大空头

Is anybody jumping off of buildings yet?
为什么跳楼 次贷债券的价格居高不下
Why would they? Subprime mortgage bond prices are up.
什么
What?
温尼特想在收市前再投入190万抵押
Vennett wants $1.9 million more in collateral by close.
温尼特想让我们追加抵押
Vennett’s asking us to post collateral.
怎么回事
What the hell is going on?
不知道 但德意志银行在电♥话♥里要求付款
We don’t know, but Deutsche’s on the phone demanding payment.
给温尼特打电♥话♥ 让这混♥蛋♥接电♥话♥
Call Vennett. Call that little shit.
给温尼特打电♥话♥ 叫他赶紧滚过来
Call Vennett. Tell him to get his ass down here.
所以次级贷款断供了
So subprime loans go bad,
但它们组成的次级贷款债券
but subprime bonds, which are
反而升值了吗
made up of subprime loans, are more valuable?
我懂 但他们让我们收市前追加190万
I know. They want another $1.9 million by market close.
信用评级机构呢 穆迪公♥司♥和标普呢
What about the ratings agencies? Moody’s, S&P…
债务担♥保♥凭证和房♥贷债券的评级下调了吗
Are they downgrading the CDOs and mortgage bonds?
信用评级机构的评级如何
Where are the ratings agencies at?
评级保持不变
They’re the fucking same.
没变 还是AAA级
No, they’re all still AAA.
搞什么 你这是在逗我吗
What the hell? Are you fucking kidding me?
这群混♥蛋♥ 没良心的混♥蛋♥
Those fuckers! Those motherfuckers!
这些评级公♥司♥一公开上市
They go public, and all they
就只管自己的净利润
care about is their bottom line and their shit.
马克 这还没完
Hey, Mark, that’s not all.
摩根斯坦利风险部门的人来了
The Morgan Stanley risk guys are here.
他们找了陶凯茜
They called in Kathy Tao.
他们想说服她卖♥♥掉咱们的掉期交易
They’re trying to convince her to make us sell our swaps.
显然 他们认为套牢六年保险费
Apparently, tying up six years of insurance payments
坐等房♥地♥产♥崩溃
in hopes of a housing Armageddon
是一项不明智的投资
is not prudent investing.
那凯西说了什么
What did Kathy say?
还没 她一直问这是不是你的讨♥伐♥运动
Nothing yet. She keeps asking if this is one of your crusades.
那好 我想让你回到那房♥间
Okay, I want you to walk back in there
用冷静且礼貌的方式
and very calmly, very politely,
让这些风险评估师都他妈滚蛋
tell the risk assessors to fuck off.
然后你到标准普尔机构这和我碰面
And then meet me over at Standard & Poor’s.
我们找格鲁吉亚谈谈
We’re gonna talk to Georgia.
好的
All right. Okay.
让杰瑞德·温尼特给我滚过来
Get that fuck Jared Vennett in this office.
看我待会打爆他脑袋
I’m gonna bash his fucking head in.
先生们
Uh, gentlemen?
我刚和马克·鲍姆谈过了 他让你们滚蛋
I spoke with Mark Baum. He says to fuck off.
百老汇大道25号♥ 标准普尔评级机构
我啥都看不清
I can’t see a damn thing.
我的眼科医生一直都很忙
My eye doctor’s always busy.
所以我只好接受任何可行的预约
I end up taking any appointment they’ll give me,
然后整个上午就这么荒废了
and then the whole morning gets shot to hell!
那么
So…
好的
All righty,
顶尖基金公♥司♥的朋友们
FrontPoint Partners,
标准普尔有什么能帮到你们吗
how can Standard & Poor’s help you?
我们不明白为什么
Well, we don’t understand why
评级机构还没有下调次贷债券的评级
the ratings agencies haven’t downgraded subprime bonds
因为债券对应的房♥贷 断供明显在恶化
since the underlying loans are clearly deteriorating.
断供率确实让部分人担心了
Well, the delinquency rates do have people worried,
但这波动是在我们的模型预测之内的
but they’re actually within our models.
-那么… -口说无凭
– So… – Says you.
你确信这些债券对应的房♥贷
…you’re convinced the underlying mortgages
是可靠的吗
in these bonds are solid loans.
根据我们公♥司♥的观点 是的
That is our opinion, yes.
你看过发放贷款的数据吗
Have you looked at the loan-level data?
任何人 只要有信用评分
I mean, they’re giving these loans
都能随意拿到贷款
to anybody with a credit score and a pulse.
抱歉 先生你认为我们的工作是什么
Excuse me, sir. What do you think we do here all day?
我们不确定 所以才到这里来
We’re not sure. That’s why we’re here.
我不明白的是
Here’s what I don’t understand…
我们再三确认过了
We check, recheck, recheck again.
如果这些房♥贷债券这么稳定靠谱
If these mortgage bonds are so stable…
也许你该先检查下你朋友正不正常
Perhaps you could check your friend.
你是否有曾拒绝过
…have you ever refused to rate…
-这是痴人说梦 -我们相信这些公♥司♥
– Ma’am, that’s delusional. – We stand behind them.
格鲁吉亚 你是否拒绝过给这里的
Georgia, have you ever refused to rate
任何一家公♥司♥的AAA评级
any of these bonds upper tranches AAA?
我能看看这些交易对应的材料吗
Can we see the paperwork on those deals?
我没有义务与你们
I am under no obligation to share that information
或任何人分享这些信息
with you, whoever you might be.
回答我的问题 格鲁吉亚
Just answer the question, Georgia.
你能给出一个去年里 经你查证后
Can you name one time in the past year where you checked the tape
没能获得银行想要的AAA评级的例子吗
and you didn’t give the banks the AAA percentage they wanted?
如果我们不这么评
If we don’t give them the ratings,
他们就会去找隔壁的穆迪评级了
they’ll go to Moody’s, right down the block.
若我们不配合 他们就去找我们的对手
If we don’t work with them, they will go to our competitors.
这不怪我们 规则就是这么定的
Not our fault. Simply the way the world works.
-我的天 -现在你明白了吧
– Holy shit. – Yes, now you see.
我刚才什么都没说
And I never said that.
他们拿评级来卖♥♥钱
They’re selling ratings for fees.
像商店一样
A ratings shop.
你们不缺钱 别贪心
You can afford to make less. Make less.
没人这么说过
Nobody said that.
而且这不是我能决定的 我有上司
And it is not my decision. I have a boss.
你在逗我吗
Are you kidding me?
我没在和你开玩笑
No, I am not “Kidding you”.
如果是首次上市募股 你上级会怎么做
How’d your boss do on the IPO?
这就是你的立场吗
Is that the angle you’re taking?
-只要自己不是老板 -站着说话不腰疼
– So, now, anyone who has a boss – You’re obviously working for yourselves then.
违法都不会被追究责任吗
can’t be held responsible for doing shitty and illegal things.
你还是小孩吗
What are you, four?
不 我不是四岁孩子 鲍姆先生
No, I am not four, Mr. Baum. I am not, no.
我疑惑的是你们的来这的动机是什么
And I wonder what your incentives might be.
是不是评级如果变了
Is it maybe in your best interest
对你们有好处 是吗
to have the ratings change? Is it, perhaps?
你们持有多少信用违约掉期交易
How many credit default swaps do you own? Hmm?
但这不代表我是错的
It doesn’t make me wrong.
你是没错
No.
但这让你们看起来很虚伪
It just makes you a hypocrite.
操
Fuck!
房♥贷断供率不断上涨
Mortgage delinquencies went up
而债权担♥保♥凭证居然升值了 难以置信
and the CDOs got more valuable. Unbelievable.
-难以置信 -就是 走势太反常了
– Unbelievable. – We know. It’s completely backwards.
我刚给贝尔斯登公♥司♥的一位老朋友打电♥话♥
I just called an old friend at Bear.
他连抵押债权是什么都不知道
He didn’t even know what a CDO is.
是的 我刚汇给贝尔和德意志七万块
Yeah, I just had to wire Bear and Deutsche $70,000.
这太扯淡了 就像是二加二等于
It’s like two plus two equals
一条鱼
fish.
这里头有黑幕 我们碰上黑幕了
It’s rigged. We bought into a rigged game.
我们会输个精光
We’re gonna lose everything.
然后我不得不搬回家里和我妈住
I’m gonna have to move back in with my mom.
那可不行啊
Can’t do that.
我还有个灌肠的预约
All right. Well, I got a colonic appointment.
等等 本 别挂
Wait a minute. Hold on, Ben.
本 听着
Ben, look.
要么是银行还没意识到
Either the banks are clueless
这些抵押债权的真实价值
and they don’t know how to value these CDOs,
要么他们都是骗子 拼命掩盖
or they’re such crooks that the CDOs are worth shit
这些债券都是垃圾的真♥相♥
and they’re hiding it.
我觉得咱们应该买♥♥进更多掉期
I think we should buy more swaps.
你说什么
What?
闭嘴然后付钱 咱们签过合同的
Suck it up and pay up, fellas. We made a deal.
不行 不行
No way! No!
你在逗我吗 还有脸过来
Are you fucking kidding me? You coming here to…
你认真的吗 你觉得这是闹着玩吗
Are you serious? You think this is a game?
不不不
No. No. No. No. No.