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"The Decade Wall Street Went Insane": A Front Row Miniseries On The 'Generation Of Excess' Alongside Trader Monthly Magazine

Tyler Durden's picture




 

There was a time, half a decade ago, when contrary to what they declared in polite (and not so polite) public, every young aspiring hedge fund manager on Wall Street secretly hoped to appear in Trader Monthly's Top 30 under 30. Since then Trader magazine, the symbol of all the excesses of the "zeroes" appropriately went bankrupt, then reappeared once again, though completely stripped of its cachet as the media of choice for Generation XS$. But for the sake of memory lane, and in remembrance of days when it appeared that the flow of money would never cease, and children in their late 20s were disappointed if they did not get an 8 digit bonus, below we present The Decade Wall Street Went Insane - the Zeroes, in which "we get a ringside seat alongside Trader Magazine to some of the biggest parties of the decade, including a Wall Street "Charity" boxing night held at Manhattan's lavish Hammerstein Ballroom. This 5-part web series pits the fantasy of unlimited growth against the wheeling-and-dealing of Wall Street's glitzy surface. We urge any #OWS fanatics with heart conditions to skip this if at all possible.

From the introduction:

At the turn of the millennium, Randall Lane, former head of Forbes' Washington bureau, knew what this decade would be about. He started Trader Monthly -- a slick glossy magazine that was to become the GQ of Wall Street. It portrayed a glamorous world of yachts and private jets, fine wines and lavish mansions. Meanwhile, trading floors were functioning like giant casinos, and the banking community was gambling with the average Joe's savings.

 

Lane and his company got caught up in the madness. They had front row seats to the vast wealth of Wall Street -- and they dreamed that some crumbs would fall their way.

 

A morality tale uniquely fitted for our times, "The Zeroes" cuts to the heart of what drove America to believe in dreams too good to be true.

Below we present the first 3 parts of the series.

Part 1

Part 2

Part 3

h/t Stock_Bitch

 

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Sun, 10/30/2011 - 13:38 | 1826412 Ahmeexnal
Ahmeexnal's picture

No, the decade of wall street excess was not the 90s. It was the 80s.

Sun, 10/30/2011 - 13:54 | 1826436 FinHits
FinHits's picture

Some topical Zerohedging from 80's

Two Divided By Zero Lyrics by Pet Shop Boys

(Two divided by zero, zero)

(Two divided by zero, zero, zero)

Let's not go home, we'll catch the late train

I've got enough money to pay all the way

When the postman calls, he'll deliver the letter

I've explained everything; it's better that way

     (Divided by, divided by) I think they heard a rumour

     (Divided by, divided by) Or someone tipped them off

     (Divided by, divided by) It's better to go sooner

     (Divided by, divided by) Than call it all off

We'll catch a plane to New York, and a cab going down

Cross the bridges and tunnels, straight into town

Tomorrow morning we'll be miles away

On another continent and another day

Sun, 10/30/2011 - 14:21 | 1826454 flacon
flacon's picture

++++ Pet Shop Boys!

 

if (banks.getDeposits() == null ) {

BUY GOLD;

}

 

http://www.youtube.com/watch?v=_oDhGiNKsyM

 

Null Pointer Exception Remix:

http://www.youtube.com/watch?v=44ePsOstEQ4

Sun, 10/30/2011 - 14:38 | 1826495 Executioner
Executioner's picture

+ Now that's an algorithm!

Sun, 10/30/2011 - 19:49 | 1827009 Pinto Currency
Pinto Currency's picture

 

 

" Free trade and free markets meant banks had free licence to do just about anything? "

 

Try fiat money, capping gold and captured government producing fraudulent inflation figures allowed central banks to blow the biggest debt bubble in history for their masters.

Sun, 10/30/2011 - 14:41 | 1826501 Executioner
Executioner's picture

Perhaps the prob is ancient than the 80's exccess era http://www.youtube.com/watch?v=3KeR3yMZi0g

Sun, 10/30/2011 - 17:15 | 1826774 The Peak Oil Poet
The Peak Oil Poet's picture

 

give me the good old days

 

while (1) {

    for (bank=first;bank;bank=bank->next) {

       if (bank->hasAccessToSlimyCongressman) {

          bank->profits =  bank->profits + suckMoneyFromTaxpayers(bank);

       }

       bank->profits =  bank->profits + stealFromAnyoneWhoHasSavings(bank);

       if (!strcasecmp(bank->name,"HSBC") || fuckitJustScrewAnyGoldBug) {

            for (suckedInGoldBugs = SuckInAsManyGoldBugsAsPossible(bank);suckedInGoldBugs;suckedInGoldBugs = suckedInGoldBugs->NextStupidGoldBug) {

                bank->profits =  bank->profits + takeProfitFromStupidGoldBug(suckedInGoldBugs);

           }

       }

    }

}

 

pop

Mon, 10/31/2011 - 09:06 | 1828068 BigJim
BigJim's picture

 

Sorry, bit of debugging necessary here:

for (suckedInGoldBugs = SuckInAsManyGoldBugsAsPossible(bank);suckedInGoldBugs;suckedInGoldBugs = suckedInGoldBugs->NextStupidGoldBug) {

        bank->profits =  bank->profits + takeProfitFromStupidGoldBug(suckedInGoldBugs);

should read:

for (suckedInGoldBugs = SuckInAsManyGoldBugsAsPossible(bank);suckedInGoldBugs; suckedInGoldBugs = suckedInGoldBugs->NextStupidGoldBug) {

        if(AbilityToOverwhelmPhysicalWithPaper == FALSE) {

                if (!stricmp(bank->name,"HSBC")) {

                        bank->previous->next= NULL;

                        bank= NULL;

                        memfree(bank);

                }

 

                USD=  0;

                fprintf(stderr, "Game Over\n");

                Gold= 1/USD;

                exit(-1)    // divide by zero error line above - program should have crashed by this point

         }

 

         bank->profits =  bank->profits + takeProfitFromStupidGoldBug(suckedInGoldBugs); 

 

etc.

 

Sun, 10/30/2011 - 17:37 | 1826814 TheBillMan
TheBillMan's picture

Nice, you must be a C programmer!  That gets you real respect in my neck of the woods (i.e. West Coast tech company which shall remain nameless).  ;-)

Sun, 10/30/2011 - 17:53 | 1826834 The Peak Oil Poet
The Peak Oil Poet's picture

 

really?

 

i've written about 2 million lines of C in my time (that's a guess - it might be only 1.5 million) and still have some C packages to manage and tweak - but there's not so may places here in Australia that need C programmers

so mostly i have to cut SQL and tweak ASP .NET and drive other programmers and analysts (crazy)

so got any jobs for C programmers?

 

pop

Sun, 10/30/2011 - 18:24 | 1826858 2speed
2speed's picture

All the C programmers are either maintining old code (think contemporary COBOL porgrammers), or they are game programmers. Either makes a pretty good chunk of change in the states...

Sun, 10/30/2011 - 23:33 | 1827439 Ahmeexnal
Ahmeexnal's picture

Angry Turds was not coded in C, was it?

Sun, 10/30/2011 - 18:09 | 1826833 2speed
2speed's picture

FTFY :)

 

public BigDecimal getLiquidity(final List<Banks> banks) throws ShitOutOfLuckException {

    if (banks.getDeposits() == null) {

        throw new ShitOutOfLuckException("Bail us the fu*k out now!!!");

    }

    else {

        // LOL!

    }

}

 

...

// Calling this method results in an endless loop, and many sore asses

public boolean areBanksSolvent(final List<Banks> banks) {

    try {

        getLiquidity(banks);

    }

    catch(ShitOutOfLuckException soole) {

        rapeTaxPayers(); 

    }

}

 

Edit: Fixed code review defect :)

Mon, 10/31/2011 - 00:57 | 1827596 sdmodiano
sdmodiano's picture

OK this is the nerdiest ZH thread ever.  Well, nerdy in a non-finance flavor anyway.  Angry Birds was programmed in C/C++ as are most games.  There are of game platforms that allow you to write a game in a higher level scripting landuage, but the platforms are all written in C++. 

Now you all know more than you might wish to about game dev.

I find it interesting the number of software types that populate ZH and other like minded sites.  It is math that draws us together.  The math doesn't work in the existing economic model.  It is unsustainable.  So I guess we are all pretty good at arithmetic.  Good for us.

 

Mon, 10/31/2011 - 13:38 | 1828988 Mentalic
Mentalic's picture

Fellow C++ programmer here...Just to add to this...

I guess any programmer likes structure and logic...and like you mentioned ..the lack of these two, among other things, is what makes a lot of math/engg folks flock this site....

As some would say....Welcome to the real world !!

Mon, 10/31/2011 - 01:26 | 1827638 geekgrrl
geekgrrl's picture

OMFG! Thank you for giving me the best laugh I've had in days!

Sun, 10/30/2011 - 14:03 | 1826446 Popo
Popo's picture

"Excess" isn't actually the issue though.   Breaking the law, and colluding with regulators to escape justice -- while frontrunning via HFT -- committing wholesale fraud and then bribing policy makers to fleece taxpayers are what matters.

You want to legitimately trade, take risks, and risk failure?  Then I have no problem with any "excess" you create.   You want to do it illegally at the expense of the rest of the country?  Then eventually someone's going to drag you through the streets behind a pickup truck.

Sun, 10/30/2011 - 14:05 | 1826452 Everyman
Everyman's picture

Well said.  That is the issue, you want the "reward" you need to take the "risk".  These pricks today want the reward with no risk.

Sun, 10/30/2011 - 16:40 | 1826725 disabledvet
disabledvet's picture

you mean "well said Popo! Now here's your banana and be a good regulator and sit down over there and eat!" at least that's how i was told "they do it."

Sun, 10/30/2011 - 14:04 | 1826449 Everyman
Everyman's picture

No way.  This is MUCH WORSE than ANYTHING in the 1990s or 1980s.  2000s take the cake for corrupt crapola.

Sun, 10/30/2011 - 14:19 | 1826464 vegas
vegas's picture

Having spent most of the 1980's trading in the S&P pit in Chicago, I can tell you first hand it was this bad. Maybe not quite as bad, but it was bad.

Sun, 10/30/2011 - 15:07 | 1826565 Cheyenne
Cheyenne's picture

everyman is right, imo. in the aftermath of the s?avings and loan crisis, there were 10,000 criminal referrals that led to 1000+ executives being sent to prison.

this crisis is 50 times bigger and yet there have been 0 criminal referrals and thus 0 executive convictions.

people can bleat "more regulation" 'til they're blue in the face, but without enforcement of law, it's just so much bullshit.

Sun, 10/30/2011 - 17:17 | 1826779 Piranhanoia
Piranhanoia's picture

How do we know?   Listening to Cathernie Austin Fitts,  she appears to demonstrate the executive branch was corrupt to the core when she worked for them.  This was when we had elected a nazi cia director as king after the senile one ran out of time and brains. 

Sun, 10/30/2011 - 18:04 | 1826844 Bananamerican
Bananamerican's picture

not only were these deregulated douchebags taken off the leash they were put in charge of the dogpound...

it's one of the reasons i was so amused by the so-called "War on Terror"™...

the farce of Trillions blown on the premise of opposing a raggedy band of islamic gypsys when the country was being systematically dismantled by its own porcine douches.

I've ALWAYS wondered, if even SOME of our myriad intelligence agency folk, tasked with defending the country, even GAVE A CRAP

Sun, 10/30/2011 - 18:21 | 1826855 WonderDawg
WonderDawg's picture

To answer your last statement, if they did, they've probably had an unfortunate accident by now.

Sun, 10/30/2011 - 21:30 | 1827152 Pinto Currency
Pinto Currency's picture

 

 

Banana,

 

They aren't douche bags.

 

They are delta bravos : http://www.urbandictionary.com/define.php?term=Delta%20Bravo&defid=2421611

Sun, 10/30/2011 - 15:30 | 1826620 Everyman
Everyman's picture

At least Milken went to jail.  I thought that woudl be the last of "junk bonds".  Guessed wrong, huh?  No the 2000s take the cake as corrupt and hopium influcenced and "just ignore" all the facts and "mahkts alwayz go uppeddes!!!!"

Like this is really intelligence, real analysis, or actual research guiding this corrupt mess?  NO WAY.  IT is either insider trading ALA "Buffet in the Bathtub", or just HFT algo lo-vol meltup.  This takes NO INTELLIGENCE.

Sun, 10/30/2011 - 14:12 | 1826456 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Why are we limiting ourselves to a single decade, when the last century showed irrational exuberance?

Starting at the low of the 20th century ('03/'04), the Dow doubled in only a few years.  Then we had the roaring '20s, then the rebound off the low, even while America was mired in the Great Deppression, the '40s were not too bad for certain investors involved in the Military Industrial Complex, and the '50s into the '60s saw one of the biggest booms.

The Dow may have flattened out starting in the late '60s through the '70s, but that was the start of the neo gold rush, and due to insane money printing, equities eventually caught up with gold.  The '80s and '90s saw the most idiotic trading structures, as most of it was done illegally by ripping of the middle class (but no need to act like the middle class was not aware, because they went along for the ride), but with the housing bubble to start the 21st century, the manipulation of the Fiat Ponzi continued.

Now we are on the precipace of either the Bond Bubble, or the Fiat Bubble, and either way it goes, the Fiat Ponzi is soon to pop.  It has not been any one time that demonstrated the low functionality of this system; it has always been.  Since the House of John Pierpont Morgan laid waste to credit by starting bank run after bank run in the early 20th century, all the way to Greenspan's bubble years, the Fiat Ponzi has never been stable.

Sun, 10/30/2011 - 16:45 | 1826728 Freddie
Freddie's picture

The first video was filled with d-listers - WTF Tyler?  And the song at the end sucked too.  Everyone wanted to be P Diddy?  Try Paul Tudor Jones.

Sun, 10/30/2011 - 13:43 | 1826414 GeneMarchbanks
GeneMarchbanks's picture

Trader Magazine: the ads are all for overpriced shit that dumb people call 'classy', the articles are poorly written at best and in the classifieds you can find yourself a Thai teenage whore who doubles as a blow dealer. The next issue is all about the amazing effects of meth on trading performance.

Sun, 10/30/2011 - 14:00 | 1826443 Global Hunter
Global Hunter's picture

If traders, bankers and analysts ended up spending more time with Thai teenage whores who deal blow (and meth too?) perhaps some of the Wall St debauchery would be understandable. Too often they end up gathering around a crowded bar on a Thursday night buying over priced drinks and talking bollocks and posturing for chicks and female servers.  Ahh the promise and allure of hot loose chicks and really fun drugs to keep the mid and upper level plebs coming in at 6:30 each morning and shoveling shit.

Sun, 10/30/2011 - 15:14 | 1826586 ZeroPower
ZeroPower's picture

Yes, all too familiar with the crowded bar at on a weds/thurs paying 10quid for a double (really need it) and bantering about bonuses and broads - but this isnt exclusive to the industry. 

Sun, 10/30/2011 - 16:46 | 1826729 Freddie
Freddie's picture

LOL!  Sounds like Cramer was the target reader.

Sun, 10/30/2011 - 13:44 | 1826427 HD
HD's picture

  I hope they had a good time. In a few years they will all be replaced with little black boxes running algorithms making billions of trades every second. Hope they have some useful skills to fall back on...

Sun, 10/30/2011 - 14:15 | 1826457 Zero Govt
Zero Govt's picture

the black boxes are being 'withdrawn' from operating as frontfunning machines (cheats)

the fact this blatant insider-dealing has not been prosecuted and regulators are sitting on their Rules whistling Dixie in complete contempt of the law and their paid duty to prosecute such criminal behaviour demonstrates once again the Big Boys (Rothchild being the biggest) are untouchable once again

meanwhile Rajaprofitsome sits in jail for years for simply being a small fish easier for the corrupt regulators to fry and maintain a pretence they do some work 

how's the massive banking and credit ratings agents MBS fraud scandal coming along Feds? ...4 years on and these big criminal fraudsters still roaming free with the $1 trillion bill in damages to US taxpayers still mounting by the day????

Sun, 10/30/2011 - 13:46 | 1826430 props2009
Sun, 10/30/2011 - 14:40 | 1826499 disabledvet
disabledvet's picture

Ridiculous. By banning CDS and short selling where is the liquidity going to come from? "CHINA!" Yeah, right. Forget about whether or not the CDS contract is going to be validated (it won't be) if you're trying to do a capital raising to "save your country" (HELLO PORTUGAL!) it simply won't be there. The implications are simply too staggering to contemplate. I'm not sure it's possible to short "all of Europe" but certainly any bank doing business over there is in deep doo-doo. They've just made themselves a "no-lending zone" for, well...a long, long, long time.

Sun, 10/30/2011 - 17:27 | 1826799 Eally Ucked
Eally Ucked's picture

You're absolutely right but at least Europe retained to some degree manufacturing capacity, US is exactly in the same financial position or worse. If you say that their animosity to print to help banks is very negative I think you're mistaken. If they are "no-lending zone" give me one argument why US is. And forget about Portugal and Greece, they are together of California size and their IOU's are ok.

Sun, 10/30/2011 - 15:00 | 1826547 slewie the pi-rat
slewie the pi-rat's picture

thxz

and props!

Sun, 10/30/2011 - 13:51 | 1826432 peekcrackers
peekcrackers's picture

 the name will be change from wall st to fraud st.

and the mag that that was out should have been called  Cocaine nightly

Sun, 10/30/2011 - 15:04 | 1826561 slewie the pi-rat
slewie the pi-rat's picture

slewie's all-time fave license plate

2T4UQT

ah, sweet memories of yute!

Sun, 10/30/2011 - 16:33 | 1826716 peekcrackers
peekcrackers's picture

lol @ slewie funny

Sun, 10/30/2011 - 14:02 | 1826448 mind_imminst
mind_imminst's picture

It was a debt-fueled mania (bubble or whatever term is colloquial in the present day), just like every other mania from tulips in Holland, to land in Florida, to the roaring 20s. They are called manias because everyone gets caught up in it, not just the traders on Wall Street. The mania of the housing bubble rocked for 5 or 6 years and everyone loved it. No one complained.

The excesses of rich people never bothered me, I could care less how much money a trader spends on hookers and yachts, as long as it was earned fairly/honestly. Which a lot of it wasn't in the "zeors". The government set-up the ponzi, people took advantage, and then the government bailed them out. That is the problem.

Sun, 10/30/2011 - 14:10 | 1826455 LloydBlankenfiend
LloydBlankenfiend's picture

what is shown here is but a mere syptom of the wider problem and that problem is that we in the western world (both Europe and the US) have been under some kind of delusion that we live in Democracy...although I'm never quiet sure how I'm supposed to receive the word Democracy?

What do they mean?

Do they mean a system where you every 4 or 5 years you get to vote for two or three hand-picked candidates who once one of them is elected instantly ignores you?
Do they mean a system where the majority dictates to the minority?
Do they mean a system of government that has the legal right to steal your money and control your every movement?

We do not live in Democratic society, what we have my dear friends is corporate facism where instead of whips and boots in the face of the masses they side track them with 'pop idol' while they dictate terms and whip them with foy news whilst booting them with 'Free Trade' propaganda - the masses (99%) deserve every thing they get as long as they remain in their docile stupor!

man this shite is fooked!

Sun, 10/30/2011 - 14:15 | 1826460 bugs_
bugs_'s picture

why do i have this subtle annoyance at the Zero label being applied to them?

Sun, 10/30/2011 - 14:24 | 1826467 Zero Govt
Zero Govt's picture

Zero as a word is a many and splendid thing ....it may be used to label zero in whatever form that appears ...much like boys name, Barrack, which can be a good personable guys name or it can be a thieving Trotsky toe-rag

Mon, 10/31/2011 - 09:05 | 1828080 Diogenes
Diogenes's picture

If you don't like Zero remember zero = nought so you could call them "the noughties".

Sun, 10/30/2011 - 14:21 | 1826466 prophet
prophet's picture

Pound On Wet Sand

Sun, 10/30/2011 - 14:33 | 1826485 gwar5
gwar5's picture

When people made lots of money on Wall Street they assumed it was because they were geniuses. Fact is you had to be an idiot not to make money. The giant casino was blowing bubbles.  Now it looks like all the bubbles are being consolidated by the Fed into the great UST bubble which will end in Bukakke. 

 

Sun, 10/30/2011 - 14:42 | 1826503 DavidPierre
DavidPierre's picture

OT but...

The Nazi SS Pig who shot Olsen in Oakland OWS demonstration is outed...

http://i.imgur.com/mrlqY.jpg

Sun, 10/30/2011 - 15:54 | 1826658 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Oscar Grant, Scott Olsen, these OPD pigs need to be round up and taught a lesson.

Sun, 10/30/2011 - 17:26 | 1826793 Piranhanoia
Piranhanoia's picture

Officer/Deputy Bergstressor,  why don't you let us know if you are the one that fired the round to the veteran's head?  if it was you, you have very little future here. One day, a car will pull up beside you with the door open. A friend will be inside and ask you to get in.

Suicide would be acceptable, but you need to explain who ordered you to attempt murder first or your entire family may be thought to be unstable psychopaths like you, and thus pay unjustly for your crimes. 

Sun, 10/30/2011 - 21:03 | 1827104 Fred Hayek
Fred Hayek's picture

You forgot the part about it being the first day of spring.

How apt that the guy's name, Bergstressor, has such overtones of the SS?

Sun, 10/30/2011 - 18:06 | 1826846 Bob
Bob's picture

Nice.  Officer Bergstressor, for real?  It will be pleasing to hear more of him.  Alot more. 

Sun, 10/30/2011 - 14:34 | 1826490 YouThePeople
YouThePeople's picture

So greed, combined with corruption, isn't only limited to Baby-Boomers.

Golly gee, I can walk a little taller today.

Sun, 10/30/2011 - 17:12 | 1826771 JW n FL
JW n FL's picture

 

 

Greed is not the problem.

Cutting off your nose to spite your face.. or short sightedness, quarterly bonuses are more important than if the company will be in business the following quarter. this is and was the problem.

we as a country have not poured ourselves into rebuilding our infrastructure.. why not? it would stimulate the ecomony and meet a demand of failing roads and bridges?

if money or credit is the problem? then why hasnt 300% growth of the monetary system solved at least part of the problem?

back in 2008, production was down in the mid-west.. not becuase of money or credit.. but becuase the power simply was not there.. not enough juice to go around.

people turn a blind eye, mostly becyase they dont want to admit to themselves the problems that we face not only as a country but as a planet.. all becuase of the quarterly mentality, short sightedness.

Sun, 10/30/2011 - 14:44 | 1826505 peekcrackers
peekcrackers's picture

sounds like only a few left that sill have enoughf viagra in the U S to get a bonus boner.

quick joke

what do you get when you mix rogaine and viagra

( punch line ) Don King!

Sun, 10/30/2011 - 14:47 | 1826511 dick cheneys ghost
dick cheneys ghost's picture

The leader of the supposed free world explains it in very simple terms........WALL ST GOT DRUNK........

 

http://www.youtube.com/watch?v=Rs8In_w94mc&feature=related

Sun, 10/30/2011 - 15:08 | 1826568 bankruptcylawyer
bankruptcylawyer's picture

MOVIE REVIEW : MARGIN CALL;

how the neoliberal upper class are being numbed and brainwashed to forget, forgive and misunderstand what happened in 2008 and to disregard ongoing wall street fraud.

 [ dear reader please feel free to edit this review and send it out as your own (but attributing my name on as a contributor---I wrote this review in 20 minutes and I have no more time ot dedicate to this. but i would like to see people spread this review because the movie is lies and propoganda for the liberal upper class who like to pat themselves on the back for having paid the money to go see it.) ____________

Margin Call is a fictional story set in New York Financial era circa 2008 when the meltdown began. The movie is rife with all sorts of allusions to the specific banks, people, and accountrements of the wall street scene. Contrary to the title the film has NOTHING to do with margin calls. It's based on the goings on of traders and bosses at a  large financial firm that discovers increased market volatility is leading to a meltdown of mbs prices which, in turn, will soon render the firm and many large wall street houses insolvent. The main characters consist of two young bright novice traders, a cabal of their veteran bosses, and the head honcho of the entire firm. The sour meat of the movie consists of various blank monologues directed at the presumably uneducated unaware and confused audience ( this is somewhat reminscent of the continuous expositions found in the movie inception). The various characters are usually busy explaining to the audience what is going on in the movie , which is a description of what the movie would like you , the audience, to believe is a description of non-fictional wall street behavior. The movie peaks with the cast of characters all getting on board to execute the CEO's decision to liquidate the firms securities inventory as fast as possible by dumping it one day on the unsuspecting market.  This peak comes after the characters of the get past explaining why and why not they feel guilty or opposed to dumping lemons on their customers. the ultimate speech of the film is given by the CEO of the company to his head trader after the inventory of worthless securities had been succesfully sold to various counterparty suckers. He explains all the various panics  in the context of the 'game' of shark eat shark ,and fat cats and small cats, soliloquozing about how 'this is how it's always been , and always will be and there is nothing you can do to change it'. 

i won't go into all the varoius allusions, of which there are very many, to current wall street firms, people, culture , etc.....they are irrelevent. 

the film is a disguised apology for wall street behvior set in the form of psuedo-docudrama. By the end of the film , the audience is made to understand that amongst all the various unsustainble patterns of middle class creditcard based over consumption, and walll street shark eat shark profit based elite overconsumption patterns, that this is simply 'how the world is' and that while it sad and upsetting, that the characters ultimately would have done what any sane and rational self interested actor would have done, selling crap to other people that would have done the same to you. 

 

of course, the film doens't go into HOW the mortgage based bubble was created to being with, or how wall street is set up to begin with. The flm also didn't talk about how companies , many companies issued orginal equity and debt securities to mom and pop at inflated prices for a full year into the crisis, until it blew up in their faces ( mom and pop ). and the film doesn't talk about the janitorial work i do as a securities class action lawyer to parasite fees off mom and pop and the fed in the name of 'recovering' money that was stolen in 2008. plenty of technically illegal behavior was done in 2008 that the movie simply does not address . the Movie is entertainment, but with the niche of wall street docudrama it attempts to fill, i cannot approve of it's myopic treatment of a subject deserving more thorough and honest treatment.

The central message is in Margin Call is that wall street trades stuff that main street does't understand but that mainstreet NEEDS these people as part of their financial leadership in their world. the main message of the movie takes for granted an unstated assumption that there ARE in fact alternative to dishonest capitalism such as honest capitlism. THe movie pushes the message that nothing wrong was done that couldn't have been done any other way, that 2008 was the least bad of outcomes and that it couldn't have gone any other way. the film, in so many ways, is a mirroring of the Charlie Rose treatment in which you analyze the ugly half truths regarding the behaviors of a set of guilty actors, and then through an apologetic treatment you restore respect and legitimacy for these actors by slowly and slyly arriving at the conclusion that , 'this is just how it is' .

prostitution, murder, vegas style gambling in the ny racing acquaduct in  queens, on wall street, theft of all sorts, drug addiction. ------all the same could be said. 'this is just how it is'. i don't and wont accept that and this is why margin call is simply, or not so simply, propoganda. Here's a synopsis of this propaganda film. 

 

 

So we get to the movie 

Sun, 10/30/2011 - 15:24 | 1826607 ZeroPower
ZeroPower's picture

Pretty shitty review, you should stick to watching Law&Order.

The not-so-climactic last 10-15 minutes of the movie are pretty precise on how certain days of 2008 and even recently felt being on a trading floor.

As for MS not undertanding WS - well, when your 401ks were apprecaiting throughout the early years of decade, there certainly wasn't any criticism then huh? Everyone got greedy - when people should have sold, they didnt.

Im fully against bailouts and a false sense of quasi-capitalism, but i hate it when lefties and 'freedom fighters' argue so one-mindedly. A firm's first interest is always in saving its own back - even if it means destorying a competitor. No different on WS than it is at a Walmart taking over a mom&pops or Mazda and Toyota outselling GM.

Sun, 10/30/2011 - 17:16 | 1826775 JW n FL
JW n FL's picture

 

 

Lehman was killed over the lang standing feud with goldman.. the money verse the work load verse the risk was not all that people would have liked to make it.

it was a pissing match.. and goldman won or did they lose?

 

Sun, 10/30/2011 - 17:26 | 1826794 bob_dabolina
bob_dabolina's picture

Lehman was also the only firm that chose not to participate in the LTCM bailout...ironic

Sun, 10/30/2011 - 19:14 | 1826938 Cheyenne
Cheyenne's picture

i think that was bear stearns, but your point is well taken: the citizenry is but a pawn in this sick chess game, which one way or the other is coming to an end  

Mon, 10/31/2011 - 22:39 | 1830620 bankruptcylawyer
bankruptcylawyer's picture

i'm no lefty...far from it . i'm just morally and ethically honest. and the movie it ALL TOO CLEAR about its moral apologetics. humanizing eichman didn't make him any less evil. humanizing wall street in 2008 makes them no less evil now, and most people just see the drama as emotionally condoning their behavior. it's the subconscious message . 

 

you don't dress something up as entertainment until it's 'safe' . 

Mon, 10/31/2011 - 22:58 | 1830672 bankruptcylawyer
bankruptcylawyer's picture

i'll stick to kicking you ass. :) mwhahah.

i'm no lefty...far from it . i'm just morally and ethically honest. and the movie it ALL TOO CLEAR about its moral apologetics. humanizing eichman didn't make him any less evil. humanizing wall street in 2008 makes them no less evil now, and most people just see the drama as emotionally condoning their behavior. it's the subconscious message . 

 

you don't dress something up as entertainment until it's 'safe' . assnut. 

Sun, 10/30/2011 - 16:01 | 1826670 DavidPierre
DavidPierre's picture

Watch Margin Call for free online...

http://www.movie2k.to/Margin-Call-watch-movie-920237.html

Sun, 10/30/2011 - 16:22 | 1826703 GeneMarchbanks
GeneMarchbanks's picture

Free-ness doesn't sweeten the deal.

Sun, 10/30/2011 - 15:18 | 1826596 Fix It Again Timmy
Fix It Again Timmy's picture

The speed of news consisting of "look what you can get away with" makes the speed of nuclear fission seem glacial...

Sun, 10/30/2011 - 15:41 | 1826632 Optimusprime
Optimusprime's picture

The "nineties" gave way to the "aughties".  Much better-wounding than "the zeroes".

Sun, 10/30/2011 - 17:37 | 1826815 Caviar Emptor
Caviar Emptor's picture

The zilches, the Naughties

Sun, 10/30/2011 - 16:00 | 1826668 Georgesblog
Georgesblog's picture

Repeating self-destructive behavior in hope of achieving prosperity is delusional. The product is an environment without rules. It should be quite obvious that present day markets will suffer the consequences.

http://georgesblogforum.wordpress.com/2011/07/04/photo-finish/

Sun, 10/30/2011 - 16:18 | 1826697 HITMAN56
HITMAN56's picture

Nobody read Trader Monthly  Period. (except at the news stand when the bonus comparison issue came out)

Sun, 10/30/2011 - 16:24 | 1826706 Duke of Con Dao
Duke of Con Dao's picture

I have yet to see Margin Call. I remember watching Boiler Room at Sundance and really enjoyed it. After watching Wall St 2 Stone needs to retire as a director. 

...

no wonder Trader collapsed. that first video sucked. rule #1: always end a scene on a beat! 

...

I see where Michael Lewis is writing the screenplay for Liar's Poker. I can't speak about his other books but that one was 83% pure bullshit. Outside of Lew Ranieri's clothes none of it was true. I was there. I even did a couple deals with junior bond salesman Lewis...

Sun, 10/30/2011 - 16:51 | 1826738 Freddie
Freddie's picture

So Meriwhether was not a master of the universe?

Sun, 10/30/2011 - 16:59 | 1826748 ZeroPower
ZeroPower's picture

Ya WS2 was a joke, writers mustve had absolutely no inside-info on how to script the lead, the dude was literally playing a prop trader/ibanker/broker/VC/PEer.

And this makes it now several times that i hear of the vast exaggeration in Liar's Poker.. The Big Short was good though.

Sun, 10/30/2011 - 21:10 | 1827116 Fred Hayek
Fred Hayek's picture

Pretty ridiculous that Lewis did better with the story he actually knew less about.

And as a diehard baseball fan I have to say that the book Moneyball was about 60% of the truth and the movie Moneyball is about 25% true.

Sun, 10/30/2011 - 16:58 | 1826746 arkady
arkady's picture

Oh great, this is exactly what we need - more ammunition for the OWS crowd.

Sun, 10/30/2011 - 17:32 | 1826808 Piranhanoia
Piranhanoia's picture

OWS does not use ammunition idiot, only their opponents do.

Sun, 10/30/2011 - 17:08 | 1826761 High Plains Drifter
High Plains Drifter's picture

wall street never was shit, until they changed the laws protecting baby boomer pension funds , so that these funds could then proceed to start investing in stocks on wall street. once this pension money came flooding in, it gave the sharks something to sink their teeth into , since any smart  and rich person , would not ever consider risking their money on such stupidity...

Sun, 10/30/2011 - 17:14 | 1826773 blindman
blindman's picture

http://www.youtube.com/watch?v=ssnlbnAGGV0
Red Ice Radio - Jay Weidner - Kubrick's Odyssey & The Brotherhood of Saturn
.

Sun, 10/30/2011 - 17:18 | 1826782 blindman
blindman's picture

http://www.youtube.com/watch?v=9tGfn0IEu2o
The Saturnalian Brotherhood pt.1/13 - Hex-a-gram Star 666

Sun, 10/30/2011 - 17:35 | 1826811 Caviar Emptor
Caviar Emptor's picture

It was the best of times, it was the even better than best of all times

It was an age of excess, It was an age of excess on steroids cubed

It was the age of large portions, it was the age of super-sized portions

It was the time of exaggeration and hubris, It was the time of false macho swagger on Viagra

(with apologies to Charles Dickens)

Sun, 10/30/2011 - 17:46 | 1826822 GrinandBearit
GrinandBearit's picture

I hope these fuckers are eating out of Kentucky Fried Chicken garbage bins right now... 

"Oh, there's one with meat on it!"

Sun, 10/30/2011 - 21:11 | 1827119 Fred Hayek
Fred Hayek's picture

Alongside Sam Kinison's ex-wives!

Sun, 10/30/2011 - 17:53 | 1826830 Ura Bonehead
Ura Bonehead's picture

I've been in the finance industry for almost 30 years and I guess I just missed all that wild mess.  OK....  Well....  There was that one time...

Sun, 10/30/2011 - 18:04 | 1826843 Atomizer
Atomizer's picture

Without new Political/Foreign Policy laws, Wall Street doesn't exist. (the money laundry process becomes idle until the government primes new taxpayer monies). I know it's hard for you to comprehend. Wash, rinse and repeat since 1913

Sun, 10/30/2011 - 18:40 | 1826874 pcrs
pcrs's picture

a lot of explosions, music, blabla and no content or root causing

Sun, 10/30/2011 - 19:52 | 1827015 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

 Wall Street = Over Compensated, Under Educated.

In the vernacular : A Circle Jerk

Sun, 10/30/2011 - 20:36 | 1827066 dolph9
dolph9's picture

A bunch of Jews and sociopaths and soulless lizards, if you ask me.

They deserve both scorn and pity.

Ignore them and keep buying the bullion, beans, and bullets.

Sun, 10/30/2011 - 21:13 | 1827123 Fred Hayek
Fred Hayek's picture

Drop the reflexive anti-semitism.

Do NOT follow this link or you will be banned from the site!