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The Big Short (2015) "The Big Short" is a captivating 2015 film that delves into the global financial crisis of 2007-2008.

The Big Short (2015)

"The Big Short" is a captivating 2015 film that delves into the global financial crisis of 2007-2008. Directed by Adam McKay, this dark comedy-drama is based on the non-fiction book of the same name by Michael Lewis. The movie boasts an incredible ensemble cast including Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt.

Set in the world of high finance, "The Big Short" follows a group of Wall Street outsiders who predict the impending collapse of the housing market and decide to exploit it for their gain. With clever storytelling and witty dialogue, the film exposes the corruption and greed that led to the devastating economic meltdown.

This thought-provoking movie offers an illuminating perspective on a complex financial crisis that impacted millions worldwide. It sheds light on the flawed system that allowed such a catastrophe to occur and the few individuals who had the audacity to challenge the status quo.

If you're intrigued by the subject matter or want to revisit the exceptional performances of the cast, you can play and download the sounds of "The Big Short" here.

A billion dollars
A billion dollars
A CDO of a CDO!
A CDO? Yes... a CDO.
A few people have us in, just to laugh at me on this deal, is that you?
A hundred million?
A hundred, maybe two hundred people would show
A lot of these BBB's are going to zero too.
A lot!
A ratings shop
A real solid gold asshole!
Aaaahh
Aaah, my eye doctor is always busy
Aahhh... Fuck you too!
About twenty times!
Absolutely, they're complete shit!
Absolutely! Absolutely!
Absolutely! We can make it one hundred million.
Absolutely... Absolutely, we can!
Actually in this particular case, James probably is wrong.
Actually no one can see a bubble, that's what makes it a bubble
Actually, can i talk to a mortgage broker? Anybody you recommend? Anybody you like?
Actually, my name is Jeong,
Adjustable rates... Dogshit!
After all, there are only so many homes and so many people with good enough jobs to buy them... right?
After he and Mark had their debate
Ah really? Yeah!
Ah, if you need the.. ehm, Files for 2005
Alan Greenspan, one of the architects of the whole crisis, was scheduled to speak
All fine, hehe!
All the people I respected,
All they took was the TV.
All this time I've been trying to figure out whom I've been betting against.
Almost as large as another testicle on itself
Alright, let's say...
Alright, we could, we could go to forty
Alright, what've you got?
Alright!
Alright...
Alright... Let me put it this way....
Alrighty
Am i being clear? Lawrence
Am i being clear? Lawrence
Am i gonna have to leave?
Am i? Or is this douche bag?
An awkward social manner,
And 145 thousand dollars in student loans
And a condo..
And a hell of a trader, which is the only reason they put up with his bullshit optimism.
And America barely noticed that it's number one industry became boring old banking
And as fun as it is to watch..
And CDO B, has parts of CDO A and then they both get put inside CDO C.
And congress had no choice, but to break up the big banks
And dozens of other securities a year.
And even fucking Morkovia blew us off! I know man!
And everybody is walking around like they're in a goddamn Enya video.
And everybody wants swaps, swaps are not he most popular product on the street
And for the first time, the banker went from the country club to the strip club.
And give us a call way down the line you know?
And halve of all .. eh ... worries that... it wasn't default.
And i know what you're thinking!
And I never said that!
And I read about it, in Grand Central's trade observer.
And I wonder, I wonder, what your incentives might be.
And I'll give you 3 to 1 odds!
And I'm getting madder and madder, and i ask him.
And I'm guessing most of you still don't really know what happened.
And I'm not certain that you really understand this trade.
And if banking was boring...
And if they fail above 15 percent the whole bond is worthless.
And if they rise to eight percent... and they will!
And if we're wrong then we gotta find someone to help us get out of this trade
And is like a sack underneath.
And it is not my decision, I have a boss.
And it's Morgan Stanley
And know what he did.... He left!
And lobby the congress to kill big reform
And no one is paying attention.
And none of the experts, or leaders, or talking heads had a clue it was coming.
And not those Frankenseeds from Monsanto, I'm talking about good healthy organic seeds.
And oh, thank Jared for us.
And people thought they would never go down!
And put it into a CDO.
And regulate the mortgage and derivative industries
And she said that Morgan Stanley will buy them
And short the shit, while they fucking sold it! Whoo ho ho, Let's go to the press man!
And somehow... we , eh.. know before anyone else.
And sure... Swaps are a dark market so...
And take the loss?
And that.... You're too close...
And the ability to tens of millions calls a second, you think they're not using it?
And the big banks were clueless! Didn't I say that?
And the highest of value!
And the housing market in San Jose.
And the mortgage continues to be the bedrock on which this economy is built.
And the premiums?
And the S&P picked up three points
And the whole housing market is about to collapse.
And then meet me over at Standard & Poors, we're gonna talk to Georgia
And then the banks....
And then there's CDO's made up of the opposite sides of the bet you made with the swaps
And then they blamed immigrants and poor people
And then, in the middle of the call where I had realized he had the wrong front point.
And then... and then... cause he wanted the one on the eighth floor.
And then... one day, almost thirty years later, in 2008
And there's no cause for concern!
And they saw it by doing something the rest of the suckers never thought to do.
And they won't devalue them until they get them off their books
And they're going to zero..
And this creep....
And this time even teachers!
And turned it into an atomic bomb of fraud and stupidity
And used it to pay themselves huge bonuses
And we put em in a pile...
And what am I supposed to do?
And when all was said and done, only one single banker went to jail
And when the majority of these adjustable rates kick in.... in '07
And when the pile gets large enough, the whole is suddenly considered 'Diversified'.
And when you come for the payday, I'm gonna rip your eyes out
And yeah.... if this goes through...
And you are wrong sir!
And you have more than one loan on a property?
And you target them with red soup?
And you tell the mortgage company what you do?
And you're completely sure of the math?
And you're going to be stuck paying
And, and... If we're wrong
And..
And...
And... I do speak English
And... i got second in that national math competition
Anybody jumping off the building yet?
Apparently eh, tying up securing some insurance payments
Apparently this guy wanted two hundred mill in credit default swaps.
Are eighty seven percent
Are filled with extremely risky sub prime adjustable rates.
Are we all jocks at the same computer screens? Can we talk to one person please?
Are we done?
Are you at all concerned about the rising default rates?
Are you crazy Jer?
Are you fucking kidding me? Those fuckers, those motherfuckers!
Are you fucking kidding me? you come in here you fucking fucking! You're a fuck, how do you even seriously?
Are you kidding me? No I am not kidding you!
Are you serious? Fuck!
Aren't they filled with fucking thousands of pages of mortgages?
Aren't you the bank?
As I was saying, our residential sector uh huh, and how are the kids?
As motivated as one can be in this neighborhood.
Ass! You got a matching little butler boy you butt fuck!
At least down here I'm sorry what?
Average people are going to be the ones, that are going to have to pay for all of this.
Awesome, where is that?
Awwwww
B of A said they had a power outage, And Morgan Stanley said their server crashed!
B's.. Zero, BB's ..... Zero.
Banks took the money the American people gave them
Based on... prevailing sentiment of the market and banks, and popular culture...
Basically, Lewis Rainieri's mortgage bonds were amazingly profitable for the big banks.
Baum!
BBB's .... Zero.
Bear Sterns was in a death spiral and the FED brokered it's sale.
Because i heard the Cuban food is amazing in Miami.
Because it's now in your interest to do so.
Because the banks are too busy getting paid obscene fees to sell these bonds.
Because we need to be able to expense the ammo to a client!
Because word on the street is he took some pretty heavy losses
Because you were a prick in college and you are a prick today!
Before telling them they're overdrawing.
Being a crafty and morally honorous chef that i am...
Being nice and fat.... That's a nice shirt, do they make it for men?
Ben had real experience in a big bank,
Ben Ricker
Ben Ricker
Ben Ricker
Ben Ricker and dirty bomb in the same sentence
Ben Ricker was a former trader in Singapore for Chase.
Ben, why do you do that man? You're a retired trader, ok..
Ben, you still there?
Bennie Daniel You know how to make a muffin?
Bennie lost his father to a violent crime when he was young
Big piece of shit!
Boom, yeah man BOOM!
Boring!
Brother, I would sell you as much as you want!
Bullshit on what?
Business is good!
But Ben was dark...
But Ben was done with the banking world, he was very clear!
But do you have any concerns about the performance of the underlying securitizations?
But eh.. you guys are under the capitol requirements for an ISDA.
But eighty percent of our swaps is Bear
But for the first time.. in my life.. Holy fuck!
But he changed your life more than Michael Jordan, the I Pod and Youtube put together!
But hey, before you go... I'm just wondering...
But i CAN make ten thousand on a sub prime adjustable
But I eh... I couldn't find any marketing material on you guys..
But Mark was wrong!
But now, there's a class action lawsuit against Bear
But our company is not comfortable with this investment.
But sub rime bonds, which are made up of sub prime loans, are more valuable?
But the good news is Vinnie, you're not gonna care
But there were some who saw it coming.
But those losses, will be contained at only five percent!
But wait.... You are the bank
But we gotta close out our position, or it could be zero
But we have a fiduciary responsibility No, no we don't!
But we started four years ago, with a hundred ten thousand.
But we're not in the Merrill Lynch building!
But you represent the investors?
But, at lest we're gonna see some of them go to jail.
But, eh.....
But......
Buy 50 million in swabs on the NBS
By approximately 8 percent.
By how much?
Bye everybody!
Bye Jared!
Bye Kathy!
Bye now!
CAB!
CAB!!
Call Vennett, call that little shit! Call Vennett!
Can we just go home?
Can we make it a hundred million?
Can we see the paperwork on those?
Can you introduce us? Yes!
Can you just keep it shut for a few minutes? OK, OK!
Can't be held responsible for doing shitty and illegal things! What are you? Four?
Can't do that
Can't hear you, I'm sorry!
Cash would have stopped coming out the ATM, they had to back stop this
Cause if you're a banker you can fuck right off!
Cause you're going to make so much fucking money!
CDO A, has parts of CDO B
CDO's are dogshit wrapped in catshit.
Charlie, Come on!
Charlie, Vennett says these are the people we're betting against.
Chris, give em the key cords!
Chris...
Chris....
Collateralized Debt Obligations
Come on
Come on guys, what's the angle?
Come on, we just made the deal of our lifetime, we should celebrate!
Come on! Would you relax!
Consumers reacted to our packages
Cool
Corporate doesn't care.
Could you fucking stop!
Could you hold on a second? Yeah
Could you please stop being such a buzz kill dude!
Coz, I've been paying my rent!
Credit default swap, that will pay off...
Cynthia I'm OK, I really am!
Cynthia wants me to quit! And open a B&B in Vermont.
Cynthia's no joke, she could actually make him move to Vermont!
D d deal, we need a deal, right, a deal.
Deal!
Deal! Same here!
Deev Woonsen, Goldman Sachs
Did i hijack this session? Yeah
Did you get a chance to look at what we sent you Ben?
Did you hear about the deal that Randall did with some fund manager?
Did you know that? No, I didn't know that!
Did you know... They're going up!
Did you know.... They're going up!
Didn't I say it? Yes you did, you did!
Didn't I say, that when we made this deal, that the rating agencies, the SCC
Do not talk to the press!
Do people have any idea what they are buying?
Do you even know which key cords you're giving out?
Do you realize that? Alright, let's crunch some numbers,
Do you represent the investors or Meryll Lynch?
Do you want to talk about that?
Does our bull have a response?
Doesn't it make you feel bored.... or stupid....
Doesn't make me wrong
Dollars
Dougie!
Down 17 percent for the year, but if they trust me, and they trust me!
Dr Burry, these should be fine!
Dr Burry, we could work out a pay as we go structure that would payout if the bonds fail.
Dr. Burry!
Dr. Burry? Yah!
Dr. Burry's office
Dude, B of A and Bear didn't even return our calls
Dude, did you hear the news?
During the real estate boom
Each year, which is surprising, because i was the first to do this trade
Education, religion
Eh yes.. but these eh... these are pretty bad
Eh, default rates are on the rise right now!
Eh, we pay ... eh... roughly...
Eh....
Ehh..... Yeah.
Ehm.. This market will last!
Ehm.. you should talk to your landlord about that
Ehm...
Ehm...
Ehm... I'm not sure what you want me to say
Eighty is great, no eighty is great, thank you, thank you so much!
Eighty million, eigthy million, that's good right?
Either the banks are clueless and they don't know how to value these CDO's or...
Either we're right, or we're wrong in a giant, giant way!
Em.. I have prospectuses on,
En fin, Let's do this!
Even 20 to 1 return, and it's already slowly going bust.
Even Bear up their prices!
Even though the bond value is going up? Really?
Even when i try to compliment... it somehow... it comes out wrong....
Every bond and CDO salesman, sub prime lender and swap trader is gonna be there
Every crappy levels of the bond i don't sell... i throw into a seafood stew.
Every fucking thing!
Every loser with a couple million bucks in a fund is gonna be jumping on us.
Everybody does!
Everybody does! At least down here
Everyday i think you're gonna talk about it, and you're gonna do!
Everyone in Mark's office showed up, even invited friends!
Everyone knows here something we don't and we're gonna get royally screwed
Everyone was wrong!
Everyone's wrong...
Everytime i fucking hit refresh it's dropping man And hope it does goes down!
Exciting times! What the hell is going on?!
Excuse me!
Excuse us!
Famous bull ish investor
Fifteen billion
Figure out if this is a deal of a lifetime or...
Filled with losers!
Fine, fine, honey, you know what, i will consider it, but honestly....
Fine... OK... Goldman....
Fired 3,200 workers
First of all, great show today!
First of all, how was your travel? Uneventful?
Fish!
Fixed rate, thirty years, boring! Same, small payoff. Right!
Folks!
Follows a tumultuous few months of market volatility, and fear for the world economy...
Food, even baseball
For Jamie and Charlie, the housing market doomsday prediction was music to their ears!
For the opposing view... Mister Baum
For the past two years, my insides have felt, like they're eating themselves.
For you just to leave them the fuck alone.
Forget it, I'm not giving out any life hooks
Fraud and short sighted thinking have never ever worked
From the time you guys started talking, Bear Stearns' stock is falling more than thirty eight percent
Front Point Partners
Fuck him! You can't come in late and hijack the entire session!
Fuck responsibility! Are you kidding me?
Fuck yeah we did! Yeah!
Fuck you!
Fuck! Yeah! I want him to be right!
Garage band hedge fund that thinks it's the apocalypse.
Garibaldi 4 Triple B
Gentleman... i need you to leave!
Get lost!
Get that fuck Jared Vennett I want to bash his fucking head in
Get the fuck out of here!
Get to keep all of it, all of it!
Gets his haircut at Supercuts, and doesn't wear shoes,
Give it a 92 / 93 percent AAA rating, no questions asked...
Give me my fucking money back!
Give me my money back.
Give you fat fee's for doing so
Go directly to your transportation, do not talk to the
Go directly to your transportation, do not talk to the press! I just leave? That's just fucking great, I can talk to whomever the hell I want!
Go directly to your transportation, do not talk to the press! So that's it? After eighteen years!
God no, I hate Vegas!
Goddammit! I'm sorry.
Goldman had a systems failure i lost a ton of messages!
Good luck with that!
Good odds, In fact her chances of winning this hand
Good question!
Good time for my voice to go
Good, then get out! Say hi to Lawrence for me! and both do!
Got it?.... Good!
Great Michael, whenever you find something interesting, we all sit to make money.
Great!
Greece and Iceland are finished
Green span just said: "Bubbles are regional, defaults are rare!"
Grow up Jamie!
Guaranteed by the US government.
Guys? We hear ya, Yeah!
Guys? Yeah, we're here, can you hear us?
H H H How can the value of an insurance contract
Hasn't spoken to me since he hired me.
Have a good one guys! Thank you Chris!
Have two!
Have you ever refused to rate any of these bonds upper tranches AAA?
Have you ever refused to rate?
Have you looked at the loan level data?
He believed that there was no way, that they could be affected.
He didn't just think the whole system would fail
He does this every few days.
He had an amazing nose for bullshit.
He hasn't move all day.
He hit a few billion in mortgage bond losses
He just happened to be Jamie's neighbor when they were in Colorado
He just walks out of the lunch, doesn't say a word.
He said that... he took the call,
He says: to fuck off!
He sold a lot of A and Double A swaps as protection, A lot!
He thought the whole world was going down!
He told me
He wanted to short housing bonds? Hmmm
He was in pain, my brother was in real pain!
He was Jared Vennett, Vennett
He won a national maths competition.. In China!
He worked with Baum at a previous firm, and couldn't figure out why no one listened to Baum.
He'd let it go for that.... I don't
He's a foot soldier, I'm sure it's a shit deal.
He's looking for inconsistencies in the word of God!
He's playing us, he's got too much skin in the game, and he's dumping his position.
He's playing us.
Hello, Ben? Hey!
Hello, Hey! Chris... I 'm on Ted's Desk.
Hello, I'm surveying mortgage owners who are over 90 days delinquent
Hello?
Hello?
Here, eh.. have a seat a second.
Here, they're saying that there's 10 to 1 returns,
Here's the prospectuses of all the other losers who didn't make it past the lobby.
Here's world famous chef Anthony Bourdain to explain.
Hey Gentlemen, let's get some money in here. Let's make some money! What do you say?!
Hey look, you want to get a bit tonight? There's this ehm...
Hey mister Vennett from Deutsche Bank, who do we have?
Hey Randall, what with the Dom? Bonuses aren't for three months.
Hey Sir! One second!
Hey, come over here! What are you doing at Caesar's? He's a Goldman
Hey, hey babe!
Hey, Hey, Hey!
Hey, hey, HEY! I say when we sell!
Hey, Hey! No, no, my cab!
Hey, there's a bubble!
Hey!
Hey... Excuse me!
Hey.... How are ya?
Hi Charlie, Yeah I did, Hold on!
Hi Honey!
Hi listen, I got one last question for you
Hi, it's Mark, I need to talk to Vinnie right now!
Highest frog rates since the nineteen thirties.
Highest level AAA's getting paid first.
His face is starting to boil He looks like the bad guy from DOOM
His face was so smashed!
Hmm.. ask anyone...hmm, pleasure to work with.
Hold on, say that again!
Hold on!
Hold on.. Shit.. let's take this, sorry!
Holy shit!
Holy shit!
Holy shit!
Holy shit! Ah yes, now you see it!
Holy shit! Five years ago Securitization was a loser convention
Holy... what! Say that again!
Home prices are soaring, that means the homes are dead,not assets
Honestly I don't know!
Honey, I do think the economy might collapse!
How about 20 to 1?
How Anthony has the intelligence of a dolphin.
How are we looking?
How are you floating your resume to big banks?
How are you fucking us?
How bad is this?
How big is your short position right now?
How can I help you? How are you? Fine, thank you!
How can Standard & Poors help you?
How can you sleep at night, knowing... that you're ripping off working people.
How could i lose right?
How do you know the bonds are worthless?
How do you really feel?
How it is that you are fucking us, Cause what we are seeing here,
How many credit default swaps do you own?
How many loans do you write each month?
How much bigger is the market for insuring mortgage bonds than for actual mortgages?
How much I'm worth.
How much in total?
How much money could be out there betting on it
How?
How?
How's your brother by the way?
Huh!
I I It's now or never, Mark
I actually feel pretty sick!
I always get option to pay adjustable, I'm a private contractor, i need the flexibility.
I always get option to pay adjustable. I'm a private contractor.
I am going to try to find moral redemption and to re lactate
I am gonna get a bank to make me one.
I am happy when I'm unhappy!
I am sad every day about what happened.
I appreciate that!
I asked Bear Stearns to price our shorts They tell me the CDO's still haven't moved
I assume no risk for this produce myself Mark
I bet you 200 million, that lady in the glasses, wins that bet!
I can't answer that!
I can't sleep on a plane so I did my homework OK, let's focus!
I currently have reason to believe
I didn't realize that there was anything to manage with CDO's
I do most of Meryll Lynch's CDO's
I don't
I don't care Porter...
I don't get it... Why are they confessing?
I don't know how to ... work people..
I don't know how to be funny
I don't know if we can make a market, just give me your best price!
I don't know, about six
I don't know, you tell me!
I don't like it!
I don't see a damn thing.
I don't talk about that.
I don't think i can do this anymore..
I don't think i have the strip club in me tonight I'm just gonna get some drinks around.
I don't think like a bank
I don't want that kind of business!
I don't want to pressure you Ben, but if you don't pull this off, we lose everything!
I don't want to talk to dad! Okay, I love you too, save your money!
I end up taking any appointment and my whole morning gets shot to hell!
I focus on immigrants!
I get the cherry.
I got a good feeling about this
I got it, I got it...
I gotta see inside
I gotta stand for this
I guess I'll go find a desk. Is there anything you want me to work on for start?
I guess so!
I have a feeling, that in a few years, people are gonna do, what they always do when the economy tanks.
I have a question please!
I have full autonomy when it comes to investment strategy
I have to take this He must be from Bank of America!
I haven't heard a peep about that!
I haven't talked to Hank, but yes he does.
I hear the food has gotten really good in Vegas, they have a Nobu now
I heard from somebody, who heard from somebody
I hope there's some Cuban restaurants on the way there,
I just called an old friend at Bear he didn't even know what a CDO is.
I just know how to read numbers!
I just know that at the end of the day
I just need to know how these could possibly be correlated.
I just wanted you to know that ehm...
I knew how close you were to your brother.
I know it sounds odd, but these are very complicated products!
I know you must feel the same, but you never show it!
I know you're not allowed to tell me specifics, but, just generally.
I know you've been hearing rumblings about some losses Morgan has suffered.
I know you've suffered a terrible loss,
I know, we have to get Ben to do it!
I left my phone in the office, I threw my pass out already,
I like these cups, could i take one for my son? Have one, Yes, Yes!
I look for value, wherever it can be found.
I look him in the face and i say:
I lost so much! There is no perfect way to help
I lost the eye... in a childhood illness.
I love my job, I love my job honey!
I love my job! You hate your job!
I love Selena Gomez!
I make two thousand on a fixed rate prime
I mean the fund will almost make a billion dollars
I mean, how come you don't hate this guy? He's everything you taught us not to trust!
I mean, she made me start wearing a suit.
I mean, who are all these clown? Ah come on, I think it looks fun!
I mean, why shouldn't we back out of this trade right now?
I mean.. ghe ghe ghe... nine ... nineteen thirty three
I mean... It's now or never Mark!
I mean... it's this guy... from... Deutsche, who was talking about shorting housing bonds.
I met my wife on Match.com
I met with this retail banker yesterday..
I need to unload the AIG and country wide Freddy Mac positions
I never said I was the hero of this story
I offered him fucking money!
I probably got cell phone and WiFi service
I read them!
I say when we sell!
I say, when we sell
I set the price, whatever price i want.
I smell money...
I sold that house for 350, the year it was built.
I spoke with Mark Baum
I think it's the same Mike
I think somebody just left
I think that....
I think this is a housing development about forty five minutes outside of town.
I think we need to go to Vegas!
I think we should buy more swaps!
I think we're far apart
I think you've already said it.
I thought we were better than this, I really did
I thought you were for real Casey You know, I have to say, I really did!
I told her we're not selling shit!
I told you we'd meet later.
I took a rash of shit for two years. But...
I walk in here and people are crying in your hallway
I wanna buy.... swaps on mortgage bonds
I want you to get me....
I wanted to discuss your marks, make sure they're fair!
I was just wondering if the SCC is worried about them at all
I was right! And...
I work for the bank!
I worry about you Mark!
I would say it is a very strong probability, indeed!
I write: Therapist
I, I think you should try medication!
I'll be honest gentlemen
I'll bet you fifteen million, she wins!
I'll bet you right now, that those AA's are actually like B's!
I'll buy twenty million! Oh come on, live a little!
I'll call you later.
I'll see if i can push it through
I'll set you up with a face to face
I'm a banker, I'm a part of it!
I'm a CDO manager
I'm betting Kleeger over at Morgan is taking up some heavy losses in the bond department
I'm Charlie, I'm Charlie Geller, I'm Jamie, Jamie Shipley.. Hi!
I'm floating my resume to some big banks!
I'm glad you still have a sense of humor! I wouldn't if I were you!
I'm going on and on. My wife told me i need to share more.
I'm gonna buy it.
I'm gonna call my mom!
I'm gonna drop a deuce at Deutsche
I'm gonna make a fortune
I'm handing you the deal of the century on a fucking platter!
I'm here on my own dime
I'm in commodities.
I'm jacked
I'm jacked to the tits!
I'm Jacked!
I'm looking deep into your eyes as i make love to you Vinnie.
I'm looking for a Harvey Humpsy
I'm not feeling remotely confident that we're right
I'm not fucking you Vinnie, I'm kissing you
I'm not gonna burn my reputation on your wild hunch
I'm serious
I'm so sorry Mike!
I'm sorry i don't have anymore information, but you ehm....
I'm sorry, do you smell that, what is that? What?
I'm sorry... please...
I'm supposed to be getting him to invest in a fund,
I'm talking rock bottom Fico scores.
I'm thinking
I'm trying to convince her to make her sell us swaps
I'm trying to sell 200 million dollars worth of securities
I've already been to the Gym, I had two poached eggs, and I played blackjack with Harry Dean Stanton
I've always been.. more comfortable.. when alone.
I've been trying to call him, but he won't get back to me
I've decided to restrict investor withdrawals
I've never heard of that.
I've put out something really interesting...
If I write a loan on Friday afternoon,
If the investors withdraw, what's gonna happen here?
If the mortgage bonds that Michael Burry discovered were the match...
If the mortgage bonds were the match...
If the underlying.... bond fails.
If these mortgage bonds are so stable, so solid
If we don't give them the ratings, they'll go to Moody's right down the block.
If we don't work with them they will go to our competitors
If we get a hunting license, we can short this crap
If we're right, people lose homes!
If you'll excuse me Dr. Burry, that seems like a foolish investment.
If your appoint makes money for Mark and Sally I'm happy!
If your investors panic
If, if if the funds capitol drops too much....
In a pub...
In other words...
In our residential sector...
In six years, it will all be gone!
In the end Lewis Rainier's mortgage backed security mutated into a monstrosity that collapsed the whole world economy
In the mean time, you go to the main floor to buy some more swaps
In the years that followed, hundreds of bankers and rating agency's executives went to jail.
In your synthetic CDO's and swaps? right now! Tonight!
Institutions treat these CDO's like they're as solid as treasury bonds.
Into a person,
Into billions of dollars
Is 200 to 1, but they're all taking the ratings off face value
Is an opportunity.
Is everything Ok? Yes honey!
Is gonna confirm a story like this
Is gonna continue to happen into the future!
Is he right about the mortgage market? Let's find out. Let's find out!
Is making billions off screwing over people this way.
Is pretty confusing right?
Is that acceptable Dr. Burry?
Is that rapid rise and complexity, and the rates... they are frauded
Is that right?
Is that the angle you're taking?
Is that what this is?
Is there a housing bubble? And if there is... how exposed are the banks?
Is this America's angriest hedge fund?
Isn't that .. fraud is not nice
It all came crashing down!
It makes me feel... Sad.
It really makes me hate you!
It sounds scary!
It took me years to build my relationships on Wall street
It was a fucking snooze!
It was at that moment in that dumb restaurant
It wasn't me, I had a personal thing this afternoon. I'm not your babysitter.
It will break his heart, but he'll let it go
It would also apply to your payments if the value of the mortgage fund goes up
It wouldn't be legal!
It's a bloodbath up here
It's a disaster, it just says here, They got a liquidity BRAVO
It's a fact, Greenspan's wrong. I don't know how if you want your thr....
It's a lot of money! I get it, I can feel you judging me.
It's a pretty ugly table guys
It's a time bomb and i want to short it.
It's about time you find out just how dumb that money really is
It's all very logical.
It's been driving me crazy! Fine!
It's Charlie.... I'm here too!
It's Cynthia, I'll be in the office in twenty minutes.
It's Dr. Burry
It's easy to see that delinquencies,
It's happening
It's housing... housing is always stable... low risk.
It's in a free fall decline, so I wanted to talk to you about pulling their money
It's Jeff, I.. eh.. You're buying stocks?
It's just a gully that's all. Just nerves
It's like Chernobyl!
It's like two plus two equals...
It's Mark Baum again. Call me!
It's more twisted, than i could have imagined!
It's not great!
It's not my fault dude! I've been paying!
It's not old fish! It's a whole new thing!
It's not! It's awesome!
It's only a matter of time before someone else sees this investment, we have to act now.
It's our money... Yeah.
It's possible
It's starting....
It's strange... No, no!
It's the reason Mark is studying so hard.
It's the same thing! It's the same thing Mike!
It's the second quarter of '07 is when our housing position shows returns
It's very cool!
It's weird!
J.P. Morgan Chase, J.P. Morgan Chase.
James says i can always refinance!
Jamie and Charlie, never even been in a Manhattan bank bathroom!
Jamie, very good!
Jamie, you know you're not supposed to use this line.
Jamie, you know you're not supposed to use this line.
Jamie...
Jared likes to say it though.. because he thinks it makes me seem more authentic
Jesus Christ, are you fucking kidding me?! You kept saying defaults over eight percent were impossible!
Jesus Christ! Oh no! That comcludes the first part of our presentation
Jesus, come on!
Jesus!
Just a meeting though, you know... It's just a meeting!
Just answer the question Georgia, can you name one time in the past year?
Just because it comes from two guys in a...
Just don't fucking dance!
Just kidding!
Just let him is what i think
Just like Mark, he didn't talk about it.
Just makes you a hypocrite!
Just put the business news on please. Thank you!
Kareem Serageldin from Credit Suisse
Kathy come on, we know each other.. How, how?...
Kathy thinks it would be a good idea if we sold our shorts
Kathy..
Kathy's office is looking for you!
Kind of brilliant!
Knows more than Alan Greenspan and Hank Paulson....
Ladies and gentlemen!
Later Baum started his own fund on Wall street.
Lawrence please, don't patronize me, if ... it .. is...
Lawrence....
Let me ask you this: What company treats its customers that shittily and succeeds?
Let's get on this quickly too, because if he is right...
Let's go!
Let's go! Push, Push!
Let's just assume Merrill and I have a...
Let's not talk about my margins by the way.
Let's see what you got.
Letting them know that the.. the....
Lewis, Can you come early tomorrow, please?
Like everybody said: "OK, that was crazy, let's just all calm down!"
Like they did!
Like you're untainted It changed me, it changed me!
Like: Here's your steel cut oatmeal asshole!
Listen, I've been reviewing your position
Listening!
Little Brownhall Capitol
Loan to Value.... maybe 5
Long exposure is...
Look at him...
Look at yourselves!
Look Ben, the system fucked up in a big, big way here, OK?
Look I get that this is personal for you,
Look I'm a yield guy
Look if they get rejected I suck at my job!
Look if you don't want to deal, just hang up.
Look, Ben!
Look, Ben...
Look, i don't think you mean to do this, but eh..
Look, Michael...
Look... Greenspan's wrong!
Looks like the collapse of the financial sector is imminent
Mailbox #1, You have fifteen messages.
Make yourself a garden, learn to live off the land! A fucking lunatic!
Making money is not what i thought it would be.
Marc...
Mark refused to kiss the ring of the people with the checkbooks,
Mark wants us to check that out first.
Mark, are you sure?
Mark, are you there? Hello? Yeah, Yeah, Did you hear?
Mark, can we sell now?
Mark, Hey!
Mark, if Morgan goes under, we end up with nothing!
Mark, it's not a Q&A!
Mark, that's not all...
Mark!
Mark!
Mark?
Mark's numbers guy.
Markets were going up and up!
Maybe 90
Maybe later.
Maybe when he's thirty he makes a hundred bucks.
Meh, I will, I will call it, improbable Sue.
Merrill Lynch's bonds in your CDO....
Meryll Lynch isn't gonna send you any costumers unless you put
Michael, do you hear me? I want my money back!
Michael, how are you guy?!
Michael?
Mike I can't seem to get a hold of you, could you please call me at your earliest convenience?
Mike, i consider myself a mentor to you.
Mister Baum, I am not, no!
Mister Bruce Miller.... and Mark Baum
Mister Field's suit is very specific to files from the past year
Mister Miller, I'm sorry! quick question!
Money is not money! That's bad money!
Morgan fails, all our accounts go under bow and ship
Morgan makes a sucker's bet and we pay their fucking gambling debt?
Morgan Stanley building fast!
Morgan's stock has lost half its value, it's down to 23,10
Mortgage defaults have done nothing but go up!
Mortgage delinquencies went up and the CDO's got more valuable, unbelievable!
Mortgage fraud
Mortgage Meltdown continues
Mortgages defaults have gone through the roof!
Most of them went to UBS
My boss would have my ass
My brothers ex girlfriend works for the SCC, she just told me she's in town, okay!?
My firms thesis is pretty simple
My god Mike!
My kids just got setup in this school man!
My one concern is, is that.. eh.. when the bonds fail..
My profile said that I'm a medical student with only one eye
My quantitative... My maths specialist! Look at him!
Nah, Fuck you very much!
Neither one is working right now
Nice guy... all day long.
Ninety million
No Alex. No..... Sorry!
No bank or ratings agency
No Income No Job Application, I just leave the income section blank if i want.
No Income verification.
No investment bank has ever failed, unless caught in criminal activities.
No obviously if you're buying B's you could make more money.
No one is listening to your calls! The NSA has a 52 billion dollar budget
No one is paying attention.
No one on the planet is betting against Double A's
No one on the pole has good credit, and they're all cash rich.
No one reads them, only the lawyers who put them together read them!
No one trusts you!
No one will pull out, that would be suicide man
No one! I've sent several e mails to my investors
No problem Dr. Burry
No way, No!
No way!
No way! Look!
No, eh no. The bank owns our hedge fund
No, eh, eh, I am not four!
No, eighty million! Ok, so eighty million!
No, fuck that! Shit!
No, he actually prefers that you e mail him. Excuse me!
No, he's not smart at all!
No, he's on vacation with his wife's family! They're in England!
No, he's too curious to explode!
No, I take it, you have no plans to sell your two hundred million in Bear stock
No, I'm really not doing anything right now!
No, It's for real!
No, no , no no.. I wanna, i wanna short the housing market.
No, no this isn't a joke you gotta start unwinding...
No, no, no you say you always do adjustables
No, no, no, i want to know what mortgages are in each one
No, no, no!
No, no, no! Yeah!
No, that can't be right, there, there, are 500 billion in housing bonds sold last year alone
No, we just repackage it, with a bunch of other shit that didn't sell
No, we want at least a hundred million
No!
No!
No!
No... Money.
Nobody knows, what's in the bonds,
Nobody said that!
Nope, They're all still AAA!
Not based on facts or... results
Not be affected by the demise of the very thing it insures?
Not even Baum or Berry thought to short the Double A's
Not if there's no market up to sell them in
Not just in banking, but in government
Not me, I'm not a weirdo, I'm pretty fucking cool, but... we'll meet again later!
Not once, eventually Jesus
Not our fault, simply the way the world works.
Not sure, I guess that's why we're here.
Nothing yet, she keeps asking if this is one of your crusades
Now fuck off!
Now their foot's on fire and they think their steak is done, and you're surprised?
Now this is a classic error
Now this, is the first synthetic CDO
Now we get to kick em in the teeth!
Now you see what i had to deal with!
Now, Anyone who knows me, knows..
Now!
Nude, 'n all...
Of course! We're doing 30 million right now.... eh...
Of one of the best trades in Wall street history from a wrong number.
Of payment, in case of solvency issues with the bank.
Of those variable rate packages were gobbled up by the
Ofcourse we're gonna have to see how the markets react
Oh and Bear, what about Bear? They have some apprehensible product!
Oh boy!
Oh god, i hate this! This is a total waste of time!
Oh my god dude,we...
Oh, can we see some of your offering documents?
Oh, god!
Oh, well.
Oh!
Ohh..
OK
OK, Fine! Who is this guy?
OK, I promise i will refrain from saying,
OK, I want you to walk back in there and very calmly, very politely
OK, I'll call Deutsche Bank
OK, I'm a chef on a Sunday afternoon setting the menu of a big restaurant.
Ok, let's see what Credit Suisse's appetite is.
OK, let's try number two out of fourteen.
OK, look.. If home prices don't go up,
OK, of course! Thanks Chris!
Ok, so here's how a synthetic CDO works!
Ok, so not only did two mortgage hedge funds backed by Bear Stearns go belly up
OK, so this part isn't totally accurate.
OK, So, strippers.... like exotic dancers...
OK, where are you? We're in New Jersey!
OK, yeah. What do you mean, you're in the tower?
OK, yeah. What do you mean, you're in the tower?
OK, You're saying that at 8 percent the bonds fail and we're already at 4 percent?
OK?
OK.. Don't!... Stop Saying J.P. Morgan Chase!
Ok...
Ok... Fine! How angry
OK... Hey did I hear you're expecting?
Okay, Hi!
Okay, I'll take that bet!
Okay, Selena has a pretty good hand here!
Okay, we'll talk later.
Okay!
On all my loans?
On Credit Default Swaps for mortgage backed securities
On one bet
Once they find out they're getting homeless.. They'll sign where you tell em to sign.
One billion four hundred seventy millions
Only in V.I.P.
Only that in the entire history of Wall street,
Only way to make money dog!
Oooh, I'm under no obligation to share that information with you, whoever you might be.
Or that fraud... is mean
Or they care about what actresses went into rehab!
Or we sell our swaps, when the market opens
Or... Private Label MBS
Or... you're, you're wrong.
Our agreement allows me, to take extraordinary measures
Our friend Michael Burry found out,
Our investment strategy was simple.
Ow, we don't investigate mortgage bonds
Paul is a fine boy and Mark is an excellent student of the Torah and Talmud
Paulsson and Bernanke just left the White House.
Pay off!
Pay up is like 25 to 1
People are sure they're gonna make the next one
People drink their coffee, they have a meeting...
People hate to think about bad things happening so they always underestimate their likelihood.
People lose jobs!
People think, whatever is happening now
People will withdraw their money!
People...
Pffff
Pffffff...
Please don't be Chipper in the face of me being miserable!
Please don't tell me it's more than four!
Please explain that to me! There's no way that makes sense!
Please... Give a generous welcome to...
Pompous dumb Wall streeters be wildly wrong
Porter Collins, former Olympic rower, went to Brown.
Pretty soon, stocks and savings were almost inconsequential.
Profits are strong!
Quintupled since 2000 and the average take home pay is flat, but ...
Quit the whole game in disgust!
Raaaaaahr!
Randall made the sale, can you believe it?
Randall? Bullshit!
Ratings agencies, the banks.... the fucking government?
Realists versus the fools
Really? But the housing market is rock solid!
Respons..? Nobody is acting responsible!
Rich just means overpriced
Right after you've been working in financial regulation right?
Right away, Dr. Burris.
Right now I get the sprinkles
Right now, every bank in town is unloading these shit bonds
Right, remember that when you meet with guys from Bear!
Right?
Right?
Right? We don't want to spook anybody! Can we do that?
Robert Redford!
Rumor has it default numbers are huge!
S Sorry?
Say again!
Says you!
Says you?
Secured a net short position yourselves, so you're free to mark my swaps accurately for once
See you in the morning! Yeah.
Sell it all!
Seriously man!
Seriously, colonic once a year!
Seriously?
Seriously... Is everything gonna be ok?
Seventy eight Eighty four!
Seventy eight Eighty four!
Seventy!
Shane!
Shane...
Sharpen your pencils, I'll get the paperwork ready
She meant honest, so let me be honest...
She probably will win!
She says I need to be on Xanax, and double my dose of Zoloft
She says, this job is making me unhappy.
Shit!
Shit! It's thirty two Yeah it's fucking tanked man
Short everything that guy has touched, I want half a billion more in swaps
Short the bank's stocks! Wait..
Shorting the ones they were gonna buy I got it, I got it!
Showing eighteen, dealer showing seven That's a really good hand for Selena!
Shut up!
Shut your fucking mouth!
Since the underlying loans are clearly deteriorating
Sincerely, Dr. Michael J. Burry
Sincerely, Michael J. Burry MD.
Singing a different tune now, aren't they?
Sir, the Q&A is after my statement, but you know what, you seem anxious!
Sir, yeah, i know, do you have the wrong front point? Cause there is another front point in this same building that is Baum's
Six mortgage backed securities i want to show you
Smells like sheep
So
So as some of you may know, Bear Stearns has just received a loan from J.P. Morgan
So Ben, we shorted the BB's and the BBB's, and the risk is relatively low,
So get this....
So get this.... Cynthia.. Guys!
So has he found any?
So i want great pay off!
So I... Ted did ask ehm.. to do us some meeting in front.
So I'm going to leave
So I've come to the solemn realization that I must close down the fund
So if we're missing something, maybe she can tell me, give me some insight.
So is Morgan Stanley recruiting us? Is that..
So it was beyond perfect, when he was asked to speak at a conference opposite Bruce Miller
So let me get this straight
So Mike Burry of San Jose, a guy who....
So Mike Burry of San Jose, a guy who....
So now anybody who has a boss,
So now he's going to short the bonds
So now we pay up premiums on these swaps against housing market until the mortgages fail?
So the banks started filling these bonds with riskier and riskier mortgages
So we can afford the premiums on the
So we can deal in long term options.
So we're interesting in shorting some of the AA tranches of CDO's
So what do you say?
So what if it does seem interesting?
So you know what they're doing huh?
So, ehm, back to the residential sector,
So, how many people have you talked to about this trade? A few.
So, in order to protect investors from this fraudulent market
So, my odds are good
So, Stop!
So, sub prime loans go bad,
So, yes! I stand by my Bear Stearns optimism.
So? What? Bear could really collapse here? That's a risk we really shouldn't take!
So..
So.. hold on.. So mortgage bonds are dogshit?
So...
So...
So... here's Margot Robbie in a bubble bath to explain.
So... what am i gonna do?
So... What can we do? We can....
So... What can we do? We can....
So... whenever you hear sub prime... think: Shit
So... where do we stand?
So.... You're offering us a chance to short this pile of blocks?
Some fund manager from California, fucking crazy right?!
Somebody else is gonna wanna make a bet on the outcome of their bet!
Somebody shorted two hundred mill in mortgage bonds?
Someone's wrong, they never..
Something most of the big banks did on a good day during the crisis
Sometimes you sound very dismissive and superior.
Somewhere along the line, these B's and BB's went from a little risky to dogshit.
Sorry I'm late, no cabs!
Sorry!
Sorry... We're not alone.
Spain is teetering
Specific identifiers. Extremely recognizable.
Start to sell my position
Stop it, Stop!
Stop that! Charlie! Wooooh!
Strap yourself in!
Strippers? Yeah, Hmmmm.
Sub prime bonds fell off a cliff
Sub prime mortgage lender New Century Financial
Suddenly, the yield goes up, but the risk is still small, because....
Sue me!
Sure about that? The collateral calls could bankrupt you!
Sure, I'll hold!
Sure!
Sure?
Take a guess!WI don't
Tech Capitol of the world....
Tell em I'll be there in a minute
Tell him to get his ass down here
Tell me more about these CDO's
Tell me Morgan Stanley doesn't hold the contracts on these swaps
Tell me the difference between stupid and illegal and I'll have my wife's brother arrested.
Tell the risk assessors to fuck off!
Ten million, because this hand is to represent a single mortgage bond
Thank you Ben!
Thank you for your diary!
Thank you Hendry
Thank you!
Thank you!
Thank you!
Thank you! Your big mouth was a revelation!
Thank you. Fucking A Jared!
Thank you...
Thanks Charlie! Still living with your mom?
Thanks Charlie! Still living with your mom?
Thanks for coming guys, totally fucking awesome to see you!
Thanks for coming so quickly Mark Yeah
That he was having bad thoughts.
That he was having bad thoughts.
That I have no problem telling someone they're wrong.
That i know, for a fact, are filled with 95 percent sub prime shit.
That is it a possibility, or a probability
That is our opinion yeah. Oh crack the tape!
That is until Lewis Rainieri came on the scene at Salomon Brothers
That is what I want
That these mortgage backed securities
That these mortgages bonds
That was funny! I guess you just don't realize how clueless the system really is!
That was just with Deutsche...
That we are in a completely fraudulent system.
That were supposedly 65 percent AAA, were actually just, basically full of shit.
That will lead to synthetic CDO number two!
That you create
That your sub prime losses will stop at five percent!
That... is a CDO.
That's 30 days late, that's 60 days late.
That's a good thing right? That means that this Vennett guy is not wrong!
That's America's housing market.
That's cool, that's alright with me!
That's cute, that's cute! Are you being sarcastic with us Mike?
That's funny eh?
That's good for us! Yes, and no.
That's great! I'd love to see Mark Baum run a Bed and Breakfast!
That's hilarious!
That's just crazy!
That's my cab, that's my cab, That is my cab!
That's my opinion! Aw, we bought these fucking things, and we have no clue how to sell them
That's my Quant!
That's my two cents, thank you!
That's never happened in history.
That's not good.
That's not stupidity... that's fraud!
That's not what this is, that's just how Mark is.
That's on it's way to decimating the world economy
That's palpable
That's right!
That's right! These lucky sons of bitches caught wind
That's right. If they go to eight.... It's Armageddon.
That's the idea ... yeah.
That's weird!
That's what I get out of it
That's what I thought!
That's... that's pretty much all of Scion's liquidity!
The ... eh....Top 20 selling mortgage bonds
The AA tranches, What if we bet against the AA tranches?
The ABX is at ... eh....
The American Securitization Forum is there next week
The assholes at the big banks, are gonna take..
The bank calls you up
The banks have given us twenty five percent interest rates on credit cards.
The banks will think we're either high, or having a stroke
The best part is.... They're eating 3 day old halibut!
The bonds are too stable!
The bonds aren't going down!
The collapse of the venerable New York Bank
The company immediately, Ahem!
The contracts are voided!?!
The contracts are voided?
The default rates are already up from one to four percent fellas.
The defaults will skyrocket!
The ehm. he he he!
The fact is
The fourth year of the great depression
The guy with all the good ideas.
The housing crisis represents the greatest financial opportunity
The housing market collapsed... nationwide.
The housing market is propped up on these bad loans.
The institute of sub prime assets also reported a rise of prices
The investors!
The largest bank in France froze it's customer's money market accounts today
The lowest rated B's getting paid last, taking on defaults first.
The manufacturing index also put out the month of march
The market is at an all time low, this is crazy!
The modern ones are different.
The money came raining down!
The mortgage backed security.
The SCC was completely overhauled
The second my son screws up,
The tech bubble burst in 2001
The therapist called.... You did it again!
The upper tranches are affected and they go to zero.
The whole world economy might collapse!
Their credit actually isn't bad enough for him.
Their strategy simple and brilliant.
Then a tragedy happened to Mark and it turned his whole world really dark
Then it was time to go to New York City, And so far..... It wasn't going very well
Then maybe we'll talk about calling Ben I don't wanna crunch the numbers,
Then the bond department at the bank was straight up comatose.
Then the CDO's were the kerosene soaked rags.
Then the swaps contracts are voided
Then the synthetic CDO was the atomic bomb
Then they go to another bank
Then this guy, walks into my office and says:
Then what's the problem Rabbi?
Then why are you here? I thought.. I'm not here for the SCC!
Then.....
There are always markers!
There are no insurance contracts or options for mortgage bonds.
There are now, we made it for him!
There is a zero percent chance
There were no cabs... What was i supposed to do?
There were.. Very......
There's a lot of smuck looking people in here huh!?
There's a nice way to say that Vinnie...
There's definitely some interest.
There's going to be a bail out
There's no fucking way, there's no fucking way, that the big banks are that stupid!
There's no way you're marketing these swaps appropriately!
There's still warns!
These Fico scores
These guys are morons! Fucking tool!
These kind of trades are totally out of the question!
These outsiders saw the giant lie at the heart of the economy
These people just want homes, and they go with the flow.
They ARE correlated!
They chose it because it seems authoritative...or familiar!
They didn't even clean up the counter
They give you clients, they give you money to run your business,
They give you the bonds they wanna sell
They go public and all the care about is their bottom line and their shit!
They have screwed us on student loans, so we can never get out from under.
They keep calling us Brownhall
They knew the tax payers would bail them out, they weren't stupid, they just didn't care!
They looked
They met, walking dogs....
They never... Know how!
They should've paid 10 percent to my Fox ticket system.
They want another 1.9 million by market close
They were just thousands of AAA mortgages bundled together,
They will be blaming immigrants and poor people.
They will begin to fail
They won't move!
They're all getting screwed you know!
They're brilliant! Worthless, total crap!
They're caught up with their pants....
They're gonna lose their houses, They're gonna lose their jobs, They're gonna lose their p..
They're independent markets, They're not always correlated!
They're not confessing.... They're bragging!
They're private. And they're made up of layers of tranches.
They're selling their dogshit CDO's
They're suck crooks that... the CDO's are worth shit, and they're hiding it!
Things go south! It's fucking plummeting man, it's fucking plummeting!
Think so yeah God i pulled a muscle in my bowl from yelling
This business... Kills the part of life that is essential! The part, that has nothing to do with business
This couple bought it for 650 last year!
This guy says that the housing market is a giant bubble!
This guy's whole business is build upon ripping people off,how long can that last?
This happened!
This house on the left, I'd say they're properly motivated.
This is a certainty.
This is a massive story! Who wouldn't publish it?
This is crazy!
This is exactly what the Michigan State Pension fund has been looking for!
This is fucking insane!
This is like the dark ages all over again!
This is like.... The end of capitalism!
This is me being honest here okay.
This is not crazy....
This is Wall street Dr. Burry, if you offer us free money, we're going to take it
This is what I'm gonna do....
This is what we did, that no one else thought of.
This is your basic mortgage bond.
This isn't how I pictured it
This level of criminality is unprecedented even on fucking Wall street!
This makes us look bad doesn't it?
This new Cuban place just opened at the Lower East Side, so I suppose we could..
This poor schmuck!
This salad's .... Oh.. hmmm good!
This thing is hitting Europe!
This... was the Ali versus Foreman of the financial world
Those bonds only fail if millions of Americans don't pay their mortgages.
Through the nineteen thirties....
Through what instrument Michael?
Throw all this unsold fish, which is the BBB level of bond, in the garbage?
Time to get our life jacket and get out.
Time, and time, and time again have I bought them back from you Marcus
To all investors, as you may know,
To cover his Triple B shorts,
To get a seat at the fucking table
To help us.
Told ya...
Tons!, Ehm....
Topless..
Trust me, I'm not driving that 7 series without strippers
Trust me. Call Vennett,
Truth is, since we had our budgets cut, we don't investigate much!
Truth is... ehm.. A friend had told Charlie about it
Try not to get too righteous and listen a little!
Trying to fix the world!
Trying to make me feel bad about myself! We have talk about this numerous times
Turns out i have large thing, called an epididymis
Two hundred percent?
Two million in Triple B's Benny is smarter than i thought!
Two years ago, Benny Kleeger in Morgan's bond department also started shorting sub prime housing
Two years later... 480, then 585, maybe eighteen months ago.
Uhm, we need a deal we can afford, we need a deal they're not gonna refuse!
Uhm..
Under un suspecting customers
Uneventful! OK, I've been here for six hours!
Unfortunately... It's in a place like this, which i would never be in.
Until further notice.
Up next, we have the legendary, former, chairman of the FED, Alan Greenspan!
Use wood ash and urine, help destroy the soil, creates mono nitrate,
Vennett's asking us to post collateral
Very much.
Vinnie, are you there?
Vinnie...
W w w w one of the hallmarks of mania.
Wait a minute, hold on! Ben!
Wait a second
Wait, has that asshole not been paying his mortgage?
Wait, has that asshole not been paying his mortgage?
Wait, wait... He wanted to short housing bonds?
Wait... for instance
Wall street took a good idea: Lewis Raneiri's mortgage bonds
Wanna know what you get out of it?
Want an authority to tell them how to value things, but they chose this authority
Want me to make you a market?
Want me to really blow your mind?
Want me to write a piece called: "We're all fucked!"
Want one? No?
Watch some Pay per view book us some flights out for the morning.
Watch, It will pay! I may have been early, but I'm not wrong!
We all know about bonds....
We also know that if the bottom tranches fail at over eight percent
We are going to wait, and we are going to wait
We are going to wait, until they feel the pain, until they start to bleed
We call them, synthetic CDO's
We can do BBB level swaps at 500 basis points, maybe!
We can't even model them It's a hundred times bigger than the NBS
We can't re recheck and then check again!
We didn't bring you out here to talk about work bro!
We don't know, but Deutsche is on the phone demanding payment
We get our bonuses, our investors get their profit
We gotta sell!
We had an underlying understanding, you wouldn't act like a goddamn crazy man!
We have a good relationship
We have no confidence in your ability to identify macro economic trends.
We just sold 200 million in credit swaps for mortgage bonds
We know that they say they're ninety five percent AAA rated
We know you hate Wall street, we're not asking you to do the trading
We live in an era of fraud in America
We lose everything!
We lose millions until something that has never happened before... Happens?
We make this trade, those problems aren't so big anymore
We need to gonna have to break up the banks
We need you to help us get the ISDA.
We select the securities that go into the CDO portfolio and monitor the assets
We should change our name!
We took a look and they're way worse then even he realizes These things don't even make sense Ben.
We wanna get an ISDA agreement with J.P. Morgan,
We were just excited!
We'll be in touch, send some paperwork over.
We'll be just like the rest of them
We'll buy your swaps, but only if you say how you're fucking us.
We'll take 50 million
We're gathering information, we're not advertising our short position!
We're gonna shoot some terrorists, watch out boys!
We're not really a part of it, we invest in financial service companies.
We're prepared to sell you 5 million in credit default swaps on these mortgage bonds.
We're simply asking you to...
We're so excited to get setup on your trading platform!
We're three times up
We're trying to understand the residential mortgage business.
We've all done very well, look... Why don't you just stick with stocks....
We've been doing business together
Welcome everyone!
Well actually, we're about to invest in housing bonds.
Well Brownfield has it own... money...
Well prices have leveled off though, right?
Well, alright i got a colon in a couple of mins
Well, except for Vinnie!
Well, here's Dr. Thaler, father of behavioral economics, and Selena Gomez to explain!
Well, most.
Well, my firm offers a ninja loan.
Well, the delinquency rates do have people worried, but they're actually within our models
Well, they had to!
Well, they're mortgages, and who the hell doesn't pay their mortgage?
Well, this is an opportunity for you to meet who you're betting against!
Well, we don't understand why the ratings agencies haven't downgraded sub prime bonds
Well, yeah he is over 90 days delinquent
Well?
Well...
Well... it's supposed to.
Went up.....
What about the ratings agencies? Moody's, S&P? Are they downgrading the CDO's or mortgage bonds
What bothers me...
What can i say.. I, I'm, I'm, good at finding shit!
What did Kathy say?
What did you just say? Synthetic CDO's? That is fucking crazy!
What did you say?
What do I get out of it?
What do we got? Garibaldi's are BBB!
What do you do?
What do you mean, i didn't hijack the meeting.
What do you mean? We're talking about two loans on one house right?
What do you think we do here all day?
What do you think you'd find? I don't know
What is he looking at? I heard he had a breakdown!
What is that?W
What stock are you vowing?
What the fuck is a synthetic CDO?
What the fuck is that? Who's fucked up in that scenario?
What the hell is going on?
What the hell is in Las Vegas?
What the hell!
What was it four years ago?
What was this guys name? Jared Vennekt... Vennett
What you gotta do is get your soil off petrol chemicals,
What you think we do here all day? They're giving these loans to anyone with a credit score and a pulse
What?
What?
What? Suck it up and pay up fellas we made a deal
What? Vennett wants 1,5 million more in collateral by close
What? What is happening?
What?!
What... is that?
What'd you hear tiny?
What's ABX? It tracks sub prime mortgage bond value. Go back to sleep!
What's our goal?
What's the ABX at?
What's up man? What do you want?
What's your exposure? Three billion?
What's your.. what's your? Base value is two hundred and five million
Whatever you say Mark
Whatever your monthly payment is once it jumps up, whenever your TISA rate expires
Whatever! But, one day his Rabbi told his mom why.
When haven't we crunched the numbers? Seriously guys!
When he was a kid he excelled at studying the Talmud and Yeshiva.
When the hell did we forget all that?
When the market deems a bond too risky to buy, what do you think we do with it?
When we rolled out the new variable rates package Excuse me!
When you add thousands of them all bundled together
When...
Where are the ratings agencies at? They're the fucking same!
Where are you going?
Where do you have our position mark?
Where we take a bunch of B's, BB's and BBB's that haven't sold,
Where you checked the tape and you didn't give the banks the AAA percentage they wanted?
Where'd ya go pal?
Which is a thing that goes around the ball
Which is me....
Which is why you're here talking to us on the wrong number?
Which means! Fuck yeah! OH!
Which means... If we're right....
Which means.... Bet against.
Which one he prefers, cause he's very specific! Just pick the first one
While the whole world was having a big old party, few outsiders and weirdos saw what no one else could.
Who are you a drug dealer or a banker?
Who bets against housing?
Who gives a shit?
Who got their remittance data early? I bet it's Goldman
Who leaves me hanging... Is he the fucked up one?
Who the fuck schedules a meeting at 4:50 in the afternoon?
Who's gonna tell us? Who understands this stuff? It makes no sense!
Who's Warren Buffett?
Whoah, I just got really scared!
Why are you so shocked?
Why is he selling?
Why would they? Sub Prime mortgages are up?
Why?
Why?
Why? You'd have to be so stupid!
Why'd you bring us out here?
Will you ever think about the idea of making a change?
Will you listen to me!
With a 110 thousand Jamie had saved taking sailboats up and down the east coast.
With a drunk president holding his finger over the button
With Fico's below 550
With one simple idea.
With something called a credit default swap.
With that stupid look on his face that Mark Baum realized
Within a few years they had turned a 110 grand into 30 million
Without proving it
Won't talk to me anymore
Woo! Fuck Yes!
Word is... he had half the town.
Would Benny Kleeger be concerned?
Would i buy a car from him?... No!
Would you mind not moving anymore? I'll still pay you!
Would you say,
Wow!
Wow!
Wow! So as you can see,
Wow! A lot of people seem very motivated.
Wow! it's down, It's down 3 points since last year, that's weird.
Yeah
Yeah and eh.. other people That sounds nice!
Yeah and that one is called CDO square!
Yeah baby!
Yeah Jamie, you try being for real with a three year old
Yeah yeah, ehm, OK Vennett mentioned the CDO's, but actually,
Yeah, 'cause they're fucking crooks!
Yeah, but we have nothing to do with Morgan Stanley
Yeah, but what about our clients, they've been trusting us with their savings.
Yeah, Check! a hundred million worth, and aim higher!
Yeah, don't worry, we'll play nice!
Yeah, here we go Chris on my left, Chris, on my left!
Yeah, I just had to wire Bear and Deutsche seventy thousand dollars
Yeah, I would like that, thank you very much! Finally!
Yeah, I, I, I thi, I think you mean.. That you've..
Yeah, sure!
Yeah, yeah! It's time to call bullshit!
Yeah, you got to have somebody to repeat so you don't sound dumb, but come on....
Yeah!
Yeah!
Yeah! But...
Yeah! My whole department is long on this stuff.
Yeah. I, Casey I, I, I've always hated you
Yeah...
Yeah... that's right!
Yeah.... Yeah... sure!
Yes you can answer that, because...
Yes, it's a foolish investment. But eh...
Yes, Morgan has suffered some losses, but our liquidity is strong,
Yes, over ninety percent It's incredible!
Yes, we had to take some losses in our sub prime department last year,
Yes, yes, There's someone, absolutely!
Yes!
Yes! He he!
Yes! That's a perfect title!
Yes.. it is, Yes.
Yes.. that's correct.
Yet you quote us a higher price on the bonds
Yo, I'm young yet, i can still do something with my life!
You and I?
You are an incredibly...
You boys want menu's now? We're talking!.. Please!
You bring me in to tell me everything is fine, and everything is not fine!
You can buy as much Double A tranches as you want!
You can do this!
You can touch me! Always?
You can't call me back for a week?
You can't hate him! He is so transparent in his self interest that i kinda respect him.
You could afford to make less, make less.
You do.
You flew here to tell me that? Why?
You flew here to tell me that? Why?
You get the ice cream, the hot fudge, the banana and the nuts!
You get the sundae!
You give em to your snot nosed kid when he turns fifteen
You got a big mouth, and you like to run it
You got your average persons mortgage
You guys are sick.. You're sick!
You guys said you wanted to get rich! Now you're rich!
You guys should start your own garden!
You have a great day!
You have a pool of 50 million in sub prime loans
You have a very nice haircut, you do it yourself?
You hear the words that are coming out of my mouth.
You just don't have the money or the reputation, don't take it personal!
You know me.... I, I, I, I,
You know that!
You know what i hate about fucking banking! It reduces people to numbers!
You know what they care about? They care about the ballgame!
You know what they're doing right? Yeah!
You know what... I'm a mean guy and I'm pissed off!
You know you passed yourselves off as cynical people but....
You know, every one of these vegetables is fresh from my garden
You know, shouldn't y'all be considering treasury bonds or utility stocks?
You know, this is a once in a lifetime deal!
You know.
You know... once we sell..
You love to be the virtuous one
You might not know who he is
You motherfucker!
You notice anything different about him? Look at his face!
You realize that? These people are crooks and they should be in prison!
You scared the shit out of me!
You should give him a call!
You still have some faith in the system don't you?
You tell Jeff at Goldman that I'm not transferring funds, this is bullshit!
You tell me how much you're worth!
You think I'm a parasite don't you mister Baum?
You think we just warehouse it on the books?
You want my landlord's dog?
You want to bet against the housing market, and you're worried we won't pay you?
You were terrific!
You worried you, and your swaps were getting played?
You'd have to pay us monthly premiums.
You'll clear two hundred mill Mark!
You'll hang it to him... just like my dad did to me.
You're a weird caller, you take longer with a wrong number than anybody else
You're convinced the underlying mortgages in these bonds are solid loans?
You're David!... David.... Great!
You're delusional! We stand behind it Georgia!
You're just what I've been looking for!
You're like D D Dora the Explorering, you're the first person who has found this...
You're managing a fund of what? 555 million?
You're not a saint, saints don't live on Park Avenue!
You're Ok?
You're praising the swaps, like the bond is gonna collapse
You're running around like you have to right every wrong in the world.
You're saying they're all asleep at the wheel?
You're selling ratings for fee's
You're twenty minutes away!
You're unbelievable! <indistinct shouting and cussing>
You've been saying that the system is broken for years Mark
Your bet is against their money,
Your boss is about to explode!
Your companies don't verify?
Your landlord filled out his mortgage application using his dogs name?
Your monthly's could go up two to three hundred percent!
Your shit might be taking on water
ZERO!
Zero!
Zero!
1.3 billion
1.3 billion
2.3 billion
10 to 1, 20 to 1.... No way!
30 days late
30 days late...
60 days late, jeez!
80 to 90 million
85...
500 billion dollars later you get this!
It's not bad for yourself to be found extreme
But you're happy when you're unhappy!
Congratulations On what?
Hello Mark Baum Oh hey Cathy!
How can these underlying bonds be... as bad as you say?
huh, What?
I didn't know there were swaps on mortgages
I don't talk about that!
I need you out of here Of course, Yes Mam!2
I'm sorry, are you for real?
It happens like five times a day, that somebody uses the wrong front point.
Michael, just take a beat, we'll talk about this later!
Mortgage backed securities, sub prime loans, tranches....
No, i eh....
OK, Bear will trade with anybody!
Our financial institutions are strong!
So, you want to know what the top 20 selling mortgage bonds are?
That seems healthy.
That there would be a million homeless Oh my god!
That's really cool! Yeah!
Wait... aren't those bonds made up of thousands and thousands of mortgages?
We do, eh... different projects we do gardening, we do
We gotta call Ben!
Wha.. wait... Aren't those mortgages made up of
What?
You could let me know later!
You read them? I read.... Yeah!
You want to bet against the housing market? Yes
You were playing saying great son, even heard the coach say it!
Your what?
.. and seize a web, for there are no more worlds to conquer
... employees of Lehmann Brothers today, as the Wall street giant's stock went to zero!
... in a sense? If the bond is rich, it is.
...ace... goi..
"Those same banks got greedy, they lost track of the market"
<murmuring in himself>
<s> D... d... d... did ya... did you</s>
<whispers> did he awestruck you? Mmhhhh.
<whispers> it wouldn't even if we wanted it to.
<whispers> kinda hard one to deal with...
<whispers> The majority of them are accepted mortgages.
<whispers> the market on housing is never gonna crash
<whispers> this is all rock solid by now
<whispers>Listen.. I don't think this will work .....