Margin Call (2011)
There are certain subjects that are notoriously uncinematic. These tend to be things that exist or are undertaken mainly in the mind, rather than expressed in an overtly physical way. Computing, science and mathematics are good examples. Writing code or working out complex equations does not immediately lend themselves to a visual medium such as cinema. Therefore, any film dealing with the world of corporate finance has its work cut out. Hence writer-director J C Chandor immediately deserves praise for making Margin Call, a film about the financial crash of 2008, as gripping and compelling as any political thriller. He does this by keeping the financial elements of the story to a minimum, choosing instead to focus upon those who have become aware of the imminent crisis and their reaction to it. However, the film remains a tough watch with regard to the some of the characters and their respective personal morality or lack there of.
After being “let go” in the latest downsizing exercise, veteran risk analyst Eric Dale (Stanley Tucci), hands over a file he’s been working to new employee Peter Sullivan (Zachary Quinto) a 29-year-old former rocket scientist. The file is a forecast indicating that the company’s policy of buying and selling of subprime mortgages is unsustainable and the business model is about to collapse. Sullivan brings this information to Head of Credit Trading, Will Emerson (Paul Bettany) and Head of Sales Sam Rogers (Kevin Spacey). Once the authenticity of the data has been established the CEO, John Tuld (Jeremy Irons), arrives by helicopter and after a brief board meeting, he decides to sell all the toxic assets immediately. Rogers states that such a “fire sale” will quickly be spotted by other traders and they’ll be a market panic. Also many of the traders will effectively destroy their careers by initiating such a sale and the company reputation will be ruined. Tuld states “sell it all today”.
Driven primarily by dialogue and well defined characters, Margin Call creates a tense atmosphere and continues to raise the stakes regarding the events depicted. Specific members of staff are told that they’re effectively going to be publicly blamed for this problem but will be financially compensated for there loss of career. Director J C Chandor cleverly highlights the consequences of the “fire sale” as bank staff discuss the impact it will have on pensions and the cost of living, while cleaners and other blue collar office staff members go about their work. The actual dumping of the toxic assets is also cunningly depicted as a montage of sales telephone calls made by Will Emerson, with his counterparts around the world. It doesn’t take long for the market to ascertain what is going on. Again, it is scenes such as these that highlight how the film conveys complex and dry financial transactions in a way that the audience can easily understand and relate to.
Margin Call succinctly distils the relevant details of the 2008 financial crash, explains and depicts them efficiently and also manges to put a human face upon events. The latter is quite an achievement as the banking is not generally viewed especially empathetically by the wider public. Sam Rogers as well as handling this corporate problem is having to deal with a family dog that is terminally ill. Will Emerson, despite being paid a substantial salary has effectively nothing to show for it, due to the life style he leads. Eric Dale despite being unceremoniously fired after years of loyal service, still feels obliged to bring his findings to someone’s attention. It is these performances that temper the financial skulduggery and make the film a little more palatable. However, if you personally suffered financial hardship as a result of the 2008 crash, then Margin Call may still remain a tough film to watch.
