Dealers, brokers, clients, your *mother* if she's buying. And... no swaps, it's outgoing...
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Sam Rogers: Thank you all for coming in a little early this morning. I know yesterday was pretty bad and I wish I could say that today is gonna be less so, but that isn't gonna be the case. Now I'm supposed to read this statement to you all here, but why don't you just read it on your own time and I'll just tell you what the fuck is going on here. I've been here all night... meeting with the Executive Committee. And the decision has been made to unwind a considerable position of the firm's holdings in several key asset classes. The crux of it is... in the firms thinking, the party's over as of this morning. There's gonna be considerable turmoil in the Markets for the foreseeable future. And *they* believe it is better that this turmoil begin with us. As a result, the firm has decided to liquidate its majority position of fixed income MBS... today. These are your packets, you will see what accounts you're responsible for, today. I'm sure it hasn't taken you long to understand the implications of this sale, on your relationships with your counter parties and as a result... on your careers. I have expressed this reality to the Executive Committee, and they understand. As a result, if you achieve a 93% sale of your assets, you will receive a 1.4 million dollar one-off bonus. If the floor as a whole achieves a 93% sale, you will get an additional 1.3 million dollars apiece. For those of you who've never been through this before, this is what the beginning of a fire sale looks like. I cannot begin to tell you how important the first hour and half is gonna be. I want you to hit every bite you can find: dealers, brokers, clients, your *mother* if she's buying. And... no swaps, it's outgoing only, today. Obviously this is not going down the way that any of us would have hoped, but... the ground is shifting below our feet, and apparently, there's no other way out
Full Transcript
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What is your package going to be like
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I don't know that's what I'm waiting for now
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It probably pretty good
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It better be
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Thank you all for coming in a little early this morning
00:00:32.799 --> 00:00:36.369
I know yesterday was pretty bad and I wish I could say that today is going to be less so
00:00:36.369 --> 00:00:37.403
but that isn't going to be the case
00:00:38.237 --> 00:00:40.807
Now I am supposed to read this statement here to you all here
00:00:40.807 --> 00:00:43.081
but how bout you read it on your own time and I'll just tell you what the fuck's going on here
00:00:44.811 --> 00:00:46.412
I've been here all night
00:00:47.547 --> 00:00:48.915
meeting with the executive committee
00:00:50.283 --> 00:00:56.556
and the decision has been made to unwind a considerable portion of the firm's holdings in several key asset classes
00:01:00.493 --> 00:01:02.999
The crux of it is in the firm's thinking
00:01:02.528 --> 00:01:04.998
the party is over as of this morning
00:01:05.999 --> 00:01:09.736
There is going to be considerable turmoil in the markets for the foreseeable future
00:01:10.003 --> 00:01:13.999
And they believe it is better that this turmoil begin with us
00:01:16.709 --> 00:01:17.777
as a result
00:01:18.001 --> 00:01:20.113
the firm has decided to liquidate
00:01:21.028 --> 00:01:23.583
its majority positions of fixed income MBS
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today
00:01:26.986 --> 00:01:28.001
These are your packets
00:01:28.855 --> 00:01:32.191
you will see what accounts you are responsible for today
00:01:33.066 --> 00:01:35.161
I'm sure it hasn't taken you long to
00:01:36.863 --> 00:01:38.464
understand the implications of this sale
00:01:39.499 --> 00:01:42.669
on your relationships with your counter parties and as a result
00:01:45.998 --> 00:01:46.372
on your careers
00:01:46.001 --> 00:01:47.407
I have expressed this
00:01:47.807 --> 00:01:48.001
reality
00:01:49.575 --> 00:01:52.578
to the executive committee and they understand
00:01:52.999 --> 00:01:52.999
As a result
00:01:53.613 --> 00:01:56.482
if you achieve a 93 sale of your assets
00:01:57.116 --> 00:02:01.554
you will receive a 1 4 million dollar one off bonus
00:02:02.001 --> 00:02:03.623
If the floor as a whole
00:02:04.324 --> 00:02:12.465
achieves a 93 sale you will get an additional 1 3 million a piece
00:02:13.003 --> 00:02:15.992
For those of you who have never been through this before
00:02:15.702 --> 00:02:17.001
this is what the beginning of a fire sale looks like
00:02:19.011 --> 00:02:22.999
I cannot begin to tell you how important first hour and half is gonna be
00:02:22.999 --> 00:02:24.744
I want you to hit every bite you can find
00:02:25.996 --> 00:02:26.001
Dealers brokers clients
00:02:27.992 --> 00:02:28.989
Your mother if she respond
00:02:30.991 --> 00:02:30.001
No swaps
00:02:31.001 --> 00:02:34.387
It's outgoing only today
00:02:36.999 --> 00:02:40.999
Obviously this isn't going down the way that any of us would've hoped
00:02:41.001 --> 00:02:44.001
but the ground is shifting below our feet
00:02:44.001 --> 00:02:47.233
And apparently there is no other way out
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Movie Summary
Follows the key people at an investment bank, over a 24-hour period, during the early stages of the 2008 financial crisis.
