Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics
Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics
Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics
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<strong>Inside</strong> <strong>Job</strong> transcript – <strong>Sony</strong> <strong>Pictures</strong> – September 2010 15<br />
In 1998, Citicorp and Travelers merged, to form Citigroup, the largest financial services<br />
company in the world. The merger violated the Glass-Steagall Act, a law passed after<br />
the Great Depression, which prevented banks with consumer deposits from engaging in<br />
risky investment banking activities.<br />
01:17:02.00<br />
{ROBERT GNAIZDA<br />
FORMER DIRECTOR<br />
GREENLINING INSTITUTE}<br />
ROBERT GNAIZDA: It was illegal to acquire Travelers. Greenspan said nothing. The<br />
Federal Reserve gave 'em an exemption for a year; and then they got the law passed.<br />
NARRATOR: In 1999, at the urging of Summers and Rubin, Congress passed the<br />
Gramm-Leach-Bliley Act, known to some as the Citigroup Relief Act. It overturned<br />
Glass-Steagall, and cleared the way for future mergers.<br />
01:17:30.02<br />
01:17:36.20<br />
{ROBERT RUBIN WOULD LATER MAKE $126 MILLION<br />
AS VICE CHAIRMAN OF CITIGROUP.<br />
HE DECLINED TO BE INTERVIEWED FOR THIS FILM.}<br />
{WILLEM BUITER<br />
CHIEF ECONOMIST, CITIGROUP}<br />
WILLEM BUITER: Why do you have big banks? Well, because banks like monopoly<br />
power; because banks like lobbying power; because, um, banks know that when they're<br />
too big, they will be bailed.<br />
01:17:48.10<br />
{GEORGE SOROS<br />
CHAIRMAN<br />
SOROS FUND MANAGEMENT}<br />
GEORGE SOROS: Markets are inherently unstable, or at least potentially unstable. An<br />
appropriate metaphor is the oil tankers. They are very big; and therefore, you have to<br />
put in compartments to prevent the sloshing around of oil from capsizing the boat. The<br />
design of the boat has to take that into account. And after the, uh, uh, Depression, the