By Sydney Sullivan
Without a doubt every foreclosure judge and any judge who has ruled in favor of the banks over duped homeowners should be required to watch The Wolf of Wall Street – not once but several times.
Every time the Courts consider ruling in favor of these decadent Wall Street creatures – they should be shoved into a room with a wide flat screen TV, handed a box of popcorn and ice cold Coca Cola and locked in there for 180 minutes – so they can see exactly what they are sustaining by ruling in favor of the banks.
The Wolf of Wall Street is based on the true story of Jordan Belfort, from his rise to a wealthy stockbroker living the high life to his fall involving crime, corruption and the federal government. Martin Scorcese’s The Wolf of Wall Street with Leonardo DiCaprio in the role of Jordan Belfort opened recently to critical and popular acclaim.
Scorsese‘s The Wolf of Wall Street contains more F-words and derivatives of it (506) than any other movie drama thus far, writes the Guardian. And when you are watching the movie and realize that this is not pure fiction – you think, “no fucking way” – these guys are allowed to do this while homeowners are being thrown out in the street?!
FirstPost Investing writes, “It’s all here. The greed and the excess and the sex and the booze and the Swiss bank accounts and the comical attempts to stay one step ahead of the FBI. The underlying financial market themes are – ahem, ahem – equally interesting, at least to this writer. No, really. The movie brings out issues of herding, momentum and information cascades quite well.
On the Wizard of Oz
The movie belongs to a genre that has a long history in American cinema. This is the morality play that pits Main Street against Wall Street. Main Street here is all those individuals and businesses who make their living the way most businesses do – by turning a profit making widgets and such things. It may also include the general population that invests in a financial market.
Wall Street, by contrast, is the epitome of finance capital, the world of the big banks and brokerages. Some people think that Main Street’s interest — to grow their money in the capital markets – contrasts with the interest of Wall Street, which is to generate profits by shuffling paper assets.
Hollywood’s been doing this for some time. In the 1939 children’s classic The Wizard of Oz, “oz” is the way troy ounces of gold are referred to in print, and the Wicked Witch of the East represents East Coast banking interests. The genre reaches a high point in Oliver Stone’s account, Wall Street. Stone’s account involved shenanigans on the corporate finance and investment banking side, and develops the Main Street vs. Wall Street clash more profoundly than The Wolf does. The Wolf, by contrast, is about bucket shops – or their modern avatar – the boiler rooms. This is the seamier side of the business, about the pump and dump operations on penny stocks that produce herding, followed by momentum, which leads to information cascades, and feedback loops.” Read more.
Where the movie begins to get to the heart of the Wall Street decadence is in the part played by Kyle Chandler of the FBI agent Patrick Denham who begins investigating Belfort – and like most guilty dogs – Belfort barks first and invites the FBI on his yacht, pleads his innocence and tries to bribe Denham. The best line was Belfort’s offer to trade information on Goldman Sachs, Lehman and the rest of the big boys on Wall Street because, Belfort said, as bad as his company was – the big boys were a lot worse.
Though the movie and Belfort’s memoir might seem like gross exaggerations of the truth, depicting heavy drug use and sexcapades in the office during trading hours, they’re not exaggerations at all says the F.B.I. agent who finally took Belfort into custody, “I tracked this guy for ten years, and everything he wrote is true.” -NYTimes.com
This incredible story is true – and while it is focused on one aspect of trading – it is indicative of the morally bankrupt behavior on Wall Street. This is what every judge in America is contributing to as they allow foreclosures on the victims of these corrupt and depraved creatures. Every single foreclosure that a judge grants provides the income to allow this criminal and decadent behavior to continue. Do you want to clean up Wall Street? Then stop feeding it.
Look at your retirement portfolio and see if you really want to continue to hold stocks and mutual funds that are questionable and maybe even worthless.
Unlike the Wall Street investment banks that created thousands of mortgage brokers sent out to sign-up homeowners, bundle up their mortgages, credit and promise to pay (whether or not the homeowner could afford to do this) and sell it to pension funds and retirement accounts as something that it was not… Jordan Belfort was selling penny stocks – win or lose you knew you were gambling.
The mortgage backed securities on the other hand did not disclose to the homeowners that their application was being sold and that their collateral was going to be gambled in a seamless computerized automation. No one told the homeowners they were participating in a securities scheme.
If you doubt for one minute that mortgage-backed securities was/is anything less unscrupulous and immoral than the Wolf’s business – think again. He was right – the big boys are a lot worse and every foreclosure allows them to feed the machine. It’s time to wake up and starve them out of business.
Your job as a judge, whether in a circuit court, appeals court, or Supreme Court – is to maintain morality and force the hand of the legislators to do the same. You are the moral compass of our society. If you’ll look at financial disclosure statements of our Congressional leaders – you’ll see they have been shedding bank-related stocks over the past few years. Legislation and regulation is hard to do when your income and retirement are directly linked to the industry that you need to control.
The Wolf of Wall Street is a must see as it deals with real-life corporate greed and provides a look inside the Wall Street mentality. If you come up against a judge that just doesn’t understand this patented foreclosure scam and why you have not been allowed to make a modification or even payments – send him/her a copy of the Wolf of Wall Street after you file your appeal.
Yes – it is a true story. See Hollywood vs. History. Leonardo DiCaprio is brilliant and Martin Scorsese has outdone himself. Treat yourself to some real insider information and share it with all of your friends – and of course, every single judge and politician.
See also (Thanks Deontos!):