5 movies about financial scandals
Financial scandals have often been a topic of concern for society, and movies have not failed to draw inspiration from them to create captivating films. In this list, we'll look at five films that explore the arcana of certain financial scandals. These films have all received critical and popular acclaim for their compelling treatment of this complex and often opaque subject. Each of them offers a unique perspective on financial scandals, revealing what goes on behind the scenes of these controversial cases. Check out all these films to better understand what you're getting into!
Read more: Focus on Exotic Derivatives Trader
1) L’outsider (2016)
This film by Christophe Barratier tells the story of the Jérôme Kerviel affair, a former trader at the Société Générale, the main protagonist of The Outsider. The main character is an ambitious young man who joins Société Générale as a manager in the middle office control department. Two years later, he moves up to assistant trader before becoming a trader. During his years at Société Générale, the then 31-year-old market trader took huge risks without informing his management. The trader of the Société Générale in Paris would have invested for more than 60 billion euros in future contracts without informing his management. In sum, these risky positions have lost the equivalent of 5 billion to the Société Générale.
This poignant film takes up the Kerviel vs. Société Générale scandal and shows us the workings of a financial system in which a broker loses his sense of reality, caught up in the adrenalin of the markets. After these trials, he admitted to having his share of responsibility in this affair but also claimed to have been used as a scapegoat by the bank, which would have used him to hide its own mistakes.
2) The Wizard of Lies (2016)
This film by Barry Levinson takes up the scandal of the Bernard Madoff affair, known as Bernie Madoff, played by the actor Robert De Niro.
Child of a Jewish family in New York, Bernard Madoff begins his activity as a financier in the sixties. He was so successful that he was appointed president of the NASDAQ, the American stock exchange. However, this American financier is better known as the author of the largest Ponzi scheme in history. The man developed a gigantic plan to defraud his clients and embezzled an amount of nearly 65 billion dollars. This story is the basis of one of the most devastating fraud practices. In 2009, the Wall Street swindler is serving 150 years in prison.
3) Inside Job (2010)
This documentary film explores the causes of the 2008 crisis, the so-called subprime crisis. The film focuses on interviews with key financial players, politicians, and academics to show how the financial industry has become increasingly deregulated over the years.
Although this topic has been seen in class, INSIDE JOB provides a deeper look at the subject, particularly about the conflicts of interest between regulators and financial institutions, as well as how big banks have used their influence to shape public policy in their favor.
Finally, the film has received widespread critical acclaim for its in-depth analysis of the 2008 financial crisis and for exposing the fraudulent practices and conflicts of interest that played a significant role in that crisis.
4) Wall Street – Money never sleeps (2010)
Wall Street, New York - The film is set in the middle of the 2008 stock market crash. Jacob Moore, a promising trader, is determined to avenge the death of his mentor, who committed suicide after some questionable financial transactions. To achieve this, he enlists the help of Gordon Gekko, a renowned financial guru, just released from prison after being convicted of insider trading. But Jacob learns the hard way that Gekko remains a master manipulator and that on Wall Street, money never sleeps!
5) Enron: The Smartest Guys in the Room (2005)
The director, Alex Gibney, was inspired by the book of the same name by Bethany McLean and Peter Elkind. Nominated for 1 Academy Award, "Best Documentary" in 2006, this film tells the story of the Enron affair.
The film explores in detail the fraudulent methods used by Enron executives to deceive investors and regulators. It also examines the role of investment banks, audit firms and government regulators in the affair, highlighting the failures and gaps in the oversight and regulatory system. More broadly, the documentary shows how Enron used complex accounting techniques to hide debts and losses and create a false positive image of the company. It also describes the devastating consequences of Enron's collapse for employees, investors, and the community at large.
