Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics

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Inside Job transcript – Sony Pictures – September 2010 21 {JULY 24, 1998} ALAN GREENSPAN: Regulation of derivatives transactions that are privately negotiated, by professionals, is unnecessary. 01:25:38.29 REP. BARNEY FRANK: She was overruled, unfortunately, uh, first by the Clinton administration; and then by the Congress. In 2000, uh, Senator Phil Gramm took a major role in getting a bill passed that pretty much exempted derivatives from, from regulation. {JULY 21, 2000 SENATOR PHIL GRAMM (R-TX) CHAIRMAN SENATE BANKING COMMITTEE} PHIL GRAMM: They are unifying markets, they are reducing regulatory burden. I believe that we need to do it. 01:26:06.17 {AFTER LEAVING THE SENATE, PHIL GRAMM BECAME VICE-CHAIRMAN OF UBS. SINCE 1993, HIS WIFE WENDY HAD SERVED ON THE BOARD OF ENRON.} {LARRY SUMMERS TREASURY SECRETARY (1999-2001)} LARRY SUMMERS: Our very great, uh, hope; that it will be possible to move this year on legislation that in a suitable way goes to create legal certainty for OTC, uh, derivatives. {LARRY SUMMERS LATER MADE $20 MILLION AS A CONSULTANT TO A HEDGE FUND THAT RELIED HEAVILY ON DERIVATIVES.} ALAN GREENSPAN: I wish to associate myself with all of the remarks of Secretary Summers. 01:26:34.24 {ALAN GREENSPAN CHAIRMAN, FEDERAL RESERVE BOARD}
Inside Job transcript – Sony Pictures – September 2010 22 NARRATOR: In December of 2000, Congress passed the Commodity Futures Modernization Act. Written with the help of financial-industry lobbyists, it banned the regulation of derivatives. 01:26:48.12 {FRANK PARTNOY PROFESSOR LAW AND FINANCE UNIVERSITY OF CALIFORNIA, SAN DIEGO} FRANK PARTNOY: Once that was done, it was off to the races. And the use of derivatives and financial innovation, uh, exploded dramatically after 2000. 01:26:58.02 {JANUARY 20, 2001} MAN: – so help me God. GEORGE W. BUSH: – so help me God. NARRATOR: By the time George W. Bush took office in 2001, the U.S. financial sector was vastly more profitable, concentrated, and powerful than ever before. Dominating this industry were five investment banks; {GOLDMAN SACHS MORGAN STANLEY LEHMAN BROTHERS MERRILL LYNCH BEAR STEARNS} – two financial conglomerates; {CITIGROUP JP MORGAN} – three securities-insurance companies; {AIG MBIA AMBAC} – and three rating agencies. {MOODY'S STANDARD & POOR'S FITCH}
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Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics

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