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

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Inside Job transcript – Sony Pictures – September 2010 53 CHARLES FERGUSON: He mentioned those things? I never heard him mention those things. DAVID McCORMICK: C-, can we turn this off for a second? 02:11:13.21 {HENRY PAULSON DECLINED TO BE INTERVIEWED FOR THIS FILM.} NARRATOR: When AIG was bailed out, the owners of its credit default swaps, the most prominent of which was Goldman Sachs, were paid 61 billion dollars the next day. Paulson, Bernanke, and Tim Geithner forced AIG to pay 100 cents on the dollar, rather than negotiate lower prices. Eventually, the AIG bailout cost taxpayers over 150 billion dollars. MICHAEL GREENBERGER: A hundred and sixty billion dollars went through AIG; 14 billion went to Goldman Sachs. 02:11:45.17 NARRATOR: At the same time, Paulson and Geithner forced AIG to surrender its right to sue Goldman and the other banks for fraud. CHARLES FERGUSON: Isn't there a problem when the person in charge of dealing with this crisis is the former CEO of Goldman Sachs; someone who had a major role in causing it? DAVID McCORMICK: Well, I think it's fair to say that the financial markets today are incredibly complicated. 02:12:08.28 GEORGE W. BUSH: – supply urgently needed money so banks and other financial institutions – NARRATOR: On October 4th, 2008, President Bush signs a 700-billion-dollar bailout bill. But world stock markets continue to fall, amid fears that a global recession is now underway. 02:12:28.20 The bailout legislation does nothing to stem the tide of layoffs and foreclosures. Unemployment in the United States and Europe quickly rises to 10 percent. The recession accelerates, and spreads globally.
Inside Job transcript – Sony Pictures – September 2010 54 02:12:46.01 CHARLES MORRIS: I began to get really scared, 'cause I hadn't foreseen the whole world going down at the same rate at the same time. NARRATOR: By December of 2008, General Motors and Chrysler are facing bankruptcy. And as U.S. consumers cut back on spending, Chinese manufacturers see sales plummet. Over 10 million migrant workers in China lose their jobs. 02:13:14.14 DOMINIQUE STRAUSS-KAHN: At the end of the day, the poorest, as always, pay the most. 02:13:24.14 {CHINA GRAND LIGHTING FACTORY GUANGDONG PROVINCE, CHINA} JOANNA XN: Here you can earn a lot of money, like, uh, 70, 80, uh, U.S. dollars per month. As a farmer in the countryside, you cannot earn as much money. The workers just wire their salaries to their hometown. To give to their families. The crisis started in America. We all know it will be coming to China. 02:13:57.19 Some of the factories try to cut off some workers. Some people will get poor because they’ll lose their jobs. Life gets harder. 02:14:16.18 {SINGAPORE} {PATRICK DANIEL EDITOR IN CHIEF SINGAPORE PRESS HOLDINGS} PATRICK DANIEL: We were growing at about 20 percent. It was a super year. And then we suddenly went to minus nine this quarter. Exports collapsed. And we're talking like 30 percent. So we just took a hit, you know, fell off a cliff, boom! 02:14:35.17 LEE HSIEN LOONG: Even as the crisis unfolded, we didn't know how wide it was going to spread, or how severe it was going to be. And we were still hoping that there would
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Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics

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