Whilst the initial response to the Lehman's collapse sees a positive reaction the whole thing quickly goes pear-shaped as the Lehmans toxicity reverberates, infects the economy and the system freezes.
history, with Lehman holding over $600 billion in "assets". The filing remains the largest bankruptcy filing in U.S. Equally how on the weekend of September 15th, 2008 the giant Lehman Brothers filed for Chapter 11 bankruptcy protection. It shows quite how close the whole system came to falling over and imploding. The film shows the development of the strategy of "cash injections" into the banks while the first approach applied by Paulson and his financial "wunderkids" of buying the toxic mortgages known as "trash for cash" collapses. We also see another great performance from Paul Giamatti as the stone-faced economist and historian of the Great Depression, Ben Bernanke the chair of the Federal Reserve and a man who is able to draw lessons from the 30s Great Depression and apply stark comparisons with the events of 2008. The film shows a subsequent phone call to the then Chancellor Alistair Darling where to the latter's credit he turned down any deal not least with the fears that even more bad debt contagion be brought into the UK system. Paulson tried to secure a deal with Barclays but ruefully reflects at one point "that the British never close". It's president Dick Fuld "the Gorilla of Wall Street" is played by the excellent James Woods who captures the level of hubris that Fuld exhibited and his failure to cash in on offers to take over the bank as the price of shares relentlessly headed southward (Fuld presided over a 90% stock drop in a year). The portrait of the Lehmans collapse is fascinating. The action revolves around the unfolding crisis and the subsequent decisions to save Bear Stearns and Fannie May/Freddie Mac, let Lehman Brothers go to the wall and then almost the same day see the US Treasury step in to save the insurance giant AIG because "it was too big to fail". Paulson and his agonies through this period are brilliantly captured by William Hurt playing the former CEO of Goldman Sachs and the man appointed by the hapless President Bush to steer a course through the carnage as the failures pile up.
#Wall street shuffle tiouc plus#
The film is based around the efforts of US Treasury Secretary Hank Paulson and a team of "Government Sachs" financiers plus Tim Geithner (Billy Crudrup), who is now Obama's Treasury Secretary, to deal with the massive crash of the subprime mortgage market, the poison of derivatives/ credit swaps and a level of greed that was always going to end in tears. HBO's "Too big to Fail" takes the drama of our times the virtual collapse of the banking system and dissects it with pace and real verve. To learn more about how and for what purposes Amazon uses personal information (such as Amazon Store order history), please visit our Privacy Notice. You can change your choices at any time by visiting Cookie Preferences, as described in the Cookie Notice. Click ‘Customise Cookies’ to decline these cookies, make more detailed choices, or learn more. Third parties use cookies for their purposes of displaying and measuring personalised ads, generating audience insights, and developing and improving products. This includes using first- and third-party cookies, which store or access standard device information such as a unique identifier. If you agree, we’ll also use cookies to complement your shopping experience across the Amazon stores as described in our Cookie Notice. We also use these cookies to understand how customers use our services (for example, by measuring site visits) so we can make improvements. We use cookies and similar tools that are necessary to enable you to make purchases, to enhance your shopping experiences and to provide our services, as detailed in our Cookie Notice.
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