Earlier this week as I walked down Wall Street on my way to one of our securities industry training courses, I spotted a movie being filmed. While this is a normal occurrence in New York City, I’m always curious as to what’s being filmed, so I decided to take a quick detour to get a better look. As I got closer, I could see the film’s title printed on the back of the set chairs: “Too Big To Fail.” That’s right the famous book is now going to be a movie and my immediate thought: “Oh Jeeze.”
As everyone knows 2008 was not the U.S.’s finest moment in economic history. With huge government bailouts and finally the collapse of Lehman Brothers and Bear Stearns, an economic disaster erupted on Wall Street that spread around the world. It is referenced as the worst financial crisis since the Great Depression. This disaster has changed the global economic climate and has left everyone struggling to recover ever since.
On the upside though, this crisis provided someone, namely Andrew Ross Sorkin, an opportunity to write “Too Big To Fail”, a book that chronicles “the backroom deal making and secretToo Big to Fail alliances made in the rush to save the world economy from collapse.” The book was an instant bestseller and won Sorkin many prestigious awards, but it also stirred up much anti-Wall Street sentiment around the country. People were left without jobs and without a way out because of the mistakes made leading up to the 2008 financial crisis, and the book reaffirmed these mistakes. Many people were left wondering how could this have happened.
As with a lot of bestselling books, the time has come for the movie. The release date is rumored to occur in early 2012, but who knows what state our economy could be in at that time. What if we have completely recovered and the movie is released only to stir up the anti-Wall Street rhetoric all over again? What if we are still struggling and this movie highlights the failures of our system all over again? There are plenty of “what-ifs” to be asked, both good and bad. It’s obviously too late to debate these questions with the movie producers, but what do you think about “Too Big To Fail” making its way to the Silver Screen?