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Hi, how are you?
Hey, Mr Bennet. Here we have.
- Let's see what you got. - You smell that? What is that?
- What? - What's that smell?
- Your cologne? - No.
- Opportunity. - No. Money.
- Oh... Okay. - I smell money.
- Okay.
- Chris... - Damn it. Sorry.
This is your basic mortgage bond.
All right? The originals were simple.
They were just thousands of triple A mortgages bundled together,
guaranteed by the U.S. government.
The modern ones are different.
They're private. And they're made up of layers of tranches.
Highest level, triple A, is getting paid first.
The lowest rated, B, is getting paid last, taking on defaults first.
Now, obviously, if you're buying B's, you could make more money.
But they're a little risky.
Sometimes they fail.
Chris?
Somewhere along the line, these B's and double B's went from a little risky
-to dog shit. Where's the trash? - Behind you.
I'm talking rock-bottom FICO scores.
No income verification.
Adjustable rates. Dog shit!
The default rates are already up from one to four percent, fellas.
And if they rise to eight percent, and they will,
a lot of these triple B's are going to zero, too.
And that...You're too close. ...is an opportunity.
Okay, you're saying that at eight percent the bonds fail
and we are already at four percent?
- That's right. - If they go to eight, it's Armageddon?
Yeah. That's right.
How come nobody's talking about this?
You're completely sure of the math?
Look at him. That's my quant.
- Your what? - My quantitative!
My math specialist. Look at him.
You notice anything different about him? Look at his face.
That's pretty racist.
Look at his eyes! I'll give you a hint.
His name's Yang!
He won a national math competition in China!
He doesn't even speak English!
Yeah, I'm sure of the math.
Actually, my name's Jiang and I do speak English.
Jared likes to say I don't because he thinks it makes me seem more authentic.
And I got second in that national math competition.
So, you're offering us a chance to short this pile of blocks? How?
With something called a credit default swap.
It's like insurance on the bond, and if it goes bust
you can make ten-to-one, even twenty-to-one return.
And it's already slowly going bust!
Ten-to-one? Twenty-to-one? No way.
And no one's paying attention.
No one is paying attention!
Because the banks are too busy getting paid obscene fees, to sell these bonds.
But wait. You are the bank.
Well, you work for the bank. I bet your margins are pretty nice and fat.
Let's not talk about my margins, by the way.
Being nice and fat, that's a nice shirt. Do they make it for men?
Aren't you the bank?
I work for the bank. I don't think like a bank.
Big bank, small bank, I like to make money. All right?
Let me put it this way. I'm standing in front of a burning house...
And I'm offering you fire insurance on it.
A's, zero. B's, zero. Double B's, zero. Triple B's, zero.
And then that happens.
What is that?
That's America's housing market.
verification - weryfikacja
triple - potroić
thousands - tysiące
thinks - myśli
think - myśleć
these - te
talking - mówić
standing - na stojąco
government - rząd
english - język angielski
bennet - Bennet
double - podwójnie
defaults - domyślne
level - poziom
default - zaniedbanie
competition - zawody
getting - coraz
front - z przodu
mortgage - hipoteka
mortgages - hipotek
happens - dzieje się
chance - szansa
eight - osiem
banks - banki
quantitative - ilościowy
obscene - nieprzyzwoity
could - mógłby
offering - oferując
taking - nabierający
authentic - autentyczny
tranches - transze
credit - kredyt
right - dobrze
buying - kupowanie
somewhere - gdzieś
anything - byle co
money - pieniądze
chris - chris
specialist - specjalista
about - o
close - blisko
along - wzdłuż
cologne - Kolonia
called - nazywa
going - chodzenie
guaranteed - gwarantowane
actually - tak właściwie
already - już
attention - uwaga
bonds - więzy
notice - Ogłoszenie
armageddon - armageddon
basic - podstawowy
blocks - bloki
highest - najwyższy
layers - Warstwy
bottom - dolny
adjustable - nastawny
modern - Nowoczesny
different - różne
racist - rasistowski
simple - prosty
burning - palenie
house - dom
housing - mieszkaniowy
little - mało
because - bo
lowest - najniższy
private - prywatny
insurance - Ubezpieczenie
likes - lubi
behind - za
makes - czyni
scores - wyniki
margins - marginesy
income - dochód
opportunity - okazja
national - krajowy
smell - zapach
obviously - oczywiście
together - razem
bundled - w pakiecie
originals - Oryginały
completely - całkowicie
rates - Stawki
sorry - przepraszam
china - chiny
paying - intratny
small - mały
percent - procent
first - pierwszy
pretty - ładny
quant - quant
rated - oceniane
jared - Jared
return - powrót
risky - ryzykowny
twenty - 20
saying - powiedzenie
shirt - koszula
Kliknij słowo lub podświetl zwrot, by zobaczyć jego tłumaczenie.
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