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 49<br />
02:05:28.18<br />
CHARLES FERGUSON: Forgive me, but that's clearly not true. I m-<br />
DAVID McCORMICK: What do you mean, it's not true?<br />
CHARLES FERGUSON: In August of 2008, were you aware of the, the credit ratings<br />
held then by Lehman Brothers, Merrill Lynch, AIG; and did you think that they were<br />
accurate?<br />
02:05:45.02<br />
FREDERIC MISHKIN: Well, uh, e-, uh, certainly by that time, it was clear that that earlier<br />
credit ratings were inaccurate, because they had been downgraded substantially.<br />
CHARLES FERGUSON: No they hadn't.<br />
FREDERIC MISHKIN: Uh, there's still, there was still some downgrading, in terms of the,<br />
the industry, concerns of the ind-, certainly the stock prices –<br />
02:05:58.20<br />
CHARLES FERGUSON: Not some; all those firms were rated at least A2 until a couple<br />
of days before they, uh, were rescued.<br />
FREDERIC MISHKIN: Well then, you know, then the answer is, I just don't, don't know<br />
enough to t-, really answer your question on this particular issue.<br />
02:06:08.20<br />
NEWSCASTER: Governor Fred Mishkin is resigning, effective August 31. He says he<br />
plans to return to his teaching post at Columbia's Graduate School of Business.<br />
CHARLES FERGUSON: Why did you leave the Federal Reserve in August of 2008 – I<br />
mean, in, in the middle of the worst financial crisis –<br />
FREDERIC MISHKIN: So, so, uh, that, uh, I had to, to revise a textbook.<br />
NEWSCASTER: His departure leaves the Fed board with three of its seven seats<br />
vacant; just when the economy needs it most.<br />
02:06:32.24<br />
CHARLES FERGUSON: Well, I'm sure your textbook is important and widely read. But<br />
in August of 2008, you know, some, somewhat more important things were going on in<br />
the world, don't you think?