The Big Short Page #3

Lawrence please, don't patronize me,

if... it .. Is...

Mortgage backed securities,

sub-prime loans, tranches...

Is pretty confusing right?

Doesn't it make you feel bored...

Or stupid...

Well... it's supposed to.

Wall-street loves to use

confusing terms, to

make you think only they

can do what they do.

Or even better...

For you just to leave them the f*** alone.

So... here's Margot Robbie

in a bubble-bath to explain.

Basically, Lewis

rainieri's mortgage bonds

were amazingly profitable

for the big banks.

But then they ran out of

mortgages to put in them.

After all, there are only

so many homes and so many

people with good enough

jobs to buy them... right?

So the banks started filling these

bonds with riskier and riskier mortgages

thank you Henry

that way, they can keep that

profit machine churning right?

By the way, these risky

mortgages are called: Sub-prime.

So... whenever you hear sub-prime...

Think:
Sh*t

our friend Michael burry found out,

that these mortgages bonds

that were supposedly 65 percent AAA,

were actually just, basically full of sh*t.

So now he's going to short the bonds

which means... bet against.

Got it?...

Good!

Now f*** off!

It's only a matter of

time before someone else

sees this investment,

we have to act now.

How do you know the bonds are worthless?

Aren't they filled with f***ing

thousands of pages of mortgages?

I read them!

You read them?

I read... yeah!

No-one reads them, only the lawyers

who put them together read them!

I don't think they even

know what they've made

the housing market is

propped up on these bad loans.

It's a time-bomb and I want to short it.

Through what instrument Michael?

There are no insurance-contracts

or options for mortgage bonds.

The bonds are too stable!

Lawrence...

This is what I'm gonna do...

I am gonna get a bank to make me one.

Then...

I'm gonna buy it.

I don't want that kind of business!

Money is not money!

That's bad money!

Hey... excuse me!

Let me ask you this: What company treats

its customers that shittily and succeeds?

Fine... ok... Goldman...

Without proving it

when he was a kid he excelled

at studying the Talmud and yeshiva.

Whatever!

But, one day his rabbi told his mom why.

Paul is a fine boy and mark is an

excellent student of the torah and Talmud

then what's the problem rabbi?

It's the reason mark is studying so hard.

He's looking for inconsistencies

in the word of god!

So has he found any?

Later Baum started his

own fund on wall-street.

He had an amazing nose for bullshit.

He wasn't afraid to let anyone know,

when and where the bull had gone number 2.

Then a tragedy happened to mark

and it turned his whole world really dark

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