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 26<br />
01:32:46.22 On Wall Street, annual cash bonuses spiked. Traders and CEOs became<br />
enormously wealthy during the bubble.<br />
Lehman Brothers was a top underwriter of subprime lending; and their CEO, Richard<br />
Fuld, took home 485 million dollars.<br />
01:33:05.04<br />
NOURIEL ROUBINI: On Wall Street, this housing and credit bubble was leading, uh, to<br />
hundreds of billions of dollars of profits. You know, by 2006, about 40 percent of all<br />
profits of S&P 500 firms was coming from financial institutions.<br />
01:33:20.09<br />
{MARTIN WOLF<br />
CHIEF ECONOMICS COMMENTATOR<br />
THE FINANCIAL TIMES}<br />
MARTIN WOLF: It wasn't real profits, it wasn't real income; it was just money that was<br />
being created by the system, and booked as income two, three years down the road.<br />
There's a default; it's all wiped out.<br />
I think this was, in fact, in retrospect, a great big national — and not just national, global<br />
— Ponzi scheme.<br />
01:33:38.27<br />
NARRATOR: Through the Home Ownership and Equity Protection Act, the Federal<br />
Reserve Board had broad authority to regulate the mortgage industry. But Fed<br />
Chairman Alan Greenspan refused to use it.<br />
REP. BARNEY FRANK: Alan Greenspan said, no, that's regulation; ideologically, I don't<br />
believe in it.<br />
NARRATOR: For 20 years, Robert Gnaizda was the head of Greenlining, a powerful<br />
consumer advocacy group. He met with Greenspan on a regular basis.<br />
01:34:04.17<br />
ROBERT GNAIZDA: We gave him an example of Countrywide, and 150 different<br />
complex adjustable-rate mortgages. And he said: If you had a doctorate in math, you<br />
wouldn't be able to understand them enough to know which was good for you and which<br />
wasn't.