Greed is back and though it was bad for Wall Street in causing the financial meltdown, it's good for New York's film economy. Filming on the movie Wall Street 2 due to begin next week in Manhattan.In yesterday's New York Times, filmmaker Oliver Stone was photographed standing in front of the Federal Reserve Bank of New York, which is the backdrop for the collapse of the financial system and where many of the critical conversations over Bear Stearns and Lehman Brothers took place.
The Fed will be the focus point of Stone's new movie, Wall Street 2:Money Never Sleeps, a sequel starring Michael Douglas as Gordon Gekko, who is reprising his role that won him an Academy Award for the original 1987 movie. Douglas told the New York Times that he went back to the role because of "the continued resonance of Gekko." People have told Douglas that this seductive villain was the reason they headed to Wall Street for a career.
To prepare for the role, Stone arranged for Douglas to meet executives and academics including having dinner with Samuel Waksal, the founder of biopharmaceutical company ImClone, Systems who spent five years in jail on securities fraud (He was friends with Martha Stewart who was convicted of insider trading in ImClone's shares.) Stone also rented a hall for a cocktail party with Nouriel Roubini, a New York University economics professor who heads his own consulting firm and has won accolades for predicting the financial crisis.
Roubini reportedly advised Stone to focus less on hedge funds and more on the traditional banks and investment banks that had a larger role in "doing stupid and silly things." It remains to be seen whether Gekko returns to his old ways or is redeemed. There's a new villain in the movie, played by actor Josh Brolin, who's the head of a fictional investment bank.
In a video interview accompanying the article, Stone told a reporter that people had misunderstood the first movie and that he was not trying to glorify the people who were so greedy. He resisted doing the sequel for 23 years but was drawn back to it after the financial crisis. But unlike the first movie, which was about Gekko as a corporate raider who targeted the stock of a small airline company, translating the credit default swaps to the silver screen may prove to be challenging. "It's a complex story and we're trying to do justice to this new Wall Street," said Stone in the video interview.
Click here for the video "A Conversation with Oliver Stone."The Fed will be the focus point of Stone's new movie, Wall Street 2:Money Never Sleeps, a sequel starring Michael Douglas as Gordon Gekko. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio