Keep your hands off everything. But what big banks on Wall Street did not or would not see was what was happening on the ground around the U. The housing market has turned some mortgages into time bombs.
When you have a high interest rate, then you have high points. Bear Sternsheavily into subprime mortgages, ran out of cash first. I imagine these young Occupy people now stripped of some expectations were fed a line by their Boomer parents who had negative savings and kept refinancing the house until they hit a wall: The banks would then have more capital to lend.
What were people protesting, exactly? The show continues with more and bigger examples, like how swaps and derivatives were used by European countries to cook their books, such as Greece, which bought giant swaps from Goldman Sachs and went on a spending spree borrowing with easy credit, until the debt ballooned and spending was cut and the people went out into the streets to protest the spending cuts.
This was— [laughs] This was incredibly new stuff. So there was a lot of— a lot of very positive reinforcement of the market. Okay, this final episode continues with the theme that more government is the answer. We were creating mortgages that we had never seen before. It was a panic situation.
By now Ben Bernanke understood the magnitude of the problem and proposed to the Bush administration a massive bailout of Wall Street in order to stop playing catch-up to the situation.
We had a responsibility not just to make a profit for the shareholders, but to look after the financial system as a whole.
Or a horse race or a craps table. These are all private off-exchange markets. We were in totally new territory.
The understanding of risk virtually vanished as the housing market continued to grow at a record pace. And I was disappointed, hugely disappointed. I mean, I used to know all the statistics because they used to talk about it every meeting, how this is a growing market and you have to get your customers involved.
We were bullish on the mortgage market in general, and subprime, which was an element of it, we were not overly aggressive, but we were a part of that market.
And the higher the risk, the better. We need even more bloated regulatory agencies to protect the economy from the banks. We have known for generations that banks are susceptible to runs.
Black home owners in Atlanta have become such frequent targets of unscrupulous lenders that councillors regularly hold community meetings to issue warnings. They began to look for ways to enable financial institutions to pass risk between them.
And when they came to me, I would say, "This is toxic waste. Goldman has a little slogan that the clients come first.
And the notion that Lehman Brothers could be filing for bankruptcy and AIG could be at risk of the same fate was absolutely unprecedented.Money Power And Ethics In Wall Street. Global Financial Ethics – FIN The movie response that will be covered in this essay will be on the film “Wall Street Money Never Sleeps ”.
It was directed by Oliver Stone, This paper will discuss what the Occupy Wall street. Free wall street papers, essays, and research papers. We will write a custom essay sample on Money, Power, and Wall Street specifically for you for all the possible risks from the beginning, they feel into a deep crash.
Goldman Sachs was the only bank to make money off the bubble burst by betting against their clients. The Film Wall Street Ethics Paper ; Wall Street Movie ; Inside Job. Find helpful customer reviews and review ratings for Frontline: Money Power & Wall Street at mi-centre.com Read honest and unbiased product reviews from our users.
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Our team of experienced writers is on standby to deliver to you an original. Sep 24, · I went to the premiere of Wall Street: Money Never Sleeps at New York's famous Zeigfield Theater on Wednesday night.
Fox hosted the event and Rupert Murdoch and director Oliver Stone were at the.Download