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 52<br />
GILLIAN TETT: Suddenly, people stood, and said: Listen; what can we believe in?<br />
There's nothing we can trust anymore.<br />
02:09:43.25<br />
NARRATOR: That same week, AIG owed 13 billion dollars to holders of credit default<br />
swaps; and it didn't have the money.<br />
ANDREW SHENG: AIG was another hub. If AIG had stopped, you know, all planes may<br />
have to be, you know, stop flying.<br />
NARRATOR: On September 17th, AIG is taken over by the government. And one day<br />
later, Paulson and Bernanke ask Congress for 700 billion dollars to bail out the banks.<br />
HENRY PAULSON: We are coming together –<br />
NARRATOR: They warn that the alternative would be a catastrophic financial collapse.<br />
02:10:13.13<br />
NOURIEL ROUBINI: It was scary. You know, the entire system froze up; every part of<br />
the financial system, every part of the credit system. Nobody could borrow money. It<br />
was like a cardiac arrest of the global financial system.<br />
{SEPTEMBER 15, 2008}<br />
HENRY PAULSON: I am playing the hand that was dealt me. Uh, a lot of what I am<br />
dealing with, eh, you know, I'm dealing with the consequences of things that were done,<br />
often, many years ago.<br />
02:10:35.07<br />
DAVID McCORMICK: Secretary Paulson spoke throughout the fall. And all the potential<br />
root causes of this — and there are plenty — he called 'em. Uh, so I, I'm not sure –<br />
CHARLES FERGUSON: You're not being serious about that, are you?<br />
DAVID McCORMICK: I am being serious. What, what would you have expected? Uh, I,<br />
I'm, what are, what were you looking for that you didn't see?<br />
02:10:49.22<br />
CHARLES FERGUSON: He was the senior advocate for prohibiting the regulation of<br />
credit default swaps; and also lifting the leverage limits on the investment banks.<br />
DAVID McCORMICK: So a-, again, what –