A Summary of: The Shame of “Wall Street” | Bob Klein of Medici Capital

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A Summary of: The Shame of “Wall Street” by Bob Klein on July 17, 2018

A Summary of: The Shame of “Wall Street” by Bob Klein

On May 19th, 1998, Bob Klein’s article The Shame of Wall Street was published in The Union Leader. Throughout the article, Bob Klein discusses how Oliver Stone’s “Wall Street” is an inaccurate portrayal of stockbrokers, investment bankers, and financiers.

The majority of viewers who saw the film walked away with what they thought was a fun depiction of life on Wall Street. Bob Klein explains that in reality, the film besmirches the wealthy and capitalism. Throughout the film, Oliver Stone paints the wealthy as people who will do anything in the quest for money.

This negative depiction of the wealthy is prevalent throughout the entirety of the film. Rather than Wall Streeters gaining their wealth from their hard work, they exploit the poor by buying and selling at the expense of others.

Not only does the film portray Wall Streeters as predatory, but as scheming and unintelligent businessmen. The film depicts Wall Streeters gaining their wealth by trading stocks, bonds, whole companies, all while harming innocent people.

Bob Klein describes the brokers in the movie who are supposed to represent Wall Street as dumb and short-ranged, Rather than relying on solid research, the brokers rely upon hot tips and stolen information from law firms. When working with clients, these brokers focus on what they believe will bring them

short-term personal gain rather than providing a professional service.

Not only does the movie attack Wall Street, but creates an assault on money and wealth in general. The movie clings to the idea that the desire for wealth and money is wrong.

One line in particular said by Lou Manheim, played by Hal Holbrook, exhibits the outdated and misunderstanding of money. In the film, Manheim states that “money makes you do things you don’t want to do”. Bob Klein explains that if Manheim understood the nature of money, he would not have placed the blame on it.

For the true nature of money brings life enriching values, like cars, houses, clothes, etc. Money itself is not bad, but rather people’s character would be bad if they choose to obtain money dishonestly.

While the film itself is a talented production, Bob Klein states that, unfortunately, it harms the reputation of the financial community, businessmen, and capitalism.

To read Bob Klein’s full article, please click here.

BOB KLEIN JP MORGAN

FINANCE

MONEY

NEWPORT BEACH

WALL STREET

Location: NEWPORT BEACH, CA, USA

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