"Shia, honestly, we were all not sure about whether he had the chops," Michael Douglas told Access Hollywood's Tim Vincent on Thursday at the Cannes Film Festival.
"As you remember from the first, Charlie Sheen carried the movie, Gordon Gekko had very colorful parts, but it was not every scene," Michael continued, adding that his 23-year-old co-star nailed the role. "He knocked it out of the park. I'm so proud of him, he just kicked butt."
Michael said "the timing was right" to revisit the story and characters, which he first helped create in 1987.
"It's an interesting time, sort of 22 years later, Gekko going to jail. [He] comes out, no money, can't trade, what happens?" he said.
Shia has said that starring in the "Wall Street" sequel got him hooked on investing and trading, but Michael said he's not looking to play the stocks.
"I stayed so far away from all of that stuff," Michael explained. "My character doesn't enter into that world, so that was the perfect excuse for me not to care because it's not my world."
"Wall Street: Money Never Sleeps" hits theaters on September 24, 2010
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