NEW YORK (Reuters) - for producers of the film "Too big to fail," story plays like a horror film.
It covers the period between the failure of the Investment Bank Bear Stearns and the passage of the American Bank rescue program, and it represents a relentless series of incidents where each problem is replaced by the emergence of a new problem.
"You keep thinking you have a handle on it and then comes the knock on the door, and there is once again a boogeyman" said Len Amato, President of HBO Films.
That scary movie quality reflects the reality of the events of 2008: the financial system was close to breaking and each day a new disaster.
In the book "Too big to Fail" by the New York Times Andrew Ross Sorkin, the horrors are in abundance.
Then Lehman Brothers Chief Executive Dick Fuld does not try very hard to negotiate with Billionaire Warren Buffett for a just a few months before the Bank goes under capital injection.
American International Group Executive Director Robert Willumstad struggles to answer fundamental questions of bankers on capital and credit society after the failure of Lehman.
Morgan Stanley Chief Financial Officer Colm Kelleher admits to its Board of Directors the Bank could run out of money in the middle of the week.
"People tell me that when they finish the book that they feel tired and anxiety devastated by the", said Sorkin. "This is what the story was."
The trick of "Too big to Fail" for manufacturers was cram 500 pages of the financial meltdown in 98 minutes.
Many of nuance is lost on the way. In the book, Fuld and his financial director Erin Callan call Warren Buffett and ask if he would be interested to invest. Buffett made a casual proposal for a $ 5 billion to $ 3 billion deal.
Buffett then focuses on public financial deposits of Lehman and found enough red flags to scare him off the coast. When Fuld, there is an awkward misunderstanding on Buffett's initial proposal, and the collapse of the agreement.
Later, a report on Lehman being swindle of $ 355 million to the Japan strike the son and wonders Buffett why Fuld never mentioned the episode attempting to collect funds.
In the film, produced for HBO and directed by "L.A. confidential" Director Curtis Hanson, discussions between Lehman and Buffett arrive off the coast of the camera. Callan, played by Amy Carlson, later asks Fuld, played by James Woods, on his reaction to the offer of buffet. Fuld said, "Screw Warren Buffett."
Time is accelerated in the film, so the events that took weeks to unfold are nesting in days or hours.
"It comes with the territory to make a film, you are looking for a period of six months, and films have this implacable structure that moves forward," said Amato. "And it is a convention of making a film that a certain dramatic license is acceptable.".
Thoughts of the Sorkin?
"They did an excellent job." They capture the moments of the book cutting-edge, "Sorkin said, adding that he knew only render each scene in the film."
But, he said, "each scene of the book is my baby."
(Reporting by Dan Wilchins.) (Editing by Robert MacMillan)
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