Inside Job Summary Part 1

Iceland 2000 government: deregulation => environment & economy consequences ALCOA exploit immanent ressoures privatized 3 largest banks finance alsok over borrowed 120$ billion dollars KPMG audited banks, talent is wrong banks collapsed end of 2008, unemployment tripled, regulators did nothing 1/3 of Icelands regulators went to crop for the banks => nowadays universal joint problem NY Gillian Tett (US Managing Editor financial Times) you cant inverted comma me, but I am very concerned Christine Lagarde (France finance Minister): many battalion call for to go back to the older charge. the way sooner the crisis Eliot Spitzer: Former Governer of New York: regulators didnt to they job, they had the power, they alone dont wanted in 2008 collapse of Lehman brothers and AIG triggered global sparing crisis => outlet global recession, cost the world 10s of trillions of dollars 30 one one thousand thousand million unemployed, doubled national debt of US => not an accident, caused by an out of cut back industry PART I: HOW WE GOT THERE 40 years of government modulate industry, no(prenominal) financial crisis, investments risks only done by hush-hush companies, watched their funds carefully Regan: financial deregulation Charles Keeting, 1985 hired Greenspan letter to regulators praised course pattern and expertise, no foreseeable risk 40.000$ => went to prison Greenspan chairman FED, Regan, Clinton, Bush Clinton: deregulation continued, allowed citigroup too big to fail, Glass stegal mold Glamm Leach Bliley Act cleared way for future mergers Robert Rubin would later(prenominal) make 126$ as Vice Chairmann of Citigroup Willem Buiter (Chief economist Citigroup): big banks? comparable monopoly power, lobbying power, too big will be bailed George Soros (Chairmann Soros Fund Mgmt): anele tankers big, compartments, prevent sloshing around of oil to capsize boat => deregulation enedend compartments Credit Suisse laundered money for Iran ! in infraction with US Sacntions Enron: Citibank, JP Morgan, Merrill...If you want to get a full essay, hallow it on our website: OrderCustomPaper.com

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