After watching this film, i realized how corrupt the banking system really is. A good overview can be found here. It is definitely my favourite film of 2015. It is based on the novel by the same name written by author Michael Lewis.
What shocked me the most was the fact that credit rating agencies, banks and the SEC were complicit in the housing market collapse of 2008 as well as the fact that the bankers knew that the tax payers would pay for the mess they created.
It also portrays the indifference on the part of the bankers when it comes to investors. Here’s an text excerpt that appeared at the end of the film:
“When the dust settled from the collapse, 5 trillion dollars in pension money, real estate value, 401k, savings and bonds had disappeared. 8 million people lost their jobs, 6 million lost their homes. And that was just in the USA.”
It seems that greed is never ending in the financial world. The smart ones made huge profits by shorting (betting against) the housing markets. But a lot of small investors lost their life savings because of the corruption and greed.
Here’s another text excerpt at the end of the film. “In 2015, several large banks began selling billions in something called a “bespoke tranche opportunity”. Which, according to Bloomberg News, is just another name for a CDO.” So this proves that the banks are doing it again, selling junk to their investors, who are naive into buying any of these toxic investments.
I highly recommend this film to everyone!