Margin Call

Margin Call
Theatrical release poster
Directed by	J.C. Chandor
Written by	J.C. Chandor
Produced by	Robert Ogden Barnum Michael Benaroya Neal Dodson Joe Jenckes Corey Moosa Zachary Quinto
Starring	Kevin Spacey Paul Bettany Jeremy Irons Zachary Quinto Penn Badgley Simon Baker Mary McDonnell Demi Moore Stanley Tucci
Cinematography	Frank DeMarco
Edited by	Pete Beaudreau
Music by	Nathan Larson
Production companies	Before the Door Pictures Benaroya Pictures Washington Square Films Margin Call Productions Sakonnet Capital Partners Untitled Entertainment
Distributed by	Lionsgate Roadside Attractions
Release date	October 21, 2011 (2011-10-21)
Running time	109 minutes
Country	United States
Language	English
Budget	$3,500,000
Box office	$16,086,247

Margin Call is a 2011 American independent drama film directed by J.C. Chandor. The storyline was conceived from a screenplay also written by Chandor. The film takes place over a 36-hour period at a large Wall Street investment bank and highlights the initial stages of the [financial crisis of 2007–08]]. In focus are the actions taken by a group of employees during the subsequent financial collapse. The ensemble cast features Kevin Spacey, Paul Bettany, Jeremy Irons, Zachary Quinto, Simon Baker, Demi Moore, and Stanley Tucci in lead roles.

The film was a co-production between the motion picture studios of Before the Door Pictures, Benaroya Pictures, Washington Square Films, Margin Call Productions, Sakonnet Capital Partners, and Untitled Entertainment. Theatrically, it was commercially distributed by Lionsgate and Roadside Attractions. Margin Call explores capitalism, greed and investment fraud. Following its wide release in theaters, the film garnered award nominations for its production merits from the Detroit Film Critics Society, along with several separate nominations for its screenplay and direction from recognized award organizations, namely the Academy Award for Best Original Screenplay. The film score was orchestrated by musician Nathan Larson.

The film made its premiere at the Sundance Film Festival in January 25, 2011 and opened in theaters nationwide in the United States on October 21, 2011 grossing $5,354,039 in domestic ticket receipts. It was screened at 199 theaters during its widest release in cinemas. It earned an additional $10,732,208 in business through international release to top out at a combined $16,086,247 in gross revenue. Taking into account its $3.5 million budget costs, the film was technically considered a minor box office success. Preceding its initial screening to the public, the film was generally met with positive critical reviews. With its initial foray into the home media marketplace; the widescreen DVD and Blu-ray editions of the film featuring video commentary, cast and crew selections, deleted scenes and special features among other highlights was released in the United States on December 20, 2011.

Plot

Junior risk analyst Seth Bregman (Penn Badgley), his more senior colleague Peter Sullivan (Zachary Quinto), and trading desk head Will Emerson (Paul Bettany) watch as a contracted temporary human resources team, hired by their firm, conducts an unannounced mass layoff action, right on their trading floor, at the start of an otherwise normal business day. One of the fired employees is Peter and Seth's boss, Eric Dale (Stanley Tucci), who heads risk management on the floor. In his exit interview, Dale attempts to tell his now former employer that the firm should look into what he has been working on. The contracted human resources staff have no interest other than his quickly leaving the building. While Dale is being escorted out, he gives Peter a USB memory stick with a project he had been working on, telling him to "be careful" just as he boards the elevator.

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 in mortgage-backed securities decrease by 25%, 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. So Sullivan alerts Emerson, who calls floor head Sam Rogers (Kevin Spacey).

The employees remain at the firm for a series of meetings with progressively more senior executives, including division head Jared Cohen (Simon Baker), chief risk management officer Sarah Robertson (Demi Moore), and finally CEO John Tuld (Jeremy Irons). Jared's plan is for the firm to quickly sell all of the toxic assets before the market can react to the news of their worthlessness, thereby limiting the firm's exposure, a course favored by Tuld over Rogers' strong objection. Rogers warns Cohen and Tuld that dumping the firm's toxic assets will spread the risk throughout the financial sector and will destroy the firm's relationships with its counterparties. Rogers also warns Cohen that their customers will quickly learn of the firm's plans, once they realize that the firm is only selling (unloading) the toxic mortgage-backed securities but will accept none whatever in exchange for their sale. That is, they will not barter or swap one mortgage-backed security for another.

The characters finally locate Dale, who had been missing after his company phone was turned off and is eventually persuaded to come in with the promise of a generous fee and the threat of having his severance package challenged if he didn't. Meanwhile, it is revealed that Robertson, Cohen, and Tuld were aware of the risks in the weeks leading up to the crisis. Tuld plans to offer Robertson's resignation to the board and employees as a scapegoat.

Before the markets open, Rogers tells his traders they will receive seven-figure bonuses if they achieve a 93% reduction in certain MBS asset classes in a "fire sale". He admits that the traders are effectively ending their careers by destroying their relationships with their clients. Meanwhile, Robertson and Dale sit in an office, being paid handsomely to do nothing for the day; Robertson vigorously defends herself that she warned of the risks although perhaps not loudly enough. Emerson manages to close the positions, but his counterparties become increasingly agitated and suspicious as the day wears on. After trading hours end, Rogers watches the same human resources team begin another round of layoffs on his floor. He confronts Tuld in the executive dining area and asks to resign, but Tuld dismisses his protests claiming that the current crisis is really no different from various crashes and bear markets of the past, and sharp gains and losses are simply part of the economic cycle. He persuades Rogers to stay at the firm for another two years, promising that there will be a lot of money to be made from the coming crisis. Rogers notices Sullivan meeting with Cohen, Tuld informs Rogers he will promote Sullivan.

In the final scene, Rogers is shown in his ex-wife's front lawn late at night, burying his dog that has died of cancer -- he thought that since the dog had spent most of its life there that it should be buried there. His ex-wife comes out and tells him that he doesn't live there anymore.

Cast

Actor Kevin Spacey who portrayed Sam Rogers.

• Kevin Spacey as Sam Rogers, Head of Sales and Trading.
• Paul Bettany as Will Emerson, Head of Trading.
• Jeremy Irons as John Tuld, CEO and Chairman of the Board.
• Zachary Quinto as Peter Sullivan, Senior Risk Analyst.
• Penn Badgley as Seth Bregman, Junior Risk Analyst.
• Simon Baker as Jared Cohen, Head of Capital Markets.
• Stanley Tucci as Eric Dale, Former Head of Risk Management.
• Demi Moore as Sarah Robertson, Chief Risk Management Officer.
• Aasif Mandvi as Ramesh Shah
• Mary McDonnell as Mary Rogers
• Ashley Williams as Heather Burke
• Susan Blackwell as Lauren Bratberg
• Al Sapienza as Louis Carmelo

Production

Filming

Principal photography began on June 21, 2010, in New York City. More than 80 percent of the action was shot on the 42nd floor of One Penn Plaza, which had recently been vacated by a trading firm. The film premiered at the 2011 Sundance Film Festival in Park City, Utah. The film also played In Competition at the 61st Berlin International Film Festival and was nominated for the Golden Bear. The film was produced by Zachary Quinto's production company, Before The Door Pictures, by Quinto and his two producing partners and Carnegie Mellon University classmates, Neal Dodson and Corey Moosa.

Reception

Critical response

The film received positive reviews from critics, garnering an 89% rating on Rotten Tomatoes with the consensus: "Smart, tightly wound, and solidly acted, Margin Call turns the convoluted financial meltdown of '08 into gripping, thought-provoking drama.". The New Yorker described the film as "easily the best Wall Street movie ever made".

Although the film does not depict any real Wall Street firm, or similar corporate action during the 2008 financial crisis, Goldman Sachs similarly moved early to hedge and reduce its position in mortgage-backed securities, at the urging of two employees. Other firms like Lehman Brothers and Bear Stearns found themselves similarly and catastrophically over-leveraged in mortgage-backed securities. They scrambled, ultimately unsuccessfully, to manage the financial and public panic that ensued when their problems became apparent and the global financial markets plunged as a result.

Accolades

Awards Group	Category	Recipient	Result
84th Academy Awards	Best Original Screenplay	J.C. Chandor	Nominated
Australian Academy of Cinema and Television Arts (AACTA)	Best Film – International		Nominated
	Best Direction – International	J.C. Chandor	Nominated
	Best Screenplay – International	J.C. Chandor	Won
Casting Society of America	Outstanding Achievement in Casting for a Studio or Independent Drama Feature	Bernard Telsey, Tiffany Little Canfield	Nominated
Detroit Film Critics Society	Best Ensemble		Nominated
Independent Spirit Awards	Best First Feature		Won
	Best First Screenplay		Nominated
	Robert Altman Award		Won
National Board of Review Awards	Spotlight Award for Best Directorial Debut	J.C. Chandor	Won
	Top 10 Independent Films
San Francisco Film Critics Circle Awards	Best Original Screenplay	J.C. Chandor	Won
New York Film Critics Circle Awards	Best First Film	J.C. Chandor	Won

See also

• 2010 in film
• Bankruptcy of Lehman Brothers
• Great Recession
• All Is Lost, an upcoming film by the same director

References

Footnotes

External links

• Official website
• Margin Call at IMDb
• Margin Call at AllMovie
• Margin Call at Rotten Tomatoes
• Margin Call at Metacritic
• Margin Call at Box Office Mojo