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Boiler Room Ben Younger MICHAEL: Quiet down a second. I want you all to know that those pikers at the NASD are finally off our ass. JT Marlin once again has unlimited trading authorization. I told you guys, you can't keep a good man down. We are the superstars now. JP Morgan just faxed over their congratulations. It said, "Welcome to the Club." This also means that the teams headed by Ron and Anthony who were good enough to give up their rep numbers, can stop cold calling and start trading again. Welcome back. To show you guys just how appreciative I am, I have a little something extra for you. I want all of you guys from those teams to go up to suite 418. We're players now, boys, let's celebrate it. Salute! GREG: I see you making your calls. Listen to me, you can't just get on the phone and say, 'Can I send you some information?' If you want them off the phone so bad, why don't you just hang up? You have to excite them about things. You want them to beg for a broker on that first call. MARC: You're right. I freeze up when... GREG: Just stop pussying out every time someone picks up the phone; it's what you want. SETH: Okay, house rules are as follows. We play Las Vegas with the exception of a particular side bet. You can bet over- under thirteen on the dealer's hand with a loss occurring on blackjack. GREG: How many idiots take that bet? SETH: More than you'd think. ADAM: Alright give me... four hundred dollars. GREG: You didn't say anything about the betting. SETH: What were you thinking? GREG: Five hundred max? SETH: We don't usually service that level of action here... but I'd hate to turn away a new customer. Thing is, we may not have enough cash here to settle you at the end of the night. GREG: That's okay. You can pay me tomorrow. SETH: Sure. How much you want? GREG: Five dimes. SETH: In what denomination? GREG: Denomination? Ummm, I'll take three Puerto Ricans, two Chinks and a Guinea. I'll let you mix it up for me. ADAM: You're such a prick. Gotta make me feel like I'm playing at the kiddie table. GREG: If the shoe fits, baby. Oh shit. You got real chips. Look, they even say "Seth's" on 'em. This is no joke. ADAM: I told you. GREG: And you pay for food and drinks for all these kids? SETH: I sure as hell don't cook for them. I've already lived in four places in Queens. I don't think I ever turned a stove on except to light a cigarette. GREG: You and me both. SETH: But I take care of my customers. Smokes, food, soda. Look, I'm not stupid, I never buy decaffeinated. GREG: Holy shit, would you listen to this kid. SETH: Alright. Place your bets. SETH: How you doing? MARTY: I'm fine, Seth. What's on your mind? SETH: I just feel bad about the way things went at the house last week. I feel like we just don't get anywhere talking at home. MARTY: I'm not sure what there is to talk about. You're a habitual liar. You've dropped out of school, you're running an illegal casino out of your apartment. You're putting my career at risk. What do you want to talk about? SETH: Why can't we just discuss this? Maybe you're not seeing my side. MARTY: Your side? You're doing wrong. I'm not your best friend, here to nod my head and sympathize. That's my your mother's racket. I'm your father. I let you know when you screw up. Did you think I was going to pat you on the back for this casino idea? Tell you what an entrepreneur you are? SETH: No. MARTY: So, what do you want from me? Meeting me in a coffee shop is not going to change the life you have. God, if I ever asked my father to meet me for a cup of coffee to talk about my screw-up he probably he probably would have laughed. We didn't have nice little chats about why I was a bad boy. Whether I was just calling out for attention or not. I got smacked and then I didn't do it again. Much simpler. SETH: Look Dad, I'm sitting here and I'm trying to restore what's left of our relationship. MARTY: Relationship? What are you talking about? We're not dating, Seth. I'm your father, not your girlfriend. So stop with the pop- psychology talk. Did your mother feed you this crap? SETH: No. MARTY: Clean up your life. Make an honest living. Then we can talk like normal people. GREG: I'm just saying, this is risky business. You plan on dealing cards to college kids when you're thirty-five? Think you won't get busted in the next two years? You need to start thinking about down-the-line time. SETH: So I should come work for you, huh? I guess it'll be retribution for me taking all your money here. GREG: First of all, I'm not done with your here. And no, you'll only be working for me for a short time. You learn the ropes, pass the series seven, then you're on your own. JIM: I'm sorry, but that's my seat. MARC: Oh man, I'm so sorry. JIM: It's alright. RUDE KID: Fucking dumb-ass. JIM: You can get the fuck out of here. RUDE KID: What? What? JIM: Don't talk to me, don't look at me, just pick your ass up out of that Italian leather chair and get the fuck out of this room. We expect everyone here to treat their co-workers with a certain level of respect. JIM: Now before I get started I have a question. Has anyone here passed the series seven? SERIES SEVEN: I have a series seven license. JIM: Good for you, now you can get out too. SERIES SEVEN: What? Why? JIM: Because we don't hire brokers. We train new ones. JIM: This is the deal. I am not here to waste your time and I can only hope you're not here to waste mine. So I'm gonna keep this short. You become an employee of this firm and you will make your first million within three years. Okay? Let me repeat that. You will make a million dollars within three years of your first day of employment at JT Marlin. Everybody got that? There is no question as to whether you will be a millionaire working at this firm, the question is how many times over. JIM: You think I'm joking. I am not joking. I am a millionaire. It's a weird thing to hear, right? I'll tell you, it's a weird thing to say. I'm a fucking millionaire. Now guess how old I am? Twenty-seven. You know what that makes me here? A fucking senior citizen. This firm is entirely comprised of people your age, not mine. Lucky for me, I am very fucking good at my job or I'd be out of one. You guys are the new blood. You're gonna go home with the kesef. You're the future Big- Swinging-Dicks of this firm. Now you all look money hungry and that's good. Anybody who says money is the root of all evil, doesn't have it! Money can't buy happiness? Look at the fucking smile on my face. Ear to ear, baby. You wanna hear details? I drive a Ferrari 355 cabriolet. I have a ridiculous house on the South Fork. I've got every toy you can imagine. And best of all, kids, I am liquid. JIM: So now that you know what's possible, let me tell you what's required. You are required to work your ass off. We want winners, not pikers. A piker is someone who walks at the bell. A piker asks how much vacation time he gets in the first year. See, people work here to become filthy rich. No other reason. That's it. You want vacation time? Go teach third grade public school. JIM: Your first six months at the firm are as a trainee... you make one hundred and fifty dollars a week. After you're done training, you take the Series Seven test. When you pass, you become a junior broker and you'll be opening accounts for your team leader. After you open forty accounts you begin working for yourself and then... sky's the limit. Now a word about being a trainee. The other brokers, your parents, whoever: they're gonna give you shit about it. And it's true, a hundred and fifty a week is not a lot of money, but pay no mind. You need to learn the business and this is the time to do it. Once you pass the Series Seven none of it will matter. JIM: Your friends are shit. You're gonna tell them you made twenty-five thousand last month and they're not going to believe you. Fuck them! Your parents don't like the life you lead? Fuck you Mom and Dad! As a trainee you will be building a foundation for yourself. Think of it as the foundation to a building. Right? Gotta build the foundation before you can put up your skyscraper. You know what I built? The fucking twin towers. Now go home and think about whether this is for you. If you decide it isn't, nothing to be embarrassed about. It's not for everyone. But if you really want it, then give me a call on Monday and we'll talk. Just don't waste my time. Alright. That's it. GREG: Every one of these cards is an opportunity. These are good leads. People on these cards buy stock. Your job is to call them and get them interested in the firm. You're not actually selling stock yet, but you're selling the dream. Get 'em wet and tell them that in a month from now a senior broker will call them back with one idea. SETH: Who are these people? GREG: Average client's forty-five years old, from the Midwest, two hundred and fifty thousand dollar annual income, three million net. Has a local broker, but loves a New York guy who sounds good on the phone. The card's not gonna tell you any of that. Only says their name, address and occupation. You gotta feel them out. Here. Peter Davis, Vice President of Parks Telecommunications. Guy's probably a whale. See what he's playing with. Truth is it doesn't matter these days. With the DOW where it is now, everyone wants a piece of the market. I can close anyone at any time anywhere in the country. Just give me a phone number. GREG: I'm not here. After you qualify the guy you send him a press packet. It's all really easy and it'll get you feeling comfortable on the phone, which is key. This entire business revolves around the phone. A good broker makes over seven hundred calls a day. SETH: What's the phone bill like here? GREG: This month was approaching four hundred thousand. GREG: Now there's two rules you need to know as a trainee. The rest will come later. Number one, we do not pitch the bitch here. SETH: What? GREG: We don't sell stock to women. I don't care who it is, we don't do it. I'm serious. Nancy Sinatra calls, you tell her you're sorry. They're a constant pain in the ass and never worth the trouble. They will call you every fucking day asking you why the stock is dropping. And God forbid the stock should go up you'll hear from them every fifteen minutes. Is it a good time to sell? It's simply not worth the time or effort. SETH: Okay, don't pitch the bitch. GREG: Second rule. Don't write wood. A lot of trainee are so anxious to get off the phone they just steamroll the guy into getting the press pack so they can hang up. Then I call in a month and say, Hi, you spoke to a junior associate of mine last month. The guy's like, Yeah, I'm not interested. Bye. That's a shitty lead. It's fucking wood. The info we send is bullshit. The important part of the call is telling them you have that one great idea, and that a broker is going to call them back in a month. This shows that we don't just fire a million recos a day. We tell them we have six or seven great ideas a year! They don't want to think you're pitching them something you read in the journal this morning. Get it? No wood. SETH: I told you, Mom, I'm not a broker yet. I'm a trainee. I still need to pass my series seven test. MOTHER: Oh please, you're a stock broker. You wear a suit to work every day, don't you? SETH: Yeah? MOTHER: So? What are we arguing about then? SETH: Thanks Mom. MOTHER: You're doing great, Seth. You're working your way up from the bottom. That's never easy. I'm very proud of you. And I told you father about things. SETH: What'd he say? MOTHER: He's very happy. Shocked, but happy. He's been waiting for you to call him. SETH: Well why doesn't he just call me? MOTHER: One miracle at a time, okay sweetie? GREG: Okay, first of all there are going to be a lot of those regardless of how good you are. But you happen to suck dick. I have this friend who runs this other firm. He gives out this book to all his trainees. The Rebuttal Book. Looks like a fil-o-fax. Has those index tabs but they don't say A to B to G to H, they say things like Wife won't let me, I'm not in the market now, Call me back, Send me a prospectus. Has a rebuttal for any excuse. That's all the shit you're gonna have to learn later. For now you only have to remember one thing. You can be whoever you want on the phone. So say what you have to. Use a different name if you want. Tell them you're a vice- president here. Just get them on the line. That's the first step. It's the hardest part sometimes, but just get the cocksucker on the line. SETH: I don't understand. How can I do shit like that? Isn't there a compliance offer here? Isn't it... GREG: Illegal? No, Seth. Everyone does that shit. Even on Wall Street. And John over there, he works for us. He's a fucking chimp. The only compliance work he's doing is making sure my lunch is still hot when it gets here. He's only here because the SEC requires it. He might have the easiest fucking job in the entire world. Look at him I think he's actually masturbating right now. SETH: So who do you live with? DEBBIE: Oh, you mean is the black girl here taking care of her grandma because her momma's a crack-head? SETH: Yeah, exactly. I thought it was smack, though. You know you have got to get a hold of that edge. It's kind of sharp sometimes. DEBBIE: I know, it's true. I just got so much shit at JT. Sometimes I have to get into that mode just to fend them off. SETH: So why are you there? It doesn't seem like the ideal working environment for a black woman. DEBBIE: No, it isn't. But tell me, how many secretaries you know make eighty thousand a year? SETH: One. DEBBIE: Exactly. DR. JACOBS: I'm really busy, Seth. SETH: I understand. I'm real busy here myself, Doctor. Look, we're going to come back to you in a month with one idea and one idea only. If you like what we have to say, great, we'll do business. Worst case scenario you'll hear yourself a new business idea. Chat about it with your golfing buddies and we'll part as friends. That's fair, right? DR. JACOBS: Ummm what? SETH: Great. So tell me, Doc, are you working with a million dollars in the market right now? DR. JACOBS: Who is this again? SETH: Tell me something, you're a doctor. Have you ever heard of a drug called Fenamul? It's being manufactured by MSC pharmaceuticals. DR. JACOBS: No. SETH: Well it's in the third stage of FDA approval right now. Word is, it's going to get approved in the next three months. Could be tomorrow for all I know. Anyway, I'm getting ahead of myself. And you're real busy over there. Why don't I send you out the info you requested about the firm and a senior broker will call you next month with that one idea. DR. JACOBS: Wait, wait, wait, hold on a second, forget the info, let's talk about this now. What was the name of the drug again? SETH: You know what, sir, let me pass you on to a senior broker who's more involved with this particular stock. Hold on a second. RECO!!! CHRIS: Card. SETH: Okay, his name's Dr. Jacobs and from the sound of it, I'd say he's definitely... CHRIS: Whoa, whoa, I don't wanna hear it, kid. Hi, Dr. Jacobs, this is Chris Marlin over at JT Marlin. DR. JACOBS: Marlin? CHRIS: Right. He's my father. So my associate tells me you're interested in one of our stocks. DR. JACOBS: Yes, MSC sounds like it might be interesting. CHRIS: Might be? Might be doesn't sell stock at the rate MSC is going, Dr. Jacobs. We're talking about very high volume here. DR. JACOBS: Well, I still have to run it by my people. CHRIS: That's great, Doc. If you want to miss yet another opportunity here and go watch your colleagues get rich doing clinical trials, then don't buy a share and hang up the phone. DR. JACOBS: Well hold on a second. I didn't say that. I just wanted to talk more about it. CHRIS: Honestly Doc, I don't have the time. This stock is blowing up right now. The whole firm is going nuts. Let me open the door to my office. You hear that? That's my trading floor, Doc. Now I have a million calls to make to other doctors who are already in the know. I can't walk you through this right now. I'm sorry. DR. JACOBS: Okay, okay. Let's do this. CHRIS: Now, since you're a new account I cannot go any higher than two thousand shares. I'd love to but I just can't do it. DR. JACOBS: Two thousand?! Whoa! That's way more than I was thinking about. Two thousand, Jesus. I'm just curious, why can't you sell me more than that? CHRIS: Well, we like to establish a relationship with our clients on something small before we get to the more serious trades. Let me show you several percentage points on this small trade and then we'll talk about doing future business. DR. JACOBS: That sounds good. Give me two thousand shares. CHRIS: Done. DR. JACOBS: You sure you can't do any better on this one? CHRIS: No, I'm sorry, Dr. Jacobs. DR. JACOBS: Alright, let's start with this trade then. CHRIS: Great. I promise we'll go big on the next one. Now do you want the confirmation sent to your office or your mansion? DR. JACOBS: Very funny, Mr. Marlin. CHRIS: Alright, let me put my secretary on. She'll take your info. Done and done. SETH: Why'd you put a max on his buy? CHRIS: Didn't you tell him how it works? GREG: He's still a trainee. He doesn't need to know about initial sell limits. CHRIS: Right, right. Make sure he shows you the ropes. He's too busy calling his bookie. You fucking Hebrews, man. Always looking out for yourselves, never the trainees. GREG: That's great. Why don't you go back to little Italy now? CHRIS: Why don't you go make a latke dreidel boy. The reason I capped him is in case he's a piker. See, we're going to go ahead and front the money for this sale. If he doesn't send the check, I'm the one holding the bag. Last commission month a kid on Jim's team wrote a million dollar ticket. Stock was down three and a half points by settlement. Fucking kid took a one quarter million dollar hit. Besides, first sale just whets the appetite. If he's a whale, which it looks like he is, then I'll get him on a day when there's a real rip. SETH: Rip? CHRIS: Rip. Commission. That's why we work here. We get huge rips. SETH: I actually still don't know how it works. CHRIS: A two dollar rip, which is unheard of anywhere on Wall Street, means you're walking away with two dollars for every share you sell. Real money. Jesus Greg, you tell him where the bathroom is yet? GREG: Seth, I showed you where Chris' desk is. SETH: How does Michael afford that? CHRIS: I don't know, but if he's doing it, he's making money on it. Point is, don't worry about selling small on the first trade. You service the client right and he'll be back for more. Bide your time. Show him a three percent return and he'll trust you to watch his kids for the weekend. If he's serviced correctly it's not a matter of whether he's making a second trade with you, it's a matter of how much. CHRIS: What about you, Seth? What were you doing before you found JT? SETH: Well I was, actually still am, involved in the gaming industry. CHRIS: Really! AC, Foxwoods, Vegas? SETH: Atlantic City. CHRIS: What'd you do there? SETH: I won. GREG: Those fucking Guineas, half of them do coke. They all drink. No stability, zero capital. They make all this money and they're always living three steps ahead. Do you know there are guys in this firm that make close to a million a year and couldn't get a loan for a Honda because their credit is so bad. Everyone's just waiting for the fifteenth of the month. It's like they may drive a Porsche but they don't have ten bucks to put in the gas tank. Nigger rich. JIM: I want to talk to you about appearance. Most of you dress like shit. I don't know what your financial situation is like right now but you need to buy at least one decent suit. There is a minimum level of aesthetic professionalism that we have here. In a couple of months you'll be able to outfit your whole closet, but for now just get something to hold you over. There's an important phrase that we use here and I think it's time you all learned it. "Act as if". Do you understand what that means? Act as if you are the fucking president of this firm. Act as if you have a nine inch cock. Act as if. To do this properly you need to at least look the part. So go get dressed. JIM: ... it's time to get your Series Seven books. No need to get nervous. If you study you'll pass. Then you begin trading as an SEC licensed broker. Then you're a fucking millionaire. It's that simple. I need three hundred from each of you for the books which will be returned if and when you pass the exam. And I'll need that tomorrow. MARC: I'll just ask my mom. TRAINEE 2: Yeah, I'll have to do the same thing. JIM: Okay then. SETH: Here you go. JIM: What are you, last night's erection? SETH: Yeah, you know. SETH: Yes, how are you, James? Seth Marlin over at JT Marlin. JAMES Take me off your list!!! SETH: Okay, I'll take you off my list of successful people today. SETH: Listen, if you couldn't pull three thousand together your name wouldn't be on my desk during business hours. What do you mean you don't have it? John, please, you're embarrassing me. I'm pitching you from under my desk. I'm embarrassed. SETH: Hello? SALESMAN: Hi, this is Ron calling you from the Daily News. How you doing this morning? SETH: I'm not interested. SALESMAN: Okay. I'm sorry to have bothered you. Have a nice day. SETH: That's it? That's your pitch? You consider that a sales call??! SALESMAN: Well, ummm... SETH: You want to sell me a paper right? Well you guys call me every Saturday and I get the same half-assed attempt. You wanna close me? Then sell me. SALESMAN: Alright. SETH: Go ahead, start again. SALESMAN: Okay... Hi, this is Ron from the Daily News. How you doing this morning? SETH: Shitty. What do you want? SALESMAN: It's not what I want, sir... it's what you want. SETH: Alright, now you're talking. What are you selling? SALESMAN: I'm offering you a subscription to the Daily News at a substantially reduced price. We're trying to reach out to people that have never had home delivery before. SETH: So, everyone else that already has a subscription is getting fucked on this one huh? SALESMAN: ...Yeah, I guess so. SETH: Good, I can live with that. Now why do I want your paper? Maybe I should get the Times or the Voice. SALESMAN: Well the Village Voice is free, sir, so if you want it you should certainly pick it up. But the Daily News offers you something no other paper can, a real taste of New York. We have some writers on staff that have been with us for over fifteen years. We have the best features! More photographs than any other daily in New York! And we have the most reliable delivery in the city! Now what do you think??!! SETH: Alright, Ron. Now that was a sales call. Good job! SALESMAN: So are you going to buy a subscription? SETH: No. I already get the Times. SETH: Hey let me ask you something, Chris. Do you ever wonder how we get the rips that we do? I mean how is it that we get rips that pay out ten times the amount of any major firm? CHRIS: Are you kidding me? That's the wrong question to be asking. Who cares how. The only thing you should be wondering about is how you're gonna get laid tonight. SETH: I'm serious. Did you know that SEC regulations state that a maximum rip allowed is five percent of the sale. We're making four times that. CHRIS: What are you doing, Seth? Aren't you happy with the way things are going? SETH: Yes. CHRIS: So what are you doing making trouble for yourself? SETH: Nothing. I'm just curious. Aren't you? CHRIS: No. Not at all. STEVE: So Seth, any grips yet? SETH: Yeah. You know what I hate? Getting past the secretaries. It doesn't matter that you're a broker calling from NYC. It's still a sales call and that they know. STEVE: It's true. It don't matter if it's the Avon lady or Merryl Lynch. The good secretaries can smell a sales call. CHRIS: I remember when I was cold calling, the shit I'd do. I'd get on the phone and say, Can I speak to Jim? Secretary's like, I'm sorry, but Jim isn't in the office. I'd be like, that's funny because I just saw his car in the lot about five minutes ago. Next thing you know, Jimbo's on the phone because you showed the lady you weren't fuckin' around. SETH: You guys know what I'm going to do? GREG: What the fuck do you know? You just passed your seven this week. Haven't even popped your cherry yet. SETH: I'm going to open a fire called Bob's plumbing. You get on the phone and say, Yeah tell him it's Bob from Bob's plumbing. He'll be like, Oh, it's the plumber guy, yeah I'll take the call. Everyone talks to their plumber. SETH: Yeah, they sure are. So, are you playing the market at all? HARRY: Well I don't know about playing. I do own some blue chips. They were actually wedding gifts from our friends in New York. SETH: Well, I'm calling to tell you about an explosive situation we have going on right now. A pharmaceutical company, Farrow Tech has a drug called Parattin in the third stage of FDA approval. HARRY: What does it do? SETH: Good question, Harry. Good question. This is the best part. It helps premature babies develop properly. HARRY: Sound like a great drug. SETH: It is. SETH: I would love to show you what I mean and I can do so on a relatively small investment. HARRY: I really can't buy anything right now, Seth. My wife and I are buying a house this month and we're saving every last penny. SETH: Look, I don't care how much stock you pick up. I just want you to test me out. Harry, I want you to judge me on the percentages I show you. Obviously I show you thirty or forty percent, no matter how big or small your position is you're gonna get pretty excited about my next idea, right? SETH: Pick up one hundred shares. It's the absolute firm minimum. Okay, if I show you three or four points on the trade it's not going to make you rich. On the same token, if the stock doesn't go anywhere you're not out in front of your store with a cup in your hand. HARRY: No, that's true. SETH: Look Harry, the truth is I could sell you a lot more than one hundred shares and feel completely comfortable about the trade, but I'm asking you to start small just to prove what I can do for you. HARRY: Alright. SETH: Great! Should I send the confirmation to your business or your home? HARRY: Well I just have to talk to my wife first. Then I'll call you right back. SETH: You don't have to do that, Harry. And I going to lunch in five minutes. HARRY: No. I have to talk to her first. SETH: I have to ask you something here, Harry. You're at work now, aren't you? HARRY: Yes. SETH: Well what do you do, Harry? HARRY: I'm the purchasing manager for a gourmet foods company. SETH: Does part of your job involve making decisions? HARRY: Well of course. SETH: Alright, well when you make one of these decisions do you call your wife to ask her what you should do? HARRY: No, of course not. But that's a little bit... SETH: Different? How? It's your money, you earned it. Besides, all you're doing is investing it. I'm not selling crack here, Harry. I mean she's only going to be happy when she sees you've made a wise investment for the family. Just think of the flip side. When your wife does the shopping does she call you from Pathmark to ask you if she can use the coupons for Captain Crunch? HARRY: Come on, that's not fair. SETH: I'm just trying to make a point here, Harry. We're not talking about a lot of money. Just think what she's going to say when you bring her back a big fat check because you had the foresight to see a good thing coming. HARRY: Alright, let's try it. MICHAEL: First thing, I wanted to congratulate you all on a huge month. For any of you not yet convinced, these were the top dogs for the month: Jim Young -- $280,000. Chris Varick - $205,000. Greg Feinstein - $190,000. This month is going to be bigger. It's actually going to be the biggest month we've ever had. We've got a new issue I want to talk to you about. It's called Med Patent. They've just designed the world's first retractable syringe. This means that doctors and nurses will never again have to worry about infection from dirty needles. This is not going to be an alternative in the medical world, it's going to be the standard. We all know we're here to make money, but if we can do something good like this, then all the better. So I want you all to go out and buy yourselves a new car, or a house. Whatever you want. Go into debt. You will make a million inside of six months. SETH: I figured out how Michael's making his money. I almost wish I hadn't; because it's all illegal. DEBBIE: It really is, huh? Well we knew it was shady. So how's he doing it? SETH: It's called bridge financing. It's so simple. A group of investors make a loan to a private company. Let's say for three million. After the company gets taken public they pay back a million in cash and the other two they pay back in common stock, but at the IPO price. So the investors basically get two million worth of IPO stock. Then they can sell it on the open market at triple what they bought it for. Now that's actually all legal as long as the investors are not tied to the brokerage house. But Michael's friends are the investors on every IPO we do. DEBBIE: That's why all the names were the same on the contracts. SETH: Right. Then he has us push it all on the open market. We're selling Michael's shares. That's where the two dollar rips come in. He can afford to pay us that much. He's still in an obscene profit margin. It's to his advantage to give us those rips. He has to motivate us to push these stocks. He depends on us to literally create the market. It's all artificial demand. There's no other firm selling this shit. That's why he's always telling us to go into debt. He wants us hungry. Then as soon as we sell off Michael's position there's no need to maintain the inflated price anymore. We stop pushing it and it crashes. And get this. The last IPO, Med Patent, it's cardboard. No research and development, no employees, not even a fucking building. Annual reports are all bullshit. Michael manufactures them. Med Patent doesn't exist. JIM: This is gonna be a quick one, boys. You passed your sevens over a month ago, and yet no one has opened the necessary forty accounts for their team leader yet. Seth is the only one of you that's even close. I did it in twenty-six days when I was a junior broker. You're not sending out press packets anymore. None of this Debbie the Time Life operator shit. It's time to go to work. Get on the phones and be aggressive. I remember this guy once called me to sell me some stock. I let him pitch me. I got every fucking rebuttal out of this guy. Kept him on the phone for an hour and a half. Toward the end I started asking him buying questions. Like, what's the firm minimum? That's a buying question. I ask a question like that, he should take me down. It's not like I asked him what his 800 number was. That's a fuck off question. I was giving him a run but he blew it. To a question like, What's the firm minimum the answer is zero! You don't like the idea, don't pick up a single share. This putz is telling me... ummm, a hundred shares? Wrong answer! You have to learn how to close. Always be closing! You have to push. Keep asking questions. Ask rhetorical ones just to get a yes out of them. If you were drowning and I threw you a life jacket would you grab it? Yes? Good. Pick up two hundred shares, I won't let you down. Ask a guy if he'll let you down. Ask a guy if he'll be happy to see thirty to forty percent return. What's he gonna say? Fuck you, I don't want to see those returns? Stop laughing, it's not funny. If you can't close then start thinking about another career. I'm serious. I am dead serious about that. Have your rebuttals ready. Anybody says call me tomorrow, that's bullshit! Anybody says they got money problems about two hundred shares is lying. You know what I say to that? Tell me you don't like my idea, tell me you don't like my firm, tell me you don't like my fucking tie, but don't tell me you can't pull twenty five hundred together. You hear me, boys? There is no such thing as a "no sale" call. A sale is made on every call you make. You either sell the client some stock or he sells you a reason he can't. Either way it's a sale. The question is, who's gonna close, you or him? Be relentless! Alright, I'm done. SETH: Dad? MARTY: I spoke to Howard Goldberg over at Prudential. You lied again you unbelievable piece... You lied to all of us. He told me all about JT Marlin. A chop shop. You've been selling their shit all this time. How many people have you fucked over so far, Seth? Huh? How many? All that bullshit about them wanting to know you how the business works. The great training program. Profits you've heard for your customers! Did you make them anything? Just tell me, did you make them any money? SETH: No. Not a penny. MARTY: I'm done with you, Seth. This is it. You're out of our lives. I don't want to see you again. Don't come by the house, don't call. This is worse than the casino. You've been stealing here. SETH: You know how you asked me to invest for you? Well I've got something. It's a sure thing. MARTY: You've got to be kidding me, Seth. Get out. SETH: I'm talking about making you half a million on the next new issue. And it's safe. MARTY: Seth, listen. SETH: I play you off as a whale by having you go in on a couple of big trades that JT Marlin tells you to invest in. You know, prove your loyalty. Figure you'll drop $50,000. MARTY: Are you fucking nuts? SETH: Just listen to me. After you drop the fifty they'll have faith in you as a customer. When the next IPO comes out you'll get a huge chunk for being so loyal. Then instead of holding onto it until Michael can sell off all of the common stock, you dump it the same day. We'll make a fortune and the stock will immediately collapse. That should raise enough red flags for the SEC to come in and close shop within a week. We walk rich and JT goes down. MARTY: Get out of here. SETH: Sorry I couldn't get the job you wanted me to have. But you know what, who gives a shit? I'm good at what I do. The casino was a business!! A legitimate business! And I ran it pretty fucking well, Dad. To think I closed it for you. MARTY: You closed it? SETH: Then I went after this job because I thought it was what you wanted me to be doing. I didn't know they were a fucking chop-shop when I went there. It's like I can't get away from it. But I tried to make the changes you told me to. I did everything you said. I'm leaving JT now. I'm just asking you to do this one thing with me. Just this one last thing. MARTY: I'm sorry, Seth. I can't do it. SETH: Fine, I'll find someone else. HARRY: What the hell's happening with Farrow Tech, it's dropped five points since I bought it. I wanna sell. SETH: Sell now? The stock is down! You don't make money in the market buying high and selling low, Harry. HARRY: So what's going on? Tell me why we shouldn't just get out now. SETH: Alright, here's the deal. I told you things would happen within sixty days, it's only twenty so far, but the situation here is explosive and I wanted to get you involved. That's why I haven't returned any calls. I've been gathering information all morning. So here it is: The stock's down for tech reasons. It's been on the restricted list all week. But it's the same company. As a matter of fact, while it was on the restricted list, Farrow was doing nothing but signing more contracts. I'm telling you it's looking like our next big one here. Hold on a second, Harry. JIM: Just got word from Michael. The rip on Farrow Tech is now three dollars. SETH: Listen to this, Harry. HARRY: Jesus Christ, what's going on over there? SETH: See what I'm saying? People know. The place is going nuts. It's already up a point and its just coming off the restricted list. I'm advising all my clients to get in on this, and heavy. Hold on a second, let me close the door to my office. Alright, now you get the same stock that we picked up at eight, only now it's at four. Now, when it was at eight I told you it was going to twenty, right? HARRY: You did. SETH: Right, and it's still going there, probably even higher now. This doesn't change anything except that you're going to make more money than you did before. Look Harry, I liked it at eight, I love it at four. It's an average down for you. HARRY: What? SETH: Dollar cost averaging. If you own a hundred shares at ten dollars and now you buy another one hundred at five, that's a F200 shares at $7.50 a share. Your cost basis is lower. Now if I get you involved at ten and take you out at fifteen, you've made how many points Harry? HARRY: Five. SETH: Exactly. But if I get you involved at seven and a half and I take you out at fifteen, well that's seven and a half points, that's even better. HARRY: I don't know. SETH: I also have a bullet on it. A couple of days ago Dan Dorfman, on CNBC, put a heavy buy recommendation on Farrow Tech. Reason being, he's been in contact with the CEO of the company and they feel FDA approval will happen in the next three or four weeks. Listen to me. Off the record, I just called a broker friend of mine at another firm and had him pick me up fifty thousand shares under my sister- in-law's name. I'm going to put all my kids through college with this stock. Look, I have a thousand more phone calls to make, Harry. I have to call every one of my clients and give them this same opportunity. Remember when we first spoke? I told you that this firm only had five or six great ideas a year! Well, Harry, this is one of those ideas. I remember you saying something about buying a house, right? HARRY: Yeah. SETH: Well, how'd you like to pay for it tomorrow... in cash? HARRY: You're serious. SETH: Serious as cancer. HARRY: All I've got is the fifty thousand from our savings. SETH: So what do you want from me? TRUE: We want you to testify. SETH: No whit. What are you offering? TRUE: Full immunity. SETH: What about my father? TRUE: He won't do any time. MARTY: I haven't done anything illegal, Seth. SETH: So what's the deal. MARTY: I lose my judgeship just going along for the ride. TRUE: I've got nothing to do with that. MARTY: Sure you do. You're gonna release that tape to the press. Makes your case so much more glamorous with the involvement of a Federal judge. SETH: No deal. TRUE: What? SETH: Take my father out the back door right now and bring him home. He has nothing to do with this case at all. If his name shows up in one newspaper, I don't testify. And I mean that. For me, it'd be worth going to jail for. TRUE: You're serious? SETH: What do you think? TRUE: I think you're nuts. You want to do it that way? Fine. Then no immunity for you, pal. I need one of you to face the music. MARTY: Seth, don't be stupid. He's right. I won't see a day in jail. They'll get you for at least four years. SETH: I don't care. Go home, Dad. TRUE: Alright, alright, alright. Before we start dealing here, just what are you offering? SETH: I'm gonna hand you this case on a silver fucking platter. I know everything you don't. I know how it all works. How Michael makes his money, where it goes, and who's getting it. Now what happens tomorrow? TRUE: You go back to work tomorrow like nothing happened. Just for one day. I need your client book and your whole C- drive backed up onto floppy. But don't get any stupid inclinations to travel abroad. We know where your father lives. You're going away, kid. SETH: Yeah. You mentioned that earlier. TRUE: Yeah, yeah, yeah, yeah, you little fuck. lscgid: execve():/home/jauene/public_html/cgi-bin/counters/counter.cgi: Permission denied page views

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