Stanley Weiser, Oliver Stone's co-writer on the 1987 Wall Street, has just published his apologia for his part in the creation of the popular image of the morally shifty, massive-balled financial insider as American hero. (Weiser also wrote Stone's forthcoming W. as well as other politically crusading movies and TV films such as Murder in Mississippi, Freedom Song, Rudy: The Rudy Guiliani Story, and 1987's Project X, in which Matthew Broderick fearlessly rescued monkeys from The Man.) Wall Street, which starred Michael Douglas as maverick financier Gordon Gekko and Charlie Sheen, who had already done time as Stone's youthful fantasy alter ego in Platoon, as his corruptible protege. Douglas, playing a role designed to click with moviegoers' memories of the kind of charismatic heel role that his father had all but taken out a copyright on decades earlier, had his star heightened by the movie, for which he won an Academy Award. (As for Sheen, he can now be seen rotting before the viewer's very eyes on the TV sitcom Two and a Half Men. The other representatives of the show's title are played by Jon Cryer and some kid. I think somebody's math is off.) Meanwhile, Gekko's showboat moment, the "'Greed is good' speech", has become not just a one-scene highlight reel of Douglas's career but a signpost moment in 1980s culture, a phenomenon that's been challenging the 60's status as The Decade That Refused to Leave. (Oliver Stone, of course, has a foot solidly in both.) A recent critics' symposium on the possible effects of the Wall Street crash pointed to that speech as a choice example of satire that was adopted by people who steadfastly refused to get the joke.
With the current financial meltdown, Gekko's name has been coming up a lot lately, always with the understanding that to cite the character by name is to use a form of shorthand to conjure up images of predatory jackals in power suspenders. What isn't always apparent is that the people citing Wall Street as some kind of dire prophecy remember that the movie started out as stale news and then had the great good fortune to become an unplanned comment on breaking news, circa 1987. Stone had decided to do a movie about Wall Street around the time that the hammer started coming down on insider traders, including Ivan Boesky, who was arrested and started selling out his fellow street rats in 1986, the same year that he had delivered a "greed-is-good"-type speech ("I think greed is healthy. You can be greedy and still feel good about yourself") at the University of California. (Weiser says that Gekko was partly based on Boesky and partly based on other high rollers. He was also partly based on Stone; Weisner writes that the director's "rants" and "unpublishable barbs proved to be the precise varnish with which I needed to coat Gekko.") The movie was treated as a big deal leading up to its release--Stone had won the Oscar for Platoon earlier in the year--but there was also a feeling reported in the trade press that nobody really had huge box office hopes for what amounted to "two hours of people talking about money." Then the 1987 Wall Street crash hit, and audiences who knew that something important was happening but were having trouble figuring out just what it was from reading the business section crowded into theaters to see if they could better make sense of the big news story of the day if it had Darryl Hannah in it. At the time, the 1987 Wall Street freak-out was widely reported as the death knell of the go-go-80s/Reagan era, but it turned out that greed had been, if not necessarily good, then sorely misunderestimated.
According to Weisner, Stone conceived of the idea of "a movie about Wall Street" pretty much on the spot, veering away from the idea of a movie that he had ordered Weisner to research about the 1950's quiz show scandals, and casting it in ambitious literary terms before either he or his collaborator had any idea of what it might entail in terms of a story or characters. "Read Crime and Punishment over the weekend," he told Weisner, "and we'll talk Monday." Weisner, to his credit, admits to having made do with the Cliff's Notes. When he reported back that he didn't see anything in there that they could apply to Wall Street, Stone, who may very well not have been clear about anything about Crime and Punishment except that he liked the title, told him to go read The Great Gatsby instead. (Weisner rented the movie.) After this unpromising beginning, things went on to work out okay, but Weisner marvels at the fact that in the last twenty years he's "run into quite a number of younger people, who upon discovering that I co-wrote the film, wax rhapsodic about it . . . but often for the wrong reasons...A typical example would be a business executive or a younger studio development person spouting something that goes like this: 'The movie changed my life. Once I saw it I knew that I wanted to get into such and such business. I wanted to be like Gordon Gekko.'" If he had it all to do over again, he says, he would rewrite Gekko's big line to read: "Greed is Good. But I've never seen a Brinks truck pull up to a cemetery." This would certainly have had a different effect on audiences, assuming that, like me, they would have had no earthly idea just what it's supposed to mean.