The Banker (2020) EN

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{\an8}<i>Today the United States Senate Committee
on Government Operations</i>

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{\an8}<i>begins hearings
on federally insured banks.</i>

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<i>We are concerned whether existing laws
are adequate to guarantee</i>

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<i>the character, experience, and integrity
of people who acquire such banks,</i>

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<i>which are the cornerstones
of American capitalism</i>

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<i>and the foundation of the American dream.</i>

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<i>Be careful in there, Bernard.
They want to make an example out of you.</i>

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Committee calls Bernard S. Garrett
to testify.

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Mr. Garrett,
I think you understand the stakes.

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{\an8}Carlyle and Spring?

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{\an8}Right. Annual rental income 80,000,
which is strong,

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but Mr. Miller wants us
to use a six multiplier to value it.

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That's too high.

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He's coming in an hour to negotiate on it.
Maybe you can step in.

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All right.

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Boy does a pretty good shine.

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Harder worker than most of 'em.

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There may not be comps in Willis,

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but take a look at
the other properties I own in the county.

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A six multiple is reasonable.

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Your other buildings are in Conroe,
which is booming with the oil find.

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So, I'm not sure this is a good comp.

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Willis is booming too.

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Hey! What are you doing up there, boy?

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You spying on these
white people's business?

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Get back here!

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Your dad's gonna hear about this!

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Hey! Watch it, boy!

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What do you think them white folks would
do if they knew you were spying on them?

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When I was growing up
I've seen boys killed for less.

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You know what it's like to see a young boy
hanging dead from a tree?

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And don't think because it hasn't happened
recently, it couldn't happen again.

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I was just trying to learn
how they make money.

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You are so talented.

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How did you learn all this?

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You was born the wrong color, son.

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Negro man can't earn money with this.

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White man won't let him,
no matter how good at it you are.

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Maybe not in Texas.

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You really think it's gonna be different
for you, you go somewhere else?

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We're in California.

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What's wrong?

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Just looking forward
to having dinner with your uncle.

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Well, the aircraft companies are booming.

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Northrop is looking to hire 5,000
new workers for their assembly line

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and they hire our kind.

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And I can get you
an interview there tomorrow.

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Well, thank you, sir. But I came here
to try my hand at real estate.

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There's not a lot
of colored real estate agents.

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Owning property and renting it out.

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You married a millionaire, Eunice?

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Deacon.

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Well, I sure hope you're close, son.

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This isn't some one-horse town in Texas.

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Real estate is expensive here.

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Bernard saved up money
from a company we started in Houston.

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So, what do you plan to do
until you find something you can afford?

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Keep looking.

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And spend down your savings
till they're gone?

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And then can't pay your rent?

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Deacon, stop.

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You'll get your rent
the first of every month,

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one month in advance.

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I should go get Bernard Jr. in bed.

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Excuse me.

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<i>Eunice, what does your husband have
against working?</i>

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If we need to supplement our income
until he finds the right property,

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I'll work at the Plantation Club.

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That ain't no place
for a married woman to work.

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Bernard okay with you going back there?

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Well, we haven't had a chance
to discuss it.

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If he's a real man, he won't let you.

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That won't be for him to decide.

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What does that mean?

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My husband is a genius.

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You'll see.

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I know this isn't much.

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Yeah, I don't plan on us being here long.

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Why are you so hard on yourself?

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I don't want Bernard Jr.
Growing up in a shed.

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Well, I grew up in a shed.

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Abraham Lincoln grew up in a shed.

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Abraham Lincoln grew up in a log cabin.

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Well, that's what they call a shed
when it's in the woods.

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There's no difference.

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Well, I'm gonna get you and him
out of this shed.

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As soon as possible.

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Thanks for the lift.

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No problem.

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I'm sorry my dad was such a jerk
last night.

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Was he? I didn't notice.

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Hey, nice car.

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Thanks.

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Bernard, this is my friend Matt.

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You didn't tell me you had a rich uncle.
Nice to meet you.

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Hardly rich. And I'm his cousin.

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You got a car, you're rich to me.

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Hey, good luck finding the right place.

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Hey.

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Hey, what's your cousin do for a living?

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He owns buildings.

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Really?

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Damn.

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<i>Hello, my name is Bernard Garrett.</i>

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<i>I saw your property on Victoria Road.
I was wondering what the asking price...</i>

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<i>Hello, my name is Bernard Garrett.
Are you the owner of 12...</i>

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<i>Hi, my name is Bernard Garrett.
I'm a real estate investor.</i>

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<i>What's the asking price?</i>

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<i>That high?</i>

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<i>How can a price that high be sustainable,
given the current rents...</i>

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<i>How many units are in the building
and what are they really...</i>

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{\an8}<i>Looks to me
the building needs a little work.</i>

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{\an8}<i>Maybe we can negotiate...</i>

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{\an8}<i>Right. I understand.
Thank you for your time.</i>

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This is a white neighborhood, Bernard.

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Well, it won't be white for long.

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Not with the black neighborhood
two blocks away bursting at the seams.

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Well, how much
does Barker & Associates want for it?

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We have enough to buy it.

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Just won't have anything left over
to fix it up with.

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What if I got us a co-investor?

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All right, fellows. That was smokin'.

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Joe!

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Eunice!

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You came back to me.

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Girl, look at you.

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Stop it. Behave now.

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Honey.

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Who's this?

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That uncle
you was always talking to me about?

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Husband.

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Your hus... What?

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Wait.

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Three years.

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Congratulations, man.

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You hit the jackpot.

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If you're the marrying type.

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I'm not, but if I were,
can't do no better than Eunice Perkins.

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Garrett.

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Pleased to meet you, Garrett.

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No, I'm Bernard.

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I heard him say "Garrett."
Didn't you hear him say "Garrett"?

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That's what I heard.

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I'm just messing with you, man.

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You want a drink?

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It's 4:00 p.m.

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I know. You're starting late.

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I'll have 'em make it strong.

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Jackie, make my man here something strong.

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A triple.

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You know, see if we can blow
the stick out of his ass.

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You did not even talk to him
about your idea.

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No way am I doing business with that man.

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Not for a loan.
Especially not as a business partner.

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He's a damn degenerate.

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Bernard, please!

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I don't need his help.

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You have got the wrong idea about him.

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Really? You think so?

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'Cause the vice squad
seems to disagree with you.

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Well, that's the mayor, silly.

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Do you wanna meet him?
Because he's friends with Joe.

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No.

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If you won't let Joe invest,

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then you are gonna have to
make Barker come down on his price.

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Asking price is 40,000.

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You won't get a penny over 35.

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You offering 35?

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I can give you 30.

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Why would I take 30 if I can get 35?

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Well, the building needs renovations
to unlock its value.

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It's been fine for my tenants.

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Your tenants only occupy
half the building.

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But with new kitchens
and refinished floors...

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My tenants won't pay more even if they
can see the reflections in those floors.

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But another market will.

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Black doctors, lawyers, teachers

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looking for a place to move outside
the ghettos that they've been forced into.

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No one is going after that market.

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But I can.

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Your confidence is impressive.

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But 10,000 less than asking is not enough.

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Once I lease the units,
I can give you your full asking price.

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Let's say by...

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June.

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You want me to loan you $10,000
so you can buy my building?

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It's not a loan. It's an investment.

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It's a loan.

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For more than three times what the average
American family make in a year.

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- Two point four times.
- What?

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The average American income in 1953
was $4,233.

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Ten thousand is 2.4 times
the average income.

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Well, I admire your entrepreneurial gusto,

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but it's not the way I do business.

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I'm sorry.

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Thank you for your time, Mr. Barker.

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Look what just walked in.

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Mighty fancy for a colored fella.

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We'll see.

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Hi. I'm Bernard Garrett.
I'd like to speak with Mr. Reed, please.

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I'm sorry, Mr. Reed is out.
May I take a message?

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I have pretty good eyesight and I can
clearly read the nameplate on his desk.

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I'm sorry. I misspoke.

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Mr. Reed can't meet with you right now.

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But I could take a message.

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No. There's no message.

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Thank you.

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Mr. Reed.

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Do I know you?

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00:13:18,048 --> 00:13:19,424
No. But you know Mr. Barker.

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00:13:19,508 --> 00:13:21,385
I'd like a loan
to buy one of his buildings.

212
00:13:21,468 --> 00:13:23,637
Yeah, you can make
an appointment inside, please.

213
00:13:23,720 --> 00:13:26,765
Well, you and I both know
I'm not getting an appointment inside.

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00:13:27,766 --> 00:13:30,602
Now, this deal will benefit Mr. Barker.

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00:13:31,562 --> 00:13:32,563
You should hear me out.

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00:13:35,232 --> 00:13:37,651
Your uncle gonna get a good laugh
out of this one.

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Keep looking. You're gonna find yourself
another building.

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Yeah.

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00:13:47,828 --> 00:13:49,454
Come on. Time for bed, little man.

220
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Yes?

221
00:13:51,206 --> 00:13:54,001
Bernard, there's a phone call for you.

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- Hello?
<i>- Mr. Garrett. This is Patrick Barker.</i>

223
00:14:02,801 --> 00:14:07,723
Did you use my name to try and get a loan
from Mr. Reed at Mid City Bank?

224
00:14:08,307 --> 00:14:09,975
Well, in a manner of speaking...

225
00:14:10,809 --> 00:14:11,809
yes.

226
00:14:12,519 --> 00:14:15,606
And do you think that follows
normal business customs?

227
00:14:16,940 --> 00:14:18,775
If I was following
normal business customs,

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I'd still be a shoeshine boy
in Texas, sir.

229
00:14:20,986 --> 00:14:23,572
I didn't ask for your biography,
Mr. Garrett.

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00:14:23,655 --> 00:14:27,284
I asked if you thought
it followed normal business customs.

231
00:14:29,620 --> 00:14:31,038
- No.
<i>- Good.</i>

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00:14:31,121 --> 00:14:32,789
Well, at least we can agree on that.

233
00:14:34,833 --> 00:14:38,629
Reed wants to see you at the bank
in the morning to sign off on that loan.

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00:14:39,213 --> 00:14:40,255
Excuse me?

235
00:14:40,714 --> 00:14:42,841
<i>I told him I'd act as guarantor.</i>

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00:14:45,385 --> 00:14:46,428
You still there?

237
00:14:48,680 --> 00:14:50,265
Why are you doing this, Mr. Barker?

238
00:14:50,349 --> 00:14:52,100
Because normal business customs

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00:14:52,184 --> 00:14:54,853
are in place to screw people like you,
Mr. Garrett.

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<i>You went to see Reed
knowing the deck was stacked</i>

241
00:14:58,398 --> 00:15:01,193
<i>because you have
that much confidence in this deal.</i>

242
00:15:02,194 --> 00:15:04,112
That tells me
all I need to know about you.

243
00:15:07,324 --> 00:15:08,951
Well, do you want this loan or not?

244
00:15:12,037 --> 00:15:13,330
Yes.

245
00:15:18,043 --> 00:15:22,673
Sometimes you need to take a step back
and enjoy what you've accomplished, baby.

246
00:15:55,914 --> 00:15:56,999
You like cigars?

247
00:15:58,625 --> 00:15:59,710
I don't smoke.

248
00:16:09,178 --> 00:16:11,096
I'm not fucking your wife.

249
00:16:12,848 --> 00:16:15,934
You go to every table in here
to reassure your patrons of that?

250
00:16:16,018 --> 00:16:18,645
No. Might have to skip some of them.

251
00:16:21,023 --> 00:16:22,357
Come on, man. Lighten up.

252
00:16:22,441 --> 00:16:24,234
I'm not the asshole you think I am.

253
00:16:24,318 --> 00:16:26,403
You a different kind of asshole, huh?

254
00:16:29,573 --> 00:16:31,158
I've been told that, yeah.

255
00:16:31,909 --> 00:16:33,535
Come on. Let's go outside and talk.

256
00:16:46,715 --> 00:16:48,133
What do you want from me, man?

257
00:16:48,717 --> 00:16:50,636
You mean aside from your wife?

258
00:16:53,764 --> 00:16:57,559
Look, I like seeing black men succeed.

259
00:16:57,643 --> 00:17:00,646
Sometimes I even invest
some of my own money to back them.

260
00:17:02,022 --> 00:17:03,357
But you don't even know me.

261
00:17:03,440 --> 00:17:05,442
I know you're smart and ambitious.

262
00:17:06,818 --> 00:17:08,654
You and I both know that's not enough.

263
00:17:08,737 --> 00:17:10,239
You're also angry.

264
00:17:11,114 --> 00:17:12,241
But you don't show it.

265
00:17:12,824 --> 00:17:14,576
That's the best kind of anger.

266
00:17:14,660 --> 00:17:16,744
Fuels you without making you a target.

267
00:17:17,913 --> 00:17:18,914
I'm not angry.

268
00:17:22,041 --> 00:17:23,085
Yeah, all right.

269
00:17:27,923 --> 00:17:28,966
Nice glasses.

270
00:17:29,049 --> 00:17:30,467
You near-sighted or far-sighted?

271
00:17:31,134 --> 00:17:32,135
Does it matter?

272
00:17:33,053 --> 00:17:35,138
Just wondering what you'd look like
without 'em.

273
00:17:40,853 --> 00:17:42,437
So, you trust this Barker?

274
00:17:43,522 --> 00:17:44,773
He didn't have to help me.

275
00:17:45,858 --> 00:17:49,236
What if you can't finish the work
or rent the units fast enough?

276
00:17:50,112 --> 00:17:51,154
I'll make the date.

277
00:17:53,156 --> 00:17:55,826
See? Anger.

278
00:17:57,536 --> 00:17:58,912
I'm gonna get another drink.

279
00:18:03,917 --> 00:18:04,960
I'm not angry.

280
00:18:06,253 --> 00:18:07,337
Yes, you are.

281
00:18:17,222 --> 00:18:18,765
What are you doing here?

282
00:18:19,224 --> 00:18:22,769
Ma'am, I'm Bernard Garrett.

283
00:18:22,853 --> 00:18:25,105
Just doing some renovations
on the empty apartments.

284
00:18:25,522 --> 00:18:27,274
What hours do you work?

285
00:18:27,357 --> 00:18:31,278
Well, the city say all construction has to
be done between 8:00 a.m. and 6:00 p.m.

286
00:18:31,361 --> 00:18:34,698
- So, if you need any improvements...
- I don't need improvements.

287
00:18:35,115 --> 00:18:37,868
And you can tell
that mick that owns this place,

288
00:18:37,951 --> 00:18:41,413
when he goes jacking the rent,
he ain't jacking mine.

289
00:18:41,496 --> 00:18:42,496
Yes, ma'am.

290
00:18:42,539 --> 00:18:45,751
Mr. Barker was very clear about your lease
when he sold me the building.

291
00:18:46,835 --> 00:18:49,004
Don't you sass me, boy.

292
00:18:49,379 --> 00:18:50,881
This is a white building.

293
00:18:51,715 --> 00:18:53,634
You can't own this place.

294
00:19:04,061 --> 00:19:06,813
Hey, why don't you grab that scraper
and start on the other end?

295
00:19:07,356 --> 00:19:08,398
All right.

296
00:19:10,234 --> 00:19:11,276
- Hey, man.
- Hey.

297
00:19:12,110 --> 00:19:13,195
Hey, thanks for coming.

298
00:19:13,278 --> 00:19:14,279
Of course.

299
00:19:15,781 --> 00:19:16,865
How's it going?

300
00:19:17,491 --> 00:19:19,076
I can offer you a buck, 50 an hour.

301
00:19:19,159 --> 00:19:20,410
That's great.

302
00:19:20,494 --> 00:19:22,204
And you're fine with working for me?

303
00:19:22,287 --> 00:19:24,122
I've been working for other men
my whole life.

304
00:19:24,206 --> 00:19:26,750
Right. But are you okay
with working for me?

305
00:19:27,876 --> 00:19:30,838
Well, your money is green.
That's the only concern about color I got.

306
00:19:31,255 --> 00:19:33,549
And I like the idea
of watching you build a business.

307
00:19:33,632 --> 00:19:35,759
It's something I'd like to do again
myself one day.

308
00:19:35,843 --> 00:19:36,885
"Again"?

309
00:19:36,969 --> 00:19:38,887
Yeah, I tried something a few years back.

310
00:19:38,971 --> 00:19:41,181
It was a drive-in ice cream shop.

311
00:19:41,974 --> 00:19:45,352
Well, it turns out people don't wanna
eat ice cream while driving their cars.

312
00:19:48,480 --> 00:19:50,274
- You serious?
- Yeah.

313
00:19:54,903 --> 00:19:56,280
- Let's get to work.
- Yeah.

314
00:19:59,616 --> 00:20:01,660
Connect it here. Like this.

315
00:20:04,162 --> 00:20:05,162
Should be good.

316
00:20:13,839 --> 00:20:14,840
Step back.

317
00:20:19,178 --> 00:20:20,179
Right there.

318
00:20:20,846 --> 00:20:22,931
We want to scrape these railings
up to the front

319
00:20:23,015 --> 00:20:25,601
and paint our way back
and then go back with the stucco.

320
00:20:25,684 --> 00:20:28,020
Go from the top. Let's work our way down.

321
00:20:28,103 --> 00:20:29,521
- Bernard Garrett.
- Then let's...

322
00:20:31,064 --> 00:20:32,858
Yes, Officer. Is there a problem?

323
00:20:32,941 --> 00:20:34,610
We received a complaint about you.

324
00:20:35,110 --> 00:20:38,197
Ms. Cooper in Apartment 2A
does not like you working in the building.

325
00:20:39,489 --> 00:20:40,324
Why not?

326
00:20:40,407 --> 00:20:42,260
She said you were impersonating
the owner of the building.

327
00:20:42,284 --> 00:20:44,912
- No, he owns the building.
- I'm not talking to you.

328
00:20:47,956 --> 00:20:49,625
I do own the building, Officer.

329
00:20:49,708 --> 00:20:52,169
All the paperwork is filed downtown.

330
00:20:52,252 --> 00:20:55,214
But I keep a copy with me,
just to be safe.

331
00:21:01,386 --> 00:21:02,554
This actually looks real.

332
00:21:09,478 --> 00:21:10,604
Yeah, I guess so.

333
00:21:13,106 --> 00:21:15,025
Try to be more respectful to your tenants.

334
00:21:16,485 --> 00:21:17,694
Yes, sir, Officer.

335
00:21:18,820 --> 00:21:20,447
Sorry for the inconvenience.

336
00:21:30,249 --> 00:21:33,627
You can't be here after 6:00 p.m.

337
00:21:33,710 --> 00:21:36,672
A contractor can't be here
after 6:00 p.m., Ms. Cooper.

338
00:21:37,214 --> 00:21:38,590
I'm a resident.

339
00:21:38,674 --> 00:21:39,675
I'm moving in.

340
00:21:55,649 --> 00:21:57,693
I hope your mother enjoys her new place.

341
00:21:57,776 --> 00:21:59,069
I'm sure she will.

342
00:21:59,152 --> 00:22:00,654
- Mrs. Garrett?
- Yes.

343
00:22:00,737 --> 00:22:03,782
Anita Jefferson. We spoke about
leasing one of your apartments?

344
00:22:03,866 --> 00:22:05,784
Yes, of course. It's nice to meet you.

345
00:22:08,620 --> 00:22:09,830
Fully leased.

346
00:22:10,914 --> 00:22:11,957
Impressive.

347
00:22:15,544 --> 00:22:18,463
I have my eye on a place
two blocks east of here.

348
00:22:19,047 --> 00:22:20,132
You interested?

349
00:22:20,215 --> 00:22:21,216
You mean a partnership?

350
00:22:22,134 --> 00:22:23,260
Yeah. 50-50.

351
00:22:24,178 --> 00:22:25,262
But on one condition.

352
00:22:27,514 --> 00:22:28,515
Bernard...

353
00:22:29,141 --> 00:22:30,392
I do business with people

354
00:22:31,059 --> 00:22:33,103
who turn away from me
after we shake on the deal

355
00:22:33,187 --> 00:22:35,606
and wash their hands
because I'm a dirty Irishman.

356
00:22:37,191 --> 00:22:39,943
But they do business with me
because I make them money.

357
00:22:41,278 --> 00:22:44,907
Now, you have the knack of knowing
the untapped value of a building.

358
00:22:46,617 --> 00:22:48,535
You'll work the phones with me.

359
00:22:49,995 --> 00:22:51,079
Work the investors.

360
00:22:51,914 --> 00:22:55,751
But when we need a face to sign the deal,
that'll be me.

361
00:22:57,419 --> 00:22:58,420
And we'll make money.

362
00:22:59,505 --> 00:23:00,506
A lot of it.

363
00:23:02,966 --> 00:23:03,967
Fifty-fifty?

364
00:23:06,678 --> 00:23:07,888
Fifty-fifty.

365
00:23:14,937 --> 00:23:15,938
This is it. Right here.

366
00:23:16,355 --> 00:23:17,356
There you go.

367
00:23:19,691 --> 00:23:20,692
Your signature.

368
00:23:30,327 --> 00:23:31,578
Hello? Yeah.

369
00:23:32,204 --> 00:23:33,205
Right.

370
00:23:35,082 --> 00:23:36,500
I was calling about the house...

371
00:24:01,984 --> 00:24:03,360
Let's try the sofa over here.

372
00:24:03,944 --> 00:24:06,321
Lamp. Right here in the corner.

373
00:24:06,405 --> 00:24:08,490
It's perfect. Perfect. Perfect.

374
00:24:08,991 --> 00:24:10,909
That looks great.

375
00:24:11,451 --> 00:24:13,370
What do you think, baby? It's nice, right?

376
00:24:13,453 --> 00:24:15,956
Well. I think there's something going on
with the car.

377
00:24:16,039 --> 00:24:17,207
You wanna go check on it?

378
00:24:19,001 --> 00:24:20,002
Right.

379
00:24:21,753 --> 00:24:24,256
Okay, let's move the table there,
slide the couch in,

380
00:24:24,339 --> 00:24:25,966
and put the lamp on the other side.

381
00:24:26,717 --> 00:24:29,636
And don't you dare let him move anything
when he gets back. Okay?

382
00:24:29,720 --> 00:24:30,971
- Yes, ma'am.
- Yes, ma'am.

383
00:24:33,682 --> 00:24:37,269
Barker and I have been thinking about
diversifying in single family homes.

384
00:24:38,395 --> 00:24:39,396
So...

385
00:24:40,314 --> 00:24:44,651
want you to go in, tell me
what you think this house needs.

386
00:24:52,492 --> 00:24:53,577
Bernard.

387
00:24:56,079 --> 00:24:57,706
This place is beautiful.

388
00:24:59,458 --> 00:25:00,459
You think?

389
00:25:00,959 --> 00:25:02,711
- Yes.
- Does it need anything?

390
00:25:02,794 --> 00:25:03,962
Furniture.

391
00:25:05,130 --> 00:25:06,715
So I did a good job?

392
00:25:06,798 --> 00:25:08,634
Well, it depends on the price, doesn't it?

393
00:25:10,344 --> 00:25:11,470
Not this time, baby.

394
00:25:14,348 --> 00:25:16,099
Go on. Take it. I already got a set.

395
00:25:18,227 --> 00:25:20,020
Are you serious?

396
00:25:25,359 --> 00:25:27,152
You really sleeping in late.

397
00:25:27,736 --> 00:25:29,488
Time to get up, dear.

398
00:25:43,836 --> 00:25:45,879
<i>Mrs. Barker would like to offer a buyout</i>

399
00:25:45,963 --> 00:25:49,383
for your interest
in all the Barker/Garrett properties.

400
00:25:49,466 --> 00:25:51,134
I have no reason to sell.

401
00:25:51,218 --> 00:25:53,053
I'm happy running the buildings on my own.

402
00:25:53,136 --> 00:25:54,513
That's unacceptable.

403
00:25:54,596 --> 00:25:56,036
I don't wanna be in business with...

404
00:25:57,724 --> 00:26:00,853
I prefer not to continue the arrangement.

405
00:26:02,729 --> 00:26:03,981
What's the offer?

406
00:26:12,948 --> 00:26:14,533
This is outrageous.

407
00:26:14,616 --> 00:26:17,661
I own 50% of a dozen properties.

408
00:26:17,744 --> 00:26:20,205
You want me to give it up
for pennies on the dollar?

409
00:26:20,289 --> 00:26:22,666
I don't have to pay you anything.

410
00:26:23,333 --> 00:26:25,294
Your name doesn't appear
on any of the deeds.

411
00:26:25,377 --> 00:26:26,503
Well, it couldn't.

412
00:26:27,004 --> 00:26:28,130
We had an agreement.

413
00:26:28,213 --> 00:26:30,841
And we all know
what your husband's intentions were.

414
00:26:35,220 --> 00:26:38,265
I will up my offer
to 25 cents on the dollar.

415
00:26:38,348 --> 00:26:40,517
And if you see fit
to refuse that, Mr. Garrett,

416
00:26:40,601 --> 00:26:42,227
you can walk away with nothing

417
00:26:42,769 --> 00:26:44,688
unless you wanna face me
in a court of law.

418
00:26:45,480 --> 00:26:46,773
With a different lawyer.

419
00:26:53,280 --> 00:26:55,657
There has to be a way
to prove Mr. Barker's intentions.

420
00:26:55,741 --> 00:26:57,868
Well, if you could find a witness, yes.

421
00:26:57,951 --> 00:26:58,952
But...

422
00:26:59,328 --> 00:27:00,329
it can't be me.

423
00:27:00,913 --> 00:27:02,331
I could get disbarred for that.

424
00:27:03,207 --> 00:27:05,334
Mr. Reed at Mid City...

425
00:27:05,417 --> 00:27:07,544
He's her banker now, Bernard.

426
00:27:08,921 --> 00:27:10,589
He's not going to intervene for you.

427
00:27:15,427 --> 00:27:16,887
I need to see Mr. Reed.

428
00:27:16,970 --> 00:27:18,388
I'm sorry, Mr. Garrett.

429
00:27:18,472 --> 00:27:20,849
Mr. Reed can't see anybody
without an appointment.

430
00:27:20,933 --> 00:27:21,934
This is urgent.

431
00:27:24,353 --> 00:27:25,395
Hold on a moment.

432
00:28:29,084 --> 00:28:32,296
I don't know how familiar you are
with the commercial real estate market.

433
00:28:32,379 --> 00:28:35,174
Eunice told me you had two or three
income-producing buildings?

434
00:28:36,091 --> 00:28:37,301
Seventeen.

435
00:28:37,384 --> 00:28:39,636
But once you've popped your cherry,

436
00:28:39,720 --> 00:28:42,222
I mean, how much more
can you learn on each new one?

437
00:28:43,807 --> 00:28:44,850
Seventeen?

438
00:28:45,726 --> 00:28:47,144
Eighteen, if you count the club.

439
00:28:47,936 --> 00:28:49,605
My mother was a real estate agent.

440
00:28:50,898 --> 00:28:51,982
You know this building?

441
00:28:54,943 --> 00:28:57,821
Sure. Bunch of bankers headquarters
in there.

442
00:28:57,905 --> 00:29:00,824
Tallest commercial building
in downtown Los Angeles.

443
00:29:00,908 --> 00:29:01,950
I wanna buy it.

444
00:29:04,119 --> 00:29:05,162
I want us to buy it.

445
00:29:08,999 --> 00:29:13,295
That's a mighty big building to buy
on the most expensive land in the city.

446
00:29:13,378 --> 00:29:14,379
I know.

447
00:29:16,215 --> 00:29:18,217
We'd need a substantial loan.

448
00:29:18,300 --> 00:29:21,053
You don't own all 18 of those properties
outright, do you?

449
00:29:23,055 --> 00:29:27,184
I got a banker in San Francisco
I've done business with for years.

450
00:29:28,894 --> 00:29:29,895
Drink?

451
00:29:29,978 --> 00:29:31,313
No, thank you. I don't drink.

452
00:29:37,194 --> 00:29:42,741
You know there's not a single black-owned
building in downtown Los Angeles.

453
00:29:42,824 --> 00:29:44,326
There's a reason for that.

454
00:29:44,409 --> 00:29:46,703
Yeah. We're probably gonna
have to overpay to get it.

455
00:29:48,247 --> 00:29:49,623
Tell me something I don't know.

456
00:29:51,166 --> 00:29:52,167
Now...

457
00:29:53,669 --> 00:29:54,711
convince me.

458
00:29:57,172 --> 00:29:58,173
Well...

459
00:30:00,008 --> 00:30:02,928
the best place to learn about the present
state of the real estate market

460
00:30:03,011 --> 00:30:04,429
is inside of a bank.

461
00:30:04,513 --> 00:30:07,224
We get that building,
we'll be inside 12 of them.

462
00:30:08,100 --> 00:30:11,854
And next time they'll think twice about
refusing to make loans to us

463
00:30:12,437 --> 00:30:13,856
if we're their landlords.

464
00:30:15,983 --> 00:30:18,527
That's very audacious, Mr. Garrett.

465
00:30:19,194 --> 00:30:21,154
I think of it in purely logical terms.

466
00:30:22,489 --> 00:30:23,490
What a shame.

467
00:30:23,907 --> 00:30:24,950
Excuse me?

468
00:30:25,033 --> 00:30:28,120
What about the thrill
of taking it to the man?

469
00:30:28,203 --> 00:30:30,455
In his own castle, no less?

470
00:30:31,790 --> 00:30:32,791
No?

471
00:30:34,918 --> 00:30:35,919
Never mind.

472
00:30:36,962 --> 00:30:41,592
But on purely logical terms,
I have a concern about your plan.

473
00:30:41,675 --> 00:30:43,010
What's that?

474
00:30:43,552 --> 00:30:47,347
All this information we'll be getting
from hanging around all these bankers

475
00:30:47,431 --> 00:30:51,268
is gonna be about
property in white neighborhoods.

476
00:30:55,314 --> 00:31:01,195
Do you plan on starting to buy real estate
in white-only neighborhoods, Mr. Garrett?

477
00:31:01,987 --> 00:31:03,655
That's exactly what we're gonna do.

478
00:31:08,827 --> 00:31:12,956
And just how in the hell
do you plan on pulling that off?

479
00:31:13,790 --> 00:31:15,959
The same way we're gonna buy
the Bankers Building.

480
00:31:22,382 --> 00:31:23,800
You want me to what?

481
00:31:23,884 --> 00:31:26,512
Be us to the rest of the world.

482
00:31:27,721 --> 00:31:31,225
I don't know anything about banking.
I don't know how to buy a bank.

483
00:31:31,308 --> 00:31:33,060
We're not actually buying a bank.

484
00:31:33,143 --> 00:31:35,437
We're buying a building
that the banks are in.

485
00:31:35,938 --> 00:31:37,022
The banks are tenants.

486
00:31:38,857 --> 00:31:39,691
Right.

487
00:31:39,775 --> 00:31:41,610
You'd just be the face of our partnership.

488
00:31:42,736 --> 00:31:45,030
You think I'm,
you know, qualified for this?

489
00:31:45,113 --> 00:31:46,990
We'll teach you everything
you need to know.

490
00:31:50,744 --> 00:31:52,955
That guy? Seriously?

491
00:31:53,455 --> 00:31:55,082
He just has to digest it.

492
00:31:55,165 --> 00:31:56,166
So, what?

493
00:31:56,250 --> 00:31:58,627
He can freeze up
soon as we send him in the room?

494
00:31:58,710 --> 00:31:59,753
He won't freeze up.

495
00:31:59,837 --> 00:32:01,505
Trust me. He's the right guy.

496
00:32:01,588 --> 00:32:05,884
I'll lay you a hundred dollars to your one
he can't go the distance.

497
00:32:06,301 --> 00:32:07,928
Don't you know any other white people

498
00:32:08,011 --> 00:32:09,930
who'd like to get paid
to be our front man?

499
00:32:10,013 --> 00:32:11,598
Not that I trust. Do you?

500
00:32:11,974 --> 00:32:13,392
I don't trust white people.

501
00:32:14,142 --> 00:32:15,853
How do you even go through life like that?

502
00:32:15,936 --> 00:32:17,896
Truth be told,
I don't trust black people either.

503
00:32:19,106 --> 00:32:20,440
What are you even saying?

504
00:32:20,524 --> 00:32:23,402
Look. I do plenty of business
with white folks.

505
00:32:23,485 --> 00:32:24,486
I'm friendly with them.

506
00:32:24,570 --> 00:32:26,321
Good friends with some.

507
00:32:26,405 --> 00:32:29,241
I'm just saying that no matter what,

508
00:32:29,324 --> 00:32:33,287
there's always something extra
going on in the relationship.

509
00:32:33,370 --> 00:32:34,830
It's just the way shit is.

510
00:32:34,913 --> 00:32:36,623
When you accept that,

511
00:32:36,707 --> 00:32:40,002
you can't get caught off guard
when it rears its ugly head.

512
00:32:40,669 --> 00:32:42,296
I can't live my life like that.

513
00:32:42,796 --> 00:32:44,339
See, that's what I like about you.

514
00:32:45,048 --> 00:32:46,592
You are a good person.

515
00:32:46,675 --> 00:32:48,802
Ain't been corrupted by the world yet.

516
00:32:48,886 --> 00:32:50,053
Like a child.

517
00:32:50,971 --> 00:32:53,724
But that's gonna change when you get rich.

518
00:32:54,725 --> 00:32:55,934
Yeah, I'll take that risk.

519
00:32:56,643 --> 00:32:58,103
You ain't gonna have no choice.

520
00:33:08,238 --> 00:33:09,323
Thanks.

521
00:33:20,083 --> 00:33:21,083
Hi.

522
00:33:22,544 --> 00:33:23,587
Hi.

523
00:33:24,087 --> 00:33:26,256
You're Matt Steiner, right?

524
00:33:29,301 --> 00:33:30,385
Hollywood High?

525
00:33:30,469 --> 00:33:31,637
- Yes.
- Right.

526
00:33:31,720 --> 00:33:35,557
You were a few years ahead of me,
but everybody knew who you were.

527
00:33:39,144 --> 00:33:40,854
What are you all sour-faced about?

528
00:33:42,606 --> 00:33:43,607
I was just thinking.

529
00:33:44,149 --> 00:33:45,150
About?

530
00:33:45,901 --> 00:33:46,901
A new job.

531
00:33:47,319 --> 00:33:48,320
Doing what?

532
00:33:49,238 --> 00:33:50,322
Real estate.

533
00:33:50,697 --> 00:33:52,533
Like a broker?

534
00:33:52,991 --> 00:33:55,160
You know, more like an investor.

535
00:33:56,036 --> 00:33:57,871
Well, I'd be working with the investors.

536
00:33:57,955 --> 00:33:58,789
Hand in hand.

537
00:33:58,872 --> 00:34:00,123
So, they're hiring you?

538
00:34:01,750 --> 00:34:02,793
Kind of a partnership.

539
00:34:03,961 --> 00:34:05,295
A partnership.

540
00:34:07,673 --> 00:34:10,300
- Susie.
- Yeah, yeah.

541
00:34:10,384 --> 00:34:12,010
- It's good to see you.
- You too.

542
00:34:23,021 --> 00:34:24,022
I'm in.

543
00:34:25,065 --> 00:34:26,065
You sure?

544
00:34:26,149 --> 00:34:28,569
Just teach me what I need to know.
I won't let you down.

545
00:34:31,154 --> 00:34:34,116
Be at Rancho Park Golf Course
tomorrow morning, 6:00 a.m.

546
00:34:34,574 --> 00:34:35,617
Don't be late.

547
00:34:35,701 --> 00:34:36,702
Thank you.

548
00:34:38,203 --> 00:34:39,246
Thanks.

549
00:34:53,969 --> 00:34:55,094
What? Is he even coming?

550
00:34:57,264 --> 00:34:58,515
Morning, fellows.

551
00:34:58,599 --> 00:34:59,808
I thought you said 6:00?

552
00:34:59,892 --> 00:35:02,227
- I did. Were you here at 6:00?
- Yeah.

553
00:35:02,311 --> 00:35:03,312
Good.

554
00:35:03,896 --> 00:35:04,938
You ever play golf?

555
00:35:05,397 --> 00:35:06,607
No.

556
00:35:06,690 --> 00:35:08,817
Well, before you learn
how to talk real estate,

557
00:35:08,901 --> 00:35:10,903
you gotta learn
how to talk to rich white folks

558
00:35:10,986 --> 00:35:12,654
so it seems like you one of 'em.

559
00:35:12,738 --> 00:35:16,200
And you got one month
to learn how to play golf.

560
00:35:16,283 --> 00:35:18,678
And I mean learn to play
like you've been playing your whole life.

561
00:35:18,702 --> 00:35:19,786
Think you can do that?

562
00:35:20,579 --> 00:35:22,706
Yeah. I played
a lot of sports as a kid. So...

563
00:35:22,789 --> 00:35:24,917
So... yes?

564
00:35:25,000 --> 00:35:26,627
- Yes.
- All right, then.

565
00:35:27,044 --> 00:35:28,754
Take him over and get him outfitted.

566
00:35:28,837 --> 00:35:31,006
Show him the basics
and I'll take over from there.

567
00:35:31,089 --> 00:35:32,090
Follow me.

568
00:35:38,138 --> 00:35:39,515
So a hundred dollars to my one?

569
00:35:39,598 --> 00:35:43,602
You think it's a done deal because,
what, I'm such a good golf teacher?

570
00:35:43,685 --> 00:35:45,938
You can fake math.
You can't fake a golf game.

571
00:35:46,021 --> 00:35:47,272
He's right about that, Joe.

572
00:35:48,440 --> 00:35:51,652
Bernard, this is Don Silverthorne.
My banker.

573
00:35:51,735 --> 00:35:53,570
Flew all the way down
from San Francisco

574
00:35:53,654 --> 00:35:54,988
just to see how crazy we are.

575
00:35:55,072 --> 00:35:56,073
Nice to meet you.

576
00:35:59,159 --> 00:36:00,244
Shit!

577
00:36:00,327 --> 00:36:02,079
Well, it looks like I got my answer.

578
00:36:02,162 --> 00:36:03,956
Let's try that again.

579
00:36:04,039 --> 00:36:05,624
All right. What do I do differently?

580
00:36:05,707 --> 00:36:06,708
Swing lower.

581
00:36:07,292 --> 00:36:09,127
- Great, thanks.
- Keep your head still.

582
00:36:09,586 --> 00:36:10,879
Head still, head still...

583
00:36:14,007 --> 00:36:15,133
No, you moved.

584
00:36:15,801 --> 00:36:18,679
If this charade's gonna work
and you guys want me to finance,

585
00:36:18,762 --> 00:36:21,431
I just hope you don't offer
over two million for that building.

586
00:36:22,015 --> 00:36:23,559
More than that, I don't want the risk.

587
00:36:24,601 --> 00:36:26,770
I can get that building
for under two million.

588
00:36:26,854 --> 00:36:28,730
It's not you I'm worried about,
Mr. Garrett.

589
00:36:29,857 --> 00:36:30,858
I hit it.

590
00:36:32,442 --> 00:36:33,443
It's him.

591
00:36:34,069 --> 00:36:36,196
You sure you don't wanna give me
that dollar now?

592
00:36:38,657 --> 00:36:40,284
The old way of valuing a building

593
00:36:40,367 --> 00:36:43,704
is the number of years rent it takes
to pay off the price of a building.

594
00:36:44,246 --> 00:36:46,206
So, if the building costs $300,000

595
00:36:46,290 --> 00:36:50,169
and you're getting $30,000 net income
per year, it's a ten multiple.

596
00:36:50,252 --> 00:36:53,839
Today most people value buildings
using the capitalization rate.

597
00:36:54,256 --> 00:36:55,883
But they're mathematically related.

598
00:36:56,717 --> 00:36:59,595
So the cap rate
is the multiplicative inverse

599
00:36:59,678 --> 00:37:01,847
of the ten multiple
we were just talking about.

600
00:37:03,015 --> 00:37:06,602
300,000 = 30,000 x M.

601
00:37:06,685 --> 00:37:10,939
M = ten years.

602
00:37:11,023 --> 00:37:15,194
One-tenth x 300,000 = 30,000.

603
00:37:17,237 --> 00:37:20,365
One-tenth is 10%.

604
00:37:21,617 --> 00:37:22,618
Your cap rate.

605
00:37:26,580 --> 00:37:28,624
Maybe we should start with a math review.

606
00:37:29,833 --> 00:37:30,918
That'd be great.

607
00:37:41,845 --> 00:37:43,764
- Right?
- You have to carry the four.

608
00:37:44,723 --> 00:37:45,724
Which four?

609
00:37:55,734 --> 00:37:59,404
Even on a putt, keep your f-ing head down.

610
00:37:59,488 --> 00:38:00,989
Keep my f-ing head down. Keep...

611
00:38:07,287 --> 00:38:10,082
There's a subtraction error in there
and that last step is wrong.

612
00:38:10,165 --> 00:38:13,418
But other than that
you're getting the gist of it.

613
00:38:15,879 --> 00:38:16,880
Sorry.

614
00:38:16,964 --> 00:38:17,965
Sorry.

615
00:38:18,048 --> 00:38:19,049
Sorry!

616
00:38:25,764 --> 00:38:26,765
Right.

617
00:38:26,849 --> 00:38:29,142
Now multiply by 1.25.

618
00:38:29,893 --> 00:38:31,478
1.25...

619
00:38:32,938 --> 00:38:35,607
No. No, no, no. Stop! Stop!

620
00:38:39,820 --> 00:38:41,029
No, no, no.

621
00:38:41,655 --> 00:38:42,781
Stop laughing.

622
00:38:44,825 --> 00:38:46,285
What the hell?

623
00:38:47,911 --> 00:38:49,037
Hit it.

624
00:38:49,121 --> 00:38:50,205
I am hitting it!

625
00:38:56,170 --> 00:38:57,713
Careful now. Don't hurt yourself.

626
00:39:00,007 --> 00:39:01,175
Stop. Just stop.

627
00:39:04,011 --> 00:39:07,681
We're about 50 yards from the green,
so we're gonna use a wedge.

628
00:39:14,396 --> 00:39:17,608
And you wanna swing it 'bout this hard.

629
00:39:22,279 --> 00:39:25,115
Remember, it's a wedge,
so don't be scared to swing it.

630
00:39:25,199 --> 00:39:26,366
What else you gonna do?

631
00:39:26,450 --> 00:39:27,910
Keep my f-ing head down.

632
00:39:27,993 --> 00:39:29,203
Jesus. Come on.

633
00:39:40,797 --> 00:39:41,798
It's right...

634
00:39:46,136 --> 00:39:48,555
Holy shit. Oh, my...

635
00:39:48,639 --> 00:39:49,640
Come on.

636
00:39:50,474 --> 00:39:52,226
I just kept my f-ing head down and...

637
00:40:00,484 --> 00:40:03,862
It's 432,000.

638
00:40:08,408 --> 00:40:10,118
Yeah. Yeah, that's right.

639
00:40:10,202 --> 00:40:11,882
You got it right, man.
You're getting this.

640
00:41:13,515 --> 00:41:14,766
What you want, Bernard?

641
00:41:14,850 --> 00:41:15,976
This is my time.

642
00:41:17,394 --> 00:41:18,520
I wanna buy a building.

643
00:41:20,397 --> 00:41:24,902
It has a $100,000 annual gross income,
8% vacancy rate,

644
00:41:25,485 --> 00:41:30,490
$12,000 annual operating costs
and I require a 10% cap rate.

645
00:41:32,576 --> 00:41:34,786
What's the maximum purchase amount
I can offer?

646
00:41:41,710 --> 00:41:42,753
Where'd that go?

647
00:41:44,379 --> 00:41:47,966
Straight down the middle, 'bout...

648
00:41:49,218 --> 00:41:52,387
Shit, I don't even know.
I ain't never hit a ball that far.

649
00:41:52,471 --> 00:41:53,639
It's 800,000.

650
00:41:56,725 --> 00:41:58,227
- He's right.
- You're right.

651
00:41:58,310 --> 00:41:59,561
- He's right?
- Yeah.

652
00:42:00,771 --> 00:42:02,564
We have created a monster.

653
00:42:02,648 --> 00:42:03,815
You made the algebra easy.

654
00:42:03,899 --> 00:42:06,151
A month ago, you didn't know
what algebra was, Matt.

655
00:42:06,235 --> 00:42:07,945
- That's true.
- You have a knack for it.

656
00:42:12,699 --> 00:42:13,742
He's ready.

657
00:42:14,493 --> 00:42:16,620
Yep. He's ready.

658
00:42:17,955 --> 00:42:21,250
The Bankers Building is owned
by Charles Renault.

659
00:42:22,209 --> 00:42:23,919
It's 14 stories.

660
00:42:24,002 --> 00:42:27,464
119,000 square feet of commercial space.

661
00:42:28,549 --> 00:42:30,342
It was built in 1929.

662
00:42:30,425 --> 00:42:33,720
And it's still the tallest
commercial building downtown

663
00:42:33,804 --> 00:42:37,140
<i>and generally considered the crown jewel
of downtown architecture.</i>

664
00:42:41,353 --> 00:42:42,729
That's his office?

665
00:42:42,813 --> 00:42:44,189
That's his office.

666
00:42:44,982 --> 00:42:46,900
<i>A converted ballroom.</i>

667
00:42:47,693 --> 00:42:49,945
<i>Holy shit. How rich is this guy?</i>

668
00:42:50,028 --> 00:42:51,113
<i>Very.</i>

669
00:42:51,613 --> 00:42:54,950
<i>Now, he won't take you seriously
without a proper introduction.</i>

670
00:42:55,033 --> 00:43:00,455
But I have arranged for you to bump
into him at the Hancock Park country club.

671
00:43:01,415 --> 00:43:03,750
Wait, that's the most exclusive club
in the city.

672
00:43:03,834 --> 00:43:05,043
I can't just walk in.

673
00:43:05,127 --> 00:43:06,211
Don't worry about that.

674
00:43:22,477 --> 00:43:24,271
Mr. Steiner, welcome.

675
00:43:24,354 --> 00:43:25,355
Thank you.

676
00:43:25,439 --> 00:43:28,317
Arrangements have been made
for you to use our club as a guest,

677
00:43:28,400 --> 00:43:31,236
per our exchange program
with your home club in Pennsylvania.

678
00:43:31,862 --> 00:43:34,198
Will your chauffeur be
waiting on the premises?

679
00:43:36,408 --> 00:43:37,951
I'll be just outside the gate.

680
00:43:38,577 --> 00:43:40,537
Anything goes south, you come find me.

681
00:43:41,371 --> 00:43:43,040
That won't happen, Mr. Morris.

682
00:43:44,791 --> 00:43:45,918
I promise.

683
00:43:46,001 --> 00:43:47,002
Thank you, Anton.

684
00:43:50,797 --> 00:43:52,716
- I'm worried.
- About what?

685
00:43:52,799 --> 00:43:54,843
I don't always do great under pressure.

686
00:43:55,636 --> 00:43:57,221
Come on. You're a natural.

687
00:43:57,304 --> 00:43:59,473
- Natural what?
- Performer.

688
00:44:00,432 --> 00:44:01,517
How do you know that?

689
00:44:01,600 --> 00:44:04,686
You think I got where I am in life
without being able to spot talent?

690
00:44:07,606 --> 00:44:08,607
Go get him.

691
00:44:09,858 --> 00:44:10,901
Yes, sir.

692
00:44:20,244 --> 00:44:21,286
Mr. Steiner?

693
00:44:21,995 --> 00:44:22,996
Yes?

694
00:44:23,080 --> 00:44:25,558
Jackie says you're playing as a single,
looking to be paired up.

695
00:44:25,582 --> 00:44:27,042
Always looking for a good game.

696
00:44:27,793 --> 00:44:29,670
If I can find someone to give me one.

697
00:44:29,753 --> 00:44:31,255
Charles Renault, good to meet you.

698
00:44:33,215 --> 00:44:34,675
Enjoying playing dress-up?

699
00:44:34,758 --> 00:44:36,844
You should try it sometime.
It's thrilling.

700
00:44:37,511 --> 00:44:38,846
No, thanks.

701
00:44:38,929 --> 00:44:42,182
So, you're okay with having a white boy
do your business for you,

702
00:44:42,266 --> 00:44:43,934
but you're not okay putting on a cap

703
00:44:44,017 --> 00:44:46,019
so you can keep an eye on him
while he does it?

704
00:44:46,562 --> 00:44:49,356
It's the only job I've been able to avoid
my entire life.

705
00:44:49,898 --> 00:44:51,567
I'd like to try and keep it that way.

706
00:45:05,539 --> 00:45:07,416
Jimmy, I think we got ourselves a game.

707
00:45:09,168 --> 00:45:10,210
Okay.

708
00:45:10,961 --> 00:45:12,504
So, we're really gonna do this now?

709
00:45:12,588 --> 00:45:16,133
If by "we," you mean "you," yeah.

710
00:45:38,155 --> 00:45:39,198
Remember,

711
00:45:40,157 --> 00:45:41,283
eyes on the ball.

712
00:45:41,366 --> 00:45:42,618
And keep my f-ing head down.

713
00:45:46,914 --> 00:45:48,040
Make me proud, son.

714
00:45:57,299 --> 00:46:00,052
He's gonna claim he's renting
for 20 cents a square foot,

715
00:46:00,135 --> 00:46:01,136
but that's poppycock.

716
00:46:01,220 --> 00:46:02,221
It's more like 15.

717
00:46:04,598 --> 00:46:08,894
<i>See, this whole thing is about getting you
to agree to a higher base value.</i>

718
00:46:08,977 --> 00:46:10,521
Which I won't do.

719
00:46:10,604 --> 00:46:12,940
He's gonna test you. Probe you.

720
00:46:21,573 --> 00:46:25,661
You give him the slightest reason
to doubt your command of the numbers,

721
00:46:25,744 --> 00:46:27,579
he'll see straight through you.

722
00:46:27,663 --> 00:46:28,789
So you gotta impress him.

723
00:46:29,831 --> 00:46:31,166
<i>Like you did on the first tee.</i>

724
00:46:32,209 --> 00:46:33,210
Okay, so what do I do?

725
00:46:33,293 --> 00:46:36,755
What's the equivalent
of a 300-yard tee shot in negotiation?

726
00:46:39,007 --> 00:46:40,217
A four-course lunch.

727
00:46:48,642 --> 00:46:50,394
Flown in from France once a week.

728
00:46:51,478 --> 00:46:52,479
Enjoy.

729
00:46:58,110 --> 00:47:00,445
Okay, we lease at 20 cents a square foot.

730
00:47:00,529 --> 00:47:03,740
That's 272,880 gross per year.

731
00:47:03,824 --> 00:47:05,409
Eighty thousand expenses.

732
00:47:05,492 --> 00:47:07,369
That's 192,880 in profit.

733
00:47:08,036 --> 00:47:12,165
10% cap rate on that
will get us to 1,928,880.

734
00:47:12,666 --> 00:47:17,087
25% premium on that would be 2,411,100.

735
00:47:18,672 --> 00:47:21,008
If that's what you're offering,
I'm interested.

736
00:47:24,261 --> 00:47:25,470
Here's my problem, Charles.

737
00:47:25,554 --> 00:47:28,098
I know you have leases
at 15 cents a square foot.

738
00:47:28,182 --> 00:47:29,641
You know, big long-term leases.

739
00:47:29,725 --> 00:47:31,661
So even if you have
a few suckers paying 20 cents...

740
00:47:31,685 --> 00:47:32,769
More than a few.

741
00:47:34,062 --> 00:47:35,689
Fine, call the average 18 cents,

742
00:47:35,772 --> 00:47:37,524
so that would be a net income of...

743
00:47:37,608 --> 00:47:41,153
245,592. But that's not important.

744
00:47:41,236 --> 00:47:44,114
I mean, if you wanna show me your leases
and prove it, okay.

745
00:47:44,198 --> 00:47:46,283
Otherwise, I'd call it
15 cents a square foot.

746
00:47:46,366 --> 00:47:48,160
- Fifteen is too low.
- Fifteen is generous.

747
00:47:48,243 --> 00:47:51,038
Especially when you factor in vacancies,
which are at least 9%.

748
00:47:51,121 --> 00:47:52,915
- Less than that.
- I counted 12.

749
00:47:52,998 --> 00:47:54,708
How could you possibly know that?

750
00:47:55,501 --> 00:47:56,793
Charles, it's November.

751
00:47:57,669 --> 00:47:59,254
<i>It gets dark by 5:00 p.m.</i>

752
00:48:02,049 --> 00:48:04,110
<i>If you wanna bullshit someone
about your vacancy rate,</i>

753
00:48:04,134 --> 00:48:06,970
you need lights shining
in all those unleased spaces by 4:30.

754
00:48:07,513 --> 00:48:09,890
I don't blame you for not doing it.
It's a lot of work.

755
00:48:09,973 --> 00:48:12,368
But those vacancies would
take you to 13.5 cents a square foot.

756
00:48:12,392 --> 00:48:13,477
We'll fill some of those.

757
00:48:13,560 --> 00:48:15,604
Let's call it 16 cents. Fair?

758
00:48:16,271 --> 00:48:21,610
That's a $1,383,000 valuation
at a 10% cap rate.

759
00:48:22,611 --> 00:48:25,364
But, of course a 10% cap rate
is too low for this market.

760
00:48:25,447 --> 00:48:28,116
My partners and I have multiple deals
with 12% returns,

761
00:48:28,867 --> 00:48:30,244
which would be...

762
00:48:30,327 --> 00:48:36,083
$1,152,533 underlying valuation.

763
00:48:37,835 --> 00:48:42,464
1,152,533.

764
00:48:44,383 --> 00:48:46,009
How do you do this in your head?

765
00:48:46,677 --> 00:48:48,762
There's no way I can do this math.

766
00:48:49,972 --> 00:48:52,391
Well, you know, maybe I could fake it?

767
00:48:53,141 --> 00:48:54,142
How?

768
00:48:56,311 --> 00:48:57,646
Practice.

769
00:48:57,729 --> 00:48:58,814
I'll just memorize it.

770
00:49:00,858 --> 00:49:01,900
All of it?

771
00:49:03,068 --> 00:49:04,528
Yeah, I got a pretty good memory.

772
00:49:05,487 --> 00:49:06,572
That good?

773
00:49:06,655 --> 00:49:08,365
Well, I got a week to learn it, right?

774
00:49:09,783 --> 00:49:11,243
Hustling a hustler.

775
00:49:11,326 --> 00:49:12,578
I love it.

776
00:49:13,787 --> 00:49:15,038
But, if this works,

777
00:49:15,706 --> 00:49:17,666
Renault's gonna challenge you
on the cap rate.

778
00:49:17,749 --> 00:49:19,793
So you need to get ready for it.

779
00:49:20,752 --> 00:49:23,046
Look, this is downtown.
The risk here is very low.

780
00:49:23,672 --> 00:49:25,257
It doesn't warrant a 12% return.

781
00:49:25,799 --> 00:49:27,509
I'm firm with a 10% cap rate.

782
00:49:28,010 --> 00:49:31,513
He's gonna try to hold you
to a 10% cap rate on the underlying value,

783
00:49:31,597 --> 00:49:33,098
which we're not gonna take.

784
00:49:33,599 --> 00:49:36,018
Not with a 25% premium going to him.

785
00:49:36,101 --> 00:49:38,478
But you're gonna need
somewhere to go in the conversation.

786
00:49:38,562 --> 00:49:42,024
So I want you to memorize
the 10.5% cap rate scenario as well.

787
00:49:42,107 --> 00:49:48,447
But a 25% premium on a 10.5% cap rate
is too high, right?

788
00:49:52,201 --> 00:49:57,331
10.5% cap rate means
$1,317,000 underlying.

789
00:49:57,414 --> 00:50:02,669
With the 25% premium, that's $1,646,250.

790
00:50:03,462 --> 00:50:04,546
Too high.

791
00:50:04,630 --> 00:50:06,715
Yeah, that sounds too high.

792
00:50:06,798 --> 00:50:09,593
You goddamn right it's too high.

793
00:50:11,887 --> 00:50:13,722
So maybe you can sell him a choice.

794
00:50:15,891 --> 00:50:17,267
Mr. Renault, I like you.

795
00:50:17,768 --> 00:50:20,521
First halfway decent golf game I've had
since I've moved here.

796
00:50:20,604 --> 00:50:24,441
But if you want us to value this building
at a 10% cap rate in a booming market,

797
00:50:24,525 --> 00:50:26,276
where we can get 12% elsewhere,

798
00:50:26,818 --> 00:50:29,821
we're not gonna give you
an instant 25% profit in the markup.

799
00:50:31,073 --> 00:50:32,074
Tell you what.

800
00:50:32,950 --> 00:50:34,201
I'll give you two options.

801
00:50:35,118 --> 00:50:40,415
We get an 11% capital return rate
and you get your 25% profit in the markup,

802
00:50:40,499 --> 00:50:46,755
or we get a 10.5% cap rate and you take
an 18% instead of a 25% markup.

803
00:50:47,214 --> 00:50:49,341
You can choose. But...

804
00:50:50,259 --> 00:50:51,552
he can't help you.

805
00:50:56,515 --> 00:50:58,475
You're not what I expected, Matt Steiner.

806
00:51:01,645 --> 00:51:02,729
I'll take the latter.

807
00:51:03,397 --> 00:51:04,398
Okay.

808
00:51:05,274 --> 00:51:06,316
How'd I do?

809
00:51:07,943 --> 00:51:09,611
You left 17,000 on the table.

810
00:51:11,196 --> 00:51:12,447
Oh, well.

811
00:51:12,531 --> 00:51:16,493
- What's the number?
- $1,554,060.

812
00:51:16,577 --> 00:51:21,540
But, we can call it an even 1,560,000
if you leave me that desk.

813
00:51:26,003 --> 00:51:27,337
I can't believe it worked.

814
00:51:28,005 --> 00:51:28,881
I can.

815
00:51:28,964 --> 00:51:30,716
Tomorrow we meet the tenants,

816
00:51:30,799 --> 00:51:33,719
introduce ourselves as Matt's partners,

817
00:51:33,802 --> 00:51:37,055
and watch the jaws drop.

818
00:51:41,059 --> 00:51:44,271
Maybe I should call a photographer
so you capture the moment.

819
00:51:44,354 --> 00:51:45,856
- Joe.
- What?

820
00:51:46,440 --> 00:51:47,733
Too much?

821
00:51:47,816 --> 00:51:49,693
Yeah. Cheers.

822
00:52:17,596 --> 00:52:19,056
Hello.

823
00:53:18,156 --> 00:53:19,157
Smile.

824
00:54:46,203 --> 00:54:47,871
Hi, Pop.

825
00:54:47,955 --> 00:54:50,082
How you doing?

826
00:54:50,165 --> 00:54:52,292
And who's this right here?
Who's this right here?

827
00:54:52,376 --> 00:54:53,418
Hey, Grandpa.

828
00:54:56,588 --> 00:54:57,589
Dad.

829
00:55:04,179 --> 00:55:06,324
- Here, get some of these sweet potatoes.
- No, thank you.

830
00:55:06,348 --> 00:55:08,684
What kind of growing boy
don't like sweet potato mash?

831
00:55:08,767 --> 00:55:10,727
Sweetie, try 'em. They're delicious.

832
00:55:10,811 --> 00:55:12,187
Daddy met the vice president.

833
00:55:12,855 --> 00:55:14,189
Really now?

834
00:55:14,273 --> 00:55:16,692
Yes, he did. Bernard is being modest.

835
00:55:18,068 --> 00:55:19,194
LBJ?

836
00:55:19,611 --> 00:55:22,155
Yes, sir. He came by the Bankers Building.

837
00:55:23,365 --> 00:55:24,449
Yes, son.

838
00:55:29,997 --> 00:55:31,540
Smooth. Very smooth.

839
00:55:32,207 --> 00:55:33,458
Thought you didn't smoke.

840
00:55:33,542 --> 00:55:34,543
No. I don't.

841
00:55:35,043 --> 00:55:36,545
But I know you like 'em, so...

842
00:55:37,045 --> 00:55:38,964
These are a lot nicer than what I smoke.

843
00:55:42,176 --> 00:55:44,761
You doing so well
out there in Los Angeles.

844
00:55:45,762 --> 00:55:46,889
Guess you were right.

845
00:55:47,556 --> 00:55:48,557
About what?

846
00:55:48,974 --> 00:55:50,934
Earning money the way white men do.

847
00:55:51,393 --> 00:55:53,312
Found you a place where you could do that.

848
00:55:54,313 --> 00:55:57,316
Still... no chance of doing that here.

849
00:55:57,816 --> 00:55:59,193
It might even be worse.

850
00:55:59,276 --> 00:56:02,279
No, it's not perfect in California, but...

851
00:56:03,572 --> 00:56:04,573
it is different.

852
00:56:05,490 --> 00:56:09,286
I don't... I don't think it's California.

853
00:56:12,164 --> 00:56:13,415
I'm proud of you, son.

854
00:56:28,764 --> 00:56:29,848
Where you going?

855
00:56:30,390 --> 00:56:31,683
Taking a walk through town.

856
00:56:34,436 --> 00:56:35,521
Dressed like that?

857
00:56:36,647 --> 00:56:38,690
Going on the other side of the tracks.

858
00:56:40,692 --> 00:56:42,194
You make sure you wear your tie.

859
00:56:43,445 --> 00:56:44,446
I planned on it.

860
00:56:48,075 --> 00:56:49,243
Take Junior with you.

861
00:56:51,578 --> 00:56:53,789
He needs to see where he comes from
up close.

862
00:57:44,214 --> 00:57:45,841
Why the fountains separated, Dad?

863
00:57:49,011 --> 00:57:50,637
It's just different down here, son.

864
00:57:51,597 --> 00:57:52,598
Yeah.

865
00:57:53,307 --> 00:57:54,683
I'm sorry you had to see that.

866
00:57:55,893 --> 00:57:56,894
It's okay.

867
00:57:57,811 --> 00:57:59,271
Hey, how much for a shine?

868
00:57:59,354 --> 00:58:00,856
Only do white folks here, sir.

869
00:58:14,912 --> 00:58:16,330
<i>You think this is a mistake?</i>

870
00:58:17,664 --> 00:58:19,374
I think the world is changing.

871
00:58:21,251 --> 00:58:23,629
But maybe it hasn't changed enough
in Texas.

872
00:58:27,174 --> 00:58:28,675
I feel like I have to do this.

873
00:58:31,220 --> 00:58:32,346
I know.

874
00:58:33,347 --> 00:58:35,098
And that is why I support you.

875
00:58:37,851 --> 00:58:39,645
What the hell do we know about banking?

876
00:58:40,145 --> 00:58:43,690
Banks take deposits and make loans,
mostly on property.

877
00:58:44,358 --> 00:58:47,819
Owning a bank is like owning the other
side of the real estate business.

878
00:58:47,903 --> 00:58:51,114
I'm pretty sure there's a few complexities
you just left out.

879
00:58:51,740 --> 00:58:56,328
Like we black,
and this goddamn bank is in Texas.

880
00:58:56,411 --> 00:58:59,289
There's no Texas law
that says we can't own a bank.

881
00:58:59,373 --> 00:59:02,960
I concede, us being black
may be an issue, practically speaking.

882
00:59:03,043 --> 00:59:04,837
You willing to concede that?

883
00:59:04,920 --> 00:59:06,547
Well, we get Matt to front for us.

884
00:59:06,630 --> 00:59:07,714
No shit.

885
00:59:07,798 --> 00:59:10,300
But here in LA
Matt unlocks the doors for us,

886
00:59:10,384 --> 00:59:12,052
he don't run the business day-to-day,

887
00:59:12,135 --> 00:59:15,097
much less a banking business,
which is not simple.

888
00:59:15,180 --> 00:59:16,765
We'd have to monitor things closely.

889
00:59:16,849 --> 00:59:18,559
And how the hell you plan to do that?

890
00:59:18,642 --> 00:59:21,311
We can't set foot in a bank in Texas
unless we're the help.

891
00:59:21,770 --> 00:59:23,605
I thought that would be
your favorite part.

892
00:59:23,689 --> 00:59:24,940
I live in LA.

893
00:59:25,023 --> 00:59:27,442
I don't plan on moving to Texas. Do you?

894
00:59:27,526 --> 00:59:28,861
During the business week.

895
00:59:28,944 --> 00:59:31,822
And work as a janitor in a bank you own?

896
00:59:31,905 --> 00:59:32,906
Won't have to.

897
00:59:32,990 --> 00:59:35,868
Matt comes to me with the bank business
at the end of every day.

898
00:59:35,951 --> 00:59:39,037
What makes you think he's willing to move
to the middle of nowhere?

899
00:59:39,121 --> 00:59:41,915
No offense to your cosmopolitan hometown.

900
00:59:42,374 --> 00:59:46,044
Plus Matt's got a pretty good gig here.

901
00:59:46,128 --> 00:59:47,671
We'd have to make it worth his while.

902
00:59:47,754 --> 00:59:51,592
Great, so now we gonna pay him even more
money than we pay him to be white.

903
00:59:52,551 --> 00:59:56,138
Joe, think about all the good we can do
for the Negro community down there.

904
00:59:56,555 --> 00:59:58,390
Help 'em buy homes, start businesses.

905
00:59:59,558 --> 01:00:02,853
And aside from all that,
that bank is undervalued.

906
01:00:04,188 --> 01:00:07,149
There's enough capital
to double its loan base.

907
01:00:07,608 --> 01:00:08,901
We could make a lot of money.

908
01:00:08,984 --> 01:00:10,694
We make a lot of money now.

909
01:00:11,445 --> 01:00:13,322
You gonna stand there with a straight face

910
01:00:13,405 --> 01:00:16,408
and tell me there's a business argument
to do this?

911
01:00:16,491 --> 01:00:18,660
This is social activism, Bernard.

912
01:00:18,744 --> 01:00:19,745
Plain and simple.

913
01:00:20,162 --> 01:00:22,039
There's plenty other ways to do that.

914
01:00:22,956 --> 01:00:26,084
Or maybe you're feeling guilty about
leaving your father behind.

915
01:00:26,168 --> 01:00:27,169
Let me tell you this.

916
01:00:27,711 --> 01:00:31,757
If one trip home can
cripple your rational functions like this,

917
01:00:31,840 --> 01:00:32,841
we in trouble.

918
01:00:34,384 --> 01:00:35,636
With all due respect, Joe,

919
01:00:35,719 --> 01:00:37,763
I think this is something
you won't understand.

920
01:00:37,846 --> 01:00:38,847
I'm sorry.

921
01:00:38,931 --> 01:00:40,641
Did I not wake up black this morning?

922
01:00:40,724 --> 01:00:42,226
'Cause I'm pretty sure I did.

923
01:00:42,726 --> 01:00:44,269
Yep, still black.

924
01:00:44,353 --> 01:00:48,607
Are you telling me because I grew up
in California with a little bit of money,

925
01:00:48,690 --> 01:00:50,400
I'm not black in your eyes?

926
01:00:50,776 --> 01:00:52,486
I wasn't trying to make this personal.

927
01:00:54,363 --> 01:00:55,405
Yes, you were.

928
01:00:59,618 --> 01:01:00,661
I'm sorry.

929
01:01:04,081 --> 01:01:06,458
Bernard, if we go down to Texas

930
01:01:06,542 --> 01:01:09,127
and start screwing around with Jim Crow,
we gonna lose.

931
01:01:09,211 --> 01:01:10,921
Don't matter whether it's legal or not.

932
01:01:11,421 --> 01:01:14,216
Even if Dr. King
gets civil rights legislation,

933
01:01:14,299 --> 01:01:15,759
it ain't gonna happen fast enough

934
01:01:15,843 --> 01:01:18,303
for us to get out of this
without losing our shirts.

935
01:01:21,265 --> 01:01:22,599
Bring your father out here.

936
01:01:22,683 --> 01:01:24,017
Help him directly.

937
01:01:24,351 --> 01:01:27,437
And get rid of that notion that you can
save every black man in Texas,

938
01:01:27,521 --> 01:01:28,772
'cause you can't.

939
01:01:29,982 --> 01:01:32,401
I understand if you don't want to
partner with me on it.

940
01:01:33,485 --> 01:01:35,612
You can't buy this bank
on your own, Bernard.

941
01:01:35,696 --> 01:01:36,697
Not at that price.

942
01:01:37,114 --> 01:01:39,116
Then I'll find someone else
to do it with me.

943
01:01:42,119 --> 01:01:43,662
Jesus H. Christ.

944
01:01:45,706 --> 01:01:48,166
I told you getting rich
was going to change you.

945
01:01:51,128 --> 01:01:55,257
Mark my words. This is a bad idea.

946
01:01:56,133 --> 01:01:59,928
But it's even more bodacious
than us buying that Bankers Building.

947
01:02:00,387 --> 01:02:02,389
And we sure enough pulled that off,
didn't we?

948
01:02:05,934 --> 01:02:07,519
All right. I'm in.

949
01:02:09,479 --> 01:02:10,522
Shit.

950
01:02:19,573 --> 01:02:23,619
For the record I say you guys are out of
your minds, completely out of your minds.

951
01:02:23,702 --> 01:02:24,703
You ready?

952
01:02:25,245 --> 01:02:26,288
I...

953
01:02:26,371 --> 01:02:28,707
Could you tell me how a bank works
in three sentences?

954
01:02:30,959 --> 01:02:34,129
A bakery makes a profit by selling bread
for more than it cost to make.

955
01:02:34,755 --> 01:02:35,756
A bank makes a profit

956
01:02:35,839 --> 01:02:39,676
by selling loans for more than it costs to
get the money needed to make those loans.

957
01:02:39,760 --> 01:02:42,763
Basically, a bank gets money
from depositors at 3%

958
01:02:42,846 --> 01:02:43,972
and loans it out at five.

959
01:02:44,056 --> 01:02:46,725
Wow. That actually was three sentences.

960
01:02:48,977 --> 01:02:49,978
Let's go.

961
01:02:51,146 --> 01:02:52,189
This should be fun.

962
01:02:53,106 --> 01:02:54,233
You gonna put the hat on?

963
01:02:54,316 --> 01:02:55,317
I'll pass.

964
01:02:55,776 --> 01:02:56,777
All righty then.

965
01:02:57,361 --> 01:02:58,487
Shall we?

966
01:03:07,788 --> 01:03:10,290
Gentlemen, Don Silverthorne.

967
01:03:11,333 --> 01:03:12,519
- Robert Florance.
- Matt Steiner.

968
01:03:12,543 --> 01:03:13,544
Robert Florance Jr.

969
01:03:14,795 --> 01:03:16,547
- Next.
- Please, gentlemen, come in.

970
01:03:16,630 --> 01:03:17,714
Thank you.

971
01:03:19,508 --> 01:03:21,301
Yes, of course. Gentlemen.

972
01:03:24,805 --> 01:03:28,600
My son's guaranteed a position
to protect my remaining 20% interest?

973
01:03:28,684 --> 01:03:29,828
You'll see that in the addendum.

974
01:03:29,852 --> 01:03:32,479
But he won't be the bank's
exclusive loan officer any longer.

975
01:03:32,563 --> 01:03:35,941
My clients' primary interest in buying
the bank is to increase the loan volume

976
01:03:36,024 --> 01:03:37,818
and thus the profitability of the bank.

977
01:03:37,901 --> 01:03:41,280
He'll be reporting directly to you
as the new bank president, Mr. Steiner?

978
01:03:41,363 --> 01:03:42,364
That's right.

979
01:03:44,366 --> 01:03:47,327
Who are Bernard Garrett and Joseph Morris?

980
01:03:48,328 --> 01:03:49,955
My financial partners in Los Angeles.

981
01:04:09,099 --> 01:04:10,225
Why aren't they here?

982
01:04:10,601 --> 01:04:13,520
Honestly? Because they're
too rich to bother.

983
01:04:13,604 --> 01:04:15,022
That's why they have me.

984
01:04:15,105 --> 01:04:17,792
No offense, but they have hundreds
of these investments across the country.

985
01:04:17,816 --> 01:04:19,193
Well, that's great for them.

986
01:04:19,860 --> 01:04:22,070
But this is the investment
they're closing today.

987
01:04:40,797 --> 01:04:43,550
I should note that
the full purchase price for the bank

988
01:04:43,634 --> 01:04:46,803
is sitting in escrow in my bank
as of 11:00 a.m. this morning.

989
01:04:46,887 --> 01:04:48,764
Which is all that matters.

990
01:04:59,358 --> 01:05:03,779
Congratulations, you are now
the owner of your hometown bank.

991
01:05:04,988 --> 01:05:07,115
Time to get my black ass back to LA.

992
01:05:09,576 --> 01:05:10,661
Don't ask.

993
01:05:15,415 --> 01:05:18,126
My partners and I now own Mainland Bank.

994
01:05:18,710 --> 01:05:23,257
And we intend to change the bank's
policies regarding loans to Negroes.

995
01:05:24,383 --> 01:05:26,301
<i>But we need your help to identify</i>

996
01:05:26,385 --> 01:05:29,513
<i>responsible potential borrowers
in your congregations.</i>

997
01:05:30,138 --> 01:05:32,641
You get the loan...

998
01:05:32,724 --> 01:05:36,186
<i>Now, it goes without saying that we cannot
draw attention to this new policy</i>

999
01:05:36,270 --> 01:05:38,772
<i>or to our ownership of the bank.</i>

1000
01:05:40,274 --> 01:05:43,819
<i>Or everything we're trying to do
will be put in jeopardy.</i>

1001
01:05:45,362 --> 01:05:49,783
<i>But make no mistake,
our goal is to foster business growth</i>

1002
01:05:49,867 --> 01:05:54,413
{\an8}<i>and home ownership in our community
through access to capital.</i>

1003
01:05:55,163 --> 01:05:58,166
Thanks to your loan,
we bought two new pieces of equipment.

1004
01:05:58,250 --> 01:06:00,127
Doubled our revenue in three months.

1005
01:06:08,135 --> 01:06:11,013
You approved 14 new loans this week?

1006
01:06:11,930 --> 01:06:13,182
That sounds right.

1007
01:06:13,599 --> 01:06:15,100
Only five of those were mine.

1008
01:06:16,894 --> 01:06:19,229
There's a lot of underutilized capital
in this bank.

1009
01:06:19,730 --> 01:06:22,709
You knew I was gonna start signing off
on loans directly to jump-start things.

1010
01:06:22,733 --> 01:06:24,711
I haven't seen
that many viable applicants in one week

1011
01:06:24,735 --> 01:06:26,111
since I've worked at this bank.

1012
01:06:26,653 --> 01:06:28,822
I've been working here
since I was 18 years old.

1013
01:06:29,531 --> 01:06:31,241
Where are you finding all these people?

1014
01:06:32,034 --> 01:06:34,620
Who's "Solomon Johnson"?

1015
01:06:36,455 --> 01:06:37,748
We're casting a wide net.

1016
01:06:38,332 --> 01:06:40,459
The more loans we make,
the higher our profit.

1017
01:06:41,084 --> 01:06:42,252
Goes for your stake too.

1018
01:06:42,794 --> 01:06:44,129
As long as they don't default.

1019
01:06:45,547 --> 01:06:46,840
That's what collateral's for.

1020
01:07:23,210 --> 01:07:26,380
My partner Joe comes in town
every other week from LA.

1021
01:07:26,880 --> 01:07:28,066
He's looking forward to meeting you.

1022
01:07:28,090 --> 01:07:30,217
I told him this is
the best barbecue around here.

1023
01:07:30,300 --> 01:07:31,134
Thank you.

1024
01:07:31,218 --> 01:07:33,887
Look, the books I keep are pretty simple.

1025
01:07:34,429 --> 01:07:36,849
But I can go back to the office
and bring 'em out.

1026
01:07:36,932 --> 01:07:37,933
You can look 'em over.

1027
01:07:38,016 --> 01:07:39,726
- That would be great. Thank you.
- Okay.

1028
01:07:44,147 --> 01:07:45,232
You're late.

1029
01:07:46,316 --> 01:07:47,901
Florance discovered the black loans.

1030
01:07:49,152 --> 01:07:52,406
He's been wary of me from the beginning,
now he's watching me like a hawk.

1031
01:07:52,906 --> 01:07:53,907
Any reason why?

1032
01:07:53,991 --> 01:07:55,868
Well, yeah, he had dreams
of being the boss,

1033
01:07:55,951 --> 01:07:58,912
not reporting to some guy from California
ten years younger than him.

1034
01:08:38,785 --> 01:08:39,786
I hate it here.

1035
01:08:42,997 --> 01:08:45,626
Come on.
We've only been here three months.

1036
01:08:45,709 --> 01:08:46,835
It's enough time to know.

1037
01:08:49,505 --> 01:08:51,173
Why did you agree to do this?

1038
01:08:51,840 --> 01:08:53,634
I'm making 25,000 a year.

1039
01:08:53,716 --> 01:08:56,178
We bought this house
with one month's salary.

1040
01:08:56,261 --> 01:08:59,031
When you started with them you said
they were gonna make you a partner.

1041
01:08:59,055 --> 01:09:01,225
- Yeah, and...
- A partner isn't on a salary.

1042
01:09:01,308 --> 01:09:02,434
A partner is an owner.

1043
01:09:03,268 --> 01:09:05,520
Isn't that what you always told me
you wanted to be?

1044
01:09:05,604 --> 01:09:07,314
And I will be.

1045
01:09:08,814 --> 01:09:10,317
You know, on the next bank we buy.

1046
01:09:13,153 --> 01:09:14,446
You're buying another one?

1047
01:09:16,657 --> 01:09:18,033
We're thinking about it, yeah.

1048
01:09:22,120 --> 01:09:23,705
Now that would be something.

1049
01:09:24,915 --> 01:09:25,916
Wouldn't it?

1050
01:09:30,671 --> 01:09:33,298
So, we all agree
the barbecue place is a good bet, right?

1051
01:09:41,974 --> 01:09:43,809
You must be Bernard Garrett.

1052
01:09:45,519 --> 01:09:46,812
And you're Joe Morris?

1053
01:09:46,895 --> 01:09:48,020
What, you follow me here?

1054
01:09:48,104 --> 01:09:50,314
Just trying to understand
who really owns my bank.

1055
01:09:58,532 --> 01:09:59,908
You boys are famous.

1056
01:10:02,536 --> 01:10:05,330
That's you and Vice President Johnson,
if I'm not mistaken.

1057
01:10:10,085 --> 01:10:11,086
Listen,

1058
01:10:12,671 --> 01:10:14,673
I've got nothing against
you people personally.

1059
01:10:14,756 --> 01:10:16,425
That's mighty white of you.

1060
01:10:16,508 --> 01:10:18,552
But if this town found out

1061
01:10:18,635 --> 01:10:22,598
that not only was their bank
regularly making loans to Negroes,

1062
01:10:23,599 --> 01:10:25,267
but was actually owned by two of 'em,

1063
01:10:26,727 --> 01:10:28,061
there'd be a run on the bank.

1064
01:10:29,146 --> 01:10:30,606
Well, why would they find out?

1065
01:10:32,649 --> 01:10:34,276
They don't have access to our books.

1066
01:10:34,651 --> 01:10:35,485
You do.

1067
01:10:35,569 --> 01:10:37,362
Took you three months to figure it out.

1068
01:10:38,447 --> 01:10:40,324
- I could tell 'em.
- Yeah, you could.

1069
01:10:40,407 --> 01:10:43,285
Then you'd own 20% of a failed bank
instead of a booming one.

1070
01:10:45,537 --> 01:10:46,580
What do you want?

1071
01:10:48,248 --> 01:10:49,499
To protect my investment.

1072
01:10:50,334 --> 01:10:54,213
This bank collapses, my 20% is worthless.

1073
01:10:55,506 --> 01:10:57,132
So, we're in this together?

1074
01:10:57,841 --> 01:10:59,051
Not quite.

1075
01:10:59,134 --> 01:11:01,803
See, my father didn't know
he was selling his bank to two Negroes,

1076
01:11:01,887 --> 01:11:04,348
so that's fraud.

1077
01:11:04,848 --> 01:11:06,433
I don't know about that, Bob.

1078
01:11:07,059 --> 01:11:10,771
See, both our names
were on that bank contract you signed.

1079
01:11:10,854 --> 01:11:12,689
You even asked about us.

1080
01:11:13,398 --> 01:11:14,733
Don't know who told you that.

1081
01:11:14,816 --> 01:11:17,236
Didn't have to be told. I was there.

1082
01:11:17,778 --> 01:11:19,112
No, you weren't.

1083
01:11:21,156 --> 01:11:22,199
Bring back memories?

1084
01:11:24,993 --> 01:11:27,412
And for the record, your father knew.

1085
01:11:29,248 --> 01:11:30,249
You're lying.

1086
01:11:30,332 --> 01:11:34,127
Ask him, or I can find a letter
where he and Silverthorne discussed it.

1087
01:11:36,964 --> 01:11:38,590
You boys think you're so smart.

1088
01:11:38,674 --> 01:11:39,716
We are.

1089
01:11:40,259 --> 01:11:41,635
For a couple colored boys.

1090
01:11:43,720 --> 01:11:45,281
You couldn't just make a loan
here, there to your kind.

1091
01:11:45,305 --> 01:11:47,558
You had to make 19 of them
right off the bat?

1092
01:11:50,394 --> 01:11:51,854
Well, here's another letter.

1093
01:11:51,937 --> 01:11:55,357
This one's from the Comptroller of
the Currency. The US Treasury Department.

1094
01:11:55,440 --> 01:11:58,527
They're moving our yearly inspection up
two quarters.

1095
01:11:58,610 --> 01:11:59,945
That's a month from now.

1096
01:12:00,028 --> 01:12:02,823
Because of anonymous reports
we're making unsafe loans.

1097
01:12:04,324 --> 01:12:07,786
You think you have this town figured out,
when you moved here three months ago?

1098
01:12:08,996 --> 01:12:10,080
Well, you don't.

1099
01:12:10,497 --> 01:12:11,498
I was born here.

1100
01:12:11,582 --> 01:12:14,626
So was I. In this house.

1101
01:12:18,422 --> 01:12:19,548
Well,

1102
01:12:20,090 --> 01:12:22,968
then you should've known
you couldn't keep this a secret very long.

1103
01:12:45,157 --> 01:12:48,660
We're gonna have to stop giving out loans
to Negroes until after this inspection.

1104
01:12:48,744 --> 01:12:51,163
What about the ones already on the books?

1105
01:12:53,332 --> 01:12:54,833
Can I propose something?

1106
01:12:54,917 --> 01:12:56,460
Can I get a stiff drink?

1107
01:12:58,587 --> 01:13:00,088
We should buy another bank.

1108
01:13:00,172 --> 01:13:01,590
Make that a double.

1109
01:13:02,633 --> 01:13:03,967
What? No, I'm...

1110
01:13:04,051 --> 01:13:05,177
I'm serious.

1111
01:13:14,144 --> 01:13:15,938
Okay, the Bank of Marlin is small.

1112
01:13:16,021 --> 01:13:18,690
You can purchase it outright for 274,000,

1113
01:13:18,774 --> 01:13:21,318
half of what you paid for 80% of Mainland.

1114
01:13:21,401 --> 01:13:22,653
As president of both banks,

1115
01:13:22,736 --> 01:13:25,948
I could move all the Negro loans
we made at Mainland to the Bank of Marlin

1116
01:13:26,031 --> 01:13:27,658
before Mainland gets inspected.

1117
01:13:28,116 --> 01:13:30,369
It should keep the government
out of our business

1118
01:13:30,452 --> 01:13:32,454
and hopefully make Florance an ally.

1119
01:13:32,913 --> 01:13:34,122
It's an interesting idea,

1120
01:13:34,206 --> 01:13:38,418
but Joe and I don't have
$274,000 in cash laying around.

1121
01:13:39,127 --> 01:13:42,506
And I doubt Silverthorne will finance us
buying another bank in Texas.

1122
01:13:42,589 --> 01:13:45,300
Right, well, I think I have
a solution to that.

1123
01:13:46,343 --> 01:13:48,345
The Bank of Marlin has
two million in deposits,

1124
01:13:48,428 --> 01:13:50,180
but it's only made one million in loans.

1125
01:13:50,264 --> 01:13:51,932
Which is why it's not making a profit.

1126
01:13:52,015 --> 01:13:53,058
So, we buy the bank.

1127
01:13:53,141 --> 01:13:56,395
We use that extra million in deposits
to purchase loans from an aggregator.

1128
01:13:56,770 --> 01:14:01,650
I've already identified a package of loans
with an 8% interest offered at 6.5%.

1129
01:14:01,733 --> 01:14:04,945
That 1.5% spread
puts the bank instantly in profit.

1130
01:14:05,028 --> 01:14:06,613
Unless there's a high default rate.

1131
01:14:06,697 --> 01:14:08,282
Check the underlying loans yourself.

1132
01:14:08,365 --> 01:14:09,950
They seem rock-solid to me.

1133
01:14:10,033 --> 01:14:12,619
The whole package is for sale
for 971,000.

1134
01:14:12,703 --> 01:14:15,831
Yeah, that doesn't help
the cash flow problem for Joe and me.

1135
01:14:15,914 --> 01:14:19,793
All right, it doesn't,
but if you and Joe incorporate as brokers,

1136
01:14:19,877 --> 01:14:21,753
the Bank of Marlin
can pay you a commission

1137
01:14:21,837 --> 01:14:24,464
of close to 200,000
on that package of mortgages.

1138
01:14:24,548 --> 01:14:28,302
That's an awful lot of commission
on a million-dollar package of mortgages.

1139
01:14:28,385 --> 01:14:30,470
Maybe, but it's completely legal.

1140
01:14:30,554 --> 01:14:32,139
It cuts your investment by two-thirds.

1141
01:14:32,222 --> 01:14:35,142
The bank stays profitable
and we keep loaning to Negroes.

1142
01:14:35,225 --> 01:14:36,226
Everyone wins.

1143
01:14:36,310 --> 01:14:37,769
It sounds too good to be true.

1144
01:14:38,228 --> 01:14:39,980
Well, then have your lawyers check.

1145
01:14:41,064 --> 01:14:43,817
Look, Matt, even if it does check out,

1146
01:14:44,610 --> 01:14:47,988
Joe has to spend his time in LA
overseeing our properties there.

1147
01:14:48,488 --> 01:14:50,908
And I'm here
overseeing you and Mainland Bank,

1148
01:14:50,991 --> 01:14:53,285
which I can't even get in
the front door of.

1149
01:14:54,661 --> 01:14:58,373
I just don't think it's the right time
for us to pick up a second bank in Texas.

1150
01:14:58,457 --> 01:15:00,959
Well, you won't have to,
if you let me run this one.

1151
01:15:01,793 --> 01:15:02,793
I mean really run it.

1152
01:15:05,589 --> 01:15:06,589
Matt,

1153
01:15:07,674 --> 01:15:10,427
I can't speak for Joe,
but I'm not comfortable with that.

1154
01:15:11,512 --> 01:15:13,805
I'm sorry to interrupt.

1155
01:15:13,889 --> 01:15:14,973
Would you like one?

1156
01:15:15,057 --> 01:15:16,141
- No.
- Okay.

1157
01:15:26,235 --> 01:15:28,946
Look, we agreed I'd co-own the next bank.

1158
01:15:29,029 --> 01:15:30,405
We even put it in the contract.

1159
01:15:30,822 --> 01:15:33,301
Three months ago, you didn't know
the first thing about banking.

1160
01:15:33,325 --> 01:15:34,844
Come on. I've learnt a lot in that time.

1161
01:15:34,868 --> 01:15:37,162
It's not that I don't have faith in you,
it's just...

1162
01:15:38,205 --> 01:15:39,206
What?

1163
01:15:40,165 --> 01:15:44,628
It's $274,000 of Joe's and my money.

1164
01:15:45,379 --> 01:15:47,631
We should at least
have the final say, right?

1165
01:15:51,927 --> 01:15:53,303
If I can't become my own man here,

1166
01:15:53,387 --> 01:15:55,514
then I think I need to resign
and go back to LA.

1167
01:15:58,183 --> 01:16:00,727
- Is this you blackmailing us?
- No.

1168
01:16:01,436 --> 01:16:02,563
No, that's not fair, Joe.

1169
01:16:02,646 --> 01:16:04,147
You guys have taught me so much.

1170
01:16:04,231 --> 01:16:05,649
I just wanna be more like you.

1171
01:16:06,066 --> 01:16:07,067
An owner.

1172
01:16:08,360 --> 01:16:09,778
Whatever you decide...

1173
01:16:11,196 --> 01:16:13,782
I really appreciate
everything you guys have done for me.

1174
01:16:17,786 --> 01:16:20,038
You said this was gonna be complicated.

1175
01:16:20,122 --> 01:16:24,209
What I said was, "This is a bad idea."

1176
01:16:25,502 --> 01:16:29,006
Then I agreed to drive off the cliff
with you and here we are.

1177
01:16:29,965 --> 01:16:34,803
Now, we gotta buy a kid with 90 days of
banking experience his own goddamn bank.

1178
01:16:36,597 --> 01:16:37,681
Without a chaperone.

1179
01:16:45,731 --> 01:16:49,526
Hey, everyone, I just wanted to say
I'm excited to work with all of you.

1180
01:16:49,610 --> 01:16:51,653
We're gonna do great things
with this bank.

1181
01:16:51,737 --> 01:16:55,282
Growing it while helping the community
around it grow at the same time.

1182
01:16:56,700 --> 01:16:57,868
My door is always open.

1183
01:16:58,619 --> 01:17:00,412
Let's show the public our new face.

1184
01:17:12,341 --> 01:17:15,010
Twelfth loan in the package,
it's that one right there.

1185
01:17:16,011 --> 01:17:18,263
Another beautiful house
in a white neighborhood.

1186
01:17:18,347 --> 01:17:19,515
Give it a five.

1187
01:17:22,434 --> 01:17:23,644
Thank you for doing this.

1188
01:17:25,604 --> 01:17:27,064
How else am I supposed to learn?

1189
01:17:37,241 --> 01:17:38,242
You can stop.

1190
01:17:38,325 --> 01:17:40,536
There's no one here
to see you cleaning anymore.

1191
01:17:40,619 --> 01:17:43,038
Whatever I do, I try to do my best.

1192
01:17:46,959 --> 01:17:48,418
I'm sorry you have to wear that.

1193
01:17:49,753 --> 01:17:52,339
I wish they'd just trust me,
then you wouldn't have to.

1194
01:17:53,173 --> 01:17:54,716
Do you resent me being here?

1195
01:17:57,511 --> 01:17:58,512
A little.

1196
01:18:02,099 --> 01:18:04,309
Do you resent me
for wanting to run my own bank?

1197
01:18:07,145 --> 01:18:08,146
A little.

1198
01:18:09,064 --> 01:18:10,107
Really?

1199
01:18:12,359 --> 01:18:14,403
Come on. You know
I wasn't born into money.

1200
01:18:15,070 --> 01:18:16,989
I just learnt to fake it.
And you helped me.

1201
01:18:20,325 --> 01:18:21,368
I do realize...

1202
01:18:22,327 --> 01:18:23,954
I had to be white for that to work.

1203
01:18:25,414 --> 01:18:26,456
And a man.

1204
01:18:29,501 --> 01:18:30,502
I just...

1205
01:18:32,212 --> 01:18:34,840
I wanna be respected
for what I've done for the business.

1206
01:18:37,176 --> 01:18:38,886
Respect is a big thing.

1207
01:18:39,553 --> 01:18:42,639
Sometimes people take big risks
to chase it.

1208
01:18:43,891 --> 01:18:46,143
I want this bank to succeed
just as much as you do.

1209
01:18:46,226 --> 01:18:47,603
I want you to succeed.

1210
01:18:48,604 --> 01:18:50,814
And I hope you don't take this
the wrong way,

1211
01:18:51,815 --> 01:18:54,484
but you just took up banking
three months ago.

1212
01:18:57,237 --> 01:18:58,238
So did Bernard.

1213
01:19:08,957 --> 01:19:09,958
They're all solid.

1214
01:19:10,042 --> 01:19:12,461
We looked at the property
securing every single loan.

1215
01:19:12,961 --> 01:19:14,087
That was fast.

1216
01:19:14,171 --> 01:19:18,050
Just be sure the documentation matches
exactly before handing over any money.

1217
01:19:18,133 --> 01:19:18,967
Yeah, of course.

1218
01:19:19,051 --> 01:19:21,303
And contact that lawyer I told you about
in Houston.

1219
01:19:21,386 --> 01:19:24,306
I worked with him before.
O'Keefe. Michael O'Keefe. I trust him.

1220
01:19:24,389 --> 01:19:25,909
I already did. He said he'll be there.

1221
01:19:25,933 --> 01:19:26,934
Perfect.

1222
01:19:27,476 --> 01:19:28,477
Excuse me.

1223
01:19:29,353 --> 01:19:30,771
Man, this place is so good.

1224
01:19:31,855 --> 01:19:33,857
So, I'm gonna head back in the morning.

1225
01:19:35,859 --> 01:19:37,236
It's okay.

1226
01:19:38,070 --> 01:19:39,905
I'll have it fixed in no time.

1227
01:19:47,371 --> 01:19:48,539
Okay.

1228
01:19:56,505 --> 01:19:58,841
<i>I thought his statement
was rather cautiously worded.</i>

1229
01:19:58,924 --> 01:20:01,802
<i>I didn't get any assurances
that Mr. Khrushchev or the Soviet Union</i>

1230
01:20:01,885 --> 01:20:04,054
<i>was out of the space race at all.</i>

1231
01:20:04,137 --> 01:20:04,972
<i>I think it's...</i>

1232
01:20:05,055 --> 01:20:08,684
Mr. Steiner, your attorney's almost
finished reviewing the packet of loans.

1233
01:20:08,767 --> 01:20:09,810
Great.

1234
01:20:16,441 --> 01:20:18,277
- Let me know if you need anything.
- Thanks.

1235
01:20:18,819 --> 01:20:21,405
Thank you again for doing this so quickly.

1236
01:20:21,822 --> 01:20:23,448
How are the underlying loans looking?

1237
01:20:23,532 --> 01:20:25,993
Solid. You can start
signing the contracts now.

1238
01:20:26,076 --> 01:20:27,077
Great.

1239
01:20:50,184 --> 01:20:51,351
- Hi.
- Hey.

1240
01:20:54,354 --> 01:20:55,606
Hi. How are you?

1241
01:20:55,689 --> 01:20:56,732
Good, how are you?

1242
01:20:56,815 --> 01:20:58,066
Good.

1243
01:20:58,150 --> 01:20:59,193
How'd it go?

1244
01:21:00,277 --> 01:21:03,238
Well, I just wrote a check for $971,000.

1245
01:21:03,947 --> 01:21:04,948
Never done that before.

1246
01:21:05,490 --> 01:21:07,034
You're a natural businessman.

1247
01:21:07,910 --> 01:21:09,328
I don't know. I mean...

1248
01:21:09,870 --> 01:21:12,515
tell that to the people who invested
in the drive-in ice cream shop.

1249
01:21:12,539 --> 01:21:13,665
You were 19.

1250
01:21:14,082 --> 01:21:16,502
Yeah. But, I dunno,
it was my dad's savings.

1251
01:21:16,585 --> 01:21:19,296
I just don't want to lose
Bernard and Joe's money the same way.

1252
01:21:19,379 --> 01:21:20,631
They're lucky to have you.

1253
01:21:20,714 --> 01:21:24,051
No. I'm the lucky one. I'm learning
from people a lot smarter than I am.

1254
01:21:25,135 --> 01:21:26,220
Matt,

1255
01:21:26,303 --> 01:21:27,763
they're not smarter than you.

1256
01:21:28,222 --> 01:21:30,015
I mean, they can't be.

1257
01:21:31,517 --> 01:21:32,643
They're my friends.

1258
01:21:33,435 --> 01:21:35,896
Hey. Look, I'm sorry. I didn't...

1259
01:21:35,979 --> 01:21:37,523
- No.
- Just... Matt.

1260
01:21:38,232 --> 01:21:39,316
Don't talk like that.

1261
01:21:40,901 --> 01:21:41,944
Hello?

1262
01:21:42,694 --> 01:21:43,694
It's Florance.

1263
01:21:45,197 --> 01:21:46,698
I've got four white customers here

1264
01:21:46,782 --> 01:21:49,201
saying they wanna withdraw all their money
from the bank

1265
01:21:49,284 --> 01:21:50,577
because they think it's owned

1266
01:21:50,661 --> 01:21:53,705
by the National Association
for the Advancement of Colored People.

1267
01:22:06,760 --> 01:22:08,470
This was on the door at Mainland.

1268
01:22:10,347 --> 01:22:11,348
Subtle.

1269
01:22:12,391 --> 01:22:16,103
Five white customers withdrew
all their money in the past two days.

1270
01:22:16,478 --> 01:22:18,897
Nine were convinced by Florance to stay.

1271
01:22:19,523 --> 01:22:20,524
Fitting.

1272
01:22:20,607 --> 01:22:25,237
Considering Florance probably the one
who started and spread the rumors himself.

1273
01:22:25,320 --> 01:22:27,239
What? Why would you say that?

1274
01:22:28,657 --> 01:22:30,617
Told you long time ago, Bernard.

1275
01:22:30,701 --> 01:22:31,702
I don't trust people.

1276
01:22:32,619 --> 01:22:34,580
Especially white people. I remember.

1277
01:22:34,663 --> 01:22:38,667
No, what I said was white and black.

1278
01:22:38,750 --> 01:22:42,004
The difference is,
when a white person screws you over,

1279
01:22:42,087 --> 01:22:45,299
they can count on other white folks
out there to look the other way.

1280
01:22:45,382 --> 01:22:48,760
And just knowing that
brings out the worst in people.

1281
01:22:49,970 --> 01:22:53,348
How can you be so pessimistic
and still get out the bed in the morning?

1282
01:22:54,433 --> 01:22:56,894
Even a rigged game's fun to play, Bernard.

1283
01:23:06,695 --> 01:23:07,696
Matt Steiner?

1284
01:23:08,530 --> 01:23:09,698
Yes.

1285
01:23:09,781 --> 01:23:12,743
I'm an examiner with the office
of the Comptroller of the Currency.

1286
01:23:14,620 --> 01:23:15,704
How can I help you?

1287
01:23:24,421 --> 01:23:25,422
Hello?

1288
01:23:25,506 --> 01:23:27,841
A federal bank examiner
just left my office.

1289
01:23:27,925 --> 01:23:29,635
<i>I thought that wasn't until next month.</i>

1290
01:23:29,718 --> 01:23:31,470
No, I meant Marlin, not Mainland.

1291
01:23:33,764 --> 01:23:34,890
What did he say?

1292
01:23:35,766 --> 01:23:38,227
To get the master books out.
He's coming back in an hour.

1293
01:23:39,811 --> 01:23:40,812
Shit.

1294
01:23:42,898 --> 01:23:43,941
This can't be chance.

1295
01:23:44,024 --> 01:23:45,192
Matt's not ready.

1296
01:23:45,275 --> 01:23:46,276
Well, how could he be?

1297
01:23:46,360 --> 01:23:47,778
And he's gonna get tripped up.

1298
01:23:47,861 --> 01:23:49,154
We can't let that happen.

1299
01:23:49,238 --> 01:23:53,075
I'd have to be sitting in the room next to
him the whole time for it not to happen.

1300
01:23:53,158 --> 01:23:55,244
And I can't exactly do that, now can I?

1301
01:23:55,327 --> 01:23:57,246
Well, you could do something close to it.

1302
01:23:59,498 --> 01:24:01,083
There's gotta be another way.

1303
01:24:03,961 --> 01:24:06,672
Well, Joe's not too proud
to put on a chauffeur's uniform.

1304
01:24:06,755 --> 01:24:09,424
Well, Joe was born
with a silver spoon in his mouth.

1305
01:24:09,508 --> 01:24:11,051
For him it's like playing dress-up.

1306
01:24:11,134 --> 01:24:13,804
Well, I wasn't.
I was barely born with a spoon.

1307
01:24:13,887 --> 01:24:16,557
How many times have I worn this uniform
to help this business?

1308
01:24:16,640 --> 01:24:17,641
You're...

1309
01:24:18,183 --> 01:24:19,685
- A woman?
- Yeah.

1310
01:24:21,895 --> 01:24:22,771
I love you, Bernard.

1311
01:24:22,855 --> 01:24:24,791
But how is that any different
from a white man telling you

1312
01:24:24,815 --> 01:24:26,900
you shouldn't mind
some daily assault on your dignity

1313
01:24:26,984 --> 01:24:27,985
because you're black?

1314
01:25:28,128 --> 01:25:30,506
Should've took limo driver
when you had the chance.

1315
01:25:31,757 --> 01:25:34,510
I don't like what hats do
to the shape of my face.

1316
01:25:35,219 --> 01:25:36,845
You made an actual joke.

1317
01:25:36,929 --> 01:25:38,931
Well, what else can I do
in this situation?

1318
01:25:40,724 --> 01:25:43,185
See, you find out how life really works,

1319
01:25:44,269 --> 01:25:45,646
can't do nothing but laugh.

1320
01:25:49,566 --> 01:25:51,944
You sure you don't want
a coffee or anything?

1321
01:25:52,027 --> 01:25:53,028
No, thank you.

1322
01:25:53,111 --> 01:25:54,655
A cold water maybe?

1323
01:25:54,738 --> 01:25:56,615
As of close of business Friday,

1324
01:25:56,698 --> 01:26:00,285
the total number of loans delinquent
beyond 60 days was under 5%?

1325
01:26:01,703 --> 01:26:02,704
Yes.

1326
01:26:02,788 --> 01:26:04,206
What was the exact percentage?

1327
01:26:07,125 --> 01:26:08,418
3%.

1328
01:26:17,886 --> 01:26:21,473
We are discussing
confidential information.

1329
01:26:21,932 --> 01:26:23,851
I'm sure the janitor
wouldn't understand it.

1330
01:26:23,934 --> 01:26:25,102
Someone else might.

1331
01:26:29,481 --> 01:26:31,066
Take me through this transaction.

1332
01:26:31,775 --> 01:26:35,362
That's a package of loans we bought
to increase our loan-to-capital ratio.

1333
01:26:37,865 --> 01:26:38,866
He's in trouble.

1334
01:26:41,702 --> 01:26:43,537
I can read the description myself.

1335
01:26:43,620 --> 01:26:45,914
I'm curious about this related charge.

1336
01:26:45,998 --> 01:26:52,129
$189,186.04
to Valley National Mortgage Company.

1337
01:26:52,713 --> 01:26:54,381
There's no description for that.

1338
01:26:54,882 --> 01:26:56,175
It's a broker's fee.

1339
01:26:58,010 --> 01:27:04,433
$189,000 as a finder's fee
for a $971,000 package of loans

1340
01:27:05,017 --> 01:27:06,935
sitting in an aggregator's office
in Houston?

1341
01:27:07,603 --> 01:27:09,146
That's a pretty hefty finder's fee.

1342
01:27:09,771 --> 01:27:14,234
No, 19.5%, but that includes payment
for future consultation.

1343
01:27:14,776 --> 01:27:16,612
Well, that's a strange arrangement.

1344
01:27:16,695 --> 01:27:18,113
Mr. Garrett and Mr. Morris?

1345
01:27:18,197 --> 01:27:20,449
Is that something that should concern you?

1346
01:27:20,532 --> 01:27:22,618
Aren't you here
to make sure my bank is sound?

1347
01:27:23,869 --> 01:27:25,913
Okay, let's turn to the loans themselves.

1348
01:27:26,997 --> 01:27:30,834
You paid $971,213 for these loans.

1349
01:27:30,918 --> 01:27:33,128
You have them valued as such
on your books.

1350
01:27:33,212 --> 01:27:34,546
Yes, of course.

1351
01:27:34,630 --> 01:27:37,966
Show me the methodology you used
to justify that book value.

1352
01:27:39,635 --> 01:27:41,011
I have an expert to do that.

1353
01:27:41,094 --> 01:27:42,179
Bring him in, please.

1354
01:27:44,389 --> 01:27:45,432
He's not in today.

1355
01:27:50,479 --> 01:27:53,273
But I can check his files.

1356
01:27:53,774 --> 01:27:54,900
Please.

1357
01:28:08,872 --> 01:28:12,668
He wants to know the exact methodology
we used to value the loans in the package.

1358
01:28:12,751 --> 01:28:13,752
Okay.

1359
01:28:14,545 --> 01:28:15,546
Pay attention.

1360
01:28:16,588 --> 01:28:18,549
It's a standard present value equation.

1361
01:28:19,550 --> 01:28:22,636
This is an individual loan's
monthly payment schedule.

1362
01:28:22,719 --> 01:28:25,347
Now, adjust that
with the risk factor for default.

1363
01:28:25,430 --> 01:28:27,516
Standard 5% in Texas.

1364
01:28:27,975 --> 01:28:28,976
That's what I used.

1365
01:28:30,018 --> 01:28:31,144
Tear that out for me.

1366
01:28:31,228 --> 01:28:33,122
You can't go in the room
with that piece of paper.

1367
01:28:33,146 --> 01:28:34,773
It's got Bernard's handwriting on it.

1368
01:28:34,857 --> 01:28:35,875
- Memorize it.
- No, I can't.

1369
01:28:35,899 --> 01:28:38,110
Sure you can. You got a great memory.

1370
01:28:38,193 --> 01:28:39,069
No, I'm too nervous.

1371
01:28:39,152 --> 01:28:40,279
Hey, listen.

1372
01:28:40,362 --> 01:28:43,282
You fail this test
and he's gonna write down those loans

1373
01:28:43,365 --> 01:28:45,125
and it'll threaten
the stability of the bank.

1374
01:28:45,158 --> 01:28:46,158
Your bank.

1375
01:28:46,618 --> 01:28:47,703
This is your bank, Matt.

1376
01:28:47,786 --> 01:28:50,205
Now, pull it together
and go out there and save it.

1377
01:28:52,082 --> 01:28:53,709
Okay, let me see that one more time.

1378
01:28:59,256 --> 01:29:02,426
Okay, I have the methodology.

1379
01:29:02,509 --> 01:29:03,594
Put a pin in that.

1380
01:29:03,677 --> 01:29:06,305
I found problems with individual loans
while you were gone.

1381
01:29:06,972 --> 01:29:09,099
I valued those loans conservatively.

1382
01:29:09,516 --> 01:29:10,809
We didn't do anything wrong.

1383
01:29:10,893 --> 01:29:14,354
They wanna shut us down,
they got plenty ways they can do that.

1384
01:29:14,771 --> 01:29:16,773
"5% default rate?

1385
01:29:17,649 --> 01:29:20,152
Hell. What if there's a drought?

1386
01:29:20,235 --> 01:29:22,571
You niggers need to value them loans

1387
01:29:22,654 --> 01:29:26,575
assuming there's gonna be
a once-in-a-generation drought.

1388
01:29:27,075 --> 01:29:29,661
25% default rate for y'all."

1389
01:29:31,705 --> 01:29:34,208
This loan's gonna have to be
sold off immediately.

1390
01:29:35,375 --> 01:29:36,710
And this one.

1391
01:29:37,127 --> 01:29:39,087
And this one.

1392
01:29:39,171 --> 01:29:41,215
Why? Why? What's wrong with them?

1393
01:29:41,298 --> 01:29:43,175
Well, that loan is for $21,000.

1394
01:29:43,258 --> 01:29:45,844
Your capital account is $200,000.

1395
01:29:45,928 --> 01:29:46,929
Okay.

1396
01:29:49,139 --> 01:29:51,391
You don't understand why that's a problem,
do you?

1397
01:29:52,935 --> 01:29:57,439
The National Banking Act specifies that no
bank shall have a single loan on the books

1398
01:29:57,523 --> 01:29:59,858
that exceeds 10% of equity capital.

1399
01:29:59,942 --> 01:30:02,069
Or $20,000 in this case.

1400
01:30:02,986 --> 01:30:03,986
Right.

1401
01:30:07,574 --> 01:30:09,284
Okay, but this one's only 4,000.

1402
01:30:09,368 --> 01:30:11,578
It's for a 25-year term.
Same with this one.

1403
01:30:13,080 --> 01:30:15,582
A bank of this size
is limited to 20-year terms.

1404
01:30:16,750 --> 01:30:20,879
And this loan is legal on its face,
but it's three months delinquent.

1405
01:30:21,797 --> 01:30:24,716
I'm not gonna require you to sell it,
but I'm gonna classify it.

1406
01:30:24,800 --> 01:30:27,135
Take its value down on your books by 40%

1407
01:30:27,219 --> 01:30:29,137
to account for the elevated risk
of default.

1408
01:30:35,394 --> 01:30:38,146
Hold on. I'll be right back.

1409
01:30:43,569 --> 01:30:45,612
How the hell
did these loans get in the package?

1410
01:30:45,696 --> 01:30:47,573
- I don't know.
- Unacceptable.

1411
01:30:47,656 --> 01:30:49,658
I looked over every individual loan, Matt.

1412
01:30:49,741 --> 01:30:52,578
There was nothing over $20,000.
Nothing over 20 years.

1413
01:30:52,661 --> 01:30:54,913
Did you look at the loans
when you picked them up?

1414
01:30:55,581 --> 01:30:57,666
Did you look at the goddamn loans?

1415
01:30:57,749 --> 01:30:59,909
Yes, I looked through them.
Maybe not carefully enough.

1416
01:30:59,960 --> 01:31:00,961
I read the top sheet...

1417
01:31:01,044 --> 01:31:02,171
Unbelievable.

1418
01:31:02,713 --> 01:31:04,381
Well, they can't lie on the top sheet.

1419
01:31:04,464 --> 01:31:07,050
Matt, there aren't any limiters.

1420
01:31:07,134 --> 01:31:07,926
What?

1421
01:31:08,010 --> 01:31:10,929
There isn't anything on this top sheet
about individual loan limits,

1422
01:31:11,013 --> 01:31:12,598
dollar amounts or durations.

1423
01:31:12,681 --> 01:31:13,932
They're all averages.

1424
01:31:15,142 --> 01:31:16,268
They didn't lie.

1425
01:31:16,351 --> 01:31:18,270
They just hid the shit in the averages.

1426
01:31:18,353 --> 01:31:20,689
How the hell did our lawyer miss that?

1427
01:31:21,315 --> 01:31:23,400
- I couldn't use O'Keefe.
- What?

1428
01:31:23,483 --> 01:31:26,163
Bernard checked the properties so fast
I moved up the purchase date.

1429
01:31:26,236 --> 01:31:28,047
O'Keefe couldn't make it,
so I hired someone else.

1430
01:31:28,071 --> 01:31:29,671
- How did you find him?
- I asked around.

1431
01:31:29,698 --> 01:31:32,075
You asked... He asked around.
What the hell's that mean?

1432
01:31:32,159 --> 01:31:34,912
We told you you weren't ready
to run your own bank. We told you.

1433
01:31:34,995 --> 01:31:36,830
You forced our hand. Now here we are.

1434
01:31:36,914 --> 01:31:37,915
Whoa, whoa, whoa.

1435
01:31:38,624 --> 01:31:43,295
Who exactly did you ask
to find this lawyer?

1436
01:31:45,672 --> 01:31:46,673
Who, Matt?

1437
01:31:47,508 --> 01:31:48,509
Florance.

1438
01:31:49,593 --> 01:31:50,719
Florance?

1439
01:31:51,303 --> 01:31:52,888
You asked Florance?

1440
01:31:54,264 --> 01:31:56,558
He switched the goddamn mortgages.

1441
01:31:56,642 --> 01:31:57,809
Why? Why would he do that?

1442
01:31:57,893 --> 01:31:59,228
To kill Marlin.

1443
01:31:59,311 --> 01:32:03,023
And the worst part is I have to learn
about it here, in this ridiculous outfit,

1444
01:32:03,106 --> 01:32:04,274
that you helped him do it!

1445
01:32:04,358 --> 01:32:05,901
No, that's gotta be illegal, right?

1446
01:32:06,902 --> 01:32:08,487
What does he get from that, anyway?

1447
01:32:08,570 --> 01:32:09,988
Leverage.

1448
01:32:10,072 --> 01:32:12,282
Against us at Mainland.

1449
01:32:13,075 --> 01:32:14,868
Or maybe just to watch us fail.

1450
01:32:24,127 --> 01:32:29,883
We have to sell 27 bad loans in a week
and cover all the markdowns ourselves.

1451
01:32:31,176 --> 01:32:33,053
We're gonna lose $300,000,

1452
01:32:33,136 --> 01:32:38,308
unless Matt Steiner can make Marlin
the most successful bank in Texas history.

1453
01:32:41,854 --> 01:32:43,647
Or you could let it close.

1454
01:32:45,899 --> 01:32:47,359
Matt got you here, you didn't.

1455
01:32:47,442 --> 01:32:49,570
No, I did.

1456
01:32:50,404 --> 01:32:54,074
Soon as I thought I was clever enough
to come down here and take on all of this.

1457
01:32:54,867 --> 01:32:55,909
Joe warned me.

1458
01:32:57,035 --> 01:32:58,036
You warned me.

1459
01:33:00,497 --> 01:33:02,499
My daddy warned me when I was 13.

1460
01:33:07,004 --> 01:33:10,465
If this was easy, somebody else
would have done it a long time ago.

1461
01:33:16,263 --> 01:33:18,098
So, you're just gonna walk away from it?

1462
01:33:18,640 --> 01:33:20,184
It's the only rational thing to do.

1463
01:33:20,267 --> 01:33:21,727
No, we could sue the bastards.

1464
01:33:21,810 --> 01:33:25,147
You signed a document saying
you knew exactly what you were buying.

1465
01:33:25,230 --> 01:33:27,065
But the lawyer lied to me. We can sue him.

1466
01:33:27,149 --> 01:33:29,318
Maybe you can, Matt, but we can't.

1467
01:33:29,943 --> 01:33:32,654
Me and Bernard can't win that case,
not in Texas.

1468
01:33:33,197 --> 01:33:36,241
Plus, Marlin will be gone by then anyway.

1469
01:33:36,325 --> 01:33:39,036
I'm not gonna lose Marlin.
There's gotta be something I can do.

1470
01:33:39,119 --> 01:33:40,120
Look, I'm sorry, Matt.

1471
01:33:40,204 --> 01:33:43,081
I know it was your baby,
but I need you to focus on Mainland now.

1472
01:33:45,459 --> 01:33:46,460
Well, how?

1473
01:33:46,543 --> 01:33:47,961
Keep an eye on Florance.

1474
01:33:48,045 --> 01:33:50,172
And make sure when white folks
come in that bank,

1475
01:33:50,255 --> 01:33:52,591
they see a white man
in the president's office

1476
01:33:52,674 --> 01:33:54,468
so they won't pull their deposits.

1477
01:34:15,322 --> 01:34:16,532
Garrett residence.

1478
01:34:17,074 --> 01:34:19,201
Yes, he's here. Just a moment.

1479
01:34:19,701 --> 01:34:21,161
Joe, it's for you.

1480
01:34:23,330 --> 01:34:24,498
Yeah, this is Joe.

1481
01:34:24,581 --> 01:34:25,642
You didn't hear this from me,

1482
01:34:25,666 --> 01:34:29,044
but I got a friend at the Comptroller's
office who kind of looks out for me.

1483
01:34:29,753 --> 01:34:30,921
Called me yesterday to say

1484
01:34:31,004 --> 01:34:34,091
Matt Steiner managed to get all
"must sell" loans off Marlin's books.

1485
01:34:34,591 --> 01:34:35,425
That don't matter,

1486
01:34:35,509 --> 01:34:38,071
'cause we decided we ain't gonna
put no more money in there anyhow.

1487
01:34:38,095 --> 01:34:39,805
At face value. No discount.

1488
01:34:39,888 --> 01:34:42,516
Which means Marlin's in the black again,
fully solvent...

1489
01:34:43,725 --> 01:34:45,018
without capital from you.

1490
01:34:46,019 --> 01:34:49,273
Who the hell would pay face value
for those piece of shit loans?

1491
01:34:49,898 --> 01:34:51,817
Mainland bank in Willis, Texas.

1492
01:34:51,900 --> 01:34:53,026
Say what?

1493
01:34:53,569 --> 01:34:55,404
Son of a bitch!

1494
01:35:18,927 --> 01:35:20,220
What the hell are you doing?

1495
01:35:20,304 --> 01:35:21,889
You had Mainland pay face value

1496
01:35:21,972 --> 01:35:24,558
for the loans the feds
already had you mark down at Marlin?

1497
01:35:24,641 --> 01:35:25,809
It's just temporary.

1498
01:35:25,893 --> 01:35:28,145
- It's fraud.
- No, if we classify them differently...

1499
01:35:28,228 --> 01:35:31,064
If you keep this up,
you're gonna sink both banks, Matt.

1500
01:35:31,815 --> 01:35:32,941
Get the books.

1501
01:35:33,609 --> 01:35:35,944
- Shouldn't we wait until...
- Get the goddamn books now.

1502
01:35:54,922 --> 01:35:57,090
All I did was transfer the...

1503
01:35:57,174 --> 01:35:59,551
Matthew Steiner,
president of Mainland Bank?

1504
01:36:00,761 --> 01:36:01,762
- Yes.
- I'm Norman Dunn,

1505
01:36:01,845 --> 01:36:04,765
Deputy Comptroller of the Currency
for the Southern District.

1506
01:36:04,848 --> 01:36:08,101
The Treasury Department has revoked
Mainland's license to do banking.

1507
01:36:08,185 --> 01:36:11,897
Your bank is being placed in FDIC
receivership per the National Banking Act.

1508
01:36:11,980 --> 01:36:13,899
This is Mr. Amos of the FDIC.

1509
01:36:14,316 --> 01:36:16,610
Mr. Steiner, you're fired.

1510
01:36:16,693 --> 01:36:18,546
I'm going to need to escort you
from the building now.

1511
01:36:18,570 --> 01:36:20,531
Please leave the ledgers where they are.

1512
01:36:22,950 --> 01:36:24,159
Ladies and gentlemen,

1513
01:36:24,243 --> 01:36:28,288
the United States Treasury Department
has closed this bank until further notice.

1514
01:36:28,372 --> 01:36:32,459
All deposits up to $10,000
are insured by the federal government.

1515
01:36:32,543 --> 01:36:36,380
Upon FDIC review of the bank's books,
your money will be returned to you.

1516
01:36:36,880 --> 01:36:38,799
The building is now closed to the public.

1517
01:36:38,882 --> 01:36:40,968
We must ask that you leave.

1518
01:36:50,644 --> 01:36:53,188
I'm so sorry.
I thought that I could save both...

1519
01:36:53,272 --> 01:36:54,314
Get out of my face.

1520
01:36:55,065 --> 01:36:57,192
- Bernard Garrett and Joseph Morris?
- Yes.

1521
01:36:57,276 --> 01:36:59,111
- FBI. You're under arrest.
- For what?

1522
01:36:59,194 --> 01:37:00,338
Turn around and face the wall.

1523
01:37:00,362 --> 01:37:02,757
No. What are we under arrest for?
What did we do that's illegal?

1524
01:37:02,781 --> 01:37:04,008
- The judge will tell you that.
- No, screw the judge.

1525
01:37:04,032 --> 01:37:05,885
- You tell me what we did that's illegal.
- Bernard.

1526
01:37:05,909 --> 01:37:07,220
- What's he complaining about?
- I get it.

1527
01:37:07,244 --> 01:37:10,098
A black man makes some money and it's okay
as long as he keeps to himself.

1528
01:37:10,122 --> 01:37:12,433
But if he try to bring other brothers up,
that's intolerable.

1529
01:37:12,457 --> 01:37:14,126
This is happening, Mr. Garrett.

1530
01:37:14,209 --> 01:37:17,379
The only question to ask yourself
is do you want to get hurt fighting it?

1531
01:37:18,255 --> 01:37:20,257
- Hey, get off of him!
- Bernard, no! No!

1532
01:37:25,262 --> 01:37:26,263
Come on.

1533
01:37:36,899 --> 01:37:40,068
<i>The state banking charges
have all been dropped.</i>

1534
01:37:40,152 --> 01:37:43,822
The federal charges,
however, are all still in place.

1535
01:37:44,656 --> 01:37:48,410
Now, it's my feeling
that we're in a political space here.

1536
01:37:48,785 --> 01:37:50,454
So if we play our cards right,

1537
01:37:50,954 --> 01:37:53,332
we'll be able to get
those charges dropped as well.

1538
01:37:53,415 --> 01:37:54,499
Political how?

1539
01:37:55,334 --> 01:37:57,503
Well, Senator John McClellan of Arkansas

1540
01:37:57,586 --> 01:38:01,632
is holding a set of hearings
on federally funded banks.

1541
01:38:01,715 --> 01:38:07,221
The goal seems to be to shit all over
the so-called "lax oversight"

1542
01:38:07,304 --> 01:38:09,139
that our Treasury provides,

1543
01:38:09,723 --> 01:38:13,685
so as to justify his committee
expanding its jurisdiction.

1544
01:38:13,769 --> 01:38:18,106
Thereby ensuring a steady stream
of campaign donations

1545
01:38:18,190 --> 01:38:20,734
and favors from the banking industry.

1546
01:38:20,817 --> 01:38:22,819
So, what does that have to do with me?

1547
01:38:22,903 --> 01:38:24,988
You want the stated
or the unstated version?

1548
01:38:26,365 --> 01:38:27,366
Unstated.

1549
01:38:27,449 --> 01:38:29,243
"We need to change these laws.

1550
01:38:29,326 --> 01:38:30,619
And I mean quick!

1551
01:38:30,702 --> 01:38:35,290
Or niggers like these can own banks
and loan money to other niggers."

1552
01:38:35,374 --> 01:38:36,375
That.

1553
01:38:37,376 --> 01:38:39,044
On the bright side, Bernard,

1554
01:38:39,127 --> 01:38:42,881
'cause we fit so neatly
into McClellan's power grab,

1555
01:38:43,382 --> 01:38:47,845
the whole country's talkin' about
how two Negroes managed to buy two banks

1556
01:38:47,928 --> 01:38:52,057
full of white folks' money in Texas
and loan it to other Negroes.

1557
01:38:52,432 --> 01:38:55,769
I thought McClellan was one of the first
people to stand up to McCarthyism.

1558
01:38:55,853 --> 01:38:56,687
He was.

1559
01:38:56,770 --> 01:38:58,856
So he must be a decent man, right?

1560
01:39:02,109 --> 01:39:06,196
You know, Bernard, I don't have
the ability to look into a man's soul.

1561
01:39:07,406 --> 01:39:09,032
But I will tell you this...

1562
01:39:09,616 --> 01:39:11,994
he means to make a point
with these hearings.

1563
01:39:12,077 --> 01:39:14,162
And if you want
to help him make that point,

1564
01:39:14,746 --> 01:39:19,710
I highly doubt that you're gonna have any
problem with any kind of criminal charges.

1565
01:39:21,837 --> 01:39:23,547
So, where's Matt in all this?

1566
01:39:23,630 --> 01:39:26,341
Now, that is a good question.

1567
01:39:35,475 --> 01:39:37,019
My lawyer doesn't want me here.

1568
01:39:38,020 --> 01:39:40,814
Then your lawyer doesn't have
your best interests at heart, Matt.

1569
01:39:41,315 --> 01:39:44,026
Because we can make a deal here
that could save your life.

1570
01:39:44,109 --> 01:39:45,319
How does that work exactly?

1571
01:39:46,570 --> 01:39:47,571
You're gonna...

1572
01:39:48,155 --> 01:39:50,574
give me back my money? My house?

1573
01:39:51,658 --> 01:39:52,868
Hardly.

1574
01:39:52,951 --> 01:39:55,037
But I can give you immunity.

1575
01:39:55,495 --> 01:39:57,623
And you might avoid
being called to account

1576
01:39:58,248 --> 01:40:01,001
for lying to the public
on 23 separate occasions

1577
01:40:01,084 --> 01:40:04,171
about the true ownership
of the Mainland and Marlin banks.

1578
01:40:05,172 --> 01:40:08,091
Fraudulently valuing loans in these banks.

1579
01:40:09,134 --> 01:40:13,263
Illegally transferring said loans
between the banks in question.

1580
01:40:16,850 --> 01:40:18,101
It's an easy story to tell,

1581
01:40:18,894 --> 01:40:22,105
how these two men manipulated you,

1582
01:40:23,190 --> 01:40:27,402
used you to make money by duping everyday
citizens into thinking you were the boss,

1583
01:40:27,486 --> 01:40:30,948
when really it was
two Negroes pulling the strings.

1584
01:40:32,908 --> 01:40:35,327
But they didn't force me
to do the things I did.

1585
01:40:36,286 --> 01:40:37,955
They were careful to follow the law.

1586
01:40:38,038 --> 01:40:40,499
You won't find any evidence
that they committed a crime.

1587
01:40:40,874 --> 01:40:42,793
See, that's the thing about banking crime,

1588
01:40:43,794 --> 01:40:45,712
there's always a subjective element to it.

1589
01:40:46,797 --> 01:40:47,840
Now,

1590
01:40:48,465 --> 01:40:51,134
these two Negroes earned...

1591
01:40:52,886 --> 01:40:55,681
189,000 between the two of them,

1592
01:40:56,682 --> 01:41:02,521
off a $971,000 purchase of mortgages
that in fact were worth 663,000.

1593
01:41:02,604 --> 01:41:06,483
See, that is a misuse of bank funds
in my book.

1594
01:41:07,484 --> 01:41:09,152
And a misuse of bank funds is a crime.

1595
01:41:09,236 --> 01:41:10,737
It's more complicated than that.

1596
01:41:10,821 --> 01:41:12,406
I don't think it is, Mr. Steiner.

1597
01:41:13,907 --> 01:41:17,703
Unless you're telling me they didn't force
you to buy these dog-shit mortgages...

1598
01:41:19,705 --> 01:41:23,083
so they could bilk the bank
of $189,000 of commission.

1599
01:41:25,794 --> 01:41:27,212
Then maybe they are innocent

1600
01:41:28,964 --> 01:41:31,049
and maybe
someone else needs to go to prison.

1601
01:41:39,057 --> 01:41:41,059
I'm really sorry I ever brought him in.

1602
01:41:41,143 --> 01:41:42,561
You didn't force me to hire him.

1603
01:41:43,061 --> 01:41:45,189
Joe warned me a dozen times as well.

1604
01:41:47,733 --> 01:41:49,526
Just wanted to believe in him, I guess.

1605
01:41:52,112 --> 01:41:55,490
I hope whoever owns this place is taking
good care of you for the renovation.

1606
01:41:58,493 --> 01:41:59,494
He is...

1607
01:42:01,205 --> 01:42:02,206
'cause it's me.

1608
01:42:05,626 --> 01:42:06,627
Yeah.

1609
01:42:07,503 --> 01:42:09,046
Yeah.

1610
01:42:28,690 --> 01:42:31,777
<i>So, it's your testimony that
you've always been under the direction</i>

1611
01:42:31,860 --> 01:42:33,570
of Bernard Garrett and Joe Morris.

1612
01:42:33,654 --> 01:42:34,780
Is that correct?

1613
01:42:38,450 --> 01:42:39,701
It is. Yes.

1614
01:42:40,619 --> 01:42:42,829
You ever refuse an order
from Garrett or Morris?

1615
01:42:44,581 --> 01:42:48,752
For example, the initial purchase
of mortgages by the Marlin bank,

1616
01:42:49,545 --> 01:42:54,132
for which Garrett and Morris
were compensated $189,000,

1617
01:42:55,008 --> 01:42:58,887
or Mainland Bank's subsequent purchase
at grossly inflated prices

1618
01:42:59,805 --> 01:43:01,640
of problem mortgages from Marlin?

1619
01:43:04,768 --> 01:43:07,646
They were my employers.
I carried out their wishes to the letter.

1620
01:43:51,607 --> 01:43:53,817
<i>I'm surprised
you requested this meeting, Melvin.</i>

1621
01:43:54,651 --> 01:43:57,779
{\an8}It seemed my offer required
a simple answer, yes or no.

1622
01:43:58,572 --> 01:44:00,908
{\an8}Especially given
how solid Steiner was today.

1623
01:44:01,742 --> 01:44:03,869
Well, John, Bernard's not the kind of man

1624
01:44:03,952 --> 01:44:06,705
to make a deal
without checking all the details.

1625
01:44:08,624 --> 01:44:11,251
It seems to me
that a large part of his purported defense

1626
01:44:11,335 --> 01:44:12,461
is that he did just that.

1627
01:44:14,463 --> 01:44:17,424
You want me to put the banking rules
on trial in my testimony.

1628
01:44:17,841 --> 01:44:19,259
I want you to tell the truth.

1629
01:44:20,093 --> 01:44:21,720
Which should have that result, yes.

1630
01:44:23,472 --> 01:44:26,934
The rules allowed you
to hide your identity from the public

1631
01:44:27,017 --> 01:44:32,397
and take the successive actions that led
to two national banks becoming insolvent,

1632
01:44:33,982 --> 01:44:37,778
risking the savings
of thousands of innocent depositors.

1633
01:44:39,029 --> 01:44:40,906
You and I see the truth very differently.

1634
01:44:42,741 --> 01:44:44,034
Son, I'm from Arkansas.

1635
01:44:44,660 --> 01:44:48,121
You don't have to tell me that Negroes
sometimes get the short end of the stick.

1636
01:44:48,580 --> 01:44:49,706
"Sometimes."

1637
01:44:52,709 --> 01:44:54,169
We're not gonna change that here.

1638
01:44:56,380 --> 01:44:59,633
The truth is, whatever obstacles
they put in your way,

1639
01:44:59,716 --> 01:45:02,219
you kept your head down,
did your business,

1640
01:45:02,594 --> 01:45:06,265
became one of the richest Negroes
in the country.

1641
01:45:10,352 --> 01:45:12,187
You were living the American dream

1642
01:45:14,398 --> 01:45:19,444
before you decided to go mucking around
with the social order in Texas.

1643
01:45:21,572 --> 01:45:22,948
Might be a lesson there.

1644
01:45:23,657 --> 01:45:24,741
You have a choice now.

1645
01:45:26,827 --> 01:45:28,704
Take the immunity deal.

1646
01:45:28,787 --> 01:45:32,457
Go in there and confirm
what Steiner just told us,

1647
01:45:32,541 --> 01:45:37,880
that you took advantage of lax rules
in order to enrich yourself.

1648
01:45:38,839 --> 01:45:42,092
And let Congress fix those rules,
and you'll be a free man.

1649
01:45:43,177 --> 01:45:45,762
Or you can refuse the deal...

1650
01:45:46,847 --> 01:45:48,015
and say whatever you want.

1651
01:45:50,184 --> 01:45:51,185
But just know,

1652
01:45:52,728 --> 01:45:58,400
after you're done saying your piece
about racism and the plight of the Negro,

1653
01:45:58,483 --> 01:46:01,195
we're gonna compare your testimony
point for point

1654
01:46:01,278 --> 01:46:03,322
with what we heard
from Steiner and Florance,

1655
01:46:03,405 --> 01:46:05,157
and a whole bunch of other white people.

1656
01:46:05,240 --> 01:46:08,994
Well, thank God the Constitution
doesn't make those types of distinctions.

1657
01:46:10,120 --> 01:46:11,914
Well, at the end of all that,

1658
01:46:11,997 --> 01:46:14,124
a determination will be made
by a court of law

1659
01:46:14,208 --> 01:46:15,876
to decide who's telling the truth...

1660
01:46:16,919 --> 01:46:17,920
and who's lying.

1661
01:46:19,505 --> 01:46:21,006
And the liars are going to prison.

1662
01:46:25,761 --> 01:46:27,763
Sure is pretty from the outside.

1663
01:46:31,767 --> 01:46:32,893
Guess you were right.

1664
01:46:33,685 --> 01:46:36,813
It was too early
for two Negroes to own a bank in Texas.

1665
01:46:38,398 --> 01:46:39,399
Maybe.

1666
01:46:39,983 --> 01:46:41,985
Or maybe you were right to do it now.

1667
01:46:44,238 --> 01:46:45,322
Why?

1668
01:46:47,783 --> 01:46:48,992
Look where you ended up.

1669
01:46:51,620 --> 01:46:54,331
White people get to buy homes
and build businesses

1670
01:46:54,414 --> 01:46:56,083
because banks will loan them money.

1671
01:46:57,376 --> 01:46:58,669
Black people don't.

1672
01:46:58,752 --> 01:47:01,755
And maybe it is time that someone
shine a bright light on that now,

1673
01:47:02,339 --> 01:47:04,007
in order for things to change.

1674
01:47:05,259 --> 01:47:09,012
Well, if I shine the light too bright,
McClellan will get rid of my immunity.

1675
01:47:12,099 --> 01:47:13,809
What do you think I should do in there?

1676
01:47:15,853 --> 01:47:18,021
Everyone thought I was crazy to marry you.

1677
01:47:20,232 --> 01:47:22,776
You always thought differently
from everyone else.

1678
01:47:24,403 --> 01:47:26,738
But that's why
I fell in love with you, Bernard.

1679
01:47:27,906 --> 01:47:31,702
And whatever you decide to do
in there today is not gonna change that.

1680
01:47:45,132 --> 01:47:46,842
Would you mind giving me a minute?

1681
01:47:50,554 --> 01:47:52,806
Should I be jealous
you get to testify first?

1682
01:47:52,890 --> 01:47:53,974
No, man.

1683
01:47:54,808 --> 01:47:57,895
I'm just a warm-up act
for the criminal mastermind to follow.

1684
01:47:59,146 --> 01:48:00,898
Well, they gonna be disappointed as hell

1685
01:48:00,981 --> 01:48:02,983
because I plan to
blame all this shit on you.

1686
01:48:03,066 --> 01:48:05,152
Damn. That was my plan too.

1687
01:48:07,529 --> 01:48:09,406
You know, when I first laid eyes on you,

1688
01:48:09,489 --> 01:48:12,951
I thought you were this uptight,
square-ass Negro

1689
01:48:13,035 --> 01:48:15,329
who wouldn't know
whitey's hand was 'round his neck

1690
01:48:15,412 --> 01:48:17,039
if he was staring at it in a mirror.

1691
01:48:18,332 --> 01:48:20,292
Glad I made such a good first impression.

1692
01:48:21,835 --> 01:48:22,836
Turns out,

1693
01:48:23,754 --> 01:48:25,589
you a goddamn revolutionary.

1694
01:48:27,049 --> 01:48:28,634
You know, when I first met you,

1695
01:48:29,426 --> 01:48:32,012
I thought you were
an entitled playboy clown.

1696
01:48:34,056 --> 01:48:35,098
Man,

1697
01:48:36,558 --> 01:48:40,145
you saw things years before I did.

1698
01:48:41,647 --> 01:48:42,731
Even about myself,

1699
01:48:45,692 --> 01:48:47,110
five minutes after meeting me.

1700
01:49:16,056 --> 01:49:18,517
Committee calls Bernard S. Garrett
to testify.

1701
01:49:22,771 --> 01:49:25,107
Do you have his glasses?
He doesn't have his glasses.

1702
01:49:25,190 --> 01:49:26,358
He doesn't need 'em.

1703
01:49:26,859 --> 01:49:28,569
He's got to read his opening statement.

1704
01:49:29,069 --> 01:49:31,864
He doesn't need his glasses. He never has.

1705
01:49:34,449 --> 01:49:37,494
Mr. Garrett,
I think you understand the stakes.

1706
01:49:41,915 --> 01:49:43,250
We'll take your statement now.

1707
01:49:44,835 --> 01:49:45,919
Mr. Chairman.

1708
01:49:46,795 --> 01:49:51,675
Our nation's founding documents declare
that "all men are created equal"

1709
01:49:52,301 --> 01:49:54,052
and endeavor to create a society

1710
01:49:54,136 --> 01:49:57,264
where citizens receive
the equal protection of our laws.

1711
01:49:57,931 --> 01:49:59,057
It's a noble goal.

1712
01:50:00,058 --> 01:50:03,604
But we all know,
for many citizens it's a lie.

1713
01:50:05,814 --> 01:50:07,232
This hearing is supposed to be

1714
01:50:07,316 --> 01:50:12,863
about uncovering and reforming
unsafe banking practices.

1715
01:50:13,697 --> 01:50:14,907
But I think it's really about

1716
01:50:14,990 --> 01:50:19,912
how on earth did two black men
pull off owning a bank in Texas.

1717
01:50:19,995 --> 01:50:23,457
Mr. Garrett, I think you
should tread carefully now.

1718
01:50:25,083 --> 01:50:27,044
Well, I can talk at length about that.

1719
01:50:27,669 --> 01:50:30,839
Or I can sum it up with this.

1720
01:50:33,800 --> 01:50:34,800
The dress code.

1721
01:50:35,344 --> 01:50:37,137
Mr. Garrett, you are out of order, sir.

1722
01:50:37,221 --> 01:50:38,639
- I'm not finished.
- Out of order.

1723
01:50:38,722 --> 01:50:41,558
If you can't get a loan,
you can't own a home.

1724
01:50:41,642 --> 01:50:42,722
You can't start a business.

1725
01:50:42,768 --> 01:50:44,269
Mr. Garrett, you have been warned.

1726
01:50:44,353 --> 01:50:46,980
- Which means you can't build wealth.
- Mr. Garrett!

1727
01:50:47,064 --> 01:50:48,982
And you're excluded
from the American dream.

1728
01:50:49,066 --> 01:50:50,692
Sergeant-at-arms, remove the witness.

1729
01:50:50,776 --> 01:50:55,030
Why is it so important to you
to exclude an entire race of people

1730
01:50:55,113 --> 01:50:56,657
from the American dream?

1731
01:52:15,777 --> 01:52:17,654
Figures they'd let you out before me.

1732
01:52:17,738 --> 01:52:19,948
Man, they couldn't wait
to get rid of my ass.

1733
01:52:25,412 --> 01:52:26,622
Let's go home.

1734
01:52:28,498 --> 01:52:29,791
They took 'em all, remember?

1735
01:52:29,875 --> 01:52:31,126
Well, let's go somewhere.

1736
01:52:34,630 --> 01:52:36,048
What are you two laughing about?

1737
01:52:36,131 --> 01:52:37,382
They didn't take all of 'em.

1738
01:52:37,466 --> 01:52:40,219
They didn't know about the two
we bought next door to each other

1739
01:52:40,302 --> 01:52:41,303
in the Bahamas.

1740
01:52:41,386 --> 01:52:42,386
What?

1741
01:52:43,514 --> 01:52:44,973
Bernard, how did you do that?

1742
01:52:47,601 --> 01:52:49,978
<i>Matt called me
the night before he testified.</i>

1743
01:52:51,313 --> 01:52:52,606
<i>He was pretty broken up.</i>

1744
01:53:01,740 --> 01:53:02,741
<i>Hello?</i>

1745
01:53:03,367 --> 01:53:04,368
It's Matt.

1746
01:53:06,620 --> 01:53:07,621
Can we talk?

1747
01:53:08,872 --> 01:53:11,416
<i>He told me
he was facing 50 years in prison</i>

1748
01:53:11,500 --> 01:53:13,710
<i>if he didn't say
what they wanted him to say.</i>

1749
01:53:15,295 --> 01:53:17,297
<i>I told him to do what he had to do,</i>

1750
01:53:18,841 --> 01:53:21,552
<i>but since the government
hadn't taken all of our money yet,</i>

1751
01:53:25,639 --> 01:53:27,140
I asked him to do me a favor.