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00:00:10¡SuscrÃbete al canal!
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00:04:38No, no, no, no, no, no.
00:04:50Yeah, well, I mean, maybe it's time we, uh, meditate on how we catalyze the audit that kills them.
00:05:01What would Eric's take be on that?
00:05:04How should I know?
00:05:06He decided not to be here.
00:05:37Shut the door.
00:05:46¡SuscrÃbete al canal!
00:06:09I need you to focus.
00:06:15I've been thinking about going to the authorities all night.
00:06:17Why shouldn't I?
00:06:19You already know.
00:06:20Why you didn't go or you would have gone.
00:06:23I'm an accessory.
00:06:25You're the face of the company.
00:06:26An accomplice.
00:06:28Fraud, embezzlement, market manipulation.
00:06:31Hire the cream of the legal crop.
00:06:32You're not escaping jail time, Henry.
00:06:36So.
00:06:39Why write me that letter?
00:06:41Think of the optics if my CEO went AWOL now.
00:06:47Besides, we're close enough for honesty.
00:06:51Fuck yourself.
00:06:53Everything we have done since we partnered has been true.
00:06:57Why let them rob us of our glory for what was, at the time, necessary balance sheet imagination?
00:07:03Our share price will continue to recover.
00:07:06Tener 2.0 has successfully transitioned us into real revenue and phased out inflated third-party acquisition for us.
00:07:14Fake.
00:07:17Do you start using the fucking word?
00:07:19Fake.
00:07:21I watched Stern Tower's presentation, which part of it was wrong.
00:07:25Exactly.
00:07:26It's simply a misalignment between the velocity of my vision and the velocity of regulation.
00:07:30And that gap is where smart people have always made money.
00:07:34Henry, look at me.
00:07:37I have to buy time.
00:07:40Make a clean audit as protracted a process as possible.
00:07:44Delay and complicate until some of our, uh, overrepresented cash flows can be swallowed by a much larger balance sheet.
00:07:51How?
00:07:53Targeted acquisition.
00:07:56Hostile takeover.
00:07:57Because this is as simple as saying that, right?
00:07:59How the fuck would that even work?
00:08:02A few months ago, when you said we should increase our stake in Pierpoint,
00:08:07I used Cayman and Luxembourg SPVs to build an undisclosed synthetic position to buy shares in Pierpoint.
00:08:17Al Mirage, you're spinning Pierpoint out.
00:08:20They've been looking for an exit practically ever since they bought the old bitch.
00:08:23Do you even know what you sound like?
00:08:25This is how it's going to play.
00:08:27We say, due to a transformational merger, any audit must reflect pro-formic consolidation.
00:08:38We need to hire more advisors.
00:08:39Since you unwisely fired my auditor of choice, we have to add intermediaries.
00:08:42Add complexity to the, uh, jurisdictional file of Iwata's us, plus the media smokescreen of a turbo-bullish headline.
00:08:54I don't think there's a single person on Earth who thinks like that in this scenario.
00:09:00No, you're lucky you have me.
00:09:08What do I, what do I do?
00:09:11Believe in us.
00:09:15One more time.
00:09:19Whitney, the board's convening in an hour.
00:09:29Well, I'm sure it hasn't gone unnoticed for the Secretary of State that there are whispers in the city that
00:09:35some of the tender profits are as real as a stripper's affection.
00:09:39Well, I'm sure his colourful, roguish language will continue to play well for the Andrew Tate clones and Russian bots
00:09:45who like all his posts.
00:09:46This shouldn't descend into cheap point scoring.
00:09:48It is clearly in the public interest to understand what position tender is now in.
00:09:54And what risk it might now pose.
00:09:56Agreed.
00:09:57So let's ask the Secretary of State to just explain the nature of her interactions with tender senior management.
00:10:03Sebastian, as a former entrepreneur yourself, you well know that ministers routinely meet with a large number of business leaders,
00:10:10stakeholders and industry representatives.
00:10:12All such meetings are conducted in line with the ministerial code and they are properly recorded in transparency returns.
00:10:17But people are saying that you and your department were in bed with tender senior management and expedited their licenses
00:10:23and approvals in search of good headlines.
00:10:25Expediting licenses? I mean, that is a serious allegation you're making against the minister personally there.
00:10:29Yes. Do you have proof?
00:10:30Is what you're saying is a deliberate inflammation of totally normal practice?
00:10:34So you are in bed with them?
00:10:35Look, I'm not in bed with anyone apart from my husband. Sorry, you...
00:10:38You're almost in a scoop there.
00:10:39Yeah. You have no proof.
00:10:42Look, I understand the mainstream media hasn't deemed this front page news yet, but people's lives and their hard-won
00:10:48finances, they don't play out in the business pages.
00:10:51These are real people. This is real money.
00:10:53These are not pieces on Whitehorse chessboard.
00:10:56Lisa has made a career attacking conservative, cozy contamination of party politics and business beliefs.
00:11:02All I would say to your listeners is sometimes when you are shown a hypocrite, all you can do is
00:11:08hand them a mirror.
00:11:09Look, we've heard the spiel and we don't need to hear it again.
00:11:12Far more important is the question of how vulnerable this bank is.
00:11:15There are suggestions from the business secretary you have seen on social media.
00:11:18Alexander, um, are you in London?
00:11:26What's the blast radius of this fucking thing? How big could it get and how quickly?
00:11:31We were doing our jobs and fulfilling the PM's brief.
00:11:34The insistent messaging about post-Brexit dynamism.
00:11:38The amount of bastard times he said to me,
00:11:39Lisa, we can't keep losing contracts to Frankfurt and Dubai.
00:11:42Make the world feel we're pro-enterprise.
00:11:44If you think deflecting blame to number 10 is going to help your cause, I'd advise a rethink.
00:11:48We don't know what we're dealing with yet.
00:11:50We may have been elected with a sandcastle majority,
00:11:52but it doesn't mean the PM needs to govern like a shit-scared Kremlinite.
00:11:55We're not going to wear that risk.
00:11:56What's stopping us flushing this out, calling our own audit?
00:12:00We can't mark our own homework.
00:12:02For fuck's sake.
00:12:03And what does a fucking self-inflicted bailout do to our sandcastle majority?
00:12:10The PM's going to want a fucking name.
00:12:19Thanks for not throwing me to the wolves.
00:12:22I'd probably stand up for David Cameron against that.
00:12:25Toadie gobshite!
00:12:27Can I offer you an apology?
00:12:30Spare me.
00:12:31I backed you, and then I watched your naivety play out in slow motion.
00:12:36Maybe we can ride this out.
00:12:37How many off-book meetings did you have with tender management?
00:12:41How many times did the mugs pick up the tab?
00:12:43How frequently are you recorded as being in their offices or their home?
00:12:47Make no mistake, if this flares up anymore,
00:12:50they'll throw a body overboard before politics hour,
00:12:52and your answer to those questions is more damning than mine.
00:12:56Sorry.
00:12:57Sorry.
00:13:06Yasmin, it's Jenny.
00:13:08Um, thanks for reaching out.
00:13:11Listen, I-I do think I need to speak to Norton
00:13:15and Kevin from the Red Top.
00:13:17Kevin thinks the Prime Minister is a Marxist, Jenny.
00:13:20I mean, he makes Marine Le Pen like a Lib Dem councillor.
00:13:23I still think I am going to need the help of the Norton tabloids.
00:13:27I'm just...
00:13:29I'm trying to see how I'm going to land in the fallout.
00:13:32You sound a little scared.
00:13:35I just need to understand my options.
00:13:37I need to be smart.
00:13:39Yeah, okay.
00:13:40Well, look, I'm here to help, so let me see what I can do.
00:13:43All right?
00:13:51Sounds like they're scrambling.
00:13:54Yeah.
00:13:55Look, it's best for the family to start shaping a narrative
00:13:59that shifts the blame to the right place.
00:14:05Labour's relationship with Halberstrim
00:14:06predates Man and Henry's involvement in the company.
00:14:10I-I think that's the story.
00:14:13I think we should use the tabloids.
00:14:15Kevin.
00:14:21He's the right man for this.
00:14:24You know, if we splash with this,
00:14:26leave with the government,
00:14:27I don't think there's any way the company survives.
00:14:30Would he factor that in?
00:14:34I-I-It's what's best for the family.
00:14:39Yes, you keep saying that.
00:14:43Maybe there's no need for me to put this delicately, but...
00:14:47May I inquire about the status of your marriage?
00:14:53You've seen my marriage, Alexander.
00:14:56His behaviour is treatment of you.
00:14:59It hasn't improved.
00:15:02You know, I-I'm not saying that I'm blameless.
00:15:07You know, and there are high highs.
00:15:11But the lows are low.
00:15:15You know, he's unfaithful.
00:15:18I know he's an addict, but...
00:15:20He's relapsed.
00:15:21Drink?
00:15:23Drink?
00:15:24Definitely booze.
00:15:30I'm not sure about the rest.
00:15:31I mean, I know that...
00:15:33He's a cocaine user.
00:15:39And I know he's used heroin.
00:15:49Often.
00:15:57Often.
00:16:01Often.
00:16:07¡SuscrÃbete al canal!
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00:18:53¿Crees que yo capaz de eso?
00:18:57SÃ. SÃ, sÃ, sÃ.
00:18:59¿Y le ha respondido a tu pregunta?
00:19:10¿Ya?
00:19:11Wilhelmina, estamos en la hora de verlo.
00:19:13Estoy warnando que estoy haciendo una gran cantidad de blowback
00:19:16sobre las tiendas de la headlines.
00:19:17Vamos preparar para mañana, AGM.
00:19:19Hay rumores de un almiraj term sheet floating around.
00:19:21Oye, es que estás siendo soldado.
00:19:23Clean structure, laughable leverage ratio.
00:19:26That is not entirely inaccurate.
00:19:31¿Qué le precian a?
00:19:321.2 times book and 90-day clawback window.
00:19:37You're not far off.
00:19:38The pricing is to go.
00:19:40Well, uh, let's speed it along for you.
00:19:46Henry, I saw you say.
00:19:58El almiraj never loved you
00:20:01and had no idea what to do with you.
00:20:06We could be a transatlantic giant.
00:20:09You're not buying a fucking lollipop, for Christ's sakes.
00:20:12There's stakeholder optics, governance, a process.
00:20:16Then give the floor to me.
00:20:17Well, how do you mean?
00:20:18At the AGM?
00:20:19No, you have no formal standing.
00:20:21You have the power to cede the floor to me under special motion.
00:20:24You're not a stakeholder of record.
00:20:26It should be known that we're holding Pierpoint stock
00:20:28under a number of nominee structures
00:20:30and we're an important strategic partner.
00:20:31I don't have to be noisy about price suppression
00:20:33or, God forbid, talk about the undeclared sovereign wealth
00:20:36in your recap structure.
00:20:38What? It doesn't exist?
00:20:40Well, me saying it's almost as bad as it's existing.
00:20:43Or I could leak my counter-evaluation of the press
00:20:46or worse say that, uh, Al Mirage is a distressed seller
00:20:51in no position to make a strategic exit.
00:20:54I'll tie cinder blocks at the Pierpoint price
00:20:56and throw it in the Hudson.
00:20:59Yeah, point made.
00:21:02You want to use our AGM to declare a hostile takeover?
00:21:05Hostile without hostility.
00:21:07I want to offer a premium.
00:21:10Al Mirage wants out.
00:21:12Let's give them above-market print.
00:21:14You'll get your clean, attractive exit.
00:21:18And a halo for everybody's fucking news cycle.
00:21:21Look for two smiles in the crowd.
00:21:27Making our final approach to Newark shortly.
00:21:37This would be so much easier if we could just go...
00:21:39Sorry about how we covered your old man.
00:21:42Ghastly stuff you went through.
00:21:44Don't worry.
00:21:44He was a bastard.
00:21:46Well, that was the angle that sold, yeah.
00:21:49Hi.
00:21:49I need to run and grab Jen.
00:21:53Take your seat, Jenny.
00:21:57We know it almost feels like it's sort of getting on top of you.
00:22:00But don't worry, you're with friends.
00:22:02You know, we have a road map.
00:22:03No-one's going to ask you to do anything.
00:22:05You can just sit there and listen.
00:22:07You don't need me to tell you how radioactive this is for the government.
00:22:12Someone's going down for it.
00:22:14And Lisa is already feathering her nest.
00:22:16Well, if you heard.
00:22:18You don't get to her position by acting impractically.
00:22:22I mean, she's positioning herself to come out of this as the adult in the room.
00:22:28Jenny, did you ever raise any red flags about Tender?
00:22:34Did you feel stonewalled by top-down expectations?
00:22:38I haven't had a chance to reckon with any sort of hindsight.
00:22:42Um, pressure to help party leadership.
00:22:48But Lisa was always the cautious one.
00:22:50Yeah, see, I'd cut that.
00:22:53The messaging's pretty simple.
00:22:55You were a young, dissenting voice, overruled by grim, old bureaucrats.
00:23:01Your warnings were ignored.
00:23:03You know, you were principled, youthful, uncontaminated.
00:23:07But you know how much of this I was driving.
00:23:10I mean, I was a guest at a private residence, for fuck's sake.
00:23:13I am the tainted one.
00:23:14But nobody knows that.
00:23:17I'm not going to tell anyone.
00:23:19And if that's true, why'd you even need me?
00:23:21The solution's pretty fucking clear.
00:23:23If this goes from Paige, the company is finished.
00:23:27I have deniability.
00:23:29I was just one of thousands of global employees.
00:23:41What would you need?
00:23:43Anything.
00:23:44Memos, minutes, documents that can overstate the case for Lisa's proximity to Tender and communicate.
00:23:51Her passion for it to succeed at any cost.
00:23:55Lies.
00:23:57Points of emphasis.
00:24:12Journalism shouldn't be about myth-making for an aristocratic class.
00:24:19I-I-I can't.
00:24:22Lisa brought me into government.
00:24:24I wasn't even going to run.
00:24:26But she-she lobbied the National Executive Committee.
00:24:29She pushed for the safe seat.
00:24:31What were you hoping would happen in here?
00:24:33Exactly.
00:24:34No, no.
00:24:34But when it's laid out like this, so brazen, I-I-I can't do that to her.
00:24:39Look, this-this entire conversation is off the record, all right?
00:24:44All right?
00:24:44Naturally.
00:24:51We appreciate your-principles.
00:24:58Honestly, these women are hilarious.
00:25:01How do they think this ends?
00:25:03If Bevan's not going to play ball, we need to figure out another way to stick this on Derm.
00:25:07Well, what if we picked it up from another source?
00:25:10I mean, surely then we avoid direct liability for sourcing and verifying and leak.
00:25:15If there is a leak, a memo, pick it up and make it pop.
00:25:21Smart can say we're reporting public domain, let's risk a defamation claim.
00:25:26Ideally, it would be an investigative outlet out of an ear of credibility.
00:25:30By the time we publish, Westminster will be aflame with the early report and we can confirm it as a
00:25:35coup de grace.
00:25:36These amateurs want to test the media food chain.
00:25:38Maybe the front page of a red top can still turn a minor outlet's work into a fully-fledged fucking
00:25:46career-ender.
00:25:50Don't sound so excited.
00:25:53Just leave it with me.
00:25:56Great to meet you, Kevin.
00:26:01Hard fucking bird.
00:26:13Happy to see me?
00:26:15Why is that impossible now?
00:26:17I'm actually a little more than surprised.
00:26:26So, this is the nerve center.
00:26:30Where is everyone?
00:26:32It's just me this afternoon.
00:26:37Lonely?
00:26:39Always.
00:26:49How have you two not killed each other yet?
00:26:51He exited the fund.
00:26:53Maybe we finally did.
00:26:55Coffee?
00:26:58Thank you.
00:26:59Mm-hmm.
00:27:03So, um,
00:27:05I have it on good authority
00:27:06that Dern and Bevan have been in the Norton offices all morning.
00:27:10Hmm.
00:27:11Trying to save face and torch the other.
00:27:13Cover-up is on, huh?
00:27:15Yeah, the whole thing stinks.
00:27:17I can personally verify that government officials were far too close to tender management.
00:27:23I mean, the pressure.
00:27:25They wanted everything done yesterday.
00:27:27I remember Dern introducing Henry at Web Horizon.
00:27:30Wasn't Bevan at Henry's 40th, or am I misremembering?
00:27:33Yep.
00:27:34At Dan's request.
00:27:35But it goes far deeper than that.
00:27:37I mean, Dan was always in our offices.
00:27:39You know, the whole cabinet saw her as an anti-business trade union lover.
00:27:45She wanted to use tender as an antidote to that.
00:27:47A trophy.
00:27:49Well, maybe Diger missed a big piece of the story.
00:27:52No, I think this is the story.
00:27:59And then there was the memo.
00:28:06What memo?
00:28:08Bevan says that Dern told her department to bury a briefing note.
00:28:13Tender represents a risk to UK regulatory credibility type of thing,
00:28:17and it was suppressed at a ministerial level.
00:28:22FCA, PRA, National Audit Office?
00:28:24Well, I don't know.
00:28:26Like I said, I didn't see it.
00:28:28This is just what I was told.
00:28:35You'd bet a political firestorm would speed the end of the company.
00:28:40You ought to have to bet, not mine.
00:28:46Questions in parliament, public inquiry, independent audit of the government's interactions with the company.
00:28:53Maybe a government-mandated audit and tender.
00:28:58Don't fuck me around, Yaz.
00:29:00Come on.
00:29:01Be blunt.
00:29:02What are you asking me to do?
00:29:06I'm working on my own.
00:29:09Escape.
00:29:11I'm managing the timing of my resignation and also steering people to know that I was a constant, lone, dissenting
00:29:17voice in the company.
00:29:19You weren't though, right?
00:29:23What difference does it make?
00:29:28Our interests finally align.
00:29:33Get this in front of someone willing to write about it.
00:29:37The share price isn't going to tank itself.
00:29:42Help me help you.
00:29:48The wake was a riot with a beautiful eulogy from his mother.
00:29:55Jim was very honest in his dealings with me.
00:29:58Trust me, I tested him.
00:29:59There was no personal financial angle at all.
00:30:06I, uh, I heard from someone that warnings were made and ignored about tender, that Labour's business department aren't now
00:30:16at war, passing the buck.
00:30:19Well, your, um, sweet pea-go-likely got quite close to bringing us an insider, or so she made it
00:30:25seem.
00:30:27You should probably all leave journalism to the journalists.
00:30:32Look, there's, there's talk of memos.
00:30:35A top-down culture of act now, questions later.
00:30:40Yasmin Muck, who ran their comms repeatedly, raised concerns again on deaf ears.
00:30:46Do you have access to these memos?
00:30:49No, no, I'm told they exist.
00:30:53What do you want me to do then?
00:30:55Frame the article as a question.
00:30:58Don't name me.
00:30:59Call me an insider, a market source, whatever.
00:31:04No one else has this.
00:31:06You can be cautious in your wording, but any question is provocation.
00:31:11The public's money is tied up in this.
00:31:16Either your face does this amazing thing when your concerns become moral, your eyes soften like you're trying to trick
00:31:24your physiognomy into telling yourself you actually care about this shit.
00:31:31I'm tipping you off on a huge story.
00:31:33Has that been lost in the wash?
00:31:35Make some calls.
00:31:36Whitehall, the regulators.
00:31:38Build it out.
00:31:39That's not my job.
00:31:42Good opportunity for you to carry Jim's torch.
00:31:44Don't do that.
00:31:46Jesus Christ, let's, let's all agree that that, that there is fucking grotesque.
00:31:51Jesus.
00:31:55It's like the saddest fucking thing in the world.
00:31:59What's that?
00:32:03Unfulfilled potential.
00:32:04Unfulfilled potential.
00:32:13Unfulfilled potential.
00:32:17Unfulfilled potential.
00:32:22Unfulfilled potential.
00:32:24Unfulfilled potential.
00:32:25Unfulfilled potential.
00:32:25Unfulfilled potential.
00:32:25Unfulfilled potential.
00:32:25Unfulfilled potential.
00:32:48No, no, no, no, no, no, no.
00:33:13No, no, no, no, no, no, no, no.
00:33:34No, no, no, no, no, no.
00:33:38You're that drop phone.
00:33:42The identical model to the one you often stare at.
00:33:45The one you rarely turn on.
00:33:47The one you take the sim out of.
00:33:48Power it on when you land it and auto-connect it to the airport's Wi-Fi.
00:33:53Fuck!
00:33:54Fuck!
00:33:55That airport is a surveillance choke point.
00:33:58The calls to your fixer and the subsequent ability to map the flow of cash exchange around the calls.
00:34:03First payment of $120,000 to Sunpath Living Residential Solutions?
00:34:09The Jihatsu disappearing company in Saitama prefecture?
00:34:13These night-moving companies aren't the real deal.
00:34:16It's like witness protection.
00:34:18Someone wants to find you, they'll find you.
00:34:21Please, please, just let me catch my flight and disappear.
00:34:23You won't hear from me again.
00:34:24It is not an option.
00:34:27While Tanda has a pulse, it remains a very useful data set.
00:34:32So what if it died to go with it?
00:34:37On the contrary, you'll stick around and face the consequences of your actions without implicating me.
00:34:45Us.
00:34:47Escape is a fantasy.
00:34:49You're only hearing this because they want you to.
00:34:52You no longer exist outside their tolerance.
00:35:00And the journalist, Diker, did you, uh, finish him, too?
00:35:10You learn very fast that compliance is the only logical path.
00:35:15Continuum to the AGM and everything can be compartmentalized.
00:35:19Tender Bank Pierpoint opens up an entirely new data set.
00:35:23Tender's the future.
00:35:26Tender's real.
00:35:29Tender's beautiful.
00:35:32Just act like the great lie of your life is not that different from its only truth.
00:35:36You're world-class at this performance.
00:35:40I'll find the version of you that fucking remembers that.
00:35:47Go.
00:35:48Off you, fuck.
00:36:09What did you argue for?
00:36:10Go to sleep.
00:36:11Who the fuck was that?
00:36:13Someone held money to.
00:36:14Fucking who?
00:36:15Just a guy I see when I'm here, okay?
00:36:17What guy?
00:36:18Just a fucking guy.
00:36:22What, you never fucking paid for it?
00:36:23Go to sleep.
00:36:36Did you see the story that ran on Fin Digest overnight?
00:36:41Fin Digest?
00:36:42It's a digital fucking pamphlet.
00:36:44Proper drilled into your department's cosiness with Tender C-Suite.
00:36:48I got a pre-publication notice from the tabloids on the back of it.
00:36:53They picked it up and now Norton wants to position you as Tender's chief governmental architect.
00:37:03Not much spin we can put on your dozen or so Tender office visits, your introduction of Henry to Webberizon
00:37:11or your photo op with him.
00:37:12What about their reporting of a suppressed internal risk assessment warning against Tender's rollout in the UK?
00:37:19You know this is prefaced by sources claim because it doesn't fucking exist.
00:37:24Your initials are on the provisional authorisation merger and the granting of Tender's UK banking licence that followed hard behind
00:37:32it.
00:37:32And what else did those minutes show?
00:37:34The moment you walked into that meeting endorsing the PM's wishes it became a done deal.
00:37:39Funnily enough, Norton and his bullshit complex didn't mention that.
00:37:42Who else?
00:37:43Which regulators didn't you hit?
00:37:44How many red flags did you torch before those cowards could run them off a flagpole?
00:37:49Wow.
00:37:50Does sound enough make you feel better?
00:37:54All right.
00:37:56Quit yourself if you're charged for I have long been prepared.
00:38:00Excuse me?
00:38:02It's what Anne Boleyn said before the blade kissed her pretty white neck.
00:38:07It means get the fuck on with it.
00:38:10I accept ministerial responsibility and I will weigh resignation as appointed principal.
00:38:17Okay?
00:38:19Like fuck you, Will.
00:38:21The PM's expecting your resignation letter on his desk before the story runs.
00:38:29Short and sweet.
00:38:31To his point.
00:38:33You're always too romantic, Lisa.
00:38:37You mean secatruity.
00:38:40No, I don't.
00:38:57We remain well capitalized with a core tier one capital ratio of 10.8%.
00:39:04It's terrible.
00:39:06Not feeling myself.
00:39:07Now, as ever, I would like to close my remarks by saying that we at On The West Pierpoint pride
00:39:13ourselves on our proximity to regulators.
00:39:16That said, unless anyone has anything they wish to add, ladies, gentlemen, at this point I'd like to open the
00:39:23floor to questions.
00:39:24Whitney, look at me.
00:39:26Okay, quite a few.
00:39:29Do the fucking thing you do.
00:39:41Yes, I would like to start with Mr. Halverstrom, whose courage under fire leadership of our strategic partner, Tender, has
00:39:49not gone unnoticed.
00:39:51Whitney, you want to kick us off?
00:39:53Any operational insights you'd like to share?
00:39:58Hi, everyone.
00:40:03Speak on behalf of myself and our CEO, Henry Muck.
00:40:09It's a privilege to be with you all this afternoon.
00:40:14This is a homecoming for me.
00:40:18We'd like it to be one for Tender, too.
00:40:29I don't have a question.
00:40:39I have an offer.
00:40:45We don't see it as discretionary.
00:40:53It's deterministic.
00:40:58We want to be U.S. dollar natives again.
00:41:01Our offer for Pierpoint is 1.9 times book.
00:41:06Peers trade closer to 1.3 times, so why the health premium?
00:41:13It is a display of faith in what we believe this union to be.
00:41:20A marriage, balance sheets, regulatory infrastructure, trust.
00:41:28The offer is 90% stock.
00:41:31Your stock is too volatile.
00:41:34This man should not be heard.
00:41:36He isn't serious.
00:41:37Your company is falling apart.
00:41:39Big news.
00:41:41The tractors have been that door since jump from being too early, too fast, too big.
00:41:48Railroad to the Internet.
00:41:49History of industry in this country is pockmarked by a slew of disinformation from those who don't stand to benefit
00:41:57from radical thought or the displacement of worn-out structures.
00:42:01More bullshit.
00:42:04Mr. Habs, the offer must be heard.
00:42:07Please continue.
00:42:09Thank you.
00:42:11The offer is mostly stock for stock.
00:42:14By year one, we expect it to be earnings creative.
00:42:18By year two, this thing is going to be paying for itself through capital efficiency and operational overlap.
00:42:26I'll leave you with the words that every industrialist had sown into their souls at every point in the last
00:42:33century.
00:42:36We want speed.
00:42:40We want scale.
00:42:43We want certainty.
00:42:48We want America.
00:43:07Ah, bueno, Mr. Halberström
00:43:09We certainly appreciate your remarks
00:43:11And our C-suite will take them into consideration
00:43:13Thank you
00:43:22Alexander
00:43:24Have you prepped Henry about the headline?
00:43:33No
00:43:34Because we both know there's no hope of the company surviving this
00:43:41No
00:43:43Yasmin, we're not off stone yet
00:43:44It's not too late for me to slip the page and change the splash
00:43:49I can stop it running
00:43:52I don't think that's wise
00:43:57Henry won't survive it
00:43:59This is more than just tough love
00:44:04He's lived his entire life
00:44:06Without any consequences
00:44:09I mean, look where it's gotten him
00:44:14But is this loving him?
00:44:15Yes, Alec Nanda
00:44:18Yes, it is
00:44:22We've done everything we can for him
00:44:25You did
00:44:27More than anyone else could have
00:44:30We did everything we can for him
00:44:37I've got to go
00:44:38Okay?
00:44:51Okay?
00:45:17Wakey-wakey
00:45:22Rise and shine
00:45:23We're almost home
00:45:25Bad sleep
00:45:29Bad dreams
00:45:31What was the dream?
00:45:34It was often my father leaving
00:45:40People leaving
00:45:43Everyone we love has already started the process of going away
00:45:53I didn't sleep much
00:45:58I'm waiting for Wilhelmina to call
00:46:03Tell me
00:46:05That Al Mirage exec who supported your speaking in the meeting
00:46:10Mighty break, right?
00:46:13Maybe he really believes in transparency, Henry
00:46:18Maybe he used to date Haley
00:46:22Date?
00:46:24Sure
00:46:28Sure
00:46:29Shit
00:46:31What?
00:46:33They pushed the business secretary out
00:46:35Darren's gone
00:46:36Over what?
00:46:41Wait
00:46:43Oh my god
00:46:46I've got an email from Kevin Rule giving me
00:46:50The opportunity to respond to claims made before publication
00:46:55They're running a story about Darren's involvement with us
00:46:59Wasn't you?
00:47:01What the fuck are you on about?
00:47:03I need to call Yasmin
00:47:06Kevin's fucked it this time, the bigger cunt
00:47:13Henry, relax
00:47:15Focus this peer point
00:47:17What a peer point?
00:47:19What are you talking about?
00:47:21You can't construct a universe where nothing's real
00:47:24Nobody can really live like that
00:47:30Do you know why you can't regulate your emotions?
00:47:36Because you're a fucking child
00:47:38Because you're a fucking child
00:47:39Shut up
00:47:42I need to
00:47:43I just need to get a hold of Yasmin's
00:47:45When she comes back
00:47:45Put my...
00:47:46Put my uncle up
00:47:48I thought you hated your mother
00:47:49So why is your mouth still attached to her fucking tit?
00:47:56What the fuck?
00:47:57What is this thing fucking...
00:47:58Fuck
00:48:00Fuck
00:48:07Okay
00:48:08Okay
00:48:09Okay
00:48:10Okay
00:48:10Okay
00:48:11Okay
00:48:11Okay
00:48:11Okay
00:48:11Okay
00:48:11Okay
00:48:12Minister
00:48:14Wow
00:48:16These are delivered to your private office
00:48:43Who the fuck are you?
00:48:45I'm tamping
00:48:46I've been sat here
00:48:47Yeah okay
00:48:47Where's Whitney?
00:48:48I don't know
00:48:49You mean he hasn't been back here since we last?
00:48:51He's been in and out
00:48:52Okay
00:48:52Okay
00:48:53I go home
00:48:54No Yasmin
00:48:55I come here
00:48:55She resigned this afternoon
00:48:59To what?
00:49:00She gave notice of her resignation
00:49:01This afternoon
00:49:07The LGBTQIA
00:49:08Where the fuck are you?
00:49:10Henry
00:49:10It's Wilhelmina Fastbinder from Almiraj Pierpoint
00:49:13I owe you the call
00:49:14Not Whitney
00:49:15Given my reservations about his character
00:49:17Ah
00:49:17To be blunt
00:49:18I allowed his little charade at our AGM
00:49:21To jack up our sale to Temasek
00:49:24It had been in the works for some time
00:49:26And his proclamations about our valuation
00:49:28Gave me a little leverage for the final negotiation
00:49:31I...
00:49:32Okay
00:49:32Have you spoken to Whitney at all?
00:49:36I haven't
00:49:37Although I...
00:49:39I hope you realize his yarn about buying multiple positions at Pierpoint was a bluff
00:49:44I called his supposed intermediaries
00:49:46There's no term sheets
00:49:48No interbank confirmation
00:49:50No capital
00:49:50There's no record at all
00:49:51Nothing
00:49:52Snake oil and sermon sound similar, don't they?
00:49:55We will all be monitoring the tender fallout closely
00:49:58If your equity continues to crater
00:50:00It will trigger the conversion on your bond
00:50:03Hmm
00:50:05And we will be pursuing full recovery so that our institution doesn't suffer
00:50:10Um
00:50:11Good luck
00:50:12And I run
00:50:15And I run
00:50:17For the night and day
00:50:19I couldn't get away
00:50:23It will be
00:50:24Could we help you?
00:50:51Time'j
00:51:03¡Gracias!
00:51:22I mean, the sentences carry about as much weight as a tender press release, if I'm honest.
00:51:27Listen, it's lit. It's yesterday's news.
00:51:29Well, I mean, it's tomorrow's news, obviously.
00:51:34But good luck with your television appearance.
00:51:37It's a really great boat of confidence that the PM wants you to be the base to front this thing.
00:51:41And call me after. We can talk about how I can drive the rest of your communications.
00:51:47I'm sorry. Why would I want or need that from you?
00:51:52How much did you know?
00:51:55What, about tender?
00:51:57That leak to Fin Digest that catalyzed the whole Red Top story was...
00:52:01Was that you?
00:52:04It doesn't help you to know.
00:52:06You have no fucking right.
00:52:09You know this is crashing down around.
00:52:10The right people will survive.
00:52:12I've only ever seen the sunniest version of your disposition, and I increasingly wonder if that's because I've only ever
00:52:17acted exactly how you designed.
00:52:19Look, I know that you're under a lot of stress, but can you, um, can you not take this out
00:52:23on me?
00:52:24The real cancer in our politics are the pig shit, thick lightweights without a single real belief.
00:52:29Except for their own self-advancement.
00:52:31You knew what taking that meeting, then.
00:52:33You got exactly what you wanted, and I have been a genuine friend to you.
00:52:37What a fucking friendship.
00:52:39This has been a marriage of convenience, but I suppose you're used to those.
00:52:45You know nothing about my marriage.
00:52:47I know that your husband is an addict, and I know that you deserted him to his ruin.
00:52:51You abandoned him when he needed you the most, so you take that for a fucking dance around your conscience.
00:52:56Oh, fuck you!
00:53:03Fucking Dave!
00:53:05You're a fucking bitch!
00:53:06Don't look to a stranger
00:53:10You know in the end
00:53:15I'll always be there
00:53:20Yes, yeah, thank you so much for letting me know. Speak soon.
00:53:27That was Burgess?
00:53:28Mm-hmm.
00:53:29Big story on the tabloids tomorrow, front page.
00:53:32The serious fraud office are announcing their investigation in the afternoon.
00:53:35Yeah, uh, the government's just mandated a section 166 skilled person review into tender's compliances and risk controls.
00:53:43The FCA are instructing PwC.
00:53:45Stock's indicating to open down 77%.
00:53:51No one wants to catch the knife.
00:53:55Tomorrow morning, we hit the tape small, don't show our hand, and exit as efficiently as we can.
00:54:03Show me dollars.
00:54:09Good.
00:54:10Yeah, we're all speaking the same fucking language.
00:54:13Hey, what's up?
00:54:22You must be levitating.
00:54:26Yeah.
00:54:28Ironic I'm here with you.
00:54:32Yeah, you used to make me feel very alone.
00:54:37Now you're the only person in the world that I feel alone around.
00:54:44I didn't want any of this to come at your expense.
00:54:48It's kind of anything you've ever wanted, really, isn't it?
00:54:50Me like this and you like that.
00:54:55It's true, it is.
00:55:00It is.
00:55:00Yeah.
00:55:02Thanks for your honesty.
00:55:07I mean, seriously, how the fuck did we get here?
00:55:10Fuck if I know.
00:55:13Fuck if I know.
00:55:14What drives anyone anywhere?
00:55:15It's lack and need.
00:55:25I'm so jealous of you.
00:55:30I am.
00:55:30You're so smart, you know?
00:55:33And the way that you wear it, you have this command, you know?
00:55:38There's autonomy, I'm so fucking soft.
00:55:45I don't really know how to say this without...
00:55:53I would do anything to live a day in your body and...
00:55:59and just, like, see how the world opened up around me.
00:56:08I really resented you for being a breathing example of how I was less.
00:56:18I choose to love you...
00:56:21for being a breathing example of how I can be more.
00:56:28I just want to be necessary.
00:56:32I've never been necessary.
00:56:34Well, like, where does that come from?
00:56:37Like...
00:56:37the need for control,
00:56:40or...
00:56:41desire to dominate.
00:56:43Is it...
00:56:45so you can say...
00:56:48I don't know, you were never at anyone's mercy?
00:56:54I don't know.
00:56:59I don't know.
00:57:00I don't know.
00:57:04I guess...
00:57:06I guess I kind of grew up as someone's mercy.
00:57:25I'm sorry.
00:57:36I'm sorry.
00:57:41I don't know.
00:57:42I mean, like...
00:57:43just blow things away a bit.
00:57:45You know?
00:57:48Do all the things that Lorde sings about.
00:57:51Lorde sings about being 17.
00:57:52Exactly.
00:57:55God, I wish I was still 17.
00:57:58Girl...
00:57:59It was so easy to get people to do things for you.
00:58:09Will you promise me something?
00:58:13Will you take off to me tonight?
00:58:16When the fuck are you going to look after me?
00:58:21Tonight.
00:58:27Today is a call.
00:58:27Put inAB,
00:58:28give back all these exponents and egrets to do something in charge of life.
00:58:28Your clothes are Kingdom On.
00:58:28It gives you peace and thanks to all.
00:58:32All the things andgeht from here,
00:58:50the world travel.
00:58:50I'm sorry.
00:58:50I was sorry.
00:58:51Here's coming.
00:59:19Gracias por ver el video.
00:59:21Gracias por ver el video.
01:00:20Gracias por ver el video.
01:00:50Gracias por ver el video.
01:00:51Gracias.
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