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Margin Call

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For the financial situation, see Margin call.
Margin Call
Theatrical release poster
Directed byJ.C. Chandor
Written byJ.C. Chandor
Produced byRobert Ogden Barnum
Michael Benaroya
Neal Dodson
Joe Jenckes
Corey Moosa
Zachary Quinto
Laura Rister
Cassian Elwes
StarringKevin Spacey
Paul Bettany
Jeremy Irons
Zachary Quinto
Penn Badgley
Simon Baker
Aasif Mandvi
Mary McDonnell
Demi Moore
Stanley Tucci
CinematographyFrank DeMarco
Edited byPete Beaudreau
Music byNathan Larson
Production
company
Distributed byLionsgate
Roadside Attractions
Release dates
  • January 25, 2011 (2011-01-25) (Sundance)

  • October 21, 2011 (2011-10-21) (United States)
Running time
109 minutes
CountryTemplate:Film US
LanguageEnglish
Budget$3.4–3.5 million (est.)[1][2]
Box office$11,507,328 (worldwide)[3]

Margin Call is a 2011 American independent drama film, written and directed by J.C. Chandor. The film has an ensemble cast that includes Kevin Spacey, Demi Moore, Paul Bettany, Jeremy Irons, Zachary Quinto, Stanley Tucci, Simon Baker, and Penn Badgley. The film takes place over a 36-hour period at a large investment bank (loosely modeled on Goldman Sachs) and focuses on the financial crisis of 2007–2008.[4][5] The film follows the actions taken by a group of employees during the financial collapse.[6]

The film was first shown at the Sundance Film Festival in January 2011 and opened on October 21, 2011 in the United States.

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 human resources team conducts mass layoffs on their trading floor. One of the fired employees is Peter and Seth's boss, Eric Dale (Stanley Tucci), who heads risk management on the floor. Before leaving, Dale gives Peter a USB drive with a project he had been working on, telling him to "be careful." That night, Peter finishes the project, and discovers that trading will soon exceed the historical volatility levels used by the firm to calculate risk. 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. Sullivan alerts Emerson, who calls floor head Sam Rogers (Kevin Spacey).

The employees remain at the firm all night for a series of meetings with more senior executives, including division head Jared Cohen (Simon Baker) and 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's 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 realize the firm's plans once they learn that the firm is selling the toxic mortagage backed securities but not buying them.

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 sacrificial lamb.

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 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 sees Sullivan meeting with Cohen about his imminent promotion. Emerson survives, and it is implied that Bregman will be let go.

In the final scene, Rogers is shown burying his dog that has died of cancer in his ex-wife's front lawn.

Cast

Production

Principal photography began on June 21, 2010 in New York City.[4] 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.[7][8] 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.[9][10] 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.[11]

Reception

The film received positive reviews from critics, garnering an 88% rating on Rotten Tomatoes.[12] The New Yorker described the film as "easily the best Wall Street movie ever made".[13]

Although the film does not depict any real Wall Street firm, or similar corporate action during the 2008 financial crisis, 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. The character John Tuld (Irons) is loosely based upon Dick Fuld, the former CEO of Lehman Brothers.

Accolades

Awards Group Category Recipient Result
84th Academy Awards[14] Best Original Screenplay J.C. Chandor Nominated
Australian Academy of Cinema and Television Arts (AACTA)[15] Best Film – International Nominated
Best Direction – International J.C. Chandor Nominated
Best Screenplay – International J.C. Chandor Won
Detroit Film Critics Society[16] Best Ensemble Pending
Independent Spirit Awards Best First Feature Won
Best First Screenplay Nominated
Robert Altman Award Won
National Board of Review Awards[17] Spotlight Award for Best Directorial Debut J.C. Chandor Won
Top 10 Independent Films
San Francisco Film Critics Circle Awards[18] Best Original Screenplay J.C. Chandor Won
New York Film Critics Circle Awards[19] Best First Film J.C. Chandor Won

References

  1. ^ Kilday, Gregg (November 4, 2011). "Occupy Wall Street Boosts 'Margin Call' in Oscar Race". The Hollywood Reporter. Retrieved November 4, 2011.
  2. ^ Dodes, Rachel (October 20, 2011). "Kevin Spacey Says Bankers Are People Too". The Wall Street Journal. Retrieved November 7, 2011.
  3. ^ "Margin Call",Box Office Mojo
  4. ^ a b Dash, Eric (June 22, 2010). "Citi Goes Hollywood for Spacey and Crew". The New York Times. Retrieved June 27, 2010. {{cite news}}: Check date values in: |accessdate= and |date= (help)
  5. ^ Fleming, Mike (September 13, 2010). "Margin Call Director J.C. Chandor Snags Big Warner Bros Writing Gig From DiCaprio". Deadline New York. Retrieved October 6, 2010. {{cite news}}: Check date values in: |accessdate= and |date= (help)
  6. ^ Kit, Borys (June 15, 2010). "Simon Baker, Paul Bettany eye indie drama". The Hollywood Reporter. Retrieved June 27, 2010. {{cite news}}: Check date values in: |accessdate= and |date= (help)
  7. ^ Wallace. Benjamin, "What’s Up, Spock?: He might be a famous Vulcan, but Zachary Quinto has no problem being fully human", New York Magazine, October 16, 2011
  8. ^ Jon Chesto, "Director of “Margin Call” didn’t need a big budget to depict Wall Street’s mortgage meltdown",WickedLocal.com
  9. ^ "The Competition of the 61st Berlinale". Berlinale. Retrieved January 20, 2011. {{cite web}}: Check date values in: |accessdate= (help)
  10. ^ "Spacey, Moore and 3D in focus at Berlin film fest". Yahoo News. Retrieved January 20, 2011. {{cite web}}: Check date values in: |accessdate= (help)
  11. ^ "Before The Door Pictures, official website". Google.
  12. ^ "Rotten Tomatoes".
  13. ^ "All That Glitters". The New Yorker.
  14. ^ "84th Academy Awards Nominees". Academy of Motion Picture Arts and Sciences (AMPAS). January 24, 2012. Retrieved January 24, 2012.
  15. ^ "AACTA Awards winners and nominees" (PDF). Australian Academy of Cinema and Television Arts (AACTA). 31 January, 2012. Retrieved 4 February, 2012. {{cite web}}: Check date values in: |accessdate= and |date= (help)
  16. ^ http://detroitfilmcritics.com/Home_Page.html
  17. ^ Corliss, Richard (December 1, 2011). "Year-End Awards: National Board of Review Says 'We Go with Hugo'". TIME. Retrieved December 12, 2011.
  18. ^ Pond, Steve (December 11, 2011). "San Francisco film critics pick "Tree of Life"". The Wrap. Reuters. Retrieved December 12, 2011.
  19. ^ ""The Artist" Leads New York Film Critics' Circle Awards". November 29, 2011. Retrieved December 28, 2011.
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