Music Banter - The Wow I Can't Believe That News Story Thread

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Originally Posted by Trollheart (Post 1883258)

You need to watch that movie. ****ing eye-opening. And stomach-turning.

Selling off all of their assests before the rest of the market discovers they are worseless.

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You don't need to understand a lot about the markets to follow the film. John is a cool, polished Brit who likes to say things like, "Speak to me in plain terms," because his job requires him to manage the corporation but not necessarily understand its business. Indeed, as we now know, a fresh young college graduate could have looked at the balance sheets and clearly seen Wall Street was doomed.

It is up to John to make the margin call. In other words, to order his company to start dumping worthless holdings before the word spreads that they are worthless — essentially, betraying their customers. It has now been established that some firms created hedge funds intended to fail, so they could make money betting against them. These they sold to their customers knowing they were worthless.

I think the movie is about how its characters are concerned only by the welfare of their corporations. There is no larger sense of the public good. Corporations are amoral, and exist to survive and succeed, at whatever human cost. This is what the Occupy Wall Street protesters are angry about: They are not against capitalism, but about Wall Street dishonesty and greed.

"Margin Call" employs an excellent cast who can make financial talk into compelling dialogue. They also can reflect the enormity of what is happening: Their company and their lives are being rendered meaningless. This scenario was enacted at many Wall Street institutions in the autumn of 2008, and yet fundamental financial reform is still being opposed. No particular firm is named, but doesn't it seem to you that the name of the Jeremy Irons character, "John Tuld," has an echo of Richard Fuld, CEO of Lehman Brothers, who collected enormous bonuses for leading his company into bankruptcy? - Roger Ebert

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In 2006, Richard Fuld was named No. 1 CEO in the Brokers & Asset Managers category, by Institutional Investor magazine. In 2007 he received a $22 million bonus.

Fuld at one time served on the board of directors of the Federal Reserve Bank of New York, a position he ceased holding shortly before the bankruptcy of Lehman Brothers. He is a member of the International Business Council of the World Economic Forum and the Business Council. He also serves on the Board of Trustees of New York-Presbyterian Hospital. He was also on the board of directors of the Robin Hood Foundation but was removed from the Board following the Lehman Brothers bankruptcy.

In October 2008, CNN named Fuld as one of the "Ten Most Wanted: Culprits of the Collapse" of the 2008 financial collapse in the United States; he was placed at number 9 on the list.

In December 2008, Fuld was given the "Lex Overpaid CEO" award of the Financial Times for having received $34 million in 2007 and $40.5 million in 2006, the last two years before his bank's failure.

In April 2009, Condé Nast Portfolio ranked Fuld as the worst American CEO of all time.

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