Margin Call
{{short description|2011 film by J. C. Chandor}}
{{Other uses|Margin call (finance)}}
{{Use mdy dates|date=November 2020}}
{{Infobox film
| name = Margin Call
| image = Margin Call.jpg
| alt =
| caption = Theatrical release poster
| director = J. C. Chandor
| producer = {{Plainlist|
- Joe Jenckes
- Robert Ogden Barnum
- Corey Moosa
- Michael Benaroya
- Neal Dodson
- Zachary Quinto
}}
| writer = J. C. Chandor
| starring = {{Plainlist|
- Kevin Spacey
- Paul Bettany
- Jeremy Irons
- Zachary Quinto
- Penn Badgley
- Simon Baker
- Mary McDonnell
- Demi Moore
- Stanley Tucci
}}
| music = Nathan Larson
| cinematography = Frank DeMarco
| editing = Pete Beaudreau
| studio = {{Plainlist|
- Myriad Pictures
- Benaroya Pictures
- Before the Door Pictures
- Washington Square Films
- Untitled Entertainment
- Sakonnet Capital Partners
}}
| distributor = {{Plainlist|
- Lionsgate and Roadside Attractions (North America)
- Myriad Pictures (International)
}}
| released = {{Film date|2011|01|25|Sundance|2011|10|21|United States}}
| runtime = 109 minutes
| country = United States
| language = English
| budget = $3.5 million
| gross = $19.5 million{{cite web|url=https://www.boxofficemojo.com/movies/?id=margincall.htm|title=Margin Call|publisher=Box Office Mojo|access-date=August 10, 2012|archive-date=June 25, 2012|archive-url=https://web.archive.org/web/20120625062229/http://boxofficemojo.com/movies/?id=margincall.htm|url-status=live}}
}}
Margin Call is a 2011 American drama film written and directed by J. C. Chandor in his feature directorial debut. The principal story takes place over a 24-hour period at a large Wall Street investment bank during the initial stages of the 2008 financial crisis.{{cite news|first=Mike|last=Fleming|work=Deadline Hollywood|title=Margin Call Director J.C. Chandor Snags Big Warner Bros Writing Gig From DiCaprio|url=https://www.deadline.com/2010/09/margin-call-director-jc-chandor-gets-big-warner-bros-writing-gig/|date=September 13, 2010|access-date=October 6, 2010|archive-date=October 18, 2010|archive-url=https://web.archive.org/web/20101018021612/http://www.deadline.com/2010/09/margin-call-director-jc-chandor-gets-big-warner-bros-writing-gig|url-status=dead}} It focuses on the actions taken by a group of employees during the subsequent financial collapse.{{cite news|first=Borys|last=Kit|title=Simon Baker, Paul Bettany eye indie drama|magazine=The Hollywood Reporter|date=June 15, 2010|url=https://www.hollywoodreporter.com/hr/content_display/news/e3i7acb6b7c0df1eb709c8bcff91327b23f|access-date=June 27, 2010|archive-date=June 23, 2010|archive-url=https://web.archive.org/web/20100623090732/http://www.hollywoodreporter.com/hr/content_display/news/e3i7acb6b7c0df1eb709c8bcff91327b23f|url-status=live}} The title comes from the finance term for when an investor must increase the securities or other assets used as collateral for a loan when their value falls below a certain threshold. The film stars an ensemble cast consisting of Kevin Spacey, Paul Bettany, Jeremy Irons, Zachary Quinto, Penn Badgley, Simon Baker, Mary McDonnell, Demi Moore, and Stanley Tucci.
The film was produced by Myriad Pictures, Benaroya Pictures and Before the Door Pictures (which was the first to sign on and is owned by Zachary Quinto). It was produced in association with Washington Square Films. Theatrically, it was distributed by Lionsgate and Roadside Attractions in North America, with Myriad handling international distribution through independent distributors. The director and screenwriter, J. C. Chandor, is the son of an investment banker; the screenplay was partially informed by Chandor's own foray into real estate investments in New York City shortly before the financial crash.{{cite web |last1=de Melker |first1=Saskia | last2=Brown | first2=Jeffrey |last3=Chandor | first3=J. C. |title='Margin Call': Calm Before the Storm of 2008 Financial Crisis |url=https://www.pbs.org/newshour/arts/post-1 |website=PBS NewsHour |publisher=Public Broadcasting System |archive-url=https://web.archive.org/web/20190903205115/https://www.pbs.org/newshour/arts/post-1 | department=Art Beat |archive-date=September 3, 2019 |date=Oct 21, 2011}}{{cite web|url=https://www.newjerseyhills.com/bernardsville_news/news/ridge-high-grad-directs-new-hollywood-thriller/article_b834f746-ea8f-11e0-b3c5-001cc4c03286.html|title=Ridge High grad directs new Hollywood thriller|last=Writer|first=W. JACOB PERRY, Staff|website=New Jersey Hills|date=September 30, 2011 |access-date=September 23, 2019|archive-date=April 9, 2018|archive-url=https://web.archive.org/web/20180409233607/http://www.newjerseyhills.com/bernardsville_news/news/ridge-high-grad-directs-new-hollywood-thriller/article_b834f746-ea8f-11e0-b3c5-001cc4c03286.html |url-status=live}} Preceding its theatrical release, Margin Call received positive critical reviews. Following its wide release, the film garnered award nominations from the Detroit Film Critics Society, along with several separate nominations for its screenplay and direction from recognized award organizations, including a nomination for the Academy Award for Best Original Screenplay. The score was composed by Nathan Larson.
The film premiered at the Sundance Film Festival on January 25, 2011, and opened in theaters nationwide in the United States on October 21, 2011. Though it grossed just $5.4 million in domestic ticket sales from 199 theaters, the film had a ground-breaking day-and-date release that earned more than $10 million in video-on-demand sales. The DVD and Blu-ray editions were released in the U.S. on December 20, 2011.
Plot
In 2008, an unnamed investment bank begins laying off a large number of employees. Among those affected is Eric Dale, head of risk management. Dale's attempts to speak about the implications of a model he is working on are ignored. On his way out, he gives a flash drive containing his work to Peter Sullivan, an analyst in his department, warning him to "be careful". Sullivan, intrigued, works after hours to complete Dale's model.
Sullivan discovers that the assumptions underpinning the firm's present risk profile are wrong; historical volatility levels in mortgage-backed securities are being exceeded, which means that the firm's position in those assets is over-leveraged and the debt incurred from those over-leveraged assets will bankrupt the company. Sullivan calls his colleague, junior analyst Seth Bregman, to return to work with the head of credit trading, Will Emerson. Emerson in turn summons Sam Rogers, his boss, after reviewing Sullivan's findings. Attempts by the four to contact Dale prove unsuccessful due to his company phone having been shut off. Sullivan and Bregman go out to find Dale, while Rogers and Emerson inform the company's senior management of the situation.
A subsequent meeting of division head Jared Cohen, chief risk management officer Sarah Robertson, and other senior executives concludes that Sullivan's findings are accurate, and CEO John Tuld is called. Upon Tuld's arrival, and after Sullivan explains the problem, Rogers, Cohen, and Tuld spar regarding a course of action: Cohen's plan, favored by Tuld, is a fire sale of the problematic assets. Rogers disagrees, pointing out that the sale will damage the firm's relationships and reputation within the industry and cause major instability in the markets. Tuld stresses that his desire to avoid the firm's bankruptcy is worth that risk and cost.
After the meeting with Tuld, Emerson learns from Dale's wife that he has returned home. Emerson travels to Dale's residence with Bregman and attempts to persuade him to return to the firm, but he refuses. During the drive back, Bregman asks if he will lose his job; Emerson responds that he likely will but, philosophizing on the nature of the financial markets, tells him not to lose faith and that his work is necessary.
Tuld tells Robertson that he will assign the blame to her in front of the traders and the board of directors; Robertson argues that she warned Tuld and Cohen about the situation over a year ago, and that both acknowledged the risks, but fails to persuade him. Meanwhile, Dale is bribed and forced into cooperating with Cohen's plan, with the firm threatening to cut his benefits and severance if he refuses. He spends the day commiserating with Robertson.
Despite his misgivings, Rogers rallies his traders and informs them of the fire sale. He acknowledges the damage likely to be done to their reputations and careers but informs them that they will be well compensated with seven-figure bonuses if most of the traders' assigned assets are sold by day's end. As trading progresses, the firm elicits suspicion and eventually anger from their counterparties and incurs heavy losses, but they manage to sell off most of the bad assets.
Another round of layoffs begins; Rogers, upon finding out that he was spared, confronts Tuld and submits his resignation. Tuld dismisses Rogers' view of the situation by recalling past economic crises, arguing that such events always happen and that Rogers should not feel guilty for acting in his and the firm's interests. Tuld asks Rogers to stay on for two more years, and Rogers reluctantly accepts, citing his personal financial need. Tuld also informs Rogers that Sullivan will be promoted.
The film ends with Rogers burying his euthanized dog in his ex-wife's front yard during the night.
Cast
{{Cast listing|
- Kevin Spacey as Sam Rogers
- Paul Bettany as Will Emerson
- Jeremy Irons as John Tuld
- Zachary Quinto as Peter Sullivan
- Penn Badgley as Seth Bregman
- Simon Baker as Jared Cohen
- Mary McDonnell as Mary Rogers
- Demi Moore as Sarah Robertson
- Stanley Tucci as Eric Dale
- Aasif Mandvi as Ramesh Shah
- Ashley Williams as Heather Burke
- Susan Blackwell as Lauren Bratberg
- Maria Dizzia as Tuld's executive assistant
}}
Production
Principal photography began on June 21, 2010, in New York City and was shot in just 17 days.{{cite news |first=Eric |last=Dash |title=Citi Goes Hollywood for Spacey and Crew |newspaper=The New York Times |date=June 22, 2010 |url=http://dealbook.blogs.nytimes.com/2010/06/22/citi-goes-hollywood-for-spacey-and-crew/ |access-date=June 27, 2010 |archive-date=August 29, 2010 |archive-url=https://web.archive.org/web/20100829133105/http://dealbook.blogs.nytimes.com/2010/06/22/citi-goes-hollywood-for-spacey-and-crew/ |url-status=live }} More than 80% of the action was shot on the 42nd floor of One Penn Plaza, which had recently been vacated by a trading firm.{{cite web |last=Wallace |first=Benjamin |url=https://nymag.com/movies/features/zachary-quinto-2011-10 |title=What's Up, Spock?: He might be a famous Vulcan, but Zachary Quinto has no problem being fully human |work=New York |date=October 16, 2011 |access-date=April 17, 2020 |archive-date=May 14, 2020 |archive-url=https://web.archive.org/web/20200514163439/https://nymag.com/movies/features/zachary-quinto-2011-10/ |url-status=live }}{{cite web |first=Jon |last=Chesto |url=http://blogs.wickedlocal.com/massmarkets/2011/10/22/director-of-margin-call-didnt-need-a-big-budget-to-concisely-depict-wall-streets-mortgage-meltdown/ |title=Director of "Margin Call" didn't need a big budget to depict Wall Street's mortgage meltdown |work=WickedLocal.com |access-date=November 4, 2011 |archive-url=https://web.archive.org/web/20111025235930/http://blogs.wickedlocal.com/massmarkets/2011/10/22/director-of-margin-call-didnt-need-a-big-budget-to-concisely-depict-wall-streets-mortgage-meltdown/ |archive-date=October 25, 2011 |url-status=dead }}
The film premiered at the 2011 Sundance Film Festival in Park City, Utah. It also played in Competition at the 61st Berlin International Film Festival and was nominated for the Golden Bear.{{cite web |url=http://www.berlinale.de/en/archiv/jahresarchive/2011/08_pressemitteilungen_2011/08_pressemitteilungen_2011detail_8532.html |title=The Competition of the 61st Berlinale |access-date=January 20, 2011 |work=Berlinale |archive-date=March 4, 2016 |archive-url=https://web.archive.org/web/20160304203946/http://www.berlinale.de/en/archiv/jahresarchive/2011/08_pressemitteilungen_2011/08_pressemitteilungen_2011detail_8532.html |url-status=live }}{{cite web |url=http://www.vindianz.com/entertainment/spacey-moore-and-3d-in-focus-at-berlin-film-fest-afp-203000.html |title=Spacey, Moore and 3D in focus at Berlin film fest |access-date=January 20, 2011 |work=Yahoo News |url-status=dead |archive-url=https://web.archive.org/web/20120406211928/http://www.vindianz.com/entertainment/spacey-moore-and-3d-in-focus-at-berlin-film-fest-afp-203000.html |archive-date=April 6, 2012 }} The film was produced by Zachary Quinto's production company, Before the Door Pictures, with Quinto and his two producing partners and Carnegie Mellon University classmates, Neal Dodson and Corey Moosa.{{cite web |url=http://www.beforethedoor.com/ |title=Before The Door |work=beforethedoor.com |year=2015 |access-date=May 24, 2015 |archive-date=June 1, 2015 |archive-url=https://web.archive.org/web/20150601025020/http://www.beforethedoor.com/ |url-status=live }}
= Inspirations =
Although the film does not depict any real Wall Street firm, and the fictional firm is unnamed, the plot has similarities to some events during the 2008 financial crisis: Goldman Sachs similarly moved early to hedge and reduce its position in mortgage-backed securities, at the urging of two employees,{{cite news |last=Alloway |first=Tracey |date=December 10, 2010 |title=Goldman's uneasy subprime short |url=http://ftalphaville.ft.com/2010/12/10/433571/goldmans-uneasy-subprime-short/ |url-access=subscription |url-status=live |archive-url=https://web.archive.org/web/20150521000957/http://ftalphaville.ft.com/2010/12/10/433571/goldmans-uneasy-subprime-short/ |archive-date=May 21, 2015 |access-date=May 24, 2015 |work=The Financial Times}} which essentially mirrors Tuld's comment about the advantage of moving first.{{cite journal |last1=Werner |first1=Andrea |title=‘Margin Call’: Using Film to Explore Behavioural Aspects of the Financial Crisis |journal=Journal of Business Ethics |date=July 2014 |volume=122 |issue=4 |pages=643–654 |doi=10.1007/s10551-013-1781-4}}{{cite news |last1=Smith |first1=Ben |last2=Hoffman |first2=Liz |title=Why ‘Margin Call’ remains Wall Street’s favorite movie — and the best indictment of it |url=https://www.semafor.com/article/04/28/2025/jc-chandor-on-writing-margin-call-and-jeremy-irons |access-date=25 May 2025 |work=Semafor |date=2025-04-29 |language=en}} Lehman Brothers moved second and went bankrupt.{{cite web |last1=Lutz |first1=Matt |title=Movie Review: Margin Call |url=https://humeanbeing.substack.com/p/movie-review-margin-call |website=Humean Being |access-date=25 May 2025 |date=24 June 2024}} John Tuld's name is said to be a combination of Merrill Lynch's ex-CEO John Thain and Lehman Brothers' ex-CEO Richard Fuld.{{cite web |last=La Roche |first=Julia |date=2011-10-24 |title=The Director Of 'Margin Call' Reveals The Event That Inspired The Film |url=https://www.businessinsider.com/margin-calls-director-j-c-chandor-2011-10 |url-status=live |archive-url=https://web.archive.org/web/20210329003745/https://www.businessinsider.com/margin-calls-director-j-c-chandor-2011-10?r=US&IR=T |archive-date=2021-03-29 |access-date=November 11, 2018 |work=Business Insider}}
Reception
=Box office=
Margin Call grossed $5.4{{nbsp}}million domestically (United States and Canada), and $14.2{{nbsp}}million in other territories, for a worldwide total of $19.5{{nbsp}}million, against a budget of $3.5{{nbsp}}million.{{Cite Box Office Mojo|access-date=2023-10-10}}
=Favorable response=
{{RT prose|{{RT data|score}}|{{RT data|average}}|{{RT data|count}}|Smart, tightly wound, and solidly acted, Margin Call turns the convoluted financial meltdown of '08 into gripping, thought-provoking drama.|ref=yes|access-date=2023-10-10}} {{MC film|76|38|ref=yes|access-date=2023-10-10}}
The New Yorker film critic David Denby said it was "easily the best Wall Street movie ever made".{{cite magazine |url=https://www.newyorker.com/arts/critics/cinema/2011/10/31/111031crci_cinema_denby?currentPage=1 |title=All That Glitters |magazine=The New Yorker |publisher=Condé Nast |last=Denby |first=David |date=October 21, 2011 |access-date=April 23, 2018 |url-access=subscription |archive-date=November 13, 2013 |archive-url=https://web.archive.org/web/20131113021041/http://www.newyorker.com/arts/critics/cinema/2011/10/31/111031crci_cinema_denby?currentPage=1 |url-status=live }} Philip French of The Guardian called it the "best fictional treatment" of the 2008 financial crisis.{{Cite news |last=French |first=Philip |date=2012-01-08 |title=Margin Call – review |url=https://www.theguardian.com/film/2012/jan/08/margin-call-review |access-date=2025-01-17 |work=The Observer |language=en-GB |issn=0029-7712}} Justin Chang of Variety described it as "a methodical, coolly absorbing boardroom thriller".{{Cite web |last=Chang |first=Justin |date=2011-01-22 |title=Margin Call |url=https://variety.com/2011/film/markets-festivals/margin-call-1117944340/ |access-date=2025-01-17 |website=Variety |language=en-US}} Jake Bernstein of ProPublica said that Chandor "used the financial crisis as a springboard to create the most insightful Wall Street movie ever filmed".{{Cite web |last=Bernstein |first=Jake |date=2011-11-23 |title=Margin Call: A Small Movie Unveils Big Truths About Wall Street |url=https://www.propublica.org/article/margin-call-a-small-movie-unveils-big-truths-about-wall-street |access-date=2025-01-17 |website=ProPublica}} Roger Ebert of the Chicago Sun-Times gave the film three and half stars out of four, noting that it "employs an excellent cast who can make financial talk into compelling dialogue."{{cite web |title=Margin Call |first=Roger |last=Ebert |author-link=Roger Ebert |date=October 19, 2011 |newspaper=Chicago Sun-Times |url=https://www.rogerebert.com/reviews/margin-call-2011 |access-date=May 24, 2015 |archive-date=May 7, 2021 |archive-url=https://web.archive.org/web/20210507191246/https://www.rogerebert.com/reviews/margin-call-2011 |url-status=live |via=RogerEbert.com}} In 2022, Bloomberg News financial columnist Matt Levine described Margin Call as "the best finance movie".{{cite news |title=FTX Creates Crypto Contagion |first=Matt |last=Levine |date=November 16, 2022 |newspaper=Bloomberg News |url=https://www.bloomberg.com/opinion/articles/2022-11-16/ftx-creates-crypto-contagion#xj4y7vzkg |access-date=November 16, 2022 |url-access=subscription |archive-url=https://web.archive.org/web/20221116192353/https://www.bloomberg.com/opinion/articles/2022-11-16/ftx-creates-crypto-contagion?leadSource=uverify%20wall |archive-date=2022-11-16}} Film critic Bill Wine rated it 3/4, noting in a review for CBS: "Chandor takes a gamble with a screenplay that some might see as repetitive, but works nicely to make dense material clear and understandable."{{Cite web |date=2011-10-21 |title=Movie Review: 'Margin Call' - CBS Philadelphia |url=https://www.cbsnews.com/philadelphia/news/movie-review-margin-call/ |access-date=2025-01-17 |website=www.cbsnews.com |language=en-US}} Chris Knight of the National Post described it as "clearly a cautionary tale" but "also a crackling good thriller."{{Cite web |last=Knight |first=Chris |date=November 11, 2011 |title=Film Review: Margin Call (3 stars) |url=https://nationalpost.com/entertainment/margin-call-film-review-kevin-spacey-and-jeremy-irons-shine |access-date=January 16, 2025 |website=National Post}} Dyan Matthews of Vox wrote in 2022: "To a large degree, my love for Margin Call boils down to it being the one film that, more than any other, seems to understand the modern workplace (or at least the office workplace), and the moral compromises involved in living and thriving in that world."{{Cite web |last=Matthews |first=Dylan |date=2022-06-03 |title=One Good Thing: 107 minutes of Wall Street traders behaving badly |url=https://www.vox.com/23138194/margin-call-one-good-thing-morals |access-date=2025-01-16 |website=Vox |language=en-US}}
A. O. Scott of The New York Times wrote: "It is hard to believe that Margin Call is Mr. Chandor's first feature. His formal command – his ability to imply far more than he shows or says and to orchestrate a large, complex drama out of whispers, glances, and snippets of jargon – is downright awe inspiring."{{cite news |last=Scott |first=A. O. |date=October 21, 2011 |title=Margin Call with Zachary Quinto Review |url=https://www.nytimes.com/2011/10/21/movies/margin-call-with-zachary-quinto-review.html?pagewanted=all |url-access=subscription |url-status=live |archive-url=https://web.archive.org/web/20180424071718/https://www.nytimes.com/2011/10/21/movies/margin-call-with-zachary-quinto-review.html?pagewanted=all |archive-date=April 24, 2018 |access-date=April 23, 2018 |newspaper=The New York Times}} He continued: "Margin Call is a thriller, moving through ambient shadows to the anxious tempo of Nathan Larson's hushed, anxious score. It is also a horror movie, with disaster lurking like an unseen demon outside the skyscraper windows and behind the computer screens. It is also a workplace comedy of sorts. The crackling, syncopated dialogue and the plot, full of reversals and double crosses, owe an obvious debt to David Mamet's profane fables of deal-making machismo. Hovering over all of it is the dark romance of capital: the elegance of numbers; the kinkiness of money; the deep, rotten, erotic allure of power."
= Unfavorable response =
Mike Russell of The Oregonian rated it C+, noting that Chandor downplayed "everything to the point of mild sleepiness" and wrote "far too many variations of that Hollywood device where a character asks for a spreadsheet or highly technical financial concept to be explained to them 'in plain English, please.'"{{Cite web |last=Russell |first=Mike |date=2011-10-20 |title='Margin Call' review: Dramatizes the tragic decisions that led to the biggest financial crisis of our lifetimes |url=https://www.oregonlive.com/movies/2011/10/margin_call_review_dramatizes.html |access-date=2025-01-17 |website=oregonlive |language=en}}
Stephen Farber of The Hollywood Reporter wrote: "Technical credits are top-notch. Frank DeMarco's sleek cinematography of the Manhattan skyline effectively immerses us in the soulless but inviting universe where these financial dramas played out. Sadly, the script doesn't burrow as rewardingly beneath the glittering surfaces."{{Cite web |last=Farber |first=Stephen |date=2011-01-26 |title=SUNDANCE REVIEW: ‘Margin Call’ |url=https://www.hollywoodreporter.com/news/general-news/sundance-review-margin-call-76310/ |access-date=2025-01-17 |website=The Hollywood Reporter |language=en-US}}
=Accolades=
See also
{{portal|United States|Film|Economics}}
=Other films=
- Wall Street (1987)
- Wall Street: Money Never Sleeps (2010)
- Inside Job (2010)
- Too Big to Fail (2011)
- The Wolf of Wall Street (2013)
- 99 Homes (2014)
- The Big Short (2015)
- The Hummingbird Project (2018)
References
{{reflist|colwidth=30em}}
External links
{{wikiquote}}
- {{IMDb title}}
- {{Rotten Tomatoes}}
- {{Metacritic film}}
- {{mojo title}}
{{J. C. Chandor}}
{{Independent Spirit Robert Altman Award}}
{{DEFAULTSORT:Margin Call}}
Category:2011 directorial debut films
Category:2011 independent films
Category:American independent films
Category:American business films
Category:American thriller films
Category:Films about financial crises
Category:Films directed by J. C. Chandor
Category:Films set in New York City
Category:Films set in the Great Recession
Category:Films shot in New York City
Category:Roadside Attractions films
Category:2010s English-language films
Category:Films scored by Nathan Larson
Category:Works about capitalism