Purely considered as a movie, The Wolf of Wall Street is another excellent film from Scorsese. Although it is too long by about an hour, it is engaging and never really boring (just repetitive — I mean how many shots of people snorting coke off of call girls’ asses do we need?). It has a tremendous amount of energy in some sequences. It’s difficult to call the acting “good” since everyone involved gets into the spirit of things and chews the scenery with relentless abandon. Dicaprio is fine, Hill is fine and newcomer Margot Robbie is great as Naomi.
On its merits, I would probably give the movie an 8 out of 10.
The Wolf of Wall Street is not a fictional tale (at least not completely). Jordan Belfort is a real life person who went to real life prison for bilking real life investors out of hundreds of millions of dollars with penny stocks and pump-and-dump schemes. The movie barely touches on this. In fact, in a condescending fourth wall scene, the movie Belfort simply waves off the details by saying the audience isn’t interested. The vast majority of the movie simply revels in the excesses of drugs, booze and sex that Belfort’s millions created (although I suspect some of that is exaggerated). Large parts of the movie play like a high-power rave.
Dicaprio and Scorsese, perhaps having realized the danger of glorifying the hedonistic lifestyle of a stock swindler in the current economy, have claimed it is a cautionary tale. I didn’t see any caution. I never saw that Belfort suffered for his crimes or was ever really undone by his lifestyle. The movie portrays his life as a non-stop party and even serious problems are cast in a darkly comic light. The only time the movie turns even a little bit grim is when his second marriage breaks up. I doubt even Belfort thinks his life was that awesome.
Frankly, I’m tired of movies that glorify Wall Street brokers. I’m tired of the glorification of Wall Street, full stop. I do not regard the high-powered end of the financial industry as something worth celebrating. There’s an early scene — probably the best in the movie — where Matthew McConaughey, in another great performance, explains how the stock broker industry works. The goal is not to make money for the clients. The goal is to keep them trading and paying commissions. No stock broker ever beats the markets consistently. This has been obvious for thirty years. Michael Lewis wrote a book about his time on Wall Street (Liar’s Poker) and speculated that the industry could not possibly last because people would eventually figure out that it was all a sham — that the brokers making massive commissions weren’t any more clued in than the clients. In fact, 20/20 (I think) once did a bit where they had a stock broker pick stocks, had a kindergarten class pick them and had a monkey pulls cards out of a rollodex. The broker came in last place and not by a little. Why is this an industry worth glorifying? Is it because it is a shadowy parallel of the equally empty and vainglorious entertainment industry?
There’s a tendency — and the movie encourages this — to say that the primary victims of Wall Street are rich and can afford to lose their money. There’s some truth to that. Some time ago, I got into a debate over Bernie Madoff’s victims. Some people insisted they had to know that his returns were ridiculous and there was something fishy going on. I agreed but pointed out that they probably didn’t know it was fraud. My basic take on human nature is that we are good but we are easily tempted. It was just so easy, with so much money being made, to persuade themselves that it was legit.
But the thing is, rich people aren’t the only victims of guys like Madoff and Belfort. Financial schemes like pump and dump affect an open market that is invested in by hundreds of millions of people, including mutual funds and pensions. Swindles undermine confidence in the entire system. Maybe you could argue that some of the victims deserved what they got. But they weren’t the only ones.
The movie doesn’t even hint at this. There’s a phone call, possibly fictitious, where Belfort persuades some middle class guy to sink his life savings into a penny stock, but even that is portrayed as triumphant.
No, I’m sorry. The context matters in this case. The movie itself I give an 8/10. But for glorifying a convicted financial criminal and, more importantly, the environment of recklessness that has sent our economy on a three-decade-long roller coaster ride while Wall Streeters made billions, I have to knock at least a point off.