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

Inside Job transcript – Sony Pictures – September 2010 60
NARRATOR: Since the 1980s, academic economists have been major advocates of
deregulation, and played powerful roles in shaping U.S. government policy. Very few of
these economic experts warned about the crisis. And even after the crisis, many of
them opposed reform.
02:23:16.20
CHARLES MORRIS: The guys who taught these things tended to get paid a lot of
money being consultants. Business school professors don't live on a faculty salary.
They do very, very well.
02:23:32.03
{MARTIN FELDSTEIN
PROFESSOR OF ECONOMICS, HARVARD}
CHARLES FERGUSON: Over the last decade, the financial services industry has made
about 5 billion dollars' worth of political contributions in the United States. Um; that's
kind of a lot of money.
That doesn't bother you?
MARTIN FELDSTEIN: No.
02:23:47.26
NARRATOR: Martin Feldstein is a professor at Harvard, and one of the world's most
prominent economists. As President Reagan's chief economic advisor, he was a major
architect of deregulation. And from 1988 until 2009, he was on the board of directors of
both AIG and AIG Financial Products, which paid him millions of dollars.
02:24:10.05
CHARLES FERGUSON: You have any regrets about having been on AIG's board?
MARTIN FELDSTEIN: I have no comments. No, I have no regrets about being on AIG's
board.
CHARLES FERGUSON: None.
MARTIN FELDSTEIN: That I can s-, absolutely none. Absolutely none.
CHARLES FERGUSON: Okay. Um – you have any regrets about, uh, AIG's decisions?
MARTIN FELDSTEIN: I cannot say anything more about AIG.