Inside Job

The truth is revealed that left millions to suffer the effects of corruption and greed.

Charles Ferguson

The 2008 financial crisis cost tens of millions of people their savings, their jobs, and their homes. Narrated by Matt Damon, the movie Inside Job reveals how and why it all happened and the devastating effects it had on not only countries around the world but the American people.

It’s a documentary described as being about “the systemic corruption of the U.S by the financial services industry and the consequences of that systemic corruption” — broken up into five parts, the movie delves into how changes in government policy and banking practices contributed to the 2008 financial crisis.

Filmmaker Charles Ferguson speaks at length with journalists, politicians, and financial leaders about the economic meltdown that hit the United States to reveal an unflinching insight into the deep-rooted corruption that left millions of middle-class Americans jobless and homeless while big corporations received bailouts but still managed to pay millions in bonuses.

One topic that the movie features that many other films have failed to address is the role of academia in the crisis. Ferguson notes, for example, that Harvard University economist, and former head of the Council of Economic Advisers under President Ronald Reagan, Martin Feldstein, was a director of the insurance company AIG and former board member of the investment bank J.P. Morgan & Co. And many of America’s leading professors and leading members of the economics and business faculties often obtained significant proportions of their salaries either as consultants or from speaking engagements.

One example is the current dean of the Columbia Business School, Glenn Hubbard, who received a large percentage of his annual income from consulting and speaking engagements while being affiliated with KKR and BlackRock Financial.

Hubbard as well as current chair of Harvard’s department of economics, John Y. Campbell, deny the existence of any conflict of interest between academia and the banking sector.

Inside Job ends by asserting that despite recent financial regulations, the underlying system has not changed; rather America’s remaining banks are only bigger, while all the incentives remain the same, and not one of the top executives has ever faced prosecution for their role in the causes and effects of the global financial crisis.

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23 Comments Add Yours

    1. I’ve never seen a string of such corrupt people continue to succeed in that business. Jesus, our government is so owned by lobbyists instead of constituents. The people that got them to office mean nothing to these jackass power hungry politicians. I hope everyone working at these financial services companies are living in shame in their million dollar home!

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  3. i need dissertations about crowded classrooms and teacher learner interaction. with descriptive approach please

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  5. Saw this when it came out – was totally amazed. I live in Canada but love to ride my motorcycle in Pennsylvania and West Virginia. Down there two years ago and met some great people in Penn that were totally freaked out because some of their homes had blown up. And – one guy said the county laid water lines 21 miles out of town so that he could drink city water. His well had been contaminated. This story is so true. Drive around up there and you’ll see for yourself. We are fighting them off in Canada now.

  6. 2016 update
    Nothings changed. Oh except the planet just had its hottest feb on record the planet is has heated by 1.6 degree celcius. another 3 degrees and we are all dead. So what are these financial people doing – destroying the planet for human habitation. But they do get a bigger house and a better car and first class travel to whats left. Humans have lost their commonsense and corrupted their values to correct it we must put these people in jail and reduce emmisions if this means totally changing the economic and cultural way we do things then thats what we do. 1 listen to the scientists they are telling us whats happening. 2 promote all sustainable energy and transportation systems. 3 change agricultural systems to be sustainable. 4 reduce global population. 5 NO FOSSIL FUELS AT ANY COST! and thats a start.

  7. I am quite amazed by the production. The story that ultimately came around to is the contribution of academics to this humungous mess. And we thought, that it was Wall Street’s greed that brought down the sector. So said Obama. But surely, it is also the greed of these so-called professors of economics which helped precipitate the crisis. They, ostensibly and relatively, just for few bucks – as may be compared to those CEOs, gave false and manufactured reports, which ultimately are merely ‘opinions’. Just like those revered credit rating companies hid their tail between their legs by almost stating that their ‘ratings’ are not ratings but ‘opinions’. Wow. {English language professors and linguists also have a lot of work and explaining to do}. What a system we have created. Some of the financial or banking concepts (instruments of barter) would certainly have had come from these shenanigans of knowledge. Or the exemplars of economics. I say, why not track these CEOs and the professors and see what are they upto these days, and just for the heck of it, let us also know what kind of a life they are leading!!

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  9. All those high paid people that got millions ripping people off and lied and made up excuses should be taken out and shot and then shot again.

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