You have to see this movie!
Published on December 30, 2015
What happened in 2008? I am glad you asked - run to the library and rent "The Big Short" and all your questions will be answered! The short answer is GREED, but you probably knew that ...
If you live in America, you must see this movie. This is not some Hollywood exaggeration, but a real life adaptation of real events that have changed our country and you, the American Tax Payer, are still paying the bill!
This movie is essentially a documentary of exactly what happened, and portrayed with great actors. I am still amazed at the lack of uprising in America after what took place in 2008. I can only conclude that most of America is still ignorant of exactly what transpired.
Fact: most every financial institution in our country took place in one of the greatest displays of greed ever seen in history. We crucify Bernie Madoff and call for his execution and yet we witnessed thousands of “Bernie Madoff’s” in the absolute debauchery that was the mortgage meltdown. Firms manufactured investment vehicles that were complete crap made up of crap that were then rated “AAA” by the rating agencies and sold to the American public! Firms got rich, $50 million bonuses were paid all over wall St. and we came very close to bankrupting our country.
What was the fall out? NOTHING! One firm was allowed to fail (Lehman Brothers) and the rest were bailed out. By whom? YOU, the tax payer! I know what you are thinking, but people went to prison right? NOPE! One guy, Kareem Serageldin. That’s right; almost $15 trillion in estimated global losses from the crisis and 1 guy is in jail. Madoff stole $65 billion and received 11 felony convictions and 150 years in prison. So why when you steel $15 trillion does nothing happen? I have been in the financial industry for over 2 decades and I have stories, but nothing that compares to this.
I see advisors railroaded by an investor complaint and receive a fine because the notes they took on a client were not robust enough, but then you see this level of greed and nothing happens. You owe it to yourself to be informed and this movie does a great job of taking some incredibly complicated subject matter and making it digestible.
I will warn you that after this movie you will be disgusted and angry, but you will also be enlightened. The reason that these things happen, and no apparent consequences arise from them, is our shortcoming as a country of ignoring what goes on around us. We walk around with blinders until we are personally affected and then we take an interest. Trust me, you have been touched by this whether you know it or not. So what will you do with this information - that is the big question …?