03x07 - Useful Idiot

[bunniefuu]

You seen Pierpoint's stock price?

You had a drink yet?

The stock's f*cking
halved, would you blame me?

It was like Omaha Beach
on the floor today.

They're serving Prosecco.

Can't afford champagne.

It screams sell signal, no doubt.

Yeah, I need you to come to
the 13th floor immediately.

Hey, hey, why the f*ck did
they not cancel this party?

It's too late. You've got a...

I haven't seen a day
this bloody since '08.

- Don't go home.
- Yeah, it's worse there.

- Don't worry.
- Don't go to the party.

Whatever's left on the desk's books,

however you're axed,

long, short, any product,
get rid of it now.

We've got one hour of U.S. trading left

and you need to trade Asia.

People might not be trading
with us come morning.

Book any profit. Take any loss.

Clean house.

Hey, uh, what's going on?

The bell's tolling.

How bad is it?

We'll be talking about
Pierpoint's stock price

in cents, not dollars soon.

The debt we issued to fund
the ESG pivot has matured,

and our creditors are
banging down our door

for money that isn't there.

How close are we to
declaring bankruptcy?

Hours. The counsel in this
room are working avenues

for a capital injection to
buy us a stay of execution.

That price is low...

I haven't seen price action

this aggressive since Lehman Brothers.

Excuse me.

He's about to come on.
Tom! He's about to come on.

You have the assistant secretary.

Graham Steele speaking.

This is Tom Wolsey in dreary London.

I'm told Wilhelmina brought
you up to speed last night.

Yeah, listen, I've
reviewed your situation.

It looks like you've positioned yourself

as lender, buyer, and seller,
like J.P. Morgan with WeWork.

Yeah, a one-stop shop.

And you didn't think

this was inappropriately high-risk?

And incestuous. Yep. For
the record, I think it was.

We... We liked the risk-reward.

In hindsight, not so much.

We're looking for an
emergency cash injection

of around 15 billion
dollars in short order

to plug the hole and give
us a chance to restructure.

Uh, our current share
price is 45 dollars.

It's now 8:00 p.m.,
U.K., Thursday night.

We need to resolve this before
the U.S. markets open on Friday,



Okay.

I don't have the reach

or, frankly, the
influence to advise here.

You're assistant secretary

of the Treasury for Financial
Institutions, Graham.

If you don't have the
authority to do your job,

I want to speak to someone who can.

I'm gonna pull the treasury secretary

out of her 3:00 p.m., okay?

Can you get me at least
two more packs of this?

If I run out, I'll have to light up,

then it'll all get a bit
too Glengarry in here.

The head of sales should
be at the 150th party.

Keep up appearances.

Trying to contain the
issue to this room is...

It's a fool's errand.

You okay?

Yeah, just a little... a foggy head.

Ugh, it's a little late

for a fireside chat.

I can stay.

Our voice combined is a voice
which speaks with the authority

of half a century in this firm.

This is an existential moment.

There are multiple possible outcomes.

So, let's not let them sell our soul

just because there's
a g*n to our temple.

Julian? Yeah, would you excuse us?

I've spoken to the rest

of the Hanani Publishing board
and we have decided unanimously

that we are going to
take care of the damages.

We all just wanna move on.
I'm sure you can empathize.

But our PR team is
working round the clock

to stage-manage this.

And what we're getting is...

the press

want a public face for this scandal.

Well, given a dead one
doesn't work, right?

I mean, she's been through enough.

We'd like to brief the press

that you knew all about the embezzlement

and were its main beneficiary.

Now, they won't be able to finger you

from a legal standpoint,
but it will be good...

You want her to wear the
f*cking scarlet letter?

Do... Do you know how
this country works?

I mean, they'll hang her
up as a f*cking effigy.

It's a lot of money.

Many millions.

And it's the real world.

You know, there are, uh,
caveats and stipulations

to that kind of money.

Yeah, but they'll flay me.

And I mean, they're gonna love it.

I... I didn't do anything.
Come on. I didn't know anything.

I mean, honestly, it... it...
it doesn't particularly matter.

The truth, it's... it's not important.

What's important is what's
expedient for all of us.

You can't force her to do this.

We are paying back the families.

It's the decent thing to do.

You wanna publicly shame a
f*cking girl who has nothing?

To the point of... of...

of never being able to
live a normal life again,

and you're... you're okay with that?

Those are the terms.

The alternative is the legal route.

We'll sue the Hanani family.

We'll sue you to claim
back some of the money

we pay in settlement to
your father's victims.

It'll be long.

By your own admission, you
aren't capitalized enough

for that kind of fight.

You well know the end of the story

for young women who are
hounded by the tabloids, right?

Accept the money.

Accept your family's culpability
and get on with your life.

What life?

Her boob job's

insane.

Rish, why did you pull
us out of the party, man?

Yeah, man, I was chirpsing
this absolute MILF from Risk.

Stop talking, listen.
The 150 party is a sham.

Have you noticed that none
of the top brass are there?

Uh, how could this day get any worse?

Insolvency?

The CEO and CFO were meant
to be in London for it.

Where are they?

Guys, they're upstairs.

I... I told you.

That's why it's so
f*cking scrot in here.

- Look. Look at the bins.
- f*cking stinks.

I haven't seen a cleaner
on the floor for two days.

Yeah, maybe admin payroll's goosed.

Those at the bottom get f*cked first.

But listen, I am working
on an off-ramp for us.

We're going to be a pod on the buy side.

Yeah, why would you take us with you?

Well, I need a doe-eyed little flirt

for the front of house.

And Sweetpea's actually smart.

Look, we all deserve better than this.

Covered in grease while the white gloves

laugh at us upstairs.

I can tell you as sure as
Mother Teresa is in hell

they're not thinking
about us up there. I am.

What happened to your arm by the way?

Walked into a door. Look.

Get on the phones and
move every position I have.

Okay? Senior secured,

AAA, BBB, jewels, junk,
the lot. Eric's mandated it.

I'll work our lifeboat. Move.

Do you believe him?

Would you work on the buy side?

Ultimately...

... your prognosis is
we're dead anyway, right?

Yeah.

Look, even if this
place is burning down...

he's still our boss, right?

No.

- What is the point...
- What?

... of making this whole
desk's PNL look good

if this goes under, right?

It's like...

It's deckchairs on the Titanic.

It's... Come on, we could like...

We could, like, commemorate
Pierpoint's last birthday

by getting absolutely f*cking hooned.

How many people know
Pierpoint's 150th is a wake?

Listen, listen.

How do you fancy a Trequartista
as elegant as me on a Bosman?

A boss-man?

We're not hiring new fund managers.

You need an execution guy.

Someone who can look at flows, levels.

Make sure you're not mistiming things

- and losing upside.
- Really?

You're not a little
overqualified for that?

You're not desperate, are you?

All right, final offer. Quid pro quo.

Chatter is that LeviathanAlpha
has short Pierpoint in size.

I can give you live
missives from the madhouse,

ear to the ground in the asylum,

and help you manage when
to take profit or stop out.

Keep me up to date,
and maybe we're talking.

And... And I want to bring two
smart, cheap juniors with me.

Sweetpea and Anraj.

If you are a serious
fund, you need to grow.

Do you want me to leave this?

I forgot you were a family man.

I don't need to remind you

how loose I am with my seed.

Thanks.

Speak soon.

- Hmm.
- Can I knock again tomorrow?

No, thank you.

Has Harper fully moved out?

Yeah. Without a word.

Remember to lock the back door tonight.

I always forget.

Where are you going?

Uh, I haven't told Pierpoint,

but I've got a job
interview tomorrow morning.

In Wales.

What?

Yeah, uh,

I met this guy, Pierre, who hooked me up

with a medical research center
attached to a university there.

And, um, yeah.

They're doing really cutting-edge work.

Medicine?

Medicine needs its money men.

Uh-huh.

When was the last time
you left the house?

There are, like, five paps outside.

I didn't see any.

They're not here for you.

There's nobody out there, Yas.

I promise.

Sorry.

They, um...

They really get in your head.

Why don't you come with me?

I can't promise that I'll be...

exhilarating company, but...

I hired a Zipcar.

I can drive you out of the city.

I really don't see a way out.

You know, a change of setting...

it really helps me when I'm, you know...

agitated.

Nope. Nope. Come on.

Let's bail. You know, let's, uh...

Let's mistake the open road for freedom.

Like all culture teaches us to.

Yeah?

- Okay.
- Yeah, okay.

Be ready in 20. I'm grabbing a shower.

Who the hell is this?

Uh, Tom, this is Eric Tao.

Thirty years sales at
Pierpoint across asset classes.

Closest thing to a
loyal lieutenant I have.

If Pierpoint has such a thing
as an institutional memory,

- Tao is it.
- Okay.

And how important is
history to us here today?

Well, uh, given Bill's
kind introduction,

I see it as incumbent on me to say

value is determined by history,

which is indivisible from legacy.

Institutions like ours
don't pop up overnight.

Too big to fail isn't an
insult, it's a compliment.

Our global interconnectivity
and sheer size are hard-won.

Let's make sure we
let prospective buyers

know that and value us accordingly.

You're putting yourself
at the center of history.

Humble of you.

Not at all. I'm putting Pierpoint

at the center of the economic history

of the 20th and 21st century.

So, your purpose here is to belabor

how Pierpoint is a star
on the American flag?

This is an American bank.

I need practical thinkers

who present workable
options to me, not zealots.

Please hold for the
U.S. Treasury secretary.

Tom!

Madam Secretary.

Graham filled me in on the situation.

I don't wanna waste your time.

The Treasury can't offer you a solution.

Not today. Not tomorrow.

Oh, Jesus.

You, of all people, understand the risk

if Pierpoint collapses.

We've dropped another ten percent

the last hour of U.S. trading.

Surely the lesson from '08

is that administration should
act early to stop contagion.

Tell me exactly where
you were in '08, Tom.

If I remember correctly,

I was the vice chair
of the Federal Reserve

and you were, uh, what?

Singing acapella with
the Whiffenpoofs at Yale?

I actually do a very stirring rendition

of "Radio Ga Ga" to this day.

The lesson from '08 is no more bailouts.

We're not asking for
TARP scale relief here.

'08 happened.

Moral hazard isn't a
thing. Nobody will care.

We're asking for less
than a tenth of the packet.

You are out of your mind

if you think we're putting
our hands into the coffers

for a financial institution
in an election year?

Pull on her heart strings.

- It's worth a shot.
- She's a Democrat.

She only pretends to have a heart.

Think about what you're doing.

The only person you're hurting
is the man on the street.

The people on the
pavement foot the check.

The people you're supposed to protect.

And in the immediacy

the person who is footing
the check eventually

does not want to know they
are footing it right now.

It's an election year.

So, you'll gladly let us fail?

Oh, you're all salaried
capitalists, right?

Order some Chinese takeout
and find a solution.

I think the president
might have something...

The president still thinks

we're at w*r with Japan.

Goodbye and good luck.

Well, so much for too-big-to-fail.

Surely, there are a number
of sovereign wealth funds

that would like to grow
their stake in Pierpoint.

What? Uh.

Hear me out, hear me out.

Credit Suisse was the last bank

to go through this kind of thing,

and the Gulf clearly had a huge appetite

for a legacy banking name.

And look how that ended,

with them being subsumed
into UBS, their biggest rival.

I'm sorry, but I think I
speak for our 45,000 employees

when I stand in opposition to
the idea of Pierpoint's name

being used to reputation...
to... to reputation...

- Launder.
- Launder.

I know the f*cking word. Thank you.

Reputation launder that
sort of state-backed money.

Right, Eric?

Their values are anathema
to everything we hold dear.

Quibbling over the cultural provenance

of the capital that could
save us feels indulgent.

Could be time for some,
uh... some realpolitik.

Oh, this from Madam ESG.
I... I guess morals really do

become more flexible in an emergency.

Or maybe the answer is closer to home.

Let's take a minute.

Eric, let me steal you. Now.

Phillip, can I have a word?

Yeah.

What the f*ck are you
doing? Don't correct me.

I don't need you to finish
my f*cking sentences!

- Bill, I was just trying to...
- No, no, no, you listen to me.

It's a royal court in
there, you understand?

It's getting rather pungent in here,

isn't it? Too much meat in the room.

I thought tonight was more important

than jockeying for favorite position.

I thought we cared about
the soul of the firm.

We do. The more senior we become,

the more influence we have. Listen.

Wilhelmina, she's not the head
of Banking, Asset Management,

Corporate Credit, but
her... her ideology

gave her a crusader's zeal
to instruct those people.

She wanted to be proven
right and be first on ESG.

That's why she pushed this sh*t so hard.

That's... That's why we overstretched.

She should be strung up for it.

This is all going to end in a purge,

which for us means...

a putsch.

How does Eric Tao,

global head of institutional security

sound to you?

And follow in your slipstream?

I wonder what they're talking about.

Whatever outcome suits them.

It's key we lay as much
sh*t as we can at her feet.

She can be ESG's headstone.

Bury it beneath her.

O-f*cking-kay.

Mitsubishi is live. I've
been, uh, close to them

since my stint in Tokyo in the aughts.

I've been priming them on
a capital injection angle

for the last few weeks.

It'll allow us to fight another day

and keep Pierpoint's autonomy.

When I'm CFO, I'll f*cking...
drag you up with me.

I'll place you anywhere in the world.

How do you still have
the energy for this?

What else is there?

The action is the juice.

They're fundamentally non-toxic, right?

So, that means you could get it to be

as integrated into your daily life

as... as your morning coffee.

You are talking about
magic mushrooms, right?

The active ingredient
is psilocybin, yeah,

but it's in pharmaceutical
form, in LittleLabs product.

So, surely the whole point
is to get as mashed out

of your own f*cking head as possible?

No, no, it's clearly an
attitudinal thing, you know?

It's about dose and mindset,
setting, you know? It...

It's not about taking
a f*cking hero dose

and seeing the face of God or whatever.

It's... It's about
an overall heightening

in your day-to-day state,

your introspection,
your... your compassion.

Do I sound stupid?

Word of warning, you
have no idea how annoying

it is just listening
to someone proselytizing

about the benefits of hallucinogens.

It's like... It's... it's just...
It's like you've joined a cult,

honestly.

Finally, you're a little
more f*cking animated.

Only took you having to put
someone down to get you there.

Anyway, you're missing
the point, you know,

this is just... It's a chance for me,

you know, to do
something off my own bat.

For once.

It's Maxim.

I can call him back.

I need a piss.

- Hey, Maxim. Where are you?
- Big Basin?

South of San Fran.

I'm not sure being
alone with my thoughts

is worth the 5,000 dollars
a week I'm paying, but, uh...

Yeah, well, your mind is squalid enough

to need airing, so it's
probably money well spent.

Look, I'm sorry for
falling out of your life.

I've been dealing with
my own sh*t, you know?

I saw those appalling photos
of Charlie, and honestly, I...

I couldn't sleep.

You know, I'm supposed to lock
my phone in a lockbox here,

but, uh, who am I kidding?

Just keep having to use it.

Okay, so, um, what is it?

Look, for all the reservations
I had about your father,

you need to know the
company were complicit

in all of the f*cked-up sh*t he did.

How?

I have some pretty heinous
anti-woke pals at Hanani

who are on the board with me,

and they hate its new hypocrisy.

The NDAs your father had

don't just cover his personal life.

Some of Charlie's women

only started working
for Hanani Publishing

after they had signed.

Hanani gave them these made-up jobs,

bogus accounting lines on the payroll.

Rose and the company bought
their silence for years,

just as much as he did.

They... They're trying
to make me the face

- of this thing.
- Yeah.

Because it's an open secret at Hanani,

maybe it's a matter of time
before someone leaks it.

If they feed you to the press now,

your vestigial board seat

means you'll be perfectly
placed to be tarred

if it ever comes to light.

You're pre-packaged to take the blame

as you're already the headline.

That sneaky, little c**t.

Look, someone slipped me a
screenshot of the payrolls.

The women with the NDAs have
a check next to their name.

What... Can... Can you send it to me?

Yeah, I can, but it's probably ill*gal

to send this kind of
proprietary information.

Your lawyer will advise
you not to use it,

but I'll send it along.

I just don't think they should
be compounding your guilt...

sorry, grief.

I don't want to tell you
how to feel about him.

You know, I think
Charlie found it difficult

to see people as people.

Yeah, you don't f*cking say.

Take care.

- Is everything all right?
- Yeah.

Super f*cking duper.
So, this is it, right?

This is the product that you're selling?

- If you get the job?
- Uh, yeah. Uh...

Probably isn't the place
to take it properly, though.

Right.

You hungry?

Yeah.

Yeah, I'm f*cking starving.

Come on, then.

Oh, gosh. I do it all
the time. It's great.

- Yeah?
- Yeah.

So, the rooms are next to
each other, six and seven.

Sorry that we're so late.

Um, checkout is at 11:00
and breakfast is from 7:00.

- Great, thank you.
- Thanks.

Just as a pre-warning,

the, um, kettle in your
room is a little bit iffy.

Oh, is there any way that
I could get one that works?

Not tonight, sadly.

It's just, it's a pretty
basic amenity though, no?

Um, she can use mine, it's all right.

Uh, right, I'm gonna go dump the bags

and then we'll grab a bite?

- Mm-hmm.
- Uh, thank you.

- Thank you, enjoy your stay.
- Cheers, thank you.

So, do you two work together?

No, we're a couple.

Oh, I just, um... I thought
with the separate rooms...

We're very religious.
Do you have a lighter?

Yes.

Yeah, I got your email.

What do you expect me to do with this?

W... I mean, it's leverage, no?

It's, like, evidence
of their complicity.

This is on Rose's head.

Have you thought about
what making this public

would do to the victims?

These women, like you,
have been through a lot.

Leaking this to the public
would re-traumatize them.

I didn't think about that, no.

A publicity battle
is gonna be very hard,

but we can win it.

They go low, we go high.

All right?

Speak later.

That c**t never answers.

Tom, Tom, I've engaged Mitsubishi

- in substantive talks...
- Uh...

- ... regarding a...
- Uh, Michael... Sorry.

Michael Stone from Barclays is
on his way into the building.

Michael and I have a
personal relationship.

Horse-driven, mostly.

Off the record, they've always
been interested in our business.

Okay, so what's the
play? Sell a division?

They did do that with Lehman's
core North American operations.

Given that our share price
has now closed at 35 dollars,

we are, by all accounts,
a distressed asset.

They might weigh buying us wholesale.

We need strategic investment,

not a sale.

In our 150th year, we
cannot become a subsidiary

to a f*cking British high street bank.

I appreciate how romantic a soul

you have in a room like this, truly,

but we need to be practical.

Barclays buying Pierpoint
may be our best option.

Mr. Stone, welcome.

Oh, call me Michael, please.

Please, this way.

- Yeah?
- Yeah, H.

Listen, you might have
hit your take-profit level.

The Barclays CEO just arrived

and he looks like he means business.

And Pierpoint's stock
will rip on any merger

or takeover chatter. That's
Nagasaki for your short.

It's definitely him?

Oh, yeah, and he looks horny for assets.

Thanks.

Um, hey, you know, I can't
hire three people, Rish.

What do you wanna do?

Babes, come on. You know
it's only ever been me.

Okay, um, come in after this
all shakes out and we'll talk.

And how would the floor take
a sale to f*cking Barclays?

Maybe they just want

somewhere to come to work.

You don't have 20 years of options.

I've never sold a g*dd*mn share.

A Brit takeover would decimate it all.

You could keep your deferreds.

Chump change.

So, now we see your real motivation.

And what's your motivation?

Brokering a deal that obliterates us

so long as you're central enough
to keep your seat at the table?

You know what?

I think I've finally
made up my mind about you.

Oh, go on.

- Please, enlighten me.
- You want to take this offline?

Does that fake macho
bullshit ever actually...

You have the imagination of a f*cking...

- Michael!
- Phillip.

Hi. Hi. Wilhelmina.

- We spoke on the phone.
- Yes, we did.

- Hi.
- Nice to see you. Hi.

Tom Wolsey.

- Oi, oi.
- Ah.

Bon appétit.

What the f*ck is that?

- Are you kidding?
- No.

I got them to put
scraps on and everything.

Honestly, what is it?

What... It's a battered sausage.

I'm not eating a battered sausage.

Have a chip, at least.

- Okay.
- Don't be such a snob.

How perfect is this?

Hmm.

You know, um...

you could probably invite
that impressionable, young girl

up to your room and f*ck her silly.

'Cause... ... there's
not gonna be any...

room hopping tonight here.

Just FYI, you know, as
fun as that might be.

What are you doing?

What do you mean?

You don't have to.

Not everything with us
has to be a f*cking game.

Whatever vulnerability that
you're feeling right now...

sit in it.

All right?

'Cause we are...

We are beyond the game.

Sorry.

I'm sorry.

I don't know why I act like that.

I don't know.

I'm good at making people
feel like I love them.

But, um...

I don't know that I ever have.

Have you?

Yeah.

Girlfriend at school, Izzy Boon.

I was f*cking obsessed.

It's just my first instinct.

Whenever I feel anything,

like... love or care, um,

I just want to make it ugly
as quickly as I possibly can.

You know, turn it into something else.

Turn it into sex. You
know, anything else.

Right.

I don't know what to say.

Uh, all I know is...

is that for the first time...

in a long time...

I've got this feeling in my stomach.

I couldn't work out what it was.

But I know now...

that it's anticipation.

It's excitement for the future.

Our short is about to turn.

How do you know?

Uh, well, um...

Listen, I...

I think we are diametrically opposed

when it comes to the relationship

between information and
how it's traded upon, right?

I think everything and everyone

is moving in a big sludge of gray.

Don't over-intellectualize this sh*t.

What have you done?

I have it on good authority

Michael Stone has just
gone into Pierpoint.

It's an acquisition target.

We need to take profit
before they buy it,

and Pierpoint stock rallies.

Uh-uh. No. I don't
think we should do that.

Why?

Think about the risk-reward.
I mean, what percentage chance

do you ascribe to him
being there to buy it?

I mean, like a hundred percent?
It's too big a coincidence.

They're throwing a party
for financial luminaries, no?

And look, I mean, even if it's true,

so the stock gets a
bump on the headline.

I mean, what about the due diligence,

the regulator, the government?

Balance that against
what we stand to gain

if we hold the line, if
Pierpoint trades to zero.

Where's your stomach?

I just don't know what it
looks like to the regulator

if we're always on the
right side of this trade

at precisely the right time.

What aren't you telling me?

Um, again, moving
forward with honesty...

... I know Pierpoint are terminally ill.

How?

I overheard it. In the toilet.

In Pierpoint?

Holy f*cking cunting Christ. I...

Okay, that is a
completely different beast.

I mean, trading on anything

that you hear in there
is privileged information.

They... they know we were in there.

There's... there's
cameras, there's records.

Okay, but like, how is
an SEC FCA investigation

gonna put anything
together based on that?

It would be speculative at best.

What, we took a meeting
and placed a short?

Lock us up, throw away the key, come on.

Okay, okay.

The whole thing is
f*cking information soup.

That is the point.

You've backed us into
a major f*cking corner.

Okay, well...

I've said my piece.

Yeah.

People damn Lehman

because of poor risk
management in one area.

Housing derivatives.

But we benefited hugely

from acquiring the bond
trading and EM businesses.

I'm sure Pierpoint's suite will be

similarly exciting,
synergistically, for us.

We can give the market the soft signal

this is happening and
allay the share price.

Stave off any more panic.
Give us some breathing room.

Can I ask, would we
be Barclays-Pierpoint

or Pierpoint-Barclays?

Do we care about the cosmetics?

As someone who's been here
longer than a fortnight,

you should care about
the weight of our name.

If you're addressing me,

could you look me in the face, please?

Do we care about saving the name

or saving the jobs of the
people who work for us?

Well, maybe you can tell us.

Or maybe our potential suitor

is best placed to answer that question.

You guys are trading off
a 150-year reputation,

which we respect, of course.

But practically,

we are interested in
your infrastructure.

Now, as time is of the essence,
I'll make some phone calls.

I mean, you know, that is
if you're still interested.

Please.

Tell me how that was appropriate.

What's inappropriate
is not drilling down

on what this guy means
by infrastructure.

Is that our... our tech, our terminals?

Is that the f*cking
building in Midtown? What?

I'm sure that'll be shaken out.

Go f*ck yourself.

I do that regularly, thank you.

Can I ask what the actual
f*ck it is you're doing here?

You're barely 40.

You're a f*cking British
management consultant.

Bill, calm down.

What we need is a capital injection

so we're not backed into a corner

and into a deal not on our terms.

We need thinking time.

It's a Band-Aid. A
Band-Aid is not a solution.

Mitsubishi will tide us over.

They want us to be us
with no stipulations.

There is no such thing as free money.

We will thrash out a
palatable acquisition

multiple for all parties,

but I guess we can now shake hands.

That's pending dotting the
i's and crossing the t's

for the regulator.

And we'll pen an announcement
to cushion the share price.

- This is great news.
- Yeah.

So, this is what death feels like.

One hundred and fifty years to build it.

Two-minute phone call
to bring it all down.

Bill can't behave like that

when the rest of Barclays
management come in.

He has our best interests...

Has he promised you the
world if he comes out on top?

He has a habit of doing that.

Why is he turning this into
a political zero-sum game?

These factions, it's child's play.

If we play this right
and quell the infighting,

everyone in the room will be safe.

Do... Do I count as in the room?

Get in Bill's ear, that's how you count.

Bring him to heel.

Convince him not to embarrass us

in front of the people who
are offering us a lifeline.

You don't buy that BS
about the workforce, do you?

The guy usually pops a chub
for reducing head count.

He's weaponizing them.

He's self-interested.

He just wants to play Christ
with the Mitsubishi plan.

We both know it's not gonna work.

And as far as he's concerned,
you're a useful idiot.

Otto, look, I wouldn't be calling you

if it wasn't a last
resort, and I feel terrible

about going behind her back,

but I need my working relationships

to be predicated on trust,
and on that basis, I, uh...

I think it's becoming
untenable with Harper.

Are you coming to bed?

Hmm. You're one of my
best performing projects.

What's happened?

She's being reckless with our AUM.

Reckless how?

Legally.

Hmm.

You mean she's reckless with my money?

That is simply something
I cannot countenance.

I'm sick of talking around the fact

that you are solely to blame
for Pierpoint's insolvency.

It was a strategy agreed
upon by a committee.

It was only a committee when it failed.

Bill, can...

I have bad news.

Um...

We need significantly more time

to get us over the
line with the regulator.

We don't have any more time.

Talk straight. What's going on?

Well, between us, I've
just got off the phone

with the chancellor,

and he understands the
gravity of the situation,

but he can't be seen to be ratifying

the effective bailout of another bank.

He's on thin ice as it is,

and he's got this bloody caucus
of populist Tory backbenchers

making his life... hell.

So, yeah. Sorry, I
can't be of more help.

So, what? We...

We're just at the mercy
of someone else's ambition.

Aren't we always?

Look, I need to get some sleep.

Best of luck.

f*ck!

So, this is what we have at the moment.

The chancellor now looks like an ally

of the financial sector's lawlessness

and weak for kowtowing

to an influential group of backbenchers.

Led by his successor.

Are we ready for that move?

Maybe after the election.

But these headlines
won't hurt your chances.

Eddie, thank you for staying so late.

Let's have this online
before the country wakes up.

Got it.

If he thinks this leads

to a fashion-adjacent lifestyle,
it's immediately a red flag.

He was a hundred percent a misogynist,

and possibly a psychopath.

What in the good f*ck is going on?

You better have sold the
rest of my f*cking positions.

Where have you been?

I've been playing the fruities...

with a client.

Some, uh... Some guy keeps
calling the desk for you.

Who?

Vin? Vinnie?

- Vinay?
- That's the one.

- He called here?
- Yeah.

You're a dickhead, bruv.

A f*cking dickhead.

So, Anraj is on ecstasy.

He was catatonic drunk,
but hey, he insisted,

and, well, we dragged
some people to the floor

and, hey, they can't
fire us twice, right?

You bully me

'cause you were bullied
at school, innit?

Shut the f*ck up!

No, you're pure
small-man syndrome, bruv.

You got no taste, bruv.

Look at your car, your
taste level's dead.

Why didn't you sell my f*cking axes?

Your IG Explore page must be

- a crime against humanity!
- Shut the f*ck up!

No, I'm done being quiet.

Now, look... look, we're
not... we're not sick, Rishi.

We're not gonna play Santa,
wrapping coal in a bow

for your clients.

We're not gonna torch our
reputations in the market

selling your worthless positions.

Huh? Why would we? To what end, anyway?

Best of luck drowning.

f*ck.

What's the time, please?

It's just gone 4:00 a.m.

Okay.

We have around ten hours till U.S. open.

Put a f*cking solution in front of me.

Mitsubishi is still in play.

I can wake the head
of their London office.

They... They want this as much as us.

This solve is not viable long term,

given the state of our balance sheet.

To assuage market fears, all
that matters is we can prove

we plugged the immediate hole.

Why do you keep talking when
the value add of your ideas

is less than zero?

We need to pivot.

Mitsubishi?

Wake them up. Get them in the room.

Yes!

It's on. It's on.

Eric.

It's a good thing Tom said yes.

I soft launched this to Mitsubishi's

European Executive Committee already.

It's lunchtime in Japan, right?

Uh, they're just in from Düsseldorf,

where the European subsidiary is.

Now, they're gonna come with terms

that Tom finds attractive,

because I've prepped
them on the financials.

So, let's take a fast 20 and
call an associate in IBD up

to triple-check the numbers in the deck.

No missteps.

Fast 20 still takes 20.

I need stronger nicotine.

Any delivery vessel, I'm beyond caring.

Ow! Ow!

Yas?

Ow!

I just wanted to make a cup of tea.

What the f*ck have you done?

Hey, come here, come here.

Are you hurt?

Hey, hey. Yas, look at me.

- Have you taken
something? Yeah? - Uh-huh.

What have you taken?

Rob, do you think I'm a bad person?

No.

- No, you're not a bad person.
- You do. Rob, look at me.

Tell me that you think
that I'm a bad person.

Look, you're not a bad person!

Tell me that I'm allowed
to want to do bad things.

What?

You can do what you want.

I want you.

I want you. Oh, you're hard.

What are you doing? No!

- Stop.
- I want you.

Stop! Stop! Stop! Stop!

Stop!

Stop!

Henry used to get
hard when I cried, too.

Hey. Shh.

Bill tells me you've been here 30 years.

Aren't you bored?

Been dropped into a few
of these restructurings.

They all have their own
mythos and history, but...

ultimately, they're much for muchness.

They're corporations.

Not the people.

- The people are different.
- Are they really?

There's a self-centeredness

at the heart of Bill's
romanticization of it all.

False heroism.

Do you think there's room
for nobility in there?

I was hoping Bill would be my mouthpiece

to the wider Pierpoint family, but...

he seems like more of a
problem than a solution.

You're not a romantic, are you?

What do you believe in?

I don't believe in anything.

I believe in the trade, when it works...

when it stops working.

By the way,

nostalgia's only useful when
you're selling something.

Any color that'll help us in the pitch?

Nope.

A whole lot of nothing.

Deck look good to your eyes?

Perfect.

- I'll see you out there.
- I'll see you out there.

Thank you for meeting us so early.

I'm sorry it's a little ripe in here.

- Where the hell are you going?
- I gotta take this.

Thanks for calling me
back. Sorry it's early.

Bill Adler told me about a connection

that landed you on my desk.

Can you flesh that out for me a little?

Did you enjoy your stay?

Very much. Thank you.

Did you want a bandage?

Sure.

Do you reckon she's a Libra?

Uh, I threw in an extra 20
quid for the busted kettle.

- Oh, thanks.
- Ah, it's all right. Uh, cheers.

Cheers.

Have a safe trip.

Our proposal is that the
Mitsubishi Financial Group

invest nine billion dollars in equity

in Pierpoint for a 19-percent
interest in the company

on a fully diluted basis.

How did that get there?

As I was saying, our
friends at Mitsubishi

are the best partners we could have.

They have enough dry powder

to buy up our distressed debt

and to support the other
assets on our books.

And they want us to be us.

They have reverence for our name.

We want to help build Pierpoint
back to what it could be

in its 150th year.

We expect a very healthy ROI for you

on a decade-long horizon,

but of course, apologies for
the small inaccuracy on page 12.

What inaccuracy?

I am assuming this reference
is linked incorrectly.

It looks like you are
linking to enterprise value

instead of equity value.

It's causing a 15-percent decrease

in the true PE multiple,

which should otherwise
be seven-point-six times,

well below peers.

I'm so sorry we missed this.

That's like a two-to-three
percent uplift in IRR.

After ten years of what we know

will be a mutually
beneficial relationship.

How could we have missed that?

It's sloppy.

Eric.

Bill, it's fine. Leave it. It's late.

It happens. It's just a book.

That's a huge decrease in the valuation.

How didn't I spot it?

Bill, you did spot it.

What? When?

We ran through it about an hour ago.

I raised it again in
the bathroom just now.

You said it wasn't a
deal-breaker in the room,

that they know the numbers already,

which they do.

We can move on.

That... That didn't happen.

Did it?

It's not mission critical here.

No, it is. When did we discuss it?

I... I don't think we did, did we?

- Maybe I'm just misremembering.
- I think you can move on.

You... You have to
understand it's very important

- that I didn't misremember.
- Bill.

What's going on?

Hey, Bill.

There's no shame.

I'm so... I'm so sorry, if...

I've been quite sick,

and I... I really
didn't wanna bring it up

in this forum, but, uh...

You are fit to continue.

Uh, gentlemen,

and, uh... lady,

could you give us five?

This isn't what we expect
in these circumstances.

No, there should be
multiple layers of review.

My apologies.

I...

I'm so sorry. I should
have just breezed past it,

but it's... it's quite important...

it's quite important for my prognosis.

What's wrong with you?

I have a malignant tumor. I...

I've not noticed much, if
any, cognitive impairment.

- That's why it's...
- And you've been

keeping this to yourself?

You shouldn't be in here.

Your health is of paramount importance.

My performance has
never been compromised.

Apart from when it just mattered.

High stress, no sleep.

This isn't the place for a sick man.

Look...

I want you to go home.
That isn't a suggestion.

I'm fit to work if I
say I'm fit to work.

I want you to go rest.

Eric...

why don't you put Bill in a cab?

Come on.

It's okay. Come on.

- Hello?
- Hi.

Denise, um, I've slept on it,

and I don't want to take Rose's offer.

And I know... I have thought
about the implications...

... but it's Rose and Hanani, okay?

They're the ones that
are being inhumane,

and you can think that I'm
meeting them on their level

if you want, that's fine,

but they have literally
given me no choice.

Have you stopped to think about

how this is gonna
affect the other victims?

Yes, of course!

Of course I have thought
about that, Denise!

Of course I have!

But you have to understand,
it is them or it is me!

How was it?

So, they've had their funding

from the university totally cut off.

They balked at the idea

of any commercial
application of psychedelics,

only lab-conditioned trials

on treatment for
various mental disorders.

Why?

Well, it's still
ill*gal, but LittleLabs,

they want to be the first mover.

Now, imagine being early
on cannabis in California.

- Sorry.
- Well, no.

See, they've been flirting with the idea

of relocating to Silicon Valley.

All right? And they said if
I can help unlock VC dollars

for them out there,

then there might be a position open.

- Head of business development.
- What?

Yeah, I know.

I couldn't believe it as well.

So, wait... wait.

Would that mean that
you move to the States?

Maybe.

Here.

Hmm.

Sleep will help. I'll, uh...

I'll get a couple more hours
and come straight back in.

I don't think anyone
in there wants that.

Stay home. For yourself.

I'll smooth out Mitsubishi. It'll work.

Peer to peer, stay home.

More time for your family.

The institution doesn't suffer.

Door opening.

You made me distrust my...

For what?

Door closing.

You Harper Stern?

Yeah.

Otto wants to see you. Get in the car.

Now?

He'd prefer it.

Well, I hope he's
getting the care he needs.

I've heard that...

tumors can have certain...

... neurological effects

as pertains to people's willingness

to take risk.

Well, while I take some responsibility

for my bullishness
over ESG as a concept...

Bill had the underlying
relationship with Debt Syndicate

from his bond trading days.

He was the one pushing
their appetite for risk.

Yes.

Fixed income was more Bill's background.

You know, we can't let someone go

because of their declining health...

but...

Eric...

as the closest to him,

if you think an indefinite
period of absence

would be in his best interest...

... it is something
our executive committee

would be willing to consider.

Hmm.

He has seemed a little...

out of sorts.

While I respect the rules of the game...

I find pinning this all on a sick man

morally unconscionable.

But tomorrow is more important
than yesterday for Pierpoint.

So, f*ck him then, right?

Is Mitsubishi worth pursuing?

It's a Band-Aid. No more.

Phillip was onto
something when he told us

that we should be
looking towards the Gulf.

So, I've brokered an introduction.

Ali. Gentlemen.

It's Pierpoint's anniversary.

How would you like to
buy a piece of history?