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Sunday, September 4, 2011
Boiler Room
A college dropout gets a job as a broker for a suburban investment firm, which puts him on the fast track to success, but the job might not be as legitimate as it sounds. (From IMDb)
“Boiler Room” This movie was very interesting, entertaining and informative at the same time. I liked at the beginning of the film when Seth stopped working at his illegal casino to try and find a real job, one that his judge father would be happy about. Right at the beginning of Seth’s first group interview I realized that J.T. Marlin was a sketchy company, since Jim Young had immediately got rid of the only certified stock broker at the interview, making it so that no one would realize right away that what they would all be doing soon is highly illegal. Towards the end of the movie I had hoped that Seth would have just gotten up and left, but he knew what he was doing was illegal, yet it would soon make him a lot of money. It shows just how greedy all of J.T. Martin’s employees were, since they all knew what they were doing was illegal, and that they were basically stealing from every client they closed deals with. I am glad however that Seth had gotten Harry Reynard 10,000 shares that he could sell to get his money back. It is very unfortunate that companies like J.T. Marlin exist only to take people’s money only giving them the false hope that they themselves would become rich in the process. I feel that companies like J.T. Martin thrive because the consumers are so focused on making money, that they will invest their home mortgages on stocks from companies they have never heard about.
The company JT Marlin is a building full of the most charismatic stock brokers not anywhere near Wall St. but might as well be. This charismatic group of salesmen from Marlin could sell anything, something Seth, the main character soon realizes in the “Boiler Room”. The only problem with this company is that the businesses are frauds, and the stock will plunge the minute the amount of stock owned by the owner is met and he can sell. People loose money faster than they can recover from and JT marlin just moves on to the next group of people they can get to buy fake stocks. The workforce employed by JT have scores of unhealthy habits such as drugs, gambling and drinking, but these actions are encouraged at Marlin and even paid for. Not only is the company stealing recklessly, but paying their employees two to three dollar rips per share an unheard of amount anywhere else. Marlin exercises no caution about the obvious social implications and the standards that it has to upkeep but it is confident that their long scheme will pay off. The numbers don’t add up, as much of the staff is fully aware of, but continue to work with wide knowledge about what is going on. What’s more shocking than the company owner leading this scam’s moral compass, is that off his workers, the hundreds all aware of what they are doing but not caring that they are just taking money. The obvious moral implications aside the company’s itself was not well thought out, all the information that was false was easily traced and little to no effort to prevent arrests were ever taken. The JT Marlin broker firm although convincing and suave lacked moral standards, the damage they could have done to the stock market could have caused recession. The movie “Boiler Room” although fiction presents a very real possibility of disaster due to the greed and skewed morality of a select few.
Your summary of Boiler Room (on the official BC High site) makes the film seem very interesting. That there was an investment banker arrested for illegal activities reminds me of Wall Street, as the same thing happened with Bud Fox in that film. Fox also learns from his mistakes in Wall Street, just like Davis realizes his mistakes, and helps out the police by taping a conversation with his boss, Gordon Gekko. I have not seen the movie, but I am also outraged that the wealthy, such as investment bankers, waste their paychecks on childish objects, however, investment bankers usually work 80-120 hours a week, so it is easy to see why they would want to have a little fun on their one day off (if that) a week.
Your insight into the film the "Boiler Room" was excellent, I appreciate the quotes that you provided: it brought the film to life. Whether or not you viewed the "Enron" movie, I am not aware. Your description of "Boiler Room", however, sounded very similar to "Enron". Check it out, I think you would find your findings consistent. My comment to you is: was greed thrusted upon the workers? Or was it inherent?
While the plot behind the success of J.T. Marlin investments in Boiler Room is incontrovertibly morally repugnant, I can not help but laugh at the idea of how easy and profitable the business scheme worked in the film but would probably fail in reality. The story behind the investment industry is through young Seth Davis, a college dropout and illegal underground casino manager who goes on to pursue work at J.T. Marlin after a job opportunity by Greg Weinstein, the boss himself. The investment agency, Seth is told, sells stock in emerging medical technologies. Technologies whose value multiplies almost exponentially in the time after anyone makes a sale. Through this cycle, Seth makes a handsome commission, the investors make a hefty profit, and because this sale happened somebody somewhere just had their life saved. The cycle is mutually beneficial, but there is a problem: the stock is being sold to imaginary companies. Due to J.T. Marlin's alleged success, investors have been shown profits. This success creates a demand. Yet the demand is artificial, and the process is highly illegal. The FBI, who are already suspicious of Marlin investments, obtain all the information they need through Seth and promptly shut down the business. This scheming overlooks a basic principle about investors: they're smart. Investors know when they are being lied to, they do their own research and buy and sell stock on clearly defined rules. They know when to make a good sale: especially in today's world, where there is a wide range of information available at your fingertips. To be fair, J.T. Marlin did appeal to their audience's pathos, promising them a share in human health and the internet was not readily available in 2000, the year the film was released. Either way, I find the plot dubious at best. Surely, if this scheme were carried out again, someone would discover they were being fraud ed and alert both the authorities and other investors. J.T. Marlin would go belly-up with one smart investor. In conclusion, while I found the plot of Boiler Room enjoyable and informative, I do not believe that a scheme to create artificial demand would be fruitful in today's economy and therefore dislike that aspect of the film.
Boiler Room is a fictional story about a young man’s journey to the top of the Wall Street corporate ladder. After watching “Inside Job”, it is not hard to expect bank employees to divulge in some shenanigans. This movie exhibits themes of corruption and greed which have begun to become synonymous with banking executives, eventually leading to their downfall. The film begins with the main character, Seth Davis, in 1999 running an underground casino. He has success, but his father, a New York City judge, shows concern for his actions. The effects of this illegal business not only could reach Seth, but also could cost his Father his job. After Greg Weinstein approaches Seth about a job at J.T. Marlin, Seth begins his climb to wealth and success. He befriends a group of co-workers who “had all the money in the world and not a clue what to do with it.” Later, the illegal and fraudulent practices of the firm are brought to light. The stockbrokers give high praise and ratings to cheap stocks in order to convince investors to buy for much higher prices. Seth’s ethics are called into play when he attempts to sell bad stocks to an honest investor. The man named Harry wants to purchase a new house for his family. After buying the shares and realizing they are unsuccessful, Seth convinces him to purchase more bad shares. Seth then leaves the firm after a run in with the F.B.I before they raid the offices.
In Boiler Room, Seth Davis leaves his college casino gig which his father despises so much, and, even as a dropout of college, is invited to apply to Michael Brantley's firm, J.P. Marley. The stealthy, sleazy Brantley brings his employees on their knees to the god Mammon. I adamantly disagree with all of his business and social practices in the movie. He inspires in his employees lust and greed. In what is called bridge financing, he sucks millions out of the poor suckers falling for the trust of his smooth talking employees who could sell a car dealer his or her own car. Seth Davis describes the process saying, “A group of investors make a loan to a private company. Let's say for three million. After the company gets taken public they pay back a million in cash and the other two they pay back in common stock, but at the IPO price. So the investors basically get two million worth of IPO stock. Then they can sell it on the open market at triple what they bought it for. Now that's actually all legal as long as the investors are not tied to the brokerage house. But Michael's friends are the investors on every IPO we do.” Through this process, the brokers make millions, while the customers lose their savings and retirement, very possibly ruining their families and wrecking their personal lives. Additionally he puts the SEC official under his thumb, making him do the dirty work, such as shredding documents. He promises his workers millions, within a matter of months, while they in turn have no problem making their sales pitches, promising the world to these well-wishing men. Seth Davis says of Brantley, “He depends on us to literally create the market. It's all artificial demand. There's no other firm selling this sh** That's why he's always telling us to go into debt. He wants us hungry. Then as soon as we sell off Michael's position there's no need to maintain the inflated price anymore. We stop pushing it and it crashes. And get this. The last IPO, Med Patent, it's cardboard. No research and development, no employees, not even a f**king building. Annual reports are all bullsh**. Michael manufactures them. Med Patent doesn't exist.” Through Brantley's scheme, it is clear he is in it for the money and has no hopes of slowing down or looking out for the investors' interest. This egotist is a money hungry monster who would ruin a family to buy a new car.
The Movie Boiler Room was a very interesting, but also extremely informative film. Unlike the documentaries I watched this summer this film had a pretty well-known cast, including Vin Diesel, Giovanni Ribisi, and Ben Affleck. The film featured a college drop-out hosting a under the table casino in his apartment. In effort to gain the approval of his dad, a judge, he decides to take an interview for a job at a stock firm. Excelling at his job and closing more sales than any of his other trainee’s Seth quickly realizes that the firm is up to something illegal. He struggles with the option weather to turn in the firm for their irresponsibly and theft. After being questioned by the FBI he sets up the firm to be taken down, and even sells 10,000 shares of stock to a consumer he recently lied to. The movie was a great insight to not only the evils of the stock market and fake companies similar to J.T. Marlin, but also the level to which many of these stock brokers would go to just to close a sale. They lied, and made themselves a completely new person while on the phone. The workers at J.T. Marlin did not care how they were affecting other lives as long as they were getting rich while doing so.
Again, greed, ambition, and deceit seem to take the overarching role of business related lives. as you said, Seth appears to try to gain the confidence of another man by exaggerating the truth about this personality toward a favorable, family man approach. I would also agree that his actions in continuing to work with the conniving firm are lowly, but again, apparently required to get ahead in his career path. I feel as if the his "rights" do not completely outweight the "wrongs" he committed in his lying and in turn, hurting others financially and in other ways.
Boiler Room is about college dropout Seth Davis who is offered a job by his obviously successful friend at a brokering firm called JT Marlin. The brokerage firm is selling stock in companies that do not exist, unbeknownst to Seth and the other young brokers. Seth quickly becomes an amazing negotiator and begins selling more and more of the fake stock and taking more and more of his customers money. Eventually Seth is caught by the FBI for the illegal actions of the company and he assists them in taking down JT Marlin. As the movie progresses my opinion of both Seth and JT Marlin changed drastically. When Seth first appears he is a down on his luck college dropout running a successful yet not very secure illegal casino. When he joins JT Marlin I was hoping that Seth would join a reputable company and finally reach the success he was looking for. However as the viewer finds out more about the true colors of the company, Seth begins to get more and more entangled in the success of himself and the company. When the company sells all this fake stock not only are they destroying the customer’s life savings but also the economy as a whole. Basically when fake stock is sold and sells extremely fast the stock becomes extremely expensive but the buyers have not one to sell to and the stock plummets, this puts a huge void in the economy as a whole and everything gets effected. This business model destroys both the economy and people’s lives, once Seth realizes what he has been doing he attempts to save himself and ultimately his main customer Harry who had invested thousands in the company. If more firms like JT Marlin were to establish eventually the entire economy would be in shambles due to the vast amount of fake stocks in the market. Unfortunately, most of the employees of JT Marlin were aware of what they were doing but chose to make money for themselves at the expense of their customers and the economy as a whole.
Boiler Room This movie, Boiler Room, begins by introducing the viewer to Seth Davis, a college dropout who is becoming successful in an “under the table” casino run out of his own house. However Seth encounters personal problems with his father who is a judge who wants nothing to do with his worthless son. His father proceeds in shunning his son Seth. Seth begins to show signs of wanting a career that his father will approve of so his friend, a successful stock broker, gets Seth a job at JT Marlin, a small broker firm in New York City. At the firm, Seth is promised to make millions working for JT Marlin where he will receive two bucks a rip, which means for every share he sells he will receive 2 dollars in commission. However Seth and the other new recruits are oblivious to the actual workings of JT Marlin. They are all told to sell stock from these specific promising companies that in reality don’t exist. Seth becomes extremely successful in negotiating and selling these fake shares. Eventually, the FBI began to catch on to this secretive scam. They arrest Seth and use him as the mole to arrest and prosecute all other employees of JT Marlin. This movie far exceeded my expectations and allowed me to further understand the job and responsibility of a stock broker and the inner weaving of business ethics in the real world.
This is a witty movie, portraying the strains between father and son, the maturation of a lost soul, and the devious world of stock brokerage. As the audience follows Seth Davis from his desperate practice running an in-home casino to his new job as a stock broker, a slew of fascinating characters are introduced from violent, raucous men to compassionate and dedicated professionals. But only early on did I see a person who truly intrigued me and captivated my interest. The man is Jim Young played by Ben Affleck. He is introduced to viewers towards the beginning when Seth goes in for his interview at JT Marlin. Jim knows how to make first impressions with his swift decisiveness and harsh language. Immediately, a rude applicant is expelled for his childish behavior and another for his proficiency. And none of this goes quietly as Jim cusses at the naïve interviewees. He next gets straight down to business, explicating his plan for the new trainees and their expected million dollar income over the next three years. Using more colorful language, he demonstrates how wealthy he has become, emphasizes his youth, and sells his point. Jim speaks to the applicants, asking them to imagine their own futures as millionaires and the effect on their families. Throughout this entire speech, he maintains such a confident, self-assured, and dignified tone. His presence is dominating and pervades through the room. In later appearances throughout the movie, Jim continues to reign with an air of superiority. He walks in the room and conveys his mood aptly yet succinctly. It’s his terse statements and fiery speaking that does the trick and expresses his emotion. That is what I find most impressive about this character: his communication skills. Even though he is using these tactics to perpetuate an illegal scheme, it is remarkable nonetheless that he is able to speak so convincingly and effectively.
Drew, I agree that the concept presented in "Boiler Room" is morally reprehensible and I disagree with every fiber of my being with the actions these men took in the film. As to your comment on laughing at the feasability of it, however, I would have to disagree. This is a real problem that many people encounter, especially those in advanced age who have not stayed up to date with the ins and outs of the business world. A variation of this scam is one in which you call ten people with ten different predictions on the market and, granted a little a luck, you convince one of them that you can predict the market. This causes them to trust the person on the other side of the phone and suck their bank account dry. It is a real problem, not one created in the mind of a Hollywood director.
Your account of the film Boiler Room truly parallels that of the events that took place in the film Wall Street. The money-hungry actions of Seth Davis remind me of those of Bud Fox because both of those individuals disregarded both the law and common care to gain wealth. Both Seth Davis and Bud Fox do a good deal of lying and take part in many sneaky tactics, and they both become fairly successful in their fields. In addition, both of the characters make important decisions in regard to their father’s thoughts and situations. Both Seth Davis and Bud Fox also end up giving up their riches and dignity to stand up for what is right, as well as protect their fathers.
John, In response to Boiler Room. It seems that Boiler Room and Wall Street seem to have a very similar plot where the main character gets involved with the illegal business world, makes a profit and eventually ends up caught. This goes to show that the "quick dollar" doesn't exist legally, and the business world is not to be toyed with. Both main characters Bud Fox and Seth Davis realize this and right thier wrongs at the end of the movie. The movies both show that greed can very easily get you into trouble.
The movie “Boiler Room” is about a young college dropout named Seth Davis who is given the opportunity to work for a firm called J.P. Marlin. Seth discovers that the firm is selling “garbage” stocks to naïve buyers. This leads to the firm making lots of money and the buyers losing their invested money which in some cases was all the money they had. Seth realizes the immorality of his firm and turns it into the F.B.I. I like some of Seth’s actions, while I disagree with some of his other actions. One reason I like Seth is because I believe that Seth cares more about the wellbeing of others than his personal greed. This is shown by his dislike of the firm’s immoral methods because it severely hurts investors financially for the sake of making the firm money. Also, Seth felt empathy for Harry Reynard because he took Harry’s entire life savings which he was planning to use to buy a house for his family. However, Seth got Harry’s money back to him by convincing Michael Brantley the owner of J.P. Marlin to give Harry stock options in a successful IPO stock. Finally, I believe that Seth made good decisions in both closing his casino and by reporting the firm to the F.B.I. because even though both brought him personal gain they were illegal and corrupt careers. Although I believe that Seth is a good person, I disliked some of his decisions. One decision that Seth made that I disliked was that he continued to work for J.P. Marlin even though he knew it was a scamming people. Therefore, he essentially was stealing people’s money with full consent. An attribute of Seth’s that I disliked was that he was a liar both to his family and clients. For example he told his family he was still in college, when he had dropped out and was running a casino in his apartment. Also, he would lie to his clients in order to connect more with them. For example, he told Harry that he was a family man so that he could connect with Harry and build his confidence and then was able to take all of Harry’s savings. Nevertheless, Seth made the right decision by turning in the firm and by giving Harry his money back.
In Response To John, Very nice work on your detailing of the Boiler Room. Many connections can be made between this film and one that I watched: Wall Street. As you noted, the "money first mentality" does seem to dominate and permeate the financial sector. The drive and wanton desire to win seems to be the cornerstone of much fraud, indecency, and violation of ethics. Unfortunately, we live in a world that is predicated upon "having," instead of "being." Whether it be for the acceptance from a father or the possession of great wealth, it is never of right action to willfully and deliberately commit financial fraud. It is a breach of the fiduciary obligation of a stock broker and it is a breach of moral character. Boiler Room, as you mentioned, John, clearly wants to imbue the observer with a sense of moral and ethical rectitude in pointing out just how fast a person will abandon his moral compass.
The business practice that is the main focus of "Boiler Room," a “chop shop,” in which someone hires salesmen to artificially inflate worthless stocks and sell them to people under false promises, is extremely unethical. I see little upside to this business practice. The only people it helps are the salesmen and the head of the chop shop, in this case Michael. And as we see in this film it soon does not help the salesmen at all. Seth is arrested and the others are soon to be. This process is especially damaging to the people that they trick into buying stocks. The salesmen are tricking and coercing the targets to buy these stocks. This is very unethical, and completely destroys many lives. An example of a life that was destroyed by this business was that of Harry. Harry was a young father, he and his wife were planning on buying a home and they were going to spend all of their savings on it. Before they could, Seth tricked Harry into buying worthless stocks, soon he had lost all his savings to the company. He now had no money, could not buy a new house and his wife was leaving with the kids. Seth attempts to rectify the situation and get Harry his money back, but this is just one of many, many more examples. This business practice is very wrong, it preys on people who need help, offering help and then stealing from them. This practice even tricks its employees, offering these huge salaries when in reality, the employees are going be out of a job and possibly in legal trouble sooner or later. Really the only person that this business practice helps is whoever starts it, in this case, Michael. So in exchange for making one person millions, there are hundreds, even thousands of people who are devastated by this practice.
Boiler Room, a film questioning the morality of willful ignorance, follows the story of Seth Davis, a college dropout desperate to earn his father’s respect, as well as mountains of cash. After his father discovers his illegal casino, Seth, taking advice from a friend, begins training at JT Marlin to become an investment broker. After completing his training, Seth becomes immersed in his new job, even lying just to make the sale. Meanwhile, he begins seeing obvious signs of fraud in the company and, in spite of his fears, he continues to work. Eventually, Seth is arrested by the FBI and, in his final day of work, attempts to atone for his transgressions. While watching the film, I was appalled by the behavior of the brokers in the firm. In face of obvious violations, they continued to work without reservations, placing two dollar “rips” and the promise of millions ahead of their integrity. Furthermore, many of the brokers behaved childishly with their money, living from paycheck to paycheck as millionaires. Last, I was stunned by Davis’s eagerness to join the fraud, especially because of his conviction to earn legitimacy in his father’s eyes. By attempting to involve his father, he risked destroying the very relationship that he had sought to mend. Despite his greed, Davis did decide to redeem himself at the film’s conclusion. Shutting down his casino, he restored his standing with his father. In addition, using his skill to sell, he was able to protect his father from association with the firm. Finally, he manipulated his employers in order to regain the savings of a client whom he previously swindled. Quickly entangled in the market’s greed, Davis became another victim of the money-first mentality.
“Boiler Room”
ReplyDeleteThis movie was very interesting, entertaining and informative at the same time. I liked at the beginning of the film when Seth stopped working at his illegal casino to try and find a real job, one that his judge father would be happy about. Right at the beginning of Seth’s first group interview I realized that J.T. Marlin was a sketchy company, since Jim Young had immediately got rid of the only certified stock broker at the interview, making it so that no one would realize right away that what they would all be doing soon is highly illegal. Towards the end of the movie I had hoped that Seth would have just gotten up and left, but he knew what he was doing was illegal, yet it would soon make him a lot of money. It shows just how greedy all of J.T. Martin’s employees were, since they all knew what they were doing was illegal, and that they were basically stealing from every client they closed deals with. I am glad however that Seth had gotten Harry Reynard 10,000 shares that he could sell to get his money back. It is very unfortunate that companies like J.T. Marlin exist only to take people’s money only giving them the false hope that they themselves would become rich in the process. I feel that companies like J.T. Martin thrive because the consumers are so focused on making money, that they will invest their home mortgages on stocks from companies they have never heard about.
The company JT Marlin is a building full of the most charismatic stock brokers not anywhere near Wall St. but might as well be. This charismatic group of salesmen from Marlin could sell anything, something Seth, the main character soon realizes in the “Boiler Room”. The only problem with this company is that the businesses are frauds, and the stock will plunge the minute the amount of stock owned by the owner is met and he can sell. People loose money faster than they can recover from and JT marlin just moves on to the next group of people they can get to buy fake stocks. The workforce employed by JT have scores of unhealthy habits such as drugs, gambling and drinking, but these actions are encouraged at Marlin and even paid for. Not only is the company stealing recklessly, but paying their employees two to three dollar rips per share an unheard of amount anywhere else. Marlin exercises no caution about the obvious social implications and the standards that it has to upkeep but it is confident that their long scheme will pay off. The numbers don’t add up, as much of the staff is fully aware of, but continue to work with wide knowledge about what is going on. What’s more shocking than the company owner leading this scam’s moral compass, is that off his workers, the hundreds all aware of what they are doing but not caring that they are just taking money. The obvious moral implications aside the company’s itself was not well thought out, all the information that was false was easily traced and little to no effort to prevent arrests were ever taken. The JT Marlin broker firm although convincing and suave lacked moral standards, the damage they could have done to the stock market could have caused recession. The movie “Boiler Room” although fiction presents a very real possibility of disaster due to the greed and skewed morality of a select few.
ReplyDeleteJohn Maffeo,
ReplyDeleteYour summary of Boiler Room (on the official BC High site) makes the film seem very interesting. That there was an investment banker arrested for illegal activities reminds me of Wall Street, as the same thing happened with Bud Fox in that film. Fox also learns from his mistakes in Wall Street, just like Davis realizes his mistakes, and helps out the police by taping a conversation with his boss, Gordon Gekko. I have not seen the movie, but I am also outraged that the wealthy, such as investment bankers, waste their paychecks on childish objects, however, investment bankers usually work 80-120 hours a week, so it is easy to see why they would want to have a little fun on their one day off (if that) a week.
Joe McNamara,
ReplyDeleteYour insight into the film the "Boiler Room" was excellent, I appreciate the quotes that you provided: it brought the film to life. Whether or not you viewed the "Enron" movie, I am not aware. Your description of "Boiler Room", however, sounded very similar to "Enron". Check it out, I think you would find your findings consistent. My comment to you is: was greed thrusted upon the workers? Or was it inherent?
While the plot behind the success of J.T. Marlin investments in Boiler Room is incontrovertibly morally repugnant, I can not help but laugh at the idea of how easy and profitable the business scheme worked in the film but would probably fail in reality.
ReplyDeleteThe story behind the investment industry is through young Seth Davis, a college dropout and illegal underground casino manager who goes on to pursue work at J.T. Marlin after a job opportunity by Greg Weinstein, the boss himself. The investment agency, Seth is told, sells stock in emerging medical technologies. Technologies whose value multiplies almost exponentially in the time after anyone makes a sale.
Through this cycle, Seth makes a handsome commission, the investors make a hefty profit, and because this sale happened somebody somewhere just had their life saved. The cycle is mutually beneficial, but there is a problem: the stock is being sold to imaginary companies. Due to J.T. Marlin's alleged success, investors have been shown profits. This success creates a demand. Yet the demand is artificial, and the process is highly illegal. The FBI, who are already suspicious of Marlin investments, obtain all the information they need through Seth and promptly shut down the business.
This scheming overlooks a basic principle about investors: they're smart. Investors know when they are being lied to, they do their own research and buy and sell stock on clearly defined rules. They know when to make a good sale: especially in today's world, where there is a wide range of information available at your fingertips. To be fair, J.T. Marlin did appeal to their audience's pathos, promising them a share in human health and the internet was not readily available in 2000, the year the film was released. Either way, I find the plot dubious at best. Surely, if this scheme were carried out again, someone would discover they were being fraud ed and alert both the authorities and other investors. J.T. Marlin would go belly-up with one smart investor.
In conclusion, while I found the plot of Boiler Room enjoyable and informative, I do not believe that a scheme to create artificial demand would be fruitful in today's economy and therefore dislike that aspect of the film.
Boiler Room is a fictional story about a young man’s journey to the top of the Wall Street corporate ladder. After watching “Inside Job”, it is not hard to expect bank employees to divulge in some shenanigans. This movie exhibits themes of corruption and greed which have begun to become synonymous with banking executives, eventually leading to their downfall.
ReplyDeleteThe film begins with the main character, Seth Davis, in 1999 running an underground casino. He has success, but his father, a New York City judge, shows concern for his actions. The effects of this illegal business not only could reach Seth, but also could cost his Father his job. After Greg Weinstein approaches Seth about a job at J.T. Marlin, Seth begins his climb to wealth and success. He befriends a group of co-workers who “had all the money in the world and not a clue what to do with it.”
Later, the illegal and fraudulent practices of the firm are brought to light. The stockbrokers give high praise and ratings to cheap stocks in order to convince investors to buy for much higher prices. Seth’s ethics are called into play when he attempts to sell bad stocks to an honest investor. The man named Harry wants to purchase a new house for his family. After buying the shares and realizing they are unsuccessful, Seth convinces him to purchase more bad shares. Seth then leaves the firm after a run in with the F.B.I before they raid the offices.
In Boiler Room, Seth Davis leaves his college casino gig which his father despises so much, and, even as a dropout of college, is invited to apply to Michael Brantley's firm, J.P. Marley. The stealthy, sleazy Brantley brings his employees on their knees to the god Mammon. I adamantly disagree with all of his business and social practices in the movie. He inspires in his employees lust and greed.
ReplyDeleteIn what is called bridge financing, he sucks millions out of the poor suckers falling for the trust of his smooth talking employees who could sell a car dealer his or her own car. Seth Davis describes the process saying, “A group of investors make a loan to a private company. Let's say for three million. After the company gets taken public they pay back a million in cash and the other two they pay back in common stock, but at the IPO price. So the investors basically get two million worth of IPO stock. Then they can sell it on the open market at triple what they bought it for. Now that's actually all legal as long as the investors are not tied to the brokerage house. But Michael's friends are the investors on every IPO we do.” Through this process, the brokers make millions, while the customers lose their savings and retirement, very possibly ruining their families and wrecking their personal lives.
Additionally he puts the SEC official under his thumb, making him do the dirty work, such as shredding documents. He promises his workers millions, within a matter of months, while they in turn have no problem making their sales pitches, promising the world to these well-wishing men. Seth Davis says of Brantley, “He depends on us to literally create the market. It's all artificial demand. There's no other firm selling this sh** That's why he's always telling us to go into debt. He wants us hungry. Then as soon as we sell off Michael's position there's no need to maintain the inflated price anymore. We stop pushing it and it crashes. And get this. The last IPO, Med Patent, it's cardboard. No research and development, no employees, not even a f**king building. Annual reports are all bullsh**. Michael manufactures them. Med Patent doesn't exist.” Through Brantley's scheme, it is clear he is in it for the money and has no hopes of slowing down or looking out for the investors' interest. This egotist is a money hungry monster who would ruin a family to buy a new car.
The Movie Boiler Room was a very interesting, but also extremely informative film. Unlike the documentaries I watched this summer this film had a pretty well-known cast, including Vin Diesel, Giovanni Ribisi, and Ben Affleck. The film featured a college drop-out hosting a under the table casino in his apartment. In effort to gain the approval of his dad, a judge, he decides to take an interview for a job at a stock firm. Excelling at his job and closing more sales than any of his other trainee’s Seth quickly realizes that the firm is up to something illegal. He struggles with the option weather to turn in the firm for their irresponsibly and theft. After being questioned by the FBI he sets up the firm to be taken down, and even sells 10,000 shares of stock to a consumer he recently lied to. The movie was a great insight to not only the evils of the stock market and fake companies similar to J.T. Marlin, but also the level to which many of these stock brokers would go to just to close a sale. They lied, and made themselves a completely new person while on the phone. The workers at J.T. Marlin did not care how they were affecting other lives as long as they were getting rich while doing so.
ReplyDeleteResponse to Edward Rowland
ReplyDeleteAgain, greed, ambition, and deceit seem to take the overarching role of business related lives. as you said, Seth appears to try to gain the confidence of another man by exaggerating the truth about this personality toward a favorable, family man approach. I would also agree that his actions in continuing to work with the conniving firm are lowly, but again, apparently required to get ahead in his career path. I feel as if the his "rights" do not completely outweight the "wrongs" he committed in his lying and in turn, hurting others financially and in other ways.
Boiler Room is about college dropout Seth Davis who is offered a job by his obviously successful friend at a brokering firm called JT Marlin. The brokerage firm is selling stock in companies that do not exist, unbeknownst to Seth and the other young brokers. Seth quickly becomes an amazing negotiator and begins selling more and more of the fake stock and taking more and more of his customers money. Eventually Seth is caught by the FBI for the illegal actions of the company and he assists them in taking down JT Marlin.
ReplyDeleteAs the movie progresses my opinion of both Seth and JT Marlin changed drastically. When Seth first appears he is a down on his luck college dropout running a successful yet not very secure illegal casino. When he joins JT Marlin I was hoping that Seth would join a reputable company and finally reach the success he was looking for. However as the viewer finds out more about the true colors of the company, Seth begins to get more and more entangled in the success of himself and the company. When the company sells all this fake stock not only are they destroying the customer’s life savings but also the economy as a whole. Basically when fake stock is sold and sells extremely fast the stock becomes extremely expensive but the buyers have not one to sell to and the stock plummets, this puts a huge void in the economy as a whole and everything gets effected. This business model destroys both the economy and people’s lives, once Seth realizes what he has been doing he attempts to save himself and ultimately his main customer Harry who had invested thousands in the company. If more firms like JT Marlin were to establish eventually the entire economy would be in shambles due to the vast amount of fake stocks in the market. Unfortunately, most of the employees of JT Marlin were aware of what they were doing but chose to make money for themselves at the expense of their customers and the economy as a whole.
Boiler Room
ReplyDeleteThis movie, Boiler Room, begins by introducing the viewer to Seth Davis, a college dropout who is becoming successful in an “under the table” casino run out of his own house. However Seth encounters personal problems with his father who is a judge who wants nothing to do with his worthless son. His father proceeds in shunning his son Seth. Seth begins to show signs of wanting a career that his father will approve of so his friend, a successful stock broker, gets Seth a job at JT Marlin, a small broker firm in New York City. At the firm, Seth is promised to make millions working for JT Marlin where he will receive two bucks a rip, which means for every share he sells he will receive 2 dollars in commission. However Seth and the other new recruits are oblivious to the actual workings of JT Marlin. They are all told to sell stock from these specific promising companies that in reality don’t exist. Seth becomes extremely successful in negotiating and selling these fake shares. Eventually, the FBI began to catch on to this secretive scam. They arrest Seth and use him as the mole to arrest and prosecute all other employees of JT Marlin. This movie far exceeded my expectations and allowed me to further understand the job and responsibility of a stock broker and the inner weaving of business ethics in the real world.
This is a witty movie, portraying the strains between father and son, the maturation of a lost soul, and the devious world of stock brokerage. As the audience follows Seth Davis from his desperate practice running an in-home casino to his new job as a stock broker, a slew of fascinating characters are introduced from violent, raucous men to compassionate and dedicated professionals. But only early on did I see a person who truly intrigued me and captivated my interest.
ReplyDeleteThe man is Jim Young played by Ben Affleck. He is introduced to viewers towards the beginning when Seth goes in for his interview at JT Marlin. Jim knows how to make first impressions with his swift decisiveness and harsh language. Immediately, a rude applicant is expelled for his childish behavior and another for his proficiency. And none of this goes quietly as Jim cusses at the naïve interviewees. He next gets straight down to business, explicating his plan for the new trainees and their expected million dollar income over the next three years. Using more colorful language, he demonstrates how wealthy he has become, emphasizes his youth, and sells his point. Jim speaks to the applicants, asking them to imagine their own futures as millionaires and the effect on their families. Throughout this entire speech, he maintains such a confident, self-assured, and dignified tone. His presence is dominating and pervades through the room.
In later appearances throughout the movie, Jim continues to reign with an air of superiority. He walks in the room and conveys his mood aptly yet succinctly. It’s his terse statements and fiery speaking that does the trick and expresses his emotion. That is what I find most impressive about this character: his communication skills. Even though he is using these tactics to perpetuate an illegal scheme, it is remarkable nonetheless that he is able to speak so convincingly and effectively.
response to boiler room
ReplyDeleteDrew, I agree that the concept presented in "Boiler Room" is morally reprehensible and I disagree with every fiber of my being with the actions these men took in the film. As to your comment on laughing at the feasability of it, however, I would have to disagree. This is a real problem that many people encounter, especially those in advanced age who have not stayed up to date with the ins and outs of the business world. A variation of this scam is one in which you call ten people with ten different predictions on the market and, granted a little a luck, you convince one of them that you can predict the market. This causes them to trust the person on the other side of the phone and suck their bank account dry. It is a real problem, not one created in the mind of a Hollywood director.
John Maffeo,
ReplyDeleteYour account of the film Boiler Room truly parallels that of the events that took place in the film Wall Street. The money-hungry actions of Seth Davis remind me of those of Bud Fox because both of those individuals disregarded both the law and common care to gain wealth. Both Seth Davis and Bud Fox do a good deal of lying and take part in many sneaky tactics, and they both become fairly successful in their fields. In addition, both of the characters make important decisions in regard to their father’s thoughts and situations. Both Seth Davis and Bud Fox also end up giving up their riches and dignity to stand up for what is right, as well as protect their fathers.
John,
ReplyDeleteIn response to Boiler Room. It seems that Boiler Room and Wall Street seem to have a very similar plot where the main character gets involved with the illegal business world, makes a profit and eventually ends up caught. This goes to show that the "quick dollar" doesn't exist legally, and the business world is not to be toyed with. Both main characters Bud Fox and Seth Davis realize this and right thier wrongs at the end of the movie. The movies both show that greed can very easily get you into trouble.
The movie “Boiler Room” is about a young college dropout named Seth Davis who is given the opportunity to work for a firm called J.P. Marlin. Seth discovers that the firm is selling “garbage” stocks to naïve buyers. This leads to the firm making lots of money and the buyers losing their invested money which in some cases was all the money they had. Seth realizes the immorality of his firm and turns it into the F.B.I. I like some of Seth’s actions, while I disagree with some of his other actions.
ReplyDeleteOne reason I like Seth is because I believe that Seth cares more about the wellbeing of others than his personal greed. This is shown by his dislike of the firm’s immoral methods because it severely hurts investors financially for the sake of making the firm money. Also, Seth felt empathy for Harry Reynard because he took Harry’s entire life savings which he was planning to use to buy a house for his family. However, Seth got Harry’s money back to him by convincing Michael Brantley the owner of J.P. Marlin to give Harry stock options in a successful IPO stock. Finally, I believe that Seth made good decisions in both closing his casino and by reporting the firm to the F.B.I. because even though both brought him personal gain they were illegal and corrupt careers. Although I believe that Seth is a good person, I disliked some of his decisions.
One decision that Seth made that I disliked was that he continued to work for J.P. Marlin even though he knew it was a scamming people. Therefore, he essentially was stealing people’s money with full consent. An attribute of Seth’s that I disliked was that he was a liar both to his family and clients. For example he told his family he was still in college, when he had dropped out and was running a casino in his apartment. Also, he would lie to his clients in order to connect more with them. For example, he told Harry that he was a family man so that he could connect with Harry and build his confidence and then was able to take all of Harry’s savings. Nevertheless, Seth made the right decision by turning in the firm and by giving Harry his money back.
In Response To John,
ReplyDeleteVery nice work on your detailing of the Boiler Room. Many connections can be made between this film and one that I watched: Wall Street. As you noted, the "money first mentality" does seem to dominate and permeate the financial sector. The drive and wanton desire to win seems to be the cornerstone of much fraud, indecency, and violation of ethics. Unfortunately, we live in a world that is predicated upon "having," instead of "being." Whether it be for the acceptance from a father or the possession of great wealth, it is never of right action to willfully and deliberately commit financial fraud. It is a breach of the fiduciary obligation of a stock broker and it is a breach of moral character. Boiler Room, as you mentioned, John, clearly wants to imbue the observer with a sense of moral and ethical rectitude in pointing out just how fast a person will abandon his moral compass.
The business practice that is the main focus of "Boiler Room," a “chop shop,” in which someone hires salesmen to artificially inflate worthless stocks and sell them to people under false promises, is extremely unethical. I see little upside to this business practice. The only people it helps are the salesmen and the head of the chop shop, in this case Michael. And as we see in this film it soon does not help the salesmen at all. Seth is arrested and the others are soon to be. This process is especially damaging to the people that they trick into buying stocks. The salesmen are tricking and coercing the targets to buy these stocks. This is very unethical, and completely destroys many lives.
ReplyDeleteAn example of a life that was destroyed by this business was that of Harry. Harry was a young father, he and his wife were planning on buying a home and they were going to spend all of their savings on it. Before they could, Seth tricked Harry into buying worthless stocks, soon he had lost all his savings to the company. He now had no money, could not buy a new house and his wife was leaving with the kids. Seth attempts to rectify the situation and get Harry his money back, but this is just one of many, many more examples.
This business practice is very wrong, it preys on people who need help, offering help and then stealing from them. This practice even tricks its employees, offering these huge salaries when in reality, the employees are going be out of a job and possibly in legal trouble sooner or later. Really the only person that this business practice helps is whoever starts it, in this case, Michael. So in exchange for making one person millions, there are hundreds, even thousands of people who are devastated by this practice.
Boiler Room, a film questioning the morality of willful ignorance, follows the story of Seth Davis, a college dropout desperate to earn his father’s respect, as well as mountains of cash. After his father discovers his illegal casino, Seth, taking advice from a friend, begins training at JT Marlin to become an investment broker. After completing his training, Seth becomes immersed in his new job, even lying just to make the sale. Meanwhile, he begins seeing obvious signs of fraud in the company and, in spite of his fears, he continues to work. Eventually, Seth is arrested by the FBI and, in his final day of work, attempts to atone for his transgressions.
ReplyDeleteWhile watching the film, I was appalled by the behavior of the brokers in the firm. In face of obvious violations, they continued to work without reservations, placing two dollar “rips” and the promise of millions ahead of their integrity. Furthermore, many of the brokers behaved childishly with their money, living from paycheck to paycheck as millionaires. Last, I was stunned by Davis’s eagerness to join the fraud, especially because of his conviction to earn legitimacy in his father’s eyes. By attempting to involve his father, he risked destroying the very relationship that he had sought to mend.
Despite his greed, Davis did decide to redeem himself at the film’s conclusion. Shutting down his casino, he restored his standing with his father. In addition, using his skill to sell, he was able to protect his father from association with the firm. Finally, he manipulated his employers in order to regain the savings of a client whom he previously swindled. Quickly entangled in the market’s greed, Davis became another victim of the money-first mentality.