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 53<br />
CHARLES FERGUSON: He mentioned those things? I never heard him mention those<br />
things.<br />
DAVID McCORMICK: C-, can we turn this off for a second?<br />
02:11:13.21<br />
{HENRY PAULSON DECLINED<br />
TO BE INTERVIEWED FOR THIS FILM.}<br />
NARRATOR: When AIG was bailed out, the owners of its credit default swaps, the most<br />
prominent of which was Goldman Sachs, were paid 61 billion dollars the next day.<br />
Paulson, Bernanke, and Tim Geithner forced AIG to pay 100 cents on the dollar, rather<br />
than negotiate lower prices. Eventually, the AIG bailout cost taxpayers over 150 billion<br />
dollars.<br />
MICHAEL GREENBERGER: A hundred and sixty billion dollars went through AIG; 14<br />
billion went to Goldman Sachs.<br />
02:11:45.17<br />
NARRATOR: At the same time, Paulson and Geithner forced AIG to surrender its right<br />
to sue Goldman and the other banks for fraud.<br />
CHARLES FERGUSON: Isn't there a problem when the person in charge of dealing with<br />
this crisis is the former CEO of Goldman Sachs; someone who had a major role in<br />
causing it?<br />
DAVID McCORMICK: Well, I think it's fair to say that the financial markets today are<br />
incredibly complicated.<br />
02:12:08.28<br />
GEORGE W. BUSH: – supply urgently needed money so banks and other financial<br />
institutions –<br />
NARRATOR: On October 4th, 2008, President Bush signs a 700-billion-dollar bailout<br />
bill. But world stock markets continue to fall, amid fears that a global recession is now<br />
underway.<br />
02:12:28.20 The bailout legislation does nothing to stem the tide of layoffs and<br />
foreclosures. Unemployment in the United States and Europe quickly rises to 10<br />
percent. The recession accelerates, and spreads globally.