1 00:00:06,640 --> 00:00:09,200 You seen Pierpoint’s stock price? You had a drink yet? 2 00:00:09,480 --> 00:00:11,560 The stock’s fucking halved, would you blame me? 3 00:00:12,080 --> 00:00:14,000 It was like Omaha Beach on the floor today. 4 00:00:15,120 --> 00:00:16,280 They're serving Prosecco. 5 00:00:16,840 --> 00:00:17,960 Can't afford champagne. 6 00:00:18,120 --> 00:00:19,560 It screams sell signal, no doubt. 7 00:00:19,560 --> 00:00:21,920 Yeah, I need you to come to the 13th floor immediately. 8 00:00:33,240 --> 00:00:35,960 Hey, hey, why the fuck did they not cancel this party? 9 00:00:36,480 --> 00:00:37,600 It's too late. You've got a... 10 00:00:38,640 --> 00:00:40,360 I haven't seen a day this bloody since '08. 11 00:00:40,480 --> 00:00:42,440 - Don't go home. - Yeah, it's worse there. 12 00:00:42,440 --> 00:00:43,920 - Don't worry. - Don't go to the party. 13 00:00:44,040 --> 00:00:46,200 Whatever's left on the desk's books, however you're axed, 14 00:00:46,320 --> 00:00:48,520 long, short, any product, get rid of it now. 15 00:00:49,160 --> 00:00:52,960 We've got one hour of U.S. trading left and you need to trade Asia. 16 00:00:53,080 --> 00:00:55,320 People might not be trading with us come morning. 17 00:00:55,320 --> 00:00:57,960 Book any profit. Take any loss. 18 00:00:58,640 --> 00:00:59,640 Clean house. 19 00:01:00,640 --> 00:01:02,640 Hey, what's going on? 20 00:01:04,200 --> 00:01:05,320 The bell's tolling. 21 00:01:13,720 --> 00:01:14,680 How bad is it? 22 00:01:14,680 --> 00:01:16,480 We'll be talking about Pierpoint's stock price 23 00:01:16,480 --> 00:01:17,720 in cents, not dollars soon. 24 00:01:17,720 --> 00:01:20,120 The debt we issued to fund the ESG pivot has matured, 25 00:01:20,120 --> 00:01:22,480 and our creditors are banging down our door for money that isn't there. 26 00:01:22,480 --> 00:01:24,320 How close are we to declaring bankruptcy? 27 00:01:24,320 --> 00:01:26,680 Hours. The counsel in this room are working avenues 28 00:01:26,680 --> 00:01:28,880 for a capital injection to buy us a stay of execution. 29 00:01:28,880 --> 00:01:30,160 That price is low-- 30 00:01:32,040 --> 00:01:34,840 I haven't seen price action this aggressive since Lehman Brothers. 31 00:01:34,840 --> 00:01:35,880 Excuse me. 32 00:01:36,320 --> 00:01:39,480 He's about to come on. Tom! He's about to come on. 33 00:01:46,600 --> 00:01:48,200 You have the assistant secretary. 34 00:01:49,160 --> 00:01:50,280 Graham Steele speaking. 35 00:01:50,280 --> 00:01:52,440 This is Tom Wolsey in dreary London. 36 00:01:52,960 --> 00:01:55,760 I'm told Wilhelmina brought you up to speed last night. 37 00:01:56,320 --> 00:01:58,840 Yeah, listen, I've reviewed your situation. 38 00:01:58,960 --> 00:02:02,160 It looks like you've positioned yourself as lender, buyer, and seller. 39 00:02:02,280 --> 00:02:04,480 Like JP Morgan with WeWork? 40 00:02:04,840 --> 00:02:06,640 Yeah, a one-stop shop. 41 00:02:07,480 --> 00:02:10,080 And you didn't think this was inappropriately high-risk? 42 00:02:11,400 --> 00:02:14,200 And incestuous? Yep. For the record, I think it was. 43 00:02:14,560 --> 00:02:17,080 We liked the risk-reward. 44 00:02:17,720 --> 00:02:19,520 In hindsight, not so much. 45 00:02:20,080 --> 00:02:22,280 We're looking for an emergency cash injection 46 00:02:22,280 --> 00:02:25,680 of around 15 billion dollars in short order to plug the hole 47 00:02:25,680 --> 00:02:28,040 and give us a chance to restructure. 48 00:02:28,240 --> 00:02:32,160 Our current share price is 45 dollars. 49 00:02:32,640 --> 00:02:35,800 It's now 8:00 p.m., U.K., Thursday night. 50 00:02:36,320 --> 00:02:40,040 We need to resolve this before the U.S. markets open on Friday, 51 00:02:40,200 --> 00:02:41,600 2:30 p.m., U.K. 52 00:02:44,520 --> 00:02:45,480 Okay. 53 00:02:46,000 --> 00:02:49,160 I don't have the reach or, frankly, the influence to advise here. 54 00:02:50,200 --> 00:02:54,680 You're assistant secretary of the Treasury for Financial Institutions, Graham. 55 00:02:55,160 --> 00:02:57,360 If you don't have the authority to do your job, 56 00:02:57,360 --> 00:02:59,200 I want to speak to someone who can. 57 00:03:01,760 --> 00:03:04,760 I'm gonna pull the treasury secretary out of her 3:00 p.m., okay? 58 00:03:08,120 --> 00:03:10,160 Can you get me at least two more packs of this? 59 00:03:10,280 --> 00:03:11,720 If I run out, I'll have to light up, 60 00:03:11,720 --> 00:03:13,640 then it'll all get a bit too Glengarry in here. 61 00:03:22,440 --> 00:03:24,520 The head of sales should be at the 150th party. 62 00:03:24,520 --> 00:03:25,560 Keep up appearances. 63 00:03:25,560 --> 00:03:27,440 Trying to contain the issue to this room is-- 64 00:03:28,040 --> 00:03:29,120 It's a fool's errand. 65 00:03:30,040 --> 00:03:31,360 - You okay? - John Mack? 66 00:03:31,520 --> 00:03:34,480 - Right? Should we get him on the phone? - Yeah, just a little... a foggy head. 67 00:03:35,080 --> 00:03:36,920 It's a little late for a fireside chat. 68 00:03:37,160 --> 00:03:38,240 - Don't you think? - I can stay. 69 00:03:38,760 --> 00:03:41,440 Our voice combined is a voice which speaks with the authority 70 00:03:41,440 --> 00:03:42,880 of half a century in this firm. 71 00:03:42,880 --> 00:03:45,680 This is an existential moment. There are multiple possible outcomes. 72 00:03:45,840 --> 00:03:50,600 So, let's not let them sell our soul just because there's a gun to our temple. 73 00:03:55,760 --> 00:03:57,800 Julian? Yeah, would you excuse us? 74 00:03:59,320 --> 00:04:02,400 I've spoken to the rest of the Hanani Publishing board 75 00:04:02,400 --> 00:04:04,200 and we have decided unanimously 76 00:04:04,200 --> 00:04:07,840 that we are going to take care of the damages. 77 00:04:09,360 --> 00:04:12,720 We all just wanna move on. I'm sure you can empathize. 78 00:04:13,280 --> 00:04:18,120 But our PR team is working round the clock to stage-manage this. 79 00:04:18,720 --> 00:04:21,640 And what we're getting is... 80 00:04:22,880 --> 00:04:23,880 the press 81 00:04:24,640 --> 00:04:27,880 want a public face for this scandal. 82 00:04:28,160 --> 00:04:30,160 Well, given a dead one doesn't work, right? 83 00:04:31,400 --> 00:04:32,840 I mean, she's been through enough. 84 00:04:33,400 --> 00:04:37,400 We'd like to brief the press that you knew all about the embezzlement 85 00:04:37,400 --> 00:04:40,360 and were its main beneficiary. 86 00:04:40,600 --> 00:04:42,720 Now, they won't be able to finger you 87 00:04:42,720 --> 00:04:45,000 from a legal standpoint, but it will be good-- 88 00:04:45,000 --> 00:04:46,680 You want her to wear the fucking scarlet letter? 89 00:04:46,680 --> 00:04:47,960 Do you know how this country works? 90 00:04:47,960 --> 00:04:50,040 I mean, they'll hang her up as a fucking effigy. 91 00:04:50,800 --> 00:04:51,880 It's a lot of money. 92 00:04:52,600 --> 00:04:53,760 Many millions. 93 00:04:54,240 --> 00:04:56,280 And it's the real world. 94 00:04:56,280 --> 00:04:59,520 You know, there are caveats and stipulations 95 00:04:59,520 --> 00:05:03,200 - to that kind of money. - Yeah, but they'll flay me. 96 00:05:04,120 --> 00:05:05,880 And I mean, they're gonna love it. 97 00:05:06,960 --> 00:05:11,880 I didn't do anything. Come on. I didn't know anything. 98 00:05:11,880 --> 00:05:15,720 I mean, honestly, it doesn't particularly matter. 99 00:05:15,960 --> 00:05:18,920 The truth, it's... it's not important. 100 00:05:18,920 --> 00:05:23,440 What's important is what's expedient for all of us. 101 00:05:23,440 --> 00:05:25,160 You can't force her to do this. 102 00:05:25,160 --> 00:05:28,720 We are paying back the families. It's the decent thing to do. 103 00:05:28,720 --> 00:05:32,160 You wanna publicly shame a fucking girl who has nothing? 104 00:05:32,160 --> 00:05:36,080 To the point of never being able to live a normal life again, 105 00:05:36,080 --> 00:05:37,520 and you're okay with that? 106 00:05:40,120 --> 00:05:41,320 Those are the terms. 107 00:05:42,640 --> 00:05:46,600 The alternative is the legal route. 108 00:05:46,720 --> 00:05:49,040 We'll sue the Hanani family. 109 00:05:49,040 --> 00:05:52,080 We'll sue you to claim back some of the money 110 00:05:52,080 --> 00:05:54,640 we pay in settlement to your father's victims. 111 00:05:54,640 --> 00:05:55,760 It'll be long. 112 00:05:56,200 --> 00:05:58,960 By your own admission, you aren't capitalized enough 113 00:05:58,960 --> 00:06:00,320 for that kind of fight. 114 00:06:02,440 --> 00:06:05,640 You well know the end of the story 115 00:06:06,440 --> 00:06:09,320 for young women who are hounded by the tabloids, right? 116 00:06:15,000 --> 00:06:16,000 Accept the money. 117 00:06:17,800 --> 00:06:21,600 Accept your family's culpability and get on with your life. 118 00:06:25,240 --> 00:06:26,200 What life? 119 00:06:28,400 --> 00:06:31,240 Her boob job's insane. 120 00:06:31,680 --> 00:06:33,800 Rish, why did you pull us out of the party, man? 121 00:06:33,800 --> 00:06:38,360 Yeah, man, I was chirpsing this absolute MILF from Risk. 122 00:06:38,360 --> 00:06:41,240 Stop talking, listen. The 150 party is a sham. 123 00:06:42,680 --> 00:06:44,840 Have you noticed that none of the top brass are there? 124 00:06:46,800 --> 00:06:48,960 How could this day get any worse? 125 00:06:48,960 --> 00:06:50,040 Insolvency? 126 00:06:50,040 --> 00:06:52,720 The CEO and CFO were meant to be in London for it. 127 00:06:53,120 --> 00:06:54,080 Where are they? 128 00:06:54,840 --> 00:06:56,040 Guys, they're upstairs. 129 00:06:56,280 --> 00:06:58,600 I... I told you. 130 00:06:58,920 --> 00:07:00,760 That's why it's so fucking scrot in here. 131 00:07:00,760 --> 00:07:03,120 - Look. Look at the bins. - Fucking stinks. 132 00:07:03,120 --> 00:07:05,120 I haven't seen a cleaner on the floor for two days. 133 00:07:05,120 --> 00:07:06,760 Yeah, maybe admin payroll's goosed. 134 00:07:06,760 --> 00:07:08,080 Those at the bottom get fucked first. 135 00:07:08,080 --> 00:07:11,040 But listen, I am working on an off-ramp for us. 136 00:07:12,200 --> 00:07:13,880 We're gonna be a pod on the buy side. 137 00:07:13,880 --> 00:07:16,280 Yeah, why would you take us with you? 138 00:07:16,520 --> 00:07:19,120 Well, I need a doe-eyed little flirt for the front of house. 139 00:07:20,800 --> 00:07:22,240 And Sweetpea's actually smart. 140 00:07:23,800 --> 00:07:25,880 Look, we all deserve better than this. 141 00:07:26,400 --> 00:07:29,480 Covered in grease while the white gloves laugh at us upstairs. 142 00:07:30,000 --> 00:07:32,360 I can tell you as sure as Mother Teresa is in hell 143 00:07:32,360 --> 00:07:34,640 they're not thinking about us up there. I am. 144 00:07:35,120 --> 00:07:36,520 What happened to your arm by the way? 145 00:07:36,520 --> 00:07:38,520 Walked into a door. Look. Get on the phones 146 00:07:38,640 --> 00:07:40,080 and move every position I have. 147 00:07:40,360 --> 00:07:41,400 Okay? Senior secured, 148 00:07:41,400 --> 00:07:44,960 AAA, BBB, jewels, junk, the lot. Eric's mandated it. 149 00:07:45,560 --> 00:07:46,880 I'll work our lifeboat. Move. 150 00:07:50,960 --> 00:07:53,760 Do you believe him? Would you work on the buy side? 151 00:07:54,040 --> 00:07:55,000 Ultimately... 152 00:07:56,440 --> 00:07:58,360 your prognosis is we're dead anyway, 153 00:07:58,360 --> 00:07:59,560 - right? - Yeah. 154 00:08:01,160 --> 00:08:03,600 Look, even if this place is burning down... 155 00:08:04,800 --> 00:08:06,360 he's still our boss, right? 156 00:08:13,400 --> 00:08:15,840 - No. What is the point... - What? 157 00:08:15,960 --> 00:08:18,520 ...of making this whole desk's PNL look good 158 00:08:18,520 --> 00:08:20,120 if this goes under, right? 159 00:08:20,320 --> 00:08:21,280 It's like... 160 00:08:22,160 --> 00:08:24,200 It's deckchairs on the Titanic. 161 00:08:24,200 --> 00:08:26,680 It's-- Come on, we could, like... 162 00:08:28,440 --> 00:08:32,720 We could, like, commemorate Pierpoint's last birthday 163 00:08:33,040 --> 00:08:36,720 by getting absolutely fucking hooned. 164 00:08:38,120 --> 00:08:40,720 How many people know Pierpoint's 150th is a wake? 165 00:08:40,720 --> 00:08:41,840 Listen, listen. 166 00:08:41,840 --> 00:08:45,400 How do you fancy a Trequartista as elegant as me on a Bosman? 167 00:08:45,520 --> 00:08:48,920 A boss-man? We're not hiring new fund managers. 168 00:08:49,080 --> 00:08:52,560 You need an execution guy. Someone who can look at flows, levels. 169 00:08:52,560 --> 00:08:54,160 Make sure you're not mistiming things 170 00:08:54,160 --> 00:08:55,800 - and losing upside. - Really? 171 00:08:56,120 --> 00:08:58,400 You're not a little overqualified for that? 172 00:08:58,880 --> 00:09:00,360 You're not desperate, are you? 173 00:09:00,840 --> 00:09:03,000 All right, final offer, quid pro quo? 174 00:09:03,000 --> 00:09:06,160 Chatter is that LeviathanAlpha are short Pierpoint in size. 175 00:09:06,600 --> 00:09:08,640 I can give you live missives from the madhouse. 176 00:09:09,000 --> 00:09:10,480 Ear to the ground in the asylum, 177 00:09:10,480 --> 00:09:13,840 and help you manage when to take profit or stop out. 178 00:09:16,320 --> 00:09:18,800 Keep me up to date, and maybe we're talking. 179 00:09:18,800 --> 00:09:23,080 And... and I wanna bring two smart, cheap juniors with me. 180 00:09:23,800 --> 00:09:24,920 Sweetpea and Anraj. 181 00:09:25,560 --> 00:09:27,800 If you are a serious fund, you need to grow. 182 00:09:28,760 --> 00:09:29,840 Do you want me to leave this? 183 00:09:30,680 --> 00:09:32,400 I forgot you were a family man. 184 00:09:32,920 --> 00:09:35,440 I don't need to remind you how loose I am with my seed. 185 00:09:35,440 --> 00:09:36,480 Thanks. 186 00:09:37,640 --> 00:09:38,600 Speak soon. 187 00:09:40,800 --> 00:09:42,000 Can I knock again tomorrow? 188 00:09:43,160 --> 00:09:44,120 No, thank you. 189 00:09:49,200 --> 00:09:51,040 Has Harper fully moved out? 190 00:09:52,760 --> 00:09:54,720 Yeah. Without a word. 191 00:09:57,360 --> 00:09:59,000 Remember to lock the back door tonight. 192 00:09:59,560 --> 00:10:00,680 I always forget. 193 00:10:02,080 --> 00:10:03,160 Where are you going? 194 00:10:04,320 --> 00:10:05,920 You know, I haven't told Pierpoint, 195 00:10:06,040 --> 00:10:08,160 but I've got a job interview tomorrow morning. 196 00:10:08,880 --> 00:10:10,320 - In Wales. - What? 197 00:10:11,640 --> 00:10:14,280 Yeah, I met this guy, Pierre, 198 00:10:14,720 --> 00:10:16,800 who hooked me up with a medical research center 199 00:10:16,800 --> 00:10:20,800 attached to a university there. And yeah. They're doing really cutting-edge work. 200 00:10:21,440 --> 00:10:24,120 - Medicine? - Medicine needs its money men. 201 00:10:30,040 --> 00:10:31,800 When was the last time you left the house? 202 00:10:34,480 --> 00:10:37,160 There are, like, five paps outside. 203 00:10:40,240 --> 00:10:41,240 I didn't see any. 204 00:10:43,360 --> 00:10:44,560 They're not here for you. 205 00:10:58,000 --> 00:10:59,600 There's nobody out there, Yas. 206 00:11:00,800 --> 00:11:01,760 I promise. 207 00:11:04,560 --> 00:11:05,640 Sorry. 208 00:11:07,520 --> 00:11:08,480 They... 209 00:11:10,160 --> 00:11:12,880 They really get in your head. 210 00:11:20,240 --> 00:11:21,320 Why don't you come with me? 211 00:11:23,800 --> 00:11:25,760 I can't promise that I'll be... 212 00:11:26,920 --> 00:11:28,760 exhilarating company, but... 213 00:11:31,080 --> 00:11:32,400 I hired a Zipcar. 214 00:11:34,480 --> 00:11:35,840 I can drive you out of the city. 215 00:11:38,120 --> 00:11:39,840 I really don't see a way out. 216 00:11:44,080 --> 00:11:46,240 You know, a change of setting... 217 00:11:48,640 --> 00:11:52,800 it really helps me when I'm, you know... 218 00:11:54,160 --> 00:11:55,160 agitated. 219 00:12:04,080 --> 00:12:05,960 Nope. Nope. Come on. 220 00:12:07,880 --> 00:12:09,880 Let's bail. You know, let's... 221 00:12:11,720 --> 00:12:14,200 Let's mistake the open road for freedom. 222 00:12:15,160 --> 00:12:16,880 Like all culture teaches us to. 223 00:12:20,240 --> 00:12:21,200 Yeah? 224 00:12:23,240 --> 00:12:25,000 - Okay. - Yeah, okay. 225 00:12:27,600 --> 00:12:30,360 Be ready in 20. I'm grabbing a shower. 226 00:12:42,480 --> 00:12:43,840 Who the hell is this? 227 00:12:45,400 --> 00:12:46,920 Tom, this is Eric Tao. 228 00:12:46,920 --> 00:12:49,520 Thirty years sales at Pierpoint across asset classes. 229 00:12:49,520 --> 00:12:51,760 Closest thing to a loyal lieutenant I have. 230 00:12:52,200 --> 00:12:54,920 If Pierpoint has such a thing as an institutional memory, 231 00:12:55,400 --> 00:12:56,960 - Tao is it. - Okay. 232 00:12:58,400 --> 00:13:00,720 And how important is history to us here today? 233 00:13:01,840 --> 00:13:04,440 Well, given Bill's kind introduction, 234 00:13:04,440 --> 00:13:09,960 I see it as incumbent on me to say value is determined by history, 235 00:13:10,520 --> 00:13:12,280 which is indivisible from legacy. 236 00:13:12,280 --> 00:13:15,280 Institutions like ours don't pop up overnight. 237 00:13:15,840 --> 00:13:19,160 "Too big to fail" isn't an insult, it's a compliment. 238 00:13:19,160 --> 00:13:23,480 Our global interconnectivity and sheer size are hard-won. 239 00:13:23,480 --> 00:13:27,400 Let's make sure we let prospective buyers know that 240 00:13:27,600 --> 00:13:29,240 and value us accordingly. 241 00:13:31,240 --> 00:13:33,280 You're putting yourself at the center of history. 242 00:13:33,960 --> 00:13:35,000 Humble of you. 243 00:13:35,320 --> 00:13:37,560 Not at all. I'm putting Pierpoint 244 00:13:37,560 --> 00:13:42,040 at the center of the economic history of the 20th and 21st century. 245 00:13:42,200 --> 00:13:45,240 So, your purpose here is to belabor how Pierpoint 246 00:13:45,240 --> 00:13:48,720 - is a star on the American flag? - This is an American bank. 247 00:13:49,320 --> 00:13:50,600 I need practical thinkers 248 00:13:50,600 --> 00:13:53,320 who present workable options to me, not zealots. 249 00:13:55,760 --> 00:13:57,880 Please hold for the U.S. Treasury secretary. 250 00:13:58,720 --> 00:14:01,040 - Tom! - Madam Secretary. 251 00:14:01,480 --> 00:14:04,320 Graham filled me in on the situation. 252 00:14:04,440 --> 00:14:06,160 I don't wanna waste your time. 253 00:14:06,160 --> 00:14:11,000 The Treasury can't offer you a solution. Not today. Not tomorrow. 254 00:14:11,600 --> 00:14:12,640 Oh, Jesus. 255 00:14:12,760 --> 00:14:15,880 You, of all people, understand the risk if Pierpoint collapses. 256 00:14:16,520 --> 00:14:19,920 We've dropped another ten percent the last hour of U.S. trading. 257 00:14:20,080 --> 00:14:23,480 Surely the lesson from '08 is that administration 258 00:14:23,480 --> 00:14:25,600 should act early to stop contagion. 259 00:14:26,160 --> 00:14:28,800 Tell me exactly where you were in '08, Tom. 260 00:14:29,400 --> 00:14:30,720 If I remember correctly, 261 00:14:30,720 --> 00:14:33,040 I was the vice chair of the Federal Reserve 262 00:14:33,040 --> 00:14:34,880 and you were, what? 263 00:14:35,160 --> 00:14:37,840 Singing acapella with the Whiffenpoofs at Yale? 264 00:14:37,840 --> 00:14:41,880 I actually do a very stirring rendition of "Radio Ga Ga" to this day. 265 00:14:43,600 --> 00:14:46,320 The lesson from '08 is no more bailouts. 266 00:14:46,320 --> 00:14:49,320 We're not asking for TARP scale relief here. 267 00:14:49,720 --> 00:14:50,840 '08 happened. 268 00:14:51,200 --> 00:14:55,320 Moral hazard isn't a thing. Nobody will care. 269 00:14:55,640 --> 00:14:58,280 We're asking for less than a tenth of the packet. 270 00:14:58,440 --> 00:15:00,360 You are out of your mind 271 00:15:00,360 --> 00:15:03,360 if you think we're putting our hands into the coffers 272 00:15:03,520 --> 00:15:08,000 for a financial institution in an election year? 273 00:15:08,760 --> 00:15:10,080 Pull on her heart strings. 274 00:15:10,080 --> 00:15:12,280 - It's worth a shot. - She's a Democrat. 275 00:15:12,280 --> 00:15:13,960 She only pretends to have a heart. 276 00:15:14,520 --> 00:15:15,720 Think about what you're doing. 277 00:15:15,720 --> 00:15:18,160 The only person you're hurting is the man on the street. 278 00:15:18,160 --> 00:15:20,560 The people on the pavement foot the check. 279 00:15:20,560 --> 00:15:22,880 The people you're supposed to protect. 280 00:15:22,880 --> 00:15:24,920 And in the immediacy 281 00:15:24,920 --> 00:15:28,000 the person who is footing the check eventually 282 00:15:28,200 --> 00:15:32,240 does not want to know they are footing it right now. 283 00:15:32,240 --> 00:15:36,160 - It's an election year. - So, you'll gladly let us fail? 284 00:15:36,160 --> 00:15:39,280 Oh, you're all salaried capitalists, right? 285 00:15:39,600 --> 00:15:42,800 Order some Chinese takeout and find a solution. 286 00:15:42,800 --> 00:15:44,520 I think the president might have something-- 287 00:15:44,520 --> 00:15:48,440 The president still thinks we're at war with Japan. 288 00:15:49,080 --> 00:15:50,920 Goodbye and good luck. 289 00:15:58,280 --> 00:16:00,680 Well, so much for "too big to fail". 290 00:16:01,960 --> 00:16:05,760 Surely, there are a number of sovereign wealth funds 291 00:16:05,760 --> 00:16:08,400 that would like to grow their stake in Pierpoint? 292 00:16:09,000 --> 00:16:10,760 Well, no, hear me out, hear me out. 293 00:16:11,800 --> 00:16:14,800 طلا فیلم تقدیم میکند www.TalaFilm.Top to go through this kind of thing, 294 00:16:14,800 --> 00:16:19,360 and the Gulf clearly had a huge appetite for a legacy banking name. 295 00:16:19,360 --> 00:16:20,520 And look how that ended, 296 00:16:20,520 --> 00:16:23,000 with them being subsumed into UBS, their biggest rival. 297 00:16:23,000 --> 00:16:26,560 I'm sorry, but I think I speak for our 45,000 employees 298 00:16:26,560 --> 00:16:29,160 when I stand in opposition to the idea of Pierpoint's name 299 00:16:29,160 --> 00:16:31,760 being used to reputation-- to-- to reputation... 300 00:16:32,800 --> 00:16:33,760 - Launder. - Launder. 301 00:16:33,760 --> 00:16:35,600 I know the fucking word. Thank you. Reputation launder 302 00:16:35,600 --> 00:16:37,680 that sort of state-backed money. Right, Eric? 303 00:16:40,560 --> 00:16:45,120 Their values are anathema to everything we hold dear. 304 00:16:45,320 --> 00:16:46,960 Quibbling over the cultural provenance 305 00:16:46,960 --> 00:16:49,960 of the capital that could save us feels indulgent. 306 00:16:50,280 --> 00:16:52,520 Could be time for some... some realpolitik. 307 00:16:52,520 --> 00:16:54,280 Oh, this from Madam ESG? 308 00:16:54,280 --> 00:16:56,880 I guess morals really do become more flexible in an emergency. 309 00:16:56,880 --> 00:17:00,160 - Or maybe the answer is closer to home. - Let's take a minute. 310 00:17:00,400 --> 00:17:02,160 Eric, let me steal you. Now. 311 00:17:03,720 --> 00:17:06,360 - Phillip, can I have a word? - Yeah. 312 00:17:12,680 --> 00:17:14,400 What the fuck are you doing? Don't correct me. 313 00:17:14,400 --> 00:17:16,440 I don't need you to finish my fucking sentences! 314 00:17:16,440 --> 00:17:18,920 - Bill, I was just trying to-- - No, no, no, you listen to me. 315 00:17:19,720 --> 00:17:21,560 It's a royal court in there, you understand? 316 00:17:21,680 --> 00:17:23,280 It's getting rather pungent in here, isn't it? 317 00:17:23,280 --> 00:17:24,320 Too much meat in the room. 318 00:17:24,320 --> 00:17:27,320 I thought tonight was more important than jockeying for favorite position. 319 00:17:27,320 --> 00:17:29,760 I thought we cared about the soul of the firm. 320 00:17:29,760 --> 00:17:34,360 We do. The more senior we become, the more influence we have. Listen. 321 00:17:35,600 --> 00:17:38,120 Wilhelmina, she's not the head of Banking, Asset Management, 322 00:17:38,120 --> 00:17:40,240 Corporate Credit, but her... her ideology 323 00:17:40,240 --> 00:17:42,680 gave her a crusader's zeal to instruct those people. 324 00:17:42,680 --> 00:17:45,440 She wanted to be proven right and be first on ESG. 325 00:17:47,080 --> 00:17:48,560 That's why she pushed this shit so hard. 326 00:17:48,560 --> 00:17:52,000 That's... that's why we overstretched. She should be strung up for it. 327 00:17:54,920 --> 00:18:00,200 This is all going to end in a purge, which for us means a putsch. 328 00:18:03,360 --> 00:18:04,680 How does "Eric Tao, 329 00:18:05,240 --> 00:18:07,760 Global Head of Institutional Securities," sound to you? 330 00:18:09,880 --> 00:18:11,440 And follow in your slipstream? 331 00:18:20,360 --> 00:18:21,720 I wonder what they're talking about. 332 00:18:22,200 --> 00:18:23,520 Whatever outcome suits them. 333 00:18:23,960 --> 00:18:27,160 It's key we lay as much shit as we can at her feet. 334 00:18:27,160 --> 00:18:30,320 She can be ESG's headstone. Bury it beneath her. 335 00:18:33,960 --> 00:18:35,400 Oh-fucking-kay. 336 00:18:36,520 --> 00:18:38,360 Mitsubishi is live. I've been close to them 337 00:18:38,360 --> 00:18:39,840 since my stint in Tokyo in the aughts. 338 00:18:39,840 --> 00:18:41,680 I've been priming them on a capital injection angle 339 00:18:41,680 --> 00:18:42,920 for the last few weeks. 340 00:18:45,000 --> 00:18:48,520 It'll allow us to fight another day and keep Pierpoint's autonomy. 341 00:18:48,520 --> 00:18:52,320 When I'm CFO, I'll fucking drag you up with me. 342 00:18:52,320 --> 00:18:54,280 I'll place you anywhere in the world. 343 00:18:55,200 --> 00:18:57,280 How do you still have the energy for this? 344 00:18:58,000 --> 00:18:59,200 What else is there? 345 00:19:01,160 --> 00:19:03,040 The action is the juice. 346 00:19:19,960 --> 00:19:21,680 They're fundamentally non-toxic, right? 347 00:19:21,680 --> 00:19:24,240 So that means you could get it to be as integrated into your daily life 348 00:19:24,360 --> 00:19:26,000 as... as your morning coffee. 349 00:19:26,000 --> 00:19:27,920 You are talking about magic mushrooms, right? 350 00:19:27,920 --> 00:19:29,640 The active ingredient is psilocybin, yeah, 351 00:19:29,640 --> 00:19:31,920 but it's in pharmaceutical form, in LittleLabs product. 352 00:19:32,120 --> 00:19:34,600 So, surely the whole point is to get as mashed out 353 00:19:34,600 --> 00:19:36,080 of your own fucking head as possible? 354 00:19:36,080 --> 00:19:38,400 No, no, it's clearly an attitudinal thing, you know? 355 00:19:38,600 --> 00:19:42,600 It's about dose and mindset, setting, you know? It... 356 00:19:43,520 --> 00:19:46,480 It's not about taking a fucking hero dose 357 00:19:46,480 --> 00:19:48,440 and seeing the face of God or whatever. 358 00:19:48,440 --> 00:19:52,960 It's... it's about an overall heightening in your day-to-day state, 359 00:19:53,200 --> 00:19:56,280 your introspection, your... your compassion. 360 00:19:57,000 --> 00:19:58,840 - I mean, do I sound stupid? - Word of warning, 361 00:19:58,840 --> 00:20:01,320 you have no idea how annoying it is just listening 362 00:20:01,320 --> 00:20:03,880 to someone proselytizing about the benefits of hallucinogens. 363 00:20:04,000 --> 00:20:07,280 It's like... It's like you've joined a cult, honestly. 364 00:20:07,440 --> 00:20:09,560 Finally, you're a little more fucking animated. 365 00:20:10,480 --> 00:20:12,600 Only took you having to put someone down to get you there. 366 00:20:14,600 --> 00:20:16,880 Anyway, you're missing the point, you know, 367 00:20:16,880 --> 00:20:20,040 this is just-- It's a chance for me, 368 00:20:20,880 --> 00:20:23,600 you know, to do something off my own bat. 369 00:20:24,480 --> 00:20:25,440 For once. 370 00:20:31,960 --> 00:20:32,920 It's Maxim. 371 00:20:33,680 --> 00:20:34,720 I can call him back. 372 00:20:36,000 --> 00:20:36,960 I need a piss. 373 00:20:42,040 --> 00:20:45,280 - Hey, Maxim. Where are you? - Big Basin? 374 00:20:45,280 --> 00:20:46,640 South of San Fran. 375 00:20:47,840 --> 00:20:49,400 I'm not sure being alone with my thoughts 376 00:20:49,400 --> 00:20:52,400 is worth the 5,000 dollars a week I'm paying, but... 377 00:20:52,840 --> 00:20:55,600 Yeah, well, your mind is squalid enough to need airing, 378 00:20:55,600 --> 00:20:57,040 so it's probably money well spent. 379 00:20:57,560 --> 00:20:59,440 Look, I'm sorry for falling out of your life. 380 00:21:00,800 --> 00:21:02,480 I've been dealing with my own shit, you know? 381 00:21:03,400 --> 00:21:05,920 I saw those appalling photos of Charlie, and honestly, I... 382 00:21:06,960 --> 00:21:07,920 I couldn't sleep. 383 00:21:08,920 --> 00:21:11,080 You know, I'm supposed to lock my phone in a lockbox here, 384 00:21:11,080 --> 00:21:13,400 but who am I kidding? 385 00:21:13,880 --> 00:21:15,280 Just keep having to use it. 386 00:21:17,000 --> 00:21:20,280 Okay, so, what is it? 387 00:21:21,360 --> 00:21:23,480 Look, for all the reservations I had about your father, 388 00:21:23,480 --> 00:21:25,720 you need to know the company were complicit 389 00:21:25,720 --> 00:21:27,560 in all of the fucked-up shit he did. 390 00:21:28,560 --> 00:21:29,520 How? 391 00:21:30,040 --> 00:21:33,600 I have some pretty heinous anti-woke pals at Hanani 392 00:21:33,600 --> 00:21:37,000 who are on the board with me, and they hate its new hypocrisy. 393 00:21:37,640 --> 00:21:40,760 The NDAs your father had don't just cover his personal life. 394 00:21:41,440 --> 00:21:43,600 Some of Charlie's women only started working 395 00:21:43,600 --> 00:21:46,360 for Hanani Publishing after they had signed. 396 00:21:46,720 --> 00:21:50,520 Hanani gave them these made-up jobs, bogus accounting lines on the payroll. 397 00:21:50,960 --> 00:21:52,800 Rose and the company bought their silence for years, 398 00:21:52,800 --> 00:21:53,960 just as much as he did. 399 00:21:53,960 --> 00:21:55,640 They're trying to make me the face 400 00:21:55,640 --> 00:21:57,240 - of this thing. - Yeah. 401 00:21:57,560 --> 00:21:58,960 Because it's an open secret at Hanani, 402 00:21:58,960 --> 00:22:01,200 maybe it's a matter of time before someone leaks it. 403 00:22:01,800 --> 00:22:03,360 If they feed you to the press now, 404 00:22:03,360 --> 00:22:06,160 your vestigial board seat means you'll be perfectly placed to be tarred 405 00:22:06,160 --> 00:22:07,520 if it ever comes to light. 406 00:22:07,760 --> 00:22:10,560 You're pre-packaged to take the blame as you're already the headline. 407 00:22:10,880 --> 00:22:12,920 That sneaky, little cunt. 408 00:22:13,600 --> 00:22:16,040 Look, someone slipped me a screenshot of the payrolls. 409 00:22:16,640 --> 00:22:18,760 The women with the NDAs have a check next to their name. 410 00:22:18,760 --> 00:22:20,440 What-- Can-- Can you send it to me? 411 00:22:20,720 --> 00:22:22,200 Yeah, I can, but it's probably illegal 412 00:22:22,200 --> 00:22:23,880 to send this kind of proprietary information. 413 00:22:24,000 --> 00:22:27,280 Your lawyer will advise you not to use it, but I'll send it along. 414 00:22:27,800 --> 00:22:29,920 I just don't think they should be compounding your guilt-- 415 00:22:30,080 --> 00:22:31,920 Sorry, grief. 416 00:22:32,840 --> 00:22:34,560 I don't wanna tell you how to feel about him. 417 00:22:35,240 --> 00:22:37,480 You know, I think Charlie found it difficult 418 00:22:37,480 --> 00:22:38,960 to see people as people. 419 00:22:39,800 --> 00:22:41,560 Yeah, you don't fucking say. 420 00:22:46,600 --> 00:22:47,560 Take care. 421 00:22:55,800 --> 00:22:57,280 - Is everything all right? - Yeah. 422 00:22:58,120 --> 00:23:01,320 Super fucking duper. So, this is it, right? 423 00:23:02,800 --> 00:23:04,160 This is the product that you're selling? 424 00:23:04,160 --> 00:23:05,600 - If you get the job? - Yeah. 425 00:23:06,600 --> 00:23:08,600 Probably isn't the place to take it properly, though. 426 00:23:10,040 --> 00:23:11,000 Right. 427 00:23:17,880 --> 00:23:18,840 You hungry? 428 00:23:21,040 --> 00:23:22,000 Yeah. 429 00:23:24,600 --> 00:23:26,200 Yeah, I'm fucking starving. 430 00:23:29,760 --> 00:23:30,720 Come on, then. 431 00:23:32,240 --> 00:23:34,000 Oh, gosh. I do it all the time. It's great. 432 00:23:34,000 --> 00:23:35,120 - Yeah? - Yeah. 433 00:23:36,600 --> 00:23:39,680 So, the rooms are next to each other, six and seven. 434 00:23:39,680 --> 00:23:41,160 Sorry that we're so late. 435 00:23:42,560 --> 00:23:45,240 Checkout is at 11:00 and breakfast is from 7:00. 436 00:23:45,240 --> 00:23:46,960 - Great, thank you. - Thanks. 437 00:23:47,120 --> 00:23:48,440 Just as a pre-warning, 438 00:23:48,440 --> 00:23:51,240 the kettle in your room is a little bit iffy. 439 00:23:52,080 --> 00:23:54,560 Oh, is there any way that I could get one that works? 440 00:23:54,920 --> 00:23:56,520 Not tonight, sadly. 441 00:23:58,320 --> 00:24:00,920 It's just, it's a pretty basic amenity though, no? 442 00:24:01,520 --> 00:24:03,280 She can use mine, it's all right. 443 00:24:04,400 --> 00:24:06,800 Right, I'm gonna go dump the bags and then we'll grab a bite? 444 00:24:06,800 --> 00:24:08,000 Thank you. 445 00:24:08,320 --> 00:24:10,240 - Thank you, enjoy your stay. - Cheers, thank you. 446 00:24:13,680 --> 00:24:15,680 So, do you two work together? 447 00:24:16,880 --> 00:24:18,880 No, we're a couple. 448 00:24:19,120 --> 00:24:22,760 Oh, I just-- I thought with the separate rooms-- 449 00:24:22,920 --> 00:24:24,960 We're very religious. Do you have a lighter? 450 00:24:25,920 --> 00:24:26,880 Yes. 451 00:24:31,040 --> 00:24:33,880 Yeah, I got your email. What do you expect me to do with this? 452 00:24:34,320 --> 00:24:38,480 Well-- I mean, it's leverage, no? It's, like, evidence of their complicity. 453 00:24:38,480 --> 00:24:40,080 This is on Rose's head. 454 00:24:40,360 --> 00:24:42,240 Have you thought about what making this public 455 00:24:42,240 --> 00:24:43,560 would do to the victims? 456 00:24:43,560 --> 00:24:47,040 I mean, these women, like you, have been through a lot. 457 00:24:47,160 --> 00:24:49,400 Leaking this to the public would re-traumatize them. 458 00:24:49,560 --> 00:24:51,000 I didn't think about that, no. 459 00:24:51,440 --> 00:24:55,000 A publicity battle is gonna be very hard, but we can win it. 460 00:24:55,920 --> 00:24:58,600 They go low, we go high. All right? 461 00:24:59,760 --> 00:25:00,720 Speak later. 462 00:25:11,440 --> 00:25:13,600 That cunt never answers. 463 00:25:13,600 --> 00:25:17,040 Tom, Tom, I've engaged Mitsubishi in substantive talks 464 00:25:17,040 --> 00:25:18,920 - regarding a-- - Michael-- Sorry. 465 00:25:18,920 --> 00:25:21,320 Michael Stone from Barclays is on his way into the building. 466 00:25:21,600 --> 00:25:24,920 Michael and I have a personal relationship. 467 00:25:25,920 --> 00:25:27,440 Horse-driven, mostly. 468 00:25:27,960 --> 00:25:31,320 Off the record, they've always been interested in our business. 469 00:25:31,680 --> 00:25:34,080 Okay, so what's the play? Sell a division? 470 00:25:35,000 --> 00:25:38,040 They did do that with Lehman's core North American operations. 471 00:25:38,040 --> 00:25:41,680 Given that our share price has now closed at 35 dollars, 472 00:25:41,680 --> 00:25:43,920 we are, by all accounts, a distressed asset. 473 00:25:44,120 --> 00:25:45,600 They might weigh buying us wholesale. 474 00:25:46,080 --> 00:25:48,960 We need strategic investment, not a sale. 475 00:25:49,240 --> 00:25:52,040 In our 150th year, we cannot become a subsidiary 476 00:25:52,040 --> 00:25:53,960 to a fucking British high street bank. 477 00:25:54,080 --> 00:25:57,840 I appreciate how romantic a soul you have in a room like this, truly, 478 00:25:57,840 --> 00:25:59,280 but we need to be practical. 479 00:25:59,280 --> 00:26:02,160 Barclays buying Pierpoint may be our best option. 480 00:26:04,160 --> 00:26:06,760 - Mr. Stone, welcome. - Oh, call me Michael, please. 481 00:26:06,880 --> 00:26:07,840 Please, this way. 482 00:26:15,520 --> 00:26:16,800 - Yeah? - Yeah, H. 483 00:26:17,200 --> 00:26:19,720 Listen, you might have hit your take-profit level. 484 00:26:20,040 --> 00:26:22,840 The Barclays CEO just arrived and he looks like he means business. 485 00:26:23,640 --> 00:26:26,480 And Pierpoint's stock will rip on any merger or takeover chatter. 486 00:26:26,600 --> 00:26:28,040 That's Nagasaki for your short. 487 00:26:28,040 --> 00:26:31,480 - It's definitely him? - Oh, yeah, and he looks horny for assets. 488 00:26:32,200 --> 00:26:36,200 Thanks. Hey, you know, I can't hire three people, Rish. 489 00:26:36,600 --> 00:26:37,600 What do you wanna do? 490 00:26:39,680 --> 00:26:42,000 Babes, come on. You know it's only ever been me. 491 00:26:44,440 --> 00:26:47,480 Okay, come in after this all shakes out and we'll talk. 492 00:26:49,440 --> 00:26:52,080 And how would the floor take a sale to fucking Barclays? 493 00:26:52,520 --> 00:26:55,800 Maybe they just want somewhere to come to work. 494 00:26:56,360 --> 00:26:59,320 You don't have 20 years of options. I've never sold a goddamn share. 495 00:26:59,320 --> 00:27:02,880 - A Brit takeover would decimate it all. - You could keep your deferreds. 496 00:27:04,160 --> 00:27:07,000 - Chump change. - So, now we see your real motivation. 497 00:27:08,000 --> 00:27:09,400 And what's your motivation? 498 00:27:09,600 --> 00:27:11,080 Brokering a deal that obliterates us 499 00:27:11,080 --> 00:27:13,400 so long as you're central enough to keep your seat at the table? 500 00:27:13,400 --> 00:27:14,440 You know what? 501 00:27:14,440 --> 00:27:16,040 I think I've finally made up my mind about you. 502 00:27:16,040 --> 00:27:18,800 - Oh, go on. Please, enlighten me. - You wanna take this offline? 503 00:27:19,240 --> 00:27:21,000 Does that fake macho bullshit ever actually-- 504 00:27:21,000 --> 00:27:22,800 You have the imagination of a fucking-- 505 00:27:23,200 --> 00:27:24,280 - Michael! - Phillip. 506 00:27:24,400 --> 00:27:26,480 Hi. Hi. 507 00:27:26,840 --> 00:27:28,680 - Wilhelmina. We spoke on the phone. - Yes, we did. Hi. 508 00:27:28,680 --> 00:27:31,080 - Nice to see you. Hi. - Tom Wolsey. 509 00:27:33,880 --> 00:27:34,840 Oi, oi. 510 00:27:35,920 --> 00:27:36,880 Bon appétit. 511 00:27:37,120 --> 00:27:39,320 What the fuck is that? 512 00:27:39,520 --> 00:27:41,080 - Are you kidding? - No. 513 00:27:41,200 --> 00:27:42,720 I got them to put scraps on and everything. 514 00:27:42,720 --> 00:27:44,280 Honestly, what is it? 515 00:27:44,680 --> 00:27:46,160 What-- It's a battered sausage. 516 00:27:46,160 --> 00:27:49,840 - I'm not eating a battered sausage. - Have a chip, at least. 517 00:27:50,200 --> 00:27:51,800 - Okay. - Don't be such a snob. 518 00:27:56,200 --> 00:27:57,400 How perfect is this? 519 00:28:08,840 --> 00:28:09,800 You know... 520 00:28:11,760 --> 00:28:14,240 you could probably invite that impressionable young girl 521 00:28:14,240 --> 00:28:16,280 up to your room and fuck her silly. 522 00:28:17,480 --> 00:28:20,240 'Cause there's not gonna be any... 523 00:28:21,240 --> 00:28:23,400 room hopping tonight here. 524 00:28:23,720 --> 00:28:26,480 Just FYI, you know, as fun as that might be. 525 00:28:26,960 --> 00:28:27,920 What are you doing? 526 00:28:29,160 --> 00:28:30,120 What do you mean? 527 00:28:31,320 --> 00:28:32,400 You don't have to. 528 00:28:36,600 --> 00:28:38,960 Not everything with us has to be a fucking game. 529 00:28:41,200 --> 00:28:44,800 Whatever vulnerability that you're feeling right now... 530 00:28:45,920 --> 00:28:46,880 sit in it. 531 00:28:48,600 --> 00:28:49,560 All right? 532 00:28:51,600 --> 00:28:55,160 'Cause we are... we are beyond the game. 533 00:28:58,640 --> 00:28:59,600 Sorry. 534 00:29:11,760 --> 00:29:12,720 I'm sorry. 535 00:29:15,320 --> 00:29:16,760 I don't know why I act like that. 536 00:29:27,400 --> 00:29:28,360 I don't know. 537 00:29:28,360 --> 00:29:30,920 I'm good at making people feel like I love them. 538 00:29:33,240 --> 00:29:34,200 But... 539 00:29:36,400 --> 00:29:37,760 I don't know that I ever have. 540 00:29:41,280 --> 00:29:42,240 Have you? 541 00:29:44,800 --> 00:29:45,760 Yeah. 542 00:29:49,520 --> 00:29:52,880 Girlfriend at school, Izzy Boon. I was fucking obsessed. 543 00:30:01,720 --> 00:30:05,480 It's just my first instinct. Whenever I feel anything, 544 00:30:06,200 --> 00:30:09,440 like love or care, 545 00:30:10,880 --> 00:30:13,200 I just wanna make it ugly as quickly as I possibly can. 546 00:30:13,200 --> 00:30:14,800 You know, turn it into something else. 547 00:30:15,440 --> 00:30:18,040 Turn it into sex. You know, anything else. 548 00:30:19,680 --> 00:30:20,640 Right. 549 00:30:28,120 --> 00:30:29,240 I don't know what to say. 550 00:30:37,280 --> 00:30:38,440 All I know is... 551 00:30:41,960 --> 00:30:43,720 is that for the first time... 552 00:30:45,640 --> 00:30:46,680 in a long time... 553 00:30:49,160 --> 00:30:50,920 I've got this feeling in my stomach. 554 00:30:54,320 --> 00:30:55,760 I couldn't work out what it was. 555 00:30:59,080 --> 00:31:00,160 But I know now... 556 00:31:02,520 --> 00:31:04,080 that it's anticipation. 557 00:31:06,840 --> 00:31:08,520 It's excitement for the future. 558 00:32:01,160 --> 00:32:02,520 Our short is about to turn. 559 00:32:07,480 --> 00:32:08,520 How do you know? 560 00:32:10,560 --> 00:32:11,520 Well... 561 00:32:13,800 --> 00:32:16,080 Listen, I... I think we are diametrically opposed 562 00:32:16,080 --> 00:32:18,320 when it comes to the relationship between information 563 00:32:18,320 --> 00:32:19,920 and how it's traded upon, right? 564 00:32:19,920 --> 00:32:26,200 I think everything and everyone is moving in a big sludge of gray. 565 00:32:26,200 --> 00:32:29,000 Don't over-intellectualize this shit. What have you done? 566 00:32:30,760 --> 00:32:33,360 I have it on good authority Michael Stone has just gone into Pierpoint. 567 00:32:33,360 --> 00:32:34,760 It's an acquisition target. 568 00:32:35,520 --> 00:32:39,600 We need to take profit before they buy it and Pierpoint stock rallies. 569 00:32:40,280 --> 00:32:42,320 Uh-uh. No. I don't think we should do that. 570 00:32:43,320 --> 00:32:44,280 Why? 571 00:32:44,800 --> 00:32:48,720 Think about the risk-reward. I mean, what percentage chance 572 00:32:48,720 --> 00:32:51,200 do you ascribe to him being there to buy it? 573 00:32:51,760 --> 00:32:56,600 I mean, like a hundred percent? It's too big a coincidence. 574 00:32:56,600 --> 00:32:59,320 They're throwing a party for financial luminaries, no? 575 00:32:59,520 --> 00:33:03,880 And look, I mean, even if it's true, so the stock gets a bump on the headline. 576 00:33:03,880 --> 00:33:06,440 I mean, what about the due diligence, the regulator, the government? 577 00:33:06,440 --> 00:33:09,120 Balance that against what we stand to gain if we hold the line, 578 00:33:09,120 --> 00:33:11,560 if Pierpoint trades to zero. Where's your stomach? 579 00:33:11,680 --> 00:33:13,600 I just don't know what it looks like to the regulator 580 00:33:13,600 --> 00:33:15,360 if we're always on the right side of this trade 581 00:33:15,360 --> 00:33:17,080 at precisely the right time. 582 00:33:18,720 --> 00:33:19,960 What aren't you telling me? 583 00:33:21,800 --> 00:33:25,000 Again, moving forward with honesty... 584 00:33:27,280 --> 00:33:29,480 I know Pierpoint are terminally ill. 585 00:33:30,640 --> 00:33:33,240 - How? - I overheard it. 586 00:33:34,280 --> 00:33:35,280 In the toilet. 587 00:33:38,560 --> 00:33:39,520 In Pierpoint? 588 00:33:42,960 --> 00:33:44,880 Holy fucking cunting Christ. I... 589 00:33:46,240 --> 00:33:50,680 Okay, that is a completely different beast. 590 00:33:50,680 --> 00:33:53,880 I mean, trading on anything that you hear in there is privileged information. 591 00:33:53,880 --> 00:33:56,400 They know we were in there. There's cameras, there's records. 592 00:33:56,400 --> 00:33:59,200 Okay, but like, how is an SEC FCA investigation 593 00:33:59,200 --> 00:34:03,800 gonna put anything together based on that? It would be speculative at best. 594 00:34:04,280 --> 00:34:06,400 What, we took a meeting and placed a short? 595 00:34:06,400 --> 00:34:09,080 - Lock us up, throw away the key, come on. - Okay, okay. 596 00:34:09,080 --> 00:34:11,880 The whole thing is fucking information soup. 597 00:34:11,880 --> 00:34:13,360 That is the point. 598 00:34:18,280 --> 00:34:20,880 You've backed us into a major fucking corner. 599 00:34:23,760 --> 00:34:24,720 Okay, well... 600 00:34:26,040 --> 00:34:27,080 I've said my piece. 601 00:34:28,720 --> 00:34:29,680 Yeah. 602 00:34:34,640 --> 00:34:35,840 People damn Lehman 603 00:34:35,840 --> 00:34:38,080 because of poor risk management in one area. 604 00:34:38,840 --> 00:34:41,880 Housing derivatives. But we benefited hugely 605 00:34:41,880 --> 00:34:44,200 from acquiring the bond trading and EM businesses. 606 00:34:44,800 --> 00:34:48,040 I'm sure Pierpoint's suite will be similarly exciting, 607 00:34:48,040 --> 00:34:49,400 synergistically, for us. 608 00:34:49,720 --> 00:34:51,120 We can give the market the soft signal 609 00:34:51,120 --> 00:34:52,840 this is happening and allay the share price, 610 00:34:53,360 --> 00:34:56,280 stave off any more panic. Give us some breathing room. 611 00:34:56,280 --> 00:34:59,880 Can I ask, would we be Barclays-Pierpoint or Pierpoint-Barclays? 612 00:34:59,880 --> 00:35:01,520 Do we care about the cosmetics? 613 00:35:01,640 --> 00:35:03,560 As someone who's been here longer than a fortnight, 614 00:35:03,560 --> 00:35:05,280 you should care about the weight of our name. 615 00:35:05,280 --> 00:35:07,880 If you're addressing me, could you look me in the face, please? 616 00:35:09,200 --> 00:35:10,960 Do we care about saving the name 617 00:35:10,960 --> 00:35:13,080 or saving the jobs of the people who work for us? 618 00:35:13,080 --> 00:35:14,520 Well, maybe you can tell us. 619 00:35:15,120 --> 00:35:18,400 Or maybe our potential suitor is best placed to answer that question. 620 00:35:21,200 --> 00:35:25,280 You guys are trading off a 150-year reputation, 621 00:35:26,000 --> 00:35:27,880 which we respect, of course. 622 00:35:29,240 --> 00:35:30,640 But practically, 623 00:35:30,920 --> 00:35:33,440 we are interested in your infrastructure. 624 00:35:35,240 --> 00:35:38,600 Now, as time is of the essence, I'll make some phone calls. 625 00:35:39,080 --> 00:35:41,280 I mean, you know, that is if you're still interested. 626 00:35:41,880 --> 00:35:42,840 Please. 627 00:35:48,480 --> 00:35:49,600 Tell me how that was appropriate. 628 00:35:49,600 --> 00:35:52,880 What's inappropriate is not drilling down on what this guy means by infrastructure. 629 00:35:53,000 --> 00:35:54,480 Is that our... our tech, our terminals? 630 00:35:54,480 --> 00:35:56,480 Is that the fucking building in Midtown? What? 631 00:35:56,480 --> 00:35:57,920 I'm sure that'll be shaken out. 632 00:35:58,960 --> 00:36:00,040 Go fuck yourself. 633 00:36:01,800 --> 00:36:03,560 I do that regularly, thank you. 634 00:36:04,440 --> 00:36:07,360 Can I ask what the actual fuck it is you're doing here? 635 00:36:07,480 --> 00:36:10,680 You're barely 40. You're a fucking British management consultant. 636 00:36:10,680 --> 00:36:12,040 Bill, calm down. 637 00:36:12,040 --> 00:36:13,960 What we need is a capital injection 638 00:36:13,960 --> 00:36:17,040 so we're not backed into a corner and into a deal not on our terms. 639 00:36:17,040 --> 00:36:19,000 - We need thinking time. - It's a Band-Aid. 640 00:36:19,000 --> 00:36:21,840 - A Band-Aid is not a solution. - Mitsubishi will tide us over. 641 00:36:21,840 --> 00:36:24,680 They want us to be us with no stipulations. 642 00:36:24,680 --> 00:36:27,040 There is no such thing as free money. 643 00:36:30,160 --> 00:36:33,320 We will thrash out a palatable acquisition multiple for all parties, 644 00:36:33,720 --> 00:36:36,080 but I guess we can now shake hands. 645 00:36:36,880 --> 00:36:39,520 That’s pending dotting the I’s and crossing the T’s for the regulator. 646 00:36:40,560 --> 00:36:43,480 And we'll pen an announcement to cushion the share price. 647 00:36:43,480 --> 00:36:45,040 - This is great news. - Yeah. 648 00:36:50,960 --> 00:36:52,480 So, this is what death feels like. 649 00:36:53,720 --> 00:36:55,480 One hundred and fifty years to build it. 650 00:36:57,360 --> 00:36:59,560 Two-minute phone call to bring it all down. 651 00:37:18,040 --> 00:37:19,280 Bill can't behave like that 652 00:37:19,680 --> 00:37:21,800 when the rest of Barclays management come in. 653 00:37:24,040 --> 00:37:25,520 He has our best interests at heart. 654 00:37:25,520 --> 00:37:28,120 Has he promised you the world if he comes out on top? 655 00:37:30,520 --> 00:37:32,120 He has a habit of doing that. 656 00:37:33,720 --> 00:37:36,480 Why is he turning this into a political zero-sum game? 657 00:37:37,720 --> 00:37:40,040 These factions, it's child's play. 658 00:37:40,040 --> 00:37:42,080 If we play this right and quell the infighting, 659 00:37:42,080 --> 00:37:43,600 everyone in the room will be safe. 660 00:37:43,800 --> 00:37:47,240 Do... do I count as in the room? 661 00:37:49,240 --> 00:37:51,000 Get in Bill's ear, that's how you count. 662 00:37:52,440 --> 00:37:53,400 Bring him to heel. 663 00:37:54,000 --> 00:37:56,160 Convince him not to embarrass us in front of the people 664 00:37:56,160 --> 00:37:57,680 who are offering us a lifeline. 665 00:38:00,080 --> 00:38:02,520 You don't buy that BS about the workforce, do you? 666 00:38:04,040 --> 00:38:06,600 The guy usually pops a chub for reducing head count. 667 00:38:07,440 --> 00:38:08,520 He's weaponizing them. 668 00:38:10,080 --> 00:38:11,080 He's self-interested. 669 00:38:11,080 --> 00:38:14,000 He just wants to play Christ with the Mitsubishi plan. 670 00:38:14,720 --> 00:38:16,320 We both know it's not gonna work. 671 00:38:16,880 --> 00:38:20,320 And as far as he's concerned, you're a useful idiot. 672 00:39:10,360 --> 00:39:14,320 Otto, look, I wouldn't be calling you if it wasn't a last resort, 673 00:39:14,320 --> 00:39:16,640 and I feel terrible about going behind her back, 674 00:39:16,640 --> 00:39:21,680 but I need my working relationships to be predicated on trust, and... 675 00:39:22,360 --> 00:39:23,880 on that basis, I... 676 00:39:24,680 --> 00:39:26,960 I think it's becoming untenable with Harper. 677 00:39:27,440 --> 00:39:28,720 Are you coming to bed? 678 00:39:29,160 --> 00:39:31,040 You're one of my best-performing projects. 679 00:39:31,040 --> 00:39:32,080 What's happened? 680 00:39:32,640 --> 00:39:35,760 She's being reckless with our AUM. 681 00:39:35,960 --> 00:39:36,920 Reckless how? 682 00:39:38,520 --> 00:39:39,480 Legally. 683 00:39:41,400 --> 00:39:43,200 You mean she's reckless with my money? 684 00:39:43,880 --> 00:39:47,560 That is simply something I cannot countenance. 685 00:39:50,440 --> 00:39:51,960 I'm sick of talking around the fact 686 00:39:51,960 --> 00:39:54,880 that you are solely to blame for Pierpoint's insolvency. 687 00:39:54,880 --> 00:39:57,760 It was a strategy agreed upon by a committee. 688 00:39:57,760 --> 00:40:00,240 - It was only a committee when it failed. - Bill, can-- 689 00:40:04,240 --> 00:40:06,320 I have bad news. 690 00:40:10,160 --> 00:40:13,400 We need significantly more time to get us over the line with the regulator. 691 00:40:13,600 --> 00:40:15,200 We don't have any more time. 692 00:40:16,280 --> 00:40:17,680 Talk straight. What's going on? 693 00:40:18,720 --> 00:40:19,920 Well, between us, 694 00:40:19,920 --> 00:40:21,640 I've just got off the phone with the chancellor, 695 00:40:22,480 --> 00:40:24,080 he understands the gravity of the situation, 696 00:40:24,080 --> 00:40:27,920 but he can't be seen to be ratifying the effective bailout of another bank. 697 00:40:28,400 --> 00:40:30,160 He's on thin ice as it is, 698 00:40:30,160 --> 00:40:33,080 and he's got this bloody caucus of populist Tory backbenchers 699 00:40:33,080 --> 00:40:35,120 making his life hell. 700 00:40:36,840 --> 00:40:39,760 So, yeah. Sorry I can't be of more help. 701 00:40:40,280 --> 00:40:41,240 So, what? We’re... 702 00:40:41,400 --> 00:40:44,120 we're just at the mercy of someone else's ambition? 703 00:40:45,720 --> 00:40:46,720 Aren't we always? 704 00:40:48,920 --> 00:40:50,320 Look, I need to get some sleep. 705 00:40:51,880 --> 00:40:52,840 Best of luck. 706 00:40:57,080 --> 00:40:58,400 Fuck! 707 00:40:59,960 --> 00:41:01,880 So, this is what we have at the moment. 708 00:41:03,200 --> 00:41:08,200 The chancellor now looks like an ally of the financial sector's lawlessness 709 00:41:08,480 --> 00:41:13,440 and weak for kowtowing to an influential group of backbenchers. 710 00:41:14,080 --> 00:41:15,440 Led by his successor. 711 00:41:16,680 --> 00:41:18,760 Are we ready for that move? 712 00:41:19,400 --> 00:41:20,800 Maybe after the election. 713 00:41:23,600 --> 00:41:26,040 But these headlines won't hurt your chances. 714 00:41:31,040 --> 00:41:32,840 Eddie, thank you for staying so late. 715 00:41:33,200 --> 00:41:35,600 Let's have this online before the country wakes up. 716 00:41:35,920 --> 00:41:36,880 Got it. 717 00:41:41,080 --> 00:41:44,240 If he thinks this leads to a fashion-adjacent lifestyle, 718 00:41:44,240 --> 00:41:46,360 it's immediately a red flag. 719 00:41:46,360 --> 00:41:49,440 He was a hundred percent a misogynist, and possibly a psychopath. 720 00:41:49,440 --> 00:41:51,680 What in the good fuck is going on? 721 00:41:52,240 --> 00:41:54,120 You better have sold the rest of my fucking positions. 722 00:41:54,360 --> 00:41:55,840 Where have you been? 723 00:41:56,160 --> 00:41:59,120 I've been playing the fruities with a client. 724 00:41:59,280 --> 00:42:02,280 Some guy keeps calling the desk for you. 725 00:42:02,280 --> 00:42:03,320 Who? 726 00:42:05,080 --> 00:42:06,240 Vin? Vinnie? 727 00:42:06,880 --> 00:42:08,280 - Vinay? - That's the one. 728 00:42:08,280 --> 00:42:09,560 - He called here? - Yeah. 729 00:42:09,880 --> 00:42:11,840 You're a dickhead, bruv. 730 00:42:13,280 --> 00:42:14,400 A fucking dickhead. 731 00:42:15,400 --> 00:42:17,480 So, Anraj is on ecstasy. 732 00:42:17,920 --> 00:42:20,880 He was catatonic drunk, but hey, he insisted, 733 00:42:20,880 --> 00:42:23,480 and well, we dragged some people to the floor 734 00:42:23,480 --> 00:42:26,080 and, hey, can't fire us twice, right? 735 00:42:28,320 --> 00:42:29,600 You bully me 736 00:42:30,240 --> 00:42:32,360 - 'cause you were bullied at school, innit? - Shut the fuck up! 737 00:42:32,360 --> 00:42:34,960 No, you're pure small-man syndrome, bruv. 738 00:42:35,080 --> 00:42:38,080 You got no taste, bruv. Look at your car, your taste level's dead. 739 00:42:38,080 --> 00:42:39,360 Why didn't you sell my fucking axes? 740 00:42:39,560 --> 00:42:41,160 Your IG Explore page must be 741 00:42:41,160 --> 00:42:43,240 - a crime against humanity! - Shut the fuck up! 742 00:42:43,240 --> 00:42:44,720 No, I'm done being quiet. 743 00:42:44,720 --> 00:42:46,520 Now, look... look, we're not... we're not sick, Rishi. 744 00:42:46,640 --> 00:42:49,720 We're not gonna play Santa, wrapping coal in a bow for your clients. 745 00:42:49,720 --> 00:42:52,240 We're not gonna torch our reputations in the market 746 00:42:52,240 --> 00:42:54,360 selling your worthless positions. 747 00:42:55,280 --> 00:42:58,000 Why would we? To what end, anyway? 748 00:43:01,840 --> 00:43:02,920 Best of luck drowning. 749 00:43:08,120 --> 00:43:09,080 Fuck. 750 00:43:23,040 --> 00:43:26,200 - What's the time, please? - It's just gone 4:00 a.m. 751 00:43:27,400 --> 00:43:28,360 Okay. 752 00:43:29,600 --> 00:43:31,840 We have around ten hours till U.S. open. 753 00:43:32,440 --> 00:43:35,080 - Put a fucking solution in front of me. - Mitsubishi is still in play. 754 00:43:35,080 --> 00:43:36,600 I can wake the head of their London office. 755 00:43:36,600 --> 00:43:38,080 They want this as much as us. 756 00:43:38,080 --> 00:43:41,160 This solve is not viable long term, given the state of our balance sheet. 757 00:43:41,160 --> 00:43:43,680 To assuage market fears, all that matters is we can prove 758 00:43:43,680 --> 00:43:44,960 we plugged the immediate hole. 759 00:43:44,960 --> 00:43:47,280 Why do you keep talking when the value add of your ideas 760 00:43:47,280 --> 00:43:48,560 is less than zero? 761 00:43:49,120 --> 00:43:51,560 We need to pivot. Mitsubishi? 762 00:43:52,160 --> 00:43:54,080 Wake them up. Get them in the room. 763 00:44:04,960 --> 00:44:06,840 It's on. It's on. Eric. 764 00:44:11,600 --> 00:44:13,640 It's a good thing Tom said yes. 765 00:44:14,600 --> 00:44:18,040 I soft launched this to Mitsubishi's European Executive Committee already. 766 00:44:18,600 --> 00:44:20,080 It's lunchtime in Japan, right? 767 00:44:20,080 --> 00:44:22,520 They're just in from Düsseldorf, where the European subsidiary is. 768 00:44:22,520 --> 00:44:24,600 Now, they're gonna come with terms that Tom finds attractive, 769 00:44:24,600 --> 00:44:26,120 because I've prepped them on the financials. 770 00:44:26,120 --> 00:44:28,800 So, let's take a fast 20 and call an associate in IBD up 771 00:44:28,800 --> 00:44:31,520 to triple-check the numbers in the deck. No missteps. 772 00:44:32,560 --> 00:44:34,800 Fast 20 still takes 20. 773 00:44:36,680 --> 00:44:37,720 I need stronger nicotine. 774 00:44:39,160 --> 00:44:41,120 Any delivery vessel, I'm beyond caring. 775 00:44:41,920 --> 00:44:44,480 Ow! Ow! 776 00:44:47,160 --> 00:44:48,120 Yas? 777 00:44:53,680 --> 00:44:56,200 I just wanted to make a cup of tea. 778 00:44:56,760 --> 00:44:57,760 What the fuck have you done? 779 00:44:57,760 --> 00:45:00,720 Hey, come here, come here. Are you hurt? 780 00:45:01,680 --> 00:45:03,720 Hey, hey. Yas, look at me. 781 00:45:04,080 --> 00:45:06,200 - Have you taken something? Yeah? - Uh-huh. 782 00:45:06,320 --> 00:45:07,280 What have you taken? 783 00:45:07,280 --> 00:45:10,520 Rob, do you think I'm a bad person? 784 00:45:10,680 --> 00:45:14,320 - No. No, you're not a bad person. - You do. Rob, look at me. 785 00:45:14,320 --> 00:45:16,240 Tell me that you think that I'm a bad person. 786 00:45:16,240 --> 00:45:17,400 Look, you're not a bad person! 787 00:45:17,400 --> 00:45:20,040 Tell me that I'm allowed to want to do bad things. 788 00:45:21,640 --> 00:45:22,600 What? 789 00:45:24,280 --> 00:45:25,520 You can do what you want. 790 00:45:28,120 --> 00:45:29,280 I want you. 791 00:45:30,080 --> 00:45:33,080 - I want you. Oh, you're hard. - What are you doing? 792 00:45:33,080 --> 00:45:34,880 - Come on. Just stop. Stop. - I want you. 793 00:45:34,880 --> 00:45:36,920 Stop! Stop! Stop! Stop! 794 00:45:37,600 --> 00:45:38,560 Stop! 795 00:45:39,440 --> 00:45:40,400 Stop! 796 00:45:46,000 --> 00:45:48,720 Henry used to get hard when I cried, too. 797 00:45:54,320 --> 00:45:55,320 Hey. 798 00:46:05,000 --> 00:46:06,920 Bill tells me you've been here 30 years. 799 00:46:07,840 --> 00:46:08,840 Aren't you bored? 800 00:46:13,360 --> 00:46:15,640 Been dropped into a few of these restructurings. 801 00:46:16,840 --> 00:46:20,080 They all have their own mythos and history, but... 802 00:46:21,240 --> 00:46:23,080 ultimately, they're much for muchness. 803 00:46:23,440 --> 00:46:24,760 They're corporations. 804 00:46:27,240 --> 00:46:28,280 Not the people. 805 00:46:29,920 --> 00:46:32,360 - The people are different. - Are they really? 806 00:46:34,800 --> 00:46:38,560 There's a self-centeredness at the heart of Bill's romanticization of it all. 807 00:46:39,320 --> 00:46:40,520 False heroism. 808 00:46:41,760 --> 00:46:43,800 Do you think there's room for nobility in there? 809 00:46:51,880 --> 00:46:55,600 I was hoping Bill would be my mouthpiece to the wider Pierpoint family, but... 810 00:46:56,640 --> 00:46:58,960 he seems like more of a problem than a solution. 811 00:47:04,560 --> 00:47:06,080 You're not a romantic, are you? 812 00:47:06,960 --> 00:47:08,120 What do you believe in? 813 00:47:12,920 --> 00:47:14,320 I don't believe in anything. 814 00:47:15,600 --> 00:47:18,440 I believe in the trade, when it works... 815 00:47:19,640 --> 00:47:21,240 when it stops working. 816 00:47:28,080 --> 00:47:29,040 By the way, 817 00:47:29,800 --> 00:47:32,760 nostalgia's only useful when you're selling something. 818 00:47:40,320 --> 00:47:42,120 Any color that'll help us in the pitch? 819 00:47:44,120 --> 00:47:45,080 Nope. 820 00:47:46,320 --> 00:47:47,640 A whole lot of nothing. 821 00:47:50,200 --> 00:47:51,560 Deck look good to your eyes? 822 00:47:56,360 --> 00:47:57,320 Perfect. 823 00:48:02,280 --> 00:48:05,200 - I'll see you out there. - I'll see you out there. 824 00:48:18,440 --> 00:48:20,600 Thank you for meeting us so early. 825 00:48:22,120 --> 00:48:24,440 I'm sorry it's a little ripe in here. 826 00:48:26,640 --> 00:48:28,800 - Where the hell are you going? - I gotta take this. 827 00:48:32,640 --> 00:48:34,640 Thanks for calling me back. Sorry it's early. 828 00:48:35,720 --> 00:48:40,040 Bill Adler told me about a connection that landed you on my desk. 829 00:48:40,040 --> 00:48:42,080 Can you flesh that out for me a little? 830 00:48:46,320 --> 00:48:48,680 - Did you enjoy your stay? - Very much. Thank you. 831 00:48:51,560 --> 00:48:52,920 Did you want a bandage? 832 00:48:55,400 --> 00:48:56,360 Sure. 833 00:49:03,200 --> 00:49:04,600 Do you reckon she's a Libra? 834 00:49:07,760 --> 00:49:10,680 I threw in an extra 20 quid for the busted kettle. 835 00:49:11,080 --> 00:49:14,080 - Oh, thanks. - Ah, it's all right. Cheers. 836 00:49:14,880 --> 00:49:15,840 Cheers. 837 00:49:17,080 --> 00:49:18,240 Have a safe trip. 838 00:49:20,960 --> 00:49:24,040 Our proposal is that the Mitsubishi Financial Group 839 00:49:24,040 --> 00:49:26,320 invest nine billion dollars in equity 840 00:49:26,320 --> 00:49:29,520 in Pierpoint for a 19-percent interest in the company 841 00:49:29,760 --> 00:49:31,480 on a fully diluted basis. 842 00:49:36,080 --> 00:49:37,120 How did that get there? 843 00:49:38,840 --> 00:49:42,560 As I was saying, our friends at Mitsubishi are the best partners we could have. 844 00:49:42,560 --> 00:49:45,800 They have enough dry powder to buy up our distressed debt 845 00:49:45,800 --> 00:49:48,120 and to support the other assets on our books. 846 00:49:48,280 --> 00:49:49,920 And they want us to be us. 847 00:49:50,760 --> 00:49:52,520 They have reverence for our name. 848 00:49:53,040 --> 00:49:55,640 We want to help build Pierpoint back to what it could be 849 00:49:55,640 --> 00:49:57,680 in its 150th year. 850 00:49:59,480 --> 00:50:04,280 We expect a very healthy ROI for you on a decade-long horizon, 851 00:50:04,560 --> 00:50:07,600 but of course, apologies for the small inaccuracy on page 12. 852 00:50:12,600 --> 00:50:13,720 What inaccuracy? 853 00:50:14,280 --> 00:50:17,600 I am assuming this reference is linked incorrectly. 854 00:50:18,600 --> 00:50:22,160 It looks like you are linking to enterprise value 855 00:50:22,160 --> 00:50:23,960 instead of equity value. 856 00:50:24,960 --> 00:50:28,360 It's causing a 15-percent decrease in the true PE multiple, 857 00:50:28,360 --> 00:50:31,360 which should otherwise be seven-point-six times, 858 00:50:31,800 --> 00:50:33,680 well below peers. 859 00:50:36,160 --> 00:50:37,800 I'm so sorry we missed this. 860 00:50:39,400 --> 00:50:41,920 That's like a two-to-three percent uplift in IRR. 861 00:50:42,160 --> 00:50:44,040 After ten years of what we know 862 00:50:44,160 --> 00:50:46,840 will be a mutually beneficial relationship. 863 00:50:47,520 --> 00:50:48,640 How could we have missed that? 864 00:50:48,800 --> 00:50:51,280 It's sloppy. Eric. 865 00:50:51,880 --> 00:50:54,720 Bill, it's fine. Leave it. It's late. 866 00:50:55,600 --> 00:50:58,360 It happens. It's just a book. 867 00:50:59,200 --> 00:51:02,120 That's a huge decrease in the valuation. How didn't I spot it? 868 00:51:02,920 --> 00:51:04,400 Bill, you did spot it. 869 00:51:05,640 --> 00:51:07,480 What? When? 870 00:51:07,800 --> 00:51:09,800 We ran through it about an hour ago. 871 00:51:09,800 --> 00:51:13,040 I raised it again in the bathroom just now. 872 00:51:13,160 --> 00:51:15,840 You said it wasn't a deal-breaker in the room, 873 00:51:15,840 --> 00:51:17,720 that they know the numbers already, 874 00:51:17,720 --> 00:51:19,920 which they do. 875 00:51:21,000 --> 00:51:22,120 We can move on. 876 00:51:22,960 --> 00:51:24,360 That didn't happen. 877 00:51:26,440 --> 00:51:27,400 Did it? 878 00:51:28,640 --> 00:51:30,680 It's not mission critical here. 879 00:51:30,880 --> 00:51:33,320 No, it is. When did we discuss it? 880 00:51:34,920 --> 00:51:36,320 I don't think we did, did we? 881 00:51:36,320 --> 00:51:39,160 - Maybe I'm just misremembering. - I think you can move on. 882 00:51:39,160 --> 00:51:41,200 You have to understand it's very important 883 00:51:41,200 --> 00:51:42,880 - that I didn't misremember. - Bill. 884 00:51:45,440 --> 00:51:46,400 What's going on? 885 00:51:48,160 --> 00:51:49,120 Hey, Bill. 886 00:51:52,080 --> 00:51:53,240 There's no shame. 887 00:51:57,000 --> 00:51:59,480 I'm so... I'm so sorry, if... 888 00:52:01,000 --> 00:52:01,960 I've been quite sick, 889 00:52:01,960 --> 00:52:04,600 and I really didn't wanna bring it up in this forum, but-- 890 00:52:04,760 --> 00:52:07,400 You are fit to continue. 891 00:52:11,000 --> 00:52:14,320 Gentlemen and lady, 892 00:52:15,000 --> 00:52:16,360 could you give us five? 893 00:52:17,680 --> 00:52:19,760 This isn't what we expect in these circumstances. 894 00:52:19,760 --> 00:52:22,560 No, there should be multiple layers of review. 895 00:52:22,800 --> 00:52:23,880 My apologies. 896 00:52:39,680 --> 00:52:42,920 I... I'm so sorry. I should have just breezed past it, 897 00:52:42,920 --> 00:52:46,600 but it's... it's quite important... it's quite important for my prognosis. 898 00:52:46,600 --> 00:52:47,800 What's wrong with you? 899 00:52:49,920 --> 00:52:51,480 I have a malignant tumor. I... 900 00:52:52,560 --> 00:52:54,960 I've not noticed much, if any, cognitive impairment. 901 00:52:54,960 --> 00:52:56,200 - That's why it's-- - And you've been 902 00:52:56,200 --> 00:52:57,480 keeping this to yourself? 903 00:53:02,800 --> 00:53:03,840 You shouldn't be in here. 904 00:53:05,080 --> 00:53:07,000 Your health is of paramount importance. 905 00:53:07,000 --> 00:53:09,120 My performance has never been compromised. 906 00:53:09,120 --> 00:53:10,920 Apart from when it just mattered. 907 00:53:12,240 --> 00:53:16,800 High stress, no sleep. This isn't the place for a sick man. 908 00:53:17,960 --> 00:53:18,920 Look... 909 00:53:20,160 --> 00:53:22,040 I want you to go home. That isn't a suggestion. 910 00:53:22,360 --> 00:53:24,520 I'm fit to work if I say I'm fit to work. 911 00:53:24,520 --> 00:53:27,080 I want you to go rest. 912 00:53:28,480 --> 00:53:29,440 Eric... 913 00:53:31,120 --> 00:53:32,520 why don't you put Bill in a cab? 914 00:53:42,560 --> 00:53:43,520 Come on. 915 00:53:44,240 --> 00:53:45,560 It's okay. Come on. 916 00:54:15,480 --> 00:54:16,680 - Hello? - Hi. 917 00:54:16,880 --> 00:54:19,800 Denise, I've slept on it, 918 00:54:19,800 --> 00:54:22,240 and I don't want to take Rose's offer. 919 00:54:22,240 --> 00:54:25,480 And I know-- I have thought about the implications, 920 00:54:25,800 --> 00:54:29,120 but it's Rose and Hanani, okay? They're the ones that are being inhumane, 921 00:54:29,120 --> 00:54:30,920 and you can think that I'm meeting them on their level 922 00:54:30,920 --> 00:54:32,240 if you want, that's fine, 923 00:54:32,480 --> 00:54:35,320 but they have literally given me no choice. 924 00:54:35,680 --> 00:54:37,200 Have you stopped to think about how this 925 00:54:37,200 --> 00:54:38,960 - is gonna affect the other victims? - Yes, of course! 926 00:54:38,960 --> 00:54:40,560 Of course I have thought about that, Denise! 927 00:54:40,560 --> 00:54:41,720 Of course I have! 928 00:54:41,840 --> 00:54:45,280 But you have to understand, it is them or it is me! 929 00:54:55,800 --> 00:54:56,760 How was it? 930 00:54:59,200 --> 00:55:03,200 So, they've had their funding from the university totally cut off. 931 00:55:03,400 --> 00:55:04,600 They balked at the idea 932 00:55:04,600 --> 00:55:06,280 of any commercial application of psychedelics, 933 00:55:06,280 --> 00:55:10,240 only lab-conditioned trials on treatment for various mental disorders. 934 00:55:10,360 --> 00:55:11,360 Why? 935 00:55:11,800 --> 00:55:14,600 Well, it's still illegal, but LittleLabs, 936 00:55:15,560 --> 00:55:16,800 they want to be the first mover. 937 00:55:17,400 --> 00:55:20,320 Now, imagine being early on cannabis in California. 938 00:55:21,560 --> 00:55:23,520 - Sorry. - Well, no. 939 00:55:24,440 --> 00:55:28,360 See, they've been flirting with the idea of relocating to Silicon Valley. 940 00:55:28,720 --> 00:55:31,320 All right? And they said if I can help unlock VC dollars 941 00:55:31,320 --> 00:55:34,400 for them out there, then there might be a position open. 942 00:55:35,640 --> 00:55:37,480 - Head of business development. - What? 943 00:55:37,480 --> 00:55:39,880 Yeah, I know. I couldn't believe it as well. 944 00:55:40,960 --> 00:55:45,080 So, wait... wait. Would that mean that you move to the States? 945 00:55:45,640 --> 00:55:46,600 Maybe. 946 00:55:48,600 --> 00:55:49,560 Here. 947 00:55:55,320 --> 00:55:57,240 Sleep will help. I'll... I'll get a couple more hours 948 00:55:57,240 --> 00:55:58,440 and come straight back in. 949 00:55:59,000 --> 00:56:01,080 I don't think anyone in there wants that. 950 00:56:01,840 --> 00:56:03,960 Stay home. For yourself. 951 00:56:04,360 --> 00:56:06,680 I'll smooth out Mitsubishi. It'll work. 952 00:56:08,760 --> 00:56:10,920 Peer to peer, stay home. 953 00:56:11,760 --> 00:56:13,240 More time for your family. 954 00:56:14,960 --> 00:56:16,840 The institution doesn't suffer. 955 00:56:24,800 --> 00:56:25,960 Door opening. 956 00:56:29,720 --> 00:56:31,360 You made me distrust my... 957 00:56:36,320 --> 00:56:37,280 For what? 958 00:56:43,720 --> 00:56:44,920 Door closing. 959 00:57:26,200 --> 00:57:27,240 You Harper Stern? 960 00:57:28,400 --> 00:57:29,360 Yeah. 961 00:57:29,600 --> 00:57:32,040 Otto wants to see you. Get in the car. 962 00:57:34,520 --> 00:57:35,480 Now? 963 00:57:36,080 --> 00:57:37,080 He'd prefer it. 964 00:58:01,440 --> 00:58:03,720 Well, I hope he's getting the care he needs. 965 00:58:05,400 --> 00:58:07,400 I've heard that... 966 00:58:08,960 --> 00:58:10,920 tumors can have certain... 967 00:58:12,080 --> 00:58:15,600 neurological effects as pertains to people's willingness 968 00:58:16,200 --> 00:58:18,040 to take risk. 969 00:58:23,400 --> 00:58:26,640 Well, while I take some responsibility 970 00:58:26,640 --> 00:58:29,280 for my bullishness over ESG as a concept... 971 00:58:30,920 --> 00:58:33,440 Bill had the underlying relationship with Debt Syndicate 972 00:58:33,440 --> 00:58:35,320 from his bond trading days. 973 00:58:35,800 --> 00:58:39,360 He was the one pushing their appetite for risk. 974 00:58:41,400 --> 00:58:42,360 Yes. 975 00:58:43,400 --> 00:58:46,840 Fixed income was more Bill's background. 976 00:58:48,160 --> 00:58:51,800 You know, we can't let someone go because of their declining health... 977 00:58:54,760 --> 00:58:55,720 but... 978 00:58:58,440 --> 00:58:59,400 Eric... 979 00:59:01,320 --> 00:59:03,120 as the closest to him, 980 00:59:03,960 --> 00:59:07,720 if you think an indefinite period of absence 981 00:59:07,720 --> 00:59:11,400 would be in his best interest... 982 00:59:13,640 --> 00:59:16,640 it is something our executive committee 983 00:59:17,040 --> 00:59:20,000 would be willing to consider. 984 00:59:23,840 --> 00:59:26,920 He has seemed a little... 985 00:59:27,960 --> 00:59:29,160 out of sorts. 986 00:59:37,520 --> 00:59:40,000 While I respect the rules of the game... 987 00:59:41,640 --> 00:59:46,360 I find pinning this all on a sick man morally unconscionable. 988 00:59:48,800 --> 00:59:52,200 But tomorrow is more important than yesterday for Pierpoint. 989 00:59:58,640 --> 00:59:59,920 So, fuck him then, right? 990 01:00:07,520 --> 01:00:09,240 Is Mitsubishi worth pursuing? 991 01:00:09,680 --> 01:00:11,360 It's a Band-Aid. No more. 992 01:00:11,360 --> 01:00:13,280 Phillip was onto something when he told us 993 01:00:13,280 --> 01:00:15,120 that we should be looking towards the Gulf. 994 01:00:15,720 --> 01:00:18,160 So, I've brokered an introduction. 995 01:00:21,680 --> 01:00:23,320 Ali. Gentlemen. 996 01:00:24,280 --> 01:00:25,960 It's Pierpoint's anniversary. 997 01:00:28,040 --> 01:00:30,440 How would you like to buy a piece of history?