A film, a wedding, and the sound of an ending

A film I like to revisit at least three times a year is Margin Call, J.C. Chandor's 2011 gem set in an investment bank on the eve of the 2008 financial crash. I keep returning to it for three reasons:

- BY NAVIN J. ANTONY

Chandor's assured storytelling, which belies the fact that it was his debut; the quiet elegance of its visuals—no explosions, car chases, or sex; and a great ensemble cast—Demi Moore, Kevin Spacey, Jeremy Irons—each delivering lines so finely tuned they land like thrusts in a sword fight.

Then there is the plot itself, modelled on the collapse of Bear Sterns that started the 2008 crash. A junior analyst discovers that the bank's assets are about to become worthless, and collapse is imminent. Senior executives are summoned overnight for an emergency meeting. As they try to avert disaster, all of them must confront uncomfortable moral and ethical questions.

Margin Call was an indie that never reached Indian theatres—it went straight to DVD. Today, you can rent it on YouTube for ₹25. Over the years, I have seen bits of it everywhere except a cinema hall. I have watched it at home, in salons, bus stations, airports, and even restrooms—perhaps in every place where you could do nothing but wait.

There is a boardroom scene that I find endlessly fascinating. During the emergency meeting, CEO John Tuld (Irons, magnetic as ever) asks Peter Sullivan, the young analyst, to explain the crisis. “Please speak as you might to a young child, or a golden retriever,” he reassures him.

Sullivan tells him that a large portion of the bank's assets are rotting, or losing value fast. If they remain in the books and become worthless, the firm's total losses would be greater than its market capitalisation.

“So, what you are telling me,” Tuld replies, “is that the music is about to stop, and we are going to be left holding the biggest bag of odorous excrement ever assembled in the history of capitalism."

Sullivan clarifies that the music has not stopped yet—it is only slowing.