Expert answer:film MARGIN CALL

Expert answer:MLA style, 2 pages. Below you’ll find the transcript of a scene–THE SCENE–from the film MARGIN CALL that we watched and discussed in class. For your final, please identify and analyze the ethical implications of the “fire sale” of the firm’s fixed income MBS. Provide a brief description of what happened. What are they in this situation? Did they do anything wrong that can be said to have led them to this situation? And are they doing anything wrong in the way they are dealing with it (i.e. the fire sale)? If you were in their shoes, what would you do? Why? Provide an argument for your position. Use great or good argument; they were thinking about themselves, they are doing the same thing, because of their incentive. Optional: You may draw in virtue ethics, can argue that there are certain virtues that get in the way of Kevin Spacey character ‘Sam’.
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SAM ROGERS
Thank you all for coming in a little early this morning, I know yesterday was pretty bad, I
wish I could say that today is going to be less so but that isn’t going to be the case. Now I
am supposed to read this statement here to you all but how bout you read it on your own
time and I’ll just tell you what the fuck’s going on here.
THE LAWYER looks at JARED then they look at SAM, he continues.
SAM ROGERS (cont’d)
I have spent the night here meeting with the executive committee and the decision has
been made to begin 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 is over as of this morning.
There is going to be considerable turmoil in the markets for the foreseeable future. They
believe that it is better to have this turmoil begin with us… as a result the firm has decided
to liquidate the majority of its position of fixed income MBS today.
An assistant starts handing out info packets to each of the traders in the room.
SAM ROGERS (cont’d)
You should be getting a breakdown right now, you will see the accounts you are
responsible for today. I’m sure it hasn’t taken you long to understand the implications of
this sale on your relationships with your counter parties and as a result on your careers. I
have expressed this reality to the executive committee and they understand. As a result, if
you are able to complete a 93%sale of your assets you will receive a1.4 million dollar one
off bonus.(MORE) SAM ROGERS (cont’d)If the floor as a whole is able to achieve a
93% sale we all get an additional 1.3 million a piece. Because of this, if you burn through
your allotment by noon, get moving around the floor and start picking up other guys
leftovers…
SAM stops for a second and looks around the room.
SAM ROGERS (cont’d)
For those of you who have never been through this before, this is what the beginning of a
fire sale looks like. I don’t have to tell any of you that the first hour and a half is going to
be very important. I want you to hit every bite you can find. Dealers, clients, brokers, and
your mother if she’s buying…and obviously no swaps, its outgoing only today. This is
obviously not the way any of us would like for this to be going down, but the ground is
shifting below our feet, and there appears to be no other way out.
SAM looks around the room again, person by person and sees that they indeed know
what needs to be done.
SAM ROGERS (cont’d)
Obviously… this is a very unique situation… if we are successful today we will have been
successful in destroying our own jobs… I can not promise that each of you will be
repositioned within the firm, but I can tell you that I am very proud of the work we have
done together here, I have been at this here for 34 years, and I know…from experience
people are going to say some nasty stuff about what we have done here, and what you
have devoted a portion of your life to. But have faith that in the greater picture our skills
have not been wasted, we have accomplished much, and our talents have served some
greater good…
He looks down at the ground, then back up around the room. Then he walks out.
FADE TO BLACK
…
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