Arbitrage follows Robert Miller, a wealthy hedge fund manager played by Richard Gere, who seems to have it all but is actually living on borrowed time. Miller runs his investment firm with his daughter Brooke and is preparing to sell the business for a massive profit. What nobody knows is that he's been cooking the books to hide a $412 million loss, borrowing money from shady associates to keep the fraud hidden until the sale goes through.
Miller is also having an affair with Julie Cote, a much younger gallery owner he's been financially supporting. His personal and professional worlds collide when the potential buyer starts stalling on the deal, putting pressure on Miller to maintain his lies. During a tense business dinner where contracts were supposed to be signed, the buyer doesn't show up. Miller, frustrated and running late, rushes to Julie's art gallery opening, but she's angry that he showed up so late and tells him to leave. He convinces her to take a drive upstate with him, but exhausted from the stress, Miller falls asleep at the wheel and crashes the car. Julie dies in the accident, and Miller, though injured, realizes he can't call for help without exposing his affair and potentially unraveling everything.
Miller flees the burning car and calls Jimmy Grant, the son of his former chauffeur who feels loyal to Miller for paying his father's medical bills. Jimmy picks him up, and Miller covers his tracks by destroying security footage and burning his bloody clothes before slipping into bed at 4:30 AM, arousing his wife Ellen's suspicions. The next day, Detective Bryer starts investigating the accident and becomes determined to prove Miller's involvement in what he considers manslaughter.
Meanwhile, Brooke discovers the financial fraud while auditing the books and confronts her father. Miller admits to the fraud but insists he can handle it. The pressure mounts as Jimmy gets arrested and called before a grand jury, though he refuses to implicate Miller despite facing potential prison time himself. Miller manages to get himself and Jimmy off the hook by proving that Detective Bryer fabricated evidence.
With the audit complete and the company cleared for sale, Miller finally closes the deal with the buyer. But his victory is short lived when Ellen confronts him with an ultimatum that changes everything. She offers him a deal: sign a separation agreement that gives all the voting rights and money to her charitable foundation and their daughter, and she'll provide him with an alibi for the night of the accident. If he refuses, she'll tell the truth and he'll go to prison. Miller has no choice but to accept.
The film ends at a banquet in Miller's honor, where he's being celebrated as a successful businessman. Ellen sits beside him and Brooke introduces him. As Miller approaches the podium to give his speech, the screen cuts to black, leaving us to imagine what he might say and wonder if he'll continue living the lie.
This ending is brilliantly crafted because it shows how Miller has technically won but actually lost everything that matters. He's avoided prison and maintained his public reputation, but he's destroyed his family relationships and essentially signed away his power and wealth. His wife and daughter now control everything while they'll maintain appearances publicly but privately they despise him. The final scene perfectly captures the hollow nature of his victory - he's being honored for success built on lies and death, surrounded by people who would abandon him if they knew the truth.
What makes the ending work so well is how it shows corruption everywhere. The buyer finds problems with Miller's company but decides to ignore them because fixing them would make his own company look bad. Everyone keeps quiet because it benefits them.
Richard Gere gives one of his best performances, making Miller simultaneously compelling and repulsive. You understand his desperation and the impossible situation he's created for himself, but you're also horrified by his willingness to let others suffer for his mistakes. The way he manipulates Jimmy, who is genuinely loyal towards him, is particularly disturbing.
The film succeeds because it doesn't offer easy moral answers or simple justice. Miller faces consequences, but they're filtered through a system where money and power shield people from accountability. The ending suggests that in elite circles, maintaining appearances often matters more than actual justice. Miller's punishment isn't prison but rather the loss of genuine human connection and the knowledge that his success is built on death and deception.
Director Nicholas Jarecki keeps the tension tight throughout, and the supporting cast, particularly Tim Roth as the determined detective and Susan Sarandon as Miller's calculating wife, adds depth. The film feels especially relevant given the ongoing scandals in finance and corporate America, showing how the wealthy often escape real consequences while others pay the price for their actions.
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