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