"Too Big to Fail" HBO Movie

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Post Reply
Topic Author
maxinout
Posts: 426
Joined: Fri Mar 12, 2010 3:03 pm

"Too Big to Fail" HBO Movie

Post by maxinout »

For anybody that has HBO, I watched "Too Big to Fail" On Demand last night.

Pretty well done film telling the story of the financial crisis of 2008. Shows some pretty interesting scenes (however accurate) of private meetings held with all of the CEO's of the big banks. Funny seeing who they choose to play each CEO. And the Lehman, Merryl and AIG shakedown.

Not a documentary. Guess you could call it a drama. Pretty good cast.

http://www.hbo.com/#/movies/too-big-to- ... IAYmwXOA==
User avatar
bob90245
Posts: 6511
Joined: Mon Feb 19, 2007 8:51 pm

Post by bob90245 »

I read the book (actually, listened to it on books-on-tape). It reads like a screenplay. So I imagined for the movie, you might see the actors speaking the same dialog as in the book.
Ignore the market noise. Keep to your rebalancing schedule whether that is semi-annual, annual or trigger bands.
User avatar
NAVigator
Posts: 2461
Joined: Tue Feb 27, 2007 7:24 am
Location: Iowa

Post by NAVigator »

Fascinating story, indeed. Frontline did a series of documentaries about the 2008 economic crisis. These include; The Warning, Breaking the Bank, and Inside the Meltdown. The underlying issues of removing regulation and the never-regulated credit default swaps provide enlightening insight.

Jerry
"I was born with nothing and I have most of it left."
beareconomy
Posts: 461
Joined: Sat Sep 11, 2010 9:01 am

Post by beareconomy »

The CEOs of BOA, Citi, and Goldman Sachs should be making license plates right now. That would happen if I was prez-o-dent.
User avatar
ddb
Posts: 5511
Joined: Mon Feb 26, 2007 12:37 pm
Location: American Gardens Building, West 81st St.

Post by ddb »

I watched the movie twice yesterday (once on my Android phone via the HBO2Go app while shuffling my wife errand on errands after work, and once after the kids were asleep). I enjoyed it very much, but then again I'm a sucker for these HBO films. Barbarians at the Gate remains one of the most entertaining movies I've seen.

Anyway, the cast was outstanding! Paul Giamatti, James Woods, Matthew Modine, William Hurt, Billy Crudup, Bill Pullman, and Ed Asner. I haven't read the book by the same name, but would like to know. In particular, I'm curious to know more about how Lehman turned down a capital infusion offer by Warren Buffet which sounds like it may have saved them, and more about how close BoA came to rescuing Lehman.

I was also impressed how the movie mostly stayed away from politics.

- DDB
"We have to encourage a return to traditional moral values. Most importantly, we have to promote general social concern, and less materialism in young people." - PB
jmbkb4
Posts: 280
Joined: Sat Feb 12, 2011 4:47 pm

Post by jmbkb4 »

I thought it was an excellent film. Paul Giamatti was particularly wonderful.
scubadiver
Posts: 1193
Joined: Sun May 04, 2008 9:48 pm

Post by scubadiver »

ddb wrote:Anyway, the cast was outstanding! Paul Giamatti, James Woods, Matthew Modine, William Hurt, Billy Crudup, Bill Pullman, and Ed Asner. I haven't read the book by the same name, but would like to know. In particular, I'm curious to know more about how Lehman turned down a capital infusion offer by Warren Buffet which sounds like it may have saved them, and more about how close BoA came to rescuing Lehman.
- DDB
I seem to recall from the book the Buffet refused to provide Lehman with any financing. Fuld had been reaching out to Buffet, but he (Buffet) couldn't understand their books and had a 'bad feeling' about the whole thing.

Could this be an innaccuracy in how the movie is reflecting the book or is it that my memory is faulty?
User avatar
bob90245
Posts: 6511
Joined: Mon Feb 19, 2007 8:51 pm

Post by bob90245 »

scubadiver wrote:
ddb wrote:Anyway, the cast was outstanding! Paul Giamatti, James Woods, Matthew Modine, William Hurt, Billy Crudup, Bill Pullman, and Ed Asner. I haven't read the book by the same name, but would like to know. In particular, I'm curious to know more about how Lehman turned down a capital infusion offer by Warren Buffet which sounds like it may have saved them, and more about how close BoA came to rescuing Lehman.
- DDB
I seem to recall from the book the Buffet refused to provide Lehman with any financing. Fuld had been reaching out to Buffet, but he (Buffet) couldn't understand their books and had a 'bad feeling' about the whole thing.

Could this be an innaccuracy in how the movie is reflecting the book or is it that my memory is faulty?
I also seem to remember that Buffett turned down Lehman. I think there were two banks who were the last ditch saviors of Lehman. One in Britain? and in Asia? Neither came through. I think the reason was that they wanted a "Jamie deal". Referring to JP Morgan using the US Fed (Treasury?) to backstop the Bear Sterns rescue. At that point, the Treasury Secretary (name escapes me now) didn't want any more Fed rescues. That was what intiated the last phase of the meltdown of the Financial system. At which point, TARP was pushed through.
Ignore the market noise. Keep to your rebalancing schedule whether that is semi-annual, annual or trigger bands.
scubadiver
Posts: 1193
Joined: Sun May 04, 2008 9:48 pm

Post by scubadiver »

bob90245 wrote:
scubadiver wrote:
ddb wrote:Anyway, the cast was outstanding! Paul Giamatti, James Woods, Matthew Modine, William Hurt, Billy Crudup, Bill Pullman, and Ed Asner. I haven't read the book by the same name, but would like to know. In particular, I'm curious to know more about how Lehman turned down a capital infusion offer by Warren Buffet which sounds like it may have saved them, and more about how close BoA came to rescuing Lehman.
- DDB
I seem to recall from the book the Buffet refused to provide Lehman with any financing. Fuld had been reaching out to Buffet, but he (Buffet) couldn't understand their books and had a 'bad feeling' about the whole thing.

Could this be an innaccuracy in how the movie is reflecting the book or is it that my memory is faulty?
I also seem to remember that Buffett turned down Lehman. I think there were two banks who were the last ditch saviors of Lehman. One in Britain? and in Asia? Neither came through. I think the reason was that they wanted a "Jamie deal". Referring to JP Morgan using the US Fed (Treasury?) to backstop the Bear Sterns rescue. At that point, the Treasury Secretary (name escapes me now) didn't want any more Fed rescues. That was what intiated the last phase of the meltdown of the Financial system. At which point, TARP was pushed through.
The Asian bank was some Korean bank that I've never herd of before or since. The British bank was Barclays. I believe BoA was also in the mix for a while, but they ended up going for a deal with John Thain and Merril Lynch.

I agree, the book did read like a screen play. It was a great read though and I'm looking forward to seeing the movie.
Moshito
Posts: 39
Joined: Fri May 06, 2011 2:12 pm

OD

Post by Moshito »

Haven't watched it yet. Casting seems increible.
User avatar
Amigo
Posts: 12
Joined: Thu May 19, 2011 2:00 pm

Post by Amigo »

Thanks for sharing your experience. Haven't seen it yet, but all these comments suggest it's a must watch movie. Hope to see it soon and will come back with some feedback.....
User avatar
ddb
Posts: 5511
Joined: Mon Feb 26, 2007 12:37 pm
Location: American Gardens Building, West 81st St.

Post by ddb »

bob90245 wrote:
scubadiver wrote:
ddb wrote:Anyway, the cast was outstanding! Paul Giamatti, James Woods, Matthew Modine, William Hurt, Billy Crudup, Bill Pullman, and Ed Asner. I haven't read the book by the same name, but would like to know. In particular, I'm curious to know more about how Lehman turned down a capital infusion offer by Warren Buffet which sounds like it may have saved them, and more about how close BoA came to rescuing Lehman.
- DDB
I seem to recall from the book the Buffet refused to provide Lehman with any financing. Fuld had been reaching out to Buffet, but he (Buffet) couldn't understand their books and had a 'bad feeling' about the whole thing.

Could this be an innaccuracy in how the movie is reflecting the book or is it that my memory is faulty?
I also seem to remember that Buffett turned down Lehman. I think there were two banks who were the last ditch saviors of Lehman. One in Britain? and in Asia? Neither came through. I think the reason was that they wanted a "Jamie deal". Referring to JP Morgan using the US Fed (Treasury?) to backstop the Bear Sterns rescue. At that point, the Treasury Secretary (name escapes me now) didn't want any more Fed rescues. That was what intiated the last phase of the meltdown of the Financial system. At which point, TARP was pushed through.
Here's roughly how the Lehman saga went according to the HBO movie: Lehman needs cash, so Dick Fuld reaches out to Warrent Buffet, while simulataneously asking Hank Paulson to put in a good word for Lehman with Warren Buffet. Paulson does so. Buffet offers Lehman terms of preferred stock with a 9% dividend rate and/or warrants with a then-lower-than-market-value stock price (movie was not too clear on the terms). Fuld thought this was too expensive, and felt confident that Korea Development Bank would come to their rescue. KDB comes to Lehman, begins to negotiate terms with the Lehman COO which include not buying any of Lehman's troubled real estate, then Dick Fuld comes into the meeting and blows the deal by insisting that KDB reconsider buying the real estate. Meanwhile, Hank Paulson and Ben Bernanke have breakfast meetings during which they discuss other companies that can buy Lehman. They are most hopefuly for Bank of America, while also noting Barclays as a potential. They start pressuring BofA to buy Lehman, and the deal appears to be nearly closed. Suddenly, Merrill Lynch realizes the trouble they are in, and Mr. Thain of ML approaches BofA to buy them instead of Lehman. Dick Fuld is mad! So then, Paulson works his magic to get Barclays to buy Lehman, with the other large Wall Street banks agreeing to kick in funds to buy the Lehman real estate that Barclays doesn't want. A deal is struck, everybody is thrilled, but then the British Finance Minister Alistair Darling blocks the deal.

I found it all fascinating enough that I now plan to read the book.

- DDB
"We have to encourage a return to traditional moral values. Most importantly, we have to promote general social concern, and less materialism in young people." - PB
beareconomy
Posts: 461
Joined: Sat Sep 11, 2010 9:01 am

Post by beareconomy »

Thos guys should be making license plates!
Van
Posts: 792
Joined: Wed Oct 27, 2010 9:24 am

Post by Van »

Agree with the previous posters that the movie was very good.

However, my reaction to the movie was a question. Have any regulations been put into effect to prevent a reoccurrence??? I follow the news fairly carefully, but I don't know if anything significant has been done to prevent a repeat.
User avatar
touchdowntodd
Posts: 808
Joined: Sat Oct 31, 2009 9:50 am

Post by touchdowntodd »

any way to see it without HBO?

id LOVE to see this!
tryin to do this right... thanks guys
swyck
Posts: 328
Joined: Mon Mar 17, 2008 11:58 am

Post by swyck »

Van wrote:Agree with the previous posters that the movie was very good.

However, my reaction to the movie was a question. Have any regulations been put into effect to prevent a reoccurrence??? I follow the news fairly carefully, but I don't know if anything significant has been done to prevent a repeat.
Haven't they guaranteed a reoccurence by making even bigger banks?
User avatar
TxAg
Posts: 1725
Joined: Sat Oct 17, 2009 11:09 am

Post by TxAg »

Watched it this weekend. It was very informative. It put things into an easy-to-understand-and-follow format.

The cast did a great job.
natureexplorer
Posts: 4201
Joined: Thu Sep 03, 2009 10:52 am
Location: Houston

Post by natureexplorer »

touchdowntodd wrote:any way to see it without HBO?

id LOVE to see this!
http://tinyurl.com/3gvp86l
User avatar
touchdowntodd
Posts: 808
Joined: Sat Oct 31, 2009 9:50 am

Post by touchdowntodd »

good one on the let me google that, but nothing is up yet

i searched long before asking..

nothing is up thats working at this point
tryin to do this right... thanks guys
LynnC
Posts: 800
Joined: Thu Mar 01, 2007 7:01 pm
Location: California

Post by LynnC »

Great movie and cast. Was Wells Fargo the only bank that didn't need or want the bail out?

The banks seem bigger than ever now. Look at BofA that had to take Countrywide and ML. Are they now too big to fail?


LynnC
natureexplorer
Posts: 4201
Joined: Thu Sep 03, 2009 10:52 am
Location: Houston

Post by natureexplorer »

touchdowntodd wrote:good one on the let me google that, but nothing is up yet

i searched long before asking..

nothing is up thats working at this point
tpb has several
Post Reply