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 47<br />
{MARCH 16, 2008}<br />
WOMAN REPORTER: In a matter of days, one of the pillars of Wall Street sold to rival –<br />
NARRATOR: In March of 2008, the investment bank Bear Stearns ran out of cash, and<br />
was acquired for two dollars a share by JP Morgan Chase. The deal was backed by 30<br />
billion dollars in emergency guarantees from the Federal Reserve.<br />
{SIMON JOHNSON<br />
PROFESSOR, MIT<br />
FORMER CHIEF ECONOMIST<br />
INTERNATIONAL MONETARY FUND}<br />
SIMON JOHNSON: That was the time when the administration could have come in, and<br />
put in place, you know, various kinds of measures that would have reduced system risk.<br />
02:03:11.05<br />
{JULY 10, 2008}<br />
REP. PAUL KANJORSKI (D-PA): The information that I'm receiving from some entities<br />
is the end is not here; that there are other shoes to fall.<br />
HENRY PAULSON: I, I, eh, well, I've seen those investment banks, uh, working with<br />
the, uh, the, the Fed and the SEC to strengthen their liquidity, to strengthen their, uh,<br />
the, the, the, their capital positions.<br />
I get reports all the time. Our re-, our regulators are, are, are very vigilant.<br />
02:03:36.01<br />
NARRATOR: On September 7th, 2008, Henry Paulson announced the federal takeover<br />
of Fannie Mae and Freddie Mac, two giant mortgage lenders on the brink of collapse.<br />
HENRY PAULSON: Nothing about our actions today in any way reflects a changed view<br />
of the housing correction or the strength of other U.S. financial institutions.<br />
02:03:56.02<br />
NARRATOR: Two days later, Lehman Brothers announced record losses of 3.2 billion<br />
dollars, and its stock collapsed.<br />
02:04:03.26