The Big Short (film)

The Big Short

Theatrical release poster
Directed by Adam McKay
Produced by
Screenplay by
Based on The Big Short 
by Michael Lewis
Starring
Music by Nicholas Britell
Cinematography Barry Ackroyd
Edited by Hank Corwin
Production
companies
Distributed by Paramount Pictures
Release dates
  • November 12, 2015 (2015-11-12) (AFI Fest)
  • December 11, 2015 (2015-12-11) (United States)
Running time
 130 minutes[1]
Country United States
Language English
Budget $28 million[2]
Box office $133 million[3]

The Big Short is a 2015 American film directed and co-written by Adam McKay.[4] It is based on the non-fiction 2010 book of the same name by Michael Lewis about the financial crisis of 2007–2008, which was triggered by the United States housing bubble.[4] The film stars Christian Bale, Steve Carell, Ryan Gosling and Brad Pitt.

Distributed by Paramount Pictures, the film began a limited release in the US on December 11, 2015, followed by a wide release on December 23, 2015.[5][6]

The film was nominated for five Academy Awards, including Best Picture, Best Director, Best Supporting Actor for Bale, and winning Best Adapted Screenplay.

Plot

In 2005, eccentric hedge fund manager Michael Burry (Christian Bale) discovers that the U.S. housing market is extremely unstable, being based on high risk subprime loans. Predicting that the market will collapse sometime in the second quarter of 2007 (as rates go up on many adjustable-rate mortgages), he realizes that he can profit from this situation by creating a credit default swap market, allowing him to bet against the housing market. He visits several major investment and commercial banks with this idea; these firms, believing that the housing market is secure, accept his proposal. Burry's huge, long-term bet earns the ire of his clients, who believe that he is wasting their money and demand that he stop his activities; but he refuses. As the predicted time of the collapse approaches but Burry's bet doesn't succeed (because the banks refuse to revalue his swaps, until they can dump their deteriorating CDO assets then buy swaps on them), his investors lose their confidence and consider pulling out their money; but Burry halts withdrawals from the fund (since its strategy is delayed by a fraudulent market), much to his investors' anger. However, as the housing market collapses further just as he predicted, the value of his fund finally increases 489%.

Trader Jared Vennett (Ryan Gosling) hears of Burry's actions from one of the bankers Burry dealt with, and uses his quant to verify that Burry's predictions are likely true. He decides to put his own stake in the credit default swap market. A misplaced phone call alerts hedge fund manager Mark Baum (Steve Carell) to his plans, and Baum is convinced to join Vennett. Vennett explains that the impending market collapse is being further perpetuated by the packaging of poor, unsellable loans into collateralized debt obligations (CDOs) that are given fraudulent AAA ratings due to the conflict of interest and dishonesty of the credit rating agencies. Baum sends some of his staff to investigate the housing market in Miami, and they discover that mortgage brokers make more money if they only sell risky mortgages to the Wall Street banks; and these mortgages are so easy to acquire that a speculative housing bubble has been created.

When Baum attends the American Securitization Forum in Las Vegas, he interviews CDO manager Mr. Chau (Byron Mann), who creates CDOs on behalf of an investment bank while claiming to represent the interests of investors. Chau also describes how synthetic CDOs make a chain of increasingly large bets on the faulty loans, involving 20 times as much money as the loans themselves. Baum realizes, much to his horror, that the scale of the fraud will cause a complete collapse of the global economy. Baum convinces his business partners to go through with more credit default swaps, profiting from the situation at the banks' expense.

Eager young investors Charlie Geller (John Magaro) and Jamie Shipley (Finn Wittrock) accidentally discover a prospectus by Vennett, and also decide to become involved in the credit default swaps (since it fits their strategy of buying cheap insurance with big potential payouts). Since they are below the capital threshold for an ISDA Master Agreement needed to pull off the trades necessary to profit from the situation, they enlist the aid of retired securities trader Ben Rickert (Brad Pitt). The three visit the Mortgage Securities Forum in Las Vegas, where they manage to successfully make an even higher-payout deal than the other hedge funds. Shipley and Geller are initially ecstatic, but Rickert is disgusted, since they're essentially celebrating an impending economic collapse and soon-to-be-lost lives (40,000 for each 1% rise in the unemployment rate). The two are horrified, and take a much more emotional stake in the collapse by trying to tip off the press and their families about the upcoming disaster and the rampant fraud amongst the big banks. Ultimately, they profit immensely, but are left with their faith in the system broken.

A note is given that CDOs have come back into the current market, under a different name: "bespoke tranche opportunity".

Cast

Production notes

Development

In 2013, Paramount acquired the rights to the 2010 non-fiction book The Big Short: Inside the Doomsday Machine by Michael Lewis, to develop it into a film, which Brad Pitt's Plan B Entertainment would produce.[15] On March 24, 2014, Adam McKay was hired to write and direct a film about the housing and economic bubble.[4] Screenwriter Charles Randolph, who co-wrote the film with McKay, said one of the first challenges was finding the right tone for the film. He told Creative Screenwriting, "In general it was trying to find the right tone that was slightly funnier than your average Milos Forman comedy, which is all grounded character-based but not so satirical where you got Wag the Dog. Somewhere between there was what I was shooting for. Once I got the tone down, then I went through the plot. The market’s movements provided you with an underlying plot. You make your short deal, then the bank is trying to squeeze you out, and then it all breaks loose. So that was pretty easy, and it provided character arcs against that."[16] Two years after Randolph wrote his draft, McKay, as director, rewrote Randolph's screenplay. It was McKay's idea to include the celebrity cameos in the film to explain the financial concepts.[16]

Casting

On January 13, 2015, Variety reported that Brad Pitt, Christian Bale, and Ryan Gosling were set to star in the film, with Pitt producing the film along with Dede Gardner and Jeremy Kleiner. Plan B Entertainment would finance, with Paramount handling the distribution rights.[17] Before this, Pitt had already starred in the adaptation of the author's Moneyball, for which he was nominated for an Oscar.[4][17] On January 14, it was announced that Steve Carell would also star.[7] On April 21, 2015, more cast was revealed by Deadline, including Melissa Leo, Marisa Tomei, Tracy Letts, Hamish Linklater, John Magaro, Byron Mann, Rafe Spall, Jeremy Strong, and Finn Wittrock.[18] Charles Randolph wrote the initial draft.[18] Max Greenfield joined the ensemble cast of the film on April 23, 2015.[11] Karen Gillan tweeted about her involvement in the film on May 8, 2015.[10]

Filming

Principal photography on the film began on March 18, 2015 in New Orleans, Louisiana.[19][20] On March 25, filming was taking place on General De Gaulle Boulevard in the Algiers section of New Orleans.[21] On May 8, Gillan confirmed she was shooting her scenes.[10] On May 20, 2015, filming took place on Mercer, between the Prince Street and Spring Street in Manhattan, New York City.[22] On May 22, the production crew recreated the offices of failed investment firm Lehman Brothers in the lobby of the New York State Department of Financial Services in Manhattan.[23] An assistant counsel for the Department of Financial Services played one of the extras in the scene.[23]

Release

On September 22, 2015, Paramount set the film for a limited release on December 11, 2015 and a wide release on December 23, 2015.[24][25]

The film was released on DVD and Blu-ray on March 15, 2016.

Reception

Box office

As of March 25, 2016, The Big Short has grossed $70.1 million in North America and $61.1 million in other territories for a worldwide total of $131.2 million, against a budget of $28 million.[3]

The film was released in eight theaters in Los Angeles, New York, San Francisco and Chicago on December 11, 2015 and earned $705,527 (an average of $88,191 per theater). It set the record for the best ever per-screen gross for a film opening in eight locations, breaking the previous record held by Memoirs of a Geisha ($85,313 per theater),[26] and was the third biggest theater average of 2015 behind the four screen debuts of Steve Jobs ($130,000) and The Revenant ($118,640).[27]

The film had its wide release on Wednesday December 23, 2015 and grossed $2.3 million on its first day. In its opening weekend it grossed $10.5 million, finishing 6th at the box office.[28]

Critical response

The Big Short has received acclaim from critics. On Rotten Tomatoes, the film has a rating of 88%, based on 262 reviews, with an average rating of 7.8/10. The website's consensus reads, "The Big Short approaches a serious, complicated subject with an impressive attention to detail – and manages to deliver a well-acted, scathingly funny indictment of its real-life villains in the bargain."[29] On Metacritic, the film has a score of 81 out of 100, based on 45 critics, indicating "universal acclaim."[30] Audiences polled by CinemaScore gave the film an average grade of "A–" on an A+ to F scale.[28]

IGN gave the film a score of 8.6/10, praising its "energetic direction" and making "a complicated tale palpable for the layperson even as it triggers outrage at the fatcats who helped cause it."[31] The New York Times's "UpShot" series stated The Big Short offered the "strongest film explanation of the global financial crisis".[32] Vermont senator and 2016 presidential candidate Bernie Sanders endorsed The Big Short as an "excellent film".[33][34]

Accolades

See also

References

  1. ↑ "THE BIG SHORT (15)". British Board of Film Classification. November 9, 2015. Retrieved November 9, 2015.
  2. ↑ Thompson, Anne. "AFI FEST REVIEW: 'The Big Short' Is Smart Expose of Financial Meltdown". Thompson on Hollywood. Indiewire. Retrieved 18 November 2015.
  3. 1 2 "The Big Short (2015)". Box Office Mojo. Retrieved April 12, 2016.
  4. 1 2 3 4 "Paramount Taps ‘Anchorman’ Helmer Adam McKay To Adapt And Direct Michael Lewis’ ‘The Big Short’ About Economic Meltdown". deadline.com. March 24, 2014. Retrieved April 18, 2015.
  5. ↑ "Paramount pushes 'The Big Short' into awards season". CNS News. Retrieved 2015-12-26.
  6. ↑ "The Big Short | Trailer & Movie Site | December 2015". The Big Short. Retrieved 2015-12-26.
  7. 1 2 3 4 5 Kit, Borys (January 14, 2015). "Steve Carell in Talks to Join Christian Bale, Ryan Gosling in 'The Big Short'". hollywoodreporter.com. Retrieved January 15, 2015.
  8. 1 2 3 4 "The True Story Behind The Big Short". History vs Hollywood. Retrieved 26 January 2016.
  9. ↑ Rhoades, Shirrel (December 24, 2015). "The Big Short (Rhoades)". Tropic Cinema. Retrieved 26 January 2016.
  10. 1 2 3 "Karen Gillan on Twitter". Twitter. Retrieved May 21, 2015.
  11. 1 2 "Max Greenfield Joins Brad Pitt, Ryan Gosling in ‘The Big Short’ (EXCLUSIVE)". Variety. April 23, 2015. Retrieved April 23, 2015.
  12. ↑ Staff, THR (2 December 2015). "'The Big Short' Director Adam McKay on Billy Magnussen Shrinking Steve Carell's Wardrobe". The Hollywood Reporter. Retrieved 26 January 2016.
  13. 1 2 3 4 Finely, Dash (December 16, 2015). "The Big Secrets Of The Big Short: How Unexpected Cameos Impact The Year's Must-See Film". MoviePilot.com. Retrieved December 27, 2015.
  14. ↑ "The Big Short Somehow Makes Subprime Mortgages Entertaining". Wired.com. December 11, 2015. Retrieved December 30, 2015.
  15. ↑ McNary, Dave (March 24, 2014). "‘Anchorman’s’ Adam McKay Boards Financial Drama". variety.com. Retrieved April 18, 2015.
  16. 1 2 Hogan, Brianne (January 20, 2016). "Banking on The Big Short". Creative Screenwriting. Retrieved January 21, 2016.
  17. 1 2 Justin Kroll (January 13, 2015). "Brad Pitt, Christian Bale and Ryan Gosling to Star in Financial Drama ‘The Big Short’ (EXCLUSIVE)". Variety. Retrieved January 14, 2015.
  18. 1 2 Fleming Jr, Mike (April 21, 2015). "‘The Big Short’ Solidifies With Christian Bale, Steve Carell, Ryan Gosling, Brad Pitt". deadline.com. Retrieved May 21, 2015.
  19. ↑ "Brad Pitt, Ryan Gosling, & Christian Bale are headed to Orleans for ‘The Big Short’". onlocationvacations.com. February 10, 2015. Retrieved February 13, 2015.
  20. ↑ "‘The Big Short’, starring Brad Pitt, Ryan Gosling, & Christian Bale, begins filming in New Orleans". onlocationvacations.com. March 23, 2015. Retrieved March 29, 2015.
  21. ↑ "‘The Big Short’, starring Brad Pitt Ryan Gosling & Christian Bale, filming in Algiers, LA today". onlocationvacations.com. March 25, 2015. Retrieved March 29, 2015.
  22. ↑ "'The Big Short', starring Brad Pitt and Ryan Gosling, is filming in NYC this week!". onlocationvacations.com. May 16, 2015. Retrieved May 22, 2015.
  23. 1 2 Matthews, Christopher M. (22 May 2015). "'Big Short' Recreates Lehman Bros. Offices in Regulator’s Building". The Wall Street Journal. Retrieved 25 May 2015.
  24. ↑ "Paramount pushes 'The Big Short' into awards season". CNS News.
  25. ↑ "The Big Short Website". Paramount Pictures.
  26. ↑ Pamela McClintock (December 13, 2015). "Box Office: Ron Howard's 'Heart of the Sea' Capsizes With $11M U.S. Debut". The Hollywood Reporter. Retrieved December 13, 2015.
  27. ↑ Scott Mendelson (December 13, 2015). "Box Office: 'In The Heart Of The Sea' Is A Whale Of A Fail, 'Big Short' Strikes It Rich". Forbes. Retrieved December 13, 2015.
  28. 1 2 "‘Daddy’, ‘Joy’ & ‘Hateful Eight’ Reap Fortune As ‘Star Wars’ Halo Effect Impacts B.O…Can ‘Force Awakens’ Hit $1 Billion In U.S.?". deadline.com.
  29. ↑ "The Big Short reviews". Rotten Tomatoes. Retrieved January 20, 2016.
  30. ↑ "The Big Short reviews". Metacritic. Retrieved January 19, 2016.
  31. ↑ "The Big Short Review - IGN". IGN. Retrieved 2015-12-26.
  32. ↑ Irwin, Neil (December 23, 2015). "What ‘The Big Short’ Gets Right, and Wrong, About the Housing Bubble". New York Times. Retrieved December 27, 2015.
  33. ↑ Status from Twitter.com/BernieSanders
  34. ↑ Bernie Sanders Endorses ‘The Big Short’

External links

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