If you’re a fan of the 2015 film The Big Short, you probably know Jared Vennett. But who is he really based on? And what has the real-life counterpart been up to since the events portrayed in the film? Directed by Adam McKay, The Big Short features a stellar cast, including Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt. Michael Lewis’s 2010 non-fiction book, which explores the housing market of the early 2000s and focuses on the financial crisis of 2007-2008, inspired the film adaptation. Released by Paramount Pictures in December 2015, the movie was both a critical and commercial success, grossing $133 million and winning the Academy Award for Best Adapted Screenplay.
Who is Jared Vennett in The Big Short?
In The Big Short, Jared Vennett is a trader at Deutsche Bank, portrayed by Ryan Gosling. Vennett profits by selling credit default swaps, a financial instrument central to the storyline. But is Jared Vennett a fictional creation or based on a real person?
The Real-Life Inspiration: Greg Lippmann
Jared Vennett is, in fact, based on a real person—Greg Lippmann. During the onset of the financial crisis, Lippmann was the global head of asset-backed securities (ABS) and collateralized debt obligation (CDO) trading at Deutsche Bank. Reports indicate that he earned $1.5 billion by offsetting mortgage investment losses with bets against subprime debt.
Greg Lippmann’s Background and Career
Greg Lippmann grew up in New York City and later attended the University of Pennsylvania, where he majored in economics and English. He began his career at Credit Suisse in 1991, rising to the position of director and head of ABS and CDO trading. Later, he moved to Deutsche Bank, where he traded non-investment grade ABS and residential mortgage-backed securities (RMBS). By 2003, he had become the global head of ABS and CDO trading.
Life After The Big Short: Lippmann’s New Ventures
After leaving Deutsche Bank in April 2010, Lippmann co-founded a hedge fund with Fred Brettschneider, a former Deutsche Bank head of global markets. Their venture, LibreMax Partners, initially managed $900 million and has since grown to oversee $8.6 billion as of 2022. Lippmann currently serves as the portfolio manager and chief investment officer of the firm.
In addition to his professional pursuits, Lippmann is actively involved in philanthropy. He sits on the board of the South Fork Natural History Museum and serves on the advisory council of the American Museum of Natural History.
Lippmann’s Reaction to Ryan Gosling Portraying Him
Lippmann has no complaints about Ryan Gosling portraying him in The Big Short. He humorously remarked, “There are a lot less appealing people to play you in a movie than Ryan Gosling. If one of the sexiest men alive plays you in a movie, it’s hard to complain about that.
Conclusion
The Big Short offers a gripping portrayal of the 2007-2008 financial crisis. It brings to life the real people behind the events that shaped the global economy. Jared Vennett, played by Ryan Gosling, is based on Greg Lippmann. Lippmann was a key figure in asset-backed securities and CDO trading. Lippmann’s story is one of financial acumen and foresight, as he capitalized on the impending collapse of the housing market. Today, he continues to make an impact in the financial world with his hedge fund, LibreMax Partners. He also contributes to various philanthropic endeavors. His reaction to Ryan Gosling’s portrayal shows his sense of humor and acknowledges the film’s influence on public understanding of the crisis.
For more info visit Business Stylish