• What Caused the 2008 Financial Collapse? Finance Industry: Goldman Sachs, JP Morgan (2010)

    The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance called credit default swaps (CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions. CDO issuance grew from an estimat...

    published: 17 Sep 2014
  • Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet.

    On June 2, 2010 Warren Buffett testified at a hearing before the Financial Crisis Inquiry Commission. Commission member Peter Wallison asked Buffett several good questions and got very good answers. I copied that portion of the C-SPAN video that has those questions and answers. I hope you find it interesting.

    published: 11 Apr 2011
  • Introduction to the Financial Crisis Inquiry Commission

    The Financial Crisis Inquiry Commission is a bipartisan commission that has been given a critical non-partisan mission — to examine the causes of the financial crisis that has gripped the country and to report our findings to the Congress, the President, and the American people. Hopefully, the Commission's work can help rebuild the American people's belief in a financial system that puts Americans to work, fulfills their goals and provides the foundation for a new era of broadly shared prosperity.

    published: 12 Jan 2010
  • 2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2)

    2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2) - mars-1a:hrs01E_C2123_100409.2 - Rayburn 2123 - Committee on Energy and Commerce - 2010-04-09 - Financial Crisis Inquiry Commission. Report Video Issue Financial Crisis Inquiry Commission. In the third of three days of hearings held by the bipartisan Financial Crisis Inquiry Commission (FCIC), former Fannie Mae executives Robert Levin and Daniel Mudd testified in the role of their company in the housing market collapse. They faulted Fannie Mae's backing of riskier mortgages on pressures related to increased competition from Wall Street firms and the goal of increasing home ownership. Mr. Mudd in his testimony did not apologize for his company's collapse but stated, "I accept responsibility for everything that happened on my watch....

    published: 21 Nov 2011
  • The 2008 Financial Crisis: Crash Course Economics #12

    Today on Crash Course Economics, Adriene and Jacob talk about the 2008 financial crisis and the US Goverment's response to the troubles. So, all this starts with home mortgages, and the use of mortgages as an investment instrument. For years, it seemed like the US housing market would go up and up. Like a bubble or something. It turns out it was a bubble. But not the good kind. And the government response was...interesting. Anyway, why are you reading this? Watch the video! More Financial Crisis Resources: Financial Crisis Inquiry Report: http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf TAL: Giant Pool of Money: http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money Timeline of the crisis: https://www.stlouisfed.org/financial-crisis/full-timeline htt...

    published: 21 Oct 2015
  • Heated exchange as CEO of investment bank testifies, protest

    (28 Apr 2010) TRUE DATE CREATED = 28-04-2010 1. Goldman Sachs CEO Lloyd Blankfein being sworn in for testimony at a Capitol Hill hearing, push in to Senator Carl Levin 2. Wide shot of Senate panel 3. SOUNDBITE: (English) Lloyd Blankfein, Goldman Sachs CEO: "The people who were coming to us for risk in the housing market wanted to have a security that gave them exposure to the housing market, and that''s what they got. The unfortunate thing, and it''s unfortunate but it doesn''t, is that the housing market went south very quickly after some of these securities, not all of them because some of them were done early, but they went. And so people lost money in it, but the security itself delivered the specific exposure that the client wanted to have." 4. SOUNDBITE: (English) Senator Carl...

    published: 24 Jul 2015
  • Banks Too Big: Goldman Sachs Criminals, Hillary Clinton vs. Bernie Sanders

    Elizabeth Warren Destroys Janet Yellen Over JPMor…: http://youtu.be/XYtSMLgaW6U Americans have learned a lot in recent years about how our largest financial institutions make their money. But few would have imagined that a million and a half tons of aluminum -- a quarter of the national supply at any given moment -- typically sits in a network of 27 Detroit warehouses owned by Goldman Sachs. And hardly anyone would have thought that manufacturers seeking to purchase that aluminum might wait 18 months or more for delivery, while warehouse owners like Goldman Sachs collect additional rent, paid for by consumers of aluminum products ranging from beer cans to home siding. http://www.thesoapboxroadshow.com/ WASHINGTON - Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mic...

    published: 31 May 2011
  • Former AIG chief tells panel he did his best to estimate losses ahead of crisis

    (30 Jun 2010) 1. Mid of Financial Crisis Inquiry Commission Chairman Phil Angelides banging gavel to open hearing, UPSOUND: (English) Phil Angelides: "Good morning. Welcome to the hearing of the Financial Crisis Inquiry Commission." 2. Former head of American International Group (AIG) Financial Products division Joseph Cassano (left), Senior Vice President and Chief Risk Officer of AIG Robert Lewis (centre), and former President and Chief Executive Officer of AIG Martin Sullivan being sworn in 3. Wide of hearing with Cassano, Lewis and Sullivan sitting down 4. Mid of Cassano, Lewis and Sullivan at witness table 5. Wide of hearing 6. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): ++AUDIO STARTS ON PREVIOUS SHOT++...

    published: 24 Jul 2015
  • 2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

    http://www.thesoapboxroadshow.com/ Introductory Statement by Chairman Carl Levin - From Senate Committee hearings. The credit rating agencies are; Moody's, Standard and Poors, and Fitch....QUOTE: "Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression." http://levin.senate.gov/newsroom/supporting/2011/PSI_WallStreetCrisis_041311.pdf

    published: 09 May 2011
  • Financial crisis inquiry begins

    Will commission lead to legislation and criminal prosecution, or just more cathartic theater? Political economist Tom Ferguson and McClatchy Newspapers Economics Correspondent Kevin G. Hall sit down with Real News Network Senior Editor Paul Jay to discuss the opening act of the new US government commission.

    published: 14 Jan 2010
  • Warren Buffett Talks Effects Of 2008 Financial Crisis | CNBC

    Berkshire Hathaway's Warren Buffett discusses the aftershocks of the 2008 economic crisis. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC Warren Buffett Talks Effects Of 2008 Financial Crisis | CNBC

    published: 02 May 2016
  • CNN: Angelides examines the financial crisis

    Financial Crisis Inquiry Comm. chair Phil Angelides says Wall Street is trying to rewrite the history of the crisis.

    published: 19 Apr 2011
  • The Whitewash Commission: Inside Stories from the Financial Crisis Inquiry Commission

    A mini documentary about the FCIC: Peter Wallison, commissioner of the FCIC, and Ed Pinto, former chief credit officer for Fannie Mae, talk about the true purpose of the Financial Crisis Inquiry Commission.

    published: 28 Jun 2015
  • Financial Services Hearing on Financial Crisis Inquiry Commission Report

    Blaine questions witnesses during the House Financial Services Committee hearing on Wednesday, February 16, to review the reports issued by Financial Crisis Inquiry Commission. In 2009, Congress established the Financial Crisis Inquiry Commission, comprising six Democrats and four Republicans, to investigate the causes of the financial crisis and report its findings to Congress on December 15. The Commission missed its deadline and failed to reach consensus on the causes of the crisis. More than a month after its deadline, the Commission published three reports: one written by the Democratic Commissioners, a second written by three of the Republican Commissioners, and a third one by the fourth Republican Commissioner. The statute creating the Commission requires the Financial Servic...

    published: 17 Feb 2011
  • PANEL: The Financial Crisis Inquiry Commission Report: Five Years Later

    R Street Institute panel held on February 4, 2016. Featuring: Douglas Holtz-Eakin, American Action Forum; Edward Murphy, Congressional Research Service; Tom Stanton, Johns Hopkins; Philip Wallach, Brookings Institution; Peter Wallison, American Enterprise Institute; Alex J. Pollock, R Street Institute (Moderator).

    published: 05 Feb 2016
  • June 2, 2010 - Heather Murren, Financial Crisis Inquiry Commissioner Asks Warren Buffet A Question

    During a June 2, 2010 Financial Crisis Inquiry Commission Hearing Heather Murren asks Warren Buffett a question relating to investment reserch independence and how incentives relate to research quality. (Look up: Heather Murren on Wikipedia)

    published: 11 Apr 2011
What Caused the 2008 Financial Collapse? Finance Industry: Goldman Sachs, JP Morgan (2010)

What Caused the 2008 Financial Collapse? Finance Industry: Goldman Sachs, JP Morgan (2010)

  • Order:
  • Duration: 3:23:52
  • Updated: 17 Sep 2014
  • views: 41630
videos
The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance called credit default swaps (CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions. CDO issuance grew from an estimated $20 billion in Q1 2004 to its peak of over $180 billion by Q1 2007, then declined back under $20 billion by Q1 2008. Further, the credit quality of CDO's declined from 2000 to 2007, as the level of subprime and other non-prime mortgage debt increased from 5% to 36% of CDO assets.[118] As described in the section on subprime lending, the CDS and portfolio of CDS called synthetic CDO enabled a theoretically infinite amount to be wagered on the finite value of housing loans outstanding, provided that buyers and sellers of the derivatives could be found. For example, buying a CDS to insure a CDO ended up giving the seller the same risk as if they owned the CDO, when those CDO's became worthless. This boom in innovative financial products went hand in hand with more complexity. It multiplied the number of actors connected to a single mortgage (including mortgage brokers, specialized originators, the securitizers and their due diligence firms, managing agents and trading desks, and finally investors, insurances and providers of repo funding). With increasing distance from the underlying asset these actors relied more and more on indirect information (including FICO scores on creditworthiness, appraisals and due diligence checks by third party organizations, and most importantly the computer models of rating agencies and risk management desks). Instead of spreading risk this provided the ground for fraudulent acts, misjudgments and finally market collapse.[120] In 2005 a group of computer scientists built a computational model for the mechanism of biased ratings produced by rating agencies,[121] which turned out to be adequate to what actually happened in 2006–2008.[citation needed] Martin Wolf further wrote in June 2009 that certain financial innovations enabled firms to circumvent regulations, such as off-balance sheet financing that affects the leverage or capital cushion reported by major banks, stating: "...an enormous part of what banks did in the early part of this decade – the off-balance-sheet vehicles, the derivatives and the 'shadow banking system' itself – was to find a way round regulation." http://en.wikipedia.org/wiki/Financial_collapse_of_2007%E2%80%932008
https://wn.com/What_Caused_The_2008_Financial_Collapse_Finance_Industry_Goldman_Sachs,_Jp_Morgan_(2010)
Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet.

Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet.

  • Order:
  • Duration: 9:53
  • Updated: 11 Apr 2011
  • views: 30504
videos
On June 2, 2010 Warren Buffett testified at a hearing before the Financial Crisis Inquiry Commission. Commission member Peter Wallison asked Buffett several good questions and got very good answers. I copied that portion of the C-SPAN video that has those questions and answers. I hope you find it interesting.
https://wn.com/Financial_Crisis_Inquiry_Commissioner_Peter_Wallison_Questions_Warren_Buffet.
Introduction to the Financial Crisis Inquiry Commission

Introduction to the Financial Crisis Inquiry Commission

  • Order:
  • Duration: 2:30
  • Updated: 12 Jan 2010
  • views: 12200
videos
The Financial Crisis Inquiry Commission is a bipartisan commission that has been given a critical non-partisan mission — to examine the causes of the financial crisis that has gripped the country and to report our findings to the Congress, the President, and the American people. Hopefully, the Commission's work can help rebuild the American people's belief in a financial system that puts Americans to work, fulfills their goals and provides the foundation for a new era of broadly shared prosperity.
https://wn.com/Introduction_To_The_Financial_Crisis_Inquiry_Commission
2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2)

2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2)

  • Order:
  • Duration: 2:14:56
  • Updated: 21 Nov 2011
  • views: 1054
videos
2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2) - mars-1a:hrs01E_C2123_100409.2 - Rayburn 2123 - Committee on Energy and Commerce - 2010-04-09 - Financial Crisis Inquiry Commission. Report Video Issue Financial Crisis Inquiry Commission. In the third of three days of hearings held by the bipartisan Financial Crisis Inquiry Commission (FCIC), former Fannie Mae executives Robert Levin and Daniel Mudd testified in the role of their company in the housing market collapse. They faulted Fannie Mae's backing of riskier mortgages on pressures related to increased competition from Wall Street firms and the goal of increasing home ownership. Mr. Mudd in his testimony did not apologize for his company's collapse but stated, "I accept responsibility for everything that happened on my watch." Congress formed the ten-member FCIC in May 2009 to examine the causes of the financial markets meltdown. Description from C-SPAN.
https://wn.com/2008_Financial_Crisis_And_Fannie_Mai,_Day_3_(Part_2_Of_2)
The 2008 Financial Crisis: Crash Course Economics #12

The 2008 Financial Crisis: Crash Course Economics #12

  • Order:
  • Duration: 11:25
  • Updated: 21 Oct 2015
  • views: 751700
videos
Today on Crash Course Economics, Adriene and Jacob talk about the 2008 financial crisis and the US Goverment's response to the troubles. So, all this starts with home mortgages, and the use of mortgages as an investment instrument. For years, it seemed like the US housing market would go up and up. Like a bubble or something. It turns out it was a bubble. But not the good kind. And the government response was...interesting. Anyway, why are you reading this? Watch the video! More Financial Crisis Resources: Financial Crisis Inquiry Report: http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf TAL: Giant Pool of Money: http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money Timeline of the crisis: https://www.stlouisfed.org/financial-crisis/full-timeline http://www.economist.com/news/schoolsbrief/21584534-effects-financial-crisis-are-still-being-felt-five-years-article Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Fatima Iqbal, Penelope Flagg, Eugenia Karlson, Alex S, Jirat, Tim Curwick, Christy Huddleston, Eric Kitchen, Moritz Schmidt, Today I Found Out, Avi Yashchin, Chris Peters, Eric Knight, Jacob Ash, Simun Niclasen, Jan Schmid, Elliot Beter, Sandra Aft, SR Foxley, Ian Dundore, Daniel Baulig, Jason A Saslow, Robert Kunz, Jessica Wode, Steve Marshall, Anna-Ester Volozh, Christian, Caleb Weeks, Jeffrey Thompson, James Craver, and Markus Persson -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
https://wn.com/The_2008_Financial_Crisis_Crash_Course_Economics_12
Heated exchange as CEO of investment bank testifies, protest

Heated exchange as CEO of investment bank testifies, protest

  • Order:
  • Duration: 3:00
  • Updated: 24 Jul 2015
  • views: 124185
videos
(28 Apr 2010) TRUE DATE CREATED = 28-04-2010 1. Goldman Sachs CEO Lloyd Blankfein being sworn in for testimony at a Capitol Hill hearing, push in to Senator Carl Levin 2. Wide shot of Senate panel 3. SOUNDBITE: (English) Lloyd Blankfein, Goldman Sachs CEO: "The people who were coming to us for risk in the housing market wanted to have a security that gave them exposure to the housing market, and that''s what they got. The unfortunate thing, and it''s unfortunate but it doesn''t, is that the housing market went south very quickly after some of these securities, not all of them because some of them were done early, but they went. And so people lost money in it, but the security itself delivered the specific exposure that the client wanted to have." 4. SOUNDBITE: (English) Senator Carl Levin, Subcommittee Chairman of Homeland Security Committee: "You don''t believe it''s relevant to a customer of yours that you are selling a security to that you are betting against that same security. You just don''t think it''s relevant and needs to be disclosed. Is that the bottom line?" 5. SOUNDBITE: (English) Lloyd Blankfein, Goldman Sachs CEO: "Yes, and the people who are selling it in our firm wouldn''t even know what the firm''s position is." 6. Blankfein sitting before Senate panel 7. SOUNDBITE: (English) Senator Carl Levin, Subcommittee Chairman of Homeland Security Committee: "You are taking a position against the very security that you are selling and you are not troubled?" Blankfein: "Senator, again." Levin: "And you want people to believe to trust you?" Blankfein: "Senator I think people do trust us." Levin: "Why, I wouldn''t trust you. If you came to me and wanted to sell me securities and you didn''t tell me that you have a bet against that same security, you don''t think that affects my thinking?" 8. Wide shot of protesters in prison uniforms with Goldman officials'' names around their necks 9. SOUNDBITE: (English) Senator Claire McCaksill, Homeland Security Committee: ++starts on pan of witnesses++ "We have spent a lot of time going through all these documents, and let me just explain in very simple terms what synthetic CDOs are. They are instruments that are created so that people can bet on them. It''s the la-la-land of ledger entries. It''s not investment in a business that has a good idea. It''s not assisting local governments and building infrastructure. It''s gambling, pure and simple, raw gambling." 10. Witnesses seated at table 11. SOUNDBITE: (English) Michael Swenson, Managing Director, Structured Products Group Trading, Goldman Sachs: "We did not cause the financial crisis, specifically to the mortgage desk, which is what I''m here to speak about. You have two panels in subsequent meetings to speak about that, about the Goldman Sachs and our businesses. We, I do no think that we did anything wrong." 12. Mid shot of clerk taking notes STORYLINE: Defending his company under blistering criticism, the CEO of Goldman Sachs testily told sceptical US senators on Tuesday that customers who bought securities from the Wall Street giant in the run-up to a national financial crisis came looking for risk. Lloyd Blankfein and other Goldman executives were lambasted by lawmakers for "unbridled greed" in an often-electric daylong showdown between Wall Street and Congress - with expletives frequently undeleted. Unrepentant, five present and two past Goldman officials unflinchingly stood by their conduct before a Senate investigatory panel and denied helping to cause the financial near-meltdown that turned into the worst recession since the Great Depression. "Unfortunately, the housing market went south very quickly," Blankfein told sceptical senators. "So people lost money in it." You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/b26ad6044e5469084381560537c68384 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
https://wn.com/Heated_Exchange_As_Ceo_Of_Investment_Bank_Testifies,_Protest
Banks Too Big: Goldman Sachs Criminals, Hillary Clinton vs. Bernie Sanders

Banks Too Big: Goldman Sachs Criminals, Hillary Clinton vs. Bernie Sanders

  • Order:
  • Duration: 7:06
  • Updated: 31 May 2011
  • views: 231627
videos
Elizabeth Warren Destroys Janet Yellen Over JPMor…: http://youtu.be/XYtSMLgaW6U Americans have learned a lot in recent years about how our largest financial institutions make their money. But few would have imagined that a million and a half tons of aluminum -- a quarter of the national supply at any given moment -- typically sits in a network of 27 Detroit warehouses owned by Goldman Sachs. And hardly anyone would have thought that manufacturers seeking to purchase that aluminum might wait 18 months or more for delivery, while warehouse owners like Goldman Sachs collect additional rent, paid for by consumers of aluminum products ranging from beer cans to home siding. http://www.thesoapboxroadshow.com/ WASHINGTON - Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression. http://levin.senate.gov/imo/media/doc/supporting/2011/PSI_WallStreetCrisis_041311.pdf
https://wn.com/Banks_Too_Big_Goldman_Sachs_Criminals,_Hillary_Clinton_Vs._Bernie_Sanders
Former AIG chief tells panel he did his best to estimate losses ahead of crisis

Former AIG chief tells panel he did his best to estimate losses ahead of crisis

  • Order:
  • Duration: 2:10
  • Updated: 24 Jul 2015
  • views: 1625
videos
(30 Jun 2010) 1. Mid of Financial Crisis Inquiry Commission Chairman Phil Angelides banging gavel to open hearing, UPSOUND: (English) Phil Angelides: "Good morning. Welcome to the hearing of the Financial Crisis Inquiry Commission." 2. Former head of American International Group (AIG) Financial Products division Joseph Cassano (left), Senior Vice President and Chief Risk Officer of AIG Robert Lewis (centre), and former President and Chief Executive Officer of AIG Martin Sullivan being sworn in 3. Wide of hearing with Cassano, Lewis and Sullivan sitting down 4. Mid of Cassano, Lewis and Sullivan at witness table 5. Wide of hearing 6. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): ++AUDIO STARTS ON PREVIOUS SHOT++ "You have read my written submission, I will not repeat it here. Although my perspective diverges in important ways from the popular wisdom." 7. Mid of witness table 8. SOUNDBITE: (English) Bill Thomas, Commission Vice Chairman: ++AUDIO STARTS ON PREVIOUS SHOT++ "You were in this business fairly fast and furious prior to your recognition that you had dug a hole that you could not climb out of, in essence, so you stopped digging." 9. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): ++STARTS ON MID OF WITNESS TABLE++ "One way of looking at this is to say that we, early on in 2005, we took the decision to run down our portfolio." 10. SOUNDBITE: (English) Bill Thomas, Commission Vice Chairman: ++AUDIO STARTS ON PREVIOUS SHOT++ "I'm more interested in 02, 03, 04 - when you were running it up?" 11. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): "This was extremely remote risk business and it is not the credit risk here that eventually became the issue at hand. These, my point has been that the underwriting standards and the credit risks within these transactions have to date been supported and still perform." 12. Mid of witness table 13. SOUNDBITE: (English) Robert E. Lewis, Senior Vice President and Chief Risk Officer, American International Group (AIG): "As it turned out, we were wrong about how bad things could get. What ended up happening was so extreme that it was beyond anything we had planned for." 14. SOUNDBITE: (English) Phil Angelides, Chairman, Financial Crisis Inquiry Commission: "To be fair, derivatives have a legitimate purpose to help hedge against risk, but much of what has been traded in recent years especially synthetic securities is just bet upon bet upon bet. They don't build a factory, they don't start a business, they don't add a job. These securities may have been synthetic, but they destroyed real people's real life savings." 15. Wide of hearing STORYLINE: A former top executive of American International Group (AIG) publicly testified for the first time in Washington on Wednesday, saying he disagreed with the "popular wisdom" about his division's failings that ultimately led to a US government 182 billion (b) bailout of the company. AIG, one of the world's largest insurance companies, was brought to the brink of collapse during the global financial crisis. Joseph Cassano, who led AIG's key Financial Products division, said he did his "very best" to estimate the losses accurately ahead of the financial crisis. He was speaking at the Financial Crisis Inquiry Commission, a special bipartisan panel created by Congress to investigate the issues surrounding the crisis. Cassano declined to read his testimony at the hearing, as it had already been posted on AIG's website. In response, Cassano said his unit had already decided to run down the portfolio of derivatives in 2005. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/abf5fab4a21c919d84b69c2086ca0247 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
https://wn.com/Former_Aig_Chief_Tells_Panel_He_Did_His_Best_To_Estimate_Losses_Ahead_Of_Crisis
2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

  • Order:
  • Duration: 4:02
  • Updated: 09 May 2011
  • views: 14316
videos
http://www.thesoapboxroadshow.com/ Introductory Statement by Chairman Carl Levin - From Senate Committee hearings. The credit rating agencies are; Moody's, Standard and Poors, and Fitch....QUOTE: "Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression." http://levin.senate.gov/newsroom/supporting/2011/PSI_WallStreetCrisis_041311.pdf
https://wn.com/2008_Financial_Crisis_Credit_Rating_Agencies_Commit_Fraud_Incompetence
Financial crisis inquiry begins

Financial crisis inquiry begins

  • Order:
  • Duration: 10:25
  • Updated: 14 Jan 2010
  • views: 4700
videos
Will commission lead to legislation and criminal prosecution, or just more cathartic theater? Political economist Tom Ferguson and McClatchy Newspapers Economics Correspondent Kevin G. Hall sit down with Real News Network Senior Editor Paul Jay to discuss the opening act of the new US government commission.
https://wn.com/Financial_Crisis_Inquiry_Begins
Warren Buffett Talks Effects Of 2008 Financial Crisis | CNBC

Warren Buffett Talks Effects Of 2008 Financial Crisis | CNBC

  • Order:
  • Duration: 3:00
  • Updated: 02 May 2016
  • views: 7755
videos
Berkshire Hathaway's Warren Buffett discusses the aftershocks of the 2008 economic crisis. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC Warren Buffett Talks Effects Of 2008 Financial Crisis | CNBC
https://wn.com/Warren_Buffett_Talks_Effects_Of_2008_Financial_Crisis_|_Cnbc
CNN: Angelides examines the financial crisis

CNN: Angelides examines the financial crisis

  • Order:
  • Duration: 3:46
  • Updated: 19 Apr 2011
  • views: 185
videos
Financial Crisis Inquiry Comm. chair Phil Angelides says Wall Street is trying to rewrite the history of the crisis.
https://wn.com/Cnn_Angelides_Examines_The_Financial_Crisis
The Whitewash Commission: Inside Stories from the Financial Crisis Inquiry Commission

The Whitewash Commission: Inside Stories from the Financial Crisis Inquiry Commission

  • Order:
  • Duration: 20:18
  • Updated: 28 Jun 2015
  • views: 293
videos
A mini documentary about the FCIC: Peter Wallison, commissioner of the FCIC, and Ed Pinto, former chief credit officer for Fannie Mae, talk about the true purpose of the Financial Crisis Inquiry Commission.
https://wn.com/The_Whitewash_Commission_Inside_Stories_From_The_Financial_Crisis_Inquiry_Commission
Financial Services Hearing on Financial Crisis Inquiry Commission Report

Financial Services Hearing on Financial Crisis Inquiry Commission Report

  • Order:
  • Duration: 5:40
  • Updated: 17 Feb 2011
  • views: 637
videos
Blaine questions witnesses during the House Financial Services Committee hearing on Wednesday, February 16, to review the reports issued by Financial Crisis Inquiry Commission. In 2009, Congress established the Financial Crisis Inquiry Commission, comprising six Democrats and four Republicans, to investigate the causes of the financial crisis and report its findings to Congress on December 15. The Commission missed its deadline and failed to reach consensus on the causes of the crisis. More than a month after its deadline, the Commission published three reports: one written by the Democratic Commissioners, a second written by three of the Republican Commissioners, and a third one by the fourth Republican Commissioner. The statute creating the Commission requires the Financial Services Committee to hold a hearing on the Commission's findings not later than 120 days after it issues its final report.
https://wn.com/Financial_Services_Hearing_On_Financial_Crisis_Inquiry_Commission_Report
June 2, 2010 - Heather Murren, Financial Crisis Inquiry Commissioner Asks Warren Buffet A Question

June 2, 2010 - Heather Murren, Financial Crisis Inquiry Commissioner Asks Warren Buffet A Question

  • Order:
  • Duration: 2:27
  • Updated: 11 Apr 2011
  • views: 1435
videos
During a June 2, 2010 Financial Crisis Inquiry Commission Hearing Heather Murren asks Warren Buffett a question relating to investment reserch independence and how incentives relate to research quality. (Look up: Heather Murren on Wikipedia)
https://wn.com/June_2,_2010_Heather_Murren,_Financial_Crisis_Inquiry_Commissioner_Asks_Warren_Buffet_A_Question