The Big Short

Rating: 6/10 (3 February 2016)

I saw the trailer for this film at least six times in the cinema, I knew it was going to be something about financial business, it was rated well and I wasn't going to miss it when it became popular during awards season, from Oscar and BAFTA nominated director Adam McKay (Anchorman: The Legend of Ron Burgundy, Talladega Nights: The Ballad of Ricky Bobby, Step Brothers, The Other Guys). Based on a true story, in 2005, the U.S. housing market is highly unstable, from high risk subprime loans and fewer and fewer returns provided, this is discovered by eccentric hedge fund manager Michael Burry (Oscar, BAFTA and Golden Globe nominated Christian Bale). Burry predicts the market to collapse sometime in the second quarter of 2007, he creates a credit default swap market and bet against the housing market in order to profit from this situation, he visits numerous banks with the idea, they all believe the housing market is secure and accept his proposal. Burry's clients believe he is wasting their money and are displeased, they demand him to stop what he is doing, the predicted time approaches, his investors consider pulling their money when they lose their confidence, but they are angered when Burry puts a moratorium (legal delay) on withdrawals. However, the market collapses just as Burry predicted and profits go up to 489% from the plan, trader Jared Vennett (Ryan Gosling) hears of Burry's actions and realises his predictions were true, he puts on his own credit default swap market stake, hedge fund manager Mark Baum (Golden Globe nominated Steve Carell) is also alerted and is convinced to join Vennett. Vennett and Baum discover that collateralized debt obligations (CDOs), poor loans packaged together and incorrectly given prime ratings due to conflicting interests and dishonesty of rating agencies, are being sold which is further perpetuating the impending collapse. Baum interviews a businesswoman at the American Securitization Forum in Las Vegas who has created synthetic CDOs, a chain of increasingly large bets on faulty loans is made, Baum is horrified to discover that the scale of the fraud will cause the economy to completely collapse, Baum's business partners convince him to go ahead with the credit default swaps, profiting the banks from the situation. A paper by Vennett is accidentally discovered by eager young Charlie Geller (John Magaro) and Jamie Shipley (Finn Wittrock), and also become involved with the credit default swaps, they enlist aid from retired banker Ben Rickert (Brad Pitt, also producing) to help pull off the trades necessary to profit, due to their being under the required capital for an ISDA (International Swaps and Derivatives Association) needed. Geller, Shipley and Rickert make the successful deals visiting the mortgage securities forum in Las Vegas, but Rickert is disgusted with Geller and Shipley being ecstatic and celebrating an impending economic collapse and lives that will be lost, the two are horrified and try to tip off the press and their families about the upcoming disaster, taking a more emotional stake, they profit, but their faith in the system is broken. In the end Baum semi-retires, investing only in water, continuing his career and refusing to say to the world "I told you so", Rickert returns to retirement, and Shipley and Geller unsuccessfully attempt to sue the ratings companies, almost none of those involved in the CDO bubble are arrested, Bespoke CDOs are soon sold again. Also starring Melissa Leo as Georgia Hale, Rafe Spall as Danny Moses, Marisa Tomei as Cynthia Baum, Doctor Who's Karen Gillan as Evie, Tracy Letts as Lawrence Fields, Selena Gomez, The Wolf of Wall Street's Margot Robbie, Max Greenfield as Mortgage Broker #1, Billy Magnussen as Mortgage Broker #2 and Jeremy Strong as Vinnie Daniel. Gosling does steal the show being the ruthless cool one, Carell is equally good as the anxious fund manager, Bale is likable spending most of his time behind a desk or a drum kit, and Pitt is softly profound as the ex-banker brought back into action. I knew about the Credit Crunch in Britain 2007-2008, then of course it turned into the Financial Crisis around the world, the idea of this film was to help those who do not understand a lot about financial business get the gist of the catastrophe, I will admit I had to concentrate hard with all the technical wording, but you get the whole concept of the men who saw disaster on the horizon, and there is worthwhile humour and satirical material to keep it going, overall it is an entertaining biographical comedy drama. It won the Oscar for Best Writing, Adapted Screenplay for Charles Randolph and Adam McKay, and it was nominated for Best Motion Picture of the Year and Best Film Editing, it won the BAFTA for Best Adapted Screenplay, and it was nominated for Best Film and Best Editing, and it was nominated the Golden Globe for Best Screenplay and Best Motion Picture - Comedy or Musical. Good!