Wikinvest Wire

"I thought it was a bubble that was over"

Tuesday, September 08, 2009

Oliver Stone is back in Manhattan shooting the sequel to the 1987 movie "Wall Street", surprised that so many people continue to think that "Greed is good".
IMAGE The events of the last couple years make what happened on Wall Street in the mid-1980s pale in comparison and, from the looks of things lately, you have to wonder what the place will look like in another 20 years.

This New York Times story provides all the details:

Greed Is Bad, Gekko. So Is a Meltdown.

Last Tuesday afternoon, a black Cadillac Escalade arrived at the Federal Reserve Bank of New York in Lower Manhattan, built in the 1920s to resemble the Renaissance-era palaces of Florence, Italy. From a rear seat stepped a man in a cashmere sweater and dark slacks.

“This is where the money is,” he said, borrowing the words of Willie Sutton, the Depression-era bank robber. “There is more gold here than anywhere in the world.”

Look out, Wall Street: Oliver Stone is back.

This is familiar terrain for Mr. Stone: his father was a broker, and his 1987 film, “Wall Street,” became emblematic of an era of excess the filmmaker thought was fading, but in fact was only beginning. Now he is here to make a sequel, to capture greed on celluloid all over again, set against the backdrop of the financial collapse that began with the fall of Bear Stearns.
“I can’t tell you how many young people have come up to me in these years and said, ‘I went to Wall Street because of that movie,’ ” Mr. Stone said, standing on a street corner between Federal Hall and the New York Stock Exchange. A recognizable face himself, he was stopped only once during the stroll, not by a broker but by a Stock Exchange security officer who wanted to talk about his time in Vietnam. (Mr. Stone is a veteran himself, and directed the 1986 film “Platoon.”)

After exchanging words with the officer outside the exchange, Mr. Stone stood in front of the building and marveled at how the culture of finance changed after the original movie. “It became glamorous to cover Wall Street,” he said. “It had not been so before.”
The activities of the Paul Volcker-led Federal Reserve were not mentioned in the 1987 movie, but, this time, the central bank is expected to be an integral part of the story.

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