Summary the inside job
The Financial Bubble, to many people to blame For this weeks movie we had to watch: The Inside Job and reflect upon it, for example give your opinion, give new insights and determine the ethical issues that occurred during the movie. Last week we saw The Company due to this movie I learned the meaning of ethics namely: where the law stops, ethics begins. I am curious if The Inside Job is as interesting and mind blowing. After watching the Inside Job I have to say that I was a little depressed, it is really unbelievable how some people and institutions can behave in the way they did.
During the movie you saw a lot of interviews with former Coo’s of financial institutions and key government employees , facts about figures/laws that showed the craziness of the system and policies changed that would benefit the financial institutions to implement their ideas to become as rich as possible. The movie starts with a short example namely: Iceland. They explain facts like how: Total population, Total national income, high quality schools, their debt and the way how they privatized everything.
After that they showed the destruction of the ‘country, for example prevarication of three main banks and the exploitation of natural resources by multinationals. Banks could now do pretty much everything without restrictions and direct control of the government. People like: JГ¶n Г?Sergei JГ¶Hansson lend millions of dollars to invest in real estate, however this particular men did not owned this kind of money, it was al a debt. I think this was a very good beginning of the movie because its captures the essence of the entire movie.
For me personally there was one thing that shocked me on an entire new level. When the movie was already almost done, they showed the people who were in charge of the companies that engineered and lead the greatest institutions to destruction and were responsible for the crises (in my opinion). I thought that those people did not have a very nice future, when you see what damage they done on the world and the people of the united States. However I was shocked to see that some of those people still are key players of Beam’s government ND still are in power of the treasury department.
Also almost no CEO is prosecuted for any sort of criminal act. Also almost all of them become so unbelievably rich but all their companies went to failure. The last thing that also shocked me was due to the audit companies before the crisis. Their main responsibility was to give investors a good picture whether the investment was very good (AAA) or not that good and very risky (ICC). For example, there were a lot of companies that where almost bankrupted but still achieved it to get an AAA rating, unbelievable.
In the movie they showed that the people who were responsible for these ratings said that it were only opinions and not facts. Concluded, I wanted to say that I learned that in the U. S. The financial institutions have the power and not the government. Conflicts in interest and things like that are still relevant when you look at the government of the U. S. I am really shocked to know that there so few people responsible for so many, it is only a matter of time and things like this will happen again: we are all humans. Summary the inside job By Jell