The Paper Chase (1978–1986): Season 1, Episode 3 - A Day in the Life of... - full transcript

Pronto?

Massimo...

Franco Iannone from the
Italian Treasury is coming in.

I'm he wants to discuss how to manage
their bonds.

I need to know how
Dominic manages auction.

I'll be back as soon as I can.
I'm on it.

Yes, please, bye,
Take care.

Dominic wouldnt 'be running this
auction if it wasn't so important.

We should be in London. Not here.

Not how you remember it?

I don?t know why I came.



Maybe he wants to make amends.
He is dying.

Massimo Massimo Ruggero?

What was that about?

They don?t like tourists.

Many experts are seeing it
as Italy's moment of truth.

The Bond Auction at the end of the week

is critical to its economic stability.

They say that the Ministry
of Economy plans to offer

from five to eight billion
euros in government bonds.

It that him? Franco Iannone.

He's much shorter than he looks on TV.
Why is Massimo so interested?

Because Dominic is interested.

How am I going to get inside this?

We need to find out who Chris Bailey
has got running sales,



then, get rid of them.
Oliver would know.

No way. Yes way.

Are you, are you asking for my help?

I just need a name.
You are asking for my help!

Don't be a dick about it.

Richard had to leave for the day, so I'm
replacing him on the Yannone thing.

Says who? Where is Richard, anyway?

Family emergency. And seeing
as Mr. Yannone

is looking to place at least
five billion in Italian bonds,

you should have picked me anyway.

Why is that then?

You mean, apart from the fact
that I'm the best you've got?

Papa!

Well?

This is going to be a while.
Okay.

Met me at my house.
I'll be there as soon as I can.

Good.

Italy needs sell bonds, debst,

which is equivalent to the whole
of the Greek debt.

Italy is huge!

This campaign against us,
it spreads mistrust.

Making it increasingly difficult
for us to finance public debt.

PIIGS. Such a disgusting name.

Terminology is contemptible.

But still we must accept reality

even Reintaler is dumping Italian debt.

The last auction was tough,
we nearly didn't cover it.

We can't risk the slightest mistake this
time.

What do you suggestthen ? Reduce the
offering, and keep the price up.

That would sigmal weakness to the
markets. They smell fear, the next time
they come in to kill.

I can?t leave this to chance.
We need to be sure

these bonds will sell at their proper
value.

Eleanor is gonna take care of you.
Yields are already peaking,

I am confident we can place
all of them at market price.

Let's go big! Mr. Yannone.

Thank you so much.
See you soon. Please.

Set a meeting with our clients.

Do it in person, be discreet.

Low ball it. Tell him half
what we told Yannone.

Didn't we just promise him the opposite?
We need to service our clients.

The Italian government
is one of our clients.

If this auction goes south,
they could become Greece.

Times ten.

It's an opportunity to prove your
worth after thet business with the VAR.

How is Massimo?

OK, I think.

Where is he?

Your guess would be as good as mine, Mr.
Morgan.

Decades ago Naples...

I was wondering what happened to you.

I'm protecting our investments.
Where?

A little fishing village
on the Amalfi Coast.

Oh! I see.

Massimo's father is dying.
And he brought you along with him?

We need him in London.
I'm earning his trust, remember?

You told me to stick to him like glue.

Then use that trust to get some answers.

That's exactly what I'm doing.

You know, Sofia, I can't help feeling

that you missed something on those CDO
files.

What did I miss?

You're meant to tell me the answers
before I ask the questions.

If you can't, I'll get them myself.

Massimo again? I'm fucked.

Dominic wants to drive the
Italian bond auction low.

And bring down the Italian government?
So tell him!

If I do he'll tell me not to do it. But
Dominic's given me a direct order, so...

So you are fucked.

What if I persuade all the clients
to buy at the same price?

Low but not so much. Then I don't
have to defy Dominic...

or tell Massimo. Clever.

but if just one of them drives it down
with the others, then you're doubly
fucked.

So, do I tell Massimo or not?

No idea.
Appreciate the help, Kalim!

Over twenty percent
of Europes'population

at this point is at risk of the poverty.

Hey. Hey.

What happened?

Someone threw it through the window this
afternoon.

I think this is for you, for your
father.

But why threaten your father?
He's suffering just like they are.

I dont know.

No idea? No.

Okay. So, what's the plan now?

To go and see the mayor
about my father?s boats.

And then get the fuck out of this place.
Are you OK?

Eleanor Bourg at NYL. I said I'd be
calling with something big!

Let's meet for a coffee and talk about
it.

This information is confidential and
guaranteed.

Guaranteed.

This is Eleanor, from NYL. NYL

I have a great offer. Super!

This information is confidential and
guaranteed.

You know, after Lehman's I couldn't even
take my kids to school without being
abused.

They thought I was a criminal
just because I worked in finance.

Scamming auctions is a crime that
confirms all our suspicions.

All I'm doing is offering a valued
client a preferred price.

But what about your other valued
clients? What about them?

You offered them the same price.

Do you know that all the money

your bank takes from the Italian
government,

could be used to pay the salaries
of teachers and doctors?

You work for a private fund, Mr. Sarti
and not the government.

Is this about patriotism?

Shit!

Massimo.

Nice to meet you. Sofia.

Massimo and I were best friends, right?

Long time ago.

Sorry, would you mind if Massimo and I
had a chat?

Thank you.

Massimo

Italy has returned to the bond market,
but despite

the European Central Bank buying

Italian debt bonds to bring
down the amount of interest....

Did you really think I wouldn't find out
you were undercutting us?

We're a bank.

We're servicing our customers as best we
can.

I represent a sovereign state,
not some company,

you can buy or short.
Countries are companies.

Italy is currently a company
that's on the ropes.

We don't need to show an auction
for it to go badly.

You have no principles!

With all due respect, doctor, you
should not talk to us about principles.

For years, we made everyone believe
demand for your bonds was sky-high when
we all knew it wasn't true.

Our private debt is among
the world's lowest.

Everyone in Italy has a home
and access to welfare.

Private wealth is useless if you don't
tax it.

We took hard decisions...
Hard decisions?

Your politicians have been driving a
public debt, by buying those for 30
years.

No structural reform, cuts in spending -
all waste.

You can shift the blame for this mess
all you like.

But our next auction
we will not be yours to corrupt.

Someone told him he was being undercut.

Who was it?

It had to be Mr. Sarti.
That's on you.

No, I have to take responsibility
for Eleanor's appointment.

Excuse me? Well, Massimo always insisted

that she was the best sales person we
have.

Perhaps his judgment was clouded by ...
other factors.

You're welcome to reviews my record.
What you won't find among the hundreds
of

millions I've made for this bank, is a
promotion as a result of my boss dying.

So, you know what? Sorry,
you know what

You don't wanna care about the results!
If you're good, prove it!

All the other bullshit,
take it somewhere else.

Go, out!

It's an internal document from the
New York - London investment bank.

I want you to go through
every fucking page with a comb

until you find something.
What am I looking for?

Fraudulent assets related
to a nuclear power plant in Moldova.

Get to it.

You can help him.

But I'm not sure I want to.

Let me tell you something.

This town is exactly just like
the place where I grew up in Argentina.

And the story is the same story.

Banks came in, took all the money.

And people suffered and died.

People like my brother
suffered and died.

But they're not my people.
They're not you people?

Yeah, because you're so much better,
right Massimo?

You have have this beautiful life
Come on...

Lucky you.

Well, even if you don't belong here,
this is still your hometown.

And these are still the people you grew
up with.

And it will be so easy for you.

Stop it! - Stop it!

Get off him!

Let's go

Let's go. Massimo, let's go.

Come on...

You can leave a message...

Naples is choking on garbage.

The last time there was a collection
was the week before Christmas.

Italian government says local councils
and organized crime are to blame

A decade ago, Naples...

Where is Massimo?
I don't fucking know.

Do you always do what he says?

Good night, Oliver.

You owe me a favor.

For that favor, I'm calling it in.

How many times a day do guys
try and chat you up?

Who knows? It used to be worse
when I was up and coming.

Now that you've made it, what,
they leave you alone?

It's just different.

Anything paid goes wrong
it's 'cause the woman is over-emotional.

Ha. And how do you deal with it?

Not very well this time.

So,

if you can?t get this
Sarti currents of our concern,

you're screwed.

Years of building a career, done.

Anyway...

thanks.

Italy's to big to fail, isn't it?

Exactly, it's too big to fail
and there isn't enough money to save it.

Italy is shunted into the continent's
debt crisis. This is the largest
economy...

How bad is the Italian economy doing?

We know that partly
the cause of this crisis

is not ability and not desire...

Hey. How are you? Let me see.

I'm fine.

What were you trying to do?
Punish yourself?

I don't know.

Stefano said you killed his father.

He drowned.

After we stole his boat.

Who's we?

Vincenzo and me.

Vincenzo, the mayor?

Yes.

Talk to me. Tell me what happened.

How long have were youhere?

Two years.

How did Stefano's father even
get into the water?

He was rowing out to catch us.

We were going to hit his boat.

But, I shouted at Vincenzo to slow down,

but he couldn't not hear me
over the engine.

It wasn't your fault.
You were just a boy.

It's not what the judge said.

What happened to Vincenzo?

Nothing.
What do you mean nothing?

Vincenzo's father was a powerful man.

He was never going to allow
manslaughter on his son's record.

So, he paid my father to
keep Vincenzo out of it.

We were badly off.

So he took that money, and
could buy his first boat.

Everyone kept their mouth shut.

So I could take the fall.

The boy who killed Stefano's father.

I hear they make a decent
Italian coffee here, Mr... Sarti...

Have we met?

I work at a New York-London bank.

Your colleague has called
for reinforcements.

Listen, please just leave and let
me enjoy my espresso...

No, I'm new to this bank actually,

But you have been in this
business for a long time, haven't you?

It must be tough.

Must be, constant pressure, risks,
scams.

It's a bit unsavoury for a
man of your character.

You know nothing about my character.

I know that you applied for
a job at the IMF last year.

A job where you wouldn?t
have to get your hands dirty.

Where you could work to change
things from above.

What you're point, mister...
Harris - Harris.

Oliver Harris.

Now you didn't get the job at IMF
last year, did you?

But my boss, Dominic Morgan,

he's a powerful man.

Do a service to Mr. Morgan and the bank,
we'll do a service for you.

In Italy, we call this corruption.

While here...

call it sliding doors.

What is Sarti doing here? You two,

Mr. Morgan?s office. Now.

Did you fuck me over?
You did that, all by yourself.

Would you excuse me, let me take care of
this.

Thank you.

Sarti just left.

Oliver informs me that
you offered him a bribe.

A job at the IMF.

Mr. Morgan, I... It's a little obvious

but effective.

Sarti is going to keep his mouth shut.
Congratulations.

I just did my job, Mr. Morgan.
Really well done.

OK, that's all. Thank you.

Who made you shell the auction?

I had no choice, Massimo.
You know that. Don't you?

Yes. I know.

Bye.

What?

Dominic's attacking Italy.
The other countries will follow now.

When are you going to be back?
I dont know.

I?m going to stay a little longer.

You did the right thing.

For the town.
For your self.

I wish you didn't have to go back to
London. I wish neither of us did.

We could run off to an island.

You wanna come?

Had a nice time?

Where is Massimo?
Still in Italy.

With his father.

So what is it?

The CDO document. Why didn?t
you tell me you had it?

You went through my things.
Answer the question please.

You don't trust me anymore?

This CDO is guaranteed of fraudulent
assets

and an abandoned nuclear plant?

You said you didn?t
find anything in Moldova.

That's right, I didn?t.
What about the photos in your camera?

The plant was abandoned

but the valuation matched government
records.

There is nothing fraudulent about it.
Well then, you might have told me that.

You might have asked.

Well, it is a fraudulent asset allright,

which means we're sitting on proof
of crimnal conspiracy conspiracy,

that could bring Dominic Morgan and the
NYL to their fucking niece.

Good news then.
Yeah, great news.

The cost of Italy's borrowing has
gong up to a record level

since the eurozone deal.

The country had to offer
a rate of return

never seen since joining the single
currency.

It had to promise a return
of more than six percent

as opposed to 5.8 percent a month ago.

And there are now concerns that Italy is
on its way to becoming the next victim
of the European debt crisis.

Investors are betting,

that the days of Silvio Berlusconi as
prime minister are already numbered.

Was this the moment that brought
the curtain down on

Silvio Berlusconi's long running one man
show?

Mr Berlusconi finally resigned last
night.

If the worst does happen,

What you're saying is that Italy's too
big to rescue? Well hang on a minute!

Wasn't it too big to be accepted into
the eurozone in the first place

Was it ever too big to rescue?

How did they invite it in?