Boiler Room (2000)
Jim Young: [to the new recruits] They say money can't buy happiness? Look at the fucking smile on my face. Ear to ear, baby.
Jim Young: [to the new recruits] And there is no such thing as a no sale call. A sale is made on every call you make. Either you sell the client some stock or he sells you a reason he can't. Either way a sale is made, the only question is who is gonna close? You or him? Now be relentless, that's it, I'm done.
Jim Young: [to the new recruits] Anybody who tells you money is the root of all evil doesn't fucking have any.
Seth Davis: [Narrating] I read this article a while back, that said that Microsoft employs more millionaire secretary's that any other company in the world. They took stock options over Christmas bonuses. It was a good move. I remember there was this picture, of one of the groundskeepers next to his Ferrari. Blew my mind. you see shit like that, and it just plants seeds, makes you think its possible, even easy. And then you turn on the TV, and there's just more of it. The $87 Million lottery winner, that kid actor that just made 20 million o his last movie, that internet stock that shot through the roof, you could have made millions if you had just gotten in early, and that's exactly what I wanted to do: get in. I didn't want to be an innovator any more, i just wanted to make the quick and easy buck, i just wanted in. The Notorious BIG said it best: "Either you're slingin' crack-rock, or you've got a wicked jump-shot." Nobody wants to work for it anymore. There's no honor in taking that after school job at Mickey Dee's, honor's in the dollar, kid. So I went the white boy way of slinging crack-rock: I became a stock broker.
Jim Young: [to the new recruits] There's an important phrase that we use here, and think it's time that you all learned it. Act as if. You understand what that means? Act as if you are the fucking President of this firm. Act as if you got a 9" cock. Okay? Act as if.
Richie: Get the fuck out of here before I put you in a mayonnaise jar.
Chris Varick: [to Seth, after seeing him for the first time on the trading floor] Hey, kid, get the fuck outa here.
Jim Young: [to the new recruits] You Want details? Fine. I drive a Ferrari, 355 Cabriolet, What's up? I have a ridiculous house in the South Fork. I have every toy you could possibly imagine. And best of all kids, I am liquid.
Seth Davis: [Narrating] I had a very strong work ethic. The problem was my ethics in work.
Judge Marty Davis: [in a diner] I'm not your best friend. That's your mother's racket. I'm your father. I tell you when you screw up. What did you think I was gonna do? Pat you on the back for this casino idea? Tell you what a great entrepreneur you are? So what do you want me to do, Seth? I mean, my God, if I would have called my father to meet me for a cup of coffee to talk about my screw-ups, he probably would have laughed. We didn't have nice little chats about why I was a bad boy. I got smacked. And I didn't do it again. Much simpler.
Seth Davis: Look, you know, I'm just trying to restore what's left of our relationship. I mean...
Judge Marty Davis: Relationship? What the fuck are you talking about, relationship? What, are we dating? I'm not your girlfriend, Seth. I'm your father. Clean up you life, make an honest living, and then you and I can talk like normal people, all right?
Greg Weinstein: [while on the trading floor] Don't you have a canoli you can stick in your mouth?
Chris Varick: Don't you have a menorah you could shove up your ass?
Greg Weinstein: [during Seth's orientation] Now there's two rules you have to remember as a trainee, number one, we don't pitch the bitch here.
Seth Davis: What?
Greg Weinstein: We don't sell stock to women. I don't care who it is, we don't do it. Nancy Sinatra calls, you tell her you're sorry. They're a constant pain in the ass and you're never going to hear the end of it alright? They're going to call you every fucking day wanting to know why the stock is dropping and God forbid the stock should go up, you're going to hear from them every fucking 15 minutes. It's just not worth it, don't pitch the bitch.
Richie: [while on the trading floor] When was the last time you closed something huh? You couldn't close a fuckin' window you moron!
Seth Davis: [Over the phone] What do you mean, you're gonna pass. Alan, the only people making money passing are NFL quarterbacks and I don't see a number on your back.
Greg Weinstein: I hope this is better than the last batch of shit you gave me. Produced more wood than Ron Jeremy. I don't want you to yell, "Reco!" anymore. Know what you should yell? "Timber!" Yeah, Mr. Fuckin' wood. I hear you fuckin' makin' your calls. It's bullshit, all right? I mean if you want them off the phone so bad, why don't you just hang up? You should get them excited. You know, excited? They should beg for a broker on the first call.
Jim Young: [to the new recruits] You become an employee of this firm, you will make your first million within three years. I'm gonna repeat that - you will make a million dollars.
Michael Brantley: [making a speech and then a toast in the dining area of a hotel] I just wanted to let you guys know the pikers at the N.A.S.T. are finally off our ass, J.T Marlin once again has unlimated trading authorization I told you guys you can't keep a good man down, we're super stars now J.P. Morgan just faxed over their congratulations, it said "welcome to the club", this means those teams headed up by Todd and Richie who are good enough to give up their rep numbers, they can stop cold calling and start trading again, just to show you how appreciative I am there's something extra, I want you to go up to suite 418, I hand picked them myself, we're players now boys SOLUTE!
Seth Davis: [Narrating] Looking back the casino was the most legitimate business I had running, I looked my customers in the eye and I provided a service they wanted, now I don't even look my customers in the eye and I push them something they never asked for
Michael Brantley: [to the brokers after business hours] I want to congratulate all of you on a huge month, for those of you that are not yet convinced, these were the top dogs of this month, Jim Young, two hundred and eighty thousand dollars, Chris Varick two hundred and five thousand dollars, and Greg Weinstein, one hundred and ninety thousand dollars, this month is going to be even bigger, in fact it's going to be the biggest month we ever had, there's a new issue I wanted to talk to you about, it's called Med Patent, they just designed the world's first retractable syringe, that means doctors and nurses will never again have to worry about infection from dirty needles, this is not going to be an alternative in the medical world, this is going to be the standard, now I know we're here to make money, but if we can do something good like this, it's all the better, I want you to go out and buy yourselves a new car, go buy yourselves a house, go into debt, you are going to make a million dollars inside of six months, we're going to be taking a class trip tonight, so call your moms and tell them "not to wait up"!
Chris Varick: [Meeting secretly in the stairway] You know how hard I worked to get where I am?
Seth Davis: You need forget about that it doesn't mean shit, right now this moment is what you should be thinking about, what are you going to do in the next fifteen minutes they're make sure we never trade another share of stock for the rest of our lives but we can do something
Chris Varick: What's that?
Seth Davis: Harry, my client I need a senior broker to sign a sell ticket so he can take his shares and dump them on the open market, and make his money back, what's the difference? Do one thing right here just sign it
[Chris signs the sell ticket]
Broker: [over the phone] I know you're not standing on your front porch with a bag of money waiting for me to call you. But I'm not some 18-year-old selling a cure for AIDS. I'm 46 years old, I have 22 years market experience, I know this business. So pick up your skirt, grab your balls, and lets go make some money
Greg Weinstein: Hang up. Hang up the phone.
Seth Davis: Thank you. That's nice for you to do that for me.
Greg Weinstein: First of all, there's gonna be a lot of these regardless of how good you are but you happen to suck big fat ass rhinoceros dick.
Seth Davis: Well, thank you. That's confidence inspiring.
Chris Varick: [Meeting secretly in the stairway] What's this about? You ok?
Seth Davis: I need you to sign a sell ticket for a client of mine
Chris Varick: Fuck Greg, let's go deal with it and talk to Michael
Seth Davis: Wait a minute Chris, I got arrested last night
Chris Varick: What?
Seth Davis: The FBI arrested me
Chris Varick: The FBI? Why the fuck would the FBI arrest you?
Seth Davis: Because of my involvement in this firm
Chris Varick: Your involvement in the firm? What the fuck does that mean?
Seth Davis: Come on Chris you know what that means
Chris Varick: No, I don't know what that means, what the fuck did you tell them?
Seth Davis: They knew everything man, they had photographs and tape recorded conversations, they brought my father in, there was nothing I could do
Chris Varick: [Yelling] What did you do?
Seth Davis: Chris, the FBI is going to raid this place in twenty minutes!
Chris Varick: [Yelling louder] What the fuck are you talking about? Fuck Seth!
Seth Davis: come on man, I asked you for months about shit going on here and you told me to shut the fuck up and get ready to be a millionaire
Chris Varick: That's right "shut the fuck up", didn't you learn anything?
Seth Davis: I learned how to fuck people out their money my client, Harry Reynard just lost his life savings, and he wasn't a whale, he was just a poor schmuck and I took him, I did everything J.T Marlin taught me to do and I made up his mind for him
Chris Varick: What do you want me to tell you? That's what we do here
Seth Davis: We lie, we're liars
Chris Varick: Who they coming for?
Seth Davis: They're coming for everybody, everything
Seth Davis: [after refusing an immunity deal offered by the FBI] No, no deal, you take my father out the back door and you bring him home, he has nothing to do with this case I swear to God, if his name ends up in one newspaper I do not testify and I mean that, for me it'd be worth going to jail for
FBI Agent David Drew: Are you serious?
Seth Davis: What'd you think?
FBI Agent David Drew: alright, before we get ahead of ourselves, what are you offering?
Seth Davis: I'm going to hand you this case on a silver fucking platter, I know everything you don't, I know how it all works, I know how Michael makes his money, I know how he hides it, I know who he goes in with, I even know where he moves if you guys get too close, I know everything
Seth Davis: [in Seth's room] What's going on? One week I can understand but this approaching five weeks now and the profits are still down forty percent since the last week I was here full time
Jeff: I'm not you Seth, I'm going to fucking kill myself for half the fucking profits, you just get come here to pick up your fucking money and it sucks
Seth Davis: This is my business, you used to make ten dollars an hour, now you're making a thousand a week and you're still not fucking happy? What the fuck is going on Jeff?
Jeff: Nothing, you can check the tapes
Seth Davis: Are you skimming?
Jeff: I can't handle a twenty four gig all by myself, this isn't fucking Denny's, and I'm still trying to finish school here
Seth Davis: Alright, so why don't you take another partner? And you split your share with him, which I'll up to sixty five percent, then you can go to school during the day and work at night
Jeff: I'm already doing that
Seth Davis: You are? And you still can't fucking handle it?
Seth Davis: [Meeting privately in Michael's office] I want to talk to you about a client of mine, his name is Harry Reynard
Michael Brantley: I don't know him
Seth Davis: I think you should because we're about to lose him, he dropped fifty thousand on Farrowtech this weekend alone
Michael Brantley: And you want to do what?
Seth Davis: I want to keep him here by giving a chunk of the Med Patent IPO
Michael Brantley: We don't have out IPO's to someone who just had a bad day on the market
Seth Davis: Michael, this guy is a fucking whale and he's going to do an obscene amount of business with this firm
Michael Brantley: And you're somehow just sure of this?
Seth Davis: Yeah, he completely trusts me, he doesn't even need the money, he owns the biggest foods company in Wisconsin, he just want to know we're going to do ripe on him
Michael Brantley: How many trades has he made?
Seth Davis: Two, but he made a second trade a week after I opened him, the guy's pretty sour on Farrowtech and he's going to walk, I think we should make him a little money on this next IPO and let him take it for a ride
Michael Brantley: What did Greg say?
Seth Davis: He was busy closing somebody, I didn't want to bother him
Michael Brantley: Well, go get him
Greg Weinstein: [Greg walks in] look, I don't know what he's been telling you, but I've had it with this shit, this is a business, the point he should be on the fucking phone, not in here bitching about personal petty between him and I
Michael Brantley: Seth was talking about giving Med Patent IPO to Harry Reynard
Greg Weinstein: No, first of all I don't even know this Harry Reynard, no way he's totally unreliable
Michael Brantley: The guy dropped fifty thousand on Farrowtech this week
Greg Weinstein: That's great Michael because I have a list of clients that deserve some IPO than this fucking guy, clients that have been with me for than six months, have taken heavy losses and continued to trade with me
Seth Davis: Yeah and he's one of them asshole
Michael Brantley: What do you mean he's one of them?
Seth Davis: He's one of Greg's clients, I opened him when I was closing my forty accounts for you, I'm just his contact, his your client, I'm not going to make a dime off this trade, no wonder the guy's pissed off, his own broker doesn't know his a fucking client
Michael Brantley: Fine, give him ten thousand shares, he just can't sell it before we say so
Seth Davis: great
Michael Brantley: no joke Seth, he cannot sell it before we sell it, at least six months
Judge Marty Davis: [to Seth] when I came up to you behind that car, it was the hardest thing I ever had to bear because I wanted to make your pain disappear, I don't even know how to describe the feeling I had at the time, I just want you to know one thing: not a single day of my life goes by that I don't think about that moment, I don't think about being back there just to have one more chance to make your pain disappear, I am more sorry than you'll ever know
Jim Young: [Pitching to the new recruits] There is no question whether you'll become a millionaire. The only question is how many times over. You think I'm joking? I'm not joking, I am a fucking millionaire, it's a weird thing to hear, right? , it's also a weird thing to say, and guess how old I am? twenty seven, do you know what that makes me here? A fucking senior citizen, this firm is entirely comprised of guys your age not mine, luckily for me I happen to be very fucking good at my job or I'd be out of one, you guys are the new blood you are the future big swinging dicks of this firm, let me tell you what's required: you are required to work your fucking ass off at this firm, we want winners, not "pikers", a "piker" walks at the bell, piker asks "how much vacation time you get in the first year", "vacation time?", people come to this firm for one reason: to become filthy rich, we're not here to make friends, we're not here to save the fucking manatees, you want "vacation time?" go to third grade public school, first three months you start as a trainee, you make one hundred and fifty dollars a week, after you're done training you take the Series 7 test, pass that, you become a junior broker and then your opening accounts for your team leader once you open forty accounts, you start working for yourself, the sky's the limit, a word or two about being a trainee, friends, relatives, other brokers will give you shit about it, it's true, one hundred fifty dollars is not a lot of money, pay them no minds, you need to learn this business and this is the time to do it, once you pass the test, none of that is going to matter, your friends are shit, you tell them you made twenty five grand last month, they're not going to fucking believe you, fuck that, fuck them, parents don't like the life you lead? Fuck you mom and dad! You'll see how it feels when you're making their fucking Lexus payments, now go home and think about it, think about if this is really for you, listen, if you decide it isn't its nothing to be embarrassed about, this job's not for everyone, but if you really want this, you call me on Monday and we'll talk, just don't waste my fucking time.
Jim Young: [to the new recruits] God damn it you fucking guys you passed the Series Seven over a month ago. Seth's the only one opening the necessary forty accounts for his team leader, when I was a junior broker I did it in twenty six days. You're not sending out press packets anymore. None of this "Debbie the Time Life operator" bullshit, so get on the phone, it's time to get to work, get off your ass, motion creates emotion, I remember one time this guy call me up and wanted to sell me stock, so I let him. I got every rebuttal out of this guy, I kept him on the phone for an hour and a half, towards the end I started asking him "buying" questions like "what's the firm minimum?" that's a buying question, right there that guy's got to take me down. It's not like I asked him "what's your 800 number?" that's a "fuck off" question. I was giving him a run and he blew it, the answer to a question like that is "zero", you don't like the idea don't pick a single share, but this puss is telling me "a hundred shares" no! Wrong answer! you have to be closing all the time and be aggressive, learn how to push, ask them questions, ask them rhetorical questions ask them anything, just get a "yes" out of them, "if your drowning and I throw you a life jacket would you grab it?", "yes", good, pick up two hundred shares I won't let you down", ask them how'd they like to see thirty, forty percent returns, what are they going to say? "no, fuck you I don't want to see those returns", if you can't learn how to close you better start thinking about another career and I'm deadly serious about that, dead fucking serious, and have your rebuttals ready a guy says "call me tomorrow", bullshit, somebody tells you they got money problems about buying two hundred shares is lying to you, do you know what I'd say to that? "Tell me you don't like my firm, tell me you don't like my idea, and tell me you don't like my fucking neck tie, but don't tell me you can't put together twenty five hundred bucks, that's it I'm done.
The Daily News telemarketer: [the Daily News telemarketer, over the phone, accidentally mispronouncing his name] Hi Mr. Davis, it's Ron from The Daily News, how you doing this morning?
Seth Davis: [correcting him] It's Davis and I'm not interested
The Daily News telemarketer: ok I'm sorry to have bothered you, have a nice day
Seth Davis: wait a minute, that's your pitch? You consider that a sales call?
The Daily News telemarketer: well, umm
Seth Davis: you know I get a call from you every Saturday and it's always the same half ass attempt, if you guys want to "close" me you should "sell" me.
The Daily News telemarketer: alright
Seth Davis: alright, start again.
The Daily News telemarketer: ok, it's Ron The Daily News, how you doing this morning?
Seth Davis: [amused] shitty, what'd you want?
The Daily News telemarketer: it's not what "I" want, it's what "you" want
Seth Davis: alright, now we're talking, what are you selling me?
The Daily News telemarketer: we're offering you a subscription to The Daily News at a substantially reduced price, we're trying to reach out to people who've never had home delivery before
Seth Davis: so, your basically everybody that already have a subscription is getting fucked on this one?
The Daily News telemarketer: yeah, I guess so
Seth Davis: ok I can handle that, ok tell me, why should I buy your paper? Why shouldn't I get The Times? or The Voice?
The Daily News telemarketer: Well, The Village Voice is free, if you want it, you should certainly pick it up, but The Daily News offers you something no other paper can: a real taste of New York, we have the best features, more photographs than any other papers in New York and we have the most reliable delivery in the city, now what'd you think?
Seth Davis: you know what I think? I think that was a sales call, good job buddy
The Daily News telemarketer: so, are you going to buy a subscription?
Seth Davis: [before immediately hanging up] No I already get The Times.
Man on phone: [Over the phone] Take me off your list.
Seth Davis: Fine, fine. I'm gonna take you off my list of successful people today.
Seth Davis: [Narrating] Its strange to think how that knock changed everything, everything, hey don't get me wrong here, I don't believe in fate, i believe in odds
Seth Davis: [Narrating] I'm plagued by "what ifs?"these days, what if Greg hadn't come over that night, what if I hadn't forgot my bag? or seen Michael walk into the other building that day? what if i had skipped over Harry's card? what are the chances? what are the odds?
Seth Davis: [to Abby] I went to the Med Patent office and there isn't one, its card board there's nothing, there's no employees there's no research and development I found out how Michael is making his money, we're selling stock for companies that don't exist
Seth Davis: [Leaving a phone message for Harry Reynard] I feel bad about the way things ended the last time we talked, I found a way to get you your money back, and I just need you to call me back
Adam: [Exchanging money for poker chips] Give me four hundred
Greg Weinstein: What about the betting?
Seth Davis: What were you thinking?
Greg Weinstein: I don't know, five hundred max?
Seth Davis: We don't usually service that level of action but I hate to turn away a new customer the thing is we might not have enough cash to settle you at the end of the night.
Greg Weinstein: That's ok you can just pay me tomorrow
Seth Davis: How much you want?
Greg Weinstein: [Tosses a roll of cash on the table] Five dimes
Adam: You had to do it, make me look like I'm at the kiddie table
Greg Weinstein: [to Adam] "The shoe fits,"kid
Seth Davis: [to Greg] What denomination?
Greg Weinstein: [to Seth] How about three Puerto Ricans, two chinks and a Guinea? I don't care, mix it up, whatever you want.
Seth Davis: [Narrating] I was living in Kew Gardens Hills running my "biz" giving the Queens College kids to do something in between classes I was doing well.
Seth Davis: [while having with their family] I dropped out
Judge Marty Davis: Do you want to tell me why?
Seth Davis: I gave it a year and it just wasn't for me
Judge Marty Davis: I see so that means you've been lying to us for six months "school's fine dad, my grades are good dad", alright let's just leave that for a second, so you drop out, that means you haven't been getting you student loan checks, how are you paying the rent every month?
Seth Davis: I'm running a business, earning a living
Judge Marty Davis: "Earning a living?
[Throws poker chips across the table]
Judge Marty Davis: "Is this what you call "earning a living"?
Greg Weinstein: [to Seth] I'm going to be honest with you, I think you're running a good business and you're a smart kid, pulling in some real cash but I have to tell you this is a risky fucking business, are you honestly planning to deal cards to college kids when your fucking thirty five? You don't think you're going to get "pinched" in the next few years? Maybe it's about time to think further down the line.
Seth Davis: [Narrating] I was making good money with the casino but these guys were "macking" it hard, that's the level I wanted to be operating on so I drove out to Long Island, the office was a good hour from Wall Street, somebody forgot to tell the guys who worked there though, they looked and acted like they took the sixth train to Fulton Street every morning but it wasn't Wall Street it was exit fifty three on the Long Island Expressway, a good hour from the New York Stock Exchange, "Group interview my ass", it was like a Hitler youth rally in retrospect, the guy who pitched us, Jim Young was the head recruiter there between him and Michael honestly they can sell bubblegum at the lockjaw ward at Bellevue.
Greg Weinstein: [during Seth's orientation] These are the client cards, these are our leads every one of these people buy stock, your job is to call them and get them interested in the firm, you're not actually selling stock but you're selling them a "dream" so get them "wet", a month from now a senior broker will call them back with an idea,
Seth Davis: wait so who are these people?
Greg Weinstein: they're average clients, forty five years old from the Midwest one hundred fifty thousand dollar income one million net, has a local broker but loves a hot shot New Yorker who sounds good on the phone, the cards not going to tell you any of that, it only has their name, address, and occupation so you got to feel them out, the truth is, it doesn't even matter where the DOW is right now, everybody wants a piece of the market, I can anyone, anytime, anywhere in the country, just give me a phone number, once you qualify the guy you send him a press packet it'll all be real easy and get you comfortable on the phone which is key, this entire business revolves around the phone, "play the numbers", this is a contact sport meaning the more people you contact the better you'll do a good broker makes over seven hundred calls a day
Seth Davis: wait what's the phone bill like here?
Greg Weinstein: this month was approaching four hundred thousand dollars, even though you're not selling stock I want you to memorize the quota we have here, did you see the movie Glengarry Glen Ross?
Seth Davis: Yeah
Greg Weinstein: You remember A.B.C.?
Seth Davis: Yeah, Always .Be. Closing
Greg Weinstein: that's right,Always .Be. Closing "telling's not selling", that's the attitude you want to have, the second rule you have to remember as a trainee "don't write wood" a lot of trainee are anxious to get off the phone that they steam roll the guy into getting him the press packet so they can hang up, then I call back a month later and say "hi you spoke to a junior associate of mine" and the guy says "I'm not interested", that's a shitty lead, that's fucking wood, the info we send is bullshit, the most important of the call is that is telling them you that one great idea and that a senior broker is going to call them back in a month we don't want our clients to think we're pitching them something we read in the Wall Street Journal, if the guy wants to buy stock right then, you want to go into each call expecting just that, if someone wants a recommendation you put the guy on hold, stand up and yell "Reco" at the top of your lungs, first senior broker gets on the phone, he gets the sale. I have this friend at another firm, he hands this book to all his new trainees, it's called "Rebuttal Book, it has a rebuttal for any excuse like "my wife won't let me", "I'm not in the market right now", "send me a prospects, that's all stuff you're going to have to learn later, the most important thing you need to know right now is, you can be whoever you want, change your last name, say you're the vice president who cares? Do whatever you got to do to get the guy on the line
Seth Davis: Wait how could I do something like that? Isn't there a compliance officer here?
Greg Weinstein: Everybody does that shit, even on Wall Street are you talking about John over there?
Greg Weinstein: [they both look at John sitting in his office]
Greg Weinstein: the guy's a fucking chimp, the only "compliance" work his doing is making sure my lunch is still hot when it gets here, his only here because the FCC requires it, it's the easiest job in the world.
Greg Weinstein: [jokingly] look I think his actually masturbating right now
Judge Marty Davis: [while having with their family] How come I've never heard of this firm?
Seth Davis: It's a smaller firm, there are probably a million others you've never heard of
Judge Marty Davis: The reason I ask is I thought you'd join a firm like Goldman Sachs or something of that stature
Seth Davis: The reason the larger houses don't like to hire kids straight out of college unless you went to an ivy league school or if you want to do cash flow analysis for the next fifteen years they usually want you to work outside their firm for a few years and get a good sense of the market but most brokers start out at little firms like JT Marlin
Judge Marty Davis: good, So all you have to do now is close the casino
Seth Davis: [Narrating] I originally I got in for the cash but getting my dad's respect is what kept me there, I had to adapt to this new world, I didn't know any of these guys but what I did know is that they had all the money in the world and not a clue what to do with it
Chris Varick: [Over the phone] Hi Dr. Jacobs this is Chris marlin over at JT Marlin
Dr. Jacobs: Marlin?
Chris Varick: [Another broker turns on the speaker phone ] Right, his my father, so my associate tells me you're interested in one of our stocks?
Dr. Jacobs: Yes, MSC sounds like it might be interesting
Chris Varick: Might be? "Might be" doesn't sell stock at the rate MSC is going for, we're talking a very high volume here
Dr. Jacobs: Well, I still have to run it by my people
Chris Varick: That's great doc if you want to miss another opportunity and watch your colleagues get rich doing clinical trials that don't buy a share and hang up the phone
Dr. Jacobs: Hold on I didn't say that I just want to talk about this more
Chris Varick: Honestly doc I don't have the time this stock is blowing up right now the whole firm is going nuts, hold on let me open the door to my office
[signals everyone to yell and make noise]
Chris Varick: See that doc? That's my trading floor now I have a million calls to make to a million doctors who are in the no, I can't walk you through this I'm sorry
[waiting and expecting a response]
Dr. Jacobs: Ok, let's do this
Chris Varick: Since you're a new account I can't go any higher than two thousand shares I'm sorry
Dr. Jacobs: Two thousand shares? Are you nuts? That's way beyond what I was thinking, Jesus! I'm curious why can't you sell me any more than that?
Chris Varick: We'd like to establish a relationship with our clients on something small before we get to the more serious trades, let me show you couple percentage points then we can talk about doing future business
Dr. Jacobs: That sounds good, give me the two thousand shares
Chris Varick: Done, I promise we'll swing for fences on the next one, let me put my secretary on and she'll take down your info, do you want that confirmation sent to your office or your mansion? It was a pleasure doing business
Seth Davis: [referring to the amount of stock he sold to Dr. Jacobs ] Why'd you put a max on his buy?
Greg Weinstein: [to Greg] You didn't tell him how it works?
Greg Weinstein: His trainee he doesn't need to know initial sell limits
Greg Weinstein: [to Seth] Make sure he shows you the ropes his too busy calling his bookie, fucking Hebrews always looking out for themselves and not the trainees, the reason I capped him is in case if his a piker, so we're go ahead and front the money for this sale and if he doesn't send the check I'm the one holding the bag follow me?
Seth Davis: Right
Chris Varick: Last month a kid a Jim's team wrote a million dollar ticket the stock was down three and a half points by settlement the kid took a quarter of a million dollar hit, do you know how much that hurts? Besides the first sale is what's appetite, if his a whale, which looks like he is
Seth Davis: Right
Chris Varick: So put him a daily measureable rip
Seth Davis: What's a "rip"?
Chris Varick: A "rip",is a commission that's why we work here we make huge rips, a two dollar rip which is unheard of anywhere on Wall Street, which means we're walking away with two dollars of every share we sell, its real money and opportunity
Seth Davis: How does Michael afford that?
Chris Varick: Couldn't tell you
Seth Davis: Ok
Chris Varick: If his doing it, his making money from it, and the point is service your client right and he'll be back for more show him a three percentage return and he'll trust you to watch his kids for the weekend
Greg Weinstein: [to Seth, while driving in his Ferrari ] You've got to realize half the kids you and I grew up with, remember in Hebrew school shoving match was a big deal? Worst case scenario somebody got their Yarmulke knocked off it's true these guys are no joke they get all tanked up, throw a quick fist some of them actually enjoy it, like Richie what the fuck is that? Probably thought I was being tough back there with that guy, I was shitting my pants, fucking Guineas, half of them do coke, they all drink, zero capital, no fucking stability. they make all this money and always living three steps ahead, there's guys at the firm that make a million a year but can't even get a loan for a Honda because their credit is so bad, everybody's just waiting for the fifteenth of the month, they may have the Porsche but they don't have ten bucks to put in the gas tank, its nigger rich.
Jim Young: [to the new recruits] I want to talk to you guys about appearance because most of you dress like shit. I don't know what your financial situation is and I don't want to know, but you've got to get yourself at least one descent suit because we have a minimum level of aesthetic professionalism we have to maintain. In three months you can outfit your entire closet but for now just get something to hold you over, secondly, it's time to get your series 7 books, don't get nervous if you study you'll pass and then you begin trading as an FCC licensed broker, then you're a fucking millionaire and it's just that simple, I need three hundred bucks from each of you for the books and it will be returned if and when you pass the exam and I need that tomorrow that is all.
Chris Varick: [Waiting outside Greg's house in Chris's Range Rover] Fucking guy's probably got more rooms than his ever been in
Seth Davis: I was wondering, do you ever wonder how we make the rips we do? That we make rips that pay out more than any other major firm?
Chris Varick: You're kidding me right? That's the wrong question to be asking, the only thing you should be worried about tonight is how you're going to get laid
Seth Davis: I'm serious, FCC regulations state that maximum rip allowed is five percent allowed and we're making four times that
Chris Varick: You just passed your Series Seven and now you're an inspector? Aren't you happy with the way things are going?
Seth Davis: Yeah I am, I'm just curious, you're not curious?
Chris Varick: Not at all, I like being a millionaire, you will too
Jim Young: [to the new recruits in the main conference room] I want to talk to you guys about appearance because most of you dress like shit. I don't know what your financial situation is and I don't want to know, but you've got to get yourself at least one descent suit because we have a minimum level of aesthetic professionalism we have to maintain. In three months you can outfit your entire closet but for now just get something to hold you over, secondly, it's time to get your series 7 books, don't get nervous if you study you'll pass and then you begin trading as an FCC licensed broker, then you're a fucking millionaire and it's just that simple, I need three hundred bucks from each of you for the books and it will be returned if and when you pass the exam and I need that tomorrow that is all.
Seth Davis: [in a restaurant having drinks, celebrating Seth passed the Series 7 stock broker test with Chris, Adam present ] You know what I hate? Is getting past the secretaries it doesn't matter if you're a broker, it's still a sales call and they fucking know that, I'm going to open a firm
Greg Weinstein: [holds the alcoholic drink in his hand and a toothpick in his mouth] ,Wait your opening things now? Kid just passed his test and thinks he knows the whole thing, what's wrong with you? You haven't even popped your "cherry" yet
Seth Davis: [Narrating while following Michael Brantley and John Feiner walk into the office building next their office building ] I don't know why the hell I walked in there. Things were going well for me I had passed the Series Seven and was closing my forty accounts for Greg, I didn't want to go in but a part of me had to know what Michael was doing there the week before, why would they be walking in the building next door? The place was empty, I should've just let it go, my first thought was we were moving to nicer offices, yeah, nice thought I realized it was a quick out for Michael if things got out of hand, it didn't take me long to close the forty accounts I was closing five a day sometimes six, just killing it. Greg certainly make it easy though but I was focused I was about to start making the serious dough I was about to be on my own.
Judge Marty Davis: I spoke to Howard Goldberg over at Prudential, you lied again you unbelievable piece of shit, you lied to all of us, tell me about J.T. Marlin, it's a chop shop Seth, you've selling their shit all this time, how many people have you fucked over? All that bullshit about how their business works? "The great training program", remember? "All the profits you made for your customers", did you do anything for them? Did you make them any money at all? I'm done with you Seth, this it, I've had it with you, I don't ever want to see you again, I don't want you to come by the house, I don't you to call, this is worse than the casino, you've been stealing, you're destroying people's lives
Seth Davis: Do you know what Bridge Financing is?
Abbie Halpert: No
Seth Davis: Basically it's a way to raise capital for a company that's trying to go public they get money from outside investors they're the "bridge" and it's perfectly legal as long as there's no connection between the investors and the firm but Michael's fronting his friends as the investors on every IPO we do
Abbie Halpert: That's why all the names on the contracts are the same
Seth Davis: Right, and he has us push it all on the open market for him, we're basically Michael's shares and that's where the two dollar "rips" come in, he can afford to pay us that much and it's worth it for him because he literally depends on us to create the market for him there's no other firm selling this shit it's all artificial demand and as soon as we sell off his position there's no need to maintain the inflated price anymore we stop pushing it
Abbie Halpert: And then it crashes
Seth Davis: right, but how does that really affect me? I'm just selling stock there's nothing wrong with that, so I know now how Michael makes his own money and I know I'm not working at Goldman Sachs but we already know that, so how does this really change anything?
Abbie Halpert: I don't know, you tell me
Abbie Halpert: Why are you calling me here?
Agent Etkins: [referring to Seth] Time's running out I need to know what his doing
Abbie Halpert: I'm getting tired of this you have nothing on me I'm going to hang up this phone now
Agent Etkins: You're putting all the deals through, your signature is on every sell ticket, so go ahead, and hang up
Seth Davis: [over the phone] Hi harry how are you doing?
Harry Reynard: Did you get my calls?
Seth Davis: Yeah, sorry it's just been crazy around here
Harry Reynard: What the hell is happening with Farrowtech? It's down five points since I bought it, I think I should sell it
Seth Davis: You want to sell now? You don't make money buying high and selling low
Harry Reynard: So what's going on? You tell me why we shouldn't get out now?
Seth Davis: [before crouching underneath his desk to give Harry the impression that he has his own private office] Alright here's the deal: I told you things will start happening in sixty days it's only been twenty so far and the situation is explosive here and I wanted to get you involved so I haven't been returning phone calls I've been busy gathering information all morning, the stock's down for tech reasons, it's still the same company in fact Farrow's been signing more contracts, it's looking like our next big one here, it just came off the restricted list and its already up a point. I'm advising all my clients to get in on this and heavy.I also have a bullet on a couple days ago Dan Dorfman on CNBC put a heavy buy recommendation on Farrowtech, this is going to be off the record. I just called a broker friend of mine that works at another firm and had him pick me up fifty thousand shares under my sister in law's name, I'm going to put all my kids through college with this stock I have a thousand more phone calls to make because I have to call every one of my clients and give them the same opportunity, you remember when we first spoke? I told you this firm has six or seven great ideas a year? This is one of those ideas. I remember you saying you want to buy a house right?
Harry Reynard: Yeah
Seth Davis: How would you like to pay for it tomorrow? In cash
Harry Reynard: All I have is the fifty thousand from our savings account
Seth Davis: What's it going to be?
Greg Weinstein: [to his team] As you all know there's going to be a lot of heat coming down from what Farrowtech did yesterday so be smart on the phone, calm people down, the stock's dropped eighty six percent from yesterday's close. I don't want people dumping their shares
Seth Davis: I need to talk to you
Judge Marty Davis: [while in his chambers] What is it?
Seth Davis: I want out of the firm
Judge Marty Davis: Great leave I don't care what you do anymore I'll tell you this, you coming here is unacceptable to me, what do you want me to do? You want to cost me my judgeship?
Seth Davis: No
Judge Marty Davis: I can't have any connection to you
Seth Davis: I want to get out the firm like you told me to but I just need your help
Judge Marty Davis: What do you need my help for? You're getting out, fine whatever I don't care if you stay there or not, just gets out of here
Seth Davis: There was an investment I wanted to talk to you about
Judge Marty Davis: You've got to be kidding me
Seth Davis: You could make a lot of money we could go in on a couple big trades that JT Marlin wants you to invest in and when the next IPO comes out...
Judge Marty Davis: Stop, are you asking me to go in on a stock scam with you? Are you out of your fucking mind?
Seth Davis: [Picks up a photo of Seth as a child with a new bike] Do you remember this day?
Judge Marty Davis: Yes of course I bought you that bike
Seth Davis: Do you remember what happened a month after that?
Judge Marty Davis: What do you want from me? Yes, I remember when I broke your leg
Seth Davis: [Crying] My fucking leg was broken I'm sorry I couldn't get the job you wanted me to have, who gives a shit? Because I am good at what I do and the casino was a fucking business and I ran it pretty fucking well and to think I closed it for you and then I went after this job because I thought it was what you wanted me to be doing and I tried to make the changes you wanted me to make and I'm JT now and I'm just asking you for this one thing, just to help your son
Judge Marty Davis: I can't, I'm sorry
Seth Davis: [Narrating] I wished my dad could've stepped into the casino just once he would've had to be impressed, four employees an organized payroll and a huge client list
Abbie Halpert: [referring to his father unwilling to help him make money from JT before he quits] sitting on her couch inside her apartment So what are you going to do now?
Seth Davis: [pacing back and forth] I'm still going to fucking do it. I have a friend that's going to go in it with me and if I do it right, I can take JT for at least three hundred grand my father can go to hell
Abbie Halpert: I don't think you should do it, I think you should just quit
Seth Davis: I've invested too much time in this, I don't have any more money coming in because Jeff took my fucking gold mine I need this
Abbie Halpert: I could hook you up with my friend who works at Smith Barney I know you can get a job there
Seth Davis: Doing what? Ticket running? You think coming from JT they're going to let me trade? There's no fucking way, why are you so against this? This is going to be great for both of us
Abbie Halpert: I just have a bad feeling about all this
Judge Marty Davis: [Over the phone] Hi Seth how are you?
Seth Davis: Dad?
Judge Marty Davis: Yeah can I change your mind about doing this IPO scheme?
Seth Davis: No I've already gone in with somebody
Judge Marty Davis: Then I'll help you out with this
Seth Davis: You're going to do it with me?
Judge Marty Davis: No I can't do that but I can at least make sure you don't get caught, I know somebody over at Ellis Proud he can talk to you about it so why don't you come over the house tomorrow night?
Seth Davis: Thank you dad I'm so glad you called
Mrs. Davis: [On the phone with Seth] I know you went too far this time, when you figured it out you should've said something but he loves you Seth do you know that? It's important that you know that.
Seth Davis: What do you want from me?
FBI Agent David Drew: I want you to testify.
Seth Davis: What are you offering?
FBI Agent David Drew: Full immunity.
Seth Davis: What about my father?
FBI Agent David Drew: He won't do any time.
Judge Marty Davis: [to Seth] I haven't done anything illegal.
Seth Davis: Then what's the deal?
Judge Marty Davis: The deal is I lose my judgeship just going along for the ride.
FBI Agent David Drew: I have nothing to do with that.
Judge Marty Davis: What's that supposed to mean? You're going to release the tape to the press? Make your case much more glamorous with the involvement of a federal judge?
Seth Davis: No, no, deal, you take my father out the back door and you bring him home, he has nothing to do with case. I swear to God if his name ends up in one newspaper I do not testify, and I mean that, for me, it'd be worth going to jail for.
FBI Agent David Drew: Are you serious?
Seth Davis: What do you think?
FBI Agent David Drew: Alright, before we get ahead of ourselves, what are you offering?
Seth Davis: I'm going to hand you this case on a "silver fucking platter", I know everything you don't, I know how it all works, I know how Michael makes his money, I know how he hides it, I know who he goes in with, I even know where he moves if you guys get too close, I know everything. So, tell me what happens now?
FBI Agent David Drew: You go back to work tomorrow like nothing happened, for one day I need your client book and your whole C drive backed up on a floppy and we're going to have hold you overnight.
Seth Davis: [while sitting in his car] Do you want to talk to me?
Abbie Halpert: I don't know what to tell you, just think about this: if you pull this IPO deal off and I'm associated with you what do you think is going to happen to me?
Seth Davis: They're not going to be able to prove anything.
Abbie Halpert: Who says they have to? I'm going to lose my job unless I put some distance between us.
Seth Davis: Who cares about that? I'm going to take care of you, you are the one real thing in my life right now.
Seth Davis: [while sitting in the lounge area of a bar] so who do you live with?
Abbie Halpert: do you mean is this little black girl taking care of her grandmother because her mother is a crack head?
Seth Davis: [jokingly] yeah exactly, I thought it was "smack" though.
Abbie Halpert: your right.
Seth Davis: [referring to her attitude] You've got to get ahold of that edge, it's kind of sharp.
Abbie Halpert: I know, it's just that I get so much shit at JT that sometimes I just get into that mode to get them off of me you know?
Seth Davis: yeah, I was going to ask you because it doesn't look like the ideal working environment for a black woman.
Abbie Halpert: no, it isn't, but how many secretaries do you know that make eighty grand a year?
Seth Davis: one
Abbie Halpert: exactly
Seth Davis: [Over the phone] You got a call from an associate broker of mine and I wanted to know if you enjoyed the information we sent you?
Harry Reynard: What information?
Seth Davis: If you get as much mail as I do you'd probably brush it to the side but more importantly we made a commitment to get back to you. I'm presenting you with a business opportunity that I think you'll find very interesting
Harry Reynard: I'm not really in the market right now.
Seth Davis: Tell me, are you married? Are you happy?
Harry Reynard: Actually I've been married for ten years.
Seth Davis: [lying to make him seem more relatable] That's great, six years for me, are you playing the market at all?
Harry Reynard: I don't know about "playing" but I do own some blue chips that were wedding gifts from our friends in New York.
Seth Davis: Well, we have an explosive situation going on right now pharmaceutical company Farrowtech has a drug called Paratin in the third stage of FDA approval.
Harry Reynard: What's the deal?
Seth Davis: That's a good question and this is the best part: it helps premature babies develop properly.
Harry Reynard: That sounds like good drug.
Seth Davis: It is, tell me what have those blue chips done for you since you got married?
Harry Reynard: Not that much really.
Seth Davis: We deal with stocks that really "move." I'd like to show you what I mean on a relatively small investment.
Harry Reynard: I can't really buy anything right now because my wife and I are getting ready to buy a house and we're trying to save every last penny.
Seth Davis: Look, I don't care how much stock you pick up, I just want you to test me out. I want you to judge you on the percentages I show you obviously if I show you thirty or forty percent you're going to be pretty excited about my next idea right?
Harry Reynard: Yeah
Seth Davis: Of course you would you'd be handing out my business cards wouldn't you? Do this, pick up a hundred shares it's the absolute firm minimum if I show you three or four points on the trade it's not going to make you rich, on the same token if the stock doesn't go anywhere you're not going to be standing outside your store with a cup in your hand.
Harry Reynard: That's true.
Seth Davis: The true is I can sell you a lot more stock than just a hundred shares and feel completely comfortable about the trade but I'm asking you to start small just to prove what I can do for you.
Harry Reynard: Alright let's try it.
Seth Davis: [Over the phone] Should I send the confirmation to your business or your home?
Harry Reynard: I need to talk to my wife first.
Seth Davis: No, you don't need to do that.
Harry Reynard: You're at work right now aren't you?
Seth Davis: So what do you do for a living?
Harry Reynard: I'm a purchasing manager at a gourmet foods company.
Seth Davis: Does part of your job involve making decisions?
Harry Reynard: Of course.
Seth Davis: So when you're making one of these decisions, do you call your wife and ask her what you should do?
Harry Reynard: Of course not but that's a little different.
Seth Davis: Different? How is that different? it's your money, you earned it, besides your only investing it, I'm not selling crack here, she's only going to be happy to see you made a wise investment for the family: just think about the flip side, when your wife is shopping does she call you from Pathmark to ask you if she can use a coupon for Captain Crunch?
Harry Reynard: That's not being fair.
Seth Davis: I know I'm just trying to make a point here, we're not talking about a lot of money and just think what she's going to say when you bring home a big fat check because you had the foresight to see a good thing coming
Harry Reynard: Alright let's try it.