<P> Deutsche Bank salesman Jared Vennett (Ryan Gosling) is one of the first to understand Burry's analysis, learning about his actions from one of the bankers who sold Burry an early credit default swap . Vennett uses his quant to verify that Burry's predictions are likely true and decides to put his own stake in the market, earning a fee on selling the swaps to firms who'll be profitable when the underlying mortgage bonds fail . A misplaced phone call alerts Front Point hedge fund manager Mark Baum (Steve Carell) to his plans, and he is convinced to buy credit default swaps from Vennett due to his own personal distaste with the banks . Vennett explains that the market collapse is being further perpetuated by the packaging of subprime loans into collateralized debt obligations (CDOs) large enough to be considered AAA ratings . Baum sends staff to investigate the Miami housing market and they discover that mortgage brokers are making money by selling risky mortgages to the Wall Street banks, which created the bubble . In early 2007, these loans begin to default, but the prices of the CDOs somehow rise . Meanwhile, ratings agencies refuse to downgrade the ratings of these failing bonds . When Baum questions an acquaintance at Standard & Poor's, he discovers conflicts of interest and dishonesty amongst the credit rating agencies . When Baum's employees question Vennett's motives, he maintains his position and invites Baum and his team to the American Securitization Forum in Las Vegas . Baum interviews CDO manager Wing Chau, who creates CDOs on behalf of an investment bank, claiming to represent the interests of investors . Chau describes how synthetic CDOs make a chain of increasingly large bets on the faulty loans, involving up to 20 times as much money as the loans themselves . Baum horrifyingly realizes that the fraud will completely collapse the global economy and decides to purchase as many swaps as possible, profiting from the situation at the banks' expense . Waiting until the last minute to sell their position, Baum's fund makes a profit of $1 billion, but he laments that the banks won't accept blame for the crisis . </P> <P> Brownfield Fund storyline </P> <P> Young investors Charlie Geller (John Magaro) and Jamie Shipley (Finn Wittrock) accidentally discover a prospectus by Vennett, convincing them to become involved in the swaps, as it fits their strategy of buying cheap insurance with big potential payouts . Since they are below the capital threshold for an ISDA Master Agreement required to enter into trades like Burry's and Baum's, they enlist the aid of retired securities trader Ben Rickert (Brad Pitt). When the bond values and CDOs rise despite defaults, Geller suspects the banks of committing fraud . The three also visit the American Securitization Forum, where they learn that the U.S. Securities and Exchange Commission has no regulations to monitor mortgage - backed security activity . They manage to successfully make an even more profitable payout deal than other hedge funds by shorting the higher - rated mortgage securities . These securities were considered highly stable and the banks were willing to sell swaps on them extremely cheaply . Geller and Shipley are initially ecstatic, but Rickert is disgusted, pointing out an impending economic collapse and the human effect that's going to come from it, in particular, the fact that when unemployment goes up 1%, 40,000 more people will die . Furthermore, they realize that the banks have colluded with the ratings agency to maintain the value of their CDO's in order to sell their worthless positions and then short them before the inevitable crash . Horrified, they try to tip off the press and their families about the upcoming disaster and the rampant fraud but nobody believes them . As the housing market begins to collapse, Ben, while on vacation in England, is able to sell their swaps, and points out that Europe is starting to feel the effects of the collapse . Ultimately, they make a profit of $80 million, but their faith in the system is broken . </P> <P> Jared Vennett makes $47 million off the selling of swaps . Mark Baum becomes more gracious from the financial fallout, and his staff continue to operate their fund . Charlie Geller and Jamie Shipley go their separate ways after failing to sue the ratings agencies, with Charlie moving to Charlotte to start a family, and Jamie still running the fund . Ben Rickert returns to his peaceful retirement . Michael Burry closes his fund after public backlash and multiple IRS audits, now only investing in water commodities . It is noted that as of 2015, banks are selling CDOs again under a new label: a "bespoke tranche opportunity". </P>

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