[0:13]Thank you all for coming in a little early this morning. I know yesterday was pretty bad and I wish I could say that today's going to be less so, but that isn't going to be the case. Now, I'm supposed to read this statement to you all here, but why don't you just read it on your own time and I'll just tell you what the fuck's going on here. I've been here all night. Meeting with the executive Committee, and the decision has been made to unwind a considerable portion of the firm's holdings in several key asset classes. The crux of it is, in the firm's thinking, the party's over as of this morning. There's going to be considerable turmoil in the markets for the foreseeable future. And they believe it is better that this turmoil begin with us. As a result, the firm has decided to liquidate its majority position of fixed income MBS today. These are your packets, you will see what accounts you're responsible for today. And I'm sure it hasn't taken you long to understand the implications of this sale on your relationships with your counterparties and as a result, on your careers. I have expressed this reality to the executive committee, and they understand. As a result, if you achieve a 93% sale of your assets, you will receive a 1.4 million dollar one off bonus. If the floor as a whole achieves a 93% sale, you will get an additional 1.3 million dollars a piece. For those of you who've never been through this before, this is what the beginning of a fire sale looks like. I cannot begin to tell you how important the first hour and a half is going to be. I want you to hit every bite you can find, dealers, brokers, clients, your mother if she's buying, and no swaps. It's outgoing only today.
[2:26]Obviously, this is not going down the way that any of us would have hoped, but the ground is shifting below our feet. And apparently, there's no other way out.
[2:56]Guys, this is obviously a very, very unique situation. If we are successful today, we will have been successful in destroying our own jobs. I cannot promise that any of you, all of you, some of you will be repositioned within the firm. But I can tell you that I am very proud of the work that we have done here together. I've been at this place 34 years. And I can tell you from experience that people are going to say some very nasty things about what we do here today, and about what you've dedicated a portion of your lives to. But have faith that in the bigger picture, our skills have not been wasted. We have accomplished much, and our talents have been used for the greater good. There's your packets. Get to work.
[4:39]Sydney, this is Eric. Give me Elliott. Hey, it's Will Emerson. Will, how are you? I'm all right. How's the trap and the strife? Mmm, costing my ass as always. You see, that's why I tried to tell you John, why do you think I'm single? I know you did. What can I do for you? Listen, I just got the tap on my shoulder and we've got some risk over here that we need to move. So today, my loss is your gain. What kind of size are you talking? To be on your screen, I just sent it. Jesus, where does this land? 96 on the dollar. 91. All three, we're done at 94. 93 and a half. Done. Trading. Hello, gorgeous. Will, what's happening over there? Well, today's moving day. What do you guys so worked up about? Do you think they tell me anything? All I know is that today my loss is your gain. Now, you're a friendly, so I'm come to you first. I got 270 mill of 15 year paying out a point and a half above par. Where's it from? Where's it from? Who cares? No, not really. Now, where's the trade? I'm hearing things that you guys are scared. I'm only sharing this with you right now. 85. Done.
[5:54]Merill. Lawrence. What the fuck are you guys doing over there? Just a little spring cleaning. That is not what I'm hearing. All right, Lawrence, are you a buyer? I'm not sure anymore. Where are you at? Well, it sounds like I should be asking you, where are you at? What are we talking about here? 375 mil, 30 year mixed. Fuck me. Are you with me on this? 63 cents. Oh, fuck you, I'm hanging up. 63. Let me call my man here, I'll come back to you in five. Maybe 55 and five. Well, all right then, stay on the line. Sam, pick up the phone. Sam, get on the line! Yeah. I got Lawrence and Merill. Where are we? 63 cents. Jesus. On what? 375, mix there. Get him into 65 and hit it. Are you fucking kidding me? That's What is that? That's a $131 million loss on a single trade. I understand. Hit it. Hey, Lawrence, we're Philo Killer 65. It's filled.
