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 57<br />
BILL ACKMAN: Ultimately, I hold the board accountable when a business fails. 'Cause<br />
the board is responsible for hiring and firing the CEO and overseeing big strategic<br />
decisions. The problem with board composition in America is the way boards are<br />
elected. You know, the boards are pretty much, in many cases, picked by the CEO.<br />
02:18:31.25<br />
SCOTT TALBOTT: The board of directors and the compensation committees are the<br />
two bodies best situated to determine the pay packages, uh, for executives.<br />
CHARLES FERGUSON: How do you think they’ve done over the past 10 years?<br />
SCOTT TALBOTT: Well, I think that, if you look at those, uh, in, I would give about a B.<br />
Because –<br />
CHARLES FERGUSON: A B?<br />
SCOTT TALBOTT: Yes.<br />
CHARLES FERGUSON: Not an F.<br />
SCOTT TALBOTT: Not an F, not an F.<br />
02:18:51.11<br />
NARRATOR: Stan O'Neal, the CEO of Merrill Lynch, received 90 million dollars in 2006<br />
and 2007 alone. After driving his firm into the ground, Merrill Lynch's board of directors<br />
allowed him to resign; and he collected 161 million dollars in severance.<br />
02:19:08.05<br />
CHARLES FERGUSON: Instead of being fired, Stan O'Neal is allowed to resign, and<br />
takes away 151 million dollars.<br />
SCOTT TALBOTT: That's a decision that that board of directors made at that point –<br />
you know –<br />
CHARLES FERGUSON: And what grade do you give that decision?<br />
SCOTT TALBOTT: Uh, that's a tougher one. I don't know if I would give that one a B as<br />
well.<br />
02:19:23.24