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

Inside Job transcript – Sony Pictures – September 2010 70
NARRATOR: But when finally enacted in mid-2010, the administration's financial
reforms were weak; and in some critical areas, including the rating agencies, lobbying,
and compensation, nothing significant was even proposed.
02:38:32.28
ROBERT GNAIZDA: Addressing Obama and, quote, regulatory reform: my response, if
it was one word, would be: Ha!
There’s very little reform.
CHARLES FERGUSON: How come?
ROBERT GNAIZDA: It's a Wall Street government.
02:38:51.27
{APPLAUSE}
NARRATOR: Obama chose Timothy Geithner as Treasury secretary. Geithner was the
president of the New York Federal Reserve during the crisis, and one of the key players
in the decision to pay Goldman Sachs 100 cents on the dollar for its bets against
mortgages.
ELIOT SPITZER: When Tim Geithner was testifying to be confirmed as Treasury
secretary, he said, I have never been a regulator. Now that said to me, he did not
understand his job as president of the New York Fed.
02:39:24.07
{TIMOTHY GEITHNER DECLINED
TO BE INTERVIEWED FOR THIS FILM.}
NARRATOR: The new president of the New York Fed is William C. Dudley, the former
chief economist of Goldman Sachs, whose paper with Glenn Hubbard praised
derivatives.
Geithner's chief of staff is Mark Paterson, a former lobbyist for Goldman; and one of the
senior advisors is Lewis Sachs, who oversaw Tricadia, a company heavily involved in
betting against the mortgage securities it was selling.
02:39:48.08 To head the Commodity Futures Trading Commission, Obama picked Gary
Gensler, a former Goldman Sachs executive who had helped ban the regulation of
derivatives.