chunk: That night, Sullivan finishes Dale's project and discovers that current volatility in the firm's portfolio of mortgage-backed securities will soon exceed the historical volatility levels of the positions. Because of excessive leverage, if the firm's assets decrease by 25% in value, the firm will suffer a loss greater than its market capitalization. He also discovers that, given the normal length of time that the firm holds such securities, this loss must occur. Sullivan alerts Emerson, who calls floor head Sam Rogers (Kevin Spacey).