This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Wolf Of Wall Street: How Banks Bar "Normals" From Success

Hollywood turns Jordan Belfort's autobiographical book "The Wolf of Wall Street" into a film, to mixed reactions.

The new film The Wolf of Wall Street certainly has people talking, and apparently, many think its message is immoral and glorifies the shady aspects of doing business on Wall Street. However, Business Insider‘s Joe Weisenthal thinks the message is less about showing off shady Wall Street and more about showcasing the lengths so-called normal people have to go to in order to make it big on Wall Street. Let me preface this by saying I have not seen this movie. I’ve just read what Weisenthal and others have written about it.

Does The Wolf of Wall Street glorify pump-and-dumps?

One of the complaints many make is about the type of financial firm created by Jordan Belfort, who was later convicted of fraud after being accused of manipulating the stock market and operating a penny stock boiler room. The film doesn’t focus on his victims at all, which is indeed a problem. However, Weisenthal thinks that people might be missing the whole point.

Instead, he suggests that the story is about the American Dream and what he calls “normals” must do to achieve the dream. He suggests that financial firms make it so difficult for people without connections to get into the business and earn their fortunes that some, like Belfort, turn to “grey” areas of the law to make their money.

Belfort gives riveting speeches

In the film, Belfort recruits a number of people from Long Island and taught them how to sell stocks. Many of those stocks were either penny stocks or some other type of scheme. One of the things many have commented on is the many scenes where Jordan Belfort gives motivational speeches to his brokerage firm. These motivational speeches are no doubt a nod to his current occupation. After spending 22 months in prison on fraud charges, he now tours the globe as a motivational speaker.

-By Michelle Jones

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs