Greed Is Good and Legal

Jake Moore (Shia LaBeouf) says "the definition of insanity is doing the same thing over and over again expecting a different outcome". While watching Wall Street: Money Never Sleeps, it was amazing to see powerful, educated men fall into the same traps as their predecessors thinking they can do it better and not fall into the same traps. Jake is torn between revenge for his mentors suicide caused by the fall of the investment firm KZL, the allure of making money for the clean energy firm he believes in with the help of Gordon Gekko  (superb as usual Michael Douglas), and living a non-money hungry life with Winnie Gekko (Carey Mulligan).

Gekko is now out of prison - he was given one of the harshest sentences for a white collar crime. He comes out of jail in 2001 to see a very different financial landscape and with no one waiting for him after he is released. He still thinks the name Gekko is a powerful name in the financial world, but to his former colleagues, he's a joke. The scene in the restaurant when he reunites with Winnie is not only awkward but shows how vulnerable Gordon is too. He cannot survive in a world where he cannot reclaim his pre-prison glory. But can he navigate a world where greed is no longer only good but legal? What is he capable of doing to reclaim his lost standing?

This sequel was very timely. KZL could be seen as a substitute for Lehman Brothers, Schwartz could be Merrill Lynch/Bank of America. Seeing how the executives threw each other under the bus and sought government help through scare tactics (too big to fail) was surreal. Where is the moral hazard - what is to stop these financial institutions from making the same mistakes if we keep bailing them out? It is sickening to think that the spread of rumors such as the financial viability of a firm could spread like wildfire, be considered true, affect stock prices thus impacting the lifesavings of many unsuspecting main street families. It's a game to these executives - but they pack away their additional golden parachute in Switzerland knowing fully well of the crimes they are committing.

Although it was evident how seductive money is (Gekko explains this very well to Jake) it's the thrill of the game that keeps these men doing what they do. The picture of Satan eating his son in Bretton James' (brilliantly portrayed by James Brolin) home office nicely sums up what these men are capable of. They will devour their young - mentors, children - to retain the thrill, the power and the seductive mistress that is the mean green.

There was also a contrast between the old school Wall Street players and the newcomers. At the start of the housing bubble burst, Bretton and Jake go racing their ducatis to get away from it all. After Bretton informs Jake that they will not be investing the $100M in the firm of his choice, Jake is clearly upset. But Bretton tells him that there's no room to be emotional in business. The old schoolers seem to have no souls e.g. Bretton and Gordon. However, it is Jakes mentor Louis Zabel (Frank Langella) who tells Jake before his death that the most precious thing in life is not the money and assets you accumulate for your retirement, it is time - the time you spend with your family. This is a lesson Jake tries to teach Gordon when he tracks Gordon down after he disappears with Winnie's trust fund to mixed results. Maybe there is some humanity/soul left on Wall Street. I suspect we won't find out until the next bubble bursts.