Review

Topics: United States Secretary of the Treasury, Bear Stearns, Timothy Geithner Pages: 11 (1808 words) Published: September 19, 2014
REVIEW OF FILM:
“TOO BIG TO FAIL”

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Directed by: Curtis Hanson
Running time: 98 minutes
Starring: William HurtBill Pullman
Edward AsnerTony Shalhoub
Billy CrudupJames Woods
Paul Giamatti
Topher Grace
Cynthia Nixon
The movie is started with a scene where, Dick Fuld, CEO of Lehman Brothers, is on conversation with one of his staff, stated that they will pass it and going strong. On early of the movie, some television program, announce the bankruptcy of Bear Stearns, which should be a part of Lehman Brothers. This early headline gives a big picture that “Too Big to Fail” story lines is more about the 2008 financial meltdown. The movie is focusing on how government, which represented by U.S. Treasury Secretary, Henry Paulson (played by William Hurt) and his team that consists of : Jim Wilkinson (played by Topher Grace) as Chief of Staff, U.S. Treasury Department; Michele Davis (played by Cynthia Nixon) as Assistant Secretary of the Treasury for Public Relations and Director of Policy Planning; and Neel Kashkari (played by Ayad Akhtar) as Assistant Secretary of the Treasury for International Economics and Development to solve problems during the period of August 2008 to October 13, 2008.  Dick Fuld (played by James Woods), CEO of Lehman Brothers, is seeking external investment, but investors are wary as Lehman is seriously exposed to toxic housing assets and the Treasury is ideologically opposed to offering any sort of bailout as it did for Bear Stearns. They are several candidates to be offered, Bank of America and Barclays. Besides, he tried to make a deal with South Korea but the deal is off when he asked them to buy the real estate assets. Erin Callan and Joe gregory the old president and COO Lehman brothers are out at Lehman Brothers is replace with Bart Mcdade take a lead to negotiate with Korea investor , using Dick Fuld as a "missing man" and then he will bring Dick Fuld in at the end to top it of . But suddenly ,Dick Fuld join the meeting and make the South Korea investor dissapointed and the South Korea investor reject to Make a deal , but the fact that Bart Mcdade almost make the investor make a deal .

Henry Paulson, as the treasury secretary of United States, is not going to see Lehman Brothers (which on 4th rank Bank) to fail, as he can see that it will treat this housing assets as a contagious disease that might destroy the economic stabilization. In his visit to China, he also got warned by Chinese government (whom has been offered by Russia to invest in them) when they start to see than Lehman’s stock keep falling down. Paulson attempts to arrange a private solution to the Lehman problem, by helping on dealing with Bank of America and Barclays, which express interest in Lehman's good assets. He also gathered all CEOs of banks to help resolving this big problem, but also asking them to contribute 1 million dollars on Lehman. Paulson insist that this problem is not only about Lehman, but it is also their financial problems. Unfortunately, the deal is off, because Bank of America instead chooses to purchase Merrill Lynch. On the other hand, the British banking regulators refuse to approve Barclays’ deal, so the merger is also off. Since there is no other solution for Lehman, so Paulson directs Fuld and the board to declare bankruptcy before the market opens.

The initial reaction on Wall Street is favorable, as is the political reaction. However, Paulson quickly learns that Lehman's counterparty risk is impacting the entire financial market, and that the stock market is in freefall. He got many critics by letting Lehman to file bankruptcy. He also got a call from Jeffrey Immelt (played by Tom Tammi) the CEO of General Electric, who tells him that General Electric (one...
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