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IRA a dollar-franc.

Four-ninety-eight, 40, 60.

The market's going against us.

We're exposed on the 100 million.

- We're gonna have to bail out.

- We'll take a whopping loss.

We can't buck the tide any longer.

Let me know the damage

when you've finished.

- Hold the phones!

- Hold on.

Okay, no arguments. Everybody cover

their short-currency positions.

Buy yen, sterling, francs, marks.

Sell dollars.

We've got 100 million to dump.

No haggling over prices.

- Dollar's off.

- How much?

Two percent against the mark

in 20 minutes.

It started in Frankfurt.

No. I think you'll find it started

about 10 blocks from here.

At Borough National, as a matter of fact.

They're in trouble.

Bailing out of their long-dollar position.

Dumping about 100 million.

Keep talking.

Let me know if it slides further...

...or hits the next big number.

Frankfurt? Borough National New York.

A dollar-deutsche mark.

Would you like...?

Can you make me a market of spot francs?

- Give me another market!

- Another Geneva for 30-60. Want it?

- Sell eight at 30!

- Two, two at 20.

Hello, Bern National.

Yeah, how do you trade in French?

- What's your spot on yen?

- Take two!

- Three.

- You'll only do three?

- Five million.

- We want sterling.

- Four.

- Good.

- What's the dollar-yen, please?

- Five at 75.

- Make it two. That's four.

- Okay.

- Take it.

- Four done.

- Do you want it? Forty-60!

- Sell five at 40.

- They'll only take two!

- Take the lousy two!

- All right, that's just one!

- I love you too. You're beautiful.

How about four? All right, two.

- Help me out.

- What do you mean there's no market?

It's coming? So is Christmas.

I can't get Bern!

They're closed for the day!

- We look like we're having trouble.

- Europe and the Street...

...know we're dumping.

The dollar's dropping like a rock.

All right, we'd better go in.

Long on dollars. Start with Paris.

And tell Borough National

they can have 40 mil on Interbank.

We're going to have to find someone

to ride shotgun over there.

I'm not taking this roller coaster again.

Earlier this week,

the dollar slipped 50 points.

It recovered. But a lot of people

say things are going to get worse...

...before they get better.

Others in the banking community

say it was just a flutter.

But if there's one thing all of us

worry about, it's money. Our money.

In this case, of course, the dollar.

Here tonight to discuss the dollar

is Maxwell Emery...

...president of The First New York Bank.

Mr. Emery has sometimes been called

the lion of American banking.

The dollar's been under pressure

so frequently in our history.

I don't think these times are exceptional.

We go through regular cycles of anxiety.

In fact, we're an anxiety-prone people.

But we've never had anxiety

with so much reason behind it.

Since 1974, when the Arabs

started increasing the price of oil...

...they've amassed billions of dollars.

Until now, they've been very kind to leave

that money largely in American banks.

Mr. Emery, has there ever been

such a concentration of wealth...

...in the hands of one group before?

No, I think probably not.

But I assure you, their interests are ours.

Have a good time.

Thank you.

- Wonderful party.

- Charlie will be by later.

- He's working late at the office.

- See you then.

Enjoy yourself.

Want an educated opinion?

You won't get a glamour boy like Hubbell

Smith to run a rescue operation over there.

He won't touch it with a fork.

He might. If the payoff is big enough.

Could I have a white wine

and a Scotch on the rocks, please?

Well, Max, I hear you rode in

on your white horse...

...and bailed out Borough National.

Well, that fellow down there is trying,

but he's overmatched.

I feel sorry for the poor son of a b*tch

who tries to fix that mess.

I said I'd help them

but only if they'd take my boy.

Wanna hear the deal?

I don't know, Max.

I did my time in the trenches...

...when I was running

those problem loans for you.

I had enough crash-and-burn.

Hub...

...I'd consider it a personal favor.

With those turkeys at Borough National,

miracle is a better word.

Now, why do you piss cold water on it

when you know you're interested?

What makes you so sure?

The guy who turns them round

is going to be hero of the week.

And we both know

that you're restless, ambitious...

...and a sucker for a chance

at a star play.

- That's the spirit that built the West.

- Has either one of you seen Lee Winters?

Last time I saw her

she was over by the band.

Something wrong?

Charlie Winters has been murdered.

A mugger broke into his office

and knifed him.

Oh, my God.

Isn't it?

I love the way he plays too. Don't you?

- Hello, Bill.

- Lee, could I talk to you alone?

- Would you excuse us?

- Certainly.

What is it, Hub?

Nothing.

I was just thinking about

the illusion of safety.

- Yes. - You were inquiring

about Charlie Winters...

...the other day. I'm sorry to

have to tell you that he's dead.

I was struck by the coincidence.

Charles Winters.

I'm sorry to hear about that.

I'm sorry to hear about it too.

I just wanted you to be aware.

Good night.

Police have concluded Charles Winters

was murdered by a burglar...

...who panicked when Winters,

who was working late, surprised him.

No other motivations

for his murder have been found.

At his funeral yesterday in New York,

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