Film Review: Rogue Trader (1999)

Film Review: Rogue Trader (1999) | Ecency

(source: tmdb.org)

What would happen to a man whose greed brought down one of the oldest and most respected financial institution in the world and in the process cause financial crisis that would take Asian Tigers on their knees, bring down number of previous stable governments, leave hundred of millions without work and fuel ecological disasters and ethnic conflicts with tens of thousands of fatalities? If the life looked like a Hollywood film, that person would have been hanged, drawn and quartered in front of billions of television spectators happy to see the justice done. In real life, the worst thing to happen to that person would be four years behind bars during which he would write bestselling book later adapted in a film in which his character would be played by dashing and popular Scotsman with big penis. At least this is the impression you might get from Rogue Trader, 1999 British film written and directed by James Dearden.

The plot begins in early 1990s London where young Nick Leeson (played by Ewan McGregor) is quite unhappy with his position of low level clerk in highly respectable Barings Bank. Higher position happen to be beyond the reach of employees who, like him, lack high social background or prestigious university diplomas. However, opportunity arises when the banks sends him to Jakarta to settle messy situation that has arisen there. Successful mission would bring him not only coveted promotion but also meeting with future wife Lisa (played by Anna Friel). Leeson’s career is advancing also because the bank management, led by Peter Baring (played by John Standing), has decided to expand operations into emerging and increasingly lucrative Asian markets. In order to save money, the bank has put Leeson both in charge of operation and supervision of such operation and also left him with number of mostly inexperienced subordinates. Leeson trades on derivatives and brings enormous profits to the bank, with his superiors unaware that Leeson made many extremely risky trades on his own. He breaks plenty of local laws and regulations but, as long as those trades turn profitable, he wouldn’t have to worry about anyone asking unpleasant questions. When those deals start going sour and resulting in losses, Leeson is forced to take even riskier trades hoping to erase them and the mere amount of money being invested is enough to create mayhem on the markets.

Rogue Trader, at least from today’s perspective, looks like a film ahead of its time. Made quarter of century ago, during the post-Cold War heydays of unquestioned Western dominance over the rest of the world, it gives very interesting and critical insight into the true nature of 1990s capitalism, when financial manipulations took precedence over actual production and concrete economic activity. James Dearden (best known as the author of original script for Fatal Attraction) could have made this film into serious and politically charged drama that shows devastating effects Western banks can have on developing countries. Or he could, like The Big Short two decades later, take darkly humorous approach. Unfortunately, he opted for dry chronological depiction of the events, making the film looking more like a routine American television film than potentially exciting biopic. Dearden also failed to make the complexities of derivative trading and devastating consequences of Leeson’s actions comprehensive to the audience in late 1990s although the audience today, after experiencing 2008 global financial crisis and current economic predicaments, would probably have less problems of figuring what is actually going on. Dearden, on the other hand, wraps the story with impressive Singaporean locations and attractive post-yuppie production design. Ewan McGregor is more than adequate in his role and he even appears to have gained some weight in order to resemble real life Leeson. Anna Friel is also good in potentially thankless role of protagonist’s wife. Rogue Trader, with all its flaws, is still an interesting film that looks almost prophetic in time when people like Leeson and wrecking he caused appear to be the norm rather than exception.

RATING: 5/10 (++)