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