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00:00:21So you knew?
00:00:23No, I didn't know shit.
00:00:26Surely it was obvious that I couldn't stand a little creep.
00:00:28He was in our house, practically swallowing you.
00:00:30Well, you should have been fucking specific.
00:00:33You introduced us.
00:00:34You didn't think, I don't know, maybe if you had concerns about a life-altering disaster,
00:00:40one that you helped me get into.
00:00:41You need to stop speaking to me like that.
00:00:46You never had the right, and you certainly don't have it now.
00:00:51Because what the fuck are we going to do?
00:00:54Honestly, what the fuck am I going to do?
00:00:57What does it mean now that you're implicated?
00:00:59What does it mean?
00:01:00No, it's a self-mythologizing nonsense.
00:01:02It reads like a guru terrorist manifesto.
00:01:05It's a threat.
00:01:09Look, I think, uh, I think what he's saying is that ignorance is not a credible legal defense for me.
00:01:16He's saying I won't be spared jail.
00:01:18Oh, my God.
00:01:19Shall I wipe my phone?
00:01:21My emails?
00:01:22No, no, no, no, I don't think so.
00:01:25It's an admission of guilt.
00:01:26But I'm not guilty!
00:01:27I don't think it matters anymore, does it, Henry?
00:01:32Fucking headlines write themselves.
00:01:34We live in a house paid for by tender.
00:01:38Both of our salaries will be cut off.
00:01:40Our stock is worthless.
00:01:41Where is the rest of the money, Henry?
00:01:47What?
00:01:50What?
00:01:50Where the fuck is it, Henry?
00:01:51No one can put that much in their arm!
00:01:53You still have a fucking nose on your face, so where's the rest of the money?
00:02:00I used it to, um, to buy some, well, to buy tender stock.
00:02:09Oh, my God.
00:02:11Yeah, why are we talking about money again?
00:02:14The public perception of my morality is on the block, and please, take this with the love with which it
00:02:21is intended,
00:02:21but nobody gives a fuck about how you come out of this, okay?
00:02:24Not in the wider scheme!
00:02:25Are you kidding me?
00:02:27Henry, we're gonna end up with nothing!
00:02:29We're gonna end up with nothing!
00:02:30How can you give a single shit about the fucking press release?
00:02:33But it's what matters!
00:02:36Because I want to be better!
00:02:39Because that's the purpose of living a life, to be better!
00:02:42Yeah, I am a good person, and the world shall tell that back to me, otherwise, what am I doing
00:02:48here?
00:02:48What am I for?
00:02:49Oh, my God!
00:03:00You're right, of course, I'm so sorry!
00:03:12I'm so sorry!
00:03:39We're not the ones to blame here!
00:03:43Other people let this happen!
00:03:47Remember that!
00:03:52Of course!
00:04:04I'm sorry!
00:04:12Fuck!
00:04:14It snapped back!
00:04:15Tender's off almost 10% already!
00:04:17Uh, they've issued another press release of Tony Day's denials in writing!
00:04:21Anything new in it?
00:04:22Claims are baseless and misleading, and do not represent the company's financial reality.
00:04:27The company maintains a robust internal framework.
00:04:30I mean, this shit is literally designed to make any reader glaze over.
00:04:33Yeah, everything is a rehash at this point.
00:04:36Anything about a new audit?
00:04:37No, just affirmations of the results of previous ones.
00:04:40Okay, so we hold the line until a new one is confirmed.
00:04:44Yeah, well, who's forcing them into that?
00:04:46Without another audit, we're dead in the water.
00:04:49Yeah.
00:04:49Um, 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 beyond that?
00:05:04How should I know?
00:05:06He decided not to be here.
00:05:15He decided not to be here.
00:05:25Oh, my God!
00:05:38Shut the door.
00:05:46Can you, uh, let me gather my thoughts for a second?
00:05:50Sorry.
00:05:53Take your time.
00:05:55We don't have much.
00:05:59I felt like I'm in the room with a reptile.
00:06:02No, just a man.
00:06:07Get whatever you need to off your chest, because I 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 why 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.
00:06:37So...
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, a necessary balance sheet imagination.
00:07:04Our share price will continue to recover.
00:07:06Tender 2.0 has successfully transitioned us into real revenue and phased out inflated third-party acquisition for us.
00:07:14Fake.
00:07:16Fake.
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.
00:07:37We 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 it's as simple as saying that, right?
00:07:59How the fuck would that even work?
00:08:01A 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.
00:08:23You don't 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-forma consolidation.
00:08:37We need to hire more advisors.
00:08:39Since you unwisely fired my auditor of choice, we have to add intermediaries.
00:08:43Add complexity to the, uh, jurisdictional fog of who audits us.
00:08:47Plus 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?
00:09:10Believe 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
00:09:34some of the tender prophets are as real as a stripper's affection.
00:09:39Well, I'm sure his colorful 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.
00:10:16But people are saying that you and your department were in bed with tender senior management and expedited their licenses
00:10:22and approvals in search of good headlines.
00:10:25Expediting licenses? I mean, that is a serious allegation you're making against the minister personally, then.
00:10:29Yes. Do you have proof?
00:10:30What you're saying is a deliberate inflammation of totally normal practice.
00:10:34So you are in bed with them?
00:10:34Look, I'm not in bed with anyone apart from my husband. Sorry.
00:10:38You almost have a scoop there.
00:10:39Yes. 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 white horse 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.
00:11:11Far more important is the question of how vulnerable this bank is.
00:11:15There are suggestions of the business secretary you have seen on social media.
00:11:18Alexander, 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.
00:11:37The 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.
00:11:43If you think deflecting blame to number 10 is going to help your cause,
00:11:47I'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?
00:11:59We can't mark our own homework.
00:12:02Fuck's sake.
00:12:04And 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.
00:12:25Toady gobshite!
00:12:27Can I offer you an apology?
00:12:30Spare me.
00:12:31I backed you.
00:12:32And then I watched your naivety play out in slow motion.
00:12:35Maybe 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 mucks 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.
00:13:06Yasmin, it's Jenny.
00:13:08Um, thanks for reaching out.
00:13:11Listen, 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 the Marine Le Pen look like a Lib Dem councillor.
00:13:22I 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.
00:13:44All right?
00:13:45All right?
00:13:51Sounds like they're scrambling.
00:13:53Yeah.
00:13:55Look, it's best for the family to start shaping a narrative
00:13:59that shifts the blame to the right place.
00:14:04Labour's relationship with Halberstrum predates
00:14:07mine and Henry's involvement in the company.
00:14:10I think that's the story.
00:14:12I 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, leave with the government,
00:14:27I don't think there's any way the company survives.
00:14:30Have you factored that in?
00:14:35It'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,
00:14:45but may 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.
00:15:02Yeah, I'm not saying that I'm blameless.
00:15:07You know, and there are high highs.
00:15:10But the lows are low.
00:15:14You know, he's unfaithful.
00:15:18I know he's an addict, but...
00:15:20He's relapsed.
00:15:21Drink?
00:15:23Definitely booze.
00:15:29I'm not sure about the rest.
00:15:31I mean, I know that...
00:15:33He's a cocaine user.
00:15:38And I know he's used heroin.
00:15:49Often.
00:15:57Often.
00:16:01Often.
00:16:02Often.
00:16:03Often.
00:16:07Good afternoon, everyone.
00:16:09We're on a launch.
00:16:10Stock for stock.
00:16:11Hostile takeover.
00:16:12A peer point ahead of their AGM this week.
00:16:15Tenacious.
00:16:16Henry and I can jump on a flight tonight.
00:16:18Our stock continues to rally,
00:16:19so we'll be trading at a premium to peer point.
00:16:21I don't understand why we aren't privileging a new audit.
00:16:24We have nothing to hide.
00:16:26If there are no skeletons in the closet,
00:16:28why not open the closet?
00:16:30I imagine there is a time sensitivity issue.
00:16:33Also, a confidentiality issue
00:16:35around disclosure of valuations and the deal terms.
00:16:39Henry,
00:16:40you're Whitney's chosen man.
00:16:42Is he making the right call here?
00:16:49Fuck's sake, Henry.
00:16:51Tell them how passionately you lobbied me for this
00:16:53as a fearless leader and CEO.
00:16:57Al Mirage peer point
00:16:59is already subject to audit supervision.
00:17:03We could consolidate post-acquisition
00:17:07and submit to a group-wide audit next year.
00:17:13This is an essential move for our longevity.
00:17:17We're saying to the world and market,
00:17:20we aren't scared.
00:17:21We don't run.
00:17:24Running is not an option.
00:17:27To be clear,
00:17:28this isn't final acquisition approval.
00:17:31Correct.
00:17:31With this vote,
00:17:32authority is hereby delegated,
00:17:33the CEO and CFO,
00:17:35in concert with legal and compliance structure.
00:17:38Any transaction returns to the board with final terms.
00:17:42All against.
00:17:46I think it's high time the men leading this company
00:17:49stopped sidestepping substantive questions.
00:17:52Cool.
00:17:53All in favor?
00:18:06Thank you, everyone.
00:18:07Thank you, everyone.
00:18:08This resolution is adopted.
00:18:21Do you ever look out of that crotch?
00:18:23My only vice, well, one of them.
00:18:26You've never seen me without it.
00:18:28You can assume I'm dead.
00:18:31Yasmin suggested to me
00:18:36that you may have
00:18:39compromising recordings of us.
00:18:42Explicit recordings.
00:18:45Of you and who?
00:18:48Do you?
00:18:50What do you think?
00:18:53Do you think I'm capable of that?
00:18:57Yeah.
00:18:58Yeah, I do.
00:18:59Then you're answering your own question.
00:19:10Yeah?
00:19:11Wilhelmina, we're on our way to see you.
00:19:13I'm warning you,
00:19:14I am getting a huge amount of blowback
00:19:16about the Tinder headlines.
00:19:17We prep for tomorrow's AGM.
00:19:19There's rumors of an Al-Miraj term sheet floating around.
00:19:21Where is your being sold?
00:19:22Clean structure, laughable leverage ratio.
00:19:26That is not entirely inaccurate.
00:19:31Where are they pricing you at?
00:19:321.2 times book and 90-day clawback window.
00:19:37You're not far off.
00:19:39The pricing is to go.
00:19:40Well, let's speed it along for you.
00:19:45Henry, that's all you say.
00:19:58Al-Miraj never loved you
00:20:00and 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
00:20:23under special motion.
00:20:24You're not a stakeholder of record.
00:20:26It should be known that we're holding
00:20:27peer-point stock under 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?
00:20:39It doesn't exist?
00:20:40Well, me saying it's almost as bad as it's existing.
00:20:42Or I could leak my counter-evaluation to the press
00:20:46or worse, say that Al-Miraj is a distressed seller
00:20:51in no position to make a strategic exit.
00:20:53I'll tie cinder blocks to the peer-point price
00:20:56and throw it in the Hudson.
00:20:59Yeah, point made.
00:21:01Do you want to use our AGM to declare a hostile takeover?
00:21:05Hostile about hostility.
00:21:07I want to offer a premium.
00:21:11Al-Miraj wants out.
00:21:12Let's give him above-market print.
00:21:14He'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.
00:21:26Making our final approach to Newark shortly.
00:21:37It's going to be so much easier if we can just go to Newark.
00:21:39Sorry about how we covered your old man.
00:21:42Ghastly stuff you went through.
00:21:43Don't worry.
00:21:44He was a bastard.
00:21:46Well, that was the angle that sold, yeah.
00:21:49I need to run and grab Jen.
00:21:53Take a seat, Jenny.
00:21:57You 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.
00:22:27Jenny, did you ever embrace any red flags about tender?
00:22:33Did you feel stonewalled by top-down expectations?
00:22:38I haven't had a chance to reckon with any sort of hindsight.
00:22:44Pressure to help party leadership.
00:22:48But Lisa was always the cautious one.
00:22:50Yeah, see, I'd cut that.
00:22:52The messaging's pretty simple.
00:22:55You were a young, dissenting voice,
00:22:57overruled 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.
00:23:19If that's true, why do 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
00:23:50and communicate her passion for her 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.
00:24:19Yes, I-I can't.
00:24:22Lisa brought me into government.
00:24:24I wasn't even going to run.
00:24:25But 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, exactly?
00:24:34No, no, but 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?
00:25:02If 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 would be aflame with the early report
00:25:33and we can confirm it as a coup de grace.
00:25:35These amateurs want to test the media food chain.
00:25:39Maybe the front page of a red top can still turn a minor outlet's work
00:25:44into a fully-fledged fucking career-ender.
00:25:50Don't sound so excited.
00:25:53Just leave it with me.
00:25:56Great to meet you, Kevin.
00:26:00Hard 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?
00:26:59Mm-hmm.
00:27:03So, um, I have it on good authority that Dern and Bevan have been in the Norton offices all morning.
00:27:10Trying 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.
00:27:26I remember Dern introducing Henry at Web Horizon.
00:27:29Wasn't Bevan at Henry's 40th or am I misremembering?
00:27:33Yep, at 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 send her as an antidote to that.
00:27:47A trophy.
00:27:49Or maybe Diker missed a big piece of the story.
00:27:52No, I think this is the story.
00:27:59And then there was the memo.
00:28:05What 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.
00:28:21FCA, 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.
00:28:32What?
00:28:34Well, you'd bet a political firestorm would speed to the end of the company.
00:28:40Your job to bet, not mine.
00:28:45Questions in parliament, public inquiry, independent audit of the government's interactions with the company.
00:28:53Maybe a government-mandated audit in 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 are 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.
00:30:57Don't name me, call me an insider, a market source, whatever.
00:31:03No 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's fucking grotesque.
00:31:55It's like the saddest fucking thing in the world.
00:31:59What's that?
00:32:02Unfulfilled potential.
00:32:47Not a fucking word.
00:32:56All right, all right, all right, all right, all right, okay.
00:33:14You've reached Albestrom, leave a message.
00:33:29Fuck.
00:33:34How's meticulous at every stage I could possibly know?
00:33:38You're dead 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.
00:33:48Powered it on when you landed and auto-connected 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.
00:34:04First payment of $120,000 to Sunpath Living Residential Solutions, the Johatza 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 Tenda has a pulse, it remains a very useful data set.
00:34:32So what if it dies, I go with it?
00:34:37On the contrary.
00:34:39You stick around and face the consequences of your actions without implicating me.
00:34:45Us.
00:34:46Escape is a fantasy.
00:34:49You're only hearing this because they want you to.
00:34:51You 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.
00:35:19TenderBank Pierpoint opens up an entirely new data set.
00:35:23Tender's the future.
00:35:26Tender's real.
00:35:28Tender's beautiful.
00:35:31Just 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.
00:35:46Go.
00:35:47Off you fuck.
00:36:08What did you argue for?
00:36:10Go to sleep.
00:36:11Who the fuck was that?
00:36:12Someone had money to.
00:36:14Fucking who?
00:36:15It's a guy.
00:36:16I see what I'm here, okay?
00:36:17What guy?
00:36:18Just a fucking guy.
00:36:21What, you never fucking paid for it?
00:36:23Go to sleep.
00:36:35Did 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 coziness 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 up the flagpole?
00:37:48Wow.
00:37:50Does sound enough make you feel better?
00:37:54Right.
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.
00:38:09I accept ministerial responsibility and I will weigh resignation as appointed principal.
00:38:17Okay?
00:38:18Like fuck you, Will.
00:38:22The 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 secretary of state?
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.
00:39:06I'm not feeling myself.
00:39:07Now, as ever, I would like to close my remarks by saying that we at Oneroy's Carepoint pride ourselves on
00:39:14our proximity to regulators.
00:39:16That said, unless anyone has anything they would add, ladies, gentlemen, at this point I'd like to open the floor
00:39:23to questions.
00:39:24Honey, look at me.
00:39:26Okay, quite a few.
00:39:29It's a 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.
00:40:08It'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 PeerPoint 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 at the door since jumps 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
00:41:56from radical thought or the displacement of worn-out structures.
00:42:01More bullshit.
00:42:04Mr. Habslam offer must be heard.
00:42:07Please continue.
00:42:11The offer is mostly stock for stock.
00:42:14By year one, we expect it to be earnings creative.
00:42:18If by 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.
00:42:37We want speed.
00:42:40We want scale.
00:42:43We want certainty.
00:42:45We want certainty.
00:42:45We want certainty.
00:42:48We want America.
00:43:07Well, Mr. Halverstrom, we certainly appreciate your remarks, and our C-suite will take them into consideration.
00:43:15We want America.
00:43:21Alexander.
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.
00:43:40No.
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, Ronnie.
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 without any consequences.
00:44:09I mean, look where it's gotten him.
00:44:13But is this loving him?
00:44:16Yes.
00:44:17Alexander.
00:44:18Yes, it is.
00:44:22We've done everything we can for him.
00:44:25No, you 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.
00:44:40Okay?
00:44:50No.
00:44:53No.
00:44:57No.
00:44:59No.
00:45:00No.
00:45:03No.
00:45:17Wakey-wakey, rise and shine, we're almost home, bad sleep, bad dreams, what was the dream?
00:45:34It is often my father leaving, people leaving.
00:45:43Everyone we love has already started the process of going away.
00:45:54I didn't sleep much. I'm waiting for Wilhelmina to call.
00:46:03Tell me, that Al Mirage exec who supported your speaking in the meeting, might he break, right?
00:46:13Maybe he really believes in transparency, Henry.
00:46:18Maybe he used to date Haley.
00:46:20Date?
00:46:24Sure.
00:46:30Shit.
00:46:32What?
00:46:32They pushed the business secretary out, Dern's gone.
00:46:37What?
00:46:38Over what?
00:46:41Oh my...
00:46:43Oh my God.
00:46:45Oh God, I've got an email from Kevin Rule giving me the opportunity to respond to claims made before publication.
00:46:55They're running a story about Dern's involvement with us.
00:46:59Wasn't it?
00:47:01What the fuck are you on about?
00:47:03No, I need to...
00:47:04I need to...
00:47:05I need to call Yasmin.
00:47:08Kevin's fucked it this time, the bigot cunt.
00:47:11I haven't got a fucking signal.
00:47:13Henry, relax.
00:47:15Focus this peer point.
00:47:17Hey, peer point?
00:47:19What are you talking about?
00:47:20You 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.
00:47:39Shut up.
00:47:42I need to get a whole of Yasmin's shit for that.
00:47:45Put my...
00:47:46Put my uncle up.
00:47:48I thought you hated your mother, so why is your mouth still attached to her fucking tit?
00:47:56There's no one in this thing!
00:47:57Fucking fuck!
00:48:11Minister!
00:48:12Minister!
00:48:16These are delivered to your private office.
00:48:17Okay.
00:48:19Um...
00:48:24Who...
00:48:43Who's the fuck are you?
00:48:45I'm...
00:48:46I've been sat here.
00:48:47Yeah, okay, where's Whitney?
00:48:48I don't know.
00:48:49You mean he hasn't been back here since we land?
00:48:50He's been in and out.
00:48:52Okay, well...
00:48:53Okay...
00:48:53I go home!
00:48:54No Yasmin, I come here!
00:48:55She resigned this afternoon.
00:48:59To what?
00:49:00She gave notice of her resignation this afternoon.
00:49:06Um, the LGBTQIA...
00:49:08Whitney, where the fuck are you?
00:49:09Henry, it's Wilhelmina Fastbinder from Almiraj Pierpoint.
00:49:12I owe you the call, not Whitney, given my reservations about his character.
00:49:17Uh, to be blunt, I allowed a little charade at our AGM to jack up our sale to Temasek.
00:49:24It had been in the works for some time, and his proclamations about our valuation gave me a little leverage
00:49:29for the final negotiation.
00:49:31Uh...
00:49:32Okay, um...
00:49:34Have you, uh, spoken to Whitney at all?
00:49:36I haven't.
00:49:37Although I...
00:49:38I hope you realize his yarn about buying multiple positions at Pierpoint was a bluff.
00:49:44I called his supposed intermediaries.
00:49:47There's no term sheets, no interbank confirmation, no capital, there's no record at all, nothing.
00:49:52Snake oil and sermons sound similar, don't they?
00:49:55We will all be monitoring the tender fallout closely.
00:49:58If your equity continues to crater, we'll trigger the conversion on your bond.
00:50:02Hmm.
00:50:05And we will be pursuing full recovery so that our institution doesn't suffer.
00:50:11Um...
00:50:12Good luck.
00:50:45Now, remember, if we were to talk to this, we haven't dreamed about it.
00:50:47And the praktком will die, which is alive after theador's debt.
00:50:49How 가�ühl?
00:50:49Ah!
00:50:55Meng.
00:51:01Remember...
00:51:02Sehr glad there, wa?
00:51:04Hi. Jenny, I'm just checking how you're feeling after how everything landed for you today.
00:51:10Did you hear Dern's resignation speech? No. I'm sure I'll get the highlights on Twitter or whatever.
00:51:18It's full of prevarications, spares the PM. I mean, the sentences carry about as much weight
00:51:25as a tender press release, if I'm honest. Listen, it's lit. You're yesterday's news.
00:51:29Well, I mean, it's tomorrow's news, obviously. But good luck with your television appearance.
00:51:37It's a really great vote of confidence that the PM wants you to be the best 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?
00:51:56That leak to Fendigest that catalyzed the whole Red Top story was...
00:52:01Was that you?
00:52:04If it doesn't help you to know...
00:52:06You have no fucking right.
00:52:08You 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?
00:52:23The 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, mate.
00:52:33You got exactly what you wanted, and I haven't 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!
00:53:05We'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
00:53:19Yes, yeah, thank you so much for letting me know.
00:53:23Thanks for me.
00:53:27That was Burgess?
00:53:28Mm-hmm.
00:53:29Big story in 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 tenders' compliances and risk controls.
00:53:43The FCA are instructing PwC.
00:53:45Stocks indicating to open down 77%.
00:53:51No one wants to catch the knife.
00:53:55Tomorrow morning, we hit the tape small.
00:53:58Don't show our hand and exit as efficiently as we can.
00:54:02Show 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
00:54:59it is, yeah
00:55:02thanks for your honesty
00:55:03I mean, seriously, how the fuck did we go?
00:55:10yeah, fuck if I know
00:55:13what drives anyone anywhere?
00:55:16lack and need
00:55:25I'm so jealous of you
00:55:29I am, you're so smart, you know
00:55:33and the way that you wear it
00:55:35you have this command, you know
00:55:38this autonomy
00:55:39I'm so fucking soft
00:55:45I don't really know how to say this
00:55:47without
00:55:53I would do anything
00:55:55to live a day in your body
00:55:56and
00:55:58and just, like, see
00:56:00how the world opened up around me
00:56:08I really resented you
00:56:10for being a breathing example
00:56:11of how I was less
00:56:18I choose to love you
00:56:21for being a breathing example
00:56:23of 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?
00:56:36like
00:56:37the need for control
00:56:39for
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
00:57:03I guess
00:57:06I guess I kind of grew up
00:57:07at someone's mercy
00:57:26I'm sorry
00:57:36do you want to go?
00:57:37go out
00:57:41I mean, like
00:57:43just blow things away a bit
00:57:44you know
00:57:48do all the things
00:57:48that Lord sings about
00:57:50Lord sings about being 17
00:57:52exactly
00:57:55God, I wish I was still 17
00:57:56girl
00:57:59it was so easy
00:58:00to get people to do things for you
00:58:09you promised me something
00:58:13will you take off to me tonight?
00:58:16when the fuck are you gonna look after me?
00:58:21tonight
00:58:49good night
00:59:30You have no idea how good I feel right now, huh?
00:59:36We're here forever, even if it can't be.
01:00:18We're here forever, even if it can't be.
01:00:37We're here forever, even if it can't be.
01:00:51We're here forever, even if it can't be.
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