Money, Power and Wall Street

Money, Power and Wall Street

DVD - 2012
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In a special 4-hour investigation, Frontline tells the inside story of the struggles to rescue and repair a shattered economy, exploring key decisions, missed opportunities, and the unprecedented and uneasy partnership between government leaders and titans of finance that affects the fortunes of millions of people around the world.

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StarGladiator
Feb 09, 2014

I must agree with commenter, ravenheart, except I considered it awful. Portraying something by design as an accident, is lying or propagandizing, which used to be against the law in America. Lobbyists work towards a goal, and their long-range goal was killing governmental oversight and regulation of the financial markets and banking, which they accomplished: Private Securities Litigation Reform Act, passed in 1995, removes "legal risk" - - a derivatives group, from the top Wall Street firms, is put together to lobby for the passage of Gramm-Leach-Bliley and the Commodity Futures Modernization Act. At the state level, lobbyists such as now-Governor Chris Christie would work for the ISDA (International Securities and Derivatives Association, of which Blyth Masters of JPMorgan Chase has chaired for years, and it was she who created the credit default swap) at the state level to ensure securities fraud wasn't considered "a crime" while John Paulson and Goldman Sachs (and Paulson's employee, Alan Greenspan, to a lesser degree) would profit greatly from designing trash CDOs (e.g., Abacus CDO) by then purchasing those unregulated insurance sweetheart deals (credit default swaps) for $1.4 million apiece, with a guaranteed payout of $100 million apiece! Ditto for Magnetar Capital, 96% of their deals fell through, yet the principals walked away with billions of dollars? That's not "bumbling" - - that's super-crime! (Add to that JPMorgan Chase's "fraudclosure model" and you begin to understand the Big Picture.)

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BlueHippo
Aug 27, 2012

This is an excellent program. It was done as recently as April, 2012, and really explains what factors contributed to the meltdown and who all was responsible. The hour-by-hour details for some of the events are just really riveting. These people at Frontline really do their homework.

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