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

Inside Job transcript – Sony Pictures – September 2010 71
To run the Securities and Exchange Commission, Obama picked Mary Shapiro, the
former CEO of FINRA, the investment-banking industry's self-regulation body.
02:40:08.14 Obama's chief of staff, Rahm Emanuel, made 320,000 dollars serving on
the board of Freddie Mac.
Both Martin Feldstein and Laura Tyson are members of Obama's Economic Recovery
Advisory Board. And Obama's chief economic advisor is Larry Summers.
02:40:27.25
ELIOT SPITZER: The most senior economic advisors are the very people who were
there, who built the structure.
WILLEM BUITER: When it was clear that Summers and Geithner were going to play
major roles as advisors; first, uh, I knew this was going to be status quo.
NARRATOR: The Obama administration resisted regulation of bank compensation,
even as foreign leaders took action.
02:40:48.26
CHRISTINE LAGARDE: I think the financial industry is a service industry; it should
serve others before it serves itself.
NARRATOR: In September of 2009, Christine Lagarde and the finance ministers of
Sweden, the Netherlands, Luxembourg, Italy, Spain, and Germany called for the G20
nations, including the United States, to impose strict regulations on bank compensation.
And in July of 2010, the European Parliament enacted those very regulations. The
Obama administration had no response.
02:41:22.15
SATYAJIT DAS: Their view is, this is a temporary blip, and things will go back to
normal.
{AUGUST 25, 2009}
BARACK OBAMA: And that is why I am reappointing him to another term as chairman
of the Federal Reserve. Thank you so much, Ben.
NARRATOR: In 2009, Barack Obama reappointed Ben Bernanke.
BEN BERNANKE: Thank you, Mr. President.
02:41:40.11