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10 Stock Market Scams from the Movies

10 Stock Market Scams from the Movies

Christopher Campbell
By Christopher Campbell posted 5 months ago
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The original film of The Taking of Pelham One Two Three was quite representative of New York City in the mid-1970s. Tony Scott’s remake, which opens this weekend, doesn’t have that same sense of space, but even worse than its lack of local relevance is its out-of-date plot, which has John Travolta causing panic on Wall Street in order to make hundreds of millions in a stock scheme. Never mind that the economy is currently in such a state that the terrorist’s plan may be fruitless. Even before the recession this should have seemed antiquated. As David Edelstein writes in New York magazine, “Why would he need to do something so…so…1974 as hijacking a subway train to do what a lot of hedge-fund managers do before breakfast?”

The plot is also tremendously unoriginal, enough to assume Travolta’s character is a huge James Bond fan. But someone familiar with 007 villains, or any other would-be economic terrorists, would have to realize his own scheme would fail. To illustrate why it’s useless to attempt this kind of thing, we present you with ten classic films involving stock market scams, most of which are unsuccessful.
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Alex Gibney on Gandalf, Obama and the Death of the American Dream

Steven Boone
By Steven Boone posted 1 year ago
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My version of The Godfather would open with a voice in the darkness saying, “I don’t believe in America. The American Dream is a once-beguiling fairy tale; show’s over, y’all.” But The Dream is still real to many people, and the violence that powerful private interests have done to it in the last century pains them like a kidney punch.

Gonzo journalism pioneer Hunter S. Thompson was one of the wounded, and so is Alex Gibney (Enron: The Smartest Guys in the Room, Taxi to the Darkside), the far more straight-laced director of the entertaining documentary Gonzo: The Life and Work of Hunter S. Thompson. They share a proprietary sense of outrage over abuses of power they’ve witnessed in their times. For them, America’s Nixons, Enrons and Bush-Cheneys have desecrated the church, the front lawn. For all their passionate trouble-making, there’s no denying that Gibney and the late Thompson, two white males who came up through America’s hallowed institutions (Thompson through the U.S. Air Force; Gibney through Yale), are insiders.

When I went to interview Gibney about Gonzo, I remembered the film’s procession of leathery right-wingers and elites, former Thompson nemeses, who have warm, friendly things to say about “Dr. Gonzo” now that he’s dead, now that his caricature as a gun-toting drughead has endured beyond his politics. I wondered if, in the end, being inside got the hole dug any better than chucking rocks from outside.

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Enron. Torture. Eliot Spitzer.

Karina Longworth
By Karina Longworth posted 1 year ago
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Eliot Spitzer on New Yorj Magazine coverThe New York Observer reports that Oscar winning filmmaker Alex Gibney is working on a documentary about Eliot Spitzer, the New York governor who was forced to resign after his predilection for semi-pricey hookers was revealed last month. Gibney is collaborating with Peter Elkind, who wrote the book that inspired Gibney’s Enron doc The Smartest Guys in the Room, to produce a book and a movie simultaneously.  Is the public really really so hungry for more information about this story, after so many weeks of exhaustive cable news coverage and loosely-related hooker tie ins across the infotainment spectrum? Is there anything left to say that wasn’t summed up by the New York Magazine cover at right?