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
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Inside</strong> <strong>Job</strong> transcript – <strong>Sony</strong> <strong>Pictures</strong> – September 2010 58<br />
NARRATOR: O'Neal's successor, John Thain, was paid 87 million dollars in 2007; and<br />
in December of 2008, two months after Merrill was bailed out by U.S. taxpayers, Thain<br />
and Merrill's board handed out billions in bonuses.<br />
In March of 2008, AIG's Financial Products Division lost 11 billion dollars. Instead of<br />
being fired, Joseph Cassano, the head of AIGFP, was kept on as a consultant – for a<br />
million dollars a month.<br />
02:19:55.27<br />
MARTIN SULLIVAN: And you want to make sure that the key players and the key, key<br />
employees, uh, within AIGFP; yeah, we retain that intellectual knowledge.<br />
02:20:03.18<br />
DOMINIQUE STRAUSS-KAHN: I attended a very interesting, uh, dinner, organized by<br />
Hank Paulson, a little more than one year ago; uh, with some officials and a couple of,<br />
uh, CEOs from the biggest, uh, banks in the U.S. And uh, surprisingly enough, all these<br />
gentlemen were arguing, uh, we were too greedy; so we have part responsibility. Fine.<br />
And then they were turning to the treasurer, to the secretary of the Treasury, and say,<br />
you should regulate more, because we are too greedy, we can't avoid it. The only way<br />
to avoid this is to have more regulation.<br />
02:20:34.03<br />
CHARLES FERGUSON: I have spoken to many bankers about –<br />
DOMINIQUE STRAUSS-KAHN: Um hm.<br />
CHARLES FERGUSON: – this question, including very senior ones. And uh, this is the<br />
first time that I've ever heard anybody say that they actually wanted their compensation<br />
to be regulated –<br />
DOMINIQUE STRAUSS-KAHN: Yeah, because it was at the moment where they were<br />
afraid. And uh, after, when solution to the crisis began to appear, then probably they,<br />
they changed their mind.<br />
02:21:00.06<br />
NARRATOR: In the U.S., the banks are now bigger, more powerful, and more<br />
concentrated than ever before.