INSIDE JOB- criminals are still running American finance
“Inside Job” won the 2011 Academy Award for best documentary on Sunday night. The film’s director used his acceptance speech to deliver pointed criticism of Wall Street and the financial industry.
“Inside Job” director Charles Ferguson subjected Wall Street players, economists and bureaucrats to a fierce cross-examination to depict the economic crisis as a colossal crime perpetrated on the working-class masses by a greedy few. His film examined the financial crisis of 2008. His speech lamented the lack of accountability three years later. “Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that’s wrong,” Ferguson said.
Charles Ferguson’s Oscar Speech Rips Wall Street: ‘Inside Job’ Director Levels Criticism During Acceptance
Where Are The Wall Street Indictments?
“Why aren’t more meltdown moguls indicted?” asks USA Today edit board: “If anyone acted and looked the part of a villain, it was the co-founder of Countrywide … The former managing director of credit rating agency Moody’s Corp. found a novel way to quadruple his company’s market share in rating mortgage-backed securities — he transferred, or fired, most of the analysts in the group … The former head of AIG’s financial products used the sterling credit of his parent company to quickly become the world’s largest insurer of the complex mortgage products Wall Street was churning out”
“You Have More Money In Your Wallet Than Bank Of America Pays In Federal Taxes” reports ThinkProgress: “…as politicians are asking ordinary Americans to sacrifice their education, their health, their labor rights, and their wellbeing to tackle budget deficits, some of the world’s richest multinational corporations are getting away with shirking their responsibility and paying nothing.”
LAT has the latest on the cost of the bailouts: “In mid-2009, [TARP] was projected to lose as much as $341 billion. That’s been reduced to $25 billion … Still, many people are worried about the long-term effects of the government actions [by setting] a dangerous precedent, opening the door to future crises … critics also said that hundreds of billions of dollars in bailout money … will not come back, mainly because of … Fannie Mae and Freddie Mac, which combined have consumed $150 billion … most recent estimates of losses for all the various bailout efforts range from $238 billion to $380 billion. But Treasury officials think those estimates might be too high. They said the total cost of all the financial interventions is likely to be less than $140 billion … less expensive than the federal losses from the savings and loan crisis in the late 1980s and early 1990s…”
Written by laudyms
February 28, 2011 at 9:16 am
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