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

Inside Job transcript – Sony Pictures – September 2010 62
02:26:05.07
NARRATOR: Hubbard makes 250,000 dollars a year as a board member of Met Life,
and was formerly on the board of Capmark, a major commercial mortgage lender during
the bubble, which went bankrupt in 2009. He has also advised Nomura Securities, KKR
Financial Corporation, and many other financial firms.
02:26:23.19 Laura Tyson, who declined to be interviewed for this film, is a professor at
the University of California, Berkeley. She was the chair of the Council of Economic
Advisers, and then director of the National Economic Council in the Clinton
administration.
Shortly after leaving government, she joined the board of Morgan Stanley, which pays
her 350,000 dollars a year.
Ruth Simmons, the president of Brown University, makes over 300,000 dollars a year on
the board of Goldman Sachs.
02:26:55.02 Larry Summers, who as Treasury secretary played a critical role in the
deregulation of derivatives, became president of Harvard in 2001. While at Harvard, he
made millions consulting to hedge funds, and millions more in speaking fees, much of it
from investment banks.
According to his federal disclosure report, Summers's net worth is between 16.5 million
and 39.5 million dollars.
02:27:23.25 Frederic Mishkin, who returned to Columbia Business School after leaving
the Federal Reserve, reported on his federal disclosure report that his net worth was
between 6 million and 17 million dollars.
02:27:36.14
CHARLES FERGUSON: In 2006, you coauthored a study of Iceland's financial system.
FREDERIC MISHKIN: Right, right.
CHARLES FERGUSON: Iceland is also an advanced country with excellent institutions,
low corruption, rule of law. The economy has already adjusted to financial liberalization
– while prudential regulation and supervision is generally quite strong.
02:27:53.17
FREDERIC MISHKIN: Yeah. And that was the mistake. That it turns out that, uh, that
the prudential regulation and supervision was not strong in Iceland. And particularly
during this period –