Real quick – I finally managed to see The Wolf of Wall Street today, thought I’d write up some impressions…
For starters, I began in the business on Long Island at the tail-end of that era and I had met a lot of the guys depicted in the film while cold-calling at Duke & Company during the summer after my freshman year. They really were dumbasses and savage maniacs, but to the young guys who didn’t know any better, they were Ferrari-driving gods.
Duke & Co was the boiler room spin-off opened and run by ex-Stratton Oakmont guys who had broken away during the regulatory troubles. I’m fairly sure that the Asian character in the movie, “Chester Ming” is meant to portray Victor Wang, one of the founders of Duke (Jordan refers to him as “the depraved Chinaman” in the book). The big irony is that Duke & Co’s office was on Third Avenue in the 50’s, next door to the Lipstick Building where, even then in the late 1990’s, Bernie Madoff was running his secret (but much larger) fraud all along.
I’ve known ten or twelve guys who worked at the Lake Success headquarters of Stratton during its heyday; all the stories are true and there’s very little embellishment in the movie. It all happened and then some. I’ve been hearing these stories for fifteen years. There was a diaspora of sorts that happened after that firm went down, a thousand others had opened up shop as the brokers were scattered like seeds in the wind. Boiler room brokerages had sprung up from Westchester to New Jersey to Staten Island to the Financial District in Manhattan to Boca Raton, Florida. But nowhere was there as heavy a concentration as there was on Long Island. At one point, there was a nickel broker-dealer in every glass office tower in Suffolk and Nassau Counties (and many big buildings had several firms housed on different floors, imagine the stairwells).
The scripts used in the movie were the exact same ones taught to every NY metro area broker in the late 1990’s. I printed the entire Belfort pitch (which itself had been stolen from the Madison Avenue office of Lehman Brothers) in my book Backstage Wall Street, I’m fairly certain the producers got their hands on it for the film. I doubt Jordan had a copy lying around from twenty years ago. They also used the term “Wildebeest” which is something I use on TV a lot to describe runaway stocks. My friend Paul and I made it up in a finance context five years ago, so I’m flattered, I guess.
The great irony that’s not discussed is that Belfort, had he done Wall Street brokerage the legitimate way beginning in the late 1980’s, would probably have become a billionaire by now. I could picture him running a hedge fund of funds business or being a brokerage CEO and just selling the shit out of it while other people did all the real work. He could have been a major player legitimately if he wasn’t in such a rush.
Leo’s Long Island accent was perfect, so was Jonah’s. And I should know. Don’t be surprised if they start talking like that in real life now, it’s kind of addicting after a while 😉
Margot Robbie as Nadine. Oh my god.
The drug stuff was sad/hilarious. Leo’s scene on Lemmon quaaludes might have been the most humorous thing he’s ever done on-screen.
The real Jordan Belfort has a cameo at the end where he introduces Leo as Belfort the motivational speaker. He’s tan and fit and undoubtedly having a great time. Not sure how anyone consulting on a biopic of their own life starring and directed by Oscar winners could even be capable of remorse.
I found it pretty shocking that they didn’t incorporate one scene showing the victims of this systematic theft. They don’t show the face of a single one, although we hear a handful on the phone. These scenes are played so that the audience is meant to laugh at the “customers” whilst high-fiving with the Wolf and his crew. It’s pretty ugly.
The female boiler room broker character was based on a woman I knew named Chrissie. Only she wasn’t just an ordinary “single mom,” she was actually a stripper who was so aggressive that the Strattonites figured she’d be a killer on the phones. She was, until they hauled her out in cuffs from another firm years later over Stratton-era IPOs.
There are still a handful of wannabe Belforts and mini-Strattons out there to this day. There are a handful of firms still holding out and doing the whole yelling into the phones while wearing Armani suits thing. A big one was taken down this past summer, but the brokers simply jump to a new firm and start all over again. These days, they can’t take inside rips in penny stocks, so it’s more about churning accounts using real stocks or selling clients private placements. There’s a good chance you’re talking to a boiler room broker if his office is actually located on actual Wall Street. But these guys are dying out. Their licenses are swiss cheese and potential suckers don’t answer their landline phones anymore anyway – hard to con someone over the phone you can’t get in touch with. It’s been over for a while but what else are they going to do? They think Stratton’s coming back someday and they’ll get rich again selling shit over the phone.
The movie itself if extremely well made and entertaining. Lots of people are saying it reminds them of Goodfellas and I agree. Maybe even a little more like Casino given the theme – guys who had no business running something that lucrative could never be smart enough to hold on to it without going too far.
100% of teenage boys who see this movie are going to want to grow up to be Jordan. I’m sure Scorsese didn’t set out to accomplish that but it’s inescapable. Oliver Stone didn’t think he was inventing Gordon Gekko to be the role model for a million young would-be finance guys, but that’s exactly what happened. Don’t think Belfort and Danny Porush (on whom Jonah’s character Donny Azoff is said to be based) didn’t have serious Gekko envy, that was the blueprint. Gekko’s like Billy the Kidd in that regard. He’s still quoted, revered and even emulated in every corner of the business world.
I recommend seeing it, if you can get past the real moral issues that some have raised. I get the argument against going to see it, but I couldn’t stay away.
خرید vpn
I do not know if it is just me or if possibly everybody else encountering troubles with your internet site. It seems as if some of the created text in your posts are working off the screen. Can someone else make sure you comment and permit me know if t…
خرید vpn
Hi would you brain letting me know which webhost you’re using? I’ve loaded your site in 3 completely diverse browsers and I have to say this site hundreds a great deal a lot quicker then most. Can you advocate a excellent hosting service provider at a…
خرید کریو
Does your web site have a get in touch with website page? I’m getting a difficult time locating it but, I’d like to shoot you an e-mail. I have got some creative concepts for your site you may well be intrigued in hearing. Either way, excellent blog an…
خرید vpn
Compose far more, thats all I have to say. Virtually, it seems as although you relied on the video to make your stage. You clearly know what youre talking about, why waste your intelligence on just publishing videos to your site when you could be givin…
خرید vpn
here are some back links to internet webpages that we website link to since we come to feel they are really well worth going to
خرید vpn
I’m actually loving the theme/design and style of your internet website. Do you ever operate into any web browser compatibility problems? A small variety of my site audience have complained about my weblog not operating accurately in Explorer but looks…
خرید کریو
Hello there! This is variety of off matter but I require some guidance from an proven site. Is it very hard to set up your own website? I’m not really techincal but I can determine things out quite quick. I’m contemplating about environment up my posse…
خرید vpn
we came across a cool internet site which you could enjoy. Get a appear when you want
خرید vpn
Hey there! I not too long ago noticed your internet site and I definitely enjoy it. I adore to converse about omega xl from time to time. Excellent to be about, many thanks a great deal!
خرید کولر صنعتی
Wonderful site! Is your theme personalized produced or did you download it from someplace? A design and style like yours with a few easy adjustements would actually make my site stand out. Make sure you enable me know the place you obtained your design…
InsideHackers Review
[…]here are some links to web sites that we link to for the reason that we assume they are worth visiting[…]
Tomatensuppe von little Lunch
[…]Here is a good Blog You may Obtain Intriguing that we Encourage You[…]
خرید کولر صنعتی
We absolutely love your website and find virtually all of your post’s to be what specifically I’m seeking for. Does a single offer you guest writers to compose material for you? I wouldn’t thoughts creating a post or elaborating on a good deal of the s…
تبلیغات در گوگل
Many thanks for another informative web web site. The location else could I get that type of info composed in this kind of an best technique?I have a enterprise that I’m just now operating on, and I have been at the look outfor this sort of data.
دوربین کودک
Correct now it looks like Movable Type is the prime blogging system out there right now. (from what I have read through) Is that what you are employing on your weblog?