How a 1987 film about corporate greed accidentally inspired a generation of stockbrokers
In short: Oliver Stone intended Wall Street as a cautionary tale about 1980s excess, yet its villain, Gordon Gekko, became an aspirational icon. Despite the film's moral condemnation of insider trading, countless viewers were so captivated by the high-stakes lifestyle that they entered the financial industry specifically to emulate Gekko.
Released in 1987, Wall Street was director Oliver Stone’s tribute to his father, a stockbroker during the Great Depression. The film follows Bud Fox, a young broker who falls under the influence of Gordon Gekko, a ruthless corporate raider. Gekko, played by Michael Douglas, was a composite character inspired by figures like Ivan Boesky, Carl Icahn, and Michael Milken. The film’s most famous line, "Greed, for lack of a better word, is good," was adapted from a 1986 commencement speech by Boesky, who later faced insider trading charges.
Stone aimed to depict the financial world as a predatory battleground, using a camera style that circled actors like sharks in a pool. To ensure technical accuracy, he hired investment banker Kenneth Lipper as a consultant. Lipper pushed for a more balanced portrayal, arguing that not every character should be morally bankrupt, which eventually allowed the production to film on the floor of the New York Stock Exchange. Despite this, the film remains a sharp critique of the era's short-termism, contrasting Gekko’s philosophy with the steady, hardworking values represented by Bud’s father, a union leader.
The film’s legacy is paradoxical. While Michael Douglas won an Academy Award for his performance, the film also earned a Golden Raspberry Award for Daryl Hannah, making it the only movie to win both an Oscar and a Razzie. More significantly, the film’s cultural impact shifted over time. While initially seen as a critique of 1980s cynicism, later observers like Entertainment Weekly noted that Gekko’s actions foreshadowed the systemic collapses of the early 2000s. Even today, Stone, Douglas, and screenwriter Stanley Weiser report that people frequently approach them to share that the film was the direct catalyst for their careers in finance.
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- Summary by Intellect · source: Wall Street (1987 film)
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