Independent filmmaker Danny Schecter would like to remind Wall Street that the disdain for bankers “is not coming from a bunch of lefties in some basement in the East Village. It is coming from mainstream America.”
Schecter hopes such mainstream angst can propel his latest film, “Plunder: The Crime Story of Our Time,” into the big leagues. Filmed on a budget of less than $50,000 and based on his book of the same title, the movie traces the roots of the financial crisis from the home owners who defaulted on their mortgages to the Wall Street banks loading up on mortgage investments.
The film sounds like the many books and made-for-television movies about the crisis. But Schecter, who has worked at ABC News and CNN, promises that his narrative is different because it approaches the subject like a crime story, not a mere financial story.
“This financial crisis is not only a shame, it is a crime,” Schecter said when Deal Journal reached him by phone. “But this is not about one individual, like Bernie Madoff. It is about a set of institutions committing a crime.”
The crimes, according to Schecter, are the home mortgages that were extended to people that the banks knew couldn’t afford them or the pools of mortgage securities that were sold to investors for more than the banks knew they were worth…
[continues in the Wall Street Journal]