''Too Big to Fail'' is a 2011 American

biographical A biography, or simply bio, is a detailed description of a person's life. It involves more than just basic facts like education, work, relationships, and death; it portrays a person's experience of these life events. Unlike a profile or curric ...

drama Drama is the specific Mode (literature), mode of fiction Mimesis, represented in performance: a Play (theatre), play, opera, mime, ballet, etc., performed in a theatre, or on Radio drama, radio or television.Elam (1980, 98). Considered as a g ...

television film A television film, alternatively known as a television movie, made-for-TV film/movie, telefilm, telemovie or TV film/movie, is a film with a running time similar to a feature film that is produced and originally distributed by or to a Terrestr ...

directed by

Curtis Hanson Curtis Lee Hanson (March 24, 1945 – September 20, 2016) was an American film director, screenwriter, and producer. Born in Reno, Nevada, Hanson grew up in Los Angeles. After dropping out of high school, Hanson worked as photographer and edito ...

and written by Peter Gould, based on Andrew Ross Sorkin's 2009 non-fiction book ''

Too Big to Fail "Too big to fail" (TBTF) is a theory in banking and finance that asserts that certain corporations, particularly financial institutions, are so large and so interconnected with an economy that their failure would be disastrous to the greater e ...

''. The cast includes William Hurt, Edward Asner, Billy Crudup,

Paul Giamatti Paul Edward Valentine Giamatti ( ; born June6, 1967) is an American actor. His accolades include a Primetime Emmy Award and three Golden Globes, as well as nominations for two Academy Awards and a British Academy Film Award. After studying a ...

Topher Grace Christopher John Grace ( ; born July 12, 1978), known professionally as Topher Grace, is an American actor. He is known for his roles as Eric Forman in the teen sitcom ''That '70s Show'' (1998–2005) and Eddie Brock / Venom in Sam Raimi's s ...

Cynthia Nixon Cynthia Ellen Nixon (born April 9, 1966) is an American actress, activist, and theater director. For her portrayal of Miranda Hobbes in the HBO series ''Sex and the City'' (1998–2004), she won the Primetime Emmy Award for Outstanding Supportin ...

Bill Pullman William Pullman (born December 17, 1953) is an American actor. After graduating with a Master of Fine Arts degree in theater, he was an adjunct professor at Montana State University before deciding to pursue acting. Pullman made his film debut i ...

Tony Shalhoub Anthony Marc Shalhoub ( ; ; born October 9, 1953) is an American actor. He is known for a variety of roles ranging from comedic to dramatic on stage and screen. He has received several accolades including five Emmy Awards, a Golden Globe Award, s ...

, and James Woods. The film aired on

HBO Home Box Office (HBO) is an American pay television service, which is the flagship property of namesake parent-subsidiary Home Box Office, Inc., itself a unit owned by Warner Bros. Discovery. The overall Home Box Office business unit is based a ...

on May 23, 2011. The film chronicles the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

, focusing on the collapse of Lehman Brothers investment bank and the subsequent ripple effects on the global economy. As the firm's negotiations with potential buyers fail due to toxic assets and regulatory obstacles, the firm declares bankruptcy, triggering market chaos. Treasury Secretary Henry Paulson (Hurt) and Federal Reserve Chair Ben Bernanke (Giamatti) lead efforts to stabilize the system, including rescuing AIG and lobbying Congress to pass the Troubled Asset Relief Program (TARP). It received 11 nominations at the 63rd Primetime Emmy Awards;

's portrayal of

Ben Bernanke Ben Shalom Bernanke ( ; born December 13, 1953) is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Federal Reserve, he was appointed a distinguished fellow at the Brookings Insti ...

earned him the Screen Actors Guild Award for Outstanding Performance by a Male Actor in a Miniseries or Television Movie at the 18th Screen Actors Guild Awards.

Plot

In 2008, news channels are full of reports about the mortgage industry crisis and the forced sale of troubled

investment bank Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...

Bear Stearns The Bear Stearns Companies, Inc. was an American investment bank, securities trading, and brokerage firm that failed in 2008 during the 2008 financial crisis and the Great Recession. After its closure it was subsequently sold to JPMorgan Chas ...

, to commercial banking giant

JPMorgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...

, with Federal guarantees. With Bear Stearns out of the picture, short sellers turn their attention on another investment bank,

Lehman Brothers Lehman Brothers Inc. ( ) was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merril ...

. With their share price falling rapidly, Lehman Brothers tries to negotiate a deal with Korean investors. The deal hinges on the condition that Lehman's

toxic Toxicity is the degree to which a chemical substance or a particular mixture of substances can damage an organism. Toxicity can refer to the effect on a whole organism, such as an animal, bacterium, or plant, as well as the effect on a subst ...

real estate is excluded, but falls through when CEO Dick Fuld insists the Koreans reconsider accepting the real estate assets. The most promising US-based buyer for Lehman,

Bank of America The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...

, is uninterested without Fed involvement, but U.S. Treasury Secretary

Henry Paulson Henry "Hank" Merritt Paulson Jr. (born March 28, 1946) is an American investment banker and financier who served as the 74th United States secretary of the treasury from 2006 to 2009. Prior to his role in the Department of the Treasury, Paulson ...

is adamant that the government will not subsidize any more acquisitions. To resolve the situation, Paulson and President of the Federal Reserve Bank of New York,

Timothy Geithner Timothy Franz Geithner (; born August 18, 1961) is an American former central banker who served as the 75th United States secretary of the treasury under President Barack Obama from 2009 to 2013. He was the President of the Federal Reserve Bank o ...

, gather the leaders of the biggest US banks over a weekend, trying to coerce them to underwrite the deal. The bank leaders seem to reach an agreement, but Bank of America backs out, choosing instead to buy another threatened firm and Lehman's rival,

Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...

. Paulson tries to negotiate for Lehman with British bank

Barclays Barclays PLC (, occasionally ) is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services ...

, but their involvement is blocked by British banking regulators. With no buyers remaining, Lehman is forced into

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

. Lehman's collapse affects the entire financial system. Paulson tries to reassure news media of the soundness of the decision to let Lehman fail, but the stock market goes into freefall. Meanwhile, insurance firm

AIG American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core ...

also begins to fail. French Finance Minister Christine Lagarde warns Paulson that he must not allow AIG to fail, as the crisis is affecting Europe as well. Unlike Lehman, the Treasury rescues AIG with an $85 billion loan, deeming it “ too big to etfail”.

, Chairman of the

Federal Reserve System The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...

, argues that

Congress A congress is a formal meeting of the representatives of different countries, constituent states, organizations, trade unions, political parties, or other groups. The term originated in Late Middle English to denote an encounter (meeting of ...

must pass legislation to authorize any continued intervention by the Fed or the Treasury. With the availability of

credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...

drying up, Paulson's plan is to buy the

toxic asset A toxic asset is a financial asset that has fallen in value significantly and for which there is no longer a functioning market. Such assets cannot be sold at a price satisfactory to the holder. Because assets are offset against liabilities and fre ...

s from the banks to take the risk off their books and increase their cash reserves. Bernanke and Paulson lobby Congress, with Bernanke emphasizing the potential of fallout worse than the

Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...

if they fail to act. The committee of representatives appear close to agreeing, when U.S. Senator and Presidential candidate

John McCain John Sidney McCain III (August 29, 1936 – August 25, 2018) was an American statesman and United States Navy, naval officer who represented the Arizona, state of Arizona in United States Congress, Congress for over 35 years, first as ...

, with great fanfare, announces that he is suspending his campaign and returning to Washington to work on the legislation. Paulson has to threaten McCain not to interfere, and beg the Democrats not to back away from the negotiations. After a wave of panic and personal haranguing from

President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university *President (government title) President may also refer to: Arts and entertainment Film and television *'' Præsident ...

George W. Bush George Walker Bush (born July 6, 1946) is an American politician and businessman who was the 43rd president of the United States from 2001 to 2009. A member of the Bush family and the Republican Party (United States), Republican Party, he i ...

, the legislation passes on a second attempt and the

Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by U.S. Presi ...

(TARP) is created. Paulson's team realizes that buying toxic assets will take too long, leaving direct capital injections to the banks as their only option to use TARP to get credit flowing again. Along with FDIC Chair

Sheila Bair Sheila Colleen Bair (born April 3, 1954) is an American former government official who was the 19th Chair of the U.S. Federal Deposit Insurance Corporation (FDIC) from 2006 to 2011, during which time she shortly after taking charge of the FDIC i ...

, Paulson informs the banks that they will receive mandatory capital injections. The banks agree to the loans, but TARP legislation stops short of forcing them to use the money to restore credit for ordinary consumers. The stock market continues falling until 2009 when it finally stabilizes, signaling the end of the crisis. An epilogue notes that the banks made little use of the loan money to ease credit conditions as intended, while Wall Street compensation continued to rise, reaching $135 billion by 2010.

Cast

The cast includes the following: * William Hurt as

( U.S. Treasury Secretary and former Chairman and CEO,

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

) * Edward Asner as

Warren Buffett Warren Edward Buffett ( ; born August 30, 1930) is an American investor and philanthropist who currently serves as the chairman and CEO of the conglomerate holding company Berkshire Hathaway. As a result of his investment success, Buffett is ...

(Primary shareholder, Chairman and CEO,

Berkshire Hathaway Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...

) * Billy Crudup as

( President of the

Federal Reserve Bank of New York The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the New York (state), State of New York, the 12 norther ...

) *

(

Chair of the Federal Reserve The chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, and is the active executive officer of the Federal Reserve Board of Governors, Board of Governors of the Federal Reserve System. The chairman p ...

) *

as Jim Wilkinson (Chief of Staff, U.S. Treasury Department) * Matthew Modine as

John Thain John Alexander Thain (born May 26, 1955) is an American financial executive and investment banker. He was president and co-COO of Goldman Sachs, and then CEO of the New York Stock Exchange. Thain then became the last chairman and CEO of Merrill ...

(Chairman and CEO,

) *

as Michele Davis (Assistant Secretary of the Treasury for Public Relations and Director of Policy Planning) *

Michael O'Keefe Michael O'Keefe (born Raymond Peter O'Keefe Jr.; April 24, 1955) is an American actor known for his roles as Danny Noonan in '' Caddyshack''; Ben Meechum in '' The Great Santini,'' for which he received a nomination for the Academy Award for Bes ...

as Chris Flowers (Chairman and CEO, J.C. Flowers & Co.) *

as Jamie Dimon (Chairman and CEO,

) *

as John Mack (Chairman and CEO,

Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...

) * James Woods as Dick Fuld (Chairman and CEO,

) * Ayad Akhtar as

Neel Kashkari Neel Tushar Kashkari
George W. Bush administration archives, February 27 ...

(Assistant Secretary of the Treasury for International Economics and Development) * Kathy Baker as Wendy Paulson (Wife of Henry Paulson) * Amy Carlson as Erin Callan (CFO, Lehman Brothers) * Erin Dilly as Christal West, assistant to Hank Paulson * Evan Handler as Lloyd Blankfein ( Chairman and CEO,

) * John Heard as Joe Gregory (President and COO,

) * Dan Hedaya as Rep.

Barney Frank Barnett Frank (born March 31, 1940) is a retired American politician. He served as a member of the U.S. House of Representatives from Massachusetts from 1981 to 2013. A Democratic Party (United States), Democrat, Frank served as chairman of th ...

(Chairman of the U.S. House Financial Services Committee (D-MA)) * Peter Hermann as Christopher Cox (Chairman of the U.S. Securities and Exchange Commission) * Chance Kelly as Bart McDade (President and COO, Lehman Brothers) * Tom Mason as Bob Willumstad (Chairman and CEO,

) * Ajay Mehta as Vikram Pandit (CEO,

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

) * Tom Tammi as Jeff Immelt (CEO,

General Electric General Electric Company (GE) was an American Multinational corporation, multinational Conglomerate (company), conglomerate founded in 1892, incorporated in the New York (state), state of New York and headquartered in Boston. Over the year ...

) *

Laila Robins Laila Robins (born March 14, 1959) is an American stage, film and television actress. She has appeared in films including '' Planes, Trains and Automobiles'' (1987), '' An Innocent Man'' (1989), '' Live Nude Girls'' (1995), ''True Crime'' (1999), ...

as Christine Lagarde ( French Finance Minister) *

Victor Slezak Victor Slezak (born July 30, 1957) is an American stage, television and screen actor who has appeared in numerous films, including ''The Bridges of Madison County (film), The Bridges of Madison County'' (1995), ''Beyond Rangoon'' (1995), ''The D ...

as Greg Curl (Director of Planning,

) * Joey Slotnick as Dan Jester (Retired Goldman Sachs banker and newly appointed Paulson Advisor) * Casey Biggs as Richard Kovacevich (Chairman, Wells Fargo & Company) * Steve Tom as Senator

Chris Dodd Christopher John Dodd (born May 27, 1944) is an American lobbyist, lawyer, and Democratic Party (United States), Democratic Party politician who served as a United States senator from Connecticut from 1981 to 2011. Dodd is the List of United Sta ...

(D-CT) * Buddy Jones as Senator

Harry Reid Harry Mason Reid Jr. (; December 2, 1939 – December 28, 2021) was an American lawyer and politician who served as a United States Senate, United States senator from Nevada from 1987 to 2017. He led the Senate Democratic Caucus from 2005 to 2 ...

(D-NV) * Jonathan Freeman as Senator

Richard Shelby Richard Craig Shelby (born May 6, 1934) is an American lawyer and politician who served as a United States senator from Alabama from 1987 to 2023. First elected to the U.S. Senate in 1986 as a Democrat, Shelby switched to the Republican Party i ...

(R-AL) * Linda Glick as Congresswoman

Nancy Pelosi Nancy Patricia Pelosi ( ; ; born March 26, 1940) is an American politician who was the List of Speakers of the United States House of Representatives, 52nd speaker of the United States House of Representatives, serving from 2007 to 2011 an ...

( Speaker of the House of Representatives (D-CA)) * Patricia Randell as

(Chairman,

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...

) * George Taylor as Sir Callum McCarthy (Chairman of the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985 ...

)

Reception

Critical reception

review aggregator A review aggregator is a system that collects reviews and ratings of products and services, such as films, books, video games, music, software, hardware, or cars. This system then stores the reviews to be used for supporting a website where user ...

website

Rotten Tomatoes Rotten Tomatoes is an American review aggregator, review-aggregation website for film and television. The company was launched in August 1998 by three undergraduate students at the University of California, Berkeley: Senh Duong, Patrick Y. Lee ...

, the film holds an approval rating of 74%, based on 27 reviews, and an average rating of 6/10. On

Metacritic Metacritic is an American website that aggregates reviews of films, television shows, music albums, video games, and formerly books. For each product, the scores from each review are averaged (a weighted average). Metacritic was created ...

, the movie received a weighted average score of 67/100 from 17 reviews, indicating "generally favorable reviews". ''

The A.V. Club ''The A.V. Club'' is an online newspaper and entertainment website featuring reviews, interviews, and other articles that examine films, music, television, books, games, and other elements of pop-culture media. ''The A.V. Club'' was created in ...

'' gave the film a B rating.

Awards and nominations

Home media

The DVD was released on June 12, 2012.

Notes

References

External links

HBO Films: Too Big To Fail
* {{DEFAULTSORT:Too Big To Fail 2011 films 2011 biographical drama films 2010s American films 2010s business films 2010s English-language films 2010s political drama films American biographical drama films American business films American drama television films American political drama films Biographical films about businesspeople Biographical films about politicians Biographical television films Cultural depictions of businesspeople Cultural depictions of politicians Cultural depictions of American people Films based on non-fiction books Films directed by Curtis Hanson Films scored by Marcelo Zarvos Films set in 2008 Films set in the Great Recession Films shot in New York City Films with screenplays by Peter Gould HBO Films films Television films based on books Wall Street films English-language biographical drama films