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 51<br />
CHARLES FERGUSON: When were you first told that Lehman in fact was going to go<br />
bankrupt?<br />
CHRISTINE LAGARDE: Ah, after the fact.<br />
CHARLES FERGUSON: After the fact.<br />
CHRISTINE LAGARDE: Um-hm.<br />
CHARLES FERGUSON: Wow. Okay. Um – and – what was your reaction when you<br />
learned of it?<br />
CHRISTINE LAGARDE: Holy cow.<br />
02:08:42.04<br />
NARRATOR: Paulson and Bernanke had not consulted with other governments, and<br />
didn't understand the consequences of foreign bankruptcy laws.<br />
{SEPTEMBER 16, 2008}<br />
REPORTER: – bankers at Lehman Brothers London continued to empty their desks<br />
today.<br />
NARRATOR: Under British law, Lehman's London office had to be closed immediately.<br />
HARVEY MILLER: All transactions came to a halt. And [there are] thousands and<br />
thousands and thousands of transactions.<br />
GILLIAN TETT: The hedge funds who had had assets with Lehman in London<br />
discovered overnight, to their complete horror, that they couldn't get those assets back.<br />
02:09:10.00<br />
SATYAJIT DAS: One of the points of the hub failed. And that had huge knock-on<br />
effects around the system.<br />
NEWSWOMAN: The oldest money market fund in the nation wrote off roughly three<br />
quarters of a billion dollars in bad debt issued by the now-bankrupt Lehman Brothers.<br />
02:09:24.23<br />
NARRATOR: Lehman's failure also caused a collapse in the commercial paper market,<br />
which many companies depend on to pay for operating expenses, such as payroll.<br />
NEWSWOMAN: That means maybe they have to lay off employees; they can't buy<br />
parts. It stops business in its tracks.