Apparently the villainous “Churchill Schwartz” investment bank in the upcoming Wall Street 2 movie used to be an evil hedge fund.Until Wall Streeters like Jim Chanos and Nouriel Roubini, among others, told Oliver Stone that Goldman Sachs would be a better, more realistic villain, that is.
(Asked for a comment, Chanos told us, “While I did suggest to Mr. Stone that the banking system collapse was a far more important and topical subject than hedge funds, I certainly did NOT name names.”)
In the original version, the villain was a hedge-fund manager. But script advisers from the financial world persuaded Mr Stone that an investment banker would be more realistic, since it was banks and securities firms, not “alternative” money managers, that had blown up the system.
Among his counselors were James Chanos, a well-known short-seller, Anthony Scaramucci, another hedge-fund man, and Nouriel Roubini.
Now, says the Economist:
Photo: Charlie Rose
The script is sprinkled with echoes of Goldman: Churchill Schwartz bets against markets that it makes, including subprime mortgages; its credit-default swaps are bailed out at par; and it has friends at the Treasury. An exposé of the firm, written by Jake Moore, a disillusioned prop trader and the film’s central character, begins: “The first thing you need to know about Churchill Schwartz is that it’s everywhere.” A damning Rolling Stone article [by Matt Taibbi] on Goldman in 2009 opened with precisely those words, the name apart.
The advisers probably also recommended the movie change the news network from Fox Business to CNBC.
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