It's time to call bullshit.
Vinnie Daniel
Bullshit on what?
Every-****-thing.
5th most-quoted character in The Big Short (2015): in 4 of its 54 quotes
Most scenes with: Mark Baum (3)
Scenes with Vinnie Daniel
4 scenes[on the phone]
Ok, I want you to walk back in there and very calmly, very politely tell the risk-assessors to ****-off.
Vinnie Daniel
[Walks into the room]
Gentlemen, I just spoke with Mark Baum...he says to '**** off'.
Vinnie Daniel
What's the ABX at?
What's ABX?
Vinnie Daniel
It tracks mortgage bond value. Go back to sleep.
[Mark is talking to CDO manager Wing Chau in a Vegas restaurant; Vennett & Mark's team watch from a nearby table]
Uh oh, your boss is about to explode.
Vinnie Daniel
No, he's too curious to explode.
Hold on, hold on, say that again. CDO A has parts of CDO B and CDO B has parts CDO A, but then both get put inside CDO C?
Wing Chau
Yep, and that one's called a CDO Squared - a CDO of a CDO. And then there are CDOs made up of the opposite side of the bet you made with swaps. We call them synthetic CDOs.
What did you just say? "Synthetic CDOs?" That is **** crazy.
Wing Chau
It's not, it's awesome!
Look at his face; he looks like the bad guy from Dune.
Alright, let's say you have...50 million in subprime loans. How much money could be out there betting on it through these synthetic CDOs and swaps? Right now, tonight?:
Wing Chau
50 million? A billion dollars.
What??
How much bigger is the market for insuring mortgage bonds than actual mortgages?
Wing Chau
About twenty times.
[voiceover]
If the mortgage bonds were the match, and the CDOs were the kerosene-soaked rags, then the synthetic CDO was the atomic bomb with a drunk president holding his finger over the button. It was at that moment, in that dumb restaurant with that stupid look on his face, that Mark Baum realized the whole world economy might collapse.
