Margin Call’s Script | Small Changes, Big Impact (Breakdown)
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- Опубліковано 8 вер 2024
- In our third video, we look at Margin Call’s script and see how the film changed from the script to the version seen in theaters.
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Margin Call’s script as text: imsdb.com/scri...
Margin Call’s script as a pdf: www.scriptslug...
I used Adobe Podcast’s free Enhance feature. Check it out at podcast.adobe....
Deleted scene photo from
jeremyirons.ne...
A.O. Scott’s review of Margin Call: www.nytimes.co...
Archived version (no paywall): web.archive.or...
Monster Delay TV Tropes entry: tvtropes.org/p...
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Margin Call Senior Partners Emergency Meeting
Margin Call First Meeting
Margin Call Peter discovers the firm's projected losses on MBS products
"It's just money. It's made up" - Margin Call
Margin Call - Fire Sale of Mortgage Bonds (Wall Street Investment Bank Trading)
Fire Sale - Margin Call
Eric Dale is fired - Margin Call
Margin Call - Searching for Eric Dale and Sam meets with Will
Margin Call - It didn't seem like much of a choice
Margin Call - Will Emerson talks about the impending financial turmoil
Margin Call - Fire Sale Pep Talk
Margin Call Best Quote by Will Emerson
Margin Call Seth Jared fired
Margin Call Ending
Margin Call Stanley Tucci Paul Bettany
Margin Call Sarah Robertson fired
Margin Call Will Emerson Jared Cohen parking garage
Margin Call Sarah Robertson Jared Cohen
Margin Call Zachary Quinto as Peter Sullivan
Margin Call Jeremy Irons as John Tuld
Margin Call Paul Bettany as Will Emerson
Margin Call Simon Baker as Jared Cohen
Margin Call Penn Badgley as Seth Bregman
Margin Call Demi Moore as Sarah Robertson
Margin Call Stanley Tucci as Eric Dale
Margin Call Aasif Mandvi as Ramesh Shah
BUY MARGIN CALL
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$5 ?? That's more than my market capitalization
The word you were looking for is "McGuffin" .. like the suitcase in Pulp Fiction. The 1.2T in it self has no value for the story, but is the motivator of the characters. Someone realized that and modified the script.
“Speak to me as if you were speaking to a small child, or a golden retriever…” I’ve used this effectively at work on several occasions.
Woof!
Definitely the best line!
who's a good boy - who's a good boy....
I love that line
My golden couldn’t comprehend what’s he happening here
I think removing the dollar amount makes it a more timeless movie. Like, the bailout package from the financial crisis was roughly 800B. That value doesnt even cover the amount in checks sent out to citizens during lock down. So, ten years, 30 yrs removed, and the number might seem cute, rather than monstrous
This is my take too. It removes the Dr. Evil "One Million Dollars" problem.
Yup! And helps reinforce the cyclical nature of the phenomenon, as described by Tuld...
"1637... 1797... 1819.. '37, '57, '84... 1901, '07, '29, 1937... 1974, 1987... Jesus! Didn't that fckn... Fckn fckd me up good! '92, '97, 2000 and whatever we wanna call this. It's all just the same thing over and over! We can't help ourselves!"
Ya. Even now 1.2T is chump change.
The checks in lockdown were not 800 bn.
@@jburron That's simply untrue. That's 400 billion more than the entire budget of the US Armed Forces.
When Tuld tells Peter “you’re speaking to me” and then glares back at Sarah and Jared. Amazing!
A full beat down with a quick glance.
It's such a small moment but it speaks volumes
Jeremy Irons switching from warm, golden retriever for Peter to an absolute shark for Cohen and Robertson gets me every time
My favorite scene is when Sam and Peter are outside in the building in the morning drinking coffee and smoking a cigarette. Peter tells Sam he knows his son. When he asks Sam if he's told his son, who works at another bank, what is about to happen, the realization on Sam's face that he never once thought to warn his son is both heart breaking and incredible. Sam is a broken man and he truly knows it at that moment.
That is a powerful moment. There's a bit more about Sam's son in the script that got cut if you want to check it out
The best line to me is when John impressively recalls all the economic downturns in the last 400 years when he tells Peter earlier that is wasn't "brains" that got him there.
The character is set up so well to be expertly disarming.
Tuld was the most intimidating character in the whole movie
Another great line, "It's not called panic when you're the first one out of the building"
I believe the line is "If you're the first one out the door, that's not called panicking"
This is one of those movies where you wish you could erase if from your mind so you could enjoy the feeling of watching it for the first time again, shocked at how good it is.
One moment that I noticed was when Sam asks Will to email him what he found. Will says "I do not think that would be wise" and Sam understood what he meant. This was not something that either man would want to be discoverable in a future court case or lawsuit. Will did not want to write it down, and Sam knew that it must be very bad.
fairly standard. 'post-it' notification when you need to pass information however you do not need to create future evidence.
Will was also struggling to get Sam to really listen to him. He pauses for a second and seizes the opportunity to really make a statement he knew would cut through Sam's dismissals.
Can the courts subpoena the phone conversation if there was legal merit?
@@JohnS-il1dr If it was recorded, yes. Many businesses, especially financial ones, record phone calls just in case there is a dispute. By saying "I'd don't think that would be wise" he is giving himself plausible deniability. There could be any number of reasons he wouldn't want something on record, many perfectly legal.
@@simnobodyThere was a novel "Bombardiers" by Po Bronson that took place in the late 80s. The investment bankers kept a stack of paper napkins at his desk because Post-It have already been established as a business tool, subject to discovery during court cases, and napkins haven't. So if they're going to do any incriminating calculation, they better be well stocked with that. At the end of the novel when the plan to sell the country of Dominican Republic blew up in the firm's face, legions of accountants and lawyers are flown in with large stacks of paper napkins.
My favourite line:
I am standing here and I am afraid I am not hearing a thing, just silence.
Where John Tuld took back his full authority after a show of humility and courtesy
No, the line is ... just .. silenceeeeeeeeeeeeeee.
@@ernestabrogar4658 😄😄😄
Guys like Tuld are always thinking 10 steps ahead.
"Do you want to know why i make the big buck Mr Sullivan?" At that point Mr Sullivan realized he overstepped a boundary when he challenged Mr Tuld's music analogy
@@ernestabrogar4658: 😂 It took me a second. God wills it! LOL
I agree the cutting of the dollar figure helped- not hurt the script. Just an incredible film with incredible acting.
Favorite moment is Tuld's annoyed stare at Jared & Sarah. Then he asks the man he trusts to get things done with his eyes closed with frustration, "Carmelo, get me Eric Dale here by 6:30." He responds simply, "It's done." Not a shred of doubt that he'll find him when the others couldn't.
The mafia connection to the big banks.
And yet, interestingly enough, he never does. I always wonder what happened to Carmelo when he failed. Is that why we don't see Carmelo again? Did he get canned for failing?
@@davidlamb1107 but interestingly he does, after Will Emerson was sitting with him on the steps to his house...
Carmelo did find Eric.
@@davidlamb1107 in fact he did
The delivery of the line “Sell it all. Today.” is so subtle and so understated and so brilliant, I love it
surprised it wasn't mentioned, maybe it isn't cerebral enough, but it ensures the movie is timeless. watching a 1950's heist movie and then hearing they are risking their lives over 10k can take the edge off an otherwise great film
Excellent point. I hadn't considered timelessness when making this video, just how it impacted the characters. Your comment makes me think about movies where the money amount doesn't take the edge off a film. I think A Knight's Tale (2001) does a good job conveying what the money means to the characters. There are lines about how much things cost, what they could buy with the winnings, and I think lines about how much it will cost to pay off Chaucer's gambling debt. So I think a movie can still include a specific amount without losing its edge as long as it also contains other world-building references to how much things cost.
JC Chandor said during a talk back for the film that it wasn't set during a specific date because he wanted the film to be timeless. I also recently found an article from ProPublica where he talks about removing the numbers from the script, and it was for a few reasons. It'd be too much for me to copy over so here is a link:
www.propublica.org/article/making-margin-call-an-interview-with-writer-director-j.c.-chandor
I think one of the most intriguing scenes in the entire movie is the shot in the elevator with the cleaning lady in between the two financial executives. Nothing could create a more striking dichotomy between the few people that take these decisions, and how completely blind the working class is to the fact that such things even exist.
I see that as arrogance. They look at her, consider her, and then decide that she won’t understand their conversation that were on the verge of financial disaster. And then they carry on talking.
@@stub6378 I thought so too. It was a well-written scene, a great display of their complete lack of awareness.
My favorite line after multiple viewings is where Eric Dale is standing in the elevator looking out to Peter Sullivan and says "Be careful." The camera cuts to Peter Sullivan's reaction which is not only perfect, but it is accompanied by the closing of the elevator doors which is timed so as to give greater impact to the scene. The importance of this knowledge is then amplified throughout the movie as it is revealed and moved up the food chain to the top. Great writing. Great acting. Great directing. This movie seditiously inculcates the viewer with the understanding of the implications of what is about to happen and then expedites with alacrity and celerity the revelation of the consequences.
Holy Macaroon! I was forced to reference Merriam Webster's during three instances, just to comprehend your use of the English Language in one paragraph! Thank you for the challenge, professor......
You didn’t listen when Tuld said speak to me as if I was a young child! 🤣🤣🤣🤣
I haven't used "alacrity" in a long time. I have checked the definition again.
You commented on it in another video if I recall correctly. Best line is "spilt milk under the bridge". Tells everything we need to know about the character
Whoever removed the exposure number from the script had a prophetic knowledge of inflation. Because, if things continue like this for a few more years, 1.2 trillions would be the budget of a lemonade stand
Excellent point
I hope that you will expand your analysis to other films. You pick apart the details, nuances, and easter eggs with precision and present them with excellent flow. Your narration is crisp and you time the character quotes perfectly. Cheers
Thank you so much! That's so kind. I posted another video about a TV show (Superman and Lois) - I hope you give it a watch! I have plans for other films like The Big Short, Too Big To Fail, etc.
Youre doing this series just as I become obsessed with this film.
Glad my videos can supplement your viewing experience!
thanks for the analysis. I loved Eric Dale's "be careful" and then the "holy shit" look on Peter's face when he extrapolated the numbers and realized the firm was about to fall into the abyss....
My favorite scene was Eric Dale discussing the bridge he built as an engineer. To him, the bridge wasn't the goal, it was the numbers. The numbers represented time and how it could be manipulated, in this case, to benefit the local commuters. He understands the beauty of numbers and how they represent every facet of life.
The bridge is also tied in with when Tuld tells Sam he could be digging trenches for a living and Sam retorts that at least he would have some holes in the ground to show for it. It shows that finance is just an imaginary world with imaginary value. Holes and bridges are real concrete things that help people. Which then ties in with the final scene where he is burying his dog and digging that hole.
He also showed how he felt disappointed that all of the work he did in risk management(which he truly believed was helping people) was about to be unwound to catastrophic effect in the face of every day people.
Jared: This is bizzare. It's like a dream.
Sam: Oh I don't know. Seems like we actually may have just woken up.
One of the best business related movies of all time and definitely the best about the 2008 Financial Crises by a large margin! Finally a bit of analysis, I tell my youngsters (in management consulting) to watch this movie. The boardroom dynamics are brilliantly realistic, the politics too…coming out of real life.
Too many brilliant lines in this movie, just to mention three:
1. In the early morning Sam and Peter stand outside for a smoke, Peter asking Sam if this is the right thing to do (the fire sale), and Sam replies cynically “ for who!”
2. Fire sale: “maybe 55 (cents on the dollar) in 5 (min)”
3. The entire pep talk after the official announcement of the fire sale to the traders, where Sam sits down and tries to motivate his team
This movie was a lot of fun to watch. It was realistic, and it was very, very clever.
The number, $1.2 trillion, threw me off. I know, times were different then. You could get very high leverage, and leveraging MBS (super safe, huh?) you could get ridiculous multiples. I used to work at a major investment bank. We were doing arranged financing and the maximum leverage we could swing was 25X. To get to $1.2 trillion, the company either needed a much higher leverage or their base capital should have been somewhere around 50 billion. The firm didn't seem big enough to me to swing that many billions.
But to prove how precise this script was, they mentioned Jared, a division head who had 25,000 people reporting to him. Although this firm felt boutique to me, in reality, it was quite large.
I think they were very smart not to mention 25,000 people and $1.2 trillion.
Great movie.
My favorite scene in the movie, the scene with Seth sobbing in the bathroom and Jared shaving, has also been slightly changed from the script. Small change but has quite an impact in my opinion.
I love how Jared was unaffected that Seth had been crying, but once Seth reveals that "This is all I've ever wanted to do" Jared looks at Seth with pity and responds "Really?" and Jared's surprise can't be overlooked.
Seth was, at best, mediocre at what he only ever wanted to do - his dream job.
Jared, who excelled at Seth's dream, could think of lots of things he'd rather do.
Jared did the job for hookers and coke.
Great insight! JC Chandor said in an interview that the movie is about lost potential, and that definitely goes along with that idea. I also noticed that in the script, Seth says something like "You just fired me" and Jared says "Sorry." In the movie, after Seth's line, Jared just says "Oh." I think it's an interesting change to make Jared seem more ruthless and cold.
@@BezelMedia It's been a while since I watched the film but I recall Jared doesn't say "oh" he just makes an "mmhmm" noise while continuing to shave. That and the flat tone he uses when he says "really?" show that he's not concerned about Seth at all (remember he says "what the fuck is his name?" in reference to Seth during the first meeting?). He's just being polite but non-engaging by saying the bare minimum. Note that he goes straight back to shaving after he says it. To Jared, Seth is literally less important than his shave.
@@fredfredburger5150 I am still unsure if Jared is either surprised that this was Seth's dream, or if the "Really?" was more of a sarcastic remark and he couldn't care less.
@@JUNGLEsausage Will Emerson refers to Jared as a "killer" so I'm going with your second option.
Great video, plus I think there's one other point there. Eric is a numbers guy, and he's been there a long time. His love for numbers can get annoying to non-numbers people, as in the "I built a bridge" scene, possibly a factor in his firing. Management only respects purely technical minds if they're young, once they get to middle age they're pushed out, exactly like Eric was. They only stay respected if they learn to be shrewd insiders and boil down their numeric insights to bite-sized nontechnical "just speak to me in English" stuff. Peter shows that he can do that, so he gets promoted.
But, you don't realise that by just reducing the enormity of such facts, to child or labrador terms, it's also allows those responsible to minimise it? It's a way of distancing themselves from it.
It goes even deeper. Sarah and Jared had some idea of the risk of what they were doing. They got rid of Eric because they knew he would eventually sound the alarm. So it's not even just annoyance that leads to his termination but coverup.
That's a great insight into Eric vs Peter. I wonder how Eric explained his concerns to Sarah. She is also a technical person, and she would have been the one explaining it to John and Jared. And based on her scenes with Jared and John, it seems they did know about the impact this could have.
You always knew on some level that they were dealing with a number on that scale, but it does put this exchange between Sam and John in perspective:
"You will never sell anything to any of those people ever again."
"I understand."
"Do you?"
"Do YOU?! This is it! I'm telling you, THIS IS IT!"
There is no other option. It's either sell everything they can, and maybe it works, or they're closed at the end of business tomorrow.
I think it would have been better to explain who "those people" were. During the financial crisis many firms got rid of the mortgage backed securities on their own books by dumping them on their own investor clients, to whom they were supposed to be picking good investments for. I think, generally, for the general audience it would have been better to leave in the lines to better explain what the motivations were. Especially about Eric Dale.
I loves Sam's reaction to the line - disgust and frustration. He knows he's about to be asked to do something completely unethical that will destroy his and many people's reputations and careers forever.
@@dougt8215 It doesnt matter to whom. As John says, to your mother if you must.
@@Sutterjack but is it unethical? that was part of the question of the movie and argued a lot. the duty of senior partners/directors is to act in the interest of the firm and its owners /shareholders. full duty, fiduciary, legal, etc. by not selling 'items they own to a willing buyer at the market price' (as Ramesh confirmed , it is theirs to sell) they are acting unethically and likely unlawfully on their responsibilities as fiduciaries..
Worst part of the script is that we never know if Ramesh finds out if VAR numbers are the setting this thing off......so tragic
Ramesh - When in doubt, appear to be useful.
Beautiful work, as always. Thank you so much for your thought provoking pieces.
Thank you so much! Appreciate your comments and perspective as well
People pay Jeremy Irons for a reason.
It's not because he's the big brain.
He is just a superb actor.
I don’t think of any other actor to perform it
@@viniciusco82I do. Daniel Day Lewis !
I love your accent and pronounciation, it is so elegant and clear.
I am not a native English speaker but I can understand all of that what you say and I use your movies for teaching myself English ❤👏👏👍👍
Thank you for the inside scoop on “Margin Call”. I have watched the film several times and think it well done-though not an all time favorite. But for me as a screenwriter and filmmaker, you’ve done a great job reinforcing two central tenets of cinema. “Show, don’t tell.” as well as “Trust your audience.”
Eric Dale is a hero, he could have just held the info, shorted the company's stocks, picked up a bunch of credit default swaps on the assets he knew were going to collapse, and ended up with more money than any of the players in The Big Short. Instead, he gave the info to somebody still in the company and helped them save themselves. And in the end, he got shat on for it. No good deed ever goes unpunished. Art imitates life. This is part of why this movie is so good.
There are no heroes here. I am consumer protection attorney and I represented hundreds of families destroyed by the fallout of this misbehavior of this and related financial institutions. No heroes here. Beautiful movie, but no heroes.
@@totalhogwashhogwash1715 I shall clarify my statement. He is a hero from the point of view of the movie. All of the people involved in this scam are horribly immoral. But from the perspective of the people at this company he is a hero.
What's great about this movie too is that it really shows just how literally no one came out on top. The final scene with Sam makes you realise how much personal cost his dedication burdened him with, and with nothing to show for it.
@@Eta_Carinae__ I completely agree with that. What a great insight. His life really is complete trash. The dog he loves is dead, he has emotional connection to a home that is no longer his and his ex-wife has no feelings for him. Their conversation, about how some of their friends managed to likely escape disaster, makes my blood boil because he never accepts internally any responsibility for any of the pain his industry has wrought ... just concerns for himself and the people around him. He is truly a tragic, lost figure.
He likely made more coming in. Unless he had a huge trading account, and in the case of M Burry, they did, there are limits brokers will allow for shorting a stock. The swaps are another matter, but coming in for the $1,000,000 just made more sense.
First video of yours I've seen, and it secured you a new subscriber. Solid choice of material. Always worth remembering how much information can be filled in by the audience on its own, and how much the power of what is unsaid can outstrip that which is.
Thank you so much for subscribing! I really appreciate it
I came across this movie just a few months ago. I viewed the clip about the senior partners meeting and was fascinated. I saw 1 or 2 more clips then looked up the movie and watched it all. Very good movie, I can’t believe I missed it when it came out.
Just saw this movie a couple of days ago, have seen it around 5-6 times since it came out, this and a most violent year are masterpieces so well crafted.
I think I've seen Margin Call 3 times, and I've watched the clips on UA-cam several times. There are so many layers and details in it.
Excellent analysis and I totally agree....all the implication makes it far more entertaining then telling the viewer what's going on. This movie is so good and so under-appreciated.
I never read "Lehman Brothers" from this film despite the obvious Fuld vs. Tuld connection. For me, it was more an amalgamation of typical behavior of ALL the Wall Street investment banks during 2007-2008. The ruthless, Machiavellian demeanor of Tuld (J. Irons) always read more Goldman Sachs than anything else, Sam (Spacey) feels Morgan Stanley, The Mentalist Simon Baker (Jared Cohen) seems like Ryan Gosling/Jared Vennett from Deutsche, and the casting of Demi Moore (Sarah) and Aasif Mandvi (Ramesh) remind me of The Big Short scene with Glass Eye Batman Dr. Michael Burry waiting on Goldman Sachs to mark his position accurately. I bet you could combine documentary interviews from Inside Job and Money For Nothing with the first half of The Big Short, then watch Margin Call, finish The Big Short, then watch Too Big to Fail from HBO and you'd almost finally understand what the hell happened to the world between 1972-2010 that still haunts markets today. Or, you could just watch Oliver Stone's Wall Street with Charlie Sheen and Michael Douglas ;)
One other thought. The thing stopping Margin Call from being an all-time classic is the five definitively worst actors in the film essentially drive everything that happens: Quinto, Baker, Moore, Mandvi, Badgley. Now I love Moore, Baker, and Quinto, but c'mon, you've got heavyweights on the bench like Spacey, Irons, Bettany, and Tucci (specifically Spacey/Irons) that really could have taken this into the stratosphere.
If you want to turn off American audiences just start using numbers. The line I liked was “ Carmello, get Erik Dale here by 6:00.” The use of an Italian name and Carmello’s menacing demeanor plus his curt retort was brilliant, sort of like; lets get Nick and Vito from Jersey to “talk” to the guy.
every person in that room is there for a reason. each person has a job to do and an area they cover. Ramesh must be the best lawyer their money could buy, Sarah must be the best risk person ,etc. Same for Carmello, he has a sit at the table because he has responsibilities that must be met (call it 'admin support' or whatever). No strangers, no accidentals, very clear when instruction/order comes down who must deliver.
The bit about Tuld being bald was actually because they tried to get Sir Ben Kingsley to play him, but there was a scheduling conflict and Sir Ben had to drop out. Jeremy Irons was a superb replacement. Both of them would have been perfect for the role of Tuld, but as I prefer Jeremy, I think that they were lucky that he stepped in at the last minute.
Agreed better to make the audience figure out why they need Erik Dale back under wraps, but the audience is given a hint when at the first meeting the guy (I forgot his name) after reviewing Peter’s report says “it’s just a matter of time before someone else figures it out and is looking at the very same thing.” One of my favorite movies, I’ve watched it several times and use some of the lines in daily life when appropriate.
Thanks for this insightful video! This was an underappreciated, extremely well made movie. And so rewatchable! Your insights into the craft behind it give me even more to appreciate about it. Btw, my favor part was Peter's caution explanation at the table. I once had to some heavy math analysis of a failed experiment and ended up explaining to my superiors that they'd spent $16M on something that mathematically could never have succeeded. Unfortunately, the scientists who'd screwed up the math so badly had more clout than I did, so I ended up cut out of those projects.
You just summed up why Eric Dale was cut in the movie: they didn't want to hear it.
Thank you so much! Thanks for sharing your experience. It sounds like your experience mirrors the film. It's funny how people like Eric Dale raised the alarm first, and Sarah passed it on, but John Tuld and Jared decided to wait until they had to listen to the numbers that Peter had. Also, I posted a video essay about a TV show (Superman and Lois) - hope you give it a watch!
Amazing job noticing and highlighting the changes in the script they make all of the difference, this last time I saw it was the first time I was intrigued by the number but understand it was better not to know, for mystery/drama purposes
Would be interesting to note what Mary McDonnel's role was. She appears in one scene at the very end of the movie, as Sam's ex-wife, coming out of the house they formerly lived in together, to watch as Sam is burying his dog in their yard. Doubt very much an actress of that caliber would agree to do just one scene in a movie. Have long suspected she had a much bigger part that got whittled down to that just that last scene.
I think part of the purpose of the scene is to show that Sam has been through a very expensive divorce (see her huge house and garden) and that's why he still needs the money from the job. He is also not vindictive toward his ex wife in any way even though she is not very sympathetic to him. His personal demons are tying him the bank but his character makes working for the bank almost unbearable.
One of my favorite films, even though I know next to nothing about trading etc. The interactions between the characters -- all the major ones of the movie -- are just so interesting and well layered. All of them feel like real people. This isn't true of tons of movies out these days. My favorite scene is between Eric and Sarah (the one at 8:00) where it's never said, but you know from how well written and acted it is -- that Sarah has no children, that she gave up marriage and children to succeed at a job that scapegoated and shoved her out anyway -- and how a few other of the loose ends are tied up in such an (no pun intended) economical but natural conversation. Other similar convos throughout the film. No wonder script won an Oscar and I enjoy seeing ppl discussing it. Thanks much for posting.
Did you also notice how the earlier scenes of Sarah alone looking out of the window with the music playing seem to be a darkly conscious recall of Lost in Translation and Scarlett Johansen's window scenes. Scarlet's character is agonising over future choices, Sarah is agonising over past choices.
All great points, completely agree. Favorite line, too many to mention. Truly one of the best movies for me.
I never thought about this beautiful that deeply but trust me I have witnessed similar scenes from uo close many many times. I have loved your video.
Well done, Bezel Media! I hope you got an "A" on your project!
I just watched Margin Call again a couple of weeks ago, and I'm glad I clicked on this piece, and have subscribed. It is as was said, an intense thriller, a horror movie. I had forgotten until my second viewing of it, what an incredible cast was assembled. I can imagine the sick feeling Sam had going in to fire up his sales team for that last siege on Hamburger Hill. Ugh.
There is an overriding theme of finance being useless.
1. The two heroes are a rocket scientist and an engineer.
2. The engineer talks about a bridge and the time saved in peoples lives as his greatest achievement.
3. Spacey's character mentions that he has worked for so long and has nothing to show for it. He said if he had dug ditches, he would at least have the holes. Again a nod to doing real things like engineering. Also foreshadowed the end where he digs a ditch.
4. The CEO also says something to the effect of the financial system is just paper and all made up. As a firm operating in that sphere and only working to boost the $, shows they are a shell of a firm.
Removing the "1.2 trillion" was a brilliant move for another reason. It added to the range of what John Tuld may have meant when he said "I'll have to pay" (as opposed to just "I'll pay" as stated in the script). What else would he have to pay? To me, in watching the movie for the first time, the implication was clear: he was referring not only to his money, but to his reputation.
Interesting observation!
Great movie and I've also worked in the financial markets when younger so I can see the depth in the storytelling.
I like your commentary a lot. The one by Financial Edge Training focuses more on the reality (it's good) by a person who was in that business - she explains the terms a lot and what they mean (I'd recommend that before watching yours just so everyone knows what the heck the buzzwords mean) but you do such a great job of then explaining the drama and the subtle clues, both should be seen in that order. Thanks for a great job. I don't know if I have a favorite line. I would also like to add that the trilogy of the "Equalizer" action films (rather violent to say the least) starring Denzel Washington are probably the only action films I've ever seen that use many of these, or similar techniques, to truly engage the viewer without leaving the audience feeling a like a 4 year old who has everything explained by an adult. In both EQ and Margin Call, that really elevates a film to a superior level.
Without the sum, which would date the movie, it remains one of the most accesible explorations of the moral and technical issues behind financial crises. I love this movie, because it fires on all cylinders. Great story, great script, great editing, and great performances.
Agreed - I think the editing in particular is underrated. JC Chandor said in a Q&A that the film is not set during any specific year so that it could be timeless. Also, I recently found an interview where he talks about removing the numbers from the script:
www.propublica.org/article/making-margin-call-an-interview-with-writer-director-j.c.-chandor
@BezelMedia Thank you for the heads-up. I don't buy a lot of films, but I had to buy Margin Call. It just puts a different spin on the Banality of Evil. Financial Crashes like these wreak a different type of genocide, a type we're encouraged to be complicit with, because the logic goes 'the System is the System', right? But it's far more pernicious, simply because what isn't counted doesn't matter.
In the media, hungry for audience share, it's the money that makes the headlines. The money gets counted. Not the number of livelihoods lost, families disrupted or destroyed, not the number of lives cut short by being unable to bounce back financially, or by being ended by despair. The lower you are on the income distribution, the more disposable you are. That's left to the social scientists to collate, if they can get the funding. And what's worse, it's happening once or twice a decade now. And basically, it's becoming more pointless, and even less justifiable, even when seen through the self-serving justification made for it.
We're probably heading for another global recession right now, and it's being caused by fear and greed, two of the worst angels of our nature. And it's been a continuous presence in civilization. There are those who want more than they will ever need or use, just because… They justify it, and try to convince everyone around them to submit or play along. And those who resist are neutralized, marginalized, or removed. It is woven into the fabric of our existence, as a matter of survival, but in a way that is ultimately disingenuous.
I heard last night about Jordan McNair, whose life was cut short by negligence in the lucrative structure of college football. (The latest edition of the “Well, There's Your Problem” podcast published on July 9th, 2023 here on UA-cam tells his story. It's on Apple, too.) And it hits hard.
McNair was only at Maryland University's Football Program trying to better his economic future, to beat the limitations imposed upon in his society, simply because of who he was and where he came from. It was his way out of poverty. He would get looked after, got healthcare, food, and an education. He might have become a pro.
And Maryland University only runs a Football program to get a cut of the millions sports media companies pay to televise their games. And the way they ran it was not to pay everyone involved in the program, but the senior coaches. Everyone else were either undergraduate entrants, or graduate sports coaches needing work experience as assistants to begin their career. That created a culture where the power dynamic fostered exploitation.
Not only are most senior college football coaches middle-aged white males coaching cohorts of predominantly young black males, they're also deeply invested in a culture that sees physical weakness of any kind as unmanly, and deserving of physical and psychological punishment. After all, it made the paid coaches look bad to their bosses, who might sack them if they didn't win. After all, they too are looking for a way out into the Pro game. So success is everything.
In this context, the seeds are sown, mostly unseen and unacknowledged by the fans, for some to become collateral damage. The pursuit of college football celebrates respectable American manliness and success, right? McNair chose a socially respectable way up the ladder placed for him. And it cost him his life.
Films like Margin Call are important because they tell us some truths we might ignore, and foster the desire for change. We need to evolve beyond the waste of human potential. We need to move beyond nihilism, and counsels of despair, as it's an ongoing fight that those that follow us must find an appetite for. Of course, the greed, and fear that drives our worst instincts won't be snapped out of existence. But, we need to resist, so that something better has room to grow within us. Call it empathy. Call it resolve, if you will. And if only a few people question the System, every time someone watches a film like Margin Call, we might move a little closer to changing it.
Excellent appreciation of the method behind the writing and post production.
Excellent movie. I love your analysis. My Favorite line(s) would be Erick Dale's Bridge monologue - it makes him Human.
Beautiful sophisticated analysis. Thank you so much.
Please…give us more masterful film making.❤😊
Saying as little as possible about Eric also gave him a mystique. He'd been at the firm for 19 years and was known and respected. The only person in the movie who didn't know who he was at the mention of his name was the HR rep, ironically enough.
"the casablanca of finance movies"
...lol, too true
Watched it again last night. A master piece.
This is a great analysis of the film. I’m glad I watched the film years ago before UA-cam came out with clips of the Tuld meeting because that scene alone is what drops the ceiling from all the build up of tension and implications from prior events. If I had watched the Tuld meeting before watching the film in its entirety, that feeling of dread from looming monster likely doesn’t happen.
Your breakdown was fantastic. Looking forward to your next video. Just curious, are you a screenwriter?
Great timing on this release given what is currently going on with the banks. As John says to Sam in the dining room...
"It's all the just same thing over and over, we can't help ourselves."
That feels like it was so long ago, but it was only 3 months ago?? 🥴
I love the monster/horror angle - it's true, not showing the monster is even more frightening. Cheers!
The emergency meeting of the senior partners is a masterclass in screenplay and acting - I obviously just can't say enough of this film and it's casting and acting
My favorite part of the movie is when those 2 HR-women read Erc Dale his terms. The way all 3 of them scrutinize each other, not only Dale and the 2 ladies, but actually for a short sec the 2 ladies between them as well… this movie is top 3 for me. Every single line, every sec of this movie is masterclass
Lol wtf. A video for people who didn’t watch the movie, but only watched the youtube clips. Such interesting internet culture. I approve.
Hard to pick a favorite line. One for sure is Will's reply to Sam when he tells Will to email him and Will replies:
"I don't think that that would be a good idea...."
I liked John Tull’s comment after chewing out the senior staff for not “addressing the problem weeks ago”…”but that’s spilt milk under the bridge.” Obvious mixed metaphors that amazingly bridged the gap between his expression of extreme displeasure and “So what can we do about it?”.
my fav scene was the elevator ride with Seth, Sarah and the cleaning lady. LOL
Tuld is actually really smart and NOT a foul as most of the scenes try to depict him. In the last scene at the restaurant he and Sam caught the 1987 crisis and they both witnessed ups and downs -"we get laid on the side of the road if we get it wrong" and "didn't the 1987 fill me up" - or something like that. A foul would never make it 35y in this business
The look on the Executive Assistant’s face as she’s walking towards her chair accurately sets the tone for the meeting and what’s about to happen to the company and the financial world. No script line needed.
This isn't my favorite line (everything Jeremy Irons said was perfect), but it's a great line--Will Emerson saying "not today" after climbing back to safety from a railing high above NYC. From a personal perspective, I was sitting in a bar right off Wall Street when I heard about Bear Stearns going belly up, which unfortunately for me was the investment bank for the startup where I worked.
Jeremy Irons screams “IDIOTS” with just a look. It’s clear as day as IF he screamed it. Best acting job ever.
My favourite thing about this film is that the key events are unfolding in the middle of the night. Despite this, everyone is dressed in suits and ties, people are eating and drinking, and no one is sleeping.
The most bizarre scene is when the senior partners meet after being called in at 3:00AM, almost like it happens every week.
Money never sleeps
Because back then this really was normal. That's why so many bankers were on coke and speed and other uppers. 100+ hours a week WAS the norm.
Dropping the numbers makes the movie timeless. There might come a time when "1.2 Trillion dollars" is a cute little joke like the "one MILLION dollars!" in Austin Powers.
Getting close to 1,000 subscribers 👀 Thank you so much!
Speaking of numbers, what I never understood about the movie is how a 25% decrease is supposedly killing the company -- but by the end of the fire sale they are trading at like 35% loss... maybe on average it's not enough to sink the company but it's weird.
In the morning meeting before they sell, Sam emphasizes they have to sell (I believe) 60% by lunchtime. It really was that important to "be first". By the time they were selling at 35% loss it was late afternoon. Not much left.
With everything being implied, this could be interchanged with mafia sit-down , brilliant!
Super interesting info! I assumed that they didn't mention numbers not because of the pacing of the dialogue and script, but because in that level of meeting the numbers aren't necessarily the point. But pointing out that Chandor pulled them from other places in the film definitely lends credence to your theory. Great stuff, I'm subbed.
Thank you so much for subscribing! I appreciate it. I recently found an interview where JC Chandor explains why he removed the numbers.
www.propublica.org/article/making-margin-call-an-interview-with-writer-director-j.c.-chandor
From one Nerd / Film Affectionado to another - THANK YOU!
Also, to me, cutting the number increases the timelessness of the movie which seems to be purposeful as there are no dates
"Carmello, get me Eric Dale here by 6:30."
My favourite line is: "Do you think we're gonna be wrong?""No, they're all fucked."
I think Eric Dales’ discover could’ve been better explored in the movie. I sounded in the first meeting the Cohen was unaware that Dale was fired.
Cutting the number was really clever.
It's concise and .... with the era of free money of QE & covid 1.2 Trillion USD seems less bigger than in 2008's or 1950's
My favorite quote from the movie is "It's just number sam"
There is a number in the movie, when Sarah comes in to confirm that peter got it right, "the kid killed it" Jared says "there is $8 trillion around the globe based on that formula"
Wondered why John seemed to rub his nose a few times. Seemed an odd thing to do.
I wonder if this is an unconscious gesture for 'Im keeping my nose clean'
Because after all he doesn't seem to make any actual decisions, he just prompts and baits the others to do what he wants, making them think they've arrived at it themselves. I think he knew exactly what was going on before he stepped in the room, he knew this day would come. He's just a bit pissed he didn't get more notice.
Interested to know what anyone else thinks.
They all knew. The whole meeting was just everyone agreeing with the decision and shifting blame from themselves.
They just realized if a local junior could come up with what they got, it was the time to cash out
Thanks for your comment! Interesting idea about John. Two things:
1) I've seen comments on other Margin Call videos saying John rubbing his nose has to do with a certain illegal substance. Seth also rubs his nose in the movie and the comments say the same thing about him. It's open to interpretation - it could mean something or it could just be an unconscious movement from the actors.
2) John definitely knew about the danger before the meeting. Sarah tells him that she warned him about it several times over the last year.
Another favorite line is: What have I told you since the first day you walked into my office? (pause) That there are three ways to make a living in this business... Be first, be smarter, or cheat. Well I don’t cheat, and even though I like to think we have got some pretty smart people in this building of the two remaining options, it sure is a hell of alot easier to just be first.
You're right: without the 'numbers' the script, works way better & enhances the characters roll in the story as a whole.
Additionally it never occured to me that numbers can 'weigh down' a narrative. Or as you pointed out: makes it feel 'clunky'
Excellent analysis on an excellent film! A comment posted here by Chill Pill very rightly points out that - without the numbers - the
movie becomes "more timeless". I completely agree. Anyway, thank you Bezel Media for another great take on this movie! ❣-Chris
Thank you so much! I recently found an interview where JC Chandor talks about removing the numbers - it's an interesting read.
I also posted another video about a TV show (Superman and Lois) - hope you check it out!
www.propublica.org/article/making-margin-call-an-interview-with-writer-director-j.c.-chandor
I love this niche Margin Call-themed channel. Great videos!
I think the number should have been kept in. It gives us, the audience, a better idea of the amounts being talked about and shows why it's such a serious situation. Market Capitalisation doesn't mean a lot to most people, but you say the word Trillion and people think of Countries/large economies (economic blocs for instance)!
I am a quant and I know quants - quants talk about numbers all the time - for peter not to talk about the number is frankly silly - but I can see how civies might like it - they could have showd it on the screen in the model at least as an easter egg
I agree - when I first saw the senior partners scene, I was surprised that Peter didn't say a number. But I think overall it works better - adds to the timelessness as others have commented, and including the number would raise a lot of questions. The movie does include a guy who's happy to talk numbers - Eric.
Best line for me was when they go to meet John Tuld and Jared warns them all DONT try to BS to him bc "nobody here is smart enough not even the rocket scientist" then Tuld tells Peter "it wasn't brains that got me here" and you know he's lying his ass off
What would be amazing is a movie prequel to Margin Call, showing the same characters and how the company made decisions to get to the position it’s in in Margin Call
I think the monster is not only the $ loss, but also Tuld himself for part of the movie. The characters barely mention his name, its mostly 'him', and seem nervous about him. He finally descends out of the night sky like some monstrous creature when the helicopter lands, but is still unseen. The characters are clearly on edge. Then we see the Executive Assistant character looking like some grim faced guardian of the inner court, and she looks almost in pain or in terror when she walks into the room just before Tuld finally appears. Plus, Irons plays Tuld with a reptilian menace.
Your analysis is REALLY sharp and inciteful... really interesting! You are good at this!
my favorite line is when Cohen says " Mr. Tulda, if you look at the figure...". I wonder why he called him that instead of Mr. Tuld.