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The Big Short (2015) Movie Script

    Hi ya Frank, how are the wife and kids?
    You know, shouldn't y'all be considering
    treasury bonds or utility stocks?
    In the late seventies
    banking wasn't a job you went into
    to make large sums of money.
    It was a fucking snooze!
    Filled with losers!
    Like selling insurance,
    or accounting
    and if banking was boring...
    Then the bond department at the bank
    was straight up comatose.
    We all know about bonds...
    You give em to your snot nosed kid
    when he turns fifteen
    maybe when he's thirty
    he makes a hundred bucks.
    Boring!
    That is until Lewis rainieri
    came on the scene at Salomon brothers
    you might not know who he is
    but he changed your life more than Michael
    Jordan, the I-pod and YouTube put together!
    Hey gentlemen, let's get
    some money in here.
    Let's make some money!
    What do you say?!
    You see, Lewis didn't know it yet,
    but he already changed banking forever
    with one simple idea.
    The mortgage backed security.
    Or... private label mbs
    you got your average persons mortgage
    fixed rate, thirty years, boring!
    Same, small payoff. Right!
    But
    When you add thousands of them
    all bundled together
    suddenly, the yield goes up, but the
    risk is still small, because...
    Well, they're mortgages, and who the
    hell doesn't pay their mortgage?
    What exactly is the
    credit-rating on this bond?
    This bond gentlemen...
    Is AAA-rating!
    This is exactly what the Michigan state
    pension fund has been looking for!
    I'll buy twenty million!
    Oh come on, live a little!
    Twenty five million!
    The money came raining down!
    And for the first time, the banker went
    from the country-club to the strip-club.
    Pretty soon, stocks and savings
    were almost inconsequential.
    They were doing fifty, a hundred,
    two hundred billion in mortgage bonds
    and dozens of other securities a year.
    And America barely noticed that it's number
    one industry became boring old banking
    and then one day,
    almost thirty years later, in 2008
    it all came crashing down!
    Bear sterns was in a death spiral
    and the fed brokered it's sale.
    In the end Lewis Rainier's
    mortgage backed security mutated
    into a monstrosity that collapsed
    the whole world economy
    and none of the experts, or leaders,
    or talking heads had a clue it was coming.
    And I'm guessing most of you
    still don't really know what happened.
    Yeah, you got to have somebody to repeat
    so you don't sound dumb, but come on
    Our financial institutions are strong!
    But there were some who saw it coming.
    While the whole world was
    having a big old party, few
    outsiders and weirdos saw
    what no-one else could.
    Not me, I'm not a weirdo,
    I'm pretty fucking
    cool, but we'll
    meet again later!
    These outsiders saw the giant lie
    at the heart of the economy
    and they saw it by doing something the
    rest of the suckers never thought to do.
    They looked
    through the nineteen thirties
    The housing market collapsed...
    Nationwide.
    By approximately 8 percent.
    And halve of all .. Eh... worries that...
    It wasn't default.
    There were.. Very...
    Specific identifiers.
    Extremely recognizable.
    Wait... for instance
    w-w-w-w one of the hallmarks of mania.
    Is that rapid rise and complexity,
    and the rates... they are fraud-ed
    did you know...
    They're going up!
    I've always been.. More comfortable..
    When alone.
    I believe... maybe... it's because of...
    My glass eye.
    I lost the eye...
    In a childhood illness.
    Separates me from people.
    Did you know... they're going up!
    Highest frog-rates since
    the nineteen thirties.
    No, I didn't know that.
    I mean.. Ghe Ghe Ghe...
    Nine... nineteen thirty three
    the fourth year of the great depression
    you were playing saying great son,
    even heard the coach say it!
    Can we just go home?
    All social interf.. Actions
    are awkward for me and for the... person
    even when I try to compliment...
    It somehow... it comes out wrong...
    You have a very nice haircut,
    you do it yourself?
    Huh, what?
    No, I eh...
    I'm sorry... please...
    Pffffff...
    I'm going on and on.
    My wife told me I need to share more.
    That seems healthy.
    So .. I get the job?
    I really think I could help you fund.
    Yeah...
    Yeah... sure!
    You're David!...
    David... great!
    I guess I'll go find a desk. Is there
    anything you want me to work on for start?
    Eh... yeah.
    You could let me know later!
    s D... d... d... did ya... did you/s
    think it was strange when...
    Ehm...
    The tech-bubble burst in 2001
    and the housing market in San-Jose.
    Tech-capitol of the world...
    Went up...
    It's strange...
    No, no!
    It's housing...
    Housing is always stable... low-risk.
    That's the idea... yeah.
    I want you to get me...
    The... eh... Top-20 selling mortgage bonds
    so, you want to know
    what the top-20 selling mortgage bonds are?
    No, no, no, I want to know
    what mortgages are in each one
    - what.. Wait...
    - Aren't those mortgages made up of
    wait... aren't those bonds made up of
    thousands and thousands of mortgages?
    Yeah...
    Right away, Dr. Burris.
    Nice guy... all day long.
    Hmm.. Ask anyone... Hmm,
    pleasure to work with.
    The second my son screws up,
    and...
    You'll hang it to him...
    Just like my dad did to me.
    You hear the words that are
    coming out of my mouth.
    Sorry I'm late, no cabs!
    Aah
    so get this...
    I met with this retail banker yesterday..
    I'm supposed to be getting
    him to invest in a fund,
    instead, I start drilling him
    about overdraft analysis
    and how his bank will let customers
    write ten... twelve cheques
    before telling them they're overdrawing.
    And this creep...
    Is making billions off
    screwing over people this way.
    And I'm getting madder and madder,
    and I ask him.
    I look him in the face and I say:
    How can you sleep at night, knowing...
    That you're ripping off working people.
    And know what he did...
    He left!
    He just walks out of the lunch,
    doesn't say a word.
    What the fuck is that?
    Who's fucked up in that scenario?
    Am I?
    Or is this douche-bag?
    Who leaves me hanging...
    Is he the fucked up one?
    Trying to make me feel bad about myself!
    We have talk about this numerous times
    fuck him! -You can't come in late
    and hijack the entire session!
    What do you mean, I didn't
    hijack the meeting.
    Did I hijack this session?
    Yeah
    what do you do?
    I'm in commodities.
    Good luck with that!
    Marc...
    I know you've suffered a terrible loss,
    do you want to talk about that?
    I don't talk about that.
    Hold on...
    Hold on..
    Shit.. Let's take this, sorry!
    Sorry!
    I don't care Porter...
    This guy's whole business is build upon
    ripping people off, how long can that last?
    Bye everybody!
    85...
    That's 30 days late, that's 60 days late.
    Pay on time.
    These fico-scores
    they're caught up with their pants...
    30 days late...
    Loan to value... maybe 5
    maybe 90
    60 days late, jeez!
    I've never heard of that.
    30 days late
    he hasn't move all day.
    He does this every few days.
    Hasn't spoken to me since he hired me.
    Michael, how are you guy?!
    I've put out something
    really interesting...
    Great Michael, whenever you find something
    interesting, we all sit to make money.
    What stock are you vowing?
    No, no, no no.. I wanna,
    I wanna short the housing market.
    Really?
    But the housing market is rock-solid!
    Green span just said:
    "Bubbles are regional, defaults are rare!"
    Tell em I'll be there in a minute
    say again!
    Look...
    Greenspan's wrong!
    Look, I don't think you mean to do this,
    but eh..
    Sometimes you sound very
    dismissive and superior.
    It's a fact, Greenspans wrong.
    I don't know how if you want your thr...
    Look, Michael...
    Metro capitol backed you four years ago
    when you were a doctor with a
    dinky wet page
    and some inheritance money,
    we've all done very well, look...
    Why don't you just stick with stocks...
    You know me...
    I, I, I, I,
    I look for value,
    wherever it can be found.
    The fact is
    that these mortgage backed securities
    are filled with extremely risky
    sub-prime adjustable rates.
    And when the majority of these
    adjustable rates kick in... in '07
    they will begin to fail
    and if they fail above 15 percent
    the whole bond is worthless.
    Michael, just take a beat,
    we'll talk about this later!
    Lawrence please, don't patronize me,
    if... it .. Is...
    Mortgage backed securities,
    sub-prime loans, tranches...
    Is pretty confusing right?
    Doesn't it make you feel bored...
    Or stupid...
    Well... it's supposed to.
    Wall-street loves to use
    confusing terms, to
    make you think only they
    can do what they do.
    Or even better...
    For you just to leave them the fuck alone.
    So... here's Margot Robbie
    in a bubble-bath to explain.
    Basically, Lewis
    rainieri's mortgage bonds
    were amazingly profitable
    for the big banks.
    But then they ran out of
    mortgages to put in them.
    After all, there are only
    so many homes and so many
    people with good enough
    jobs to buy them... right?
    So the banks started filling these
    bonds with riskier and riskier mortgages
    thank you Henry
    that way, they can keep that
    profit machine churning right?
    By the way, these risky
    mortgages are called: Sub-prime.
    So... whenever you hear sub-prime...
    Think: Shit
    our friend Michael burry found out,
    that these mortgages bonds
    that were supposedly 65 percent AAA,
    were actually just, basically full of shit.
    So now he's going to short the bonds
    which means... bet against.
    Got it?...
    Good!
    Now fuck off!
    It's only a matter of
    time before someone else
    sees this investment,
    we have to act now.
    How do you know the bonds are worthless?
    Aren't they filled with fucking
    thousands of pages of mortgages?
    I read them!
    You read them?
    I read... yeah!
    No-one reads them, only the lawyers
    who put them together read them!
    I don't think they even
    know what they've made
    the housing market is
    propped up on these bad loans.
    It's a time-bomb and I want to short it.
    Through what instrument Michael?
    There are no insurance-contracts
    or options for mortgage bonds.
    The bonds are too stable!
    Lawrence...
    This is what I'm gonna do...
    I am gonna get a bank to make me one.
    Then...
    I'm gonna buy it.
    I don't want that kind of business!
    Money is not money!
    That's bad money!
    Hey... excuse me!
    Let me ask you this: What company treats
    its customers that shittily and succeeds?
    Fine... ok... Goldman...
    Without proving it
    when he was a kid he excelled
    at studying the Talmud and yeshiva.
    Whatever!
    But, one day his rabbi told his mom why.
    Paul is a fine boy and mark is an
    excellent student of the torah and Talmud
    then what's the problem rabbi?
    It's the reason mark is studying so hard.
    He's looking for inconsistencies
    in the word of god!
    So has he found any?
    Later Baum started his
    own fund on wall-street.
    He had an amazing nose for bullshit.
    He wasn't afraid to let anyone know,
    when and where the bull had gone number 2.
    Then a tragedy happened to mark
    and it turned his whole world really dark
    and ready to believe the
    whole system was a lie.
    Hold on!
    It's Cynthia,
    I'll be in the office in twenty minutes.
    Hi honey!
    The therapist called...
    You did it again!
    There were no cabs...
    What was I supposed to do?
    I worry about you mark!
    At least I went
    you're running around like you
    have to right every wrong in the world.
    Ok... fine!
    How angry
    you know what...
    I'm a mean guy and I'm pissed off!
    But... it is a shitstorm
    out here sweetie. You
    have no idea the kind of
    crap people are pulling.
    And everybody is walking around like
    they're in a goddamn Enya-video.
    They're all getting screwed you know!
    You know what they care about?
    They care about the ballgame!
    Or they care about what
    actresses went into rehab!
    I, I think you should try medication!
    No, no, we agreed,
    if it interfered with work.
    You hate wall-street,
    but maybe it's time to quit?
    I love my job!
    You hate your job!
    I love my job!
    You're miserable!
    I love my job,
    I love my job honey!
    Mark!
    I am sad every day about what happened.
    I know you must feel the same,
    but you never show it!
    I knew how close you were to your brother.
    Cab!
    Where'd ya go pal?
    Cab!!
    Everyday I think you're gonna talk
    about it, and you're gonna do!
    Will you ever think about
    the idea of making a change?
    Fine, fine, honey, you know what,
    I will consider it, but honestly...
    Cynthia I'm ok,
    I really am!
    Hey, hey!
    No, no, my cab!
    That's my cab, that's my cab,
    that is my cab!
    Schmuck! Fuck you!
    Fuck you!
    I'll call you later.
    I wanna buy...
    Swaps on mortgage bonds
    credit default swap, that will pay off...
    If the underlying...
    Bond fails.
    You want to bet against
    the housing market? Yes
    why?
    Those bonds only fail if millions of
    Americans don't pay their mortgages.
    That's never happened in history.
    If you'll excuse me Dr. burry,
    that seems like a foolish investment.
    Based on... prevailing sentiment of the
    market and banks, and popular culture...
    Yes, it's a foolish investment.
    But eh...
    Everyone's wrong...
    That's a good one.
    This is wall-street Dr. burry, if you offer
    us free money, we're going to take it
    my one concern is, is that.. Eh..
    When the bonds fail..
    Eh... I want to be certain,
    of payment,
    in case of solvency issues with the bank.
    I'm sorry, are you for real?
    You want to bet against the housing market,
    and you're worried we won't pay you?
    Yes.. That's correct.
    whispersListen.. I don't
    think this will work...
    whispers
    the market on housing is never gonna crash
    whispers
    this is all rock-solid by now
    whispers
    it wouldn't even if we wanted it to.
    whispers
    kinda hard one to deal with...
    whispers
    did he awestruck you?
    Mmhhhh.
    Dr burry, we could work
    out a pay-as-we-go
    structure that would
    payout if the bonds fail.
    It would also apply to your payments
    if the value of the mortgage-fund goes up
    you'd have to pay us monthly premiums.
    Is that acceptable Dr. burry?
    Yes.. It is, yes.
    Em.. I have prospectuses on,
    six mortgage-backed securities
    I want to show you
    whispers the majority of
    them are accepted mortgages.
    Dr burry, these should be fine!
    We're prepared to
    sell you 5 million in
    credit default swaps on
    these mortgage bonds.
    Can we make it a hundred million?
    Absolutely! We can make
    it one-hundred million.
    We'll be in touch,
    send some paperwork over.
    I like these cups, could I take one for my son?
    Have one, yes, yes!
    Thank you!
    Have two!
    Is there any way to do two-hundred million?
    We can...
    But are you sure?
    Absolutely...
    Absolutely, we can!
    We do, eh... different projects
    we do gardening, we do
    the bonds... I'd like to .. Eh...
    It's not bad for yourself
    to be found extreme
    it's very cool!
    Hey Randall, what with the Dom?
    Bonuses aren't for three months.
    We just sold 200 million in
    credit-swaps for mortgage-bonds
    some fund-manager from California,
    fucking crazy right?!
    Only way to make money dog!
    I didn't know there
    were swaps on mortgages
    there are now, we made it for him!
    His head must have caught up with his hole
    or do something... I don't know.
    Want one? No?
    Awwwww
    Jared
    did you hear about the deal
    that Randall did with some fund-manager?
    Randall?
    Bullshit!
    He's a foot-soldier,
    I'm sure it's a shit deal.
    No, it's for real!
    I told you we'd meet later.
    Unfortunately... it's in a place like this,
    which I would never be in.
    I never hung out with these idiots after
    work, ever! I had fashion friends.
    Apparently this guy wanted
    two-hundred mill in credit default swaps.
    Randall made the sale,
    can you believe it?
    Somebody shorted two-hundred mill
    in mortgage bonds?
    That was just with deutsche...
    Word is... he had half the town.
    How much in total?
    1.3 billion
    what?
    That's... that's pretty much
    all of scion's liquidity!
    Michael, that's highly distressing!
    Lawrence...
    That is not all of our liquidity!
    And I'm not certain that you
    really understand this trade.
    This is a certainty.
    Mike, I consider myself a mentor to you.
    But our company is not
    comfortable with this investment.
    Am I being clear?
    Lawrence
    I have full autonomy when it
    comes to investment strategy
    you can read our agreement.
    Do not throw our acception-
    agreement in my face Michael!
    We had an underlying understanding,
    you wouldn't act like a goddamn crazy man!
    This is not crazy...
    It's all very logical.
    So now we pay up premiums
    on these swaps against
    housing-market until
    the mortgages fail?
    In other words...
    We lose millions until something
    that has never happened before... happens?
    That's correct!
    Hello mark Baum
    oh hey Cathy!
    It wasn't me, I had a personal thing this afternoon.
    I'm not your babysitter.
    If your appoint makes money for
    mark and Sally I'm happy!
    Ok... hey did I hear you're expecting?
    Eh, we're expecting to be expecting...
    I'd be upset clearing this out, but we're ..
    That's exciting!
    Lump.. In my ball
    I'll go in for a scan
    hmm
    turns out I have large thing,
    called an epididymis
    which is a thing that goes around the ball
    and is like a sack underneath.
    I have an extremely pronounced epididymis
    enriveted that is.
    Almost as large as another
    testicle on itself
    so get this... Cynthia..
    Guys!
    Cynthia wants me to quit!
    And open a b&b in Vermont.
    That's great! I'd love to see mark
    Baum run a bed and breakfast!
    Like: Here's your steel-cut
    oatmeal asshole!
    Mark refused to kiss the ring
    of the people with the checkbooks,
    so he had to set up his fund
    under Morgan Stanley's umbrella.
    His small team his...
    Distrust of the system.
    You guys are sick..
    You're sick!
    She says, this job is making me unhappy.
    But you're happy when you're unhappy!
    I am happy when I'm unhappy!
    Bennie Daniel
    you know how to make a muffin?
    Mark's numbers guy.
    Do you even know how to do laundry?
    Make a bed? -Okay!
    Bennie lost his father to a
    violent crime when he was young
    just like mark,
    he didn't talk about it.
    I don't talk about that!
    Cynthia's no joke, she could
    actually make him move to Vermont!
    I mean, she made me start wearing a suit.
    Porter Collins, former Olympic rower,
    went to brown.
    He worked with Baum at
    a previous firm, and
    couldn't figure out why
    no-one listened to Baum.
    The guy with all the good ideas.
    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
    and Danny Moses, the optimist of the bunch.
    And a hell of a trader,
    which is the only
    reason they put up with
    his bullshit optimism.
    You're a weird caller, you take longer
    with a wrong number than anybody else
    I mean... it's this guy...
    From... deutsche,
    who was talking about
    shorting housing bonds.
    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.
    He wanted to short housing bonds?
    Hmmm
    it happens like five times a day, that
    somebody uses the wrong front-point.
    We should change our name!
    Wait, wait...
    He wanted to short housing bonds?
    Who bets against housing?
    What's the abx at?
    What's abx?
    - It tracks sub-prime mortgage bond value.
    -Go back to sleep!
    The abx is at... eh...
    Wow! It's down, it's down 3 points
    since last year, that's weird.
    I haven't heard a peep about that!
    What was this guys name?
    Jared vennekt... vennett
    that's right!
    These lucky sons of bitches caught wind
    of one of the best trades in
    wall-street history from a wrong number.
    They should've paid 10 percent
    to my fox ticket system.
    He was Jared vennett, vennett
    Jared vennett, from deutsche, sounded very sketchy.
    Sounds like a douchebag.
    murmuring in himself
    ok.. Hi... how are you?!
    Have a seat!
    Hey mister vennett from deutsche bank,
    who do we have?
    So, how many people have you talked to about this trade?
    A few.
    There's definitely some interest.
    Ohh..
    My boss would have my ass
    are you crazy Jer?
    Get lost!
    Fuck you!
    Which is why you're here
    talking to us on the wrong number?
    Sounds like there's a lot of interest.
    Alright.
    A few people have us in, just to laugh
    at me on this deal, is that you?
    Is that what this is?
    That's not what this is,
    that's just how mark is.
    Let's see what you got.
    I'm sorry, do you smell that, what is that?
    What?
    What's that smell?
    Cologne?
    No...
    Opportunity!
    No... money.
    I smell money...
    Chris...
    Goddammit!
    I'm sorry.
    This is your basic mortgage bond.
    Alright, the originals were simple.
    They were just thousands of
    AAA-mortgages bundled together,
    guaranteed by the us-government.
    The modern ones are different.
    They're private.
    And they're made up of layers of tranches.
    Highest level AAA's getting paid first.
    The lowest rated Bs getting paid last,
    taking on defaults first.
    No obviously if you're buying Bs
    you could make more money.
    But, they're a little risky,
    sometimes they fail.
    Chris...
    Somewhere along the line, these Bs and
    bb's went from a little risky to dogshit.
    Where's the trash?
    I'm talking rock-bottom fico-scores.
    No income-verification.
    Adjustable rates...
    Dogshit!
    The default-rates are already up
    from one to four percent fellas.
    And if they rise to eight percent...
    And they will!
    A lot of these bbb's
    are going to zero too.
    And that...
    You're too close...
    Is an opportunity.
    Ok, you're saying that at 8 percent the
    bonds fail and we're already at 4 percent?
    That's right.
    If they go to eight... it's Armageddon.
    Yeah that's right.
    How come nobody's talking about this?
    And you're completely sure of the math?
    Look at him...
    That's my quant!
    Your what?
    My quantitative... my maths specialist!
    Look at him!
    You notice anything different about him?
    Look at his face!
    Look at his eyes!
    I'll give you a hint..
    His name is Yang!
    He won a national maths competition..
    In China!
    He doesn't even speak English!
    Yeah!
    I'm sure of the math.
    Actually, my name is jeong,
    and... I do speak English
    Jared likes to say it though.. Because he
    thinks it makes me seem more authentic
    and... I got second in that
    national math competition
    so... you're offering us a chance
    to short this pile of blocks?
    How?
    With something called a
    credit default swap.
    It's like insurance on the bond, and
    if it goes bust, you can make 10-to-1.
    Even 20-to-1 return,
    and it's already slowly going bust.
    10-to-1, 20-to-1...
    No way!
    And no-one is paying attention.
    No-one is paying attention.
    Because the banks are too busy getting
    paid obscene fees to sell these bonds.
    But wait... you are the bank
    you work for the bank,
    I bet your margins are pretty nice and fat.
    Let's not talk about my margins by the way.
    Being nice and fat... that's a nice
    shirt, do they make it for men?
    Aren't you the bank?
    I work for the bank!
    I don't think like a bank
    big banks, small bank...
    I like to make money.
    Alright...
    Let me put it this way...
    I'm standing in front of a burning house,
    and I'm offering you fire insurance on it
    how can these underlying bonds be...
    As bad as you say?
    It wouldn't be legal!
    Nobody knows what's in them!
    Nobody knows, what's in the bonds,
    I've seen some that are
    65 percent AAA-rating.
    That I know, for a fact, are filled
    with 95 percent sub-prime shit.
    With fico's below 550
    get the fuck out of here!
    Want me to really blow your mind?
    When the market deems a bond too risky
    to buy, what do you think we do with it?
    Take a guess! Wi don't
    I don't know, you tell me!
    Alright...
    You think we just warehouse
    it on the books?
    No, we just repackage it,
    with a bunch of other shit that didn't sell
    and put it into a cdo.
    A cdo?
    Yes... a cdo.
    What is that? W
    where we take a bunch of
    Bs, bb's and bbb's that haven't sold,
    and we put em in a pile...
    And when the pile gets large enough, the
    whole is suddenly considered 'diversified'.
    And then... the whores
    of the rating agency,
    give it a 92 / 93 percent AAA-rating,
    no questions asked...
    Holy... what!
    Say that again!
    Collateralized debt obligations
    it's important to understand, because
    it's what allowed the housing crisis
    become a nationwide economic disaster.
    Here's world-famous chef
    Anthony bourdain to explain.
    Ok, I'm a chef on a Sunday-afternoon
    setting the menu of a big restaurant.
    I ordered my fish on Friday, which is the
    mortgage bond that Michael burry shorted.
    But... some of the fresh doesn't sell..
    I don't know why, maybe it just came out,
    how Anthony has the
    intelligence of a dolphin.
    So... what am I gonna do?
    Throw all this unsold fish, which is
    the BBB-level of bond, in the garbage?
    And take the loss?
    No way!
    Being a crafty and
    morally honorous chef that I am...
    Every crappy levels of the bond I don't
    sell... I throw into a seafood stew.
    It's not old fish!
    It's a whole new thing!
    The best part is...
    They're eating retailed halibut!
    That... is a cdo.
    I just need to know
    how these could possibly be correlated.
    You're like d-d-
    Dora the explorering,
    you're the first person
    who has found this...
    So.. Hold on..
    So mortgage bonds are dogshit?
    Cdo's are dogshit wrapped in catshit.
    Yeah... that's right!
    Institutions treat these cdo's like
    they're as solid as treasury bonds.
    And they're going to zero..
    No, that can't be right,
    there, there, are 500
    billion in housing bonds
    sold last year alone
    ratings agencies, the banks...
    The fucking government?
    You're saying they're all
    asleep at the wheel?
    Yeah!
    My whole department is long on this stuff.
    They call me chicken little.
    They call me bubble-boy.
    A's... zero.
    B's.. Zero,
    bb's... zero.
    Bbb's... zero.
    And then that happens!
    What... is that?
    That's America's housing market.
    Thank you.
    Fucking a Jared!
    Shut your fucking mouth!
    Bye Jared!
    I don't like it!
    He's playing us.
    He's playing us, he's got too much skin in
    the game, and he's dumping his position.
    What if he's right?
    You want him to be right!
    Yes, I do!
    The banks have given us twenty-five percent
    interest rates on credit cards.
    They have screwed us on student-loans,
    so we can never get out from under.
    Then this guy, walks
    into my office and says:
    "Those same banks got greedy,
    they lost track of the market"
    and I can profit off of their stupidity
    fuck! Yeah!
    I want him to be right!
    I mean, how come you don't hate this guy?
    He's everything you taught us not to trust!
    You can't hate him! He is so transparent in
    his self-interest that I kinda respect him.
    Would I buy a car from him?...
    No!
    Is he right about the mortgage market?
    Let's find out. Let's find out!
    Look... it's two very simple questions:
    Is there a housing bubble? And if there
    is... how exposed are the banks?
    Let's get on this quickly too,
    because if he is right...
    Every loser with a couple million bucks
    in a fund is gonna be jumping on us.
    Let's go!
    J.P. Morgan-chase, j.P. Morgan-chase.
    Ok.. Don't!...
    Stop saying j.P. Morgan-chase!
    I got a good feeling about this
    just a meeting though, you know...
    It's just a meeting!
    People have meetings all the time...
    You know!
    People drink their coffee,
    they have a meeting...
    Brownfield funds?
    Yes! Yes!
    Hello, hey!
    Chris... I'm on Ted's desk.
    I'm Charlie, I'm Charlie Geller,
    I'm Jamie, Jamie shipley.. Hi!
    We're so excited to get setup
    on your trading platform!
    Here, eh.. Have a seat a second.
    Alright!
    So I... Ted did ask Ehm..
    To do us some meeting in front.
    But I eh... I couldn't find
    any marketing material on you guys..
    Oh... we just moved here from Boulder.
    Oh, can we see some of
    your offering documents?
    Well brownfield has it own... money...
    It's our money... yeah.
    Well can you tell us how much you manage?
    Of course!
    We're doing 30 million right now... eh...
    But we started four years ago,
    with a hundred-ten thousand.
    Wow!
    So as you can see,
    that's pretty phenomenal returns.
    We wanna get an
    isda-agreement with j.P. Morgan,
    so we can deal in long-term options.
    That's really cool!
    Yeah!
    That is so cool!
    Thank you!
    But eh.. You guys are under
    the capitol requirements for an isda.
    By how much?
    Er.. How much eh...
    One billion four-hundred-seventy millions
    so...
    A lot!
    This makes us look bad doesn't it?
    That we didn't know
    what the capitol requirements were.
    I... eh..
    It's not great!
    But, eh...
    Keep up those returns
    and give us a call
    way down the line you know?
    Ok?
    Ok, of course!
    Thanks Chris!
    Have a good one guys!
    Thank you Chris!
    Shit!
    Who the fuck schedules
    a meeting at 4:50 in the afternoon?
    Dude, b of a and bear
    didn't even return our calls
    and even fucking morkovia blew us off!
    I know man!
    Here's the prospectuses of all the other
    losers who didn't make it past the lobby.
    I don't think I can do this anymore..
    Yo, I'm young yet,
    I can still do something with my life!
    I miss Colorado anyway.
    The weed's better!
    Gentleman... I need you to leave!
    Yep, yeah we're going, let's go!
    Look at this, look at this!
    This guy says that the
    housing market is a giant bubble!
    Ok, so this part isn't totally accurate.
    Now, we didn't find Jared
    vennett's housing bubble
    pitch in a lobby of a
    bank that rejected us.
    Truth is... ehm..
    A friend had told Charlie about it
    and I read about it,
    in grand central's trade observer.
    This is crazy!
    This is... crazy stuff!
    Here, they're saying that
    there's 10-to-1 returns,
    on credit default swaps
    for mortgage backed securities
    and the whole housing market
    is about to collapse.
    For Jamie and Charlie,
    the housing market
    doomsday prediction was
    music to their ears!
    They had started working
    out of Jamie's garage,
    with a 110 thousand Jamie had saved taking
    sailboats up and down the east-coast.
    Our investment-strategy was simple.
    People hate to think about
    bad things happening
    so they always underestimate
    their likelihood.
    Their strategy simple and brilliant.
    What he said!
    Jamie and Charlie found:
    Markets will sell options
    very cheaply on things they
    think will never happen.
    So, when they were wrong, they were wrong
    small. But when they were right...
    They were right big!
    Boooooom!
    Within a few years they had turned
    a 110 grand into 30 million
    then it was time to go to New York City,
    and so far... it wasn't going very well
    so what if it does seem interesting?
    Nope, no bank will give us our isda.
    We're dead in the water...
    These kind of trades are
    totally out of the question!
    We gotta call Ben!
    Pffff
    call Ben!
    Ben ricker was a former trader
    in Singapore for chase.
    Quit the whole game in disgust!
    He just happened to be Jamie's
    neighbor when they were in Colorado
    they met, walking dogs...
    But Ben was dark...
    He didn't just think
    the whole system would fail
    he thought the whole world
    was going down!
    This salad's... oh.. Hmmm good!
    You know, every one of these
    vegetables is fresh from my garden
    you guys should start your own garden!
    What you gotta do is
    get your soil off petrol chemicals,
    use wood-ash and urine, help destroy
    the soil, creates mono-nitrate,
    seeds are gonna be the new currency!
    And not those frankenseeds
    from monsanto, I'm
    talking about good
    healthy organic seeds.
    Make yourself a garden, learn to live off the land!
    A fucking lunatic!
    Ben had real experience in a big bank,
    Jamie and Charlie, never even been
    in a Manhattan bank bathroom!
    But Ben was done with the banking world,
    he was very clear!
    Do you realize that?
    Alright, let's crunch some numbers,
    then maybe we'll talk about calling Ben
    I don't wanna crunch the numbers,
    when haven't we crunched the numbers?
    Seriously guys!
    I need you out of here
    of course, yes mam!2
    one second!
    We're going, we're going!
    Oh god, I hate this!
    This is a total waste of time!
    Come on!
    Would you relax!
    I think this is a housing development
    about forty-five minutes outside of town.
    Mark wants us to check that out first.
    I hope there's some
    Cuban restaurants on the way there,
    because I heard the
    Cuban food is amazing in Miami.
    Please don't be chipper
    in the face of me being miserable!
    It really makes me hate you!
    How is wanting to eat good food,
    being chipper?
    Hello?
    Hello?
    What's up man?
    What do you want?
    Hello, I'm surveying mortgage owners
    who are over 90 days delinquent
    I'm looking for a Harvey humpsy
    you want my landlord's dog?
    Your landlord filled out his
    mortgage application using his dogs name?
    I guess so!
    Wait, has that asshole not been
    paying his mortgage?
    Coz, I've been paying my rent!
    Well, yeah he is over 90 days delinquent
    seriously man!
    Am I gonna have to leave?
    My kids just got setup in this school man!
    Hey... how are ya?
    Ehm.. You should talk to
    your landlord about that
    I'm sorry I don't have anymore information,
    but you ehm...
    You have a great day!
    Seriously... is everything gonna be ok?
    You should call...
    You should call him!
    You should give him a call!
    It's not my fault dude!
    I've been paying!
    Hello!
    I think somebody just left
    all they took was the TV.
    It's weird!
    They didn't even clean up the counter
    oh, god!
    It's like chernobyl!
    It's like a hundred houses,
    it can't be four people living here.
    No, fuck that!
    Shit!
    He's been there for seven hours
    what is he looking at?
    I heard he had a breakdown!
    Just let him is what I think
    Dr. burry's office
    no, he actually prefers that
    you e-mail him. Excuse me!
    Hey Lawrence!
    We have no confidence in your ability
    to identify macro-economic trends.
    You flew here to tell me that?
    Why?
    Every, e-e-anyone
    can see there's a real-estate bubble
    actually no-one can see a bubble,
    that's what makes it a bubble
    there's still warns!
    There are always markers!
    Mortgage fraud
    quintupled since 2000 and the
    average take-home pay is flat, but...
    Home-prices are soaring, that means
    the homes are dead, not assets
    so Mike burry of San Jose,
    a guy who...
    Gets his haircut at supercuts,
    and doesn't wear shoes,
    knows more than Alan greenspan
    and Hank Paulson...
    I haven't talked to Hank,
    but yes he does.
    That's cute, that's cute!
    Are you being sarcastic with us Mike?
    Lawrence...
    I don't know how to be sarcastic!
    I don't know how to be funny
    I don't know how to...
    Work people..
    I just know how to read numbers!
    How big is your short position right now?
    Eh...
    1.3 billion
    and the premiums?
    Eh, we pay... eh... roughly...
    80 to 90 million
    each year, which is surprising,
    because I was the first to do this trade
    watch, it will pay!
    I may have been early, but I'm not wrong!
    It's the same thing!
    It's the same thing Mike!
    You're managing a fund of what?
    555 million?
    In six years,
    it will all be gone!
    On one bet
    the second quarter of '07
    is when the adjustable rates kick in!
    The defaults will skyrocket!
    Says you!
    How much is eligible for withdrawal before
    they're due? Say in the next two quarters.
    If your investors panic
    my god Mike!
    No-one will pull out,
    that would be suicide man
    down 17 percent for the year,
    but if they trust me, and they trust me!
    No-one trusts you!
    No-one!
    I've sent several emails to my investors
    letting them know that the.. The...
    It's the second quarter of '07
    is when our housing position shows returns
    and ehm...
    I've been very clear!
    People will withdraw their money!
    Why? You'd have to be so stupid!
    If, if if the funds capitol
    drops too much...
    Then the swaps contracts are voided
    and then the banks...
    Get to keep all of it, all of it!
    The contracts are voided?
    The contracts are voided!?!
    Holy shit!
    O, motherfucker!
    Michael...
    Give me my money back.
    Michael, do you hear me?
    I want my money back!
    Give me my fucking money back!
    You motherfucker!
    The market is in an itsybitsy
    little gully right now
    like everybody said: "Ok, that was
    crazy, let's just all calm down!"
    I sold that house for 350,
    the year it was built.
    Two years later... 480, then 585,
    maybe eighteen months ago.
    This couple bought it for 650 last year!
    He'd let it go for that...
    I don't
    it will break his heart,
    but he'll let it go
    why is he selling?
    Neither one is working right now
    surely, they're motivated right?
    As motivated as one can be
    in this neighborhood.
    This house on the left,
    I'd say they're properly motivated.
    Wow!
    A lot of people seem very motivated.
    It's just a gully that's all.
    Just nerves
    so... where do we stand?
    I need to talk to my wife
    ehm..
    This market will last!
    Actually, can I talk to a mortgage broker?
    Anybody you recommend? Anybody you like?
    Yes, yes,
    there's someone, absolutely!
    Yeah, bitch better like me,
    sent her ass to Cabo!
    So is Morgan Stanley recruiting us?
    Is that..
    No, eh no.
    The bank owns our hedge-fund
    we're not really a part of it,
    we invest in financial service companies.
    We're trying to understand the
    residential mortgage business.
    How many loans do you write each month?
    I don't know, about six
    what was it four years ago?
    Ten... but maybe fifteen.
    I was a bartender,
    now I own a boat!
    So, how many of these are eh..
    Adjustable rate mortgages?
    Well, most.
    Yeah, I'd say about ninety percent
    the bonuses on those
    skyrocketed a few years ago
    adjustables are bread and honey
    so, do applicants ever get rejected?
    Seriously?
    Look if they get rejected
    I suck at my job!
    Even if they have no money?
    Well, my firm offers a ninja loan.
    No income no job application, I just leave
    the income-section blank if I want.
    Corporate doesn't care.
    These people just want homes,
    and they go with the flow.
    Your companies don't verify?
    If I write a loan on Friday afternoon,
    big bank is gonna buy it by Monday lunch.
    Deal!
    Same here!
    Could you hold on a second?
    Yeah
    I don't get it...
    Why are they confessing?
    They're not confessing...
    They're bragging!
    Do people have any idea
    what they are buying?
    I focus on immigrants!
    Once they find out they're
    getting homeless..
    They'll sign where
    you tell em to sign.
    They don't ask questions,
    don't understand the rates.
    And you target them with red soup?
    Their credit actually
    isn't bad enough for him.
    Look I'm a yield guy
    I make two thousand on a fixed rate prime
    but I can make ten thousand on
    a sub-prime adjustable
    trust me, I'm not driving that
    7-series without strippers
    no-one on the pole has good credit,
    and they're all cash-rich.
    Who's Warren buffett?
    Ok, so, strippers...
    Like exotic dancers...
    Nude, 'n all...
    Topless..
    Strippers?
    Yeah, hmmmm.
    Can you introduce us?
    Yes!
    Yes!
    I always get option to pay adjustable.
    I'm a private contractor.
    Can't hear you, I'm sorry!
    I always get option to
    pay adjustable, I'm a
    private contractor, I
    need the flexibility.
    And you tell the mortgage
    company what you do?
    I write: Therapist
    you can touch me!
    Always?
    Only in v.I.P.
    No, no, no you say
    you always do adjustables
    and you have more than
    one loan on a property?
    Everybody does!
    At least down here
    I'm sorry what?
    Everybody does!
    At least down here
    that way you'll only put
    down like five percent
    well prices have leveled off though, right?
    Yeah, it's a gully
    would you mind not moving anymore?
    I'll still pay you!
    Sorry...
    We're not alone.
    Ok, look..
    If home-prices don't go up,
    you are not going to be able to refinance
    and you're going to be stuck paying
    whatever your monthly payment is once it
    jumps up, whenever your tisa-rate expires
    your monthly's could go up
    two-to three hundred percent!
    James says I can always refinance!
    Well... he's... a liar.
    Actually in this particular case,
    James probably is wrong.
    Two-hundred percent?
    On all my loans?
    What do you mean? We're talking
    about two loans on one house right?
    I have five houses
    and a condo..
    Hey, there's a bubble!
    How do you know?
    Trust me. Call vennett,
    buy 50 million in swabs on the nbs
    what do we got?
    Garibaldi's are bbb!
    Mark, are you sure?
    Yeah, yeah! It's time to call bullshit!
    Bullshit on what?
    Every fucking thing!
    Is this America's angriest hedge-fund?
    Hi listen, I got one last question for you
    how are you fucking us?
    There's a nice way to say that Vinnie...
    I'm serious
    we'll buy your swaps,
    but only if you say how you're fucking us.
    I'm not fucking you Vinnie,
    I'm kissing you
    I'm looking deep into your eyes
    as I make love to you Vinnie.
    I'm handing you the deal
    of the century on a fucking platter!
    What do I get out of it?
    Easy..
    I got a 20 million a month negative carrier
    I got bosses trying to
    pull the plug, because
    they're thinking I'm
    out of my fucking mind
    alright?
    We make this trade,
    those problems aren't so big anymore
    and sure... swaps are a dark market so...
    I set the price, whatever price I want.
    And when you come for the payday,
    I'm gonna rip your eyes out
    I'm gonna make a fortune
    but the good news is Vinnie,
    you're not gonna care
    cause you're going to make
    so much fucking money!
    That's what I get out of it
    wanna know what you get out of it?
    You get the ice-cream, the hot-fudge,
    the banana and the nuts!
    Right now I get the sprinkles
    and yeah... if this goes through...
    I get the cherry.
    You get the sundae!
    Alright, I'll buy that.
    Thank you!
    So what do you say?
    Want me to make you a market?
    We'll take 50 million
    garibaldi-4 triple-b
    sharpen your pencils,
    I'll get the paperwork ready
    aahhh... fuck you too!
    Yes!
    That's right!
    He has so many numbers,
    and I always forget,
    which one he prefers, cause he's very specific!
    Just pick the first one
    I don't know if it's the first one
    just try it!
    Ok
    Ben ricker
    hey Ben it's Jamie!
    Jamie, you know you're not
    supposed to use this line.
    Told ya...
    Ok, let's try number two out of fourteen.
    Ben ricker
    Ben, why do you do that man?
    You're a retired trader, ok..
    No-one is listening to your calls!
    The NSA has a 52 billion dollar budget
    and the ability to tens of millions calls
    a second, you think they're not using it?
    Ok, I promise I will refrain from saying,
    Ben ricker and dirty bomb
    in the same sentence
    Jesus!
    I'm sorry dude!
    Ben ricker
    did you get a chance to look at
    what we sent you Ben?
    It's Charlie...
    I'm here too!
    Hi Charlie, yeah I did, hold on!
    Ben, you still there?
    Yeah
    I'll be honest gentlemen
    you scared the shit out of me!
    That's a good thing right? That means
    that this vennett guy is not wrong!
    No, he's not!
    Cool
    tell me more about these cdo's
    yeah yeah, ehm, ok
    vennett mentioned the cdo's, but actually,
    we took a look and they're
    way worse then even he
    realizes -these things
    don't even make sense Ben.
    We can't even model them
    it's a hundred times bigger than the nbs
    and ninety percent AAA-rating?
    Yes, over ninety percent
    it's incredible!
    Yeah, I took a good hard look at
    the cdo's you want to short.
    They're brilliant!
    Worthless, total crap!
    Jamie, very good!
    What can I say.. I, I'm, I'm,
    good at finding shit!
    So Ben, we shorted the bb's and the bbb's,
    and the risk is relatively low,
    pay-up is like 25-to-1
    ok, so why are you calling me?
    I don't do this anymore!
    Look, Ben...
    We need you to help us get the isda.
    If we get a hunting license,
    we can short this crap
    we know you hate wall-street,
    we're not asking you to do the trading
    we're simply asking you to...
    To help us.
    To get a seat at the fucking table
    it's a pretty ugly table guys
    look Ben, the system fucked up
    in a big, big way here, ok?
    And somehow... we, eh..
    Know before anyone else.
    You know, this is a
    once in a lifetime deal!
    I'm thinking
    ok, I'll call deutsche bank
    thank you Ben!
    Oh and bear, what about bear?
    They have some apprehensible product!
    Ok, bear will trade with anybody!
    I'll see if I can push it through
    and oh, thank Jared for us.
    Hi, it's mark,
    I need to talk to Vinnie right now!
    Wait a second
    how it is that you are fucking us,
    cause what we are seeing here,
    Morgan Stanley building fast!
    Are we all jocks at the
    same computer-screens?
    Can we talk to one
    person please?
    Ok, yeah.
    What do you mean, you're in the tower?
    Vinnie, are you there?
    Mark, are you there? Hello?
    Yeah, yeah, did you hear?
    Mortgages defaults have
    gone through the roof!
    Anybody jumping off the building yet?
    Why would they?
    Sub-prime mortgages are up?
    What? -Vennett wants 1,5 million
    more in collateral by-close
    vennett's asking us to post collateral
    what the hell is going on?
    We don't know, but deutsche is
    on the phone demanding payment
    call vennett, call that little shit!
    Call vennett!
    Tell him to get his ass down here
    so, sub-prime loans go bad,
    but sub-rime bonds, which are made up
    of sub-prime loans, are more valuable?
    They want another 1.9
    million by market close
    what about the ratings-agencies?
    Moody's, s&p?
    Are they downgrading the
    cdo's or mortgage bonds
    where are the ratings-agencies at?
    They're the fucking same!
    Nope, they're all still AAA!
    What the hell!
    Are you fucking kidding me?
    Those fuckers, those motherfuckers!
    They go public and all the care about
    is their bottom-line and their shit!
    Mark, that's not all...
    The Morgan Stanley risk-guys are here
    they called in Kathy tao
    I'm trying to convince her
    to make her sell us swaps
    apparently eh, tying up securing
    some insurance payments
    so, a housing armageddon
    is not prudent investing.
    What did Kathy say?
    Nothing yet, she keeps asking
    if this is one of your crusades
    ok, I want you to walk back in there
    and very calmly, very politely
    tell the risk-assessors to fuck off!
    And then meet me over at standard & poors,
    we're gonna talk to Georgia
    get that fuck Jared vennett
    I want to bash his fucking head in
    uh, gentlemen...
    I spoke with mark baum
    he says: To fuck off!
    I don't see a damn thing.
    Aaah, my eye-doctor is always busy
    I end up taking any appointment
    and my whole morning gets shot to hell!
    So...
    Alrighty
    front-point partners
    how can standard & poors help you?
    Well, we don't understand
    why the ratings-agencies
    haven't downgraded
    sub-prime bonds
    since the underlying loans
    are clearly deteriorating
    well, the delinquency-rates
    do have people
    worried, but they're
    actually within our models
    so
    Says you?
    You're convinced the underlying mortgages
    in these bonds are solid loans?
    That is our opinion yeah.
    Oh crack the tape!
    Have you looked at the loan-level data?
    What you think we do here all day?
    They're giving
    these loans to anyone with
    a credit-score and a pulse
    what do you think we do here all day?
    Not sure, I guess that's why we're here.
    What I don't understand
    we can't re-recheck and then check again!
    If these mortgage-bonds
    are so stable, so solid
    have you ever refused to rate?
    You're delusional!
    We stand behind it
    Georgia!
    Have you ever refused to rate
    any of these bonds upper-tranches AAA?
    Can we see the paperwork on those?
    Oooh, I'm under no obligation to share that
    information with you, whoever you might be.
    Just answer the question Georgia,
    can you name one time in the past year?
    Where you checked the
    tape and you didn't give
    the banks the
    AAA-percentage they wanted?
    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
    not our fault,
    simply the way the world works.
    Holy shit!
    Ah yes, now you see it!
    And I never said that!
    You're selling ratings for fee's
    a ratings shop
    you could afford to make less,
    make less.
    Nobody said that!
    And it is not my decision,
    I have a boss.
    Are you kidding me?
    No I am not kidding you!
    Is that the angle you're taking?
    So now anybody who has a boss,
    can't be held responsible for doing shitty
    and illegal things! -What are you? Four?
    No, eh, eh, I am not four!
    Mister baum, I am not, no!
    And I wonder, I wonder,
    what your incentives might be.
    Is it maybe in your best interest to have
    the ratings changed? Is it, perhaps?
    How many credit default swaps do you own?
    Doesn't make me wrong
    just makes you a hypocrite!
    Raaaaaahr!
    Mortgage-delinquencies went up and the
    cdo's got more valuable, unbelievable!
    We know, it's completely backwards!
    I just called an old friend at bear
    he didn't even know what a cdo is.
    Yeah, I just had to wire bear and deutsche
    seventy thousand dollars
    it's like two plus two equals...
    Fish!
    Great!
    You bought into a rigged game
    we lose everything.. -I'm gonna
    have to move back in with my mom!
    Can't do that
    well, alright I got a
    colon in a couple of mins
    wait a minute, hold on! Ben!
    Ben, look!
    Either the banks are clueless and they
    don't know how to value these cdo's or...
    They're suck crooks that... the cdo's
    are worth shit, and they're hiding it!
    I think we should buy more swaps!
    What? -Suck it up and pay
    up fellas we made a deal
    no way, no!
    Are you fucking kidding me?
    You come in here you fucking
    fucking! -You're a fuck,
    how do you even seriously?
    No, no, no!
    Yeah!
    You're unbelievable!
    lndistinct shouting and cussing
    no, no, no!
    Seriously, colonic once a year!
    Ass! -You got a matching little
    Butler-boy you butt-fuck!
    Are you done?
    Think so yeah -god I pulled a
    muscle in my bowl from yelling
    mortgage defaults have done nothing
    but go up!
    Yet you quote us
    a higher price on the bonds
    please explain that to me!
    There's no way that makes sense!
    There's no way you're
    marketing these swaps appropriately!
    I mean, why shouldn't we back out
    of this trade right now?
    Didn't I say, that when we made this deal,
    that the rating-agencies, the scc
    and the big banks were clueless!
    Didn't I say that?
    Didn't I say it?
    Yes you did, you did!
    Shut up!
    Now their foot's on fire and they think
    their steak is done, and you're surprised?
    That's not stupidity...
    That's fraud!
    Tell me the difference
    between stupid and illegal
    and I'll have my wife's
    brother arrested.
    That was funny! -I guess you just don't
    realize how clueless the system really is!
    Yes, there's some shady shit going down!
    But trust me, it's fueled by stupidity!
    Look at yourselves!
    You know you passed yourselves off
    as cynical people but...
    You still have some faith
    in the system don't you?
    I don't
    well, except for Vinnie!
    Who gives a shit?
    No way!
    Look!
    Either we're right, or we're wrong
    in a giant, giant way!
    And if we're wrong then we gotta find
    someone to help us get out of this trade
    I'm not feeling remotely
    confident that we're right
    and, and... if we're wrong
    who's gonna tell us? Who understands
    this stuff? It makes no sense!
    I think we need to go to Vegas!
    What's in Vegas?
    Vegas!
    What the hell is in Las Vegas?
    The American securitization forum
    is there next week
    every bond and cdo-salesman, sub-prime
    lender and swap-trader is gonna be there
    I'm telling you
    your bet is against their money,
    it's about time you find out
    just how dumb that money really is
    god no, I hate Vegas!
    I hear the food has gotten really
    good in Vegas, they have a nobu now
    could you fucking stop!
    In a sense?
    If the bond is rich, it is.
    Rich just means overpriced
    I can't sleep on a plane so I did
    my homework -ok, let's focus!
    What's our goal?
    Figure out if this is a
    deal of a lifetime or...
    Everyone knows here something we don't
    and we're gonna get royally screwed
    right, remember that
    when you meet with guys from bear!
    I'll set you up with a face-to-face
    awesome, where is that?
    Holy shit! Five years ago securitization
    was a loser-convention
    a hundred, maybe two-hundred
    people would show
    500 billion dollars later you get this!
    There's a lot of smuck-looking
    people in here huh!?
    It looks like someone
    just hit a piata that
    was filled with white
    people who suck at golf
    I mean, who are all these clown?
    Ah come on, I think it looks fun!
    Charlie,
    vennett says these are the people
    we're betting against.
    Yeah, here we go
    Chris on my left, Chris, on my left!
    Gentlemen! -When do we get a chance to
    face-time with some of these lovely folks?
    Chris, give em the key-cords!
    Do you even know which
    key-cords you're giving out?
    First of all, how was your travel?
    Uneventful?
    Uneventful!
    Ok, I've been here for six hours!
    I've already been to the
    gym, I had two poached eggs,
    and I played Blackjack
    with Harry Dean Stanton
    thank you for your diary!
    Face-time! I'd like some face-time!
    Just
    remember, we're here just
    to gather information!
    We're gathering information,
    we're not advertising our short-position!
    Right? We don't want to spook anybody!
    Can we do that?
    You got a big mouth,
    and you like to run it
    can you just keep it shut
    for a few minutes? -Ok, ok!
    Yeah, don't worry, we'll play nice!
    Ladies and gentlemen!
    Business is good!
    Profits are strong!
    And the mortgage continues to be
    the bedrock on which this economy is built.
    Yes, we had to take some losses
    in our sub-prime department last year,
    but those losses,
    will be contained at only five percent!
    Now
    in our residential sector...
    Mark, it's not a q&a!
    Of those variable rate-packages
    were gobbled up by the
    I have a question please!
    Sir, the q&a is after my statement,
    but you know what, you seem anxious!
    How can I help you?
    How are you?
    Fine, thank you!
    Would you say,
    that is it a possibility,
    or a probability
    that sub-prime losses stop at five percent?
    Thank you!
    I would say it is a very
    strong probability, indeed!
    So, ehm, back to the residential sector,
    when we rolled out the new
    variable rates package -excuse me!
    The ehm. He he he!
    Zero!
    Zero!
    Zero!
    There is a zero percent chance
    that your sub-prime losses
    will stop at five percent!
    Zero!
    Excuse me!
    I have to take this
    he must be from bank of America!
    No, I'm really not doing
    anything right now!
    As I was saying, our residential sector
    uh huh, and how are the kids?
    Consumers reacted to our packages
    mark baum really did that!
    When we were in Vegas he did that!
    He said that... he took the call,
    now you see what I had to deal with!
    Woohoo!
    This uzi is fucking awesome!
    If I can get this cdo-machine to run
    for another two years
    and then, I'm rich as fuck
    and I got my house in Aspen!
    But do you have any
    concerns about the
    performance of the
    underlying securitizations?
    It's easy to see that delinquencies,
    eh, default-rates are
    on the rise right now!
    Could you please stop being
    such a buzz-kill dude!
    We didn't bring you out here
    to talk about work bro!
    Why'd you bring us out here?
    Because we need to be able
    to expense the ammo to a client!
    We're gonna shoot some terrorists,
    watch out boys!
    These guys are morons!
    Fucking tool!
    Woo!-
    Fuck yes!
    Boom, yeah man boom!
    We ought to be buying every swap we can get our hands on!
    Just hold on okay, hold on!
    My brothers ex-girlfriend works for the
    scc, she just told me she's in town, okay!?
    So if we're missing something, maybe
    she can tell me, give me some insight.
    In the mean-time, you go to the main floor
    to buy some more swaps
    well actually, we're about
    to invest in housing bonds.
    I was just wondering if
    the scc is worried about them at all
    I know you're not allowed to tell
    me specifics, but, just generally.
    Ow, we don't investigate mortgage bonds
    truth is, since we had our budgets cut,
    we don't investigate much!
    Then why are you here? I thought..
    I'm not here for the scc!
    I'm here on my own dime
    I'm floating my resume to some big banks!
    How's your brother by the way?
    How are you floating your
    resume to big banks?
    I mean, you're supposed to be
    the ones policing the big banks
    grow up Jamie!
    There must be some kind of law
    against working for a financial institution
    right after you've been working
    in financial regulation right?
    No!
    No!
    Hey!
    Dougie!
    Hey, come over here!
    What are you doing at Caesar's?
    He's a Goldman
    we can do bbb-level swaps
    at 500 basis points, maybe!
    You're praising the swaps,
    like the bond is gonna collapse
    even though the bond-value
    is going up? Really?
    Exciting times!
    What the hell is going on?!
    Lewis, can you come early tomorrow, please?
    I need to unload the aig and
    country-wide Freddy Mac positions
    so we can afford the premiums on the
    core mortgage-shorts on the swaps
    no problem Dr. burry
    Dr. burry!
    If the investors withdraw,
    what's gonna happen here?
    Are we done?
    Honestly I don't know!
    The, the...
    The bonds aren't going down!
    They won't move!
    It's possible
    that we are in a completely
    fraudulent system.
    Or... you're,
    you're wrong.
    Sure!
    It's possible,
    I just don't know how!
    I guess...
    When...
    Someone's wrong, they never..
    They never...
    Know how!
    See you in the morning!
    Yeah.
    Even bear up their prices!
    They keep calling us brownhall
    you just don't have the money or the
    reputation, don't take it personal!
    I don't think I have
    the strip-club in me
    tonight I'm just gonna
    get some drinks around.
    Watch some pay-per-view
    book us some flights out for the morning.
    D- d-deal, we need a deal, right, a deal.
    Uhm, we need a deal we can afford,
    we need a deal they're not gonna refuse!
    So... what can we do?
    We can...
    The aa-tranches,
    what if we bet against the aa-tranches?
    Who's not gonna take that bet?
    We know that they say
    they're ninety-five percent AAA-rated
    but in reality, they're
    more like twenty-five
    percent, some of them
    are zero percent!
    We also know that if the bottom-tranches
    fail at over eight percent
    the upper-tranches are affected
    and they go to zero.
    I'll bet you right now,
    that those aa's are actually like b's!
    I rarely ever say these words
    but I think Charlie is right!
    Look, Ben!
    Pay-off!
    Is 200-to-1, but they're all
    taking the ratings off face value
    they're charging penny's on the dollar
    to bet against double-a's
    just when I start thinking
    you guys are clowns!
    No-one on the planet is
    betting against double-a's
    the banks will think we're either high,
    or having a stroke
    and they'll take every
    dime we have to offer!
    Kind of brilliant!
    This is what we did,
    that no-one else thought of.
    Not even baum or Berry thought
    to short the double-a's
    but we did.
    Little brownhall capitol
    so we're interesting in shorting
    some of the aa-tranches of cdo's
    come on guys, what's the angle?
    I've got no angle, we're new to this,
    we're just so hyped!
    We wanna do fifteen million
    in swaps on the double-a tranche
    I don't understand!
    You can buy as much
    double-a tranches as you want!
    Forty million against the double-a
    brother, I would sell you
    as much as you want!
    I understand perfectly Bob!
    Want the deal?
    That's cool, that's alright with me!
    He's gone!
    Don't do that!
    Stop, stop!
    Stop that!
    Charlie!
    Wooooh!
    Stop it, stop!
    What?
    Do you have any idea what you just did?
    Come on, we just made the deal of
    our lifetime, we should celebrate!
    You just bet against the American economy!
    Fuck yeah we did!
    Yeah!
    Which means!
    Fuck yeah! Oh!
    Which means...
    If we're right...
    If we're right, people lose homes!
    People lose jobs!
    People lose retirement savings,
    people lose pensions!
    You know what I hate about fucking banking!
    It reduces people to numbers!
    Here's a number!
    Every one percent unemployment goes up,
    40 thousand people die!
    Did you know that?!
    Did you know that?
    No, I didn't know that!
    We were just excited!
    Just don't fucking dance!
    Alright!
    Where are you going?
    Whoah, I just got really scared!
    First of all, great show today!
    You were terrific!
    Thank you!
    Your big mouth was a revelation!
    I appreciate that!
    You worried you,
    and your swaps were getting played?
    Well, this is an opportunity for you
    to meet who you're betting against!
    Try not to get too righteous
    and listen a little!
    Ok, fine!
    Who is this guy?
    A real solid-gold asshole!
    I'm a cdo-manager
    a cdo-manager?
    Yup, at Harding advisors
    I didn't realize that there
    was anything to manage with cdo's
    oh, well.
    We select the securities that go into
    the cdo-portfolio and monitor the assets
    I do most of meryll-lynch's cdo's
    do you represent the
    investors or meryll-lynch?
    The investors!
    You do.
    Yeah!
    But...
    Meryll-lynch isn't gonna send you
    any costumers unless you put
    merrill-lynch's bonds in your cdo...
    Good question!
    Let's just assume merrill and I have a...
    We have a good relationship
    you have a good relationship
    with merrill-lynch?
    We've been doing business together
    and so the cdo's..
    That you create
    are, are, are, of the highest quality
    and the highest of value!
    Absolutely!
    Absolutely!
    Are you at all concerned
    about the rising default-rates?
    I assume no risk for
    this produce myself mark
    okay!
    So let me get this straight
    the bank calls you up
    they give you the bonds they wanna sell
    they give you clients,
    they give you money to run your business,
    give you fat fee's for doing so
    but you represent the investors?
    Is that right?
    Yeah!
    But we're not in the
    merrill-lynch building!
    Ok, where are you?
    We're in New Jersey!
    You're twenty minutes away!
    Five, if you use the helicopter!
    That's funny eh?
    That's hilarious!
    Oh boy!
    Your boss is about to explode!
    No, he's too curious to explode!
    Hold on, say that again!
    Cdo a, has parts of cdo b
    and cdo b, has parts of cdo a
    and then they both get put inside cdo c.
    Yeah and that one is called cdo square!
    A cdo of a cdo!
    Right?
    And then there's cdo's
    made up of the opposite
    sides of the bet you
    made with the swaps
    we call them, synthetic cdo's
    what did you just say? Synthetic cdo's?
    That is fucking crazy!
    It's not!
    It's awesome!
    His face is starting to boil
    he looks like the bad guy from doom
    alright, let's say...
    You have a pool of 50
    million in sub-prime loans
    how much money could be
    out there betting on it
    in your synthetic cdo's and swaps?
    Right now! Tonight!
    50 million.. Hmm..
    A billion dollars
    what?
    If the mortgage-bonds that
    Michael burry discovered were the match...
    How much bigger is the market for insuring
    mortgage bonds than for actual mortgages?
    About twenty times!
    If the mortgage bonds were the match...
    Then the cdo's were the
    kerosene soaked rags.
    Then the synthetic cdo was the atomic bomb
    with a drunk president holding
    his finger over the button
    it was at that moment
    in that dumb restaurant
    with that stupid look on his face
    that mark baum realized
    the whole world economy might collapse!
    And I know what you're thinking!
    What the fuck is a synthetic cdo?
    Well, here's Dr. thaler,
    father of behavioral
    economics, and Selena
    Gomez to explain!
    Ok, so here's how a synthetic cdo works!
    Let's say I bet ten million
    o a black Jack hand.
    Ten million, because this hand is
    to represent a single mortgage bond
    okay, Selena has a pretty good hand here!
    Showing eighteen, dealer showing seven
    that's a really good hand for Selena!
    Good odds,
    in fact her chances of winning this hand
    are eighty-seven percent
    so, my odds are good
    I'm on a winning streak
    everybody in this place
    wants to get in on the action
    how could I lose right?
    Now this is a classic error
    in basketball it's called
    the hot-hand-fallacy
    a player makes a bunch of shots in a row
    people are sure they're
    gonna make the next one
    people think, whatever is happening now
    is gonna continue to
    happen into the future!
    During the real-estate boom
    markets were going up and up!
    And people thought they
    would never go down!
    People who are watching and think
    that I won't lose will make a side-bet
    now this, is the first synthetic cdo
    I love Selena Gomez!
    I'll bet you fifteen million, she wins!
    And I'll give you 3-to-1 odds!
    3-to-1 odds?
    Okay, I'll take that bet!
    Now!
    Somebody else is gonna wanna make
    a bet on the outcome of their bet!
    15 million she wins!
    That will lead to synthetic cdo number two!
    Hey!
    I bet you 200 million,
    that lady in the glasses, wins that bet!
    She probably will win!
    So I want great pay-off!
    How about 20-to-1?
    Deal!
    And this will go on and on,
    with more and more synthetic cdo's
    and we can transform
    an original ten million dollar investment
    into billions of dollars
    you're ok?
    No!
    I actually feel pretty sick!
    So I'm going to leave
    you think I'm a parasite
    don't you mister baum?
    But apparently society values me,
    very much.
    En fin, let's do this!
    I'll tell you,
    how much I'm worth.
    You tell me how much you're worth!
    You are an incredibly...
    Big piece of shit!
    Short everything that guy has touched,
    I want half a billion more in swaps
    sure about that?
    The collateral calls could bankrupt you!
    Yeah!
    Where are you going?
    I am going to try to find moral redemption
    and to re-lactate
    hey, hey, hey!
    These are percentages of
    honey, I do think the
    economy might collapse!
    You've been saying that
    the system is broken for years mark
    why are you so shocked?
    It's more twisted, than
    I could have imagined!
    You love to be the virtuous one
    I'm a banker, I'm a part of it!
    You always have mark!
    Like you're untainted
    it changed me, it changed me!
    Into a person,
    who is not able to reach out to someone
    he was in pain, my brother
    was in real pain!
    I lost so much!
    There is no perfect way to help
    it sounds scary!
    So, stop!
    Trying to fix the world!
    He told me
    you're not a Saint,
    saints don't live on park Avenue!
    That he was having bad thoughts.
    Just feel the feelings,
    like the rest of us!
    My first response...
    Was, to offer him some money.
    I offered him fucking money!
    His face was so smashed!
    Michael?
    Michael?
    Yes, yes!
    Is everything ok?
    Yes honey!
    Sure?
    Yeah baby!
    All fine, hehe!
    To all investors, as you may know,
    our agreement allows me,
    to take extraordinary measures
    when markets aren't functioning properly
    I currently have reason to believe
    the mortgage-bond market is fraudulent
    so, in order to protect investors
    from this fraudulent market
    I've decided to restrict
    investor withdrawals
    until further notice.
    Sincerely,
    Dr. Michael j. Burry
    oh my god dude, we...
    Please stop changing the channel
    it's been driving me crazy!
    Fine!
    Just put the business-news on please.
    Thank you!
    And the s&p picked up three points
    Jesus!
    Mortgage meltdown continues
    sub-prime mortgage-lender
    new century financial
    once the industry-leader by
    the way, filed for bankruptcy
    the company immediately, ahem!
    Good time for my voice to go
    fired 3,200 workers
    the manufacturing-index also
    put out the month of march
    it's starting...
    A warning that the
    economic growth could slow
    the institute of sub-prime assets
    also reported a rise of prices
    I'm gonna call my mom!
    The principle source of the
    slowdown of economic growth
    time, and time, and time again
    have I bought them back from you Marcus
    we've know each-other for seventeen years
    she's got some lungs on her I'm impressed!
    Can't help but enjoy it.
    There's no fucking way, there's no fucking
    way, that the big banks are that stupid!
    Bye Kathy!
    Well?
    Kathy thinks it would be a good
    idea if we sold our shorts
    what else is new?
    And she said that
    Morgan-Stanley will buy them
    holy shit!
    What did you say?
    I told her we're not selling shit!
    Ah, if you need the.. Ehm,
    files for 2005
    mister field's suit is very specific
    to files from the past year
    good, then get out!
    Say hi to Lawrence for me! And both do!
    You can't call me back for a week?
    I'm so sorry Mike!
    Goldman had a systems failure
    I lost a ton of messages!
    B of a said they had a power outage, and
    Morgan-Stanley said their server crashed!
    Huh!
    That's weird!
    Meh, I will, I will call
    it, improbable sue.
    Where do you have our position-mark?
    I think it's the same Mike
    what? Can you explain that to me please?
    H-h-h how can the value
    of an insurance-contract
    not be affected by the demise
    of the very thing it insures?
    They're independent markets,
    they're not always correlated!
    I know it sounds odd,
    but these are very complicated products!
    They are correlated!
    They're gonna lose their
    houses, they're gonna
    lose their jobs, they're
    gonna lose their p..
    Will you listen to me!
    This is like... the end of capitalism!
    This is like the dark ages all-over again!
    I don't want to talk to dad!
    Okay, I love you too, save your money!
    She says I need to be on Xanax,
    and double my dose of Zoloft
    I asked bear-stearns to price our shorts
    they tell me the cdo's still haven't moved
    this is fucking insane!
    You realize that? These people are
    crooks and they should be in prison!
    Look at the theta-graphics,
    you can see that the cdo's are worth zero!
    So you know what they're doing huh?
    You know what they're doing right?
    Yeah!
    They're not loading them...
    They're selling their dogshit cdo's
    then they go to another bank
    and short the shit, while they fucking sold it!
    Whoo ho ho, let's go to the press man!
    This is a massive story!
    Who wouldn't publish it?
    Robert redford!
    Shorting the ones they were gonna buy
    I got it, I got it!
    I got it, I got it...
    And what am I supposed to do?
    Want me to write a piece called:
    "We're all fucked!"
    Yes!
    That's a perfect title!
    Right now, every bank in town
    is unloading these shit-bonds
    under un-suspecting customers
    and they won't devalue them
    until they get them off their books
    this level of criminality is unprecedented
    even on fucking wall-street!
    Jamie...
    This is me being honest here okay.
    It took me years to build my
    relationships on wall-street
    no bank or ratings-agency
    is gonna confirm a story like this
    just because it comes from two guys in a...
    Garage-band hedge-fund that
    thinks it's the apocalypse.
    Wow!
    I thought you were for real Casey
    you know, I have to say, I really did!
    Yeah Jamie, you try being for
    real with a three-year old
    and a wife getting her masters-degree
    I'm not gonna burn my
    reputation on your wild hunch
    wow!
    Thanks for coming guys,
    totally fucking awesome to see you!
    Yeah. Casey, I've always hated you
    because you were a prick in college
    and you are a prick today!
    Thanks Charlie!
    Still living with your mom?
    Charlie, come on!
    It's mark baum again. Call me!
    Sub-prime bonds fell off a cliff
    rumor has it default-numbers are huge!
    Who got their remittance-data early?
    I bet it's Goldman
    nah, fuck you very much!
    Jared!
    It's chaos down here, where are we?
    And Caesar wept,
    for there were no more worlds to conquer.
    Shane...
    Shane!
    Well...
    Nobody's buying cdo's and
    mortgage bonds anymore
    and everybody wants swaps, swaps are not
    he most popular product on the street
    that's good for us!
    Yes, and no.
    I heard from somebody,
    who heard from somebody
    no Alex. No... sorry!
    I'm betting kleeger over
    at Morgan is taking
    up some heavy losses
    in the bond-department
    your shit might be taking on water
    time to get our life-jacket and get out.
    Holy shit!
    I'm jacked
    I'm jacked!
    I'm jacked to the tits!
    Good!
    Do you feel it?
    No!
    What'd you hear tiny?
    It's happening
    everybody wants our swaps
    Kathy's office is looking for you!
    Singing a different tune now, aren't they?
    That's not good.
    Maybe later.
    No, no this isn't a joke
    you gotta start unwinding...
    Listening!
    Dr. burry?
    Yah!
    Deev woonsen, Goldman sachs
    listen, I've been reviewing your position
    I wanted to discuss your marks,
    make sure they're fair!
    Yeah, I, I, I thi, I think you mean..
    That you've..
    Secured a net-short
    position yourselves, so
    you're free to mark my
    swaps accurately for once
    because it's now in your interest to do so.
    Ehm... I'm not sure what you want me to say
    I think that...
    I think you've already said it.
    You tell Jeff at Goldman that I'm not
    transferring funds, this is bullshit!
    Okay, we'll talk later.
    Thank you...
    Thanks for coming so quickly mark
    yeah
    ehm...
    I know you've been hearing rumblings
    about some losses Morgan has suffered.
    Congratulations
    on what?
    Oh!
    Thanks.
    Ehm..
    Having fun?
    Yes! He he!
    Tons!, ehm...
    I just wanted you to know that ehm...
    Yes, Morgan has suffered some losses,
    but our liquidity is strong,
    and there's no cause for concern!
    Would Benny kleeger be concerned?
    Because word on the street is
    he took some pretty heavy losses
    Kathy come on, we know each-other..
    How, how?...
    How bad is this?
    Ok...
    Two years ago, Benny kleeger
    in Morgan's bond-department
    also started shorting
    sub-prime housing
    two million in triple-b's
    Benny is smarter than I thought!
    No, he's not smart at all!
    The premiums on the swaps
    ate into his desks profit
    to cover his triple-b shorts,
    he sold a lot of a- and double-a
    swaps as protection, a lot!
    He believed that there was no way,
    that they could be affected.
    Tell me Morgan-Stanley doesn't
    hold the contracts on these swaps
    holy shit
    all this time I've been trying to figure
    out whom I've been betting against.
    And it's Morgan-Stanley
    which is me...
    What's your exposure?
    Three billion?
    Please don't tell me it's more than four!
    I can't answer that!
    Yes you can answer that,
    because...
    I walk in here and people
    are crying in your hallway
    Kathy..
    You bring me in to tell me everything
    is fine, and everything is not fine!
    What?
    What is happening?
    Long exposure is...
    Fifteen billion
    Jesus Christ, are you fucking
    kidding me?! -You kept
    saying defaults over eight
    percent were impossible!
    That there would be a million homeless
    oh my god!
    Yeah, but we have nothing
    to do with Morgan-Stanley
    yeah... just tell the bankruptcy-court
    Morgan fails,
    all our accounts go under bow and ship
    that's just crazy!
    Morgan makes a sucker's bet
    and we pay their fucking gambling debt?
    Short the bank's stocks!
    Wait..
    Or we sell our swaps,
    when the market opens
    we get our bonuses,
    our investors get their profit
    we get... thirty cents on the dollar,
    not bad!
    We're three times up
    not if there's no market up to sell them in
    forget it, I'm not giving
    out any life-hooks
    mark, if Morgan goes under,
    we end up with nothing!
    Vinnie...
    Jesus, come on!
    I say, when we sell
    look I get that this is personal for you,
    but we have a fiduciary responsibility
    no, no we don't!
    Respons...?
    Nobody is acting responsible!
    Fuck responsibility!
    Are you kidding me?
    The assholes at the big
    banks, are gonna take..
    You boys want menu's now?
    We're talking!.. Please!
    Excuse us!
    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
    that is what I want
    yeah, but what about our clients, they've
    been trusting us with their savings.
    I say when we sell!
    This isn't about you!
    Hey, hey, hey!
    I say when we sell!
    Whatever you say mark
    dude, did you hear the news?
    Ok, so not only did two
    mortgage hedge-funds
    backed by bear-stearns
    go belly-up
    but now, there's a class-action
    lawsuit against bear
    holy shit!
    Let's go! Push, push!
    So? What? Bear could really collapse here?
    That's a risk we really shouldn't take!
    But eighty percent of our swaps is bear
    we lose everything!
    Hey sir!
    One second!
    That's my opinion! -Aw,
    we bought these fucking
    things, and we have no
    clue how to sell them
    I know, we have to get Ben to do it!
    I've been trying to call him,
    but he won't get back to me
    no, he's on vacation with his
    wife's family! They're in England!
    What?!
    Hello, Ben? Hey!
    Guys?
    Yeah, we're here, can you hear us?
    Guys?-
    We hear ya, yeah!
    I probably got cell-phone and wifi-service
    I'm trying to sell 200 million
    dollars worth of securities
    in a pub...
    Smells like sheep
    you can do this!
    I don't want to pressure
    you Ben, but if you
    don't pull this off,
    we lose everything!
    Ok, let's see what credit
    suisse's appetite is.
    This is brownfield fund, I'm wanting
    to unload my credit default swaps.
    Alright, what've you got?
    Twenty double-a tranches of abs cdo's
    eh yes.. But these eh...
    These are pretty bad
    absolutely, they're complete shit!
    What's your.. What's your?
    Basevalue is two-hundred and five million
    dollars
    alright, we could, we could go to forty
    no, we want at least a hundred million
    a hundred million?
    Who are you a drug-dealer or a banker?
    Cause if you're a banker
    you can fuck right off!
    I don't know if we can make a market,
    just give me your best price!
    Yeah, check! A hundred million worth,
    and aim higher!
    I think we're far apart
    look if you don't want
    to deal, just hang up.
    That's what I thought!
    Ninety million
    seventy!
    Eighty-five
    seventy-eight
    eightyfour!
    Seventy-eight
    eightyfour!
    It's Dr. burry
    looks like the collapse of the
    financial sector is imminent
    start to sell my position
    2.3 billion
    sure, I'll hold!
    So I was right.
    I took a rash of shit for two years. But...
    I was right! And...
    Everyone was wrong!
    And yeah I got a bonus-cheque for it
    sue me!
    You know.
    It's a lot of money!
    I get it, I can feel you judging me.
    That's palpable
    but hey!
    I never said I was the hero of this story
    hey, hey babe!
    How are we looking?
    Ace... goi..
    S-sorry?
    No, eighty million!
    Ok, so eighty million!
    Eighty million, eigthy million,
    that's good right?
    Eighty is great, no eighty is great,
    thank you, thank you so much!
    Most of them went to ubs
    you're very lucky!
    The largest bank in France froze it's
    customer's money-market accounts today
    this thing is hitting Europe!
    Greece and Iceland are finished
    Spain is teetering
    are you serious? Fuck!
    Ben call us when you get home!
    But hey, before you go...
    I'm just wondering...
    Uhm..
    Why did you do this with us?
    You didn't have to, and eh..
    You know, thank you, but, eh...
    Why?
    You guys said you wanted to get rich!
    Now you're rich!
    As the housing-markets
    and banks continues to
    hemorrhage, only one of the
    big shorts refused to sell.
    Mark baum
    so it was beyond perfect,
    when he was asked to
    speak at a conference
    opposite Bruce Miller
    famous bull-ish investor
    after he and mark had their debate
    Alan greenspan, one of the architects of
    the whole crisis, was scheduled to speak
    everyone in mark's office showed up,
    even invited friends!
    This... was the Ali versus
    foreman of the financial world
    realists versus the fools
    and if it seems almost too perfect...
    Trust me!
    This happened!
    Welcome everyone!
    Please... give a generous welcome to...
    Mister Bruce Miller... and mark baum
    strap yourself in!
    So as some of you may know, bear-stearns
    has just received a loan from j.P. Morgan
    of course we're gonna have to see
    how the markets react
    but that should lay to rest
    any concerns about the bank self!
    No, I take it, you have no plans to sell
    your two-hundred million in bear-stock
    no, as a matter of fact, when we're done
    here, I'll probably go buy some more!
    For the opposing view...
    Mister baum
    I gotta stand for this
    okay, hi!
    My firms thesis is pretty simple
    wall-street took a good idea:
    Lewis raneiri's mortgage-bonds
    and turned it into an atomic bomb
    of fraud and stupidity
    that's on it's way to
    decimating the world economy
    how do you really feel?
    I'm glad you still have a sense of humor!
    I wouldn't if I were you!
    Now, anyone who knows me, knows..
    That I have no problem telling
    someone they're wrong.
    It's a disaster, it just says here,
    they got a liquidity-bravo
    but for the first time.. In my life..
    Holy fuck!
    It's not so enjoyable
    we live in an era of fraud in America
    not just in banking, but in government
    education, religion
    food, even baseball
    what bothers me...
    Isn't that .. Fraud is not nice
    or that fraud... is mean
    it's that .. For fifteen thousand years
    fraud and short-sighted thinking
    have never ever worked
    not once, eventually
    Jesus
    you'll get caught
    we're at thirtyseven
    things go south! -It's fucking
    plummeting man, it's fucking plummeting!
    When the hell did we forget all that?
    I thought we were better
    than this, I really did
    and..
    The fact that we're not, doesn't
    make me feel all-right and superior!
    It makes me feel... sad.
    Every time I fucking hit refresh it's
    dropping man -and hope it does goes down!
    And as fun as it is to watch..
    Pompous dumb wall-streeters be wildly wrong
    and you are wrong sir!
    I just know that at the end of the day
    average people are going
    to be the ones, -that
    are going to have to
    pay for all of this.
    Because they always, always do!
    Thirtytwo?
    Shit! It's thirty-two
    yeah it's fucking tanked man
    that's my two cents, thank you!
    I'm gonna drop a deuce at deutsche
    does our bull have a response?
    Only that in the entire
    history of wall-street,
    no investment-bank has ever failed,
    unless caught in criminal activities.
    So, yes!
    I stand by my bear-stearns optimism.
    Mister Miller, I'm sorry!
    Quick question!
    From the time you guys started
    talking, bear-stearns'
    stock is falling more
    than thirty-eight percent
    would you still buy more?
    Yeah, sure!
    Ofcourse I'd buy more, why not?
    Baum!
    Jesus Christ!
    Oh no! That comcludes the first part of our presentation
    up next, we have the legendary, former,
    chairman of the fed, Alan greenspan!
    Folks!
    Employees of lehmann
    brothers today, -as
    the wall-street giant's
    stock went to zero!
    The collapse of the venerable New York bank
    follows a tumultuous
    few months of market
    volatility, and fear for
    the world economy...
    I gotta see inside
    how?
    Come on
    I left my phone in the office,
    I threw my pass out already,
    do you mind if I take your pass?
    Borrow it? I don't
    give a shit anymore, you
    can do what you want!
    Go directly to your
    transportation, do not talk to
    the press! -So that's it?
    After eighteen years!
    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!
    Do not talk to the press!
    Go directly to your transportation,
    do not talk to the
    hey look, you want to get a bit tonight?
    There's this ehm...
    This new Cuban place just opened at the
    lower east side, so I suppose we could..
    Ah really?
    Yeah!
    You and I?
    Yeah and eh.. Other people
    that sounds nice!
    Yeah, I would like that, thank
    you very much! -Finally!
    Mark, hey!
    It's a bloodbath up here
    Morgan's stock has lost half its value,
    it's down to 23,10
    it's in a free-fall decline, so I wanted
    to talk to you about pulling their money
    I mean... it's now or never mark!
    We gotta sell!
    Mark!
    Mark, do you hear me?
    Mailbox #1, you have fifteen messages.
    Mike I can't seem to get
    a hold of you, could you
    please call me at your
    earliest convenience?
    It's Jeff, I.. Eh.. You're buying stocks?
    The market is at an all-time
    low, this is crazy!
    I met my wife on match. Com
    my profile said that I'm a medical student
    with only one eye
    an awkward social manner,
    and 145 thousand dollars in student loans
    she wrote back...
    You're just what I've been looking for!
    She meant honest, so let me be honest...
    The housing-crisis represents
    the greatest financial opportunity
    making money is not what
    I thought it would be.
    This business... kills
    the part of life that is
    essential! The part, that has
    nothing to do with business
    for the past two years, my insides have
    felt, like they're eating themselves.
    All the people I respected,
    won't talk to me anymore
    except through lawyers.
    People...
    Want an authority to tell them how to value
    things, but they chose this authority
    not based on facts or... results
    they chose it because it seems
    authoritative... Or familiar!
    And...
    I'm not, and never have been... familiar
    so..
    So I've come to the solemn realization
    that I must close down the fund
    sincerely, Michael j. Burry md.
    This isn't how I pictured it
    what do you think you'd find?
    I don't know
    grown-ups
    mark, are you there?
    Mark?
    Paulsson and bernanke just
    left the White House.
    There's going to be a bail-out
    well, they had to!
    Right?
    We paid for mortgages with collaterals
    they knew!
    Cash would have stopped coming out the ATM,
    they had to back-stop this
    they knew the tax-payers
    would bail them out,
    they weren't stupid,
    they just didn't care!
    Yeah, 'cause they're fucking crooks!
    But, at lest we're gonna see
    some of them go to jail.
    Right?
    We need to gonna have to break up the banks
    the party is over!
    I don't know, I don't know...
    I have a feeling, that in
    a few years, people are
    gonna do, what they always
    do when the economy tanks.
    They will be blaming
    immigrants and poor people.
    But mark was wrong!
    In the years that followed,
    hundreds of bankers
    and rating-agency's
    executives went to jail.
    The scc was completely overhauled
    and congress had no choice,
    but to break up the big banks
    and regulate the mortgage
    and derivative industries
    just kidding!
    Banks took the money
    the American people gave them
    and used it to pay themselves huge bonuses
    and lobby the congress to kill big reform
    and then they blamed
    immigrants and poor people
    and this time even teachers!
    And when all was said and done,
    only one single banker went to jail
    this poor schmuck!
    Kareem serageldin from credit suisse
    he hit a few billion in
    mortgage-bond losses
    something most of the big banks
    did on a good day during the crisis
    mark, can we sell now?
    I mean the fund will almost
    make a billion dollars
    you'll clear two-hundred mill mark!
    You know... once we sell..
    We'll be just like the rest of them
    you know that!
    No we're not, we're not the bad guys here!
    We didn't defraud the American people
    and prey on their dreams of owning a home
    like they did!
    Now we get to kick em in the teeth!
    A billion dollars
    that's right!
    But we gotta close out our position,
    or it could be zero
    I- I-it's now or never, mark
    okay.
    Sell it all!
    Annagram
    Want to do another movie?
    makes it a little less tedious...
    Bye now!
    Hope you enjoyed the movie!

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