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01x04 - Short and Distort

Episode transcripts for the TV show, "The Exchange". Aired: February 8, 2023.*
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Set in Kuwait in 1987, two women making their way in the boys club of the Kuwait Stock Exchange, on the eve of S*ddam Hussein's invasion of the country.

01x04 - Short and Distort

Post by bunniefuu »

I love the atmosphere here at night.

Clears the mind to hear the sea.

Tricks you to think

you're on a boat and sailing.

I hope you won't throw me overboard.

Like the previous manager?

So,

are we here for leisure,

to smell the sea?

Or is there more to it?

Are you familiar with National Cement?

They have a multi-million valuation.

They're stable and safe
and a boring balance sheet.

I mean,

there is no potential for growth for them.

Just like this ship we're on.

It's not going anywhere.
It's just standing still.

We're gonna

sink National Cement.

Sink them? Sink them?

If we're able to,

they go down.

Amir,

there are a thousand other ways that we

might be able to make
lots of money for the bank.

That is interfering
with the strategy of the bank.

And that's the vice president's job.

We don't have a problem

with National Cement.

But someone we know does. A client.

Why take a risk for this client?
Is there a g*n to your head?

Nah.

The main client

is going to move his funds

from Bank Al-Kout to the Bank Al-Ghad

And through the shorting process,
you'll get a generous bonus,

if we succeed.

His name?

Promise me something, Saud.

This stays between us.

And I think

we

are going to make a lot of money.

Sweetie, look here.

You need to always read
between the lines.

That's the main thing you need to learn.

Reading between the lines.

Look here.

These articles are all
about Iraq and Iran.

And each of them

have a different headline
and a different story.

That's because different agendas.

Take a look.

-Sweetie, it's all here to see.
-Let's see.

"And Kuwait is stable
while neighbors continue to fight."

Here, sweetie.

"Cash flow is capital."

Even I, as the editor,

you bet I follow the money.

Here, sweetie.

Thank you.

So, Jude,

I say tell your teacher tomorrow

that you and I
loved this week's assignment.

What assignment?

These. All of these.
She'll have to discuss all of these.

Jude will explain
papers all have their own agenda.

I'm a little bored.

But Grandpa Adib's a great teacher.

-Out late tonight?
-Look, sweetie.

Are you working late?

What's it matter? Who cares? What's up?

I realize work's important.

Family is more important.

I haven't neglected the family, Mom.

And Jude is thriving and well.

She doesn't even complain about school.

If it wasn't for your father,
she would get lost.

Thank God for him being there.

What am I going to do?

This is bad. This could be bad.

Seriously?

You're falling apart
because of one meeting with the boss?

Yes, Munira. Yes, I am.

Amir is not gonna call a meeting
this early just to be loving.

What do you want us to think?

Especially because Bank Al-Kout
is doing better than us.

That's too bad.

If only someone had served you
a good deal on a golden platter.

Like Al-Ra'ee?

Instead it's your stupid heads
that will be placed on a platter.

I don't like to waste time.

But what happened with Bank Al-Kout
is totally unacceptable.

We're very lucky because Saud and I
have made a two-part trade

to turn things around
with this terrible situation.

The first thing
we will do is destroy them.

National Cement.
We'll be shorting their stock.

Excuse me?

Why would we short-sell
National Cement, sir?

Saud, will you explain it to her?

I'll use simple words
for all the simple minds here.

Usually, we want a stock to go up.

So when we buy a stock,
we are betting it'll go up.

And now here's the fun.

This bank

is going to make history.

And this is how we will do it.

When we short-sell a stock in the market,
this means we're betting it'll go down.

So we profit as it loses.

You understand?

We win. Meanwhile, we are sinking them.

You follow
or do I need to explain some more?

I'm familiar with short-selling.

I'm not stupid.

So why would you short National Cement?

Because of this.

This is a new report from Research.

It shows The National Cement Company
has been declining and unstable.

And this is our opportunity
to capitalize on that.

-What's the other part of the trade?
-Good question.

Shorting is going
to be the easy part of this.

The difficult part for us
is how to create these doubts,

which is going to require
all our combined efforts.

Tomorrow, we'll release this report

that's going to punch holes
in the image of National Cement.

All you have to do is get in touch
with your friends in other banks.

Khalifa.

And to convince them to abandon
the National Cement ship.

And achieving

two of our objectives.

We short them…

and sink them.

But if this report is so damaging,
why don't we just let it speak for itself?

Sure, Munira.

As you know, we truly can't rely
on anything or take anything for granted.

Any short-selling that I've witnessed
throughout my life

was just the result of some trades.

Even the losses
resulted from short-selling.

I realize
that this operation might succeed.

And it might fail.

We're going to make it work.

I assured Amir,

and all of you here.

Let's chat. Our spot in five.

MAINTENANCE ROOM

Hm?

What's up?

When I first got hired, I went over
all the companies available for trading.

Oh God,
that's why you were always first in class.

Of course,
I reviewed National Cement.

It's the most stable. It's steady
and won't budge. Like a beating heart.

The largest market capital.

Ah. So just one sell rating
would not affect it.

So, the question here is,
how would shorting it help?

Farida, listen.

This is really important.
You got to bring this to Amir.

How come Amir?
Amir has researchers for himself.

They're not doing their job.
They know nothing.

We'll lose this operation.

Farida, oh, sweetie.

You're gonna go to Amir
and I will go with you.

But hey, you do the talking.

I don't know, I…

I don't see anything that's compelling.

-Your thoughts, Amir?
-Tough call. I'm not really sure.

But I wanted you to see it for yourself.

Farida is very good with numbers.

She's better than the ones
drafting up research and reports for you.

Yes, but, Munira,
you're not here as researchers.

You're clerks.

Yes, but we came here to support the bank.

I appreciate your concern, Munira.

But I am very curious

if you have some ulterior motives.

Did you tell me your father is
an active board member at National Cement?

I admit that if National Cement
is devalued, my father will lose.

I understand.

I know that what we're doing here
might have some negative consequences.

And family ties complicate things,
don't they?

But I promise you

your father will never know anything
about the part you're playing.

There isn't any need to worry.
Unless you tell him, but that's different.

But I still insist that my research
is accurate and we need to reevaluate.

Sure?

Because it says here
that despite their current stability,

the company's slow execution of housing
and governmental infrastructure projects

could very well be the straw
that broke the camel's back.

-No, if you read it in context--
-Maybe our analysts know that.

The straw that broke the camel's back.

Farida, don't worry about a thing.

We'll read the file,

and we will get back to you.

-Just so we leave no room for any doubt.
-Well, it's the only copy I have.

Saud, when you're done with the report,
please return it.

Everyone here satisfied?

I almost forgot to tell you.

A reporter is coming to write
an article on you.

-Really? But why for us?
-You're the picture of the future.

What?

Mohamed Rashed
will gladly write it for us.

Mm.

I hope.

-Hello?
-Hello. Hi, Dad. It's me.

What's up? What's wrong?

My boss says a reporter
wants to do an interview

about me and Munira.

The Mirror?

Well, that's great.

-What's the matter?
-Nothing, I'm good.

I was just wondering if you…
you know, you might have more information

because you're the editor.

No.

I know nothing about it.

Maybe they realize you're important.
There's no doubt about it.

Thank you, Father. I have to go.
The reporter will be here soon.

Tell me. Do you know
who will be writing the article?

I don't know. That's why I called you.

Okay, good luck then. Good luck.

Well, have a good one, sweetie.

-Mr. Mohamed?
-Hello, sir.

-Welcome.
-How are you?

-Good, thank you.
-Good.

The place is buzzing today.

-That's Mohamed Rashed.
-Yeah. Want his autograph?

The man is like a legend.

I'd graduated
when Souk Al-Manakh crashed.

Mm. Lucky you!

I was pessimistic back then.

It was his coverage of the crisis
that helped me fully understand

there are still good men
who fight corruption.

Just men, huh? So no women?

No, not yet, but…

I wanted to be one of those men
who helped clean up the financial sector.

Wonder why he's here.

Ah, so you didn't know.

He's coming to interview me and Munira.

Yeah?

We are a picture of the future.

Don't forget us if you become famous.

I'm just an ordinary clerk.
I'm not famous.

He shouldn't be here for me.

You're not just an ordinary clerk.
You're a--

Where have you been?

Mohamed Rashed is doing the interview.
And he even brought a photographer.

Are you pissed
about what happened with Amir?

That's why men don't like to work with us.

Because women are always too emotional.

Well, uh, I feel unable to work,
'cause you can't be trusted.

You have shown me
you have no loyalty.

Look at you get emotional.

Why wouldn't you
tell me that National…

that they had a straw
that broke the camel's back?

What about using my research
to protect yourself from your father?

You have to try harder to convince me
you didn't know my father's on the board.

-After all the research that you've done?
-No, I didn't know.

I was focused on the financial aspects,
not the company's administration.

Farida, darling,

I'm sorry.

Please forgive me.

You feel better now?

Be happy Mohamed Rashed
is interviewing us.

Or they would've thrown us out.

Why? Why? Why?

Why?

I beg you, use that head of yours.

Why is a reporter writing a fluff piece
about women on the exchange?

Who you calling fluff, honey?
We're not fluff!

I'm a pioneer.

I'm basically the first woman

to ever work at the stock exchange.

And my name shall be written in history.

You are lost honey.

Pioneer who's sitting on a bucket
in the janitor's closet.

What do you want, little beauty?
Calm down. Don't get too full of yourself.

The most important reporter in Kuwait,
who writes serious articles

about economics and finance,

why would he write a social article
about the two of us?

You know what I mean?

Is that what your father said?

No, not exactly.

Oh, you don't trust him?

Hey! Screw you.

I'm very happy and excited,
Ms. Farida, to be interviewing you today.

You can't imagine how happy I am
to have a legend interview me.

I am surprised, to be perfectly honest!

Thank you.

My name is Farida Ma'mun.

And I think you know my father,
Adib Ma'mun?

Who doesn't know him?

He's famous to all of us.

Adib Al-Ma'mun?

Oh my!

Savvy and great.

Savviest journalist I know.

Well, with all due respect, sir, I'm
curious about the article you're writing.

Yeah, look, Farida.

You know, my process is organic.

I don't do things like others do it.

-You may say that it's modernist.
-Mm.

Progressive.

Can you tell me how you organically write
about two new female clerks?

We're more than just clerks.

It's my belief women represent

the future of the financial industry
and the stock market.

Because you're right.

-And that's how--
-Munira Ahmad Hijazi.

How was it when you
first started working at the bank?

They say the future
is shaped by the past, no?

That's right.

And today I am where I am

because of the childhood rivalry
I had with my cousin.

And something unbelievable,

when Farida and I were little girls,
Farida used to be much prettier.

She was always the center of attention
without even making the slightest effort.

So unlike me.
I had the hardest time getting noticed.

When we got to high school,

I decided to beat her
in a math competition.

Remember?

And all of a sudden, I outshined Farida,
with her braids and rosy cheeks.

Of course,
everyone finally admitted I was better.

And as you can see right now,

I'm paving the way for other women,

whether they can admit it or not.

Uh…

And what about you, Ms. Ma'mun?

How was your experience
when you started working at the exchange?

It's that…

My cousin thinks
it took me no effort.

She's stupidly wrong.
Who can blame her, though?

She's never had to fight.
She's never struggled.

My hands were tied
in every sense of the word.

I was married. I have a daughter.
But as you can see I'm here.

I was able to move on
from the life I was living.

And I came here to fulfill my dreams.

When my courage…

Courage is what I got.

It's not just effort.

Courage?

This has nothing to do with courage.

Yeah?

Munira's a liar.
She didn't win the competition.

-She stole answers from me.
-Please. I don't lie.

-She copied my notes.
-I answered on my own!

That's not true! I saw it on your face.

-Please stop lying! I'm the queen of math.
-Oh boy.

Girls, please.

Hey! Where's he at, the photographer?

Uh, pose for the camera please.

One more.

Goodness, Mohamed.
I didn't expect the paparazzi.

-Yeah.
-Huh? Your thoughts?

Definitely the girls
of the future, inside and out.

Uh…

Amir said
that you'll give something to me.

Yeah, let's just go to my office.

I hope it's not some secret file.

-You won't be secret any longer.
-You two will be talk of the town.

The future I've always dreamed of.

More pictures.

Did I keep you waiting for too long?

I don't mind. It's all right.

I needed to go over some files.

So are you done?

Not allowed to give you the details.

But the bank is…
is trying to push a trade,

and I think they want us

to lie.

Hm.

Tricky, yeah?

Tricky spot.

Yeah.

Should I tell somebody?

There are situations
when we protect our own asses.

As long as it doesn't serve the powerful

at the expense of the weak.

You met Mohamed Rashed today?

Ah.

You did call your friend
at The Mirror today.

I made a call.

Definitely fluff.

What did you expect from The Mirror?

Mohamed Rashed is a nice man.

Was…

A stand-up guy.

But now, sweetie, everything has changed.

You're right.

You know it. I know it.
Everybody knows it.

We can't just keep talking and talking
and talking without taking action.

I'm not playing around here, understand?

I took this step
for the company's best interest.

-I'm willing to put my neck on the line.
-Oh boy.

Did he kick you to the curb, Jassem?

It's safer here. Bad mood again.

Talk to you tomorrow, and hopefully,
you'll change your mind. Goodbye!

-Jassem.
-Yes, Dad?

What's next?

-Here.
-Hm.

All day like this and he doesn't even eat.

Is he all right?

Oh my God! Is there a problem?

Something's bothering him,
something going on with National.

The president of National messed up.
He knows it's going to ruin the company.

-It's National Cement?
-Yes, National Cement.

-Papa's on the board there.
-Oh yeah?

You think I didn't know that?
Thanks! You got to be kidding me.

Tomorrow's the board election.

Dad's running for president of the board.

I think he's doing it
to defy the current president.

You think we're playing?
You think this is a joke? Damn it!

I'm pissed!

It's not a game!

Jassem!

It's just that things
are not really working out for him.

-Yes, Dad?
-Come here.

Next.

You calling to sing me a lullaby?

Unfortunately, I'm not.

I'm calling about my father.

-You tell him about the shorting?
I wouldn't do that.

Heard him on the phone today talking
about National and he was messed up.

He thinks they're doomed.

-It's about that deal that'll ruin them.
-Oh yeah, he mentioned that to me.

You've met before?

A couple of times. I met him through work.

Mm.

Amir's analysts were right about
short-selling the National Cement stock.

-They made the right decision.
-The price has been dropping anyway.

All we have to do
is accelerate the process.

My father's more involved than I thought.
He's a major investor.

I mean, he's even running
for the board's presidency.

-This will make it more delicate.
-Yes, it will.

I don't know if I'm supposed
to be loyal to the bank

or supposed
to be loyal to my father's interests.

I'm really torn between the two options.

High morals are a pain.

I can't tell you
which of your options is the winner.

But your father is a resilient man.

He understands what's up.

He can withstand one bad day.

He is your father.

So far this crazy day has been

hard with endless stress.

Tell me. What do you want from me?

-What?
-I'm bringing good news.

In the paper,
there's going to be an article.

My article.

I'm not here to worry you.

I don't want to create problems since
you're up for board president tomorrow.

-How do you know I'm running?
-Jassem.

Look, Munira, baby, listen.

My business dealings are mine.
And yours are yours.

I'm not that interested in what you do.

I tell you all of that
means nothing to me.

In my work, I get access
to very sensitive information.

I don't want to take part
or associate any bit with this.

To be honest,

I don't give a sh*t.

Well, have a good night.

Which newspaper?

-It's The Mirror.
-Mm.

Uncle Adib has pulled some strings.

It wasn't Adib.

-This is something I did by myself.
-Oh.

So?

Mohamed Rashed?

Reporter Mohamed Rashed.

Nice!

So, Jude, tell me.

How's school going?

It's okay.

My grades are good.

I know. I'm not worried about that.
I know how smart you are.

How are you feeling? I mean, you know…

How is it going? Do you like your classes?

How's your journalism assignment going?

Grandpa Adib's tutoring helps me a bunch.

I mean, with the article stuff.

He helped a lot.

But sometimes,
he takes things very seriously.

Grandpa Adib's like that.

You know what?

There's going to be
a newspaper article that I'm in.

-Really?
-Yeah.

But you've said

that it's not really a good thing
to draw that type of attention.

Yeah, that's the truth.

I didn't invite attention.

Attention just came to me.

I want good things to find us for once.

GULF CEMENT MAY FALL

THE PEOPLE'S MIRROR - THE FUTURE
IS NOW IN THE BANK OF TOMORROW'S HANDS

Let me pour you some tea.

-Good morning, everyone.
-Good morning, my dear, my sweetie.

Thank you.

Have you read the article yet?

What page?

Finance.

Mm.

THE FUTURE IS
IN THE BANK OF TOMORROW'S HANDS

"Unless some serious action is taken
to shake things up,

the National Cement Company's future
will fall apart."

"For the first time in many moons,

the industrial giant faces the danger
to a series of reckless bad choices

that have been taken
by board president at National."

Perfect timing, isn't it?

-Hey, I'll take the sugar, please.
-Sure, Dad.

How will this
impact the board elections?

It won't matter.

Hey, look here.

Mm!

Munira's famous. And Farida!

What's this about?

Nothing.
The paper just wrote an article about me.

About how nice you are?

"The future is with the Bank of Tomorrow."

Wow! What an article!
Why didn't you tell us before?

Our father knew.

Let me see the picture.

Mm.

What's up with your face?
Did you put your makeup on in the dark?

I swear, she looks scary.

Look at that beautiful Farida.

She looks stunning. She's glowing.

Well, well, well. Do you actually believe
you won the math contest?

It doesn't matter.

What matters is it's in The Mirror today.

No one can question it now.

"Working as an assistant requires
the ability to do mental math swiftly."

"Well, these ladies are able to."

"Their time has finally come."

-Listen.
-Mm.

"They could replace men in the workplace."

-"And that's what's up."
-That's what's up?

Oh yes, Sir.

THE PEOPLE'S MIRROR

"In fact, that's why Munira Hijazi

says the mathematics contest she joined
with her cousin,

and subsequently won,

was a formative experience…"

Yeah.

"…a notion that was questioned,
was challenged"

by Mom.

"They might be cousins,
but these math queens are competitive."

You should let that go.
It happened so long ago.

"But can they make their mark
on the financial sector?"

I think that it's possible.

"It is undeniable. They are here."

Yes!

"One thing we should talk about:

they both arrived
all glamorous, in style."

Bravo!

Wonderful!

Wonderful!

The best thing about this is
it was written by Mohamed Rashed.

-Meh!
-Now, look, Jude.

You must take this article

and show it to everyone in class.

Yeah.

Yeah, but, ugh, I don't know.

I guess this picture is…

-It's not Mom's best.
-Hm.

You're right. It's a little odd.

It's lovely.

Is that the dress that dad got for you?

Who cares what she's wearing?

Your mother is so smart.

-Sure, okay.
-Mm.

Mother.

I'll cut it out
and put it in an envelope for you.

Okay.

Get me some scissors.

Okay.

OIL PRICE BREAKS A NEW RECORD

GULF CEMENT MAY FALL DUE TO
THE STRAW THAT BROKE THE CAMEL'S BACK

Farida.

Good morning, queen of mathematics.

Of course you didn't answer, 'cause
you're not the queen of mathematics.

There can never be two queens.

Oh, come on!

Don't tell me you're so obsessed
with that fluff

you didn't notice
Mohamed Rashed's article, which…

…Amir and Saud made him write

to make the stock drop
for National Cement.

You don't get it.

Read it and weep.

-I read it this morning.
-Okay, tell me.

It shouldn't be so important to bring
them down when there are better trades.

Today is the day of National Cement's
board of directors election.

Who told you that?

Your Dad or, uh… Saud?

I found out myself.

So this means
that whoever wins that election

is the one behind this whole scheme.

We're nothing but…

…happy little pawns

in the hands of that person.

You're such a drama queen.

I'm the drama queen,
and you're the math queen, huh?

I'm angry about this.

Why are you pretending you suddenly care
about that fluff article?

Come on. Just open…
Open your eyes, Munira!

Saud made him write it to distract us
from National's scheme,

not because we deserve article!

Hey, that is not true.

-Mohamed Rashed got in touch with Saud.
-Of course you'd stick up for Saud!

Say it to me. Right now, say it to me.

-I will tell you.
-Then tell me.

There's an easier way
to get what you want.

What's that?

What's going on?

Move! Give us a little room!

I said move!

Some of you have baby daughters!

Go back to your desks
and mind your own business!

Go!

Sorry.

You all,

come to my office now.

Enough with the jokes.

What is the current strategy for National?
Where are we at?

While some people were playing celebrity,
we were spreading the word about National.

Would you like
a box of tissues for your tears?

-These clowns were clearly goofing off.
-Knock it off!

-What have you got, Hasan?
-Crescent and Sky will sell.

Family Bank and Alef Investments
needed a little convincing.

But don't worry. They're on board now.

And Mohamed Rashed's article
is going to help us a lot.

-We left copies everywhere.
-Impossible for traders to miss.

Bank Al-Kout owns the biggest share
of the National Company's stock.

They must sell,
or all we've done will be for nothing.

For that, we need help.

Farida could go talk with Khalifa.

I, what?

Why me? How come?

Because Khalifa is the one in charge
of those shares at Bank Al-Kout.

-And you're friendly with him.
-No, no, no.

I'd rather not. Please leave me out of it.

Listen to me.

I don't care how you feel about this,

whether or not you think
it's right or wrong.

All I know is that we're halfway there

and we must keep going.

We have no other choice!

You stay focused, and if you can't,
I will find someone.

Yes, sir.

Let's go.

You don't have someone to bring you tea?

You're handling accounts?
What's that all about?

Just a couple, a few of them.

But if I work a little harder,

I'll get the real promotion.

Wow.

I got featured in the paper
and you're getting good offers.

One tea without sugar.

One with milk.

You still remember Hasan and Walid's?

Mm.

Image of progress!

Speaking of articles, what did you make
of that piece on National Cement?

I think that Mohamed Rashed is wrong.

I heard some firms are selling
their shares. Haven't you heard?

Mm-mm.

I don't know. I'm just a…

just a new clerk.

You're a remarkable clerk,
who's going places.

-Here you are. It's hot.
-Thank you.

Gonna sell National shares today,
'cause if it goes south,

I won't be left holding the bag.

Walid, he's selling.

Walid, you heard the bell.

And you, do as you're told.

Let's go.

There's nothing left.
Right now, the price is good.

We'll buy from whoever,
so work on acquiring all the shares.

We can't lose. Keep this with you.

Make sure you take Petrochemics along too.

Be ready. Talk to your associates.
Organize yourselves.

I want it to be over with.
Don't waste a single second.

Thank you.

We're holding this celebration today
in honor of the heroes,

whose names shall be famous
at the stock exchange of Kuwait.

The team that ex*cuted the most legendary
shorting operation in history.

So men, meet the team.

I'm not just talking about the boys, huh?

Because we mustn't forget our…
our math queens.

You earned it! You earned it.
You did. Eat up.

Eat up, my friends.

Eat up. Go ahead.

All right.

Saud…

you did really great.

Excuse me.

-I should probably should be going.
-Where?

Jude. Jude.

Can you imagine I just found out

my father was elected
President of the National Cement board.

You see? I told you.
Your father could handle this.

This is the last time I'll ever allow
anyone to lie to me or play me for a fool.

Moving forward, I want in.

I mean it.

Hm.

Bon appétit.

I'm happy to do it for you

if you have more work to do.

No.

I want to do it, Roshen.

I know this is important to Jude.

Hi.

Hello, dear. Can I help?

Uh…

I have something
I need you to give my daughter, Jude.

Leave it here
and I'll give it to her when she returns.

When she returns?

-When she returns from where?
-Her father picked her up.

Her grandfather.

DAILY ABSENCE SHEET
JUDE OMAR AL-HASWI - HER FATHER

No, her father, Omar.

FATHER

So I…

I was going to surprise her.
Would you mind not telling her I was here?

As you wish.