The movie should make Martin Scorsese’s “Wolf of Wall Street” Jordan Belfort look exactly like he was… a bit player.
In this case, the greedy bankers who triggered the financial collapse worked for largest and supposedly most respectable banking institutions in the world: Goldman Sachs, Merrill Lynch, Lehman Bros., Morgan Stanley, AIG, Bear Stearns and others.
Everyone of them failed and were either bought out by commercial banks at pennies on the dollar, saved with huge taxpayer bailouts, or in the case of Lehman Bros., allowed to go bankrupt.
The shock froze financial markets and pushed the world to the brink of a new Great Depression. Only massive intervention in credit markets by the U.S. Federal Reserve prevented a worldwide meltdown.
Millions of homeowners were thrown into foreclosure and lost everything. To this day, the economy is still suffering the after effects.
The movie is based on the book, “The Big Short: Inside the Doomsday Machine.” Paramount bought the movie rights and Pitt signed on to produce and star in the movie. Christian Bale, Ryan Gosling and Steve Carell also star.
The movie picks up the story in 2005 when the first inkling of a looming crisis became evident to handful of financial mavericks. They were rebuffed at every turn by the financial establishment and cashed in by short-selling the banks.
None of the Wall Street executives who set the stage for the crash has ever been held accountable.
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