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 59<br />
MARTIN WOLF: There are fewer competitors, and a lot of smaller banks have been<br />
taken over by big ones. JP Morgan today is even bigger than it was before.<br />
NOURIEL ROUBINI: JP Morgan took over first Bear Stearns and then WAMU; Bank of<br />
America took over Countrywide and Merrill Lynch; Wells Fargo took over Wachovia.<br />
02:21:26.25<br />
NARRATOR: After the crisis, the financial industry, including the Financial Services<br />
Roundtable, worked harder than ever to fight reform. The financial sector employs 3,000<br />
lobbyists, more than five for each member of Congress.<br />
02:21:41.04<br />
CHARLES FERGUSON: Do you think the financial services industry has excessive<br />
political influence in the United States?<br />
SCOTT TALBOTT: No. I think that every person in, in the w-, in the country is<br />
represented here in Washington.<br />
CHARLES FERGUSON: And you think that all segments of American society have<br />
equal and fair access to the system?<br />
SCOTT TALBOTT: The, you can walk into any hearing room, uh, that you would like.<br />
Yes, I do.<br />
CHARLES FERGUSON: Um, one could walk into any hearing room; one can not<br />
necessarily write the kind of lobbying checks that your industry writes, or engage in the<br />
level of political contributions that your industry engages in.<br />
02:22:16.28<br />
NARRATOR: Between 1998 and 2008, the financial industry spent over 5 billion dollars<br />
on lobbying and campaign contributions. And since the crisis, they're spending even<br />
more money.<br />
02:22:30.07 The financial industry also exerts its influence in a more subtle way; one<br />
that most Americans don't know about. It has corrupted the study of economics itself.<br />
GEORGE SOROS: Deregulation had tremendous financial and intellectual support.<br />
Because, uh, uh, people argued it for their own benefit. The economics profession was<br />
the main source of that illusion.<br />
02:22:58.15