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

Inside Job transcript – Sony Pictures – September 2010 44
CHARLES FERGUSON: When? When was that? What year?
ROBERT GNAIZDA: It's 2009; March 11th, in D.C.
CHARLES FERGUSON: This year.
ROBERT GNAIZDA: This year we met, yes.
CHARLES FERGUSON: And so for the two previous years you met him; even in 2008?
ROBERT GNAIZDA: Yes.
01:58:31.21
NARRATOR: One of the six Federal Reserve Board governors serving under Bernanke
was Frederic Mishkin, who was appointed by President Bush in 2006.
{FREDERIC MISHKIN
GOVERNOR, FEDERAL RESERVE (2006-2008)}
CHARLES FERGUSON: Did you participate in the semiannual meetings that, uh,
Robert Gnaizda and, and, uh, Greenlining had with the Federal Reserve Board?
FREDERIC MISHKIN: Yes I did. I was actually on the committee that, uh, that was
involved, involved with that; the Consumer Community Affairs Committee.
01:58:53.18
CHARLES FERGUSON: He warned, in an extremely explicit manner, about what was
going on; and he came to the Federal Reserve Board with loan documentation of the
kind of loans that were frequently being made. And he was listened to politely, and
nothing was done.
FREDERIC MISHKIN: Yeah. So, uh, again, I, I don't know the details, in terms of, of,
uh, of, um – uh, in fact, I, I just don't – I, I – eh, eh, whatever information he provide, I'm
not sure exactly, I, eh, uh – it's, it's actually, to be honest with you, I can't remember the,
the, this kind of discussion. But certainly, uh, there, there were issues that were, uh, uh,
coming up. But then the question is, how pervasive are they?
CHARLES FERGUSON: Why didn't you try looking?
01:59:32.16
FREDERIC MISHKIN: I think that people did. We had people looking at, a whole group
of people looking at this, for whatever reason –