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 36<br />
JONATHAN ALPERT: Absolutely does, yeah. I know for a fact that it does. It extends<br />
to the very top.<br />
01:47:36.19<br />
{ALLAN SLOAN<br />
SENIOR EDITOR<br />
FORTUNE MAGAZINE}<br />
ALLAN SLOAN: A friend of mine, who, who's involved in a company that has a big<br />
financial presence, said: Well, it's about time you learned about subprime mortgages.<br />
So he set up a session with his trading desk and me; and, and a techie, who, who did all<br />
this – gets very excited; runs to his computer; pulls up, in about three seconds, this<br />
Goldman Sachs issue of securities.<br />
It was a complete disaster. Borrowers had borrowed, on average, 99.3 percent of the<br />
price of the house. Which means they have no money in the house. If anything goes<br />
wrong, they're gonna walk away from the mortgage.<br />
01:48:11.17 This is not a loan you'd really make, right? You've gotta be crazy.<br />
But somehow, you took 8,000 of these loans; and by the time the guys were done at<br />
Goldman Sachs and the rating agencies, two-thirds of the loans were rated AAA, which<br />
meant they were rated as safe as government securities. It's, it's utterly mad.<br />
01:48:33.18<br />
NARRATOR: Goldman Sachs sold at least 3.1 billion dollars' worth of these toxic CDOs<br />
in the first half of 2006. The CEO of Goldman Sachs at this time was Henry Paulson,<br />
the highest-paid CEO on Wall Street.<br />
01:48:49.19<br />
{MAY 30, 2006}<br />
GEORGE W. BUSH: {COUGH} Good morning, welcome to the White House. I am<br />
pleased to announce that I will nominate Henry Paulson to be the secretary of the<br />
Treasury. He has a lifetime of business experience; he has an intimate knowledge of<br />
financial markets; he has earned a reputation for candor and integrity.<br />
01:49:04.08