Top positive review
101 people found this helpful
Really Excellent Movie ! Great Photography
on 11 March 2011
I knew most of this detail already and was only surprised not to see friends being interviewed. Larry Summers who makes an appearance in The Social Network as President of Harvard was the influential mentor of Ed Balls, MP. The film was beautifully constructed. It was well-structured and provided modules of insight to comprehend what was really quite simple - but journalists and apologists pretend is "complex".
When you buy something you do not expect to have to unscrew the fascia plate to find if the insides are what the outside says they are. You do when you deal with financial products. Manufacturing synthetic government bonds for pension funds by using mortgages is great until you need increasing supply to soak up that liquidity slushing around from Chinese trade surpluses. So a whole group of new companies set up to seduce the unwary into houses on easy mortgages just to generate the bonds to trade - the poor suckers lose their homes and savings and dreams when the teaser-mortgages adjust to market interest rates, but the bond trader is in the money.
A few snake oil salesmen from Moody or Fitch to chant incantations over the offering and declare it AAA or golden enough for widows and orphans to insure their future, and a friendly insurance company evading US regulators in London builds a casino business around risk-insurance CDS. Soon the great Goldman Machine finds it can buy CDS insurance against any eventuality and make money by selling junk to suckers, dumping junk in the market, and turning to AIG for insurance cover. This great aircraft insurer doesn't need to make reserves for risk because it is all UNREGULATED. And, if it goes bust there are politicians on payroll to use taxpayer funds to bail out the mess.
The US Treasury was looted by a crowd of gangsters whose scale made Al Capone look like the street hood he was. This was systematic fraud and corruption which has destroyed the myth of Western democracy. Having accused Asians of Crony Capitalism in 1990s, we now see the US and European versions ourselves in full naked glory. It is so blatant, the Oligarchs have shown how they take the savings (tax subsidised) and pension funds of the labour force and use them in high-stakes games of roulette.
This film is a must-see, and should be watched twice...in silence to appreciate the full beauty of the scam.