2010 the Inside Job
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2010 The inside job 00:19:00 Eliot Spitzer’s investigation __________ that the investments banks had promoted internet companies they knew ______ fail. Stock analysts were ________ paid based ___ how much business they brought ___. And what they said ___________ was quite different from what they said ___________. Infospace, given the highest possible rating, dismissed by the analyst as “the ________ of junk”. Excite – also highly rated, called “_______ a piece of crap”. The defence that was proffered many of the investment banks was not “you are wrong”, it was “everybody’s doing it and everybody knows it’s going on and, therefore, nobody should rely ___ these analysts anyway”. In December 2002, ____ investment banks settled the case for a total of $___________ and promised to change their ________. Scott Talbot is the chief lobbyist for The Financial Services Roundtable, one of the most powerful groups in Washington, ________ represents nearly all of the world’s largest financial companies. - Are y ou comforta ble wi th the fa ct tha t ___ ___ of your member co mpa nies have engaged in large scale criminal activity? - Uh , you’l l ha ve to be __ __. - Ok… uh… - Firs t of al l, criminal acti vity _ __ _ __ a cce pte d, __ __. Since deregulation _______, the world’s biggest financial __________ have been caught laundering money, defrauding __________ and __________ their books _____ and ______ and _____. Credit Suisse helped funnel money for Iran’s ________ program and for the Aerospace Industries Organization of Iran which ________ ballistic missiles. Any information that would identify it as Iranian would be __________. The bank was fined $_____________. Citibank helped funnel $___________ of drug money out of Mexico. - Did you comment that she should, _________, “lose any documents connected with the account? - I said that in a kidding manner. It was at the early ________ of this. I did not mean it seriously. Between 1998 and 2003, Fannie Mae overstated its earnings by more than $__________. - This acco unting stand ards are _ ___ ___ comple x and ___ determinatio ns over which experts often disagree. CEO Franklin Raines, who _______ ___ ____ President Clinton’s budget director, received over $52 million in _________. When UBS was _________ helping wealthy Americans evade taxes, they _________ to cooperate with the US Government. - Wo uld you be wil ling t o _ __ the names? - If there is a t re aty frame wor k… - No trea ty fr ame work . You’ve agre ed yo u pa rtic ipat ed in a _ __. - Hm.
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Transcript of 2010 the Inside Job
8/2/2019 2010 the Inside Job
http://slidepdf.com/reader/full/2010-the-inside-job 1/2
2010 The inside job 00:19:00
Eliot Spitzer’s investigation __________ that the investments banks had promotedinternet companies they knew ______ fail. Stock analysts were ________ paid based ___ how much business they brought ___. And what they said ___________ was quite
different from what they said ___________. Infospace, given the highest possible rating,dismissed by the analyst as “the ________ of junk”. Excite – also highly rated, called“_______ a piece of crap”.
The defence that was proffered many of the investment banks was not “you are wrong”, itwas “everybody’s doing it and everybody knows it’s going on and, therefore, nobodyshould rely ___ these analysts anyway”.
In December 2002, ____ investment banks settled the case for a total of $___________ and promised to change their ________.Scott Talbot is the chief lobbyist for The Financial Services Roundtable, one of the most
powerful groups in Washington, ________ represents nearly all of the world’s largestfinancial companies.
- Are you comfortable with the fact that ____________ of your member companieshave engaged in large scale criminal activity?
- Uh, you’ll have to be __________.- Ok… uh…- First of all, criminal activity _________ ___ accepted, __________.
Since deregulation _______, the world’s biggest financial __________ have been caughtlaundering money, defrauding __________ and __________ their books _____ and
______ and _____.
Credit Suisse helped funnel money for Iran’s ________ program and for the AerospaceIndustries Organization of Iran which ________ ballistic missiles. Any information thatwould identify it as Iranian would be __________. The bank was fined $_____________.Citibank helped funnel $___________ of drug money out of Mexico.
- Did you comment that she should, _________, “lose any documents connectedwith the account?
- I said that in a kidding manner. It was at the early ________ of this. I did notmean it seriously.
Between 1998 and 2003, Fannie Mae overstated its earnings by more than $__________.- This accounting standards are __________ complex and _________
determinations over which experts often disagree.CEO Franklin Raines, who _______ ___ ____ President Clinton’s budget director,received over $52 million in _________.When UBS was _________ helping wealthy Americans evade taxes, they _________ tocooperate with the US Government.
- Would you be willing to _________ the names?- If there is a treaty framework…- No treaty framework. You’ve agreed you participated in a ______.- Hm.
8/2/2019 2010 the Inside Job
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But ______ the company is faced unprecedented fines, the investment firms do not haveto ________ any wrong doing.When you’re this large and you’re dealing with this many products and this manycustomers, mistakes happen.
- The financial services industry seems to have a level of criminality that is, you
know, somewhat __________. Jo, when was the last time that CISCO or Intel or Google or Apple or IBM, you know…
- I totally agree with you about high-tech vs financial services but high-tech…- How ________?- High-tech is a fundamentally creative business where the ______ generation and
the incomes derives ______ actually creating something new and different.
Beginning in the 1990’s, deregulation and advances in technology _____ to an explosionof complex financial products _________ derivatives. Economists and bankers ________ they made markets safer but, _________, they made them __________.
- Since the end of Cold War a lot of former physicists and mathematicians decidedto apply their ________ not on, you know, Cold War technology but on financialmarkets and together with investment bankers and hedge funds…
- Creating different _________?- Absolutely. You know, as Warren Buffet said, you know, “weapons of mass
destruction”
Vocabulary
- funnel/ f nl/ˈ ʌ/ ▶noun 1) a utensil that is wide at the top and narrow at the bottom, used for guiding liquid or powder into a small opening. 2) a metalchimney on a ship or steam engine. ▶verb (funnels, funnelling, funnelled; US
funnels, funneling, funneled) 1) guide or move through or as if through a funnel.2) assume the shape of a funnel.
- conceal/kən si l/ˈ ː/ ▶verb not allow to be seen; hide.
