**
Certain historical events—despite their epochal, far-reaching consequences—present peculiar challenges to filmmakers. The 2008 collapse of Wall Street and the subsequent global financial crisis, which in many ways laid the groundwork for much of the trouble our world finds itself in today, falls squarely into this category. The mechanisms of financial catastrophe are abstract, the villains often wear expensive suits rather than twirl moustaches, and the victims are dispersed across continents rather than gathered in one convenient location. Small wonder, then, that most attempts to dramatise this meltdown for mainstream audiences have fallen flat. Adam McKay's 2015 film The Big Short stands as the notable exception—a rare success that managed to make collateralised debt obligations somehow entertaining. Yet amongst the also-rans, J.C. Chandor's 2011 drama Margin Call deserves attention as one of the more interesting efforts, even if it ultimately proves somewhat underwhelming.
Chandor, making his feature directorial debut, also penned the screenplay. His inspiration came from personal experience—an abortive stint in New York's real estate industry and his family background as the son of an investment banker. This insider perspective lends the film an authenticity that many Wall Street dramas lack, though one might question whether familiarity breeds a certain unwillingness to cast a sufficiently critical eye over the proceedings.
The narrative unfolds over twenty-four hours in 2008, presumably shortly before the major crash. The setting is an unnamed investment bank—widely interpreted as a fictional composite of Goldman Sachs and Lehman Brothers. The day begins badly for most employees: management has decided to conduct a massive purge of the workforce. Among those handed their walking papers is Eric Dale (Stanley Tucci), head of risk management. In a moment of exquisite dramatic irony, he is told to clear his desk and leave the building precisely when he has stumbled upon something important. Before departing, he cryptically directs his young subordinate Peter Sullivan (Zachary Quinto) to examine the matter further.
Sullivan does precisely that, and what he discovers is deeply troubling. The historical models the firm has relied upon for trading are fundamentally flawed; the assets are catastrophically over-leveraged, and a wrong market move could bankrupt the company overnight. Sullivan passes his concerns up the chain to Will Emerson (Paul Bettany), head of credit trading, who in turn contacts his superior Sam Rogers (Kevin Spacey). Chief risk management officer Jared Cohen (Simon Baker) convenes an emergency night-time meeting whilst simultaneously scrambling to bring Eric Dale back to the office—if only to confirm Sullivan's alarming findings. The gathering is joined by CEO John Tuld (Jeremy Irons), who approves Cohen's desperate plan to save the company through a fire sale of its toxic products. Rogers disagrees with this course of action, arguing that it would destroy both the company's reputation and that of every trader involved.
What makes Margin Call particularly impressive is how it was made. Produced on a relatively modest budget, the film bears all the hallmarks of independent cinema—a quality that endeared it to critics. Its premiere at the 2011 Sundance Film Festival came when memories of the crash remained fresh and American public sentiment towards Wall Street was still decidedly hostile. This timing guaranteed a warm reception, and the film indeed turned a decent profit at the box office, no small feat for a talk-heavy drama about financial instruments.
The cast is equally noteworthy. Chandor assembled an impressive ensemble including two Oscar winners—Kevin Spacey and Jeremy Irons. Zachary Quinto, who plays the wide-eyed Sullivan, also served as one of the film's producers, presumably using his Star Trek clout to help get the project off the ground.
It is the work of these actors, portraying a diverse set of characters, that keeps the film afloat. Irons is magnificent as the ruthless corporate overlord, delivering his exposition-heavy dialogue with a predator's charm. Spacey does more than solid work as an executive wrestling with his conscience, though one wonders how much of this performance now carries unintended baggage. Quinto is perfectly serviceable as the young yuppie who spends the film wondering whether he'll still have a job in twenty-four hours—a fear that ultimately proves justified. Paul Bettany shines as their immediate superior, and in a brief but candid interlude away from the office conference rooms, he delivers the film's most honest moment: admitting that even a seven-figure yearly salary is not quite what it is cracked up to be.
Yet for all this insight, the audience is subjected to a plot that consists mainly of business discussions. The occasional profanity and raised voice are meant to pass for drama. Rogers's frustration over the death of his pet dog seems like a character trait added merely to provide some extra human dimension—and an excuse for the melodramatic epilogue that closes the film. The same criticism applies to the subplot involving the search for Eric Dale, which is supposed to generate suspense but ultimately fizzles into nothing, with the ex-executive simply agreeing to take another Faustian bargain.
There are very few surprises in the film, even for those somehow unaware of how Wall Street's story ended in 2008. The characters explain, extensively and sometimes repetitively, what is happening with mortgage-backed securities and leveraged positions. They outline scenarios whereby they might save the firm at the expense of their unfortunate employees, naive customers who purchase worthless financial products, and ultimately a world thrown into decades of poverty and geopolitical tensions.
Then there is the rather thorny issue of the film attempting to empathise with Wall Street players who, even when losing their jobs, can expect lives well beyond the means of the majority of 2008 crisis victims. The film never quite resolves this tension—whether it wants us to pity these masters of the universe or revile them.
Chandor directs with competence, extracting fine performances from his cast and maintaining tension despite the static setting. But the general impression left by Margin Call is slightly underwhelming. It is a film that knows the world it depicts intimately but cannot quite decide what it wants to say about it. In the end, it is a polished, well-acted curiosity—worth watching for the performances, particularly Irons's scene-stealing turn, but unlikely to linger in the memory as either definitive document or compelling drama.
RATING: 5/10 (++)
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