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Adam McKay directs The Big Short, which stars Christian Bale, Steve Carrell, Ryan Gosling, and Brad Pitt. It is based on Michael Lewis’ nonfiction book, written in 2010, that describes the 2000s real estate market, namely the 2007-2008 financial crisis.
Paramount Pictures released the picture in December 2015 to critical acclaim, grossing $133 million and earning the Academy Award for Best Adapted Screenplay.
The Big Short ©Disneyplus
Steve Carrell plays Mark Baum, an investor and businessman who shorts CDOs (collateralised debt obligations). He was credited for predicting the financial crisis, contrary to popular belief.
Is Mark Baum based on an actual person?
Steve Eisman, the real-life inspiration for Mark Baum, requested that his name be changed for the film. Eisman handled more than $1 billion for FrontPoint Partners LLC, a Morgan Stanley trust fund. FrontPoint Partners, headquartered in Greenwich, Connecticut, gambled against subprime mortgages during the 2007-2008 financial crisis.
What’s Steve Eisman’s background?
Eisman grew raised in New York City before entering the University of Pennsylvania, where he earned a BA. He then attended Harvard Law School.
Previously, he worked as a managing director and senior financial services analyst with Chilton Investment Company. He then joined Oppenheimer & Co., where he worked as a financial services analyst in the Investment Bank, Asset Management, and Speciality Finance divisions.
What has Steve Eisman done since The Big Short?
Eisman departed FrontPoint Partners in 2011 to launch Emrys Partners in 2012, with $23 million in seed funding. However, the fund did not perform well, therefore he closed it in 2014.
He later joined Neuberger Berman as a managing director and senior portfolio manager for the Eisman Group in the Private Asset Management business.
How true is Steve Carrell’s portrayal of Steve Eisman in “The Big Short”?
Although Steve Carrell’s character is Mark Baum, how closely does he resemble Steve Eisman in this role?
The film depicts one part of his personality: his tendency to be rude. Eisman’s wife, Valerie Feigen (Cynthia in The Big Short, portrayed by Marisa Tomei), said this of her husband:
“Even on Wall Street people think he’s rude and obnoxious and aggressive.”
In The Big Short, the following exchange occurs:
Mark Baum (on the phone): Okay, I want you to step back in there and calmly, politely tell the risk assessors to f**k off!
Vinny Daniel (entering the room): Gentlemen, I just spoke with Mark Baum, and he says ‘f**k off’.
Below are some frequently asked questions (FAQ) concerning Mark Baum:
General Questions
Who is Mark Baum?
Steve Carell plays Mark Baum, a fictional character in the 2015 film The Big Short. He is modelled after Steve Eisman, a real-life hedge fund manager who benefitted from the 2008 financial crisis by shorting subprime mortgage-backed securities.
Is Mark Baum an actual person?
No, Mark Baum is not an actual person. He was motivated by Steve Eisman, a former money manager at FrontPoint Partners.
What exactly did Mark Baum do in The Big Short?
In the film, Mark Baum manages a small hedge fund team for Morgan Stanley and is first sceptical of the mortgage market. However, after examining, he realises the financial system is based on risky subprime loans and decides to short the housing market, resulting in substantial profits following the 2008 meltdown.
How true is Mark Baum’s characterisation in “The Big Short”?
While The Big Short makes certain creative liberties, Mark Baum’s character closely resembles Steve Eisman’s real-life actions and outspoken condemnation of Wall Street’s unethical behaviour.
Career and Finance
What was Steve Eisman’s (Mark Baum) role in the 2008 financial crisis?
Steve Eisman (the real-life inspiration for Mark Baum) was an early critic of the subprime mortgage sector. He and his colleagues at FrontPoint Partners investigated and determined that many mortgage-backed securities were based on high-risk loans that were likely to default. This prompted them to wager against these instruments, resulting in significant winnings when the housing market collapsed.
What happened to Mark Baum following the financial crisis?
Mark Baum is a fictional figure, hence there is no clear post-crisis story. Steve Eisman, on the other hand, continued to work in the financial industry. After leaving FrontPoint, he worked at Neuberger Berman before launching his own fund, Emrys Partners. He later rejoined Neuberger Berman as a portfolio manager.
Does Mark Baum (Steve Eisman) regret shorting the market?
In the film, Mark Baum grapples with the moral ramifications of benefiting from a tragedy that claimed millions of lives. In real life, Steve Eisman has expressed displeasure with the lack of accountability for individuals responsible for the financial crisis.
Did Mark Baum foresee the 2008 crash?
Yes, Mark Baum (Steve Eisman) and his team were among the few investors who accurately identified a housing bubble and responded by shorting mortgage-backed securities.
Personal Life and Beliefs
Was Mark Baum as forthright as Steve Eisman?
Yes, both Mark Baum and his real-life counterpart, Steve Eisman, were recognised for their harsh and critical assessments of Wall Street’s corruption and greed.
Is Steve Eisman still in finance?
Yes, Steve Eisman continues to work in finance as a portfolio manager for Neuberger Berman.
Did Mark Baum actually approach Wall Street executives, as depicted in the movie?
While some of the confrontations in The Big Short were dramatised, Steve Eisman was outspoken in his criticism of Wall Street and frequently talked publicly about the conditions that led to the financial crisis.