This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-25651792
The article has changed 5 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| The Wolf of Wall Street: Why we like a villain | The Wolf of Wall Street: Why we like a villain |
| (about 7 hours later) | |
| Good guys and bad guys, black hats and white hats. These are the staples of good story-telling, with many of us drawn to the villain's dark glamour - in fiction at least. | Good guys and bad guys, black hats and white hats. These are the staples of good story-telling, with many of us drawn to the villain's dark glamour - in fiction at least. |
| For writers and film makers, the world of finance has proved a rich source of stories, because ever since the credit crunch of 2008 it has become clear that decisions made by financiers affect us all - like it or not. | For writers and film makers, the world of finance has proved a rich source of stories, because ever since the credit crunch of 2008 it has become clear that decisions made by financiers affect us all - like it or not. |
| Gone are the days when banking was thought of as dusty and dry, the preserve of rather grey men in pin-striped suits. | Gone are the days when banking was thought of as dusty and dry, the preserve of rather grey men in pin-striped suits. |
| Now it seems, bankers have replaced gangsters or cat-stroking Bond villains in secret lairs as the characters we love to hate. | Now it seems, bankers have replaced gangsters or cat-stroking Bond villains in secret lairs as the characters we love to hate. |
| The latest film to explore the darker side of human behaviour is Martin Scorsese's, The Wolf of Wall Street. | The latest film to explore the darker side of human behaviour is Martin Scorsese's, The Wolf of Wall Street. |
| It stars Leonardo DiCaprio as real-life crook Jordan Belfort, who cheated investors out of $200m with fraudulent share sales through his US brokerage firm, Stratton Oakmont. | It stars Leonardo DiCaprio as real-life crook Jordan Belfort, who cheated investors out of $200m with fraudulent share sales through his US brokerage firm, Stratton Oakmont. |
| He and his colleagues used pressure sales tactics to sell worthless shares, talking up the value of these shares they had bought cheaply. | He and his colleagues used pressure sales tactics to sell worthless shares, talking up the value of these shares they had bought cheaply. |
| They then sold them for a profit - leaving other investors with losses when the inflated share prices collapsed. | They then sold them for a profit - leaving other investors with losses when the inflated share prices collapsed. |
| The film is based on a book that Belfort, who ended up in jail after pleading guilty in 1999 to securities fraud and money laundering, wrote about his experiences. | The film is based on a book that Belfort, who ended up in jail after pleading guilty in 1999 to securities fraud and money laundering, wrote about his experiences. |
| 'They didn't care' | 'They didn't care' |
| Some have accused it of concentrating solely on the hedonistic excesses of its principals, as they blitzed through their ill-gotten gains in a blizzard of fast cars, planes, yachts, drink, drugs and prostitutes. | Some have accused it of concentrating solely on the hedonistic excesses of its principals, as they blitzed through their ill-gotten gains in a blizzard of fast cars, planes, yachts, drink, drugs and prostitutes. |
| "Thousands of victims were victimised by their behaviour - and they don't appear in this film in any respect at all," says lawyer Joel Cohen, who was lead prosecutor in the case against Belfort. | "Thousands of victims were victimised by their behaviour - and they don't appear in this film in any respect at all," says lawyer Joel Cohen, who was lead prosecutor in the case against Belfort. |
| "Many of the victims gave Belfort's firm a large percentage of their life savings. | "Many of the victims gave Belfort's firm a large percentage of their life savings. |
| "Many of them were wiped out or close to wiped out because their investments ended up being utterly worthless." | "Many of them were wiped out or close to wiped out because their investments ended up being utterly worthless." |
| The film's star, Leonardo DiCaprio, says there were good reasons for focussing on the behaviour of Belfort and his colleagues. | The film's star, Leonardo DiCaprio, says there were good reasons for focussing on the behaviour of Belfort and his colleagues. |
| "We know the ramifications of these actions, we know the people that are going to suffer on the other end of the line. | "We know the ramifications of these actions, we know the people that are going to suffer on the other end of the line. |
| "What we're more interested in, is the very nature of who these people are," he told the BBC's Justin Rowlatt ahead of the film's UK premiere in London. | "What we're more interested in, is the very nature of who these people are," he told the BBC's Justin Rowlatt ahead of the film's UK premiere in London. |
| "This is an accurate reflection of their lives. | "This is an accurate reflection of their lives. |
| "This is who these people were and they didn't care about the consequences of their actions. | "This is who these people were and they didn't care about the consequences of their actions. |
| "They didn't care about the other people on the other end of the line. | "They didn't care about the other people on the other end of the line. |
| "They cared about becoming more rich and more powerful and living the sort of corrupted American dream," he says. | "They cared about becoming more rich and more powerful and living the sort of corrupted American dream," he says. |
| 'Parasites and psychopaths' | 'Parasites and psychopaths' |
| With a stream of financial fraud cases in recent years many critics have argued that the financial world's moral compass is badly in need of a reset. | With a stream of financial fraud cases in recent years many critics have argued that the financial world's moral compass is badly in need of a reset. |
| But, says DiCaprio, it is important to remember that this film is not about pointing fingers at who was ultimately to blame for the 2008 global financial crisis. | But, says DiCaprio, it is important to remember that this film is not about pointing fingers at who was ultimately to blame for the 2008 global financial crisis. |
| "These weren't the people that ultimately bankrupted our country, these are guys from the underworld that were trying to emulate the guys that were simultaneously dismantling our economy." | "These weren't the people that ultimately bankrupted our country, these are guys from the underworld that were trying to emulate the guys that were simultaneously dismantling our economy." |
| "Audiences, when you have a protagonist that behaves this disreputably, you want to see them pay the price for that. | "Audiences, when you have a protagonist that behaves this disreputably, you want to see them pay the price for that. |
| "But what happened in reality? Most of the people who dismantled our economy got bonuses, they didn't serve proper time." | "But what happened in reality? Most of the people who dismantled our economy got bonuses, they didn't serve proper time." |
| 'Self-deluded' bankers | 'Self-deluded' bankers |
| Dutch anthropologist and writer, Joris Luyendijk, who has blogged about Britain's financial industry says that if we insist on seeing financiers as simple villains we miss an essential point. | Dutch anthropologist and writer, Joris Luyendijk, who has blogged about Britain's financial industry says that if we insist on seeing financiers as simple villains we miss an essential point. |
| "We like the idea of financiers as parasites and as psychopaths but it is more unsettling than that." | "We like the idea of financiers as parasites and as psychopaths but it is more unsettling than that." |
| Virtually nobody predicted the 2008 crash, he says. | Virtually nobody predicted the 2008 crash, he says. |
| "Until the whole house came down - everybody believed it was going well. | "Until the whole house came down - everybody believed it was going well. |
| "Script writers love a villain who knows he is a villain - but a villain who believes he is a good guy, that's so difficult. | "Script writers love a villain who knows he is a villain - but a villain who believes he is a good guy, that's so difficult. |
| "The central problem of banking is self-delusion. Many bankers thought they were totally uninvolved in what happened - or were just one cog in a far bigger wheel. | "The central problem of banking is self-delusion. Many bankers thought they were totally uninvolved in what happened - or were just one cog in a far bigger wheel. |
| "You don't have to be a coke-snorting psychopath to run the world economy into the ground." | "You don't have to be a coke-snorting psychopath to run the world economy into the ground." |
| Systemic failures | Systemic failures |
| For Leonardo DiCaprio, the crash of 2008 may now have lead to more legal oversight of the financial sector - but that does not mean we can relax our guard. | For Leonardo DiCaprio, the crash of 2008 may now have lead to more legal oversight of the financial sector - but that does not mean we can relax our guard. |
| "It's corrected itself but unless we keep a close eye on it, it's going to happen over and over again." | "It's corrected itself but unless we keep a close eye on it, it's going to happen over and over again." |
| However, Joris Luyendijk says the real problem is far deeper and more systemic. | However, Joris Luyendijk says the real problem is far deeper and more systemic. |
| "It is the financial system itself which is sick, I don't want to exonerate the bankers but when you look at the financial industry, it is hard to find the villains." | "It is the financial system itself which is sick, I don't want to exonerate the bankers but when you look at the financial industry, it is hard to find the villains." |
| Listen to Leonardo DiCaprio on the financial crisis, the American dream, and badly behaved bankers on Business Daily on BBC World Service at 08:32 and 15:06 GMT, Fri 10 Jan 2014. |