大空头

好吧
Okay.
两年前 本尼·克里格在摩根的债券部门
Two years ago, Bennie Cleager in Morgan’s bond department
也在做空次级房♥贷 二十亿做空3B级公♥司♥
also started shorting subprime housing, $2 billion in BBBs.
本尼比我想的要聪明
Bennie is smarter than I thought.
不 一点都不聪明
No, he’s not smart at all.
掉期信贷的溢价吃掉了他的利润
The premiums on the swap ate into his desk’s profit.
为了掩饰他在BBB的做空
To cover his BBB shorts,
他卖♥♥了很多A级和AA级掉期来自保
he sold a lot of A and AA swaps as protection.
非常多
A lot.
他相信它们是不会被影响到的
He believed that there was no way that they could be affected.
告诉我摩根斯坦利没有这些互换信贷的合同
Tell me Morgan Stanley doesn’t hold the contracts on these swaps.
操
Holy shit.
这段时间我一直都
All this time I’ve been
在想我到底在跟谁赌
trying to figure out who I’m betting against,
没想到是摩根斯坦利
and it’s Morgan Stanley.
也就是我自己
Which is me.
风险敞口是多少 三十亿吗
What’s your exposure? $3 billion?
拜托 别跟我说超过四十亿了
Please, don’t tell me it’s more than four.
我不能回答 我不能回答你
I can’t answer that. I can’t answer that.
可以的 你说的出的 因为我走进这里
Yes, you can answer that, because I walk in here
看到你手下的人都在走廊里哭天喊地的
and people are crying in your hallway.
凯西
Kathy,
你把我带进来然后告诉我没事的
you bring me in to tell me everything’s fine,
但根本不是这样
and everything’s not fine.
到底 发生什么事了
What, what is happening?
多头敞口是
The long exposure is…
150亿
…$15 billion.
老天爷啊
Jesus!
他一直说违约金不可能超过8%的
He kept saying defaults over 8% were impossible.
我的天呐
Oh, my God.
还说会有100万人无家可归呢
That there would be a million homeless!
是啊 但我们跟摩根斯坦利可没关系
Yeah, but we have nothing to do with Morgan Stanley.
告诉破产法♥院♥
Tell the bankruptcy court.
如果摩根破产 我们的钱就都归他们了
Morgan fails, all our accounts go on their balance sheet.
真是疯了
It’s just crazy.
摩根自己打的烂赌
Morgan makes the sucker’s bet
要我们替他还赌债
and we pay their fucking gambling debt?
做空银行股 然后等
Short the bank stocks. Then we wait.
或者等市场开 卖♥♥掉我们的掉期信贷
Or we sell our swaps when the market opens.
我们拿奖金 投资人拿收益
We get our bonuses, our investors get their profits, we get…
我们能拿到30% 凑活了
What, 30 cents on the dollar? It’s not bad.
我们值三倍好嘛
We’re three times that.
但如果没有市场卖♥♥就不一定了
Not if there’s no market left to sell them in.
别管了 我们是不会去救他们的
Forget it. We’re not giving out any lifeboats.
如果摩根沉了 我们就什么都没了
If Morgan goes under, we end up with nothing.
维尼
Vinnie.
天呐 拜托 要我说就卖♥♥掉
Jesus, come on. I say when we sell.
我知道这对你来说还有私人原因在
Look, I get that this is personal for you,
但我们有信托责任
but we have a fiduciary responsibility.
不 不 我们没有
No. No, we don’t.
反正也没人负责
Nobody’s acting responsible.
去他妈的责任 你是在逗我吗
Fuck responsibility. Are you kidding me?
让那些大银行的混♥蛋♥去负吧
The assholes at the big banks will take…
你们有什么想吃的吗
You boys want any appetizers?
我们有事谈
We’re talking, please!
-不用管我们 -抱歉
– Excuse us. – Sorry.
我们等 然后等
We are going to wait, and we are going to wait,
一直等
and we are going to wait
等到他们感受到痛 等到他们开始流血
until they feel the pain, until they start to bleed.
-这就是我想要的 -但我们的客户怎么办
– That is what I want. – But what about our clients
他们把积蓄都托付给我们了
who’ve entrusted us with their savings…
我说我们卖♥♥掉的时候
I say when we sell.
这不是在说你
This isn’t about you.
也不是说你和你上东区的
This isn’t about you and your Upper East Side
-红木皂盒 -注意点
– mahogany soapbox. – Hey! Hey!
我说我们卖♥♥掉
I say when we sell!
你说了算 马克
Whatever you say, Mark.
兄弟 你看新闻了吗
Dude, did you hear the news?
好吧 所以不光是贝尔斯登的
Okay. So, not only do two mortgage hedge funds
两个的抵押债券对冲垮了
backed by Bear Stearns go belly up,
现在还针对贝尔来了一场集体诉讼
but now there’s a class-action lawsuit against Bear.
操
Holy shit!
加油 踩 踩
Let’s go! Push! Push!
所以呢 贝尔可能就真的完蛋了
So, what? Bear could really collapse here.
-我们真的不该冒这个险 -所以呢
– This is a risk we really shouldn’t take. – Then what?
我们80%的掉期在贝尔买♥♥的
We bought 80% of our swaps at Bear.
-我们会损失一切 -所以呢
– We’d lose everything. – So what?
-先生 -稍等
– Hey, sir? – One second!
这是我的观点
That’s my opinion.
我们买♥♥了这鬼东西
We bought these fucking things.
完全不知道怎么卖♥♥掉它们
We have no clue how to sell them.
我知道 我们必须要找本来卖♥♥
I know. We have to get Ben to do it.
我试过联♥系♥他 但他不会回电的
I’ve been trying to call him and he won’t get back to me.
不 他和他老婆一家在度假
No. He’s on vacation with his wife’s family.
他们在英国
They’re in England.
什么
What?
本 放轻松
查理 你电♥话♥坏了吗
杰米 我很平静 查理倒下了
本 美银不要
本 大摩还没回
杰米 操
本 太早说这个了
-本 你好啊 -小伙子们
– Hello, Ben. Hey. – Guys?
我们在呢 你听得到吗
Yeah, we’re here. Can you hear us?
-小伙子们 -我们听到你了
– Guys? – Yeah, we got you.
我这里几乎没有信♥号♥♥ 也没无线
Yeah. I hardly got cell phone or Wi-Fi service.
我要努力卖♥♥2亿证券
I’m trying to sell $200 million worth of securities.
在一个酒馆里 味道像羊
In a pub. It smells like sheep.
你能做到的
You can do this.
我不想催你 本
I don’t want to pressure you, Ben
但你要是不答应的话 我们就全亏了
but if you don’t pull this off, we lose everything.
好吧 我去问问看瑞信有没有兴趣
All right. Let’s see what Credit Suisse’s appetite is.
这里是棕地基金
This is Brownfield Fund.
我想卖♥♥一些信用掉期互换
I want to unload my credit default swaps.
好吧 你有什么
All right. What you got?
20个AA级资产支持证券的担♥保♥凭证
Twenty AA tranches of A.B.S. CDOs.
资产支持证券 这些有很差吗
A.B.S.? Are these… These are pretty bad?
非常差 屎一样
Absolutely. They’re complete shit.
多少面值的
What’s your notional value?
2亿5百万 美金
Face value is 205 million. Dollars.
好吧 40
All right, we could, we could go to forty.
不行 至少1个亿
No. We want at least 100 million.
1个亿 你是谁啊 毒枭还是银行家
100 million? Who are you, a drug dealer or a banker?
你要是银行家 就给我滚出去
‘Cause if you’re a banker, you can fuck right off!
我们不知道能不能做市
I don’t know if we can make a market.
你最高能给多少
Just give me your best price?
给1个亿给我啦
Yeah. Chuck 100 million in for me, mate.
我们离太远了
I think we’re far apart.
你要是不想做我们就不多说了
Look, if you don’t want the deal, you can just hang up.
我是这么想的
That’s what I thought.
-9千万 -7千
– 90 million. – 70.
8千5
85.
-7千8 -8千4
– 78. – 84.
-7千8 -8千4
– 78. – 84.
这里是柏利博士
It’s Dr. Burry.
看来金融业的崩溃已经来了
Looks like the collapse of the financial sector is imminent.
我们开始卖♥♥持仓
Let’s start to sell my position.
总共13亿
It’s $1.3 billion.
行 我等着
Sure, I’ll hold.
您在赛恩资本盈利共4亿8千9百万已存入您账户
不用谢
我是对的
So, I was right.
我拿屎拿了两年
I took a rash of shit for two years, but
但我是对的