with the brand selling MBS.

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You all have personal
mortgages.

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00:02:29,200 --> 00:02:30,680
Fixed interest rate, 30 years.

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Boring, safe, rewarding small, right? However,

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if you have a thousand pieces
and combined together,

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suddenly the return increases
but the risk remains small because,

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Guaranteed mortgage!

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And who doesn't pay the mortgage?

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What is the credit rating for this securities?

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Ladies and gentlemen, this securities, the rating is AAA.

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This is what is looking for  Michigan pension funds.

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00:02:51,521 --> 00:02:53,319
I will buy $ 20 million.

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Oh come on, a little excited.

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$ 25 million.

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Money comes like rain,

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and for the first time,

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00:03:00,960 --> 00:03:02,560


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00:03:02,560 --> 00:03:05,320
the bankers who originally went to the club
personally now go to the stiptease club.

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00:03:07,960 --> 00:03:11,320
Not long after that, stocks and
savings are hardly taken into account.

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00:03:11,320 --> 00:03:13,598
- They make $ 50, $ 100, $ 200 billion
- Whoo!

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00:03:13,599 --> 00:03:15,040
In the form of mortgage securities and

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dozens of other types of securities in a year.

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And America doesn't realize
when the number one industry

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being a saturated industry.

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And one day, almost 30 years after that, in 2008,

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everything falls.

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March. Bear Stearns
is in debt

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and the central bank has
instructed its sales.

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This is called the worst financial crisis in modern times.

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Obviously this is the biggest financial disaster
for decades in this country,

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and maybe the end of the American business era.

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Finally, the mortgage is guaranteed to be
which is triggered by Lewis Ranieri

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turns into a monster

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00:04:02,921 --> 00:04:05,240
subvert the entire world economy.

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00:04:05,240 --> 00:04:07,278
And there are no experts or leaders or gossipers  who can predict it.

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00:04:07,279 --> 00:04:08,560
I think most of you don't know exactly what happened.

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Yeah, you repeat someone's words

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00:04:13,520 --> 00:04:14,998
so you don't look
stupid, but come on.

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Our financial institution is STRONG.

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00:04:16,401 --> 00:04:18,840
But there are some people who
see the signs of their arrival.

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When the whole world is partying,

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some outsiders and nerds can
see what others don't see.

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Not me. I'm not a nerd.
I'm pretty cool.

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But we will meet again.

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These outsiders see
big lies at the heart of the economy.

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And they see it
by doing something

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that never occurred to
by other losers.

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They pay attention.

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Throughout the 1930s,

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00:05:00,400 --> 00:05:05,080
the property market collapses on a national scale

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00:05:06,480 --> 00:05:08,679
by 80%.

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00:05:08,680 --> 00:05:13,880
I mean, half of the debt
mortgage is stuck.

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00:05:13,880 --> 00:05:16,560
And, there are

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00:05:17,680 --> 00:05:21,200
special characteristics,
very visible.

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In short,

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one of the benchmarks

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increases significantly

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with complexity and embezzlement.

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And you know that number goes up?

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Whoo!

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Akus always feels

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more comfortable alone.

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00:06:06,640 --> 00:06:11,280
I think it's because of my glass eyes.

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00:06:13,720 --> 00:06:16,480
I lost my eyes when
was sick in childhood.

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It creates a gap
separates from others.

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00:06:27,200 --> 00:06:29,639
And you know that number

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00:06:29,640 --> 00:06:30,839
up?

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The highest darkening ratio
_ since the 1930s.

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00:06:34,440 --> 00:06:36,880
Hey, hey, it's okay.
It is okay.

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00:06:36,880 --> 00:06:39,920
No, I don't know that.

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00:06:43,040 --> 00:06:47,360
In 1933, the fourth year of the Great Depression.

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00:06:47,360 --> 00:06:49,120
We wash it then wear it again.

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You play great, kid.

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I even heard the coach say that.

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00:06:54,360 --> 00:06:56,759
Can we just go home?

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Most social interactions are strange to me.

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Even when I try to praise,

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00:07:04,600 --> 00:07:06,839
it becomes wrong.

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00:07:06,840 --> 00:07:10,879
Your haircut is good.
Do you do it yourself?

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What?

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No. No, I...

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Sorry. I just...

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I will continue.

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My wife tells me I have to share more.

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Mmm.

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- It seems healthy.
- Yeah.

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Mmm-hmm.

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Uh...

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So am I accepted to work?

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00:07:52,401 --> 00:07:54,720
I think I can help your finances.

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Yeah.

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Yeah, of course. Please.

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00:08:01,920 --> 00:08:03,599
Your name...

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00:08:03,600 --> 00:08:05,239
David. Nice.

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00:08:05,240 --> 00:08:07,200
I think I'll find a table.

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00:08:07,200 --> 00:08:09,760
Are there things that you want me to
do as a start...

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00:08:10,240 --> 00:08:11,240
Uh...

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Yeah.

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00:08:14,240 --> 00:08:16,240
Later you can tell me.
I will be back.

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00:08:18,680 --> 00:08:23,319
Don't you think it's weird when, um,

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Tech Bubble Burst (Blast Bubble
Technology Economy) in 2001

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00:08:25,920 --> 00:08:28,760
and home sales in San Jose,

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00:08:28,760 --> 00:08:30,960
and capital of technology companies in the world,

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00:08:32,480 --> 00:08:34,360
the number goes up?

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00:08:34,360 --> 00:08:35,440
Isn't that weird?

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00:08:35,441 --> 00:08:36,519
Strange.

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00:08:36,520 --> 00:08:39,200
We talk about property.
The property is always stable.

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Low risk. Solid.

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00:08:40,281 --> 00:08:42,359
That's how it is, yeah.

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00:08:42,360 --> 00:08:44,199
I want you to find me

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00:08:44,200 --> 00:08:47,439
sales of 20 securities
best-selling mortgages.

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00:08:47,440 --> 00:08:50,399
So you want to know what are the 20 best selling mortgage securities?

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00:08:50,400 --> 00:08:56,119
No, no, I want to know each of these mortgages.

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00:08:56,120 --> 00:08:59,160
Okay, aren't these mortgages made up of...

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00:08:59,160 --> 00:09:00,720
Wait, aren't these mortgages made up of

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00:09:00,721 --> 00:09:02,880
thousands of mortgages?

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00:09:02,880 --> 00:09:04,320
Yeah.

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00:09:08,360 --> 00:09:09,880
Immediately, Dr. Burry.

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00:09:28,920 --> 00:09:33,320
I'm a friendly person.

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00:09:33,320 --> 00:09:36,000
Ask anyone, I am
fun to work with.

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00:09:37,960 --> 00:09:42,960
But the second time
my son screwed up, I...

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00:09:42,960 --> 00:09:45,440
screaming at him just like
my father did to me.

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00:09:48,800 --> 00:09:51,600
I listen to the words that
come out of my mouth and...

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00:09:51,600 --> 00:09:54,360
Sorry I'm late! There are no taxis.

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00:09:55,040 --> 00:09:56,080
Oh...

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00:09:56,520 --> 00:09:58,879
Listen to this.

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00:09:58,880 --> 00:10:01,640
Yesterday, I met a retail banker.

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00:10:01,640 --> 00:10:04,120
I should suggest that
invest some money,

159
00:10:04,121 --> 00:10:05,519
but vice versa

160
00:10:05,520 --> 00:10:08,519
I told him about
sanctions for overdrafts

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00:10:08,520 --> 00:10:11,560
and banks only allow
customers issue 10-12 checks

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00:10:11,560 --> 00:10:13,240
before the bank finally warns
that they are doing overdrafts.

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00:10:13,241 --> 00:10:16,959
And that person has already done it
millions of times.

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00:10:16,960 --> 00:10:18,799
I'm getting angry.

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00:10:18,800 --> 00:10:22,279
I asked him, I looked
his face and I said,

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00:10:22,280 --> 00:10:24,599
"How can you sleep

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00:10:24,600 --> 00:10:28,160
" when you know a lot
the person you are losing? "

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00:10:28,160 --> 00:10:29,920
And you know what he is doing?
He is leaving. whatever.

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00:10:29,921 --> 00:10:32,720
What happened?

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00:10:32,720 --> 00:10:33,840
In the story who was wrong? Me?

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00:10:33,841 --> 00:10:36,239
Or the bastard who left me?

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00:10:36,240 --> 00:10:38,760
Isn't he guilty?  You can't come late
and boycott all sessions.

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00:10:38,760 --> 00:10:40,120


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00:10:40,121 --> 00:10:42,999


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00:10:43,000 --> 00:10:46,200


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What do you mean?
I did not boycott this meeting.

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00:10:47,761 --> 00:10:48,960
Is that right?

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00:10:48,960 --> 00:10:50,080
Yeah.

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00:10:50,560 --> 00:10:51,838
What is your job?

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00:10:51,839 --> 00:10:53,078
Related to commodities.

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00:10:53,079 --> 00:10:54,480
Good luck with that.

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00:10:54,481 --> 00:10:58,160
Mark, I know you are experiencing a deep loss.

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00:10:58,160 --> 00:10:59,638
Maybe you want to talk about it.

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00:10:59,639 --> 00:11:00,760
I didn't talk about that.

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00:11:00,761 --> 00:11:02,239
Wait.

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00:11:02,240 --> 00:11:03,679
Wait...

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00:11:03,680 --> 00:11:07,439
Damn, I have to pick up this phone.
Sorry Sorry.

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00:11:07,440 --> 00:11:09,640
No... I don't care, Porter.

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00:11:09,640 --> 00:11:11,318
This person's business is built
by harming people.

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00:11:11,319 --> 00:11:12,920
How long will it last?

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00:11:14,360 --> 00:11:15,560
See you all!

192
00:11:16,600 --> 00:11:18,560
95...

193
00:11:18,560 --> 00:11:20,640
30 days late... 60 days...

194
00:11:23,120 --> 00:11:25,680
Timely payments...

195
00:11:28,480 --> 00:11:30,120
This FICO number...

196
00:11:36,720 --> 00:11:38,918
Too late.
They can pay but it's too late...

197
00:11:38,919 --> 00:11:40,520
30 days late others...

198
00:11:40,521 --> 00:11:43,880
LTV, 95... LTV, 90...
They can pay but it's too late...

199
00:11:43,880 --> 00:11:45,478
Delay 60 days? Gosh!

200
00:11:45,479 --> 00:11:47,678
LTV, 110? Things like I never heard before!

201
00:11:47,679 --> 00:11:49,000
Delay 30 days,
interest rate adjustment...

202
00:11:50,040 --> 00:11:51,358
In 2007 interest adjustments...

203
00:11:51,359 --> 00:11:52,640
In 2006 interest adjustments...

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00:11:52,641 --> 00:11:55,000
95... 90... Gosh!

205
00:11:56,600 --> 00:11:58,320
All day long
does not move at all.

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00:11:58,321 --> 00:12:00,720
He did this in a few days.

207
00:12:00,720 --> 00:12:02,478
He has never spoken to me
since he hired me.

208
00:12:02,479 --> 00:12:03,998
Maybe LTV... high risk,

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00:12:03,999 --> 00:12:06,280
only interest... during mortgage history
I've never heard of anything like that,

210
00:12:06,281 --> 00:12:09,120
Never heard of something like that...
How can it be?

211
00:12:09,120 --> 00:12:10,520
Michael, how are you guys?

212
00:12:10,521 --> 00:12:13,640
Lawrence, I found
something very interesting.

213
00:12:13,640 --> 00:12:15,638
Very good, Michael.
Every time you find something interesting,

214
00:12:15,639 --> 00:12:16,918
we can make money.

215
00:12:16,919 --> 00:12:18,438
What stocks are you reviewing?

216
00:12:18,439 --> 00:12:19,878
No, no, no. Not stocks.

217
00:12:19,879 --> 00:12:22,240
I want to take a position
short over the property market.

218
00:12:23,360 --> 00:12:26,480
Are you serious? The problem is the market
property is very stable.

219
00:12:26,480 --> 00:12:27,960
Greenspan just stated

220
00:12:28,000 --> 00:12:30,640
the property market bubble is regional,
bad credit is very rare.

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00:12:30,641 --> 00:12:32,880
Say to them I immediately go there.

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00:12:32,880 --> 00:12:34,760
- Please repeat again?
- Listen, listen...

223
00:12:34,761 --> 00:12:36,679
Greenspan said wrong.

224
00:12:36,680 --> 00:12:40,159
Either you are serious about this,
but sometimes you are heard

225
00:12:40,160 --> 00:12:42,560
very disparaging and arrogant.

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00:12:42,560 --> 00:12:43,798
The fact is so.
Greenspan's statement is wrong.

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00:12:43,799 --> 00:12:46,240
I don't know you want me
to give it up like that...

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00:12:46,241 --> 00:12:47,680
Look, Michael.

229
00:12:47,680 --> 00:12:49,398
Metro Capital is in
behind you 4 years ago

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00:12:49,399 --> 00:12:51,280
when you are a Doctor with

231
00:12:51,281 --> 00:12:53,680
site and amount of inheritance.

232
00:12:53,680 --> 00:12:54,758
So far we are fine.

233
00:12:54,759 --> 00:12:56,040
What if you just focus on stocks?

234
00:12:56,041 --> 00:12:58,239
Listen. You know me. I, I...

235
00:12:58,240 --> 00:13:02,079
I look for a value
wherever it is located.

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00:13:02,080 --> 00:13:03,279
And the fact is

237
00:13:03,280 --> 00:13:06,599
this mortgage guaranteed securities contents

238
00:13:06,600 --> 00:13:10,079
is a suprime loan (rank
B) that is very risky.

239
00:13:10,080 --> 00:13:12,679
And when most interest rates

240
00:13:12,680 --> 00:13:15,080
rose in 2007,

241
00:13:15,080 --> 00:13:16,360
the loan will begin to fall.

242
00:13:16,361 --> 00:13:19,759
And if it falls above 15% then all
securities are of no value.

243
00:13:19,760 --> 00:13:22,040
Michael, stop first.

244
00:13:22,040 --> 00:13:23,320
Later we'll talk about it again, okay?

245
00:13:23,321 --> 00:13:26,439
Lawrence, please, don't
think I'm stupid. Listen...

246
00:13:26,440 --> 00:13:27,999
Securities guaranteed mortgage.

247
00:13:28,000 --> 00:13:29,399
This, this, this...

248
00:13:29,400 --> 00:13:31,279
Subprime loans. Tranche.

249
00:13:31,280 --> 00:13:33,039
Quite confusing & apos; right?

250
00:13:33,040 --> 00:13:35,759
Does that saturate you? Or feel stupid?

251
00:13:35,760 --> 00:13:38,120
That's how it should be.

252
00:13:38,120 --> 00:13:39,798
Wall Street is happy to use confusing terms
which aims to make you think only
themselves can do their work.

253
00:13:39,799 --> 00:13:42,800
Or, better,

254
00:13:42,840 --> 00:13:44,080
so you don't bother them.

255
00:13:44,081 --> 00:13:46,559
So this is Margot Robbie in the tub
taking a bubble of soap to explain.

256
00:13:46,560 --> 00:13:49,759
Basically, Lewis Ranieri's mortgage
very profitable for large banks.

257
00:13:49,760 --> 00:13:52,879
They generate billions of
with a fee of 2%

258
00:13:52,880 --> 00:13:55,239
of each of the securities
they successfully sell.

259
00:13:55,240 --> 00:13:59,280
But then they
start running out of mortgages

260
00:13:59,280 --> 00:14:01,558
to be included.

261
00:14:01,559 --> 00:14:03,440
Moreover, the number of houses and communities

262
00:14:03,441 --> 00:14:05,079


263
00:14:05,080 --> 00:14:07,800


264
00:14:07,800 --> 00:14:09,640
with good paying ability

265
00:14:09,641 --> 00:14:11,679
also limited & apos; right?

266
00:14:11,680 --> 00:14:13,839
So the bank starts filling in securities

267
00:14:13,840 --> 00:14:16,079
with a riskier mortgage.

268
00:14:16,080 --> 00:14:17,599
Thank you, Benter.

269
00:14:17,600 --> 00:14:21,959
That way the bank can continue
turning the profit engine, right?

270
00:14:21,960 --> 00:14:26,440
By the way, this risky mortgage is called subprime.

271
00:14:26,440 --> 00:14:28,880
So whenever you hear
"subprima", think about it

272
00:14:28,881 --> 00:14:30,439
"junk".

273
00:14:30,440 --> 00:14:34,079
Our friend Michael Burry discovers
the fact that mortgage securities

274
00:14:34,080 --> 00:14:37,359
who should have this 65% AAA rating

275
00:14:37,360 --> 00:14:40,720
actually just a pile of garbage.

276
00:14:40,720 --> 00:14:43,560
So he will now take
a "short" position on the securities.

277
00:14:43,561 --> 00:14:45,560
The meaning is "bet against".

278
00:14:46,400 --> 00:14:47,400
Understand?

279
00:14:48,120 --> 00:14:49,400
Good.

280
00:14:52,440 --> 00:14:53,840
Now move away.

281
00:14:53,840 --> 00:14:55,078
Only a matter of time until

282
00:14:55,079 --> 00:14:56,240
other people see this investment.

283
00:14:56,241 --> 00:14:58,040
We must act now!

284
00:14:58,040 --> 00:15:00,360
How do you know the valuable letter is not valuable?

285
00:15:00,361 --> 00:15:02,680
Isn't the content thousands

286
00:15:02,680 --> 00:15:03,880
mortgage letter page?

287
00:15:03,881 --> 00:15:06,240
I read everything.

288
00:15:06,240 --> 00:15:08,198
- Do you read everything?
- I read... Yeah.

289
00:15:08,199 --> 00:15:09,920
No one reads it.
Only lawyers

290
00:15:09,921 --> 00:15:11,519
who reads it.

291
00:15:11,520 --> 00:15:16,359
Look, I don't think they also
know what they have done.

292
00:15:16,360 --> 00:15:19,879
The property market relies on

293
00:15:19,880 --> 00:15:22,640
bad credit, and I...

294
00:15:22,640 --> 00:15:24,800
This is a time bomb, and I want
to take a short position.

295
00:15:24,801 --> 00:15:27,159
With what instrument, Michael?

296
00:15:27,160 --> 00:15:30,239
There are no insurance contracts or any
options for mortgage securities.

297
00:15:30,240 --> 00:15:31,640
The market is too stable.

298
00:15:31,640 --> 00:15:32,880
Lawrence...

299
00:15:36,240 --> 00:15:40,400
This is what I will do.
I will persuade the bank

300
00:15:40,400 --> 00:15:42,480
to make me that instrument.

301
00:15:43,080 --> 00:15:44,760
And then

302
00:15:45,560 --> 00:15:47,559
I will buy.

303
00:15:47,560 --> 00:15:50,560
I don't want a business like that.

304
00:15:50,560 --> 00:15:53,200
Money is not money.
That is the money whose value drops

305
00:15:53,880 --> 00:15:56,120
Hey! Excuse me!

306
00:15:57,480 --> 00:16:00,479
I ask you. What company treats its customers

307
00:16:00,480 --> 00:16:03,959
like that but still successful?

308
00:16:03,960 --> 00:16:05,880
OK. Okay, Goldman. You are right.

309
00:16:05,880 --> 00:16:07,278
Mark Baum builds his career

310
00:16:07,279 --> 00:16:09,398
never assume
individuals or companies

311
00:16:09,399 --> 00:16:11,158
that they obey the
rules without being proven themselves.

312
00:16:11,159 --> 00:16:12,718
When he was little he was a great student

313
00:16:12,719 --> 00:16:14,878
when studying the Talmud at Yeshiva.
Whatever it is.

314
00:16:14,879 --> 00:16:16,840
But one day the rabbi (the name for
the Jewish priest) spoke to his mother.

315
00:16:18,040 --> 00:16:21,079
Paul is a good child, and
Mark is a great student

316
00:16:21,080 --> 00:16:23,759
in the Torah and Talmud fields.

317
00:16:23,760 --> 00:16:25,799
Then what's the problem, rabbi?

318
00:16:25,800 --> 00:16:29,800
The reason Mark learned so hard.

319
00:16:29,800 --> 00:16:33,000
He is looking for inconsistencies in the word of God!

320
00:16:35,720 --> 00:16:38,959
Did he find something?

321
00:16:38,960 --> 00:16:42,320
Later, Baum started his business
himself on Wall Street.

322
00:16:42,320 --> 00:16:43,798
He has great abilities
sniff the wrong thing.

323
00:16:43,799 --> 00:16:45,920
And he is not afraid to tell people when and where  occurrence.

324
00:16:45,921 --> 00:16:48,600
But then a tragedy
_ happened to Mark,

325
00:16:48,600 --> 00:16:50,320
and that rotates the point of view

326
00:16:50,360 --> 00:16:51,878
and assume that the whole system is a lie.

327
00:16:51,879 --> 00:16:54,280
Wait.

328
00:16:54,281 --> 00:16:55,920
This is Cynthia. I will arrive at the office in 20 minutes.

329
00:16:55,920 --> 00:16:58,760
Hi, baby.

330
00:16:59,680 --> 00:17:00,960
The therapist calls me.
You did it again.

331
00:17:02,320 --> 00:17:06,439
There are no taxis.
What should I do?

332
00:17:06,440 --> 00:17:09,239
I'm worried about you, Mark.

333
00:17:09,240 --> 00:17:11,000
At least I went to attend.

334
00:17:11,000 --> 00:17:12,320
You roam like you have rights

335
00:17:13,640 --> 00:17:15,680
- determine everything is wrong.
- Okay.

336
00:17:15,680 --> 00:17:17,638
Your anger is huge.

337
00:17:17,639 --> 00:17:18,920
OK. Do you know?

338
00:17:18,921 --> 00:17:20,399


339
00:17:20,400 --> 00:17:23,399
I'm a bad guy and I'm upset.

340
00:17:23,400 --> 00:17:25,400
But there is a storm out here, baby.

341
00:17:25,400 --> 00:17:28,760
You don't know what these people are doing.

342
00:17:28,800 --> 00:17:31,560
And they passed by like their
in the E video.

343
00:17:33,160 --> 00:17:34,719
They are all messed up, you know.

344
00:17:34,720 --> 00:17:37,359
Do you know what they care about?
They care about soccer matches.

345
00:17:37,360 --> 00:17:40,320
Or the artist who enters rehabilitation.

346
00:17:40,320 --> 00:17:42,440
I think you should try treatment.

347
00:17:42,480 --> 00:17:45,720
No, no. We have agreed.
It affects work.

348
00:17:45,720 --> 00:17:48,078
You hate Wall Street.
Maybe it's time to stop.

349
00:17:48,079 --> 00:17:50,080
- I love my work.
- You hate your job.

350
00:17:50,120 --> 00:17:51,158
I love my work.

351
00:17:51,159 --> 00:17:52,238
You're sad.

352
00:17:52,239 --> 00:17:54,240
I love my work.
I love my work, honey.

353
00:17:55,160 --> 00:17:56,480
Mark...

354
00:17:57,680 --> 00:18:00,840
Every day I'm sad
with what happened.

355
00:18:00,840 --> 00:18:04,200
I know for sure you also feel the same thing, but you never show it.

356
00:18:10,440 --> 00:18:12,960
I know how
your closeness with your sister.

357
00:18:16,320 --> 00:18:17,400
Paul.

358
00:18:18,480 --> 00:18:20,080
Where do you want to go, Paul?

359
00:18:25,320 --> 00:18:26,600
Paul!

360
00:18:32,240 --> 00:18:35,320
Every day I think you will
talk about it, but it never happened.

361
00:18:39,040 --> 00:18:42,719
Can you at least think about
about making changes?

362
00:18:42,720 --> 00:18:45,639
Good. Good. Honey, you know?
I will consider it.

363
00:18:45,640 --> 00:18:49,119
However, to be honest, Cynthia.
I am alright. That's how it is.

364
00:18:49,120 --> 00:18:51,159
Hey, hey, hey! No, no.

365
00:18:51,160 --> 00:18:54,640
My taxi. That's my taxi.
That is my taxi. That's my taxi.

366
00:18:54,640 --> 00:18:56,278
- Stupid basis. Damn you.
- Damn you.

367
00:18:56,279 --> 00:18:57,880
- Damn you.
- Damn you.

368
00:18:58,960 --> 00:19:00,480
I'll call again later.

369
00:19:07,840 --> 00:19:12,000
I want to buy swaps on
mortgage securities.

370
00:19:12,000 --> 00:19:14,360
Bad Credit Swap that will pay

371
00:19:15,400 --> 00:19:18,720
if the securities that are
are used as collateral for traffic jams.

372
00:19:18,720 --> 00:19:20,320
Do you want to bet against the property market?

373
00:19:20,321 --> 00:19:22,360
- Yes.
- Why?

374
00:19:22,360 --> 00:19:23,600
The securities will jam

375
00:19:23,601 --> 00:19:26,159
if millions of Americans
don't pay their mortgage.

376
00:19:26,160 --> 00:19:28,640
That never happened in history.

377
00:19:28,640 --> 00:19:30,158
Please do not take offense, Dr. Burry,

378
00:19:30,159 --> 00:19:31,640
this is like a stupid investment.

379
00:19:31,641 --> 00:19:34,519
Based on public opinion

380
00:19:34,520 --> 00:19:36,599
from markets and banks in the current culture.

381
00:19:36,600 --> 00:19:38,960
Yes, this is a stupid investment.

382
00:19:38,960 --> 00:19:41,600
But, uh... Everyone is wrong.

383
00:19:43,080 --> 00:19:44,600
Wow, shocking.

384
00:19:46,920 --> 00:19:48,638
We are talking about Wall Street, Dr. Burry.

385
00:19:48,639 --> 00:19:50,720
If you offer free money to us, we will take it.

386
00:19:50,721 --> 00:19:55,320
One of my concerns is
if the securities are stuck,

387
00:19:56,480 --> 00:20:00,080
uh, I want to make sure, um, payment

388
00:20:00,080 --> 00:20:02,840
um, if only a problem occurs
liquidity with your bank.

389
00:20:03,880 --> 00:20:06,320
Sorry, are you serious?

390
00:20:06,320 --> 00:20:08,038
You want to bet against the property market

391
00:20:08,039 --> 00:20:09,440
and you are worried we
can't pay you?

392
00:20:09,441 --> 00:20:11,000
Yes, that's right.

393
00:20:22,360 --> 00:20:24,359
Unless the market falls.

394
00:20:24,360 --> 00:20:26,639
The property market will never fall

395
00:20:26,640 --> 00:20:29,560
because currently it is very sturdy.

396
00:20:29,560 --> 00:20:32,280
I mean, who doesn't pay his mortgage?

397
00:20:36,240 --> 00:20:37,240
Mmm-hmm.

398
00:20:39,520 --> 00:20:40,640
Dr. Burry,

399
00:20:40,640 --> 00:20:43,038
we can make the structure of the
payment referred to

400
00:20:43,039 --> 00:20:45,158
who will pay you if
valuable letter is stuck.

401
00:20:45,159 --> 00:20:46,720
But that also applies
with your payment

402
00:20:46,721 --> 00:20:48,759
if the value of mortgage securities rises.

403
00:20:48,760 --> 00:20:51,600
You must pay a premium
monthly to us.

404
00:20:51,600 --> 00:20:54,280
What is acceptable, Dr. Burry?

405
00:20:56,720 --> 00:20:58,959
Yes. Yes.

406
00:20:58,960 --> 00:21:02,280
Um, I have a
prospectus on guaranteed mortgage securities

407
00:21:02,280 --> 00:21:04,480
I want to position short.

408
00:21:08,920 --> 00:21:11,320
Most mortgages...

409
00:21:22,000 --> 00:21:24,600
which in my opinion is not at all
will give us harm.

410
00:21:38,000 --> 00:21:40,720
Dr. Burry, this doesn't matter.

411
00:21:40,720 --> 00:21:42,718
Yeah. We will prepare $ 5 juta million to sell to you

412
00:21:42,719 --> 00:21:44,600
in the form of Swap Bad Credit
on mortgage securities.

413
00:21:45,840 --> 00:21:47,240
Can we raise it to $ 100 million?

414
00:21:50,120 --> 00:21:52,520
Uh, of course, $ 100 million doesn't matter.

415
00:21:54,080 --> 00:21:57,280
We will contact you,
send some documents.

416
00:21:58,160 --> 00:21:59,160
Um...

417
00:22:00,240 --> 00:22:01,720
I like this mug.

418
00:22:01,720 --> 00:22:03,440
Can I bring one home for my child?

419
00:22:03,441 --> 00:22:05,319
Please... Yes.

420
00:22:05,320 --> 00:22:06,880
Thank you.

421
00:22:06,880 --> 00:22:08,240
Take two.

422
00:22:28,240 --> 00:22:31,240
Can it be worth $ 200 million?

423
00:22:32,720 --> 00:22:35,320
I mean, it could be.
But are you sure?

424
00:22:36,240 --> 00:22:39,440
Of course. Of course, it can be like that.

425
00:22:53,120 --> 00:22:56,600
We do different projects.
In the plantation sector.

426
00:22:56,600 --> 00:22:58,320
Securities that want
are positioned short.

427
00:23:00,080 --> 00:23:01,640
It's not bad to see
yourself on the big screen.

428
00:23:01,641 --> 00:23:03,679
Very cool.

429
00:23:03,680 --> 00:23:07,439
I ordered 24-ounce T-bone, which was chosen.

430
00:23:07,440 --> 00:23:09,000
- Volume...
- Yeah.

431
00:23:09,000 --> 00:23:10,680
Compared to prime credit.

432
00:23:10,681 --> 00:23:13,360
I prefer subprima, and the point is...

433
00:23:20,680 --> 00:23:23,839
Can I ask for lettuce,
tomatoes, without onions?

434
00:23:23,840 --> 00:23:27,240
So, without onions. Lettuce,
tomato, Thousand Island okay?

435
00:23:27,240 --> 00:23:28,240
Yeah.

436
00:23:35,280 --> 00:23:37,080
Hey, Randall! Is there a lot of money?

437
00:23:37,080 --> 00:23:39,000
Not a bonus is still three months away.

438
00:23:39,001 --> 00:23:43,079
We just sold $ 200 million in
SWAP forms for mortgage securities.

439
00:23:43,080 --> 00:23:45,359
Someone is a financial manager from California.

440
00:23:45,360 --> 00:23:46,800
Crazy & right?

441
00:23:46,800 --> 00:23:47,998
A completely new way
make money, Doug.

442
00:23:47,999 --> 00:23:50,280
Wait, wait.
There is no swap for a mortgage.

443
00:23:50,281 --> 00:23:52,959
Now there.
We made it for him.

444
00:23:52,960 --> 00:23:54,679
Maybe he forgot to take the medicine.

445
00:23:54,680 --> 00:23:56,120
I don't know.

446
00:23:56,120 --> 00:23:57,960
- Want to join? No?
- Wait a minute.

447
00:23:57,961 --> 00:23:59,119
Oh...

448
00:23:59,120 --> 00:24:00,640
Hey, Jared.

449
00:24:00,640 --> 00:24:02,158
You hear what's new
just got Randall

450
00:24:02,159 --> 00:24:03,480
with the financial manager?

451
00:24:03,481 --> 00:24:05,720
Randall? Nonsense.

452
00:24:05,720 --> 00:24:07,638
He is bad.
I'm sure it's a small deal.

453
00:24:07,639 --> 00:24:08,880
No, this is true.

454
00:24:10,120 --> 00:24:11,600
I told you we will meet again.

455
00:24:11,601 --> 00:24:14,120
Unfortunately, in a place like this I should never go to it.

456
00:24:14,120 --> 00:24:16,840
I never hang out with the
idiots after going home, at all.

457
00:24:16,841 --> 00:24:19,039
My friends are classy.

458
00:24:19,040 --> 00:24:22,480
It seems like that person wants $ 200,000 in the form of Bad Credit Swaps.

459
00:24:22,480 --> 00:24:24,318
Randall generates sales.
Can you believe it?

460
00:24:24,319 --> 00:24:26,640
Someone takes a short position of
$ 200 million on mortgage securities?

461
00:24:26,641 --> 00:24:30,040
That's only with Deutsche.
Her gossip did it all over the city.

462
00:24:30,920 --> 00:24:32,120
What is the total?

463
00:24:32,121 --> 00:24:33,919
$ 1.3 billion.

464
00:24:33,920 --> 00:24:37,839
What? That's about the same as
with Scion liquidity.

465
00:24:37,840 --> 00:24:39,999
Michael, this is worrying.

466
00:24:40,000 --> 00:24:41,519
Lawrence, it's not

467
00:24:41,520 --> 00:24:44,160
all of our liquidity.

468
00:24:44,160 --> 00:24:45,400
And I'm not sure

469
00:24:45,401 --> 00:24:47,760
You understand the purpose of this transaction.

470
00:24:47,760 --> 00:24:48,880
All transactions are certain.

471
00:24:48,881 --> 00:24:52,039
Mike, I consider myself a mentor for you.

472
00:24:52,040 --> 00:24:54,040
But our company is not comfortable

473
00:24:54,040 --> 00:24:55,960
with this investment.
Do you understand?

474
00:24:55,961 --> 00:24:58,279
Lawrence, I have full rights

475
00:24:58,280 --> 00:25:01,280
when talking about investment strategies.

476
00:25:01,280 --> 00:25:02,520
You can read our agreement.

477
00:25:02,521 --> 00:25:05,919
Don't talk about
agreement to me, Michael.

478
00:25:05,920 --> 00:25:07,519
We think of you

479
00:25:07,520 --> 00:25:09,759
will not behave like crazy.

480
00:25:09,760 --> 00:25:11,439
This is not crazy.

481
00:25:11,440 --> 00:25:12,999
This is very logical.

482
00:25:13,000 --> 00:25:15,759
So, now we
pay a premium to swap

483
00:25:15,760 --> 00:25:18,599
against the
property market until the securities get stuck?

484
00:25:18,600 --> 00:25:20,400
In other words, we lose millions

485
00:25:20,400 --> 00:25:23,080
Until something that has never happened before can happen?

486
00:25:26,960 --> 00:25:27,960
Right.

487
00:26:01,480 --> 00:26:02,839
Hello, Mark Baum.

488
00:26:02,840 --> 00:26:05,000
Oh hey, Kathy, you caught me.

489
00:26:05,000 --> 00:26:06,078
This afternoon I have personal business.

490
00:26:06,079 --> 00:26:07,280
I'm not your caregiver.

491
00:26:07,281 --> 00:26:09,840
If FrontPoint makes money
for Morgan Stanley, I'm happy.

492
00:26:09,840 --> 00:26:12,238
Okay. Hey, am I not wrong? I heard you hoped?

493
00:26:12,239 --> 00:26:13,678
We hope to be expected.

494
00:26:13,679 --> 00:26:15,440
IVF cleans us but
we still hope to be positive...

495
00:26:15,441 --> 00:26:16,960
That's interesting!

496
00:26:21,080 --> 00:26:24,160
Lump in my ball.
And I did a scan.

497
00:26:24,200 --> 00:26:25,439
Mmm-hmm.

498
00:26:25,440 --> 00:26:29,039
It turns out there is a large object
called epididymis.

499
00:26:29,040 --> 00:26:31,679
That is the object around the ball

500
00:26:31,680 --> 00:26:33,479
and like a bag inside

501
00:26:33,480 --> 00:26:34,639
I have

502
00:26:34,640 --> 00:26:36,519
- epididymis.
- I'm transfixed...

503
00:26:36,520 --> 00:26:38,679
Glued with this.
Do you have a picture?

504
00:26:38,680 --> 00:26:42,279
Almost as big as the testicles themselves.

505
00:26:42,280 --> 00:26:44,479
Listen to this. Cynthia...

506
00:26:44,480 --> 00:26:48,800
Comrades. Cynthia wants me to stop and open a B & B in Vermont.

507
00:26:48,800 --> 00:26:50,558
Sounds fun.
I really want to see a

508
00:26:50,559 --> 00:26:52,278
Mark Baum runs a lodging business.

509
00:26:52,279 --> 00:26:54,320
You will say, "Please, this is your oatmeal, fucker."

510
00:26:54,321 --> 00:26:56,959
Mark rejects funds from moneyed people,

511
00:26:56,960 --> 00:27:00,119
so he must get
funds from under the Morgan Stanley umbrella.

512
00:27:00,120 --> 00:27:03,879
The small team reflects
distrust of the system.

513
00:27:03,880 --> 00:27:05,439
You guys are crazy. You crazy.

514
00:27:05,440 --> 00:27:07,638
He says this work
makes me unhappy.

515
00:27:07,639 --> 00:27:08,798
But you're happy when you're not happy.

516
00:27:08,799 --> 00:27:10,358
I'm happy when I'm not happy.

517
00:27:10,359 --> 00:27:11,438
Vinnie Daniel.

518
00:27:11,439 --> 00:27:12,678
Do you know how to make pancakes?

519
00:27:12,679 --> 00:27:14,478
- One person near Mark.
- You know

520
00:27:14,479 --> 00:27:16,080
- how to wash? Make the bed?
- Okay...

521
00:27:16,081 --> 00:27:18,718
Vinnie's father died of a criminal act when he was a teenager.

522
00:27:18,719 --> 00:27:20,598
Like Mark, he doesn't talk about it.

523
00:27:20,599 --> 00:27:21,958
I'm not talking about that.

524
00:27:21,959 --> 00:27:24,358
Cynthia is not kidding. He really
can make him move to Vermont.

525
00:27:24,359 --> 00:27:26,118
I mean, he made me wear seat belts.

526
00:27:26,119 --> 00:27:27,958
- Hey, you want me...
- Porter Collins.

527
00:27:27,959 --> 00:27:30,198
Former Olympic Olympic rowing athlete studying at Brown.

528
00:27:30,199 --> 00:27:31,998
He works with Baum
on the previous firm

529
00:27:31,999 --> 00:27:34,000
and do not understand why
no one obeys Baum.

530
00:27:34,001 --> 00:27:36,120
Men with all good ideas.

531
00:27:36,120 --> 00:27:38,038
Sorry. I think you contacted FrontPoint
wrong.

532
00:27:38,039 --> 00:27:39,520
Because there are other FrontPoint

533
00:27:39,521 --> 00:27:40,880
in the same building.

534
00:27:40,880 --> 00:27:43,680
And Danny Moses. The optimist.

535
00:27:44,560 --> 00:27:46,159
And a reliable trader.

536
00:27:46,160 --> 00:27:49,079
That is the reason they want to listen
optimistic nonsense.

537
00:27:49,080 --> 00:27:50,399
That's a strange telephone.

538
00:27:50,400 --> 00:27:53,759
You've been waiting for a long time
people are wrong.

539
00:27:53,760 --> 00:27:56,520
Earlier people from Deutsche

540
00:27:56,520 --> 00:27:59,080
who talks about putting positions
short against property securities.

541
00:28:00,440 --> 00:28:01,758
And in the middle of the conversation

542
00:28:01,759 --> 00:28:02,960
I realize he contacted
FrontPoint that was wrong.

543
00:28:02,961 --> 00:28:06,000
And then... because he
wants someone from the 8th floor.

544
00:28:06,000 --> 00:28:07,998
He wants to put a short
position on property securities?

545
00:28:07,999 --> 00:28:09,120
Uh-huh. It happens about 5 times a day  someone wrongly connected.

546
00:28:09,121 --> 00:28:10,640
We have to change names.

547
00:28:10,640 --> 00:28:11,838
Wait. Wait.

548
00:28:11,839 --> 00:28:12,918


549
00:28:12,919 --> 00:28:15,198
He wants to put a short
position on property securities?

550
00:28:15,199 --> 00:28:16,960
Who wants to bet against property?

551
00:28:17,920 --> 00:28:19,279
What is ABX's position?

552
00:28:19,280 --> 00:28:20,519
ABX position?

553
00:28:20,520 --> 00:28:23,759
Check the value of securities
subprime mortgages. Sleep.

554
00:28:23,760 --> 00:28:26,159
ABX's position is, uh...

555
00:28:26,160 --> 00:28:29,520
Wow, come down!
Down 3 points from last year's position.

556
00:28:29,520 --> 00:28:31,838
That's weird. I never heard of this leak.

557
00:28:31,839 --> 00:28:32,960
What is the name of the person?

558
00:28:32,961 --> 00:28:35,199
Jared Vennett. Vennett.

559
00:28:35,200 --> 00:28:37,519
Very true. This lucky bastard

560
00:28:37,520 --> 00:28:40,359
get wind of the best
transactions in Wall Street history

561
00:28:40,360 --> 00:28:42,000
from a wrong call.

562
00:28:42,000 --> 00:28:44,400
They should pay 10%
to my stupid assistant.

563
00:28:44,401 --> 00:28:46,800
His name is Jared Vennett. Vennett.

564
00:28:46,800 --> 00:28:48,840
Jared Vennett from Deutsche.
Sounds suspicious.

565
00:28:48,841 --> 00:28:50,559
Sounds like a bastard.

566
00:28:50,560 --> 00:28:52,439
Do you smell it?

567
00:28:52,440 --> 00:28:53,880
Do you smell it?

568
00:28:53,880 --> 00:28:55,120
I smell the smell of money.

569
00:28:55,920 --> 00:28:57,320
This is the mortgage principle...

570
00:29:01,120 --> 00:29:03,320
Okay, hi. How are you?

571
00:29:03,840 --> 00:29:05,160
Sit down.

572
00:29:05,160 --> 00:29:07,920
Okay, Mr. Vennett from Deutsche Bank.
What can you convey?

573
00:29:12,440 --> 00:29:14,000
Here it is.

574
00:29:17,480 --> 00:29:20,119
So how many people do you ask about this transaction?

575
00:29:20,120 --> 00:29:22,960
Some. Clearly visible interest.

576
00:29:22,960 --> 00:29:24,440
- No!
- My boss can be angry...

577
00:29:24,480 --> 00:29:25,960
- NO!
- Are you crazy, Jared?

578
00:29:25,961 --> 00:29:28,239
- Go there.
- Screw you.

579
00:29:28,240 --> 00:29:31,120
That's the reason you talked
to us, wrongly connected.

580
00:29:31,120 --> 00:29:32,640
It seems like a lot of
interest from these people.

581
00:29:32,641 --> 00:29:35,040
OK. Some people who met us

582
00:29:35,040 --> 00:29:37,518
just laugh at me about this agreement.
Are you too?

583
00:29:37,519 --> 00:29:38,598
Is this meeting like that?

584
00:29:38,599 --> 00:29:39,720
Not like that.

585
00:29:39,721 --> 00:29:41,600
This is only Mark's wish.

586
00:29:41,600 --> 00:29:42,960
- Let's see what you have.
- Sorry.

587
00:29:42,961 --> 00:29:44,759
Do you smell the smell? What smell?

588
00:29:44,760 --> 00:29:46,599
- What?
- What is that smell?

589
00:29:46,600 --> 00:29:47,680
Your perfume?

590
00:29:47,680 --> 00:29:48,720
No.

591
00:29:51,000 --> 00:29:52,399
Opportunity.

592
00:29:52,400 --> 00:29:53,759
No. Money.

593
00:29:53,760 --> 00:29:55,159
- Oh...
- Okay.

594
00:29:55,160 --> 00:29:57,199
- I smell the smell of money.
- Okay.

595
00:29:57,200 --> 00:29:58,600
Chris, damn.

596
00:29:58,600 --> 00:29:59,880
Sorry.

597
00:30:03,080 --> 00:30:05,559
This is the principle of mortgage securities.

598
00:30:05,560 --> 00:30:07,919
OK? Originally simple.

599
00:30:07,920 --> 00:30:11,679
There are several thousand mortgages with
AAA rating combined into one,

600
00:30:11,680 --> 00:30:13,519
guaranteed by the American government.

601
00:30:13,520 --> 00:30:15,400
Modern versions are slightly different.

602
00:30:15,400 --> 00:30:18,360
Is separate.
And consists of layers of tranche.

603
00:30:19,358 --> 00:30:23,410
Tranche is French
which means "part of something."

604
00:30:23,600 --> 00:30:26,080
Highest level, AAA,
first paid.

605
00:30:26,080 --> 00:30:27,798
The lowest rating, B,
paid the last time,

606
00:30:27,799 --> 00:30:29,358
which was declared to be the first traffic jam.

607
00:30:29,359 --> 00:30:32,078
Obviously, if you buy a B rating,
you can make more money.

608
00:30:32,079 --> 00:30:33,360
But a little more risky.

609
00:30:33,361 --> 00:30:35,520
Sometimes it gets stuck.

610
00:30:36,760 --> 00:30:38,120
Chris?

611
00:30:41,920 --> 00:30:44,280
Somewhere in the
line, this B and BB rating

612
00:30:44,281 --> 00:30:45,799
changes from a bit risky

613
00:30:45,800 --> 00:30:48,319
to be garbage. Where is the trash?

614
00:30:48,320 --> 00:30:49,720
Right behind you.

615
00:30:49,720 --> 00:30:52,640
What I mean is
the lowest FICO score.

616
00:30:53,800 --> 00:30:55,400
No verification of income.

617
00:30:56,480 --> 00:30:59,320
Adjustable interest rates. Trash!

618
00:31:00,800 --> 00:31:03,719
The basic interest rate rises from the original
1% to 4%, friend.

619
00:31:03,720 --> 00:31:06,719
And if it rises up to
8%, and it will definitely go up,

620
00:31:06,720 --> 00:31:09,078
a lot of this BBB rating
will be zero too.

621
00:31:09,079 --> 00:31:10,480
And that... you're too close.

622
00:31:12,240 --> 00:31:13,320
Is an opportunity.

623
00:31:13,321 --> 00:31:14,800
Okay.

624
00:31:14,800 --> 00:31:18,080
What do you mean that if the interest rate is 8% then valuable
_ letters are jammed, now we are already at 4%?

625
00:31:18,081 --> 00:31:19,159
Right.

626
00:31:19,160 --> 00:31:21,039
If it reaches 8%, is it doomsday?

627
00:31:21,040 --> 00:31:22,160
Yeah. Correct.

628
00:31:22,160 --> 00:31:23,960
How could not
be aware of this?

629
00:31:24,000 --> 00:31:26,199
Are you sure of your calculations?

630
00:31:26,200 --> 00:31:28,839
Look at him. Look at my quant.

631
00:31:28,840 --> 00:31:29,999
Kuant what?

632
00:31:30,000 --> 00:31:31,839
My Quantity!

633
00:31:31,840 --> 00:31:34,640
My calculation expert. See him

634
00:31:34,640 --> 00:31:37,078
Do you realize there is something different about it?
Look at his face.

635
00:31:37,079 --> 00:31:38,240
That's quite racist.

636
00:31:38,241 --> 00:31:40,800
Look at his eyes!
I give the instructions.

637
00:31:40,800 --> 00:31:42,320
His name is Yang!

638
00:31:43,520 --> 00:31:46,919
He won a math
competition in China!

639
00:31:46,920 --> 00:31:49,480
He can't even speak English!

640
00:31:49,480 --> 00:31:51,160
Yes, I'm sure of the calculation.

641
00:31:52,840 --> 00:31:56,760
Actually, my name is Jiang
and I can speak English.

642
00:31:56,760 --> 00:31:58,278
Jared says I can't
because he thinks

643
00:31:58,279 --> 00:32:00,200
it can make it sound more original.

644
00:32:00,201 --> 00:32:03,319
And I got second place
in the national competition.

645
00:32:03,320 --> 00:32:08,280
So you offer us the opportunity to put
a short position on that? How to?

646
00:32:08,280 --> 00:32:10,840
With something called
Bad Credit Swap.

647
00:32:12,040 --> 00:32:14,639
It's like insurance for valuable letters, and if it explodes

648
00:32:14,640 --> 00:32:17,879
You can make a profit of
10 to 1, even 20 to 1.

649
00:32:17,880 --> 00:32:20,279
And now it's slowly exploding!

650
00:32:20,280 --> 00:32:22,439
10 to 1?
20 to 1? Impossible.

651
00:32:22,440 --> 00:32:24,879
And no one pays attention.

652
00:32:24,880 --> 00:32:27,359
Nobody pays attention!

653
00:32:27,360 --> 00:32:30,960
Because banks are too busy
take care of commission payments

654
00:32:30,960 --> 00:32:32,320
after selling securities.

655
00:32:32,321 --> 00:32:35,159
But wait. You are a bank.
You work for the bank.

656
00:32:35,160 --> 00:32:37,239
I think your pay is quite good and fat.

657
00:32:37,240 --> 00:32:39,640
Please don't talk about my payment.

658
00:32:39,640 --> 00:32:41,760
Good pay, that's a good shirt.
Is there also for men?

659
00:32:43,040 --> 00:32:44,120
Aren't you a bank person?

660
00:32:44,121 --> 00:32:47,119
I work for the bank.
I don't think like a bank.

661
00:32:47,120 --> 00:32:51,079
Large banks, small banks, I want to make money. Okay?

662
00:32:51,080 --> 00:32:53,919
Let me explain. I stand in front of the house that fires...

663
00:32:53,920 --> 00:32:56,719
and I offer
fire insurance for that.

664
00:32:56,720 --> 00:32:59,359
How can securities
guarantee be as bad as that?

665
00:32:59,360 --> 00:33:00,679
It is not legal.

666
00:33:00,680 --> 00:33:02,720
No one knows what is inside.

667
00:33:02,720 --> 00:33:04,320
No one knows what is in the securities.

668
00:33:04,321 --> 00:33:07,439
I've seen some of them
have a 65% AAA

669
00:33:07,440 --> 00:33:10,519
rating  I know the reality is 95%
is filled with subprime credit

670
00:33:10,520 --> 00:33:13,760
with FICO numbers below 550!

671
00:33:13,760 --> 00:33:14,998
Not possible.

672
00:33:14,999 --> 00:33:16,438
Do you want to be surprised?

673
00:33:16,439 --> 00:33:18,040
When the market considers a letter
valuable too risky to buy,

674
00:33:18,080 --> 00:33:20,359
what do you think we do?

675
00:33:20,360 --> 00:33:21,720
Guess what.

676
00:33:21,720 --> 00:33:23,080
I don't know.
Tell me.

677
00:33:23,081 --> 00:33:27,079
OK. Do you think we just
keep it in record? No.

678
00:33:27,080 --> 00:33:29,080
We only repackaged it with the product

679
00:33:29,080 --> 00:33:31,160
who didn't sell well then
put it in the CDO.

680
00:33:31,960 --> 00:33:34,800
- CDO?
- Yes. CDO.

681
00:33:34,800 --> 00:33:36,640
- What is that?
- This is where we collect some B ratings,

682
00:33:36,641 --> 00:33:38,920
Unsold BB and BBB,

683
00:33:38,920 --> 00:33:40,600
and we collect it
into one stack.

684
00:33:42,120 --> 00:33:44,200
And when the stack is big enough,

685
00:33:44,240 --> 00:33:46,839
all of a sudden
is considered a diverse commodity

686
00:33:46,840 --> 00:33:51,640
and losers at the
rating agency give a rating of 92% -93% AAA,

687
00:33:51,640 --> 00:33:53,640
no questions appear.

688
00:33:55,280 --> 00:33:58,080
Wait a minute. What? Repeat again.

689
00:33:58,120 --> 00:34:00,438
Collateralized debt obligation.
(Collateral Debt Bonds)

690
00:34:00,439 --> 00:34:02,040
Important to understand because
this is what causes it

691
00:34:02,041 --> 00:34:06,240
property crisis changes to
national economic disaster.

692
00:34:06,240 --> 00:34:09,560
This is the world famous chef,
Anthony Bourdain explained.

693
00:34:14,000 --> 00:34:15,839
Okay, I'm a Sunday afternoon chef

694
00:34:15,840 --> 00:34:17,679
specify a menu in a large restaurant.

695
00:34:17,680 --> 00:34:19,200
I ordered my fish on Friday,

696
00:34:19,200 --> 00:34:22,120
namely mortgage securities where
Michael Burry positions himself short.

697
00:34:22,121 --> 00:34:24,200
But some of the fish
fresh are not sold.

698
00:34:24,200 --> 00:34:25,958
I don't know why. Maybe Halibut

699
00:34:25,959 --> 00:34:27,680
is considered to have intelligence
like dolphins.

700
00:34:27,681 --> 00:34:29,479
So what should I do?

701
00:34:29,480 --> 00:34:33,080
Dispose of all unsold fish, in this case
_ is likened to BBB level securities,

702
00:34:33,080 --> 00:34:35,520
into trash cans and
bear losses?

703
00:34:36,480 --> 00:34:37,559
No.

704
00:34:37,560 --> 00:34:40,039
Become a skilled
and moral chef like me,

705
00:34:40,040 --> 00:34:42,839
any bad level securities
that I can't sell,

706
00:34:42,840 --> 00:34:44,879
I put it in seafood soup.

707
00:34:44,880 --> 00:34:48,399
Notice, this is not an old stock fish.
This is truly new cuisine!

708
00:34:48,400 --> 00:34:52,199
And the best part is they eat
halibut which is 3 days old.

709
00:34:52,200 --> 00:34:53,999
That's the CDO.

710
00:34:54,000 --> 00:34:56,919
How can things like this
be used as collateral?

711
00:34:56,920 --> 00:34:59,399
You're like Dora the Explorer

712
00:34:59,400 --> 00:35:00,760
and you're the first person

713
00:35:00,760 --> 00:35:02,158
- who discovered this.
- Wait. Wait.

714
00:35:02,159 --> 00:35:04,118
So if the securities are
the mortgage is dog poop,

715
00:35:04,119 --> 00:35:06,400
then CDO is dog poop
coated with cat litter.

716
00:35:07,840 --> 00:35:09,759
Yes, right.

717
00:35:09,760 --> 00:35:13,359
Institution treats CDO like
a sturdy securities,

718
00:35:13,360 --> 00:35:15,800
and that will be zero.

719
00:35:15,800 --> 00:35:18,120
No. It can't be like that.
Just last year, sales of letters

720
00:35:18,121 --> 00:35:20,719
property worth of $ 500 billion.

721
00:35:20,720 --> 00:35:23,440
Rating agencies, banks, and government,

722
00:35:23,440 --> 00:35:25,520
do you say they
keep quiet about this?

723
00:35:25,521 --> 00:35:29,840
Yes. All of my departments have long been familiar with this.

724
00:35:29,880 --> 00:35:33,760
They call me Chicken Little.
They call me Bubble Boy.

725
00:35:36,440 --> 00:35:40,120
A rating, zero.
Rating B, zero.

726
00:35:40,120 --> 00:35:43,360
BB rating, zero.
BBB rating, zero.

727
00:35:45,800 --> 00:35:47,280
Then that happens.

728
00:35:47,281 --> 00:35:48,960
What is that?

729
00:35:50,800 --> 00:35:52,520
That's the American property market.

730
00:35:55,480 --> 00:35:56,600
Thank you.

731
00:35:56,600 --> 00:35:57,680
Great, Jared.

732
00:35:57,681 --> 00:35:59,800
Shut your mouth.

733
00:35:59,800 --> 00:36:00,920
Chat with you.

734
00:36:00,921 --> 00:36:02,079
Good. Okay.

735
00:36:02,080 --> 00:36:04,240
Decide, do an agreement.
Let's be friends.

736
00:36:04,240 --> 00:36:05,558
We look forward.
Thank you.

737
00:36:05,559 --> 00:36:06,678
- Don't mess with me.
- OK.

738
00:36:06,679 --> 00:36:07,880
You will say no & no?

739
00:36:07,881 --> 00:36:10,480
No. No, now I
will evaluate it.

740
00:36:10,480 --> 00:36:12,160
Thank you. Thank you for coming.

741
00:36:13,240 --> 00:36:14,560
Bye, Jared.

742
00:36:20,600 --> 00:36:22,040
I don't like it.

743
00:36:23,000 --> 00:36:25,760
He is playing with us.

744
00:36:25,800 --> 00:36:27,720
He is playing with us.
Too many hidden

745
00:36:27,721 --> 00:36:29,400
and he gave up his position.

746
00:36:30,360 --> 00:36:31,919
How if he is right?

747
00:36:31,920 --> 00:36:33,519
You want him to be right.

748
00:36:33,520 --> 00:36:35,239
Yes, right.

749
00:36:35,240 --> 00:36:38,400
The bank gives us a 25% interest rate on a credit card.

750
00:36:38,400 --> 00:36:40,278
They are playing with our
in school loans

751
00:36:40,279 --> 00:36:42,040
that we can never
get at a cheap price.

752
00:36:42,041 --> 00:36:45,280
Then this person entered
in my office and said

753
00:36:45,320 --> 00:36:48,360
banks turn greedy,
they don't pay attention to market instructions,

754
00:36:48,360 --> 00:36:50,480
and can I profit
from their stupidity?

755
00:36:50,481 --> 00:36:52,800
Obviously yes, I want the estimate to be correct!

756
00:36:52,800 --> 00:36:54,158
How could you not hate it?

757
00:36:54,159 --> 00:36:55,918
All of them are traits that you teach us not to trust.

758
00:36:55,919 --> 00:36:57,720
I can't hate it.
He is very straightforward

759
00:36:57,721 --> 00:37:00,160
about his personal desires, that is what I appreciate.

760
00:37:00,160 --> 00:37:02,240
Can I buy a car from him? No.

761
00:37:03,520 --> 00:37:04,840
What is the statement about the market of securities right?

762
00:37:04,841 --> 00:37:06,040
No.

763
00:37:06,040 --> 00:37:07,040
Let's find out. Let's find out.

764
00:37:08,640 --> 00:37:10,558
Listen. These are 2 simple questions.

765
00:37:10,559 --> 00:37:12,120
Is there a bubble in the property market?

766
00:37:12,121 --> 00:37:14,799
And if there is, how influential is the bank?

767
00:37:14,800 --> 00:37:15,919
Yeah. Okay.

768
00:37:15,920 --> 00:37:17,440
We do it quickly.

769
00:37:17,440 --> 00:37:18,880
Because if he is right,

770
00:37:18,920 --> 00:37:20,720
every loser with
funds of several million dollars  will fight.

771
00:37:20,721 --> 00:37:22,360
Come on.

772
00:37:22,920 --> 00:37:23,920
That morning...

773
00:37:26,160 --> 00:37:27,640
JPMorgan Chase. JPMorgan Chase.

774
00:37:31,800 --> 00:37:35,120
OK. Stop saying "JPMorgan Chase".

775
00:37:37,000 --> 00:37:39,359
My hunch is good.

776
00:37:39,360 --> 00:37:40,840
It's just a meeting, you know & apos, right?

777
00:37:40,840 --> 00:37:41,920
Only meeting. It's like...

778
00:37:43,040 --> 00:37:44,640
Normal meeting. Okay?

779
00:37:44,680 --> 00:37:46,879
Drinking coffee,
have a meeting.

780
00:37:46,880 --> 00:37:48,560


781
00:37:48,560 --> 00:37:49,960
- Brownfield Fund?
- Yes!

782
00:37:49,961 --> 00:37:51,919
- Hey. Hello.
- Ted.

783
00:37:51,920 --> 00:37:53,399
Chris. I'm Ted's staff.

784
00:37:53,400 --> 00:37:54,800
Chris. Okay.

785
00:37:54,800 --> 00:37:56,080
- I'm Charlie, Charlie Geller.
- Charlie.

786
00:37:56,081 --> 00:37:57,759
- Jamie Shipley. Hi.
- Jamie.

787
00:37:57,760 --> 00:38:00,799
We are very excited to be able to feel the atmosphere of the trading floor.

788
00:38:00,800 --> 00:38:02,040
Good.

789
00:38:02,040 --> 00:38:03,800
Please sit down first.

790
00:38:04,600 --> 00:38:05,600
OK.

791
00:38:06,680 --> 00:38:09,679
So, I... Ted asked me to do a preliminary meeting.

792
00:38:09,680 --> 00:38:13,120
But I can't find
something that sells from you.

793
00:38:13,120 --> 00:38:15,040
We just moved here from Boulder.

794
00:38:15,041 --> 00:38:16,639
- Yeah.
- Okay.

795
00:38:16,640 --> 00:38:19,079
Can you show the bidding document?

796
00:38:19,080 --> 00:38:22,199
Brownfield has its own funds.

797
00:38:22,200 --> 00:38:23,959
- This is our funds.
- Yeah.

798
00:38:23,960 --> 00:38:25,839
How much are you managing?

799
00:38:25,840 --> 00:38:29,400
Of course.
We currently manage $ 30 million.

800
00:38:29,400 --> 00:38:30,718
Um, but we started it

801
00:38:30,719 --> 00:38:32,160
4 years ago with only $ 110,000 in capital.

802
00:38:32,161 --> 00:38:33,519
Wow.

803
00:38:33,520 --> 00:38:38,239
So as you can see, it's a phenomenal profit.

804
00:38:38,240 --> 00:38:41,599
We want to get an ISDA deal
with JPMorgan so we can

805
00:38:41,600 --> 00:38:44,160
make a deal in the long term.

806
00:38:44,160 --> 00:38:45,480
- That's so cool.
- Yeah.

807
00:38:46,459 --> 00:38:53,237
ISDA Agreement: An agreement that allows an investor to occupy a "large child table" and can make high-level transactions that are not available to amateur traders.

808
00:38:53,797 --> 00:38:58,739
Trying to make a transaction without ISDA like
try to win the Indy race using the Ilama car.

809
00:38:58,774 --> 00:39:00,279
Cool.

810
00:39:00,280 --> 00:39:01,599
Thank you.

811
00:39:01,600 --> 00:39:05,760
But you are still under
capital requirements for ISDA.

812
00:39:05,760 --> 00:39:06,760
How much less?

813
00:39:07,360 --> 00:39:08,600
Uh...

814
00:39:08,600 --> 00:39:12,000
One billion four hundred
seventy million, so...

815
00:39:13,000 --> 00:39:14,520
a lot.

816
00:39:15,800 --> 00:39:17,320
This makes us look
bad, right & apos; right,

817
00:39:17,321 --> 00:39:20,600
because we don't know the minimum capital requirements?

818
00:39:20,600 --> 00:39:21,600
Uh...

819
00:39:22,160 --> 00:39:23,560
Not good.

820
00:39:24,080 --> 00:39:25,440
But, uh,

821
00:39:25,480 --> 00:39:27,999
continue your profit progress then

822
00:39:28,000 --> 00:39:29,879
contact us. That's how it is.

823
00:39:29,880 --> 00:39:30,960
OK?

824
00:39:30,960 --> 00:39:32,358
- Okay.
- Thank you, Chris.

825
00:39:32,359 --> 00:39:33,438
Good luck, friend.

826
00:39:33,439 --> 00:39:34,480
Thank you, Chris.

827
00:39:38,760 --> 00:39:39,760
Damn!

828
00:39:40,920 --> 00:39:42,278
Who are the people who want to have a meeting?  at 4:50 in the afternoon?

829
00:39:42,279 --> 00:39:43,400
ta-ga.

830
00:39:43,401 --> 00:39:44,479
That is very painful.

831
00:39:44,480 --> 00:39:46,319
Bro, B of A and Bear
don't even reply to our phone.

832
00:39:46,320 --> 00:39:49,999
And even Wachovia

833
00:39:50,000 --> 00:39:52,280
- ignore us, friend!
- I know.

834
00:39:52,280 --> 00:39:54,120
These are all prospectuses of all losers

835
00:39:54,121 --> 00:39:56,440
who did not manage to cross the lobby.

836
00:39:56,480 --> 00:39:58,238
I don't think I can do this anymore.

837
00:39:58,239 --> 00:40:00,200
I'm young. I can still do something with my life.

838
00:40:00,201 --> 00:40:03,120


839
00:40:03,120 --> 00:40:05,200
I miss Colorado. The reward is better.

840
00:40:06,160 --> 00:40:08,280
Gentlemen, we invite you out.

841
00:40:08,280 --> 00:40:09,758
Good, we will get out soon. Come on.

842
00:40:09,759 --> 00:40:11,000
See this. Look at this.

843
00:40:11,001 --> 00:40:12,400
This person

844
00:40:12,400 --> 00:40:15,360
say the property market
is a giant bubble.

845
00:40:17,800 --> 00:40:19,960
Okay, this section is not entirely accurate.

846
00:40:19,960 --> 00:40:22,160
We didn't find Jared's instructions
Vennett about the property bubble

847
00:40:22,161 --> 00:40:24,159
in the lobby of the bank that refused us.

848
00:40:24,160 --> 00:40:25,679
The reality is, um,

849
00:40:25,680 --> 00:40:28,640
a friend who tells
Charlie, and I read it

850
00:40:28,640 --> 00:40:30,120
in the Grant Interest Rate Observer.

851
00:40:30,121 --> 00:40:31,559
This is crazy.

852
00:40:31,560 --> 00:40:34,159
It's crazy.

853
00:40:34,160 --> 00:40:36,879
Damn, he said the benefits of
could reach 10 to 1

854
00:40:36,880 --> 00:40:40,639
with Bad Credit Swaps for
guaranteed mortgage securities?

855
00:40:40,640 --> 00:40:44,000
And the overall property market will collapse?

856
00:40:44,000 --> 00:40:45,800
For Jamie and Charlie,
predictions of destruction

857
00:40:45,801 --> 00:40:48,360
market properties like
music in their ears.

858
00:40:55,880 --> 00:40:57,920
They start working in Jamie's garage

859
00:40:57,920 --> 00:40:59,920
with Jamie's savings of $ 110,000

860
00:40:59,921 --> 00:41:02,000
from a shipping business on the East Coast.

861
00:41:03,920 --> 00:41:05,800
Our investment strategy is simple.

862
00:41:05,800 --> 00:41:07,920
People aren't happy
think bad things will happen,

863
00:41:07,921 --> 00:41:10,360
so they always
underestimate the possibility.

864
00:41:10,361 --> 00:41:12,880
Their strategy is simple and brilliant.

865
00:41:13,400 --> 00:41:14,760
What he meant.

866
00:41:14,760 --> 00:41:17,320
Jamie and Charlie find a market that sells very cheap  for things that are thought
will never happen.

867
00:41:17,360 --> 00:41:19,638
So when they are wrong,
is a small mistake,

868
00:41:19,639 --> 00:41:21,320
but when they are right,
big is true.

869
00:41:21,321 --> 00:41:23,360
In a few years
develop $ 110,000 to $ 30 million.

870
00:41:30,120 --> 00:41:33,960
But later the time
moved to New York City.

871
00:41:33,960 --> 00:41:35,720
And so far, it hasn't gone smoothly.

872
00:41:35,721 --> 00:41:38,440


873
00:41:38,440 --> 00:41:40,280
Although this seems interesting...

874
00:41:40,281 --> 00:41:43,760
No bank wants to give us ISDA.
We have fleas.

875
00:41:45,280 --> 00:41:47,760
Transactions like this are clear
we cannot do.

876
00:41:47,761 --> 00:41:49,400
We must contact Ben.

877
00:41:51,600 --> 00:41:53,960
Let's call Ben!

878
00:41:53,960 --> 00:41:56,158
Ben Rickert is a former
trader in Singapore

879
00:41:56,159 --> 00:41:58,960
work for Chase and stop
because he feels disgusted with this business.

880
00:41:59,000 --> 00:42:01,398
Previously he was a neighbor of Jamie
when they were still in Colorado

881
00:42:01,399 --> 00:42:03,640
and they meet when
takes his dog for a walk.

882
00:42:03,641 --> 00:42:05,200
But Ben is somber.

883
00:42:05,240 --> 00:42:07,360
According to him not only the whole
system will fall.

884
00:42:07,361 --> 00:42:09,560
He thinks the whole world will collapse.

885
00:42:11,640 --> 00:42:13,680
All of these vegetables are immediately taken from my garden.

886
00:42:16,200 --> 00:42:17,680
You have to start planting
in your own garden.

887
00:42:17,681 --> 00:42:21,120
- All you have to do is get rid of
petrochemicals from your soil. - Hmm.

888
00:42:21,120 --> 00:42:23,398
I use wood ash and urine
to help the soil regain fertility.

889
00:42:23,399 --> 00:42:25,078
Both things create ammonium nitrate.

890
00:42:25,079 --> 00:42:26,960
Seeds will be a new currency unit.

891
00:42:26,961 --> 00:42:29,039
And not Franken seed from Monsanto.

892
00:42:29,040 --> 00:42:31,720
What I mean is seeds good, healthy and organic.

893
00:42:31,720 --> 00:42:32,998
You guys make your own garden.

894
00:42:32,999 --> 00:42:34,478
- Learn to live from the ground.
- You're a weirdo.

895
00:42:34,479 --> 00:42:36,760
Ben has a lot of
experience at big banks.

896
00:42:36,761 --> 00:42:40,560
Jamie and Charlie never even entered the bank toilet in Manhattan.

897
00:42:40,560 --> 00:42:42,318
But Ben doesn't want to be
related to the banking world.

898
00:42:42,319 --> 00:42:43,718
He is very clean.

899
00:42:43,719 --> 00:42:45,398
Okay, we press any number

900
00:42:45,399 --> 00:42:47,878
maybe we can do calculations later
after we talk about Ben.

901
00:42:47,879 --> 00:42:48,998
We always do the calculations.

902
00:42:48,999 --> 00:42:50,118
When do we not do calculations?

903
00:42:50,119 --> 00:42:51,278
We do more careful calculations...

904
00:42:51,279 --> 00:42:52,318
Please you can get out.

905
00:42:52,319 --> 00:42:53,438
Of course. Just a minute.

906
00:42:53,439 --> 00:42:54,440
Good ma'am. We go.

907
00:42:57,360 --> 00:42:59,840
Oh God. I hate doing this.
It's just a waste of time.

908
00:42:59,841 --> 00:43:02,919
Oh come on. Can you just relax?

909
00:43:02,920 --> 00:43:06,159
45 minutes from the city there is
property development.

910
00:43:06,160 --> 00:43:08,080
Mark wants us to check it out.

911
00:43:08,080 --> 00:43:10,200
I hope there is a Cuban restaurant in
all the way there.

912
00:43:10,201 --> 00:43:12,879
Because I hear Cuban cuisine
in Miami it feels great.

913
00:43:12,880 --> 00:43:15,680
Please do not giggle
while I feel miserable.

914
00:43:15,680 --> 00:43:17,440
That makes me really hate you.

915
00:43:17,441 --> 00:43:19,960
What is the connection to want to eat
good food with giggles?

916
00:43:21,680 --> 00:43:22,880
Hello?

917
00:43:24,280 --> 00:43:25,520
Hello?

918
00:43:26,320 --> 00:43:27,680
How much is the price?

919
00:43:29,320 --> 00:43:31,040
Each of $ 425,000?

920
00:43:52,880 --> 00:43:54,558
How are you friends?
What do you need?

921
00:43:54,559 --> 00:43:56,280
Hello. I am doing a
survey to the mortgage owner

922
00:43:56,281 --> 00:43:57,959
who has neglected to pay 90 days.

923
00:43:57,960 --> 00:44:00,600
I'm looking for Harvey Humpsey.

924
00:44:00,600 --> 00:44:01,760
Are you looking for a dog the owner of the house?

925
00:44:03,920 --> 00:44:05,480
This homeowner fills up a mortgage application

926
00:44:05,481 --> 00:44:08,039
use the name of the dog?

927
00:44:08,040 --> 00:44:09,559
I think so.

928
00:44:09,560 --> 00:44:12,160
Wait, the bastard
doesn't pay the mortgage?

929
00:44:12,160 --> 00:44:13,600
The problem is that I've paid the rent.

930
00:44:13,601 --> 00:44:15,879
Yes, he failed to pay for 90 days.

931
00:44:15,880 --> 00:44:17,520
Seriously friend,

932
00:44:17,520 --> 00:44:19,440
Do I have to leave this house?

933
00:44:21,840 --> 00:44:24,320
My child has just adapted
at school, friend.

934
00:44:24,320 --> 00:44:26,480
Hey. How are you?

935
00:44:27,160 --> 00:44:28,479
My name is Ken.

936
00:44:28,480 --> 00:44:29,760
Are you Ken?

937
00:44:29,760 --> 00:44:31,638
Um, you have to talk about the matter to the homeowner.

938
00:44:31,639 --> 00:44:33,240
Sorry, I don't have more information than that.

939
00:44:33,241 --> 00:44:35,280
But you, um...

940
00:44:35,280 --> 00:44:36,920
Have a nice day.
Bye, Ken.

941
00:44:36,921 --> 00:44:38,439
There are books everywhere!

942
00:44:38,440 --> 00:44:40,759
Books everywhere?

943
00:44:40,760 --> 00:44:44,119
Will everything be okay?

944
00:44:44,120 --> 00:44:47,280
You... You have to call him.

945
00:44:47,280 --> 00:44:48,398
You have to call it.

946
00:44:48,399 --> 00:44:50,160
This is not my fault, friend.
I've paid rent...

947
00:44:53,960 --> 00:44:55,040
Hello!

948
00:44:58,960 --> 00:45:01,160
It looks like Mary Celeste.

949
00:45:01,160 --> 00:45:03,920
Listen. All they take is TV.

950
00:45:04,720 --> 00:45:06,720
This is weird.

951
00:45:06,720 --> 00:45:09,080
They don't even clear the cat litter.

952
00:45:17,640 --> 00:45:18,680
Oh God.

953
00:45:30,320 --> 00:45:32,320
It's like Chernobyl.

954
00:45:32,320 --> 00:45:35,720
There are hundreds of homes. It's impossible
only 4 people live here.

955
00:45:37,760 --> 00:45:38,920
Oh, fuck it!

956
00:45:38,920 --> 00:45:39,920
Damn!

957
00:45:54,840 --> 00:45:56,080
He's been there for 7 hours.

958
00:45:56,081 --> 00:45:58,280
How do you want to go to the toilet?

959
00:45:58,280 --> 00:45:59,440
I heard he had a problem.

960
00:45:59,441 --> 00:46:01,519
He empties reserve funds.

961
00:46:01,520 --> 00:46:03,079
My friends in Manhattan say...

962
00:46:03,080 --> 00:46:04,960
Dr. Office Burry.

963
00:46:04,960 --> 00:46:06,680
No, he prefers if
you send it an email.

964
00:46:06,681 --> 00:46:08,280
Excuse me.

965
00:46:08,280 --> 00:46:09,280
Mr. Fields, Mr....

966
00:46:13,440 --> 00:46:15,200
- Hi, Lawrence.
- Gosh!

967
00:46:16,800 --> 00:46:20,440
We are not sure of your ability to see

968
00:46:20,440 --> 00:46:24,360
macroeconomic trends.

969
00:46:24,400 --> 00:46:26,999
You came here only
to say that? Why?

970
00:46:27,000 --> 00:46:30,480
Everyone can see
bubbles in the property field.

971
00:46:30,480 --> 00:46:32,400
Actually, no
people see it.

972
00:46:32,440 --> 00:46:33,720
That's why it's called a bubble.

973
00:46:33,721 --> 00:46:36,080
That's stupid, Lawrence.

974
00:46:36,080 --> 00:46:37,680
There are always signs.

975
00:46:38,440 --> 00:46:40,959
Darkening mortgages

976
00:46:40,960 --> 00:46:42,839
has quadrupled since 2000

977
00:46:42,840 --> 00:46:45,760
and flat salary average,

978
00:46:45,760 --> 00:46:47,280
but house prices are soaring.

979
00:46:47,320 --> 00:46:49,479
That means home is
debt, not asset.

980
00:46:49,480 --> 00:46:52,679
So Mike Burry from San Jose, man

981
00:46:52,680 --> 00:46:56,159
who cuts his hair at
Supercuts and doesn't wear shoes,

982
00:46:56,160 --> 00:46:59,199
better than Alan
Greenspan and Hank Paulson.

983
00:46:59,200 --> 00:47:00,920
Yaaa...

984
00:47:00,920 --> 00:47:03,520
Dr. Mike Burry, yes, that's how it is.

985
00:47:04,760 --> 00:47:06,640
Funny. Very funny.

986
00:47:06,640 --> 00:47:08,960
Are you taunting us, Mike?

987
00:47:12,080 --> 00:47:13,599
Lawrence,

988
00:47:13,600 --> 00:47:16,760
I don't know how to mock.

989
00:47:16,760 --> 00:47:19,520
I don't know how to be funny.
I don't know how to

990
00:47:20,200 --> 00:47:21,759
cooperate with people.

991
00:47:21,760 --> 00:47:22,999
I...

992
00:47:23,000 --> 00:47:25,440
I only know how to read numbers.

993
00:47:25,440 --> 00:47:27,960
How big is the short position now?

994
00:47:28,320 --> 00:47:29,440
Um...

995
00:47:29,440 --> 00:47:31,000
Only $ 1.3 billion.

996
00:47:31,600 --> 00:47:33,119
And the premium?

997
00:47:33,120 --> 00:47:34,879
We pay, uh,

998
00:47:34,880 --> 00:47:38,359
around $ 80 to 90 million

999
00:47:38,360 --> 00:47:39,920
every year, it's quite high,

1000
00:47:39,920 --> 00:47:42,040
but I am the first
times to do this transaction.

1001
00:47:42,041 --> 00:47:45,639
Pay attention. The funds will return.
Maybe it's early, but I'm not wrong.

1002
00:47:45,640 --> 00:47:48,799
That's the same thing.
The same thing, Mike!

1003
00:47:48,800 --> 00:47:53,480
You manage funds of $ 555 million?

1004
00:47:53,480 --> 00:47:56,960
In 6 years, everything will disappear.

1005
00:47:57,760 --> 00:47:59,319
In one bet.

1006
00:47:59,320 --> 00:48:02,559
No, the second quarter of 2007 is time
the adjusted interest rate will increase.

1007
00:48:02,560 --> 00:48:04,159
Bad credit will soar.

1008
00:48:04,160 --> 00:48:05,919
Yes. That's what you think.

1009
00:48:05,920 --> 00:48:08,480
How much should we provide
if they withdraw an agreement?

1010
00:48:08,480 --> 00:48:10,400
Approximately 2 quarters ahead.

1011
00:48:11,120 --> 00:48:13,120
If your investor panics.

1012
00:48:16,640 --> 00:48:17,760
$ 302 million?

1013
00:48:17,760 --> 00:48:18,760
I...

1014
00:48:19,680 --> 00:48:21,280
Oh God, Mike.

1015
00:48:26,120 --> 00:48:28,120
There will be no agreement.
Because it will kill yourself.

1016
00:48:28,121 --> 00:48:30,680
I mean, its value is down 17% this year.

1017
00:48:30,680 --> 00:48:33,040
But if they believe me,
and they believe, because...

1018
00:48:33,041 --> 00:48:35,759
Nobody believes in you! There is no!

1019
00:48:35,760 --> 00:48:38,280
I sent several
emails to my investors

1020
00:48:38,280 --> 00:48:40,360
I told them...

1021
00:48:41,960 --> 00:48:44,520
that the second quarter of 2007 is

1022
00:48:44,520 --> 00:48:46,960
it's time our position
gives a profit and...

1023
00:48:48,360 --> 00:48:50,399
I'm very sure.

1024
00:48:50,400 --> 00:48:53,799
People will withdraw the money.

1025
00:48:53,800 --> 00:48:57,359
Lawrence, it's very stupid. I mean,

1026
00:48:57,360 --> 00:49:01,319
if capital funds decrease too far,

1027
00:49:01,320 --> 00:49:04,479
the swap contract will be canceled.

1028
00:49:04,480 --> 00:49:07,840
And then the bank may
take all collateral.

1029
00:49:07,840 --> 00:49:09,000
Wait a minute. Wait.

1030
00:49:09,001 --> 00:49:10,159
Everything.

1031
00:49:10,160 --> 00:49:12,400
Is the contract canceled?

1032
00:49:12,400 --> 00:49:14,160
Is the contract canceled?

1033
00:49:14,880 --> 00:49:17,000
Damn!

1034
00:49:17,000 --> 00:49:18,000
Oh, fucker!

1035
00:49:18,640 --> 00:49:20,560
Michael?

1036
00:49:20,560 --> 00:49:22,240
Return my money.

1037
00:49:25,640 --> 00:49:29,040
Michael, do you hear?
I want my money back.

1038
00:49:31,520 --> 00:49:33,840
Return my money...

1039
00:49:34,920 --> 00:49:37,239
fucker.

1040
00:49:37,240 --> 00:49:40,479
At the moment the middle market
experiences a little anxiety.

1041
00:49:40,480 --> 00:49:42,800
Everyone says,
"Okay, that's crazy. when it was 18 months ago.

1042
00:49:42,800 --> 00:49:44,680


1043
00:49:46,560 --> 00:49:50,399


1044
00:49:50,400 --> 00:49:52,679


1045
00:49:52,680 --> 00:49:55,999


1046
00:49:56,000 --> 00:49:59,040
This couple bought it
for $ 650,000 last year.

1047
00:49:59,040 --> 00:50:00,960
He will release it at that price.

1048
00:50:00,961 --> 00:50:02,719
Hi, John.

1049
00:50:02,720 --> 00:50:04,360
No, no.

1050
00:50:04,360 --> 00:50:05,880
He regrets it,
but he will release it.

1051
00:50:05,881 --> 00:50:07,719
Why did he sell it?

1052
00:50:07,720 --> 00:50:10,519
Currently both of them don't work.

1053
00:50:10,520 --> 00:50:13,279
Marlene, you said
they were motivated, right?

1054
00:50:13,280 --> 00:50:16,360
Motivated like
if in this environment.

1055
00:50:16,360 --> 00:50:18,960
The house on the left,
I say they are motivated.

1056
00:50:19,000 --> 00:50:20,998
Wow, it seems like a lot of people are motivated.

1057
00:50:20,999 --> 00:50:22,400
Oh, the situation is only temporary.

1058
00:50:22,401 --> 00:50:24,199
That's all. Only...

1059
00:50:24,200 --> 00:50:25,720
Temporary anxiety.

1060
00:50:25,720 --> 00:50:27,440
So what is the decision?

1061
00:50:28,640 --> 00:50:31,200
I have to talk to my wife. Um...

1062
00:50:31,200 --> 00:50:32,598
This price will not last long.

1063
00:50:32,599 --> 00:50:34,478
Actually, can I talk to a mortgage broker?

1064
00:50:34,479 --> 00:50:36,360
Who do you recommend?
Anyone you like.

1065
00:50:36,361 --> 00:50:38,480
Yes, yes, there is someone. Of course.

1066
00:50:38,480 --> 00:50:39,800
Yeah, PSK is better than me.

1067
00:50:39,801 --> 00:50:41,240
I send them to Cabo.

1068
00:50:42,680 --> 00:50:45,520
So does Morgan Stanley
ask us to join? Is that so?

1069
00:50:45,560 --> 00:50:48,600
Oh no. No.
They manage our funds,

1070
00:50:48,600 --> 00:50:49,760
but we are not part of them.

1071
00:50:49,761 --> 00:50:52,319
We invest in
financial service companies

1072
00:50:52,320 --> 00:50:55,359
and we are trying to understand the business of mortgage where to live.

1073
00:50:55,360 --> 00:50:58,399
How many loan credits do you
withdraw every month?

1074
00:50:58,400 --> 00:51:00,040
- Around 60.
- Yes.

1075
00:51:00,040 --> 00:51:01,480
How many years ago?

1076
00:51:02,440 --> 00:51:03,839
Ten...

1077
00:51:03,840 --> 00:51:05,200
Maybe fifteen.

1078
00:51:05,200 --> 00:51:07,560
Yes, I used to be a bartender.
Now I have my own ship.

1079
00:51:07,561 --> 00:51:08,679
You have...

1080
00:51:08,680 --> 00:51:11,920
How many of them are
mortgages with adjusted interest?

1081
00:51:11,920 --> 00:51:13,680
- Most.
- Oh, yes.

1082
00:51:13,720 --> 00:51:15,719
Maybe around 90%.

1083
00:51:15,720 --> 00:51:18,960
Bonuses for housing like that
are very high a few years ago.

1084
00:51:18,960 --> 00:51:20,320
Adjustable interest rates are our favorite.

1085
00:51:20,360 --> 00:51:22,960
Are there applicants who are rejected?

1086
00:51:27,200 --> 00:51:29,320
Your question is serious?

1087
00:51:29,320 --> 00:51:31,438
Listen, if they are rejected,
means I'm bad at work.

1088
00:51:31,439 --> 00:51:33,040
Even if they don't have money?

1089
00:51:33,041 --> 00:51:36,039
My firm offers NINJA loans.

1090
00:51:36,040 --> 00:51:37,320
OK.

1091
00:51:37,320 --> 00:51:38,838
"No Income, No Job."
(No income, no work)

1092
00:51:38,839 --> 00:51:41,080
If I want, I leave it alone
income points are not filled.

1093
00:51:41,081 --> 00:51:42,439
The company doesn't care.

1094
00:51:42,440 --> 00:51:45,840
These people just want a home.
And they go with the flow.

1095
00:51:45,840 --> 00:51:46,880
Good for you.

1096
00:51:46,920 --> 00:51:47,920
Your company didn't check it?

1097
00:51:51,680 --> 00:51:54,560
If I enter the
application on Friday afternoon,

1098
00:51:54,560 --> 00:51:56,560
big banks will buy it
on Monday afternoon.

1099
00:51:57,080 --> 00:51:58,400
Yeah. Same with me.

1100
00:52:00,200 --> 00:52:01,720
Can you wait a minute?

1101
00:52:01,720 --> 00:52:03,080
Yes.

1102
00:52:08,760 --> 00:52:11,479
I don't understand.
Why did they confess?

1103
00:52:11,480 --> 00:52:13,600
They don't confess.

1104
00:52:13,600 --> 00:52:15,280
They boast.

1105
00:52:24,000 --> 00:52:28,959
Do these people understand what they buy?

1106
00:52:28,960 --> 00:52:31,320
I focus on immigrants.

1107
00:52:31,320 --> 00:52:32,798
After they know they
can get home,

1108
00:52:32,799 --> 00:52:34,480
they are
signatures wherever you tell them.

1109
00:52:34,481 --> 00:52:36,719
Don't ask.
Don't understand interest rates.

1110
00:52:36,720 --> 00:52:38,239
- Stupid basis.
- Yes.

1111
00:52:38,240 --> 00:52:39,760
And you also focus on immigrants?

1112
00:52:39,760 --> 00:52:42,680
For them the ability to pay
is less bad.

1113
00:52:44,480 --> 00:52:46,160
Look, I'm a person who likes profits.

1114
00:52:46,680 --> 00:52:48,800
Okay...

1115
00:52:48,800 --> 00:52:52,280
I make $ 2,000 for loans
prime with fixed interest rates, okay?

1116
00:52:52,320 --> 00:52:55,999
But I can make $ 10,000 for
pinjman subprima adjusted interest rates.

1117
00:52:56,000 --> 00:52:59,079
Believe me, I don't want to ride a BMW 7 Series car without strippers.

1118
00:52:59,080 --> 00:53:02,439
In the collection there is no one whose reputation is good but they have a lot of money.

1119
00:53:02,440 --> 00:53:05,279
I think I've read Warren
Buffett said things like that.

1120
00:53:05,280 --> 00:53:08,039
What? Who is Warren Buffett?

1121
00:53:08,040 --> 00:53:10,839
Okay, be a stripper.
Do you mean exotic dancers?

1122
00:53:10,840 --> 00:53:12,159
Yeah, yeah, yeah.

1123
00:53:12,160 --> 00:53:14,200
Naked, you know, without clothes.

1124
00:53:14,200 --> 00:53:16,040
- Strippers.
- Yes.

1125
00:53:19,640 --> 00:53:20,880
Can you introduce us?

1126
00:53:20,881 --> 00:53:23,440
Yes! Yes.

1127
00:53:25,400 --> 00:53:28,399
I always get customized payment options. I'm a personal contractor.

1128
00:53:28,400 --> 00:53:30,160
What? I did not hear. Sorry.

1129
00:53:30,160 --> 00:53:32,080
I always get options
adjusted payments.

1130
00:53:32,081 --> 00:53:34,399
I'm a personal contractor.
I need flexibility.

1131
00:53:34,400 --> 00:53:37,080
And you claim what your job is
to a mortgage company?

1132
00:53:37,080 --> 00:53:39,160
I wrote "therapist".

1133
00:53:39,200 --> 00:53:40,640
- You can touch me.
- Always?

1134
00:53:41,240 --> 00:53:42,400
Only in the V.I.P room.

1135
00:53:42,401 --> 00:53:45,080
No, no, you said
always get adjustments.

1136
00:53:45,080 --> 00:53:46,998
And you have more than
one property credit?

1137
00:53:46,999 --> 00:53:49,240
Everyone, too.
At least in this place.

1138
00:53:49,241 --> 00:53:50,359
Sorry, what?

1139
00:53:50,360 --> 00:53:53,040
Everyone, too.
At least in this place.

1140
00:53:53,040 --> 00:53:55,278
That way you only need to pay about 5%.

1141
00:53:55,279 --> 00:53:57,160
The tariff is currently rising, you know?

1142
00:53:57,161 --> 00:53:59,080
Yes. But that is only temporary.

1143
00:53:59,080 --> 00:54:02,760
Can you not move first?
I will still pay you.

1144
00:54:06,560 --> 00:54:09,359
Sorry. Some people pay attention.

1145
00:54:09,360 --> 00:54:12,080
Okay, listen. If home prices don't rise,

1146
00:54:12,080 --> 00:54:14,440
you will not be able to file
refinancing.

1147
00:54:14,441 --> 00:54:17,679
And you will continue to pay
monthly bills like now

1148
00:54:17,680 --> 00:54:20,799
after the promotional interest rate
is no longer valid.

1149
00:54:20,800 --> 00:54:23,240
Your monthly interest can go up to 200% -300%.

1150
00:54:23,240 --> 00:54:25,400
James says whenever I can
apply for refinancing.

1151
00:54:25,401 --> 00:54:27,279
He is a liar.

1152
00:54:27,280 --> 00:54:30,479
Actually, especially in this case, James might be wrong.

1153
00:54:30,480 --> 00:54:33,880
200 percent? For all my loans?

1154
00:54:33,880 --> 00:54:35,318
What do you mean by "all" loans?

1155
00:54:35,319 --> 00:54:37,760
Aren't we talking about
2 loans at one house?

1156
00:54:38,560 --> 00:54:40,640
I have five houses.

1157
00:54:40,640 --> 00:54:42,600
And a condo.

1158
00:54:44,480 --> 00:54:46,080
Hey, there's a bubble on the market.

1159
00:54:46,080 --> 00:54:47,320
Where do you know?

1160
00:54:47,321 --> 00:54:50,639
Trust me. Contact Vennett,
buy $ 50 million Swaps for SBM.

1161
00:54:50,640 --> 00:54:53,679
What do we want to buy?
Garibaldi IV, BBB.

1162
00:54:53,680 --> 00:54:55,239
Mark, are you sure?

1163
00:54:55,240 --> 00:54:57,199
Yes. Yes, it's time we do it.

1164
00:54:57,200 --> 00:54:58,600
Do what?

1165
00:54:58,600 --> 00:54:59,880
Everything.

1166
00:55:24,000 --> 00:55:25,680
FrontPoint! FrontPoint!

1167
00:55:27,520 --> 00:55:29,440
Is this protection of American funds?

1168
00:55:29,441 --> 00:55:31,560
Good, listen.
One last question.

1169
00:55:32,720 --> 00:55:34,560
How do you cheat us?

1170
00:55:36,400 --> 00:55:38,000
There are better ways for
to say that, Vinnie.

1171
00:55:38,001 --> 00:55:39,639
I'm serious.

1172
00:55:39,640 --> 00:55:42,799
We will buy swaps from you, but only if
you say how you cheat us.

1173
00:55:42,800 --> 00:55:45,399
I didn't trick you,
Vinnie. I give you profit.

1174
00:55:45,400 --> 00:55:48,239
I tell you sincerely, Vinnie.

1175
00:55:48,240 --> 00:55:51,639
I give you a
beneficial agreement in this century directly in front of your eyes.

1176
00:55:51,640 --> 00:55:54,120
What do I get from it? Easy.

1177
00:55:54,120 --> 00:55:56,600
The balance of $ 20 million with the option
negative carry one month.

1178
00:55:56,601 --> 00:55:58,039
My boss scolded me

1179
00:55:58,040 --> 00:56:00,599
because he thinks I'm crazy.

1180
00:56:00,600 --> 00:56:01,640
OK?

1181
00:56:01,640 --> 00:56:02,840
We do this transaction,

1182
00:56:02,841 --> 00:56:05,240
the problem won't be too big anymore.

1183
00:56:05,280 --> 00:56:09,079
And of course, the swap is a black market, so I set the price.

1184
00:56:09,080 --> 00:56:10,680
Whatever price I want.

1185
00:56:10,680 --> 00:56:12,200
And when you want to take your payment,

1186
00:56:12,201 --> 00:56:15,520
You will be wide-eyed,
I will give you big profits.

1187
00:56:15,520 --> 00:56:17,118
The good news, Vinnie, you don't want to be concerned about my reward

1188
00:56:17,119 --> 00:56:19,398
because you will generate
very large profits.

1189
00:56:19,399 --> 00:56:20,798
That's my honors for this transaction.

1190
00:56:20,799 --> 00:56:22,280
Do you want to know what you got?

1191
00:56:22,281 --> 00:56:25,760
You get ice cream, hot fudge,
bananas, and nuts.

1192
00:56:25,760 --> 00:56:27,600
Right now, I can sprinkle
brown, and yes,

1193
00:56:27,601 --> 00:56:30,320
If this continues, I get the cherry.

1194
00:56:30,320 --> 00:56:32,600
But you got the sundae, Vinnie.

1195
00:56:32,640 --> 00:56:34,280
You got the sundae.

1196
00:56:36,720 --> 00:56:39,599
Well, I'll take it. thanks.

1197
00:56:39,600 --> 00:56:41,880
So what?

1198
00:56:41,880 --> 00:56:43,840
- Do you want me to take care of it?
- Yes.

1199
00:56:43,841 --> 00:56:47,320
We take $ 50 million, Garibaldi IV, BBB.

1200
00:56:48,760 --> 00:56:50,840
Prepare your pencil.
The document will be ready soon.

1201
00:56:53,560 --> 00:56:55,080
Damn.

1202
00:56:57,040 --> 00:56:58,560
Yes!

1203
00:57:00,680 --> 00:57:01,760
That's right.

1204
00:57:03,600 --> 00:57:05,600
Oh my goodness.

1205
00:57:05,640 --> 00:57:09,960
He has many numbers, and I always forget

1206
00:57:09,960 --> 00:57:11,638
which number he set,
because he is very specific.

1207
00:57:11,639 --> 00:57:12,958
Start with this one.

1208
00:57:12,959 --> 00:57:14,280
Maybe this isn't the first.

1209
00:57:14,281 --> 00:57:15,680
Try it.

1210
00:57:15,680 --> 00:57:17,240
Okay... I... okay.

1211
00:57:34,880 --> 00:57:36,320
Ben Rickert.

1212
00:57:36,320 --> 00:57:37,600
Hey, Ben. This is Jamie.

1213
00:57:39,160 --> 00:57:41,440
Jamie, you know you should not use this network.

1214
00:57:43,480 --> 00:57:44,760
I told you & apos;

1215
00:57:46,120 --> 00:57:48,800
Okay, let's try the second number
of total 14.

1216
00:58:00,360 --> 00:58:01,479
Ben Rickert.

1217
00:58:01,480 --> 00:58:03,560
Ben, why are you doing it, friend?
I mean...

1218
00:58:03,560 --> 00:58:06,078
You're a retired trader & right?
Nobody hears your phone.

1219
00:58:06,079 --> 00:58:07,838
NSA has $ 52 billion in funds and

1220
00:58:07,839 --> 00:58:09,320


1221
00:58:09,321 --> 00:58:11,759
to observe tens of millions of phone calls every second.

1222
00:58:11,760 --> 00:58:14,640
Do you think they don't use it?

1223
00:58:14,640 --> 00:58:16,840
"Ben Rickert" and "dirty
bomb" in one sentence...

1224
00:58:18,680 --> 00:58:20,440
- Astagaaaa.
- Sorry friend.

1225
00:58:22,000 --> 00:58:23,280
Ben Rickert.

1226
00:58:23,280 --> 00:58:25,680
Do you have a chance to see what we sent, Ben?

1227
00:58:25,681 --> 00:58:28,600
This is Charlie. I'm here too.

1228
00:58:28,600 --> 00:58:30,920
Hi, Charlie. Yeah, I have time. Wait.

1229
00:58:36,920 --> 00:58:38,160
Ben, are you still connected?

1230
00:58:38,161 --> 00:58:39,240
Yes.

1231
00:58:40,000 --> 00:58:42,159
I will be honest friends.

1232
00:58:42,160 --> 00:58:44,200
This scares me.

1233
00:58:44,200 --> 00:58:45,640
But that's a good thing & isn't it?

1234
00:58:45,641 --> 00:58:48,440
That means the Vennet is not wrong.

1235
00:58:49,160 --> 00:58:50,240
No, he's not wrong.

1236
00:58:52,960 --> 00:58:54,040
Good.

1237
00:58:54,040 --> 00:58:55,680
Tell me more about this CDO.

1238
00:58:55,681 --> 00:58:59,560
Yes, yes. Okay, Vennett calls CDO,

1239
00:58:59,560 --> 00:59:01,198
but actually, we
note in more detail

1240
00:59:01,199 --> 00:59:02,920
and it turns out to be worse
than he expected.

1241
00:59:02,921 --> 00:59:04,440
This doesn't make sense!

1242
00:59:04,440 --> 00:59:05,760
We can't even model it.

1243
00:59:05,761 --> 00:59:08,559
This is 100 times greater than SBM.

1244
00:59:08,560 --> 00:59:10,240
And with a 90% AAA rating.

1245
00:59:10,240 --> 00:59:12,118
- Yes! Exactly!
- More than 90%.

1246
00:59:12,119 --> 00:59:13,320
This is amazing.

1247
00:59:13,321 --> 00:59:17,199
I pay attention to the details of the CDO
that you want to position short.

1248
00:59:17,200 --> 00:59:20,319
Brilliant. Worthless.
Really rubbish.

1249
00:59:20,320 --> 00:59:22,559
Jamie. Very good.

1250
00:59:22,560 --> 00:59:26,119
What do I have to say?
I'm really good at looking for bad things.

1251
00:59:26,120 --> 00:59:28,999
Ben, we installed short
positions for BB and BBB ratings,

1252
00:59:29,000 --> 00:59:31,120
and the risk is relatively low.

1253
00:59:31,120 --> 00:59:32,520
The advantage is around 25 to 1.

1254
00:59:32,521 --> 00:59:33,800
Yes.

1255
00:59:36,120 --> 00:59:38,320
Okay, so why did you contact me?
I don't do anything like this anymore.

1256
00:59:38,321 --> 00:59:39,520
Look Ben?

1257
00:59:40,800 --> 00:59:44,639
We want you to help
we get ISDA.

1258
00:59:44,640 --> 00:59:47,800
If we can get the license,
we can do the transaction.

1259
00:59:47,800 --> 00:59:49,118
And we know that you hate Wall Street.

1260
00:59:49,119 --> 00:59:50,400
We don't ask you to make a transaction.

1261
00:59:50,401 --> 00:59:54,400
We just want you to help
we get a seat

1262
00:59:54,440 --> 00:59:57,640
on the Wall Street stage.

1263
00:59:57,640 --> 00:59:59,640
That's a bad place, guys.

1264
00:59:59,680 --> 01:00:04,759
Look, Ben, the system is very
very messy, okay?

1265
01:00:04,760 --> 01:00:07,159
And somehow,

1266
01:00:07,160 --> 01:00:10,160
we know that before
people realize it.

1267
01:00:10,160 --> 01:00:13,120
Do you know? This is a golden opportunity that
doesn't come 2x for life.

1268
01:00:15,680 --> 01:00:16,680
I'm considering.

1269
01:00:21,800 --> 01:00:23,799
OK. I will contact Deutsche Bank.

1270
01:00:23,800 --> 01:00:26,119
Thank you, Ben. thanks.

1271
01:00:26,120 --> 01:00:30,040
Dan Bear. What about Bear?
They have some inappropriate products.

1272
01:00:30,040 --> 01:00:32,360
OK. Bear wants to transact
with anyone.

1273
01:01:20,520 --> 01:01:23,360
OK. I'll work the way.

1274
01:01:23,360 --> 01:01:25,200
Thank you, Noah.
Thank you to Jared.

1275
01:01:27,160 --> 01:01:28,480
Can we enter?

1276
01:01:28,480 --> 01:01:29,680
Yes me too.

1277
01:01:50,270 --> 01:01:52,925
Truth like poetry.

1278
01:01:53,537 --> 01:01:59,309
And most people hate poetry.
Talk in a Washington D.C bar.

1279
01:02:13,840 --> 01:02:16,240
Hi. This is Mark. I want to talk to
with Vinnie, right now.

1280
01:02:16,241 --> 01:02:19,839
We just want you to explain to us

1281
01:02:19,840 --> 01:02:22,360
It looks like you cheated us,

1282
01:02:22,360 --> 01:02:23,600
because what we see...

1283
01:02:26,520 --> 01:02:28,759
Morgan Stanley Building, as soon as possible.

1284
01:02:28,760 --> 01:02:31,320
Do we both see the same screen?

1285
01:02:31,320 --> 01:02:33,200
This doesn't make sense.

1286
01:02:35,840 --> 01:02:37,280
Vinnie, are you there?

1287
01:02:37,720 --> 01:02:38,798
Mark, are you there?

1288
01:02:38,799 --> 01:02:39,838
Yes, you can hear?

1289
01:02:39,839 --> 01:02:41,678
Mortgage bad loans are very high.

1290
01:02:41,679 --> 01:02:43,238
Have anyone killed yourself?

1291
01:02:43,239 --> 01:02:45,480
Why do they want to do that?
Prices of Subprime Mortgage securities rise.

1292
01:02:45,481 --> 01:02:46,719
What?

1293
01:02:46,720 --> 01:02:50,040
Vennett wants another $ 1.9 million to be used as collateral.

1294
01:02:50,040 --> 01:02:51,400
Vennett asks us to add collateral.

1295
01:02:51,401 --> 01:02:52,880
What happened?

1296
01:02:52,880 --> 01:02:54,918
We don't know, but Deutsche is in the middle of calling and wants payment.

1297
01:02:54,919 --> 01:02:56,840
Contact Vennett. Contact the damn thing.

1298
01:02:56,841 --> 01:02:58,919
Contact him Vennett.
Tell him to come here.

1299
01:02:58,920 --> 01:03:00,760
So subprime loans deteriorate,

1300
01:03:00,760 --> 01:03:02,438
but subprime securities,
which actually consists of

1301
01:03:02,439 --> 01:03:04,078
from subprime loans,
turns out to be more valuable?

1302
01:03:04,079 --> 01:03:06,640
I know. They want another $ 1.9 million
_ at the latest when the market closes.

1303
01:03:06,641 --> 01:03:08,879
What about rating agents?
Moody & sos; s, S & P...

1304
01:03:08,880 --> 01:03:11,400
They do not reduce the rating of
CDO and mortgage securities?

1305
01:03:11,400 --> 01:03:12,560
What is their rating position?

1306
01:03:12,561 --> 01:03:14,159
Everything is the same.

1307
01:03:14,160 --> 01:03:15,679
The rating is still AAA.

1308
01:03:15,680 --> 01:03:18,280
What exactly is this?
Are they kidding?

1309
01:03:18,280 --> 01:03:20,440
Fucker! Basic fucker rating agent!

1310
01:03:20,480 --> 01:03:21,998
They announce it to the public, and what they care about

1311
01:03:21,999 --> 01:03:23,480
is only the lower limit and
their own interests.

1312
01:03:23,481 --> 01:03:25,320
Hey, Mark, not only that.

1313
01:03:25,320 --> 01:03:26,718
Risk Staff from Morgan
Stanley is here.

1314
01:03:26,719 --> 01:03:28,158
They asked Kathy Tao to come.

1315
01:03:28,159 --> 01:03:30,398
They persuaded him to ask us to sell our swaps.

1316
01:03:30,399 --> 01:03:32,718
It seems, comparing
insurance payments for 6 years

1317
01:03:32,719 --> 01:03:34,558
with the hope of the destruction of the property business

1318
01:03:34,559 --> 01:03:35,960
for them is not a safe investment.

1319
01:03:35,961 --> 01:03:37,319
What did Kathy say?

1320
01:03:37,320 --> 01:03:40,039
None. He still keeps asking
if this is one of your strategies.

1321
01:03:40,040 --> 01:03:42,079
Okay, I want you to go in there

1322
01:03:42,080 --> 01:03:44,360
very calm, very friendly

1323
01:03:44,360 --> 01:03:46,600
tell the staff
the risk of getting away.

1324
01:03:46,640 --> 01:03:48,360
And then meet me
at Standard & Poor's.

1325
01:03:48,361 --> 01:03:49,960
We will talk to Georgia.

1326
01:03:49,960 --> 01:03:51,078
OK. Okay.

1327
01:03:51,079 --> 01:03:53,040
Tell the bastard Jared Vennett to come here.

1328
01:03:53,080 --> 01:03:54,880
I'll destroy his head.

1329
01:03:59,880 --> 01:04:01,520
Uh, ladies and gentlemen?

1330
01:04:01,520 --> 01:04:04,600
I talked to Mark Baum.
He says get away.

1331
01:04:18,400 --> 01:04:20,720
My vision is bad.

1332
01:04:22,080 --> 01:04:24,680
My eye doctor is always busy.

1333
01:04:24,680 --> 01:04:26,560
Finally I serve all the promises
they give me,

1334
01:04:26,561 --> 01:04:28,880
and all morning it gets very busy!

1335
01:04:30,080 --> 01:04:31,560
So...

1336
01:04:32,080 --> 01:04:33,959
OK,

1337
01:04:33,960 --> 01:04:36,999
FrontPoint Partners,

1338
01:04:37,000 --> 01:04:39,440
What can be helped by Standard & Poor's?

1339
01:04:39,440 --> 01:04:40,760
We don't understand why

1340
01:04:40,761 --> 01:04:43,519
rating agencies have not lowered the
rating of subprime securities

1341
01:04:43,520 --> 01:04:46,639
since collateral for loans is clearly deteriorating.

1342
01:04:46,640 --> 01:04:49,160
Indeed, a rating violation
makes people anxious,

1343
01:04:49,160 --> 01:04:51,000
but the subprima loan rating
is still in our calculation.

1344
01:04:51,001 --> 01:04:52,960
- So...
- That's what you think.

1345
01:04:54,120 --> 01:04:56,639
You are sure of mortgage collateral  in this letter of defense is sturdy.

1346
01:04:56,640 --> 01:04:59,199
That's our opinion, yes.

1347
01:04:59,200 --> 01:05:01,160


1348
01:05:01,160 --> 01:05:03,318
Have you seen
data on loan levels?

1349
01:05:03,319 --> 01:05:05,118
I mean, they give this loan

1350
01:05:05,119 --> 01:05:06,480
to anyone who wants it.

1351
01:05:06,481 --> 01:05:09,160
Excuse me, sir. What do you think
we are doing here all day?

1352
01:05:09,160 --> 01:05:10,278
We are not sure.
That's why we are here.

1353
01:05:10,279 --> 01:05:11,478
This is what we don't understand...

1354
01:05:11,479 --> 01:05:13,318
We check, check, check again.

1355
01:05:13,319 --> 01:05:14,718
If the mortgage securities are so stable...

1356
01:05:14,719 --> 01:05:16,478
Maybe you should check your friend.

1357
01:05:16,479 --> 01:05:18,560
Have you ever refused? Rating requests...

1358
01:05:18,600 --> 01:05:20,000
Ma'am, it's making it up.

1359
01:05:20,000 --> 01:05:21,198
We stand behind them.

1360
01:05:21,199 --> 01:05:22,880
Georgia, have you ever refused the rating request

1361
01:05:22,881 --> 01:05:26,240
one of the valuable letters above the AAA tranche?

1362
01:05:26,240 --> 01:05:27,918
Can we see the documents?

1363
01:05:27,919 --> 01:05:30,038
I have no right to
provide that information

1364
01:05:30,039 --> 01:05:31,200
with you, whatever your position.

1365
01:05:31,201 --> 01:05:32,999
Just answer the question, Georgia.

1366
01:05:33,000 --> 01:05:35,080
Can you just mention it once

1367
01:05:35,080 --> 01:05:36,480
when you check the document

1368
01:05:36,481 --> 01:05:40,680
and don't give the
AAA rating they want?

1369
01:05:42,920 --> 01:05:44,160
If we don't give the
rating they requested,

1370
01:05:44,161 --> 01:05:46,999
they will move to Moody & apos; s.

1371
01:05:47,000 --> 01:05:51,000
If we don't cooperate, they will move to our rivals.

1372
01:05:51,000 --> 01:05:54,200
Not our fault.
This is how the world system is run.

1373
01:05:58,520 --> 01:05:59,840
Damn.

1374
01:05:59,840 --> 01:06:01,040
Yes, now you understand.

1375
01:06:02,080 --> 01:06:04,239
Suppose I never said it.

1376
01:06:04,240 --> 01:06:06,679
They sell ratings for honorarium.

1377
01:06:06,680 --> 01:06:07,759
Store rating.

1378
01:06:07,760 --> 01:06:10,679
You can do it better.

1379
01:06:10,680 --> 01:06:12,640
Nobody says that.

1380
01:06:12,640 --> 01:06:14,880
And this is not my decision.
I have a boss.

1381
01:06:14,920 --> 01:06:16,360
Are you kidding me?

1382
01:06:16,360 --> 01:06:17,760
No, I'm not "kidding".

1383
01:06:17,761 --> 01:06:20,120
What will your boss do during an IPO?

1384
01:06:20,160 --> 01:06:21,440
What point of view do you take?

1385
01:06:21,441 --> 01:06:25,080
So, now, anyone who has a boss is not considered responsible  for illegal decisions.

1386
01:06:25,080 --> 01:06:26,560
How old are you, 4 years old?

1387
01:06:26,600 --> 01:06:28,200
No, I'm not 4 years old, Mr.
Baum. No.

1388
01:06:28,200 --> 01:06:32,600
And I wonder what your motives are
behind all this.

1389
01:06:32,640 --> 01:06:36,120
Will it be profitable for you

1390
01:06:36,120 --> 01:06:37,760
if the rating changes?
Is that true?

1391
01:06:37,761 --> 01:06:40,720
How big is Swap Credit
What jams do you have? Hmm?

1392
01:06:42,520 --> 01:06:45,080
That doesn't make me guilty.

1393
01:06:47,120 --> 01:06:49,119
No.

1394
01:06:49,120 --> 01:06:50,320
That makes you a hypocrite.

1395
01:06:50,320 --> 01:06:52,400
Sorry!

1396
01:07:33,040 --> 01:07:35,160
Violations of mortgages increase

1397
01:07:35,160 --> 01:07:36,358
and CDO are increasingly valuable.
Can not be trusted.

1398
01:07:36,359 --> 01:07:38,438
Cannot be trusted.

1399
01:07:38,439 --> 01:07:39,638
We know. This is clearly the opposite.

1400
01:07:39,639 --> 01:07:40,800


1401
01:07:40,840 --> 01:07:42,438
I just called
old friend in Bear.

1402
01:07:42,439 --> 01:07:44,240
He doesn't even know what the CDO is.

1403
01:07:44,241 --> 01:07:48,680
Yes, I only need to pay
Bear & Deutsche for $ 70,000.

1404
01:07:48,680 --> 01:07:51,000
That's like 2 plus 2 equal to

1405
01:07:51,520 --> 01:07:52,719
fish.

1406
01:07:52,720 --> 01:07:55,519
It's cheating.
We buy something that is rigged.

1407
01:07:55,520 --> 01:07:57,360
We can lose everything.

1408
01:07:57,360 --> 01:07:59,800
I have to go back to live with my mother.

1409
01:08:00,360 --> 01:08:01,840
It can't happen.

1410
01:08:01,840 --> 01:08:04,080
OK. I have an appointment with a doctor to check the large intestine.

1411
01:08:04,081 --> 01:08:05,799
Wait a minute. Wait, Ben.

1412
01:08:05,800 --> 01:08:07,239
Ben, listen.

1413
01:08:07,240 --> 01:08:09,719
Either the bank doesn't understand

1414
01:08:09,720 --> 01:08:12,079
and they don't know how to rate this CDO,

1415
01:08:12,080 --> 01:08:17,240
or they are indeed criminals
who know CDO is worthless

1416
01:08:17,240 --> 01:08:18,880
but they hide it.

1417
01:08:21,160 --> 01:08:22,640
I think we have to buy more Swaps.

1418
01:08:23,200 --> 01:08:24,280
What?

1419
01:08:24,280 --> 01:08:26,400
Accept and pay, friend.
We have made an agreement.

1420
01:08:26,401 --> 01:08:28,480
Not possible! No!

1421
01:08:28,520 --> 01:08:29,999
Are you kidding me?

1422
01:08:30,000 --> 01:08:32,439
Are you serious? Do you think this is a game?

1423
01:08:32,440 --> 01:08:33,840
No. No. No.

1424
01:08:33,840 --> 01:08:35,120
Yes. Yes.

1425
01:08:41,640 --> 01:08:43,440
No! No!

1426
01:08:43,440 --> 01:08:45,200
Seriously, appendicitis promises
once a year.

1427
01:08:45,240 --> 01:08:46,600
Bastard!

1428
01:08:46,640 --> 01:08:48,680
Desperate your nickname butler boy, fucker!

1429
01:08:52,960 --> 01:08:54,880
- Have you finished?
- I think it's already.

1430
01:08:54,881 --> 01:08:57,640
Gosh! My back muscles are attracted to screaming.

1431
01:08:58,520 --> 01:09:00,239
Ow!

1432
01:09:00,240 --> 01:09:03,919
The current mortgage credit is increasing.

1433
01:09:03,920 --> 01:09:07,960
But you give
a higher price.

1434
01:09:07,960 --> 01:09:10,160
Please explain that.
Because it doesn't make sense.

1435
01:09:10,161 --> 01:09:13,800
It's impossible for you to calculate this
swap rashly.

1436
01:09:13,800 --> 01:09:15,720
What is the reason for us to support this transaction?

1437
01:09:18,240 --> 01:09:20,000
Didn't I say when
we made an agreement

1438
01:09:20,001 --> 01:09:21,759
that rating agent, SEC

1439
01:09:21,760 --> 01:09:24,318
and big tub don't know anything?
Did I never say that?

1440
01:09:24,319 --> 01:09:25,680
- Yes.
- I told you & apos, right?

1441
01:09:25,681 --> 01:09:27,679
Yes, you said.

1442
01:09:27,680 --> 01:09:29,200
Shut up.

1443
01:09:29,200 --> 01:09:30,638
Now they're in trouble,

1444
01:09:30,639 --> 01:09:32,280
but they think the problem is
is over, and you are surprised?

1445
01:09:32,281 --> 01:09:35,120
This is not ignorance. This is embezzlement.

1446
01:09:35,120 --> 01:09:36,920
Mention the difference between stupid and illegal,

1447
01:09:36,921 --> 01:09:39,000
my wife's brother can be arrested by the police.

1448
01:09:40,800 --> 01:09:42,440
That was funny.

1449
01:09:42,440 --> 01:09:45,678
I guess you just don't realize that this
_ system really doesn't understand what's going on.

1450
01:09:45,679 --> 01:09:48,080
Yes, there are
fluctuations that do not match predictions,

1451
01:09:48,081 --> 01:09:51,440
but trust me, everything
fueled ignorance!

1452
01:09:52,640 --> 01:09:54,799
Look at yourself.

1453
01:09:54,800 --> 01:09:58,320
You call yourself
you cynical people

1454
01:09:58,320 --> 01:10:00,800
but you still have
trust in the system, right & apos; right?

1455
01:10:00,801 --> 01:10:02,159
I don't.

1456
01:10:02,160 --> 01:10:05,079
Except Vinnie.
And who cares about that?

1457
01:10:05,080 --> 01:10:06,919
- Not allowed!
- Listen...

1458
01:10:06,920 --> 01:10:10,200
Either we are right or
we are really wrong.

1459
01:10:10,200 --> 01:10:12,158
And if we are wrong, then
we have to find someone

1460
01:10:12,159 --> 01:10:13,880
that can help us
get out of this transaction.

1461
01:10:13,881 --> 01:10:16,719
I'm not entirely sure we are right.

1462
01:10:16,720 --> 01:10:20,200
And if we are wrong, who will warn?

1463
01:10:20,200 --> 01:10:23,640
Who understands this problem?
Does not make sense!

1464
01:10:26,080 --> 01:10:27,958
I think we should go to Vegas.

1465
01:10:27,959 --> 01:10:29,120
What's in Vegas?

1466
01:10:29,121 --> 01:10:30,240
Vegas?

1467
01:10:30,240 --> 01:10:32,080
What's in Las Vegas?

1468
01:10:33,200 --> 01:10:36,479
Next week there will be held
American Securities Forum.

1469
01:10:36,480 --> 01:10:38,999
All securities sellers and
CDO, subprima lenders

1470
01:10:39,000 --> 01:10:41,159
and swap traders will be there.

1471
01:10:41,160 --> 01:10:43,999
Tell you, bets
you against Dumb Money.

1472
01:10:44,000 --> 01:10:46,920
This is the time you are looking for
know how stupid the money is.

1473
01:10:46,920 --> 01:10:48,158
Gosh, I hate Vegas.

1474
01:10:48,159 --> 01:10:49,680
I hear that food in Vegas is delicious.

1475
01:10:49,681 --> 01:10:51,240
Now there is a Nobu Restaurant there.

1476
01:10:51,240 --> 01:10:52,800
Can you stop
discussing such a thing?

1477
01:11:39,240 --> 01:11:40,359
Makes sense?

1478
01:11:40,360 --> 01:11:42,199
And if the securities are "rich"...

1479
01:11:42,200 --> 01:11:43,840
Either, contains assets?

1480
01:11:43,840 --> 01:11:45,358
"Rich" only means being overrated.

1481
01:11:45,359 --> 01:11:47,440
I can't sleep on a plane,
so I do my homework.

1482
01:11:47,441 --> 01:11:49,920
Okay, focus. What is our purpose?

1483
01:11:49,920 --> 01:11:52,320
To find out if this is profitable

1484
01:11:52,360 --> 01:11:54,200
or does everyone know
something we don't know

1485
01:11:54,201 --> 01:11:56,159
then we will get a big problem.

1486
01:11:56,160 --> 01:11:59,040
Right. Remember that when you
meet Bear people.

1487
01:11:59,040 --> 01:12:00,880
I have arranged your appointments
to meet directly.

1488
01:12:00,881 --> 01:12:02,479
- Amazing.
- Where?

1489
01:12:02,480 --> 01:12:06,679
Damn. Five years ago,
Security was only a meeting of losers.

1490
01:12:06,680 --> 01:12:08,880
100, maybe 200 people come.

1491
01:12:08,880 --> 01:12:11,158
$ 500 billion later, you
get something like this.

1492
01:12:11,159 --> 01:12:12,840
There are so many greedy-looking people?

1493
01:12:12,880 --> 01:12:16,400
Like pinata which contains white people who are poor at playing golf.

1494
01:12:16,400 --> 01:12:17,998
I mean who are these clowns?

1495
01:12:17,999 --> 01:12:19,520
Oh come on. I think it's fun.

1496
01:12:19,521 --> 01:12:23,000
Actually. Vennett says these people we are betting on.

1497
01:12:23,000 --> 01:12:24,958
- Yes, here it is. This is it.
- Here it is.

1498
01:12:24,959 --> 01:12:26,720
Chris, left.
Chris, standing on the left.

1499
01:12:27,160 --> 01:12:28,358
Ladies and gentlemen.

1500
01:12:28,359 --> 01:12:30,240
When we have the opportunity
meet directly

1501
01:12:30,241 --> 01:12:32,039
with these people?

1502
01:12:32,040 --> 01:12:33,600
Chris, give him a card.

1503
01:12:33,600 --> 01:12:34,878
What do you have to give?

1504
01:12:34,879 --> 01:12:36,398
- You just gave it up?
- Thank you.

1505
01:12:36,399 --> 01:12:38,758
First, what is your trip?
How are you? Is it smooth?

1506
01:12:38,759 --> 01:12:40,038
- Current.
- Okay.

1507
01:12:40,039 --> 01:12:41,838
I'm 6 hours faster.
I've been sporting,

1508
01:12:41,839 --> 01:12:43,238
Eat 2 boiled eggs

1509
01:12:43,239 --> 01:12:45,000
and play blackjack
with Harry Dean Stanton.

1510
01:12:45,001 --> 01:12:46,880
Thank you for the daily report.

1511
01:12:46,880 --> 01:12:48,598
Meet directly.
I want to meet directly.

1512
01:12:48,599 --> 01:12:50,160
Keep in mind. We are here to collect information.

1513
01:12:50,161 --> 01:12:51,679
We collect information, okay?

1514
01:12:51,680 --> 01:12:54,118
We don't advertise
our short positions. Understand?

1515
01:12:54,119 --> 01:12:55,840
We don't want to scare others.
Can you do that?

1516
01:12:55,841 --> 01:12:57,480
I know your mouth can't be regulated.

1517
01:12:57,480 --> 01:12:59,360
Can you just keep it for a few days?

1518
01:12:59,361 --> 01:13:00,520
OK. Okay.

1519
01:13:00,520 --> 01:13:02,440
Yes, don't worry. We will play pretty.

1520
01:13:02,441 --> 01:13:03,839
Ladies and gentlemen.

1521
01:13:03,840 --> 01:13:06,159
Business is currently good.

1522
01:13:06,160 --> 01:13:07,599
Big profits

1523
01:13:07,600 --> 01:13:10,640
and mortgages still continue
is solidly a foundation

1524
01:13:10,640 --> 01:13:13,240
where our economy is built on it.

1525
01:13:17,640 --> 01:13:19,280
And, right, we experience a slight loss

1526
01:13:19,281 --> 01:13:22,679
last year in the area of loans
suprima, but the loss is

1527
01:13:22,680 --> 01:13:25,479
will be held at 5%.

1528
01:13:25,480 --> 01:13:27,720
In the field of residential property...

1529
01:13:27,720 --> 01:13:28,958
Mark, this is not a question and answer session.

1530
01:13:28,959 --> 01:13:30,720
Launch us against
variable interest rate packages

1531
01:13:30,721 --> 01:13:32,480
invaded by consumers!

1532
01:13:32,480 --> 01:13:34,560
Sorry, I have a question.

1533
01:13:36,320 --> 01:13:37,480
Uh...

1534
01:13:37,480 --> 01:13:39,680
Sir, my question and answer session after I finished my statement.

1535
01:13:39,681 --> 01:13:42,199
But you seem to be very worried?
Is there anything I can help?

1536
01:13:42,200 --> 01:13:44,199
- Thank you. How are you?
- Okay, thank you.

1537
01:13:44,200 --> 01:13:47,399
Do you think there is a possibility

1538
01:13:47,400 --> 01:13:52,239
that the loan loss suprima
will stop at 5%?

1539
01:13:52,240 --> 01:13:53,439
Thank you.

1540
01:13:53,440 --> 01:13:58,679
I say it's very likely.

1541
01:13:58,680 --> 01:14:01,320
So back to the housing sector.

1542
01:14:01,320 --> 01:14:03,520
When we launch the tribal package
the new variable interest...

1543
01:14:03,521 --> 01:14:06,040
- Excuse me.
- Um...

1544
01:14:07,560 --> 01:14:08,680
Yes, sir.

1545
01:14:08,680 --> 01:14:12,160
Zero! Zero!

1546
01:14:12,200 --> 01:14:15,039
Chances are 0%

1547
01:14:15,040 --> 01:14:18,919
subprima loan losses
will stop at 5%.

1548
01:14:18,920 --> 01:14:20,079
Zero.

1549
01:14:20,080 --> 01:14:21,680
Excuse me.

1550
01:14:21,680 --> 01:14:22,840
I have to lift this.

1551
01:14:22,841 --> 01:14:24,880
Surely he is from Bank America.

1552
01:14:26,480 --> 01:14:27,918
Our loan area suprima
has no problem.

1553
01:14:27,919 --> 01:14:29,278
No, I'm not being
doing anything right now.

1554
01:14:29,279 --> 01:14:30,878
As I said,
our housing area...

1555
01:14:30,879 --> 01:14:32,160
What about children?

1556
01:14:32,161 --> 01:14:34,640
Consumers welcome our package...

1557
01:14:34,640 --> 01:14:36,358
Mark Baum really did this.

1558
01:14:36,359 --> 01:14:37,720
When we were in Vegas,
he did that.

1559
01:14:37,721 --> 01:14:40,320
He said that, he picked up the telephone.

1560
01:14:40,360 --> 01:14:42,400
Now do you understand what I'm facing?

1561
01:14:55,720 --> 01:14:57,960
Yes, Beretta... Meh.

1562
01:14:57,960 --> 01:15:00,240
But this Uzi weapon is amazing!

1563
01:15:00,280 --> 01:15:02,919
What I need is a machine
CDO is running for another 2 years.

1564
01:15:02,920 --> 01:15:06,279
So I can be rich and
can buy a house in Aspen.

1565
01:15:06,280 --> 01:15:09,520
But are you not worried about the conditions

1566
01:15:09,520 --> 01:15:11,198
of collateral securities that exist?

1567
01:15:11,199 --> 01:15:13,080
Relatively easy to see
the violation

1568
01:15:13,081 --> 01:15:16,039
and currently the benchmark interest rate continues to rise.

1569
01:15:16,040 --> 01:15:18,599
Please stop talking about bad things like that, friend.

1570
01:15:18,600 --> 01:15:21,199
We don't want to meet you
to talk about your friends' work.

1571
01:15:21,200 --> 01:15:22,799
So what for?

1572
01:15:22,800 --> 01:15:26,039
So that you pay the ammunition fee.

1573
01:15:26,040 --> 01:15:29,279
I will shoot terrorists.
Pay attention!

1574
01:15:29,280 --> 01:15:30,639
They are idiots.

1575
01:15:30,640 --> 01:15:32,600
- Stupid.
- Whoo!

1576
01:15:32,600 --> 01:15:33,680
They are stupid.

1577
01:15:34,800 --> 01:15:36,080
Damn, huh! Boom!

1578
01:15:36,081 --> 01:15:37,480
Yeah!

1579
01:15:37,480 --> 01:15:39,800
We have to buy all swaps
that we can get.

1580
01:15:39,801 --> 01:15:42,159
Wait, okay? Wait a minute.

1581
01:15:42,160 --> 01:15:44,559
My older sister's boyfriend works at the SEC.

1582
01:15:44,560 --> 01:15:46,520
He said he was here too, okay?

1583
01:15:46,520 --> 01:15:48,758
So, if something is missed
maybe he can tell us.

1584
01:15:48,759 --> 01:15:50,438
Maybe you can give a little information.

1585
01:15:50,439 --> 01:15:52,320
Meanwhile, go to the main floor

1586
01:15:52,321 --> 01:15:54,479
and ask the swap price.

1587
01:15:54,480 --> 01:15:55,999
Actually, we are

1588
01:15:56,000 --> 01:15:58,559
want to invest in letters
valuable property, and...

1589
01:15:58,560 --> 01:16:01,320
I wonder if there are
SEC concerns about that.

1590
01:16:01,320 --> 01:16:04,120
I know you are not allowed to tell
in detail, only in general.

1591
01:16:04,121 --> 01:16:06,440
Oh, we don't check
mortgage securities.

1592
01:16:06,440 --> 01:16:09,760
In fact, since our allocation of funds was deducted,
we did not do a lot of checks.

1593
01:16:11,840 --> 01:16:13,360
Then what are you here for? I thought...

1594
01:16:13,361 --> 01:16:14,880
I'm not representing the SEC.

1595
01:16:14,880 --> 01:16:16,520
I come here for personal gain.

1596
01:16:17,480 --> 01:16:20,759
I enter a proposal
to several large banks.

1597
01:16:20,760 --> 01:16:22,440
By the way, how's your brother?

1598
01:16:22,440 --> 01:16:24,400
How can you send an application to a large bank?

1599
01:16:24,401 --> 01:16:25,920
I mean, you should,

1600
01:16:25,920 --> 01:16:27,320
determine rules for banks.

1601
01:16:27,321 --> 01:16:28,879
Mature, Jamie.

1602
01:16:28,880 --> 01:16:32,679
Surely there are rules that prohibit
someone working in a financial institution

1603
01:16:32,680 --> 01:16:34,359
after previously working

1604
01:16:34,360 --> 01:16:35,960
to the financial regulator, right?

1605
01:16:35,960 --> 01:16:38,080
No. No.

1606
01:16:39,120 --> 01:16:42,519
Hey! Dougie!

1607
01:16:42,520 --> 01:16:45,560
Hey! Come here
What are you doing at Caesars?

1608
01:16:45,560 --> 01:16:47,080
He works at Goldman.

1609
01:16:47,720 --> 01:16:48,920
See you later.

1610
01:16:48,920 --> 01:16:53,920
We can offer swaps for
BBB ratings at 500 basis points. Maybe.

1611
01:16:53,960 --> 01:16:57,799
You give a swap price like
the securities will collapse

1612
01:16:57,800 --> 01:17:00,759
even though the value is rising? Serious?

1613
01:17:00,760 --> 01:17:02,160
Talk time.

1614
01:17:02,160 --> 01:17:03,200
What happened?

1615
01:18:01,800 --> 01:18:05,679
Lewis, can you come early tomorrow?

1616
01:18:05,680 --> 01:18:08,039
I want to re-structure the position

1617
01:18:08,040 --> 01:18:09,600
AIG, Countrywide and Freddie

1618
01:18:09,600 --> 01:18:12,240
so we can pay premiums...

1619
01:18:13,360 --> 01:18:16,720
of Swap we have.

1620
01:18:16,720 --> 01:18:18,240
No problem, Dr. Burry.

1621
01:18:20,280 --> 01:18:21,440
- Dr. Burry?
- Hmm?

1622
01:18:25,040 --> 01:18:26,160
If investors withdraw their funds,

1623
01:18:26,161 --> 01:18:29,040
What will happen here?
Is our history finished?

1624
01:18:29,040 --> 01:18:30,920
To be honest, I don't know.

1625
01:18:38,600 --> 01:18:40,880
The value of securities does not go down.

1626
01:18:42,120 --> 01:18:45,200
Not moving. Possible

1627
01:18:45,200 --> 01:18:49,800
we are on a system that is
really rigged.

1628
01:18:51,240 --> 01:18:53,880
Or... you're wrong.

1629
01:18:58,640 --> 01:19:00,480
Of course.

1630
01:19:00,520 --> 01:19:04,520
Maybe I'm wrong.
It's just that I don't know.

1631
01:19:09,200 --> 01:19:13,760
I guess when someone is wrong,
they never...

1632
01:19:13,760 --> 01:19:16,000
They never know why.

1633
01:19:20,280 --> 01:19:21,440
See you in the morning.

1634
01:19:21,441 --> 01:19:22,480
Yes.

1635
01:19:24,280 --> 01:19:26,879
Even Bear raises the price.

1636
01:19:26,880 --> 01:19:29,480
And they continue to call us Brownhole.

1637
01:19:29,480 --> 01:19:31,158
You don't have money or reputation, that's all.

1638
01:19:31,159 --> 01:19:32,638
Don't think too much about it.

1639
01:19:32,639 --> 01:19:34,200
I don't think I want to go into
this night's striptease.

1640
01:19:34,201 --> 01:19:37,760
I will only drink ginger
and watch a pay-per-view program.

1641
01:19:37,760 --> 01:19:40,160
I will give you tickets for all of us tomorrow morning.

1642
01:19:41,560 --> 01:19:44,280
Agreement. We need an agreement & right?
Deal.

1643
01:19:44,280 --> 01:19:46,160
We need an agreement that is affordable for us.

1644
01:19:46,200 --> 01:19:48,560
An agreement that they will not reject.

1645
01:19:48,600 --> 01:19:51,920
So... what can we do?
We can...

1646
01:19:53,200 --> 01:19:56,200
Tranche AA. What if we
bet on tranche AA?

1647
01:19:56,200 --> 01:19:58,240
Who doesn't want to take
bets like that?

1648
01:19:58,241 --> 01:20:01,240
We know the rating is 95% AAA,

1649
01:20:01,280 --> 01:20:03,319
but the reality may be around 25%.

1650
01:20:03,320 --> 01:20:05,839
Some of them are 0%!

1651
01:20:05,840 --> 01:20:08,560
We also know if the base point
tranche will fall above 8%,

1652
01:20:08,560 --> 01:20:09,798
tranches on it
will also be affected.

1653
01:20:09,799 --> 01:20:11,280
Everything will be zero.

1654
01:20:11,281 --> 01:20:14,680
I'm sure the AA level now
is actually like level B.

1655
01:20:14,680 --> 01:20:17,760
I rarely say it,
but I think Charlie is right.

1656
01:20:18,120 --> 01:20:19,760
Look, Ben.

1657
01:20:21,440 --> 01:20:22,840
Returns

1658
01:20:23,360 --> 01:20:24,840
200 versus 1.

1659
01:20:24,840 --> 01:20:27,000
But they only decide
based on rating.

1660
01:20:27,040 --> 01:20:30,440
So they give penny rates for
every dollar if betting for AA.

1661
01:20:32,040 --> 01:20:34,959
When I start thinking you guys are stupid...

1662
01:20:34,960 --> 01:20:37,519
There are no people on the planet
who bet on AA.

1663
01:20:37,520 --> 01:20:40,520
Banks will think we're being
drunk or stricken.

1664
01:20:40,520 --> 01:20:42,880
They will take whatever
we offer.

1665
01:20:45,480 --> 01:20:46,800
Brilliant.

1666
01:20:48,600 --> 01:20:50,760
This is what we do and not
other people realize.

1667
01:20:50,761 --> 01:20:53,760
Even Baum or Burry don't think
makes short positions for AA.

1668
01:20:53,760 --> 01:20:55,200
But that's what we did.

1669
01:20:55,201 --> 01:20:57,079
Little Brownhole Capital.

1670
01:20:57,080 --> 01:21:02,080
We want to take a position
short against the tranche AA CDO.

1671
01:21:02,080 --> 01:21:03,998
Come on guys, what are you pointing at?

1672
01:21:03,999 --> 01:21:06,400
Oh, nothing. We are new to this business.
We are just excited.

1673
01:21:06,401 --> 01:21:10,560
We want to buy a swap for
tranche AA for $ 15 million.

1674
01:21:10,560 --> 01:21:11,720
I don't understand.

1675
01:21:11,721 --> 01:21:14,360
You can buy tranche AA
as many as you want.

1676
01:21:16,560 --> 01:21:18,759
$ 40 million for short AA positions.

1677
01:21:18,760 --> 01:21:21,280
Brother, I will sell for
whatever you want.

1678
01:21:21,280 --> 01:21:23,520
You understand it well, Bob.
Do you want a deal?

1679
01:21:25,680 --> 01:21:27,680
No problem. No problem with me.

1680
01:21:29,880 --> 01:21:31,080
With pleasure.

1681
01:21:35,920 --> 01:21:37,800
Oh!

1682
01:21:39,320 --> 01:21:41,240
Don't do that.
Stop. Stop.

1683
01:21:41,920 --> 01:21:43,120
- Stop it.
- Charlie.

1684
01:21:43,880 --> 01:21:45,280
Stop it! Stop it.

1685
01:21:47,720 --> 01:21:48,840
What?

1686
01:21:50,240 --> 01:21:52,038
Do you know what's new
just do you?

1687
01:21:52,039 --> 01:21:53,758
Come on. We just did a gold deal!

1688
01:21:53,759 --> 01:21:55,038
We must celebrate.

1689
01:21:55,039 --> 01:21:57,040
You just bet
against the American economy.

1690
01:21:57,041 --> 01:21:58,599
That's right!

1691
01:21:58,600 --> 01:22:00,639
- Yeah!
- Which means...

1692
01:22:00,640 --> 01:22:04,400
Which means if we are right...

1693
01:22:04,400 --> 01:22:07,800
If we are right, the people also lose their homes. Work.

1694
01:22:07,840 --> 01:22:11,120
People lose retirement savings.
People don't get pensions.

1695
01:22:11,120 --> 01:22:12,398
Do you know what I
hate about banking?

1696
01:22:12,399 --> 01:22:14,038
Banking reduces population.
These are the numbers.

1697
01:22:14,039 --> 01:22:16,920
Every 1% increase in unemployment,
40,000 people die. Do you know that?

1698
01:22:16,921 --> 01:22:18,520
- No.
- You know that?

1699
01:22:18,520 --> 01:22:20,120
No, I don't know.

1700
01:22:21,560 --> 01:22:23,240
We are just too happy.

1701
01:22:25,640 --> 01:22:28,320
Don't dance.

1702
01:22:28,320 --> 01:22:30,160
- Good.
- Where are you going?

1703
01:22:34,520 --> 01:22:36,680
Whoa, I'm very scared.

1704
01:22:38,240 --> 01:22:40,238
First of all, a good
show today.

1705
01:22:40,239 --> 01:22:41,798
- You're amazing.
- Thank you.

1706
01:22:41,799 --> 01:22:43,480
Your big mouth is really a relief.

1707
01:22:43,481 --> 01:22:45,320
I appreciate that.

1708
01:22:45,320 --> 01:22:47,160
You worry about yourself and your swap
is mocked?

1709
01:22:47,161 --> 01:22:48,839
This is an opportunity for you

1710
01:22:48,840 --> 01:22:50,399
meet your opponent's bet.

1711
01:22:50,400 --> 01:22:52,280
Try to listen.

1712
01:22:52,280 --> 01:22:53,760
Okay, alright.
Who is this person?

1713
01:22:53,761 --> 01:22:55,600
Brashy bastard.

1714
01:22:55,600 --> 01:22:56,800
I'm a CDO manager.

1715
01:22:56,801 --> 01:22:57,919
"CDO Manager"?

1716
01:22:57,920 --> 01:22:59,920
Yes, at the Harding Advisors firm.

1717
01:22:59,920 --> 01:23:03,040
I don't know anyone
needs to be managed in the CDO.

1718
01:23:04,000 --> 01:23:05,760
Oh

1719
01:23:05,760 --> 01:23:08,360
We choose securities that are
into the CDO portfolio

1720
01:23:08,400 --> 01:23:09,838
and oversee the asset.

1721
01:23:09,839 --> 01:23:11,760
I do more for the CDO Merrill Lynch.

1722
01:23:11,761 --> 01:23:14,799
What do you represent the investors or Merrill Lynch?

1723
01:23:14,800 --> 01:23:15,880
Investor.

1724
01:23:15,880 --> 01:23:17,040
You did it.

1725
01:23:17,041 --> 01:23:18,560
- Yes.
- But...

1726
01:23:18,560 --> 01:23:20,520
Merrill Lynch does not provide customers

1727
01:23:20,521 --> 01:23:25,199
unless you enter a valuable letter from Merrill Lynch into the CDO.

1728
01:23:25,200 --> 01:23:28,519
A good question. We call it
that Merrill and I have, um...

1729
01:23:28,520 --> 01:23:30,759
Our relationship is quite good.

1730
01:23:30,760 --> 01:23:33,039
Your relationship with Merrill Lynch is good enough.

1731
01:23:33,040 --> 01:23:34,799
We have worked together for a long time.

1732
01:23:34,800 --> 01:23:37,360
And the CDO you made

1733
01:23:37,360 --> 01:23:41,360
consists of quality
high and highest value.

1734
01:23:41,400 --> 01:23:43,400
- Of course. Yes.
- Of course.

1735
01:23:43,400 --> 01:23:46,920
Do you consider a little
the benchmark interest rate continues to rise?

1736
01:23:48,880 --> 01:23:52,080
I assume there are no
risks in this product, Mark.

1737
01:23:54,720 --> 01:23:55,880
OK.

1738
01:23:57,480 --> 01:24:01,240
Let me be clear.
The bank contacted you.

1739
01:24:01,240 --> 01:24:02,878
They give you the valuable letter they want to sell.

1740
01:24:02,879 --> 01:24:04,280
They give you clients,

1741
01:24:04,281 --> 01:24:06,720
they give you money to run your business.

1742
01:24:06,760 --> 01:24:08,560
Give you a big honor for that.

1743
01:24:08,560 --> 01:24:10,800
But you represent investors?

1744
01:24:12,080 --> 01:24:13,240
Right like that?

1745
01:24:13,241 --> 01:24:14,360
Yes.

1746
01:24:14,400 --> 01:24:15,918
But we are not in the same building
_ as Merrill Lynch.

1747
01:24:15,919 --> 01:24:17,600
- Okay. Where is your office?
- We are in New Jersey.

1748
01:24:17,601 --> 01:24:19,760
Your distance is 20 minutes.

1749
01:24:19,760 --> 01:24:21,680
Five minutes if using a helicopter.

1750
01:24:23,560 --> 01:24:24,840
Funny isn't it?

1751
01:24:24,840 --> 01:24:26,080
Fun.

1752
01:24:29,200 --> 01:24:30,599
Oh my goodness.

1753
01:24:30,600 --> 01:24:32,880
Your boss will explode.

1754
01:24:32,880 --> 01:24:34,600
No, he was too curious
to not explode.

1755
01:24:34,601 --> 01:24:36,159
Wait. Say again.

1756
01:24:36,160 --> 01:24:38,359
CDO "A" has a CDO "B" section.

1757
01:24:38,360 --> 01:24:40,360
And CDO "B" has a CDO "A" section.

1758
01:24:40,360 --> 01:24:42,718
But then they
are included in CDO "C".

1759
01:24:42,719 --> 01:24:44,560
Yes, it's called CDO squared.

1760
01:24:44,561 --> 01:24:46,600
A CDO from CDO.

1761
01:24:47,040 --> 01:24:48,200
OK?

1762
01:24:48,200 --> 01:24:50,240
And then there are CDOs that are made from different sides  of your Swap bets.

1763
01:24:50,241 --> 01:24:52,039
We call it synthetic CDO.

1764
01:24:52,040 --> 01:24:54,439
What do you say?
Synthetic CDO.

1765
01:24:54,440 --> 01:24:56,719
That's crazy stuff.

1766
01:24:56,720 --> 01:24:58,559


1767
01:24:58,560 --> 01:25:01,640
No. This is amazing.

1768
01:25:01,640 --> 01:25:05,120
The face boils.
He looks like a bad person on Dune.

1769
01:25:09,240 --> 01:25:11,639
Okay, let's just call it

1770
01:25:11,640 --> 01:25:15,319
You have a pool of $ 50 million
containing subprime loans.

1771
01:25:15,320 --> 01:25:17,959
How much money is bet against,

1772
01:25:17,960 --> 01:25:20,879
synthetic CDO and swap

1773
01:25:20,880 --> 01:25:22,560
at this time, tonight?

1774
01:25:22,560 --> 01:25:25,160
$ 50 million... Hmm...

1775
01:25:26,160 --> 01:25:27,200
One billion dollars.

1776
01:25:27,240 --> 01:25:29,320
What?

1777
01:25:29,320 --> 01:25:31,318
If the mortgage securities
found Michael Burry

1778
01:25:31,319 --> 01:25:32,640
as a comparison...

1779
01:25:34,080 --> 01:25:36,600
How big is the market for
insurance mortgage securities

1780
01:25:36,600 --> 01:25:38,040
compared to real mortgages?

1781
01:25:39,240 --> 01:25:40,518
About 20 times.

1782
01:25:40,519 --> 01:25:42,720
If the mortgage securities
are in comparison

1783
01:25:42,721 --> 01:25:45,519
and CDO are the fuel,

1784
01:25:45,520 --> 01:25:47,640
then synthetic CDO like atomic bomb

1785
01:25:47,640 --> 01:25:49,438
with the fingers of the President who is drunk

1786
01:25:49,439 --> 01:25:50,680
ready to press it.

1787
01:25:50,681 --> 01:25:52,999
At that moment

1788
01:25:53,000 --> 01:25:56,280
with a stupid look, Mark Baum realized

1789
01:25:56,280 --> 01:25:58,680
the entire world economy
might collapse.

1790
01:26:02,320 --> 01:26:04,320
And I know what you think.

1791
01:26:04,320 --> 01:26:06,760
"What is synthetic CDO?"

1792
01:26:09,040 --> 01:26:12,759
This is Dr. Richard Thaler,
The father of the behavioral economy

1793
01:26:12,760 --> 01:26:15,719
and Selena Gomez who will explain.

1794
01:26:15,720 --> 01:26:18,960
OK. So this is how
synthetic CDO works.

1795
01:26:18,960 --> 01:26:21,920
Just say I bet $ 10 million
for a blackjack position.

1796
01:26:21,960 --> 01:26:24,800
$ 10 million because this position symbolizes

1797
01:26:24,800 --> 01:26:27,040
a mortgage securities.

1798
01:26:30,000 --> 01:26:33,560
Okay, Selena's position here
is pretty good, showing 18.

1799
01:26:33,560 --> 01:26:34,640
Bandar shows seven.

1800
01:26:34,641 --> 01:26:36,800
A very good position for Selena.

1801
01:26:36,800 --> 01:26:38,240
Good opportunity.
The fact is, the chance to win

1802
01:26:38,241 --> 01:26:40,719
in this position is 87%.

1803
01:26:40,720 --> 01:26:44,199
So, my chance is good.
I'm in a series of victories.

1804
01:26:44,200 --> 01:26:46,920
All of these people joined in the action.

1805
01:26:46,920 --> 01:26:48,400
How could I lose, right?

1806
01:26:48,401 --> 01:26:49,999
This is a classic mistake.

1807
01:26:50,000 --> 01:26:53,039
In this basketball
is called Hot Hand Fallacy.

1808
01:26:53,040 --> 01:26:55,680
A player does a number of
shots in one turn.

1809
01:26:55,680 --> 01:26:58,038
People believe furthermore
they will succeed.

1810
01:26:58,039 --> 01:27:00,080
People think whatever
is happening now

1811
01:27:00,081 --> 01:27:02,919
will continue to happen in the future.

1812
01:27:02,920 --> 01:27:06,360
During a property explosion, the market continues to rise and rise  and people think
will never go down.

1813
01:27:06,360 --> 01:27:08,080
So people who watch and
think I won't lose

1814
01:27:08,081 --> 01:27:10,719
will make side bets.

1815
01:27:10,720 --> 01:27:12,239
Now, this is the first synthetic CDO.

1816
01:27:12,240 --> 01:27:14,600
I like Selena Gomez.

1817
01:27:14,600 --> 01:27:16,240
I bet $ 50 million he will win.

1818
01:27:16,280 --> 01:27:17,878
And I'll give
3 to 1 a chance for you.

1819
01:27:17,879 --> 01:27:20,040


1820
01:27:20,041 --> 01:27:23,919
Opportunity 3 to 1?
Okay, I'll take the bet.

1821
01:27:23,920 --> 01:27:27,360
Now, someone else
wants to bet too

1822
01:27:27,360 --> 01:27:28,638
from the first synthetic betting result.

1823
01:27:28,639 --> 01:27:29,880
I bet he will win $ 50 million.

1824
01:27:29,881 --> 01:27:32,919
That will be the second synthetic CDO.

1825
01:27:32,920 --> 01:27:36,239
Hey, I bet $ 200 million,
women with glasses

1826
01:27:36,240 --> 01:27:37,919
who will win the bet.

1827
01:27:37,920 --> 01:27:41,160
He might win.
So I want a large return.

1828
01:27:41,160 --> 01:27:42,400
How about 20 to 1?

1829
01:27:42,401 --> 01:27:43,919
Agree.

1830
01:27:43,920 --> 01:27:48,239
And this will continue to occur with
the increasing number of synthetic CDOs.

1831
01:27:48,240 --> 01:27:52,440
And we can change the investment
which was originally $ 10 million  to be billions of dollars.

1832
01:27:52,440 --> 01:27:54,320
Are you okay?

1833
01:27:55,280 --> 01:27:56,600
No.

1834
01:27:58,000 --> 01:27:59,000
I actually feel nauseous.

1835
01:28:00,400 --> 01:28:02,240
So I'll leave.

1836
01:28:07,440 --> 01:28:09,360
Do you think I'm like
parasites & apos, right, Mr. Baum?

1837
01:28:10,960 --> 01:28:13,920


1838
01:28:13,920 --> 01:28:17,840
However, it seems, the people
highly respect me.

1839
01:28:18,840 --> 01:28:20,640
Let's do this.

1840
01:28:22,680 --> 01:28:26,240
I'll tell you how much I have.

1841
01:28:26,240 --> 01:28:27,720
You also tell me how much you are.

1842
01:28:28,920 --> 01:28:34,000
Gosh, you really are a fucking ***.

1843
01:28:39,760 --> 01:28:41,720
Take a short position for all the things that have been touched by that person.

1844
01:28:41,721 --> 01:28:43,880
I want half a billion additional swaps.

1845
01:28:43,880 --> 01:28:46,200
Are you sure of that?
The collateral can make you bankrupt.

1846
01:28:46,201 --> 01:28:47,240
Yes. Yes.

1847
01:28:47,240 --> 01:28:48,320
Where do you want to go?

1848
01:28:48,321 --> 01:28:51,440
I want to find moral liberation

1849
01:28:51,440 --> 01:28:53,240
on the roullete table.

1850
01:29:57,440 --> 01:29:58,840
Hey, hey, hey!

1851
01:30:02,880 --> 01:30:04,360
This is worse
than I thought.

1852
01:30:06,480 --> 01:30:08,800
I think the economy will collapse.

1853
01:30:08,800 --> 01:30:10,040
But first you said

1854
01:30:10,041 --> 01:30:13,560
the system has been damaged since
Mark was first. So...

1855
01:30:13,560 --> 01:30:15,480
Why are you surprised?

1856
01:30:17,960 --> 01:30:21,519
This is more complicated than anything I ever imagined.

1857
01:30:21,520 --> 01:30:23,800
You who want to be honest.

1858
01:30:23,800 --> 01:30:25,480
I'm a banker.
I'm one of the parts.

1859
01:30:25,481 --> 01:30:27,879
Always like that, Mark.
You are not affected.

1860
01:30:27,880 --> 01:30:31,920
That changes me.
Turn me into someone

1861
01:30:31,920 --> 01:30:33,838
who is unable to reach people...

1862
01:30:33,839 --> 01:30:36,320
He is in pain.
My brother is really in pain.

1863
01:30:36,321 --> 01:30:38,680
There is no perfect way to help.

1864
01:30:41,720 --> 01:30:44,280
Sad. Scary.

1865
01:30:44,280 --> 01:30:47,520
So stop trying to improve the world.

1866
01:30:47,560 --> 01:30:48,680
He tells me...

1867
01:30:48,681 --> 01:30:50,120
You're not a saint.

1868
01:30:50,120 --> 01:30:52,080
Saints don't live on Park Avenue.

1869
01:30:52,081 --> 01:30:53,759
Who has bad thoughts.

1870
01:30:53,760 --> 01:30:56,920
Feel something like us.

1871
01:30:56,920 --> 01:31:01,400
My first response is
offering him some money.

1872
01:31:01,440 --> 01:31:04,320
I offer him money!

1873
01:31:09,600 --> 01:31:12,200
His face was so hit.

1874
01:31:31,280 --> 01:31:32,600
That's right.

1875
01:32:39,320 --> 01:32:40,719
Michael?

1876
01:32:40,720 --> 01:32:42,160
- Michael?
- Yes. Yes.

1877
01:32:42,160 --> 01:32:43,240
Is everything okay?

1878
01:32:43,241 --> 01:32:44,319
Yes dear.

1879
01:32:44,320 --> 01:32:45,400
Are you sure?

1880
01:32:45,400 --> 01:32:46,440
Yes dear.

1881
01:32:48,240 --> 01:32:49,520
I'm fine.

1882
01:32:58,520 --> 01:33:00,240
For all investors.

1883
01:33:00,240 --> 01:33:02,320
As you know,

1884
01:33:02,360 --> 01:33:06,360
our agreement allows me to take an unusual benchmark

1885
01:33:06,400 --> 01:33:09,360
when the market does not function
properly.

1886
01:33:09,400 --> 01:33:13,080
I currently have reason to believe that mortgage market securities  has been cheated.

1887
01:33:13,760 --> 01:33:15,520
So that with the aim of protecting the
investors from this rigged market,

1888
01:33:17,680 --> 01:33:22,519
I decided to limit the withdrawal of investor funds  until further notice.

1889
01:33:22,520 --> 01:33:25,839
With respect, Dr. Michael J. Burry.

1890
01:33:25,840 --> 01:33:27,880
I will demand.

1891
01:33:27,880 --> 01:33:31,520
Everyone, deep down, is waiting for the end of the world. Haruki Murakami (Novel 1Q84)

1892
01:34:02,612 --> 01:34:05,120
I never thought of my life

1893
01:34:29,664 --> 01:34:36,912
can change so far
since I moved to L.A.

1894
01:34:39,080 --> 01:34:40,720


1895
01:34:40,721 --> 01:34:43,360


1896
01:34:43,360 --> 01:34:45,800
It's not like, it's easy to,
don't meet you.

1897
01:34:45,801 --> 01:34:49,120
He dismisses rumors that he is using drugs to increase stamina.

1898
01:34:49,120 --> 01:34:50,598
The notes are not manipulated.

1899
01:34:50,599 --> 01:34:51,838
Oh, God, friend.

1900
01:34:51,839 --> 01:34:53,640
Can you stop
changing TV channels?

1901
01:34:53,641 --> 01:34:55,359
- You drive me crazy.
- OK.

1902
01:34:55,360 --> 01:34:58,240
- Okay.
- Move to the business channel only.

1903
01:34:58,240 --> 01:34:59,520
And S & P gets 3 points.

1904
01:34:59,521 --> 01:35:00,600
Gosh!

1905
01:35:00,600 --> 01:35:02,480
Today's mortgage crisis continues.

1906
01:35:02,481 --> 01:35:05,279
Subprima lenders
New Century Financial,

1907
01:35:05,280 --> 01:35:08,000
was once the top in this industry,
currently, submitted to bankruptcy.

1908
01:35:08,000 --> 01:35:10,500
- Company immediately...
- Whoa, whoa, whoa.

1909
01:35:10,520 --> 01:35:11,760
My voice is back again...

1910
01:35:11,761 --> 01:35:14,120
Firing 3,200 workers.

1911
01:35:14,160 --> 01:35:16,560
Manufacturing Index also
falls in March...

1912
01:35:16,561 --> 01:35:17,760
It's started.

1913
01:35:17,760 --> 01:35:19,360
A warning that
the economy can slow down.

1914
01:35:19,361 --> 01:35:20,960
Supply Management Institute

1915
01:35:20,960 --> 01:35:22,480
also reported rising prices...

1916
01:35:22,481 --> 01:35:24,080
I will contact my mother.

1917
01:35:26,360 --> 01:35:29,279
Source of slowdown
economic growth...

1918
01:35:29,280 --> 01:35:31,439
Time, time and time again,

1919
01:35:31,440 --> 01:35:33,680
I can just beat you, Mark!

1920
01:35:33,680 --> 01:35:35,040
We have known each other for 7 years...

1921
01:35:35,041 --> 01:35:37,400
He is very nagging.
I am amazed.

1922
01:35:38,560 --> 01:35:41,280
I can only enjoy it.

1923
01:35:41,320 --> 01:35:43,040
Not possible.
It's impossible

1924
01:35:43,040 --> 01:35:44,520
such a big bank.

1925
01:35:45,520 --> 01:35:47,360
See you later, Kathy!

1926
01:35:52,000 --> 01:35:54,199
So?

1927
01:35:54,200 --> 01:35:57,920
According to Kathy it would be better if we sold our short positions.

1928
01:35:57,920 --> 01:35:59,038
What's new?

1929
01:35:59,039 --> 01:36:00,960
And he said Morgan
Stanley would buy it.

1930
01:36:00,961 --> 01:36:01,960
Damn!

1931
01:36:02,680 --> 01:36:04,040
What are you saying?

1932
01:36:04,040 --> 01:36:05,640
I told him we wouldn't sell a dime.

1933
01:36:11,880 --> 01:36:15,839
Uh, if you need data in 2005...

1934
01:36:15,840 --> 01:36:19,599
Demands Mr. Fields are very
specific for data from past years.

1935
01:36:19,600 --> 01:36:22,440
Good. Then come out.
Give my greetings to Lawrence.

1936
01:36:22,440 --> 01:36:23,800
I will deliver.

1937
01:36:26,640 --> 01:36:28,400
After a new week, can you call me back?

1938
01:36:28,401 --> 01:36:30,599
Sorry, Mike.

1939
01:36:30,600 --> 01:36:33,879
Goldman system failed.
A lot of messages are missing.

1940
01:36:33,880 --> 01:36:36,039
Yes, B of A says
electric power problem,

1941
01:36:36,040 --> 01:36:39,320
and Morgan Stanley says
their server is stuck.

1942
01:36:39,320 --> 01:36:40,560
Huh. That's weird.

1943
01:36:40,561 --> 01:36:43,160
I don't think it's possible.

1944
01:36:43,160 --> 01:36:46,720
So what is our position at the market?

1945
01:36:47,560 --> 01:36:49,399
I think it's still the same, Mike.

1946
01:36:49,400 --> 01:36:51,320
What? Can you explain to me?

1947
01:36:51,320 --> 01:36:54,720
Because of how possible
the value of an insurance contract

1948
01:36:54,760 --> 01:36:58,999
not affected by death
the things insured?

1949
01:36:59,000 --> 01:37:01,920
They are stand-alone markets.
Not always related.

1950
01:37:01,920 --> 01:37:03,000
I know that sounds weird,

1951
01:37:03,001 --> 01:37:05,440
but this is a very complicated product.

1952
01:37:06,280 --> 01:37:08,240
They are related.

1953
01:37:08,240 --> 01:37:10,318
They will lose their place of residence,
they will lose their jobs,

1954
01:37:10,319 --> 01:37:11,320
they will lose...

1955
01:37:14,200 --> 01:37:16,240
Do you listen to me?

1956
01:37:16,280 --> 01:37:19,000
This is like the end of capitalism.

1957
01:37:19,000 --> 01:37:22,320
This is like the Dark Ages repeated again.

1958
01:37:23,360 --> 01:37:24,600
I don't want to talk to Daddy.

1959
01:37:24,601 --> 01:37:27,839
Okay, I also love Mom.
Save your money.

1960
01:37:27,840 --> 01:37:32,000
My mother said I had to drink Xanax
and double the dose of Zoloft.

1961
01:37:32,000 --> 01:37:34,038
I ask Bear Stearns to
estimate the price of our short positions.

1962
01:37:34,039 --> 01:37:35,720
They say CDO prices have not moved.

1963
01:37:35,721 --> 01:37:37,600
This is really crazy!

1964
01:37:37,600 --> 01:37:39,200
Do you realize it? These people are criminals

1965
01:37:39,201 --> 01:37:41,399
and they should be put in jail.

1966
01:37:41,400 --> 01:37:42,639
Look at the TABX.

1967
01:37:42,640 --> 01:37:44,520
You can see the CDO value ZERO!

1968
01:37:44,520 --> 01:37:45,638
So you know what they are doing, huh?

1969
01:37:45,639 --> 01:37:46,840
You know what they do & apos; right?

1970
01:37:46,841 --> 01:37:48,559
Yeah. They reconstruct.

1971
01:37:48,560 --> 01:37:51,960
They sell CDO, then
them to another bank

1972
01:37:51,960 --> 01:37:54,160
and take a short position from
something they just sold!

1973
01:37:54,161 --> 01:37:55,840
Let's meet the media!

1974
01:37:55,840 --> 01:37:59,120
This is a great story.
Who doesn't want to publish it?

1975
01:38:00,080 --> 01:38:01,839
Robert Redford!

1976
01:38:01,840 --> 01:38:03,360
No, you don't understand!

1977
01:38:03,360 --> 01:38:04,920
I understand friends.
I understand.

1978
01:38:06,680 --> 01:38:08,360
What should I do?

1979
01:38:08,360 --> 01:38:10,120
Do you want me to write "Destroy Us"?

1980
01:38:10,121 --> 01:38:12,080
Yes! That's the perfect title!

1981
01:38:12,080 --> 01:38:16,400
Casey, now every bank in this city
reconstructs securities

1982
01:38:16,440 --> 01:38:18,240
to customers who don't understand anything.

1983
01:38:18,241 --> 01:38:21,319
And they don't evaluate it until
they remove it from registration.

1984
01:38:21,320 --> 01:38:23,879
This level of crime like
has not happened before,

1985
01:38:23,880 --> 01:38:27,239
even on Wall Street.

1986
01:38:27,240 --> 01:38:30,359
Jamie... and I'm honest?

1987
01:38:30,360 --> 01:38:32,999
It took me years to establish
relationships with Wall Street.

1988
01:38:33,000 --> 01:38:37,239
There are no banks or any rating agencies
which will justify stories like this

1989
01:38:37,240 --> 01:38:39,880
just because the news is
from two people from...

1990
01:38:39,880 --> 01:38:43,280
Sorry, the trader from the warehouse who thinks this is the end of the world.

1991
01:38:44,800 --> 01:38:45,960
Wow.

1992
01:38:45,960 --> 01:38:47,360
I think you're what you are, Casey.

1993
01:38:47,361 --> 01:38:48,879
I really think so.

1994
01:38:48,880 --> 01:38:50,240
Seriously?

1995
01:38:50,240 --> 01:38:52,280
Yes, Jamie, try to be a father with a 3-year-old child  and wife who is currently studying S2.

1996
01:38:52,281 --> 01:38:54,400
I don't want to waste
my reputation for your wild hunch.

1997
01:38:54,400 --> 01:38:57,720
Wow.

1998
01:38:58,560 --> 01:38:59,879
Wow.

1999
01:38:59,880 --> 01:39:01,240
Thank you for coming friend.

2000
01:39:01,240 --> 01:39:02,358
It's nice to meet you.

2001
01:39:02,359 --> 01:39:03,600
Yeah, Casey. I always hate you,

2002
01:39:03,601 --> 01:39:05,719
because when you were in college you were a bastard

2003
01:39:05,720 --> 01:39:07,799
and has not changed to this day!

2004
01:39:07,800 --> 01:39:10,599


2005
01:39:10,600 --> 01:39:13,639
Thank you, Charlie.
Still living with your mother?

2006
01:39:13,640 --> 01:39:15,199
Charlie, come on!

2007
01:39:15,200 --> 01:39:17,720
Mark Baum again. Contact me.

2008
01:39:17,720 --> 01:39:19,400
Subprime securities fall free.

2009
01:39:19,401 --> 01:39:21,439
Rumors are scattered and credit is getting worse.

2010
01:39:21,440 --> 01:39:24,319
Who can transfer data
money faster? I'm sure Goldman.

2011
01:39:24,320 --> 01:39:25,759
Yeah, that's right.

2012
01:39:25,760 --> 01:39:29,000
Jared, chaos occurs.
Where are we?

2013
01:39:29,000 --> 01:39:32,240
"Caesar cries, because there is no other world to conquer."

2014
01:39:33,800 --> 01:39:35,080
Shane?

2015
01:39:35,440 --> 01:39:36,680
Shane?

2016
01:39:38,280 --> 01:39:41,039
No one else buys CDO
or mortgage securities

2017
01:39:41,040 --> 01:39:42,679
and everyone wants to swap.

2018
01:39:42,680 --> 01:39:45,120
Swaps are the most popular product.

2019
01:39:45,120 --> 01:39:46,998
- That's good for us.
- Yes and no.

2020
01:39:46,999 --> 01:39:48,520
I heard from someone who
heard from someone...

2021
01:39:48,521 --> 01:39:51,240
No, Alex, no. Sorry.

2022
01:39:54,400 --> 01:39:56,320
Bennie Cleager at Morgan experienced

2023
01:39:56,320 --> 01:39:57,920
big losses in the field of securities.

2024
01:39:59,440 --> 01:40:01,440
Your ship might have already entered the water.

2025
01:40:01,480 --> 01:40:03,800
Maybe it's time to get out
a life jacket and get out.

2026
01:40:04,520 --> 01:40:06,600
I was robbed.

2027
01:40:06,600 --> 01:40:09,080
I was robbed! All out!

2028
01:40:09,720 --> 01:40:10,840
Good.

2029
01:40:10,840 --> 01:40:12,920
- Do you feel it?
- No.

2030
01:40:19,120 --> 01:40:20,560
What did you hear, Tommy?

2031
01:40:22,720 --> 01:40:23,799
happens.

2032
01:40:23,800 --> 01:40:25,839
Everyone wants our swap.

2033
01:40:25,840 --> 01:40:28,200
Kathy's office is looking for you.

2034
01:40:28,200 --> 01:40:30,640
Currently their tone is different & apos; right?

2035
01:40:31,960 --> 01:40:33,440
That's not good.

2036
01:40:38,280 --> 01:40:39,720
Maybe later. Not at this time.

2037
01:40:39,721 --> 01:40:42,280
This is a joke. Will never.

2038
01:40:45,640 --> 01:40:47,119
I listen.

2039
01:40:47,120 --> 01:40:48,800
- Dr. Burry?
- Yes.

2040
01:40:48,800 --> 01:40:50,318
Deeb Winston, Goldman Sachs.

2041
01:40:50,319 --> 01:40:51,878
Look, I'm checking your position.

2042
01:40:51,879 --> 01:40:54,200
I want to talk about your position
and make sure everything is reasonable.

2043
01:40:54,201 --> 01:40:57,119
Yes, I think you mean

2044
01:40:57,120 --> 01:41:00,039
You secure a short
net position by yourself.

2045
01:41:00,040 --> 01:41:03,000
So you are free and mark
swap accurately from me

2046
01:41:03,000 --> 01:41:05,640
because now you want
to do that.

2047
01:41:07,840 --> 01:41:10,080
I'm not sure you want
what I say.

2048
01:41:10,081 --> 01:41:11,560
I guess...

2049
01:41:13,080 --> 01:41:15,160
I think you've said it.

2050
01:41:23,000 --> 01:41:25,200
Tell Jeff in Goldman that I will not transfer funds.

2051
01:41:25,201 --> 01:41:26,840
This is nonsense!

2052
01:41:34,000 --> 01:41:35,760
Okay, we'll talk about it later.

2053
01:41:36,240 --> 01:41:37,680
Thank you.

2054
01:41:40,200 --> 01:41:42,120
Thank you for coming soon, Mark.

2055
01:41:42,121 --> 01:41:43,760
- Yeah.
- Um...

2056
01:41:43,760 --> 01:41:45,078
I know you've heard rumors

2057
01:41:45,079 --> 01:41:46,680
about a number of losses
Morgan experienced.

2058
01:41:46,681 --> 01:41:48,640
- Congratulations.
- What for?

2059
01:41:49,280 --> 01:41:50,320
Oh

2060
01:41:51,040 --> 01:41:52,600
Thank you. Um...

2061
01:41:52,600 --> 01:41:53,920
Fun?

2062
01:41:54,960 --> 01:41:56,320
Yes.

2063
01:41:57,560 --> 01:41:59,359
Very. Um...

2064
01:41:59,360 --> 01:42:02,280
I want you to know that, um...

2065
01:42:02,280 --> 01:42:04,040
That, yes, Morgan experienced
a number of losses,

2066
01:42:04,041 --> 01:42:08,039
but our liquidity is strong and
there is nothing to worry about.

2067
01:42:08,040 --> 01:42:11,239
Should Bennie Cleager worry?

2068
01:42:11,240 --> 01:42:12,640
Because of the story

2069
01:42:12,640 --> 01:42:15,480
he suffered a big loss.

2070
01:42:16,800 --> 01:42:18,680
Kathy, come on. We already know each other.

2071
01:42:18,681 --> 01:42:21,280
What happened?

2072
01:42:21,320 --> 01:42:22,959
How bad?

2073
01:42:22,960 --> 01:42:24,919
OK.

2074
01:42:24,920 --> 01:42:28,079
Two years ago, Bennie Cleager
worked in the Morgan

2075
01:42:28,080 --> 01:42:31,680
securities division  also takes short positions for credit
subprime property, $ 2 billion BBB.

2076
01:42:31,680 --> 01:42:33,000
Bennie is smarter than I thought.

2077
01:42:33,001 --> 01:42:34,519
No, it's not smart at all.

2078
01:42:34,520 --> 01:42:36,999
The premium from the swap
takes up the profits.

2079
01:42:37,000 --> 01:42:39,000
To balance BBB's short position,

2080
01:42:39,000 --> 01:42:41,600
he sells so many swaps
A and AA as protection.

2081
01:42:41,640 --> 01:42:43,319
Lots.

2082
01:42:43,320 --> 01:42:47,080
According to him it is impossible that
will be affected.

2083
01:42:47,080 --> 01:42:50,440
Tell me Morgan Stanley doesn't
delay the swap contract.

2084
01:42:53,760 --> 01:42:55,919
Damn.

2085
01:42:55,920 --> 01:42:59,600
During this time I tried to find out
know who is my opponent,

2086
01:42:59,600 --> 01:43:01,440
and apparently Morgan Stanley.

2087
01:43:02,360 --> 01:43:03,720
Where is the same as me.

2088
01:43:05,440 --> 01:43:08,679
How big is the exposure? $ 3 billion?

2089
01:43:08,680 --> 01:43:10,679
Please don't say more than four.

2090
01:43:10,680 --> 01:43:12,399
I can't answer that.

2091
01:43:12,400 --> 01:43:15,640
Yes, you can answer it,
because I entered here

2092
01:43:15,640 --> 01:43:18,720
and people crying
along the hallway.

2093
01:43:19,120 --> 01:43:20,800
Kathy,

2094
01:43:20,800 --> 01:43:22,878
You asked me to come for
saying everything was fine,

2095
01:43:22,879 --> 01:43:24,120
and apparently not.

2096
01:43:24,760 --> 01:43:26,680
What happened?

2097
01:43:28,880 --> 01:43:31,040
The exposure is as big as...

2098
01:43:32,960 --> 01:43:34,480
$ 15 billion.

2099
01:43:40,400 --> 01:43:41,640
Gosh!

2100
01:43:41,640 --> 01:43:44,080
He always says bad credit
is not possible more than 8%.

2101
01:43:44,081 --> 01:43:45,200
Oh, my goodness.

2102
01:43:45,200 --> 01:43:46,400
There will be millions of people
losing their homes!

2103
01:43:47,840 --> 01:43:50,080
Yes, but we can't do anything to Morgan Stanley.

2104
01:43:53,040 --> 01:43:54,479
Yes...

2105
01:43:54,480 --> 01:43:56,560
Submit to bankrupt proceedings.

2106
01:43:56,560 --> 01:43:59,680
Morgan falls, all of our accounts go into their balance sheets.

2107
01:44:00,320 --> 01:44:02,120
This is crazy.

2108
01:44:02,120 --> 01:44:03,560
Morgan makes us bet

2109
01:44:03,561 --> 01:44:06,400


2110
01:44:06,400 --> 01:44:08,920
Take a short position for bank stock.
Then we wait.

2111
01:44:12,840 --> 01:44:14,840
Or we sell our swaps when the market opens.

2112
01:44:16,600 --> 01:44:19,719
We get bonuses, our investors
get profit, we get...

2113
01:44:19,720 --> 01:44:22,520
30 cents per dollar? Not bad.

2114
01:44:22,520 --> 01:44:24,078
That way our returns are 3 times.

2115
01:44:24,079 --> 01:44:25,878
Not if there is no market left as a place to sell.

2116
01:44:25,879 --> 01:44:27,878
Forget it. We won't
waste our supporters.

2117
01:44:27,879 --> 01:44:30,320
If Morgan is below expectations,
we won't get anything.

2118
01:44:30,321 --> 01:44:31,320
Vinnie.

2119
01:44:33,120 --> 01:44:36,280
Come on. I will say
when it's time to sell.

2120
01:44:40,400 --> 01:44:42,879
Look, I understand there are personal elements for you,

2121
01:44:42,880 --> 01:44:45,239
however we have
financial responsibility.

2122
01:44:45,240 --> 01:44:47,000
No. There is no.

2123
01:44:47,000 --> 01:44:49,360
There is no one responsible.

2124
01:44:49,400 --> 01:44:52,599
Fuck with responsibility.
Are you kidding?

2125
01:44:52,600 --> 01:44:54,800
The big bastards at the bank
will take...

2126
01:44:54,800 --> 01:44:55,920
Do you want dessert?

2127
01:44:55,921 --> 01:44:57,640
Please, we are talking!

2128
01:44:58,440 --> 01:44:59,920
- Please let us.
- Sorry.

2129
01:45:02,080 --> 01:45:04,959
We will wait,
and we will wait,

2130
01:45:04,960 --> 01:45:06,639
and keep waiting

2131
01:45:06,640 --> 01:45:10,720
until they feel the pain,
until they bleed.

2132
01:45:10,720 --> 01:45:12,918
- This is what I want.
- But what about the clients

2133
01:45:12,919 --> 01:45:14,318
who entrust their funds to us...

2134
01:45:14,319 --> 01:45:15,558
I will say when it's time to sell.

2135
01:45:15,559 --> 01:45:16,678
This is not about you.

2136
01:45:16,679 --> 01:45:17,998
This is not about you and
mahogany soapbox

2137
01:45:17,999 --> 01:45:19,238
- Upper East Side.
- Hey! Hey!

2138
01:45:19,239 --> 01:45:20,560
I will say when it's time to sell!

2139
01:45:22,160 --> 01:45:23,920
It's up to you, Mark.

2140
01:45:30,640 --> 01:45:32,400
Do you hear the news?

2141
01:45:34,280 --> 01:45:36,640
OK. So there are not only two
mortgage protection funds

2142
01:45:36,680 --> 01:45:38,520
the guaranteed Bear Stearns
that rises to the surface,

2143
01:45:38,521 --> 01:45:41,719
but now there is a legal claim to Bear.

2144
01:45:41,720 --> 01:45:42,999
Gosh!

2145
01:45:43,000 --> 01:45:45,600
Come on! Push! Push!

2146
01:45:45,600 --> 01:45:47,118
So what?
Now Bear can really fall down.

2147
01:45:47,119 --> 01:45:48,960
- This is a risk that we should not take.
- Then how?

2148
01:45:48,961 --> 01:45:51,040
We buy our 80% swap from Bear.

2149
01:45:51,040 --> 01:45:52,720
- We can lose everything.
- So how?

2150
01:45:52,721 --> 01:45:54,240
- Hey, sir?
- Wait a minute!

2151
01:45:54,240 --> 01:45:55,318
That's my opinion.

2152
01:45:55,319 --> 01:45:56,598
We buy everything.

2153
01:45:56,599 --> 01:45:57,838
We don't know how to sell it at all.

2154
01:45:57,839 --> 01:45:59,358
I know. We must contact Ben to do it.

2155
01:45:59,359 --> 01:46:01,400
I tried contacting him and
he didn't reply.

2156
01:46:01,440 --> 01:46:03,798
No. He is on vacation with his wife's family.

2157
01:46:03,799 --> 01:46:04,960
They are in England.

2158
01:46:05,880 --> 01:46:07,040
What?

2159
01:46:14,640 --> 01:46:16,280
- Hello, Ben. Hey,
- You guys?

2160
01:46:16,320 --> 01:46:17,958
Yeah, we're here.
Can you hear us?

2161
01:46:17,959 --> 01:46:19,640
- Do you hear?
- Yes, we heard.

2162
01:46:19,641 --> 01:46:23,559
Yes. It's very difficult to get signals or Wi-Fi.

2163
01:46:23,560 --> 01:46:26,519
I will try to sell
$ 200 million worth of securities.

2164
01:46:26,520 --> 01:46:29,160
In a pub. That smells like sheep.

2165
01:46:29,160 --> 01:46:30,238
You can do it.

2166
01:46:30,239 --> 01:46:31,600
I don't want to pressure you, Ben

2167
01:46:31,601 --> 01:46:34,320
but if you don't succeed,
we lose everything.

2168
01:46:34,320 --> 01:46:37,600
OK. Let's see
how Credit Suisse tastes.

2169
01:46:42,760 --> 01:46:44,040
Here is Brownfield Fund.

2170
01:46:44,041 --> 01:46:46,280
I want to sell my Bad Credit Swap.

2171
01:46:46,280 --> 01:46:48,000
OK. How much do you have?

2172
01:46:48,001 --> 01:46:50,279
20 pieces of tranche AA from CDO A.B.S.

2173
01:46:50,280 --> 01:46:52,839
A.B.S.? Is...
Is it bad enough?

2174
01:46:52,840 --> 01:46:55,119
Of course. Very bad.

2175
01:46:55,120 --> 01:46:56,719
What is the abstract value?

2176
01:46:56,720 --> 01:46:59,679
Nominal value at maturity
amounting to 205 million dollars.

2177
01:46:59,680 --> 01:47:02,320
Well, we can, in number 50.

2178
01:47:02,320 --> 01:47:03,720
No. We want at least 100 million.

2179
01:47:03,721 --> 01:47:07,519
100 million? Who are you,
drug dealer or banker?

2180
01:47:07,520 --> 01:47:10,080
Because if you are a banker, you can leave now!

2181
01:47:10,080 --> 01:47:11,358
I don't know what we can with that number.

2182
01:47:11,359 --> 01:47:12,560
Just give your best number?

2183
01:47:12,561 --> 01:47:15,200
Yes. Chuck 100 million for me, friend.

2184
01:47:15,200 --> 01:47:16,918
I think our difference is far away.

2185
01:47:16,919 --> 01:47:19,360
Listen, if you don't want this transaction, just close the phone.

2186
01:47:21,800 --> 01:47:23,360
That's what I thought.

2187
01:47:24,120 --> 01:47:26,120
- 90 million.
- 70.

2188
01:47:27,120 --> 01:47:29,200
85.

2189
01:47:29,200 --> 01:47:31,160
- 78.
- 84.

2190
01:47:32,360 --> 01:47:34,400
- 78.
- 84.

2191
01:47:36,200 --> 01:47:38,080
Here Dr. Burry.

2192
01:47:38,080 --> 01:47:40,920
It seems that the collapse of the financial sector is near.

2193
01:47:41,920 --> 01:47:44,240
Let's start selling my position.

2194
01:47:44,240 --> 01:47:46,080
$ 1.3 billion.

2195
01:47:47,600 --> 01:47:49,440
Of course, I'll wait.

2196
01:47:51,228 --> 01:48:04,501
Greetings Lawrance, your total profit of $ 489 million from Scion
Capital has been entered into your account. Thank you again.

2197
01:48:13,240 --> 01:48:15,599
So, I'm right.

2198
01:48:15,600 --> 01:48:18,479
I have a lot of problems for 2 years,

2199
01:48:18,480 --> 01:48:20,759
but I'm right.

2200
01:48:20,760 --> 01:48:23,440
And everyone is wrong.

2201
01:48:23,440 --> 01:48:26,600
And, really, I got a bonus from that.
Demand me.

2202
01:48:27,280 --> 01:48:28,759
Do you know?

2203
01:48:28,760 --> 01:48:32,479
This is a lot of money. I understand.
I can feel your judgment on me.

2204
01:48:32,480 --> 01:48:34,479
Visible.

2205
01:48:34,480 --> 01:48:39,080
But, hey, I've never said
I'm a hero in this story.

2206
01:48:39,080 --> 01:48:41,640
Hey, Ben. How?

2207
01:48:42,840 --> 01:48:44,200
Eight...

2208
01:48:44,920 --> 01:48:46,639
Sorry?

2209
01:48:46,640 --> 01:48:49,000
No. 80 million.

2210
01:48:49,000 --> 01:48:50,678
$ 80 million, $ 80 million,
is good enough & isn't it?

2211
01:48:50,679 --> 01:48:51,838
- 80 is great.
- Is that good enough?

2212
01:48:51,839 --> 01:48:53,120
- 80 extraordinary, Ben.
- Okay.

2213
01:48:53,121 --> 01:48:55,799
Thank you. Thank you very much.

2214
01:48:55,800 --> 01:48:57,760
Mostly to UBS.

2215
01:48:57,760 --> 01:48:59,640
You are very lucky. The biggest bank

2216
01:48:59,641 --> 01:49:02,719
in France today freezes
the customer's money market account.

2217
01:49:02,720 --> 01:49:04,359
This reaches Europe.

2218
01:49:04,360 --> 01:49:06,280
Greece and Iceland have collapsed.

2219
01:49:06,280 --> 01:49:07,720
Spain is experiencing a crisis.

2220
01:49:07,721 --> 01:49:09,720
Seriously? Shit

2221
01:49:09,720 --> 01:49:11,598
Ben, contact us when you return.

2222
01:49:11,599 --> 01:49:13,000
However, hey, before you close,

2223
01:49:13,001 --> 01:49:15,040
uh, I'm just curious...

2224
01:49:15,720 --> 01:49:17,000
Um...

2225
01:49:18,120 --> 01:49:20,200
Why do you do this for us?

2226
01:49:21,160 --> 01:49:23,480
You don't need to. Uh...

2227
01:49:23,480 --> 01:49:28,040
Thank you. But why?

2228
01:49:28,080 --> 01:49:31,519
You say you want to be rich.
Now you are rich.

2229
01:49:31,520 --> 01:49:32,680
Goal!

2230
01:49:32,680 --> 01:49:34,520
Pamplona manages to score.

2231
01:49:38,520 --> 01:49:41,120
Along with the property market and
banks experiencing chaos,

2232
01:49:41,120 --> 01:49:43,598
only one who refuses
sells his short position.

2233
01:49:43,599 --> 01:49:44,800
Mark Baum.

2234
01:49:48,200 --> 01:49:50,318
So it's very perfect when he is asked to speak

2235
01:49:50,319 --> 01:49:52,240
at a conference
against Bruce Miller,

2236
01:49:52,241 --> 01:49:55,080
investors who are always optimistic.

2237
01:49:55,080 --> 01:49:57,400
After him and Mark
argue, Alan Greenspan,

2238
01:49:57,401 --> 01:50:01,080
one of the architects of the whole
crisis is scheduled to speak.

2239
01:50:01,080 --> 01:50:04,080
All people in Mark's office were present,
he even invited his friends.

2240
01:50:05,360 --> 01:50:08,839
This is the match of Ali vs. Foreman in the financial world.

2241
01:50:08,840 --> 01:50:11,320
Realistic against the fool.

2242
01:50:11,320 --> 01:50:12,920
And if it looks too perfect,

2243
01:50:12,921 --> 01:50:15,680
believe me, this really happened.

2244
01:50:17,000 --> 01:50:23,560
Welcome everyone.
Let's give a warm welcome to

2245
01:50:23,560 --> 01:50:27,480
Mr. Bruce Miller and Mark Baum.

2246
01:50:44,320 --> 01:50:45,800
Take control of yourself.

2247
01:50:47,080 --> 01:50:49,320
So as some of you know, Bear Stearns

2248
01:50:49,321 --> 01:50:51,959
just received a loan from JP Morgan.

2249
01:50:51,960 --> 01:50:54,919
Of course, we have to wait and
see how the market responds,

2250
01:50:54,920 --> 01:50:58,679
but it should be able to answer
public attention about the health of the bank.

2251
01:50:58,680 --> 01:51:01,119
You have no plans to sell

2252
01:51:01,120 --> 01:51:03,760
Your stock at Bear of $ 200 million?

2253
01:51:03,760 --> 01:51:05,440
No. Maybe, when it's done from here,

2254
01:51:05,441 --> 01:51:07,360
I will buy more.

2255
01:51:08,760 --> 01:51:12,280
At different points of view, Mr. Baum.

2256
01:51:14,680 --> 01:51:16,760
I have to stand up.

2257
01:51:19,520 --> 01:51:21,519
Okay, hi.

2258
01:51:21,520 --> 01:51:24,280
My firm's research is quite simple.

2259
01:51:24,280 --> 01:51:26,158
Wall Street takes a brilliant idea,

2260
01:51:26,159 --> 01:51:27,960
mortgage securities from Lewis Ranieri,

2261
01:51:27,961 --> 01:51:30,279
and turn it into an atomic bomb

2262
01:51:30,280 --> 01:51:32,799
with embezzlement and ignorance

2263
01:51:32,800 --> 01:51:35,519
which in its journey
damages the world economy.

2264
01:51:35,520 --> 01:51:38,199
How do you really feel?

2265
01:51:38,200 --> 01:51:40,199
I'm glad you still have a sense of humor.

2266
01:51:40,200 --> 01:51:42,639
If you become yourself surely
my humor tastes gone.

2267
01:51:42,640 --> 01:51:46,720
Anyone who knows me knows that

2268
01:51:46,720 --> 01:51:49,280
it doesn't matter to me to say
people are wrong if that is the truth.

2269
01:51:49,320 --> 01:51:53,480
Bear Stearn refutes
rumors of liquidity problems.

2270
01:51:53,480 --> 01:51:55,760
Gosh, it's become 39 now!

2271
01:51:57,920 --> 01:52:00,560
We live in an era of
American embezzlement.

2272
01:52:00,560 --> 01:52:03,360
Not only banking, but also in government,

2273
01:52:03,400 --> 01:52:06,399
education, religion, food,

2274
01:52:06,400 --> 01:52:08,599
even baseball.

2275
01:52:08,600 --> 01:52:11,839
What bothers me is not

2276
01:52:11,840 --> 01:52:15,920
because darkening is not good
or embezzlement is evil.

2277
01:52:15,920 --> 01:52:17,840
That's it for 15,000 years

2278
01:52:18,640 --> 01:52:20,280
embezzlement and short-term thinking

2279
01:52:20,281 --> 01:52:22,759
never works.

2280
01:52:22,760 --> 01:52:25,759
- Gosh, Bear in position 37...
- Never once.

2281
01:52:25,760 --> 01:52:29,119
Finally, people are trapped,
not as planned.

2282
01:52:29,120 --> 01:52:30,680
Everything falls.

2283
01:52:30,680 --> 01:52:32,960
When do we forget about that?

2284
01:52:37,120 --> 01:52:39,959
I think we are better than this.
I really think so.

2285
01:52:39,960 --> 01:52:42,119
And in fact we
are no better than that

2286
01:52:42,120 --> 01:52:44,919
doesn't make me feel
better and better.

2287
01:52:44,920 --> 01:52:47,840
That makes me... sad.

2288
01:52:47,840 --> 01:52:50,200
Every time I press
"refresh" the value decreases.

2289
01:52:51,880 --> 01:52:53,800
And fun seeing

2290
01:52:53,800 --> 01:52:56,200
Wall Street actors who are
arrogant and stupid turned out to be wrong,

2291
01:52:56,201 --> 01:52:59,319
and you're wrong, sir,

2292
01:52:59,320 --> 01:53:02,959
I know, at the end of the day

2293
01:53:02,960 --> 01:53:05,799
ordinary people who will become

2294
01:53:05,800 --> 01:53:08,639
victims of all this.

2295
01:53:08,640 --> 01:53:10,879
Because it's always like that, always.

2296
01:53:10,880 --> 01:53:11,999
Now 32.

2297
01:53:12,000 --> 01:53:13,480
This is really crazy.

2298
01:53:13,480 --> 01:53:15,480
That's my statement. thanks.

2299
01:53:16,840 --> 01:53:18,320
Let's see Deutsche.

2300
01:53:18,321 --> 01:53:21,319
Are parties optimistic about having a response?

2301
01:53:21,320 --> 01:53:24,959
It's just that, along
Wall Street history,

2302
01:53:24,960 --> 01:53:27,319
there has never been a bank investment that has fallen

2303
01:53:27,320 --> 01:53:29,839
unless it turns out to do
criminal activity.

2304
01:53:29,840 --> 01:53:33,679
So, really, I insist
with Bear Stearns optimism.

2305
01:53:33,680 --> 01:53:36,160
Mr. Miller, Sorry.
Short question.

2306
01:53:36,160 --> 01:53:38,000
Since you two started the conversation,

2307
01:53:38,001 --> 01:53:40,960
Bear Stearns
stock values have dropped by more than 38%.

2308
01:53:40,960 --> 01:53:42,560
Will you still buy more?

2309
01:53:42,600 --> 01:53:46,680
Yes, of course, of course I will buy more. Why not?

2310
01:53:47,160 --> 01:53:48,240
Boom.

2311
01:53:51,400 --> 01:53:52,720
Gosh!

2312
01:53:54,200 --> 01:53:58,360
It closes the first part
of our presentation.

2313
01:53:58,360 --> 01:54:03,080
Next, will be present
former chairman of the Central Bank,

2314
01:54:03,120 --> 01:54:04,960
Alan Greenspan.

2315
01:54:04,960 --> 01:54:06,320
Ladies and gentlemen?

2316
01:54:24,440 --> 01:54:25,880
... today employees
Lehman Brothers,

2317
01:54:25,881 --> 01:54:29,559
along with Wall
Street stock that goes down to zero.

2318
01:54:29,560 --> 01:54:31,559
The collapse of a fragile New York bank

2319
01:54:31,560 --> 01:54:35,279
following the hustle and bustle of market volatility

2320
01:54:35,280 --> 01:54:38,240
and fear of the world economy.

2321
01:54:38,240 --> 01:54:39,960
I have to look inside.

2322
01:54:40,720 --> 01:54:42,080
How do you do it?

2323
01:54:42,800 --> 01:54:44,599
Come on.

2324
01:54:44,600 --> 01:54:47,800
I leave my cellphone inside.
I have already removed my card.

2325
01:54:47,800 --> 01:54:49,280
Don't mind if I borrow your card?

2326
01:54:49,281 --> 01:54:51,880
I don't care anymore.
You can do anything.

2327
01:54:59,760 --> 01:55:01,559
Go straight to the transport.

2328
01:55:01,560 --> 01:55:03,439
Don't talk to the media.

2329
01:55:03,440 --> 01:55:06,999
After 18 years, just asked to leave?
Very impressive!

2330
01:55:07,000 --> 01:55:09,919
I will talk to anyone I want!

2331
01:55:09,920 --> 01:55:12,599
Don't talk to the media.

2332
01:55:12,600 --> 01:55:14,640
Go straight to the transport.

2333
01:55:14,640 --> 01:55:15,840
Don't talk to...

2334
01:55:18,360 --> 01:55:19,600
Hey, listen, you want to eat tonight?

2335
01:55:19,601 --> 01:55:22,120
There are, uh, Cuban nuances

2336
01:55:22,120 --> 01:55:24,440
just open on the Lower East Side.
It should be good.

2337
01:55:24,441 --> 01:55:26,120
- Oh, really?
- Yeah.

2338
01:55:26,600 --> 01:55:28,199
You and me?

2339
01:55:28,200 --> 01:55:29,840
Yeah, or someone else.

2340
01:55:29,840 --> 01:55:31,680
- Looks like okay. I want.
- Yeah.

2341
01:55:31,681 --> 01:55:32,960
Finally.

2342
01:55:33,360 --> 01:55:34,960
Mark, hey.

2343
01:55:34,960 --> 01:55:36,358
Here is a blood flood.

2344
01:55:36,359 --> 01:55:37,920
Morgan's stock loses half its value.

2345
01:55:37,921 --> 01:55:40,279
Down to 23.10.
It's free fall.

2346
01:55:40,280 --> 01:55:43,520
Clients want to talk to you
about withdrawing their funds.

2347
01:55:43,520 --> 01:55:47,000
Now or not at all, Mark.
We have to sell.

2348
01:55:50,320 --> 01:55:51,480
Mark.

2349
01:55:52,880 --> 01:55:54,360
Mark, did you hear?

2350
01:55:54,400 --> 01:55:55,960
Mailbox one.

2351
01:55:56,000 --> 01:55:59,040
You have 15 messages.

2352
01:56:00,320 --> 01:56:01,840
Mike, I can't contact you.

2353
01:56:01,841 --> 01:56:04,320
Can you contact me immediately?

2354
01:56:05,640 --> 01:56:08,719
This is Jack. Do you buy stock?

2355
01:56:08,720 --> 01:56:11,919
The middle market is in a very low
_ state. This is crazy!

2356
01:56:11,920 --> 01:56:14,679


2357
01:56:14,680 --> 01:56:16,200
In my profile it says,

2358
01:56:16,200 --> 01:56:18,640
"I'm a medical student
with just one eye,

2359
01:56:18,641 --> 01:56:20,640
" clumsy social behavior,

2360
01:56:20,641 --> 01:56:24,200
"and with loans
education of $ 145,000"

2361
01:56:24,880 --> 01:56:26,640
He writes back,

2362
01:56:26,640 --> 01:56:28,200
"You're the one I'm looking for."

2363
01:56:29,200 --> 01:56:31,039
He is truly honest.

2364
01:56:31,040 --> 01:56:32,919
So I will be honest.

2365
01:56:32,920 --> 01:56:37,239
The housing property crisis symbolizes
the biggest financial opportunity...

2366
01:56:37,240 --> 01:56:40,359
Making money is not
as I thought.

2367
01:56:40,360 --> 01:56:45,040
This business kills important parts of life.

2368
01:56:45,040 --> 01:56:48,200
Parts that don't exist
have to do with business.

2369
01:56:50,360 --> 01:56:52,520
For the past 2 years, my feelings...

2370
01:56:53,720 --> 01:56:56,119
like eating yourself.

2371
01:56:56,120 --> 01:56:58,879
Everyone I respect

2372
01:56:58,880 --> 01:57:01,640
no longer want to talk to me

2373
01:57:01,640 --> 01:57:03,480
except if you use a lawyer.

2374
01:57:07,200 --> 01:57:09,399
People

2375
01:57:09,400 --> 01:57:13,439
want authority that allows
they judge something...

2376
01:57:13,440 --> 01:57:18,999
but they choose that authority
not based on facts or results.

2377
01:57:19,000 --> 01:57:23,719
They choose it because of
power and intimacy.

2378
01:57:23,720 --> 01:57:26,280
And I'm not

2379
01:57:26,280 --> 01:57:29,360
and never "familiar" at all.

2380
01:57:31,280 --> 01:57:33,160
So...

2381
01:57:33,160 --> 01:57:36,360
So, I entered the realization phase

2382
01:57:36,400 --> 01:57:39,240
that I have to close the funds.

2383
01:57:39,240 --> 01:57:42,360
With respect, Michael J. Burry, M.D.

2384
01:58:42,080 --> 01:58:44,160
This is not what I imagined.

2385
01:58:46,160 --> 01:58:47,400
What do you think we will find?

2386
01:58:47,440 --> 01:58:48,440
I don't know.

2387
01:58:50,320 --> 01:58:51,840
Grow up.

2388
01:58:55,760 --> 01:58:57,280
Mark, are you still there?

2389
01:58:59,920 --> 01:59:01,440
Mark?

2390
01:59:01,440 --> 01:59:04,320
Paulson and Bernanke
have just left the White House.

2391
01:59:09,680 --> 01:59:11,840
There will be a bailout.

2392
01:59:13,440 --> 01:59:17,160
It should be like that & right?

2393
01:59:17,200 --> 01:59:18,440
The market will collapse.

2394
01:59:18,441 --> 01:59:19,840
They already know.

2395
01:59:19,840 --> 01:59:21,440
Cash won't stop flowing from the ATM.

2396
01:59:21,441 --> 01:59:23,280
They must limit it.

2397
01:59:23,280 --> 01:59:25,680
They already know the tax payer who will bear it.

2398
01:59:25,681 --> 01:59:28,280
They are not stupid.
It's just that they don't care.

2399
01:59:28,280 --> 01:59:30,480
Yeah. Because they are criminals.

2400
01:59:32,360 --> 01:59:36,120
But at least we will see
some of them go to prison.

2401
01:59:36,120 --> 01:59:39,360
Right? I mean, they have to break up banks.

2402
01:59:40,480 --> 01:59:41,880
I mean, the party is over.

2403
01:59:41,881 --> 01:59:44,560
I don't know, Vinnie.

2404
01:59:47,320 --> 01:59:48,880
I think

2405
01:59:48,880 --> 01:59:50,840
in the next few years
people will do

2406
01:59:50,841 --> 01:59:54,319
what they always do
when the economy fails.

2407
01:59:54,320 --> 01:59:57,839
They will blame
immigrants and poor people.

2408
01:59:57,840 --> 02:00:00,280
But Mark is wrong.

2409
02:00:00,280 --> 02:00:02,320
In the next few years,
hundreds of bankers

2410
02:00:02,321 --> 02:00:05,119
and ranking agency officials enter prison.

2411
02:00:05,120 --> 02:00:07,319
SEC completely overhauled

2412
02:00:07,320 --> 02:00:10,440
And the Board has no other choice but to break up big banks  and provide regulations for
mortgage and derivative industries.

2413
02:00:10,440 --> 02:00:12,920
Just kidding.

2414
02:00:17,720 --> 02:00:19,320
The bank takes money from
given by Americans  and use it to give
a big bonus for yourself

2415
02:00:19,320 --> 02:00:21,558
and lobby the Council to cancel
major reforms.

2416
02:00:21,559 --> 02:00:23,958
And then they blame
immigrants and the poor.

2417
02:00:23,959 --> 02:00:26,398
And this time, even the teacher.

2418
02:00:26,399 --> 02:00:28,720


2419
02:00:28,721 --> 02:00:30,880


2420
02:00:32,240 --> 02:00:33,558
And when everything is done,

2421
02:00:33,559 --> 02:00:35,280
only one banker goes to jail.

2422
02:00:36,240 --> 02:00:37,440
This damn bastard.

2423
02:00:37,441 --> 02:00:40,240
Kareem Serageldin
from Credit Suisse.

2424
02:00:40,240 --> 02:00:42,640
He hid a few billion
losses in mortgage securities,

2425
02:00:42,641 --> 02:00:45,920
something that is mostly
done by large banks during a crisis.

2426
02:00:47,520 --> 02:00:49,560
Mark, are we selling now?

2427
02:00:51,360 --> 02:00:53,920
The funds can generate nearly $ 1 billion.

2428
02:00:53,920 --> 02:00:55,560
You will get $ 200 miles clean, Mark.

2429
02:00:56,720 --> 02:00:59,719
After we sell,

2430
02:00:59,720 --> 02:01:01,679
we will be the same as them.

2431
02:01:01,680 --> 02:01:03,120
You know that.

2432
02:01:03,120 --> 02:01:04,800
No. In this case, we are not bad people.

2433
02:01:04,801 --> 02:01:08,400
We don't deceive the American people
and prey on their dreams

2434
02:01:08,400 --> 02:01:10,040
to own a house. Okay?

2435
02:01:10,080 --> 02:01:12,320
Those who do it.

2436
02:01:12,320 --> 02:01:14,640
And now we will beat them.

2437
02:01:19,720 --> 02:01:21,760
One billion dollars.

2438
02:01:23,400 --> 02:01:24,759
Right.

2439
02:01:24,760 --> 02:01:28,080
But we must close our position
or we can lose.

2440
02:01:28,080 --> 02:01:30,920
Now or not at all, Mark.

2441
02:01:40,080 --> 02:01:41,480
OK.

2442
02:01:45,280 --> 02:01:46,680
Sell everything.

2443
02:01:54,135 --> 02:01:59,160
When all the riots are over, 5 trillion dollars in pensions, real

2444
02:01:59,161 --> 02:02:04,343
estate, 401k retirement plan,
savings and securities are lost.

2445
02:02:04,941 --> 02:02:09,192
8 million people lose jobs, 6 million lose

2446
02:02:09,193 --> 02:02:12,560
place of residence.
And that's only in America.

2447
02:02:15,479 --> 02:02:19,906
Mark Baum's wife, Synthia, says
after the collapse of Mark becomes

2448
02:02:19,907 --> 02:02:24,398
people are friendly and never say
"have lost" to anyone.

2449
02:02:25,128 --> 02:02:29,444
Danny, Vinnie and Porter
are still running their business

2450
02:02:29,445 --> 02:02:33,179
in Manhattan...
the Nobu restaurant.

2451
02:02:36,121 --> 02:02:40,218
Charlie Geller and Jamie Shipley
try to sue the rating agent

2452
02:02:40,219 --> 02:02:43,918
but laughed at by all
legal counsel offices.

2453
02:02:44,799 --> 02:02:47,576
Jamie still runs Brownfield
but Charlie leaves New

2454
02:02:47,577 --> 02:02:50,176
York to live with
Charlotte and build a family.

2455
02:02:51,096 --> 02:02:53,915
Ben Rickert is currently living with his wife  on large plantations.
They have lots of seeds.

2456
02:02:53,916 --> 02:02:56,857
Michael Burry several times
contact the government

2457
02:02:59,820 --> 02:03:02,216
hope someone wants
to interview him to find out

2458
02:03:02,217 --> 02:03:04,894
how can he
first know the system will

2459
02:03:04,895 --> 02:03:07,197
collapsed for years
before compared to others

2460
02:03:07,198 --> 02:03:09,733
No one has returned their wishes.
However he was audited four times and questioned by the FBI.

2461
02:03:10,629 --> 02:03:16,501
The small investment that is still done
is one commodity: AIR.

2462
02:03:17,020 --> 02:03:24,438
In 2015, several large banks began selling

2463
02:03:27,658 --> 02:03:31,743
billions of products called
"Opportunity Tranche Inden"

2464
02:03:31,744 --> 02:03:36,495
According to Bloomberg News,
is just another term from CDO.

2465
02:03:36,847 --> 02:03:44,479
Translated by:
www.subtitlecinema.com

2466
02:03:47,520 --> 02:03:51,520