Inside Job Hubbard Interviewing
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When loans are off-loaded to the private sector, the lender is no longer concerned as to the quality of the loan or the borrower's capacity to repay. Thus, from 2001-2007 the financial sector in the US was a 'ticking time bomb' as the number of loans accelerated exponentially and banks continued to borrow recklessly 'buying' loans that could not be repaid. This borrowing bonanza and credit bubble was facilitated and abetted within the sector by Alan Greenspan, the chair of the Federal Reserve, America's central bank, who resisted the regulation of derivatives – the selling of loans to investors – and refused to downgrade the credit rating of banks on the brink of collapse. Lehman Brothers, for instance held a 'double A' rating when it failed and the mortgage lender Fanny Mae and Freddy Mac held a 'triple A' rating at the time of the collapse. Further negligence was evident in the leverage of the largest banks which is the amount borrowed relative to the banks' own money. In some cases this ratio was 33:1, meaning that some banks were borrowing 33 times their own holdings leaving them hopelessly over-extended when the bubble burst.
A film that exposes the shocking truth behind the economic crisis of 2008. The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. Through extensive research and interviews with major financial insiders, politicians and journalists, Inside Job traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia. Inside Job (PG-13) (2010) Watch Online in Full length! Watch Inside Job Online In Inside Job, Takes a closer look at what brought about the 2008 financial meltdown. This movie was released in the year 2010. You may enjoy streaming it as it features Documentary, Crime genres. It runs for 105 min.
Once, an investment banker could expect a respectable but not insane salary, yet by the Nineties and Noughties, many had attained rock star status and salaries, with cocaine and prostitute habits to match. The follies were legendary: one former employee described how Richard Fuld, the former CEO of the ill-fated Lehman Brothers, had a personal lift that took him directly to his office without having to encounter other staff. More often, however, the true devil lies in the detail of prominent economists frequently espousing decisions which furthered their personal financial interests, connections which were not openly declared. After the crash, will there be a clean-up? Ferguson thinks not, as Obama's election pledges for tighter regulation seem to have disappeared into a "Wall Street government". But this time round, we can't say we haven't been warned.
The only filmed interview with L. Ron Hubbard on Vimeo
Later in the article: "The capital markets have helped make the housing market less volatile... " Next, "Credit crunches... are a thing of the past... " and my personal favorite, "The revolution in housing finance has also... been important in making the economy less cyclical. " In other parts of the article, Hubbard and Dudley specifically praise credit default swaps for their role in reducing and spreading risk. Like wow, man. Hubbard refused to tell me whether he was paid to write that article; no payment is disclosed in the document itself, nor on Hubbard's CV. Which brings us to Mr. Hubbard's many, many disclosure problems and conflicts of interest. After the release of my film Inside Job, Columbia University was forced to establish disclosure requirements for the first time for its professors. At the time, Hubbard stated that he welcomed them. Well, it wasn't quite that way in our interview. Here are some selections, verbatim and unedited: INTERVIEWER: Let me go back to your own personal business involvements.
Mitt Romney has a credibility problem. He changes his beliefs like laundry (abortion, medical insurance, whether Bin Laden was worth killing, attacking Iran), refuses to disclose his tax returns, and won't explain how he could possibly pay for the tax cuts he proposes. But there is another scandal in Romney's campaign -- namely Glenn Hubbard, Romney's chief economic advisor, who was chairman of the Council of Economic Advisors under George W. Bush, and is now Dean of Columbia Business School. I interviewed Hubbard for my documentary film Inside Job, and analyzed his record again for my book Predator Nation. The film interview became famous because Hubbard blew his cool after I interrogated him about his conflicts of interest: "This isn't a deposition, sir. I was polite enough to give you time, foolishly I now see, but you have three more minutes. Give it your best shot. " But the really important thing about Hubbard isn't his personality; it's that as an economist and an advisor, he is a total, unmitigated disaster.
When such voices did emerge, they were forcefully extinguished. Brooksley Born, as chairman of the Commodity Futures Trading Commission, attempted to regulate the market in derivatives in the Nineties, but was quickly opposed by other regulators, including Greenspan himself and the then Treasury Secretary, Lawrence Summers. Raghuram Rajan, a far-sighted chief economist to the International Monetary Fund, presented an accurate, high-level paper in 2005 criticising the direction of the financial sector, but was aggressively criticised by Mr Summers, then the president of Harvard. It will not console viewers to know that Mr Summers, who appears to have had a peculiar genius for getting the big picture radically wrong, is now the director of the National Economic Council in the Obama administration. Ferguson has just enough material on the lunacy of the masters of the universe to keep indignation burning, without resorting to the kind of flashy stunts favoured by fellow polemicists such as Michael Moore.
Beneath the borderline-glib surface, though, his method is properly investigative, taking nothing for granted. Anyone unclear on the difference between, say, collateralised debt obligations and credit-default swaps will be helpfully enlightened here, and shown how the colossal gambles of financial institutions amounted to a kind of roulette game with global markets. Ferguson digs into the psychology of trading, and the madness of bonuses – how the whole culture was incentivised, and still is, to encourage the riskiest and most profitable sales of subprime debt. Along the way, inevitably, he makes some enemies. His initially polite interview with George W Bush's chief economic advisor Glenn Hubbard, a proponent of deregulation with much to keep quiet about, sticks out as increasingly uncomfortable, even unnerving viewing. There aren't exactly any direct hits, just a lot of icy denial, under a mask of civility boiling with self-incriminating fury. If Hubbard's face remained on camera for even 10 seconds longer, you get the impression it might explode.
What bearing does this really have? I'd argue that outside a change in disclosure at CBS, nothing. Recruiters could care less as they are probably the same firms who hire out the professors as consultants. Two sides to every story... "our" side just didn't feel like even entertaining the whole thing any longer. 21 Sep 2011, 22:16 Thanks for weighing in guys. Moss: I don't have the link but I think it was an admissions consultant who commented that the new policy is basically "say you did it, ok good we're done". Of course, that's still progress from non-disclosure. losttraveler: I don't think the issue was about blaming the financial situation squarely on academics but rather the conflict of interest in their work, which is used to influence decisions at the highest levels. As for the interview in the movie, I think sending a list of questions would have made the whole effort much less meaningful due to getting prepared responses. Definitely good news for applicants and students that the MBA program isn't much affected.