The film is deficient in the following respects:
1. On September 11, 2008, there was a $550 billion electronic run on the banks. It took place between the hours of 9 and 11 am. The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars. The money was being removed electronically. The Treasury opened their window and pumped in $150 Billion but quickly realized they could not stem the tide. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account, so there wouldn't be further panic.
The electronic run resulted in the first bailout legislation,. It was reported on the House floor that Congressmen were warned by the Bush Administration that Marshall Law would be declared if the bailout was not passed by Congress. Where was the source of the electronic run?
2. The credit default swaps were a violation of existing federal law.
3. The rating firms are financially tied to the investment bankers who defrauded investors, and those rating firms develop, sell, and rate financial products all at the same time.
4. The US federal government failed then and now to prosecute this fraud. Why not interview the Justice Department and ask them why they gave these criminals a pass?
I don't care what the CEOs of the investment bankers earned, and while I agree that the compensation most likely promotes and produces fraud, this film should have focused on the failure of the U.S. Federal and State governments to police and prosecute criminals. If you want to prevent crime, you need a police force. Why didn't they act, then and now?
1. On September 11, 2008, there was a $550 billion electronic run on the banks. It took place between the hours of 9 and 11 am. The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars. The money was being removed electronically. The Treasury opened their window and pumped in $150 Billion but quickly realized they could not stem the tide. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account, so there wouldn't be further panic.
The electronic run resulted in the first bailout legislation,. It was reported on the House floor that Congressmen were warned by the Bush Administration that Marshall Law would be declared if the bailout was not passed by Congress. Where was the source of the electronic run?
2. The credit default swaps were a violation of existing federal law.
3. The rating firms are financially tied to the investment bankers who defrauded investors, and those rating firms develop, sell, and rate financial products all at the same time.
4. The US federal government failed then and now to prosecute this fraud. Why not interview the Justice Department and ask them why they gave these criminals a pass?
I don't care what the CEOs of the investment bankers earned, and while I agree that the compensation most likely promotes and produces fraud, this film should have focused on the failure of the U.S. Federal and State governments to police and prosecute criminals. If you want to prevent crime, you need a police force. Why didn't they act, then and now?