Margin Call · written by J.C. Chandor · 2011

Tuld tells Sarah she will take the blame and must remain at the bank until the markets close.

Scene 52 of 76 · ≈ 2 min on screen · Act two

John Tuld
Sarah Robertson

Act oneAct twoAct three

Begins 59 min into a 1:36 film

The story so farBefore scene 52

When a junior analyst discovers exposure that could wipe out his investment bank, its executives race to unload the danger on their customers while a veteran executive confronts the price of helping them survive.

Scenes 1–12
The bank’s surviving employees return to familiar routines after firing Eric; Sam manages the floor while his dog is dying.
Scenes 13–23
Peter uncovers a threat to the firm’s survival and forces Will and Sam to respond.
Scenes 24–33
Peter’s work travels upstairs; Sam and the juniors enter Jared’s executive world and expose the scale of the risk.
Scenes 34–44
Management checks the model, debates its implications and brings Tuld into the emergency.
Scenes 45–46
Tuld offers a way for the bank to survive: sell before everyone else understands the risk; Sam names the price in broken trust.
Just before
Scene 49
Sarah presses Jared for a shared strategy to protect themselves from Tuld’s blame.
Scene 50
Sarah warns Jared they must fall together; he refuses to promise that he will.
Scene 51
Eric’s wife reports he is home; Sam sends Will and Seth to bring him back before the firm’s enforcers intervene.
Scene 52
This scene

52INT. SARAH ROBERTSON’S OFFICE

SARAH is sitting behind her desk looking down at something. JOHN TULD comes to the door and knocks lightly. She looks up surprised to see him.

JOHN TULD

May I come in?

SARAH ROBERTSON

Please, sit.

JOHN TULD closes the door and sits in front of her desk. Looks around, then looks right at her.

JOHN TULD

So... we are going to do this thing.

SARAH ROBERTSON

OK.

JOHN TULD

It’s going to be tight.

SARAH ROBERTSON

Is Sam on board?

JOHN TULD

Not yet.

TULD pauses.

JOHN TULD (cont’d)

Sarah, I need a head to feed to these

traders... and the board... this morning.

SARAH looks up.

SARAH ROBERTSON

Is it me or Cohen?

JOHN TULD

It’s you.

They stare at each other, she does not flinch.

SARAH ROBERTSON

Of course you are well aware I filtered

several warnings for you and Cohen over a

year ago on this?

JOHN TULD

I’m not sure that’s the best path for you

to be taking at this point... you’re

going to be taken care of here...

SARAH ROBERTSON

(Nods)

JOHN TULD

Obviously it’s quite complicated.

SARAH ROBERTSON

John I was told that in no uncertain

terms...

JOHN TULD

It was all a very grey area.

SARAH ROBERTSON

It was actually made very clear at the

time, by you and I and Cohen.

JOHN TULD

I’d really prefer that you didn’t fight