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

Sam briefs the traders on the fire sale, offers enormous bonuses and admits success may destroy their jobs.

Scene 69 of 76 · ≈ 3 min on screen · Act three

Save the Cat: Break into Three
Will Emerson
Sam Rogers

Act oneAct twoAct three

Begins 1:24 into a 1:36 film

The story so farBefore scene 69

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.
Scenes 47–68
The solution consumes Sarah’s job, Eric’s freedom to leave, Seth’s prospects and Sam’s claim to refuse.
Just before
Scene 66
In the elevator, Sam wishes Peter luck and predicts he will do well.
Scene 67
After crying in a bathroom stall, Seth confronts Jared about being fired and says banking was all he ever wanted.
Scene 68
Confined together, Eric and Sarah acknowledge their warnings and compromises; Eric explains the threats and payment that brought him back.
Scene 69
This scene

69INT. VIP TRADING ROOM - 6:30 AM

There are 40 young, 90% male, traders jammed into the conference room next to the trading floor talking very loudly with one another. They are oblivious to what is about to happen. Eventually, SAM, WILL, JARED, and a firm lawyer, come into the room. Everyone quiets down a bit.

WILL EMERSON

Alright, hey...(whistles).

They go silent as they notice SAM standing at the head of the table. JARED and the lawyer are standing off in the corner just to observe. SAM looks somber.

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)