inside job

《inside job》观后感《Inside job》这部被翻译家翻为监守自盗的电影在2011年被评为最佳纪录长片。

2008年，全球金融海啸，多国陷入金融危机，损失高达20万亿美元，数以百万计人加入失业大军，甚至丧失家园……这部片子通过详尽的资料搜集，追访全球金融业界猛人、政客、财经记者，披露金融大鳄的崛兴之路，公开业内和学界贪污腐败的政策背后的惊人真相。

总的来说本片的可看性相当的高，采访的人物都很大牌，涉及美国高级行政人员，顶级银行家，金融分析师，大学教授，甚至新加坡，中国，法国的政府官员等等。

可以说市面上一部分的金融著作都出自这些人之手。

对于我们这些学习金融的同学，这部片子可以说是一部很好的教育片众所周知，本次经融危机最大的受害者就是冰岛，作为一个全民炒股的国家，经融危机的发生让这个国家的群众背上了全民负债的可笑帽子。

冰岛在2000年起开始放松管制、宽松经济政策，银行大胆举债、一手主导的过度膨胀使经济体系变得极其脆弱，金融监管机构无所作为，冰岛可谓是作茧自缚。

过度的膨胀最终使这个国家在面对金融危机时被打的毫无还手之力。

片子主要分为了四章来讲述。

第一章是How we got here。

讲华尔街投资银行从早期的partner模式来到Deregulation的时代。

第二章泡沫，描述了房间的不断攀升，银行业的去管制化还继续着不断地加剧。

第三章危机，描述了危机是如何扩散，人民失业，失去自己的家园，并逐渐波及到全世界。

第四章Accountability 。

这是我认为本部电影最精彩也是最尖锐的一章。

每个宣称无辜的面孔和他们的百万甚至千万美元的收入数字亲密的出现在同一画面上，每个人都宣称自己没有责任从AIG到冰岛委托为它做宣传的学者，每个人都不承认自己的行为在这次危机中进行了一点点的推动。

推脱责任似乎成为了这些人的采访主要任务。

学术界的先生们还用论文来衬托他们的咨询费用单，甚至找出了税单，这些人在采访里的表现可谓无比精彩。

Iceland is a stable democracy with a high standard of living -- and, until recently -and government debt.We had the complete infrastructure of a modern society.Clean energy, food production.Fisheries with a quota system to manage them.Good healthcare, education, clean air.Not much crime.It's a good place for families to live.We had almost e nd-of-history status.But in 2000, Iceland's government began a broad policy of deregulation - disastrous consequences -and then for the economy.They started by allowing multinational corporations like Alcoa - aluminum-smelting plants -- and exploit lceland's geothermal and hydroelectric energy sources. Many of the most beautiful areas in the highlands -are geothermal.So nothing comes without consequence.At the same time -Iceland's three largest banks.The result was one of the purest experiments -ever conducted.We have had enough. How could all of this happen?Finance took over and more or less wrecked the place.In a five-year period, these three tiny banks -outside of lceland -- borrowed 1 20 billion dollars -- 1 0 times the size of Iceland's economy.The bankers showered money o n themselves -There was a massive bubble.Stock prices went up by a factor of nine.House prices more than doubled.Iceland's bubble gave rise to people like Jon Asgeir Johannesson.He borrowed billions to buy up high-end retail businesses in London. He also bought a pinstriped private jet -- a 40-million-dollar yacht -Newspapers always had the headline:This millionaire bought this company -or in France or wherever -- instead of saying:This millionaire took>a billion-dollar loan -- to buy this company, and he took it from your local bank."The banks set up money market funds -deposit-holders to withdraw money -in the money market funds.The Ponzi scheme needed everything it could.American accounting firms like KPMG -and investment firms -And American credit-rating agencies said lceland was wonderful.In February 2007 -to the highest possible rate, triple-A.It went so far as the government here traveling with the bankers -When Iceland's banks collapsed at the end of 2008 -in six months.There is nobody unaffected in Iceland.A lot of people lost their savings.Yes, that's the case.Government regulators who should've been protecting the citizens -You have two lawyers from the regulator going down to a bank -When they approach the bank -- they would see 1 9 SUVs outside the bank.You enter the bank -- and you have the 1 9 lawyers sitting in front of you, right -- very well prepared, ready to kill any argument you make.And then, if you do really well, they'll offer you a job.One-third of Iceland's financial regulators -But this is a universal problem, huh?In New York, you have the same problem, right?What do you think of Wall Street incomes these days?Excessive.I've been told it's extremely difficult for the lMF -I wouldn't say that.We deeply regret our breaches of U.S. law.They're amazed at how much cocaine these Wall Streeters can use -and go to work the next day.I didn't know what credit default swaps are.I'm a little bit old-fashioned.Has Larry Summers ever expressed remorse?I don't hear confessions.The government's just writing checks.That's plan A, that's plan B and that's plan C.Would you support legal controls on executive pay?I would not.Are you comfortable with the level of compensation in financial services? If they've earned it, yes, I am.-Do you think they've earned it?And so you've helped these people blow the world up?You could say that.They were having massive private gains at public loss.When you think you can create something out of nothing -- it's difficult to resist.I'm concerned people want to go back to the old way -prior to the crisis.I was getting a lot of anonymous e-mails from bankers saying:You can't quote me,>but I'm really concerned.Why do you think there isn't -being undertaken?Because then you'll find the culprits.You think Columbia Business School has any conflict-of-interest problem?I don't see that we do.The regulators didn't do their job.They had the power to do every case that I made. They just didn't want to. Lehman Brothers, one of the most venerable -- and biggest investment banks, was forced to declare itself bankrupt. Another, Merrill Lynch, was forced to sell itself today.World financial markets are way down, following dramatic developments - . In September 2008 -investment bank Lehman Brothers -- and the collapse of the world's largest insurance company, AIG - Fears gripped markets overnight - .Stocks fell off a cliff.The largest single point drop in history.Share prices continued to tumble -of the Lehman collapse.The result was a global recession -tens of trillions of dollars -- rendered 30 million people unemployed -of the United States.With the destruction of equity and housing wealth -- the destruction of income, of jobs -- 50 million people globally could end up below the poverty line again. This is just a hugely, hugely expensive crisis.This crisis was not an accident.It was caused by an out-of-control industry.Since the 1 980s -has led to a series -financial crises.Each crisis has caused more damage -more and more money.After the Great Depression -- the United States had 40 years of economic growth -The financial industry was tightly regulated.Most regular banks were local businesses -- prohibited from speculating -- with depositors' savings.lnvestment banks, which handled stock and bond trading -In the traditional investment banking model -- the partners put the money up -very carefully.They wanted to live well -- but they didn't want to bet the ranch on anything.Paul V olcker served i n the Treasury Department -Federal Reserve from 1 979 to 1 987.Before going into government -at Chase Manhattan Bank.When I left Chase to go in the Treasury in 1 969 -of $45,000 a year.Forty-five thousand dollars a year.Morgan Stanley, in 1 972 -1 1 0 total personnel -- one office, and capital of 1 2 million dollars.Now Morgan Stanley has 50,000 workers -- and has capital of several billion -in the 1 980s, the financial industry exploded.The investment banks went public -of stockholder money.People on Wall Street started getting rich.I had a friend who was a bond trader -- at Merrill Lynch in the 1 970s.He had a job as a train conductor at night -and couldn't support them -By 1 986, h e was making millions of dollars -it was because he was smart.The highest order of business before the nation -our economic prosperity.In 1 981 , President Ronald Reagan chose as Treasury secretary - Merrill Lynch, Donald Regan.Wall Street and the president see eye to eye.I've talked to leaders of Wall Street.They say, "We're behind the president 1 00 percent."The Reagan administration -and financial lobbyists -- started a 30-year period of financial deregulation.in 1 982, the Reagan administration -savings-and-loan companies -investments with depositors' money.By the end of the decade -companies had failed.This crisis cost taxpayers $1 24 billion -their life savings.It may be the biggest bank heist in our history.Thousands of executives went to jail for looting their companies. One of the most extreme cases was Charles Keating.Mr. Keating, got a word?In 1 985, when federal regulators began investigating him - named Alan Greenspan.In this letter to regulators -- Greenspan praised Keating's s ound business plans and expertise - Keating to invest customers' money.Keating reportedly paid Greenspan $40,000.Keating went to prison shortly afterwards.As for Alan Greenspan -chairman of America's central bank -Greenspan was reappointed -and George W. Bush.During the Clinton administration -under Greenspan -Robert Rubin -investment bank Goldman Sachs -- and Larry Summers, a Harvard economics professor.The financial sector, Wall Street being powerful -- having lobbies, lots of money -- step by step, captured the political system.Both on the Democratic and the Republican side.By the late 1 990s, the financial sector had consolidated -- into a few gigantic firms, each of them so large -the whole system.And the Clinton administration helped them grow even larger.ln 1 998, Citicorp and Travelers merged -- to form Citigroup -company in the world.The merger violated the Glass-Steagall Act -after the Great Depression -with consumer deposits -risky investment-banking activities.It was illegal to acquire Travelers.Greenspan said nothing.The Federal Reserve gave them an exemption for a year -ln 1 999, at the urging of Summers and Rubin -the Gramm-Leach-Bliley Act -as the Citigroup Relief Act.It overturned Glass-Steagall -for future mergers.Why do you have big banks?Because banks like monopoly power, lobbying power.Because banks know that when they're too big -Markets are inherently unstable.Or at least potentially unstable.An appropriate metaphor is the oil tankers.They are very big -- and therefore, you have to put in compartments -the sloshing around of oil -The design of the boat has to take that into account.And after the Depression -these very watertight compartments.And deregulation has led to the end of compartmentalization.The next crisis came at the end of the '90s.The investment banks fueled a massive bubble in lnternet stocks -in 2001 - - that caused $5 trillion in investment losses.The Securities and Exchange Commission, the federal agency - to regulate investment banking -In the absence of meaningful federal action -of self-regulation -- it's become necessary for others to step in -Eliot Spitzer's investigation revealed the investment banks -they knew would fail.Analysts were being paid based on h ow much business they brought in. What they said publicly was quite different from what they said privately. Infospace, given the highest possible rating -as a "piece of junk."Excite, also highly rated, c alled "such a piece of crap."The defense that was proffered by many of the investment banks -- was not "you're wrong" -- it was, "Everybody's doing it, everybody knows it's going on.Nobody should rely o n these analysts anyway."ln December, 2002 -- 1 0 investment banks settled t he case for a total of $1 .4 billion - to change their ways.Scott Talbott is the chief lobbyist for the Financial Services Roundtable - - one of Washington's most powerful groups -world's largest financial companies.Are you comfortable with the fact that several of your member companies - in large-scale criminal activity?-l-- You'll have to be specific.And first of all, criminal activity shouldn't be accepted, period.Since deregulation began, the world's biggest financial firms - money, defrauding customers -again and again and again.Credit Suisse helped funnel moneyfor Iran's nuclear program -- and for lran's Aerospace Industries Organization -Any information that would identify it as lranian would be removed.The bank was fined $536 million.Citibank helped funnel $1 00 million of drug money out of Mexico.Did you comment that she should, quote:Lose any documents connected>with the account?I said that in a kidding manner.I did not mean it seriously.Between 1 998 and 2003 -by more than $1 0 billion.These accounting standards are complex -over which experts often disagree.CEO Franklin Raines, who used to be President Clinton's budget director - - received over $52 million in bonuses.When UBS was caught helping wealthy Americans evade taxes -with the government.Would you be willing to supply the names?-lf there's a treaty framework.You've agreed you participated in a fraud.But while the companies face unprecedented fines -have to admit any wrongdoing.When dealing with this many products, this many customers, mistakes happen. The financial services industry seems to have a level of criminality -You know, when was the last time that Cisco -- or lntel or Google or Apple or IBM, you know--?I agree about high-tech versus financial services---High-tech is a creative business -- where the value generation -actually creating something new.Beginning in the 1 990s -and advances in technology -financial products called derivatives.Economists and bankers claimed they made markets safer.But instead, they made them unstable.Since the end of the Cold War -- a lot of former physicists, mathematicians -- decided to apply their skills -- not on, you know, Cold War technology -And together with investment bankers--You know, as Warren Buffett said, weapons of mass destruction. Regulators, politicians, business people -the threat of innovation -of the financial system.Using derivatives -on virtually anything.They could bet on the rise or fall of oil prices -- the bankruptcy of a company, even the weather.By the late 1 990s -- derivatives were a 50-trillion-dollar unregulated market.ln 1 998, someone tried to regulate them.Brooksley Born graduated first in her class at Stanford Law School - to edit a major law review.After running the derivatives practice at Arnold & Porter -- Born was appointed by Clinton -Trading Commission -the derivatives market.Brooksley Born asked me if l would come work with her.We decided that this was a serious, p otentially destabilizing market.In May of 1 998, the CFTC issued a proposal to regulate derivatives. Clinton's Treasury Department had an immediate response.I happened to go into Brooksley's office -the receiver on her telephone -from her face.And she looked at me and said, That was Larry Summers.He had 1 3 bankers in his office.He conveyed it in a very bullying fashion -Banks were now reliant for earnings on these activities.And that led to a titanic battle to prevent this from being regulated. Shortly after the phone call from Summers -- Greenspan, Rubin, and SEC chairman Arthur Levitt - condemning Born -to keep derivatives unregulated.Regulation of derivatives transactions -by professionals is unnecessary.She was overruled, unfortunately. First by the Clinton administration - In 2000, Senator Phil Gramm took a major role in getting a bill passed - derivatives from regulation.They are unifying markets, reducing regulatory burden.I believe we need to do it.It is our very great hope -to move this year -- on legislation that,in a suitable way -for OTC derivatives.I wish to associate myself -of Secretary Summers.ln December of 2000, Congress passed -Modernization Act.Written with the help of financial-industry lobbyists -of derivatives.After that, it was off to the races.Use of derivatives and financial innovation -- exploded dramatically after 2000.By the time George W. Bush took office in 2001 -was vastly more profitable -than ever before.Dominating this industry were five investment banks -- two financial conglomerates - companies -And linking them all together was the securitization food chain.A new system which connected trillions of dollars -with investors all over the world.Thirty years ago, if you went to get a loan for a home -expected you to pay him or her back.You got a loan from a lender who wanted to be paid back.We've since developed securitization, whereby people who make the loan - if they fail to repay.In the old system, when a homeowner paid their mortgage every month -to their local lender.And since mortgages took decades to repay, lenders were careful.In the new system, lenders sold mortgages to investment banks.The banks combined thousands of mortgages and loans -- including car loans, student loans, and credit card debt -collateralized debt obligations -The investment banks then sold the CDOs to investors.Now when homeowners paid their mortgages -all over the world.The investment banks paid rating agencies -- to evaluate the CDOs -were given a triple-A rating -investment grade.This made CDOs popular with retirement funds -highly rated securities.This system was a ticking time bomb.Lenders didn't care anymore about whether a borrower could repay -riskier loans.The investment banks didn't care either.The more CDOs they sold, the higher their profits.And the rating agencies, which were paid by the investment banks -of CDOs proved wrong.You weren't gonna be on the hook, there weren't regulatory constraints.So it was a green light to just pump out more and more loans.Between 2000 and 2003 -made each year nearly quadrupled.Everybody in this securitization food chain -until the end -- didn't care about the quality of the mortgage.They were caring about maximizing their volume -In the early 2000s -in the riskiest loans, called subprime.When thousands of subprime loans were combined to create CDOs -triple-A ratings. Now, it would have been possible to create derivative products -- that don't have these risks - of deductibles -that can be taken on, and so forth.-They didn't do that, did they? -They didn't.In retrospect, they should've done.So did these guys know they were doing something dangerous?I think they did.All the incentives financial institutions offered to their mortgage brokers –the most profitable products -If they make more money, that's where they'll put you.Suddenly, hundreds of billions of dollars a year - the securitization chain.Since anyone could get a mortgage -and housing prices skyrocketed.The result was the biggest financial bubble in history.Real estate is real. They can see their asset.They can live in their asset. They can rent out their asset.You had a huge boom in housing that made no sense at all.The financing appetites of the financial sector -Last time we had a housing bubble w as in the late '80s.In that case, the increase in home price had been relatively minor.That housing bubble led to a relatively severe recession.From 1 996 until 2006 - effectively doubled.At $500 a ticket, they've come to hear how to buy their very own piece -Goldman Sachs, Bear Stearns, Lehman Brothers -The subprime lending alone increased from 30 billion a year in funding -- to over 600 billion a year in 1 0 years.They knew what was happening.Countrywide Financial, the largest subprime lender -- issued $97 billion worth of loans.lt made over $1 1 billion in profits as a result.On Wall Street, annual cash bonuses spiked.Traders and CEOs - d uring the bubble.Lehman Brothers was a top underwriter of subprime lending -- and their CEO, Richard Fuld -- took home $485 million.On Wall Street, this housing and credit bubble -of dollars of profits.You know, by 2006 about 40 percent of all profits -- of S&P 500 firms was coming from financial institutions.It wasn't real profits or income.It was money created by the system and booked as income.Two, three years down the road there's a default, it's all wiped out.I think it was, in fact, in retrospect,a great big national--And not just national, global Ponzi scheme.Through the Home Ownership and Equity Protection Act - had broad authority -But Fed chairman Alan Greenspan refused to use it.Alan Greenspan said, No, that's regulation.I don't believe in it."For 20 years, Robert Gnaizda was the head of Greenlining - advocacy group.He met with Greenspan on a regular basis.We gave him an example of Countrywide -- and 1 50 different complex adjustable-rate mortgages.He said, If you had a doctorate in math -- you wouldn't be able to understand them enough - and which wasn't."So we thought he was gonna take action.But as the conversation continued - with his ideology.We met again with Greenspan in '05.Often we met with him twice a year, and never less than once a year.And he wouldn't change his mind.In this world of global communications -of capital - prosperity in human history.A hundred and forty-six people were cut from the SEC Enforcement Division?Is that what you also testified to?Yes.Yeah, l think there has been a systematic gutting -- or whatever you wanna call it, of the agency - t hrough cutting back of staff.The SEC Office of Risk Management -- was reduced to a staff, did you say, of one?Yeah. When that gentleman would go home, he could turn the lights out.During the bubble, investment banks were borrowing heavily - and create more CDOs. The ratio between borrowed money and the banks' own money -The more the banks borrowed, the higher their leverage.In 2004, Henry Paulson, the CEO of Goldman Sachs - to relax limits on leverage -to sharply increase their borrowing.The SEC somehow decided - gamble a lot more.That was nuts. l don't know why they did that, but they did.We've said these are the big guys, and clearly that's true.But that means if anything goes wrong, it's going to be an awfully big mess.You are dealing with the most highly sophisticated financial institutions.These are the firms that do most of the derivative activity.We talked to some as to what their comfort level was.The firms actually thought that the number was appropriate.The commissioners vote to adopt the new rules as recommended.Yes.We do indeed. It's unanimous. And we are adjourned.The degree of leverage in the financial system -Investment banks leveraging up to the level of 33-to-1 .Which means that a tiny 3-percent decrease -would leave them insolvent.There was another ticking time bomb in the financial system.AlG, the world's largest insurance company - of derivatives -For investors who owned CDOs - like an insurance policy.An investor who purchased a credit default swap -lf the CDO went bad - for their losses.But unlike regular insurance - credit default swaps from AIG - they didn't own.In insurance, you can only insure something you own.Let's say you and l own property. I own a house.I can only insure that house once.The derivatives universe essentially enables anybody -You could insure that, somebody else could.So 50 people might insure my house.So what happens is, i f my house burns down - becomes proportionately larger.Since credit default swaps were unregulated -- AIG didn't have to put aside any money to cover potential losses.Instead, AIG paid its employees huge cash bonuses -were signed.But if the CDOs later went bad -People were essentially being rewarded for taking massive risks.In good times, they generate short-term revenues and profits -But that's gonna lead to the firm to be bankrupt over time.That's a distorted system of compensation.AlG's Financial Products division in London -- issued $500 billion worth of credit default swaps during the bubblebacked by subprime mortgages.The 400 employees at AlGFP -- made $3.5 billion between 2000 and 2007.Joseph Cassano, the head of AlGFP -- personally made $31 5 million.lt's hard for us -- and without being flippant, to even see a scenario -realm of reason -in any of those transactions.ln 2007, AlG's auditors raised warnings.One of them, Joseph St. Denis - Cassano repeatedly blocked him - AlGFP's accounting. One person didn't get a bonus.That was St. Denis. Mr. St. Denis tried to alert the two of you -into big problems.He quit in frustration, and he didn't get a bonus.In 2005, Raghuram Rajan - of the International Monetary Fund - at the Jackson Hole symposium in the world.Who was in the audience?It was the central bankers of the world - Mr. Greenspan himself -- Ben Bernanke -Tim Geithner was there.The title of the paper was essentially:Is Financial Development>Making the World Riskier?And the conclusion was, it is.Rajan's paper focused on incentive structures -based on short-term profits -for later losses.Rajan argued that these incentives encouraged bankers -destroy their own firms - financial system. It's very easy to generate performance by taking on more risk.So what you need to do is compensate for risk-adjusted performance.And that's where all the bodies are buried.Rajan, you know, hit the nail on the head.What he particularly said was:You guys have claimed>you've found a way - with less risk.I say you've found a way t o make more profits with more risk.There's a big difference."Summers was vocal.He basically thought - in the financial world -- and was worried about, y ou know, regulation -Essentially he accused me of being a Luddite.He wanted to make sure that we didn't bring in -- a whole new set of regulations -You're gonna make an extra $2 million a year, or $1 0 million a year -at risk.Someone else pays the bill, you don't.Would you make that bet?Most people on Wall Street said, Sure, I'd make that bet.It never was enough.They don't wanna own one home, they wanna own five homes.And they wanna have an expensive penthouse -And they wanna have their own private jet.You think this is an industry where high--?Very high compensation levels are justified?I think I would take caution, or take heed - very high. lt's relative.You have a 14-million-dollar home in Florida.You have a summer home in Sun Valley, ldaho.An art collection filled with million-dollar paintings.Richard Fuld never appeared on the trading floor.There were art advisors there all the time.He had a private elevator.He wanted to be disconnected.His elevator, they hired technicians to program it -in the morning -would hold it.There's only a three-second window where he actually has to see people.And he hops into this elevator and it goes straight to 31 .Lehman owned corporate jets.How many were there?Well, there were six, including the 767s.They also had a helicopter.Isn't that kind of a lot of planes to have?We're dealing with type-A personalities.Banking became a pissing contest.Mine's bigger than yours. That kind of stuff.It was all men that ran it, i ncidentally.Fifty-billion-dollar deals weren't big enough, so we'd do 1 00-billion deals.These people are risk-takers. They're impulsive.It's part of their behavior. It's part of their personality.。

电影监守自盗（Inside Job) 剧本片名：监守自盗/Inside Job (本片获第83届奥斯卡2011最佳纪录片奖）出品：索尼经典映画/SONY PICTURES CLASSICS导演：CHARLES FERGUSON旁白：MATT DAMON******************************************************************************* ******************字幕: 2008年的全球经济危机让几千万人丢了工作, 丢了住房, 一生积蓄血本无归。

本片讲述这次危机的前因后果，来龙去脉。

字幕：冰岛人口：32万国内生产总值：130亿美元银行亏损：1000亿美元旁白：冰岛，一个政治稳定生活富裕的民主国家；一直到不久之前，还是一个失业率和政府负债率非常之低的国家。

Andri Magnason：我们拥有现代社会最完善的基础设施；政府用配额制度管理着清洁能源、绿色食品和海洋捕捞业的产量及产出。

Gylfi Zoega：完善的医疗，优质的教育；还有，清新的空气，较低的犯罪率。

这是一个非常宜居的国度。

Andri Magnason：我们当时处在有史以来最好的时期。

旁白：但是，到了2000年，冰岛政府开始执行广泛的放松监管政策。

这一政策带来了一系列灾难性的后果；先是环境，然后是经济，都遭到了破坏。

政府开始允许像Alcoa一样的跨国公司在冰岛到处建立大型的炼铝厂，开采地热和开发水电。

Andri Magnason：地热资源大多位于我国风景最美丽色彩最绚烂的丘陵地区。

所以任何东西的获得都有代价。

[砰！开山炸石的画面与声音。

]旁白：同时，政府将冰岛三家最大的银行进行了私有化改造。

结果变成了一次对金融业放松监管的试验，一场前所未有的最纯粹的试验。

字幕：2008年9月一位示威者：我们受够了。

为什么会变成这样？Gylfi Zoega：金融控制了政府。

结果，这个国家被搞得千疮百孔。

Insid e JobIceland is a stable democracy with a high standard of living -- and, until recently -and government debt.We had the complete infrastructure of a modern society.Clean energy, food production.Fisheries with a quota system to manage them.Good healthcare, education, clean air.Not much crime.It's a good place for families to live.We had almost e nd-of-history status.But in 2000, Iceland's government began a broad policy of deregulation -disastrous consequences - and then for the economy.They started by allowing multinational corporations like Alcoa -aluminum-smelting plants -- and exploit lceland's geothermal and hydroelectric energy sources. Many of the most beautiful areas in the highlands -are geothermal.So nothing comes without consequence.At the same time - Iceland's three largest banks.The result was one of the purest experiments -ever conducted.We have had enough. How could all of this happen?Finance took over and more or less wrecked the place.In a five-year period, these three tiny banks -outside of lceland -- borrowed 1 20 billion dollars - - 1 0 times the size of Iceland's economy.The bankers showered money o n themselves -There was a massive bubble.Stock prices went up by a factor of nine.House prices more than doubled.Iceland's bubble gave rise to people like Jon Asgeir Johannesson.He borrowed billions to buy up high-end retail businesses in London.He also bought a pinstriped private jet -- a 40-million-dollar yacht -Newspapers always had the headline:This millionaire bought this company -or in France or wherever -- instead of saying:This millionaire took>a billion-dollar loan -- to buy this company, and he took it from your local bank."The banks set up money market funds -deposit-holders to withdraw money -in the money market funds.The Ponzi scheme needed everything it could.American accounting firms like KPMG -and investment firms -And American credit-rating agencies said lceland was wonderful.In February 2007 -to the highest possible rate, triple-A.It went so far as the government here traveling with the bankers -When Iceland's banks collapsed at the end of 2008 -in six months.There is nobody unaffected in Iceland.A lot of people lost their savings.Yes, that's the case.Government regulators who should've been protecting the citizens -You have two lawyers from the regulator going down to a bank -When they approach the bank -- they would see 1 9 SUVs outside the bank.You enter the bank -- and you have the 1 9 lawyers sitting in front of you, right -- very well prepared, ready to kill any argument you make.And then, if you do really well, they'll offer you a job.One-third of Iceland's financial regulators -But this is a universal problem, huh?In New York, you have the same problem, right?What do you think of Wall Street incomes these days?Excessive.I've been told it's extremely difficult for the lMF -I wouldn't say that.We deeply regret our breaches of U.S. law.They're amazed at how much cocaine these Wall Streeters can use -and go to work the next day.I didn't know what credit default swaps are.I'm a little bit old-fashioned.Has Larry Summers ever expressed remorse?I don't hear confessions.The government's just writing checks.That's plan A, that's plan B and that's plan C.Would you support legal controls on executive pay?I would not.Are you comfortable with the level of compensation in financial services? If they've earned it, yes, I am.-Do you think they've earned it?And so you've helped these people blow the world up?You could say that.They were having massive private gains at public loss.When you think you can create something out of nothing -- it's difficult to resist.I'm concerned people want to go back to the old way -prior to the crisis.I was getting a lot of anonymous e-mails from bankers saying:You can't quote me,>but I'm really concerned.Why do you think there isn't -being undertaken?Because then you'll find the culprits.You think Columbia Business School has any conflict-of-interest problem?I don't see that we do.The regulators didn't do their job.They had the power to do every case that I made. They just didn't want to. Lehman Brothers, one of the most venerable -- and biggest investment banks, was forced to declare itself bankrupt. Another, Merrill Lynch, was forced to sell itself today.World financial markets are way down, following dramatic developments - . In September 2008 -investment bank Lehman Brothers -- and the collapse of the world's largest insurance company, AIG - Fears gripped markets overnight - .Stocks fell off a cliff.The largest single point drop in history.Share prices continued to tumble -of the Lehman collapse.The result was a global recession -tens of trillions of dollars -- rendered 30 million people unemployed -of the United States.With the destruction of equity and housing wealth -- the destruction of income, of jobs -- 50 million people globally could end up below the poverty line again. This is just a hugely, hugely expensive crisis.This crisis was not an accident.It was caused by an out-of-control industry.Since the 1 980s -has led to a series -financial crises.Each crisis has caused more damage -more and more money.After the Great Depression -- the United States had 40 years of economic growth -The financial industry was tightly regulated.Most regular banks were local businesses -- prohibited from speculating -- with depositors' savings.lnvestment banks, which handled stock and bond trading -In the traditional investment banking model -- the partners put the money up -very carefully.They wanted to live well -- but they didn't want to bet the ranch on anything.Paul V olcker served i n the Treasury Department -Federal Reserve from 1 979 to 1 987.Before going into government -at Chase Manhattan Bank.When I left Chase to go in the Treasury in 1 969 -of $45,000 a year.Forty-five thousand dollars a year.Morgan Stanley, in 1 972 -1 1 0 total personnel -- one office, and capital of 1 2 million dollars.Now Morgan Stanley has 50,000 workers -- and has capital of several billion -in the 1 980s, the financial industry exploded.The investment banks went public -of stockholder money.People on Wall Street started getting rich.I had a friend who was a bond trader -- at Merrill Lynch in the 1 970s.He had a job as a train conductor at night -and couldn't support them -By 1 986, h e was making millions of dollars -it was because he was smart.The highest order of business before the nation -our economic prosperity.In 1 981 , President Ronald Reagan chose as Treasury secretary - Merrill Lynch, Donald Regan.Wall Street and the president see eye to eye.I've talked to leaders of Wall Street.They say, "We're behind the president 1 00 percent."The Reagan administration -and financial lobbyists -- started a 30-year period of financial deregulation.in 1 982, the Reagan administration -savings-and-loan companies -investments with depositors' money.By the end of the decade -companies had failed.This crisis cost taxpayers $1 24 billion -their life savings.It may be the biggest bank heist in our history.Thousands of executives went to jail for looting their companies. One of the most extreme cases was Charles Keating.Mr. Keating, got a word?In 1 985, when federal regulators began investigating him - named Alan Greenspan.In this letter to regulators -- Greenspan praised Keating's s ound business plans and expertise - Keating to invest customers' money.Keating reportedly paid Greenspan $40,000.Keating went to prison shortly afterwards.As for Alan Greenspan -chairman of America's central bank -Greenspan was reappointed -and George W. Bush.During the Clinton administration -under Greenspan -Robert Rubin -investment bank Goldman Sachs -- and Larry Summers, a Harvard economics professor.The financial sector, Wall Street being powerful -- having lobbies, lots of money -- step by step, captured the political system.Both on the Democratic and the Republican side.By the late 1 990s, the financial sector had consolidated -- into a few gigantic firms, each of them so large -the whole system.And the Clinton administration helped them grow even larger.ln 1 998, Citicorp and Travelers merged -- to form Citigroup -company in the world.The merger violated the Glass-Steagall Act -after the Great Depression -with consumer deposits -risky investment-banking activities.It was illegal to acquire Travelers.Greenspan said nothing.The Federal Reserve gave them an exemption for a year -ln 1 999, at the urging of Summers and Rubin -the Gramm-Leach-Bliley Act -as the Citigroup Relief Act.It overturned Glass-Steagall -for future mergers.Why do you have big banks?Because banks like monopoly power, lobbying power.Because banks know that when they're too big -Markets are inherently unstable.Or at least potentially unstable.An appropriate metaphor is the oil tankers.They are very big -- and therefore, you have to put in compartments -the sloshing around of oil -The design of the boat has to take that into account.And after the Depression -these very watertight compartments.And deregulation has led to the end of compartmentalization.The next crisis came at the end of the '90s.The investment banks fueled a massive bubble in lnternet stocks -in 2001 - - that caused $5 trillion in investment losses.The Securities and Exchange Commission, the federal agency - to regulate investment banking -In the absence of meaningful federal action -of self-regulation -- it's become necessary for others to step in -Eliot Spitzer's investigation revealed the investment banks -they knew would fail.Analysts were being paid based on h ow much business they brought in. What they said publicly was quite different from what they said privately. Infospace, given the highest possible rating -as a "piece of junk."Excite, also highly rated, c alled "such a piece of crap."The defense that was proffered by many of the investment banks -- was not "you're wrong" -- it was, "Everybody's doing it, everybody knows it's going on.Nobody should rely o n these analysts anyway."ln December, 2002 -- 1 0 investment banks settled t he case for a total of $1 .4 billion - to change their ways.Scott Talbott is the chief lobbyist for the Financial Services Roundtable - - one of Washington's most powerful groups -world's largest financial companies.Are you comfortable with the fact that several of your member companies - in large-scale criminal activity?-l-- You'll have to be specific.And first of all, criminal activity shouldn't be accepted, period.Since deregulation began, the world's biggest financial firms - money, defrauding customers -again and again and again.Credit Suisse helped funnel moneyfor Iran's nuclear program -- and for lran's Aerospace Industries Organization -Any information that would identify it as lranian would be removed.The bank was fined $536 million.Citibank helped funnel $1 00 million of drug money out of Mexico.Did you comment that she should, quote:Lose any documents connected>with the account?I said that in a kidding manner.I did not mean it seriously.Between 1 998 and 2003 -by more than $1 0 billion.These accounting standards are complex -over which experts often disagree.CEO Franklin Raines, who used to be President Clinton's budget director - - received over $52 million in bonuses.When UBS was caught helping wealthy Americans evade taxes -with the government.Would you be willing to supply the names?-lf there's a treaty framework.You've agreed you participated in a fraud.But while the companies face unprecedented fines -have to admit any wrongdoing.When dealing with this many products, this many customers, mistakes happen. The financial services industry seems to have a level of criminality -You know, when was the last time that Cisco -- or lntel or Google or Apple or IBM, you know--?I agree about high-tech versus financial services---High-tech is a creative business -- where the value generation -actually creating something new.Beginning in the 1 990s -and advances in technology -financial products called derivatives.Economists and bankers claimed they made markets safer.But instead, they made them unstable.Since the end of the Cold War -- a lot of former physicists, mathematicians -- decided to apply their skills -- not on, you know, Cold War technology -And together with investment bankers--You know, as Warren Buffett said, weapons of mass destruction. Regulators, politicians, business people -the threat of innovation -of the financial system.Using derivatives -on virtually anything.They could bet on the rise or fall of oil prices -- the bankruptcy of a company, even the weather.By the late 1 990s -- derivatives were a 50-trillion-dollar unregulated market.ln 1 998, someone tried to regulate them.Brooksley Born graduated first in her class at Stanford Law School -to edit a major law review.After running the derivatives practice at Arnold & Porter -- Born was appointed by Clinton -Trading Commission -the derivatives market.Brooksley Born asked me if l would come work with her.We decided that this was a serious, p otentially destabilizing market.In May of 1 998, the CFTC issued a proposal to regulate derivatives. Clinton's Treasury Department had an immediate response.I happened to go into Brooksley's office -the receiver on her telephone -from her face.And she looked at me and said, That was Larry Summers.He had 1 3 bankers in his office.He conveyed it in a very bullying fashion -Banks were now reliant for earnings on these activities.And that led to a titanic battle to prevent this from being regulated.Shortly after the phone call from Summers -- Greenspan, Rubin, and SEC chairman Arthur Levitt -condemning Born -to keep derivatives unregulated.Regulation of derivatives transactions -by professionals is unnecessary.She was overruled, unfortunately. First by the Clinton administration -In 2000, Senator Phil Gramm took a major role in getting a bill passed - derivatives from regulation.They are unifying markets, reducing regulatory burden.I believe we need to do it.It is our very great hope -to move this year -- on legislation that,in a suitable way -for OTC derivatives.I wish to associate myself -of Secretary Summers.ln December of 2000, Congress passed -Modernization Act.Written with the help of financial-industry lobbyists -of derivatives.After that, it was off to the races.Use of derivatives and financial innovation -- exploded dramatically after 2000.By the time George W. Bush took office in 2001 -was vastly more profitable -than ever before.Dominating this industry were five investment banks -- two financial conglomerates - companies -And linking them all together was the securitization food chain.A new system which connected trillions of dollars -with investors all over the world.Thirty years ago, if you went to get a loan for a home -expected you to pay him or her back.You got a loan from a lender who wanted to be paid back.We've since developed securitization, whereby people who make the loan -if they fail to repay.In the old system, when a homeowner paid their mortgage every month -to their local lender.And since mortgages took decades to repay, lenders were careful.In the new system, lenders sold mortgages to investment banks.The banks combined thousands of mortgages and loans -- including car loans, student loans, and credit card debt -collateralized debt obligations -The investment banks then sold the CDOs to investors.Now when homeowners paid their mortgages -all over the world.The investment banks paid rating agencies -- to evaluate the CDOs -were given a triple-A rating -investment grade.This made CDOs popular with retirement funds -highly rated securities.This system was a ticking time bomb.Lenders didn't care anymore about whether a borrower could repay -riskier loans.The investment banks didn't care either.The more CDOs they sold, the higher their profits.And the rating agencies, which were paid by the investment banks -of CDOs proved wrong.You weren't gonna be on the hook, there weren't regulatory constraints.So it was a green light to just pump out more and more loans.Between 2000 and 2003 -made each year nearly quadrupled.Everybody in this securitization food chain -until the end -- didn't care about the quality of the mortgage.They were caring about maximizing their volume -In the early 2000s -in the riskiest loans, called subprime.When thousands of subprime loans were combined to create CDOs -triple-A ratings. Now, it would have been possible to create derivative products -- that don't have these risks - of deductibles -that can be taken on, and so forth.-They didn't do that, did they? -They didn't.In retrospect, they should've done.So did these guys know they were doing something dangerous?I think they did.All the incentives financial institutions offered to their mortgage brokers –the most profitable products -If they make more money, that's where they'll put you.Suddenly, hundreds of billions of dollars a year - the securitization chain.Since anyone could get a mortgage -and housing prices skyrocketed.The result was the biggest financial bubble in history.Real estate is real. They can see their asset.They can live in their asset. They can rent out their asset.You had a huge boom in housing that made no sense at all.The financing appetites of the financial sector -Last time we had a housing bubble w as in the late '80s.In that case, the increase in home price had been relatively minor.That housing bubble led to a relatively severe recession.From 1 996 until 2006 - effectively doubled.At $500 a ticket, they've come to hear how to buy their very own piece -Goldman Sachs, Bear Stearns, Lehman Brothers -The subprime lending alone increased from 30 billion a year in funding -- to over 600 billion a year in 1 0 years.They knew what was happening.Countrywide Financial, the largest subprime lender -- issued $97 billion worth of loans.lt made over $1 1 billion in profits as a result.On Wall Street, annual cash bonuses spiked.Traders and CEOs - d uring the bubble.Lehman Brothers was a top underwriter of subprime lending -- and their CEO, Richard Fuld -- took home $485 million.On Wall Street, this housing and credit bubble -of dollars of profits.You know, by 2006 about 40 percent of all profits -- of S&P 500 firms was coming from financial institutions.It wasn't real profits or income.It was money created by the system and booked as income.Two, three years down the road there's a default, it's all wiped out.I think it was, in fact, in retrospect,a great big national--And not just national, global Ponzi scheme.Through the Home Ownership and Equity Protection Act - had broad authority -But Fed chairman Alan Greenspan refused to use it.Alan Greenspan said, No, that's regulation.I don't believe in it."For 20 years, Robert Gnaizda was the head of Greenlining - advocacy group.He met with Greenspan on a regular basis.We gave him an example of Countrywide -- and 1 50 different complex adjustable-rate mortgages.He said, If you had a doctorate in math -- you wouldn't be able to understand them enough - and which wasn't."So we thought he was gonna take action.But as the conversation continued - with his ideology.We met again with Greenspan in '05.Often we met with him twice a year, and never less than once a year.And he wouldn't change his mind.In this world of global communications -of capital - prosperity in human history.A hundred and forty-six people were cut from the SEC Enforcement Division?Is that what you also testified to?Yes.Yeah, l think there has been a systematic gutting -- or whatever you wanna call it, of the agency - t hrough cutting back of staff.The SEC Office of Risk Management -- was reduced to a staff, did you say, of one?Yeah. When that gentleman would go home, he could turn the lights out.During the bubble, investment banks were borrowing heavily - and create more CDOs. The ratio between borrowed money and the banks' own money -The more the banks borrowed, the higher their leverage.In 2004, Henry Paulson, the CEO of Goldman Sachs - to relax limits on leverage -to sharply increase their borrowing.The SEC somehow decided - gamble a lot more.That was nuts. l don't know why they did that, but they did.We've said these are the big guys, and clearly that's true.But that means if anything goes wrong, it's going to be an awfully big mess.You are dealing with the most highly sophisticated financial institutions.These are the firms that do most of the derivative activity.We talked to some as to what their comfort level was.The firms actually thought that the number was appropriate.The commissioners vote to adopt the new rules as .We do indeed. It's unanimous. And we are adjourned.The degree of leverage in the financial system -Investment banks leveraging up to the level of 33-to-1 .Which means that a tiny 3-percent decrease -would leave them insolvent.There was another ticking time bomb in the financial system.AlG, the world's largest insurance company - of derivatives -For investors who owned CDOs - like an insurance policy.An investor who purchased a credit default swap -lf the CDO went bad - for their losses.But unlike regular insurance - credit default swaps from AIG - they didn't own.In insurance, you can only insure something you own.Let's say you and l own property. I own a house.I can only insure that house once.The derivatives universe essentially enables anybody -You could insure that, somebody else could.So 50 people might insure my house.So what happens is, i f my house burns down - becomes proportionately larger.Since credit default swaps were unregulated -- AIG didn't have to put aside any money to cover potential losses.Instead, AIG paid its employees huge cash bonuses -were signed.But if the CDOs later went bad -People were essentially being rewarded for taking massive risks.In good times, they generate short-term revenues and profits -But that's gonna lead to the firm to be bankrupt over time.That's a distorted system of compensation.AlG's Financial Products division in London -- issued $500 billion worth of credit default swaps during the bubblebacked by subprime mortgages.The 400 employees at AlGFP -- made $ billion between 2000 and 2007.Joseph Cassano, the head of AlGFP -- personally made $31 5 million.lt's hard for us -- and without being flippant, to even see a scenario -realm of reason -in any of those transactions.ln 2007, AlG's auditors raised warnings.One of them, Joseph St. Denis - Cassano repeatedly blocked him - AlGFP's accounting. One person didn't get a bonus.That was St. Denis. Mr. St. Denis tried to alert the two of you -into big problems.He quit in frustration, and he didn't get a bonus.In 2005, Raghuram Rajan - of the International Monetary Fund - at the Jackson Hole symposium in the world.Who was in the audience?It was the central bankers of the world - Mr. Greenspan himself -- Ben Bernanke -Tim Geithner was there.The title of the paper was essentially:Is Financial Development>Making the World Riskier?And the conclusion was, it is.Rajan's paper focused on incentive structures -based on short-term profits -for later losses.Rajan argued that these incentives encouraged bankers -destroy their own firms - financial system. It's very easy to generate performance by taking on more risk.So what you need to do is compensate for risk-adjusted performance.And that's where all the bodies are buried.Rajan, you know, hit the nail on the head.What he particularly said was:You guys have claimed>you've found a way - with less risk.I say you've found a way t o make more profits with more risk.There's a big difference."Summers was vocal.He basically thought - in the financial world -- and was worried about, y ou know, regulation -Essentially he accused me of being a Luddite.He wanted to make sure that we didn't bring in -- a whole new set of regulations -You're gonna make an extra $2 million a year, or $1 0 million a year -at risk.Someone else pays the bill, you don't.Would you make that bet?Most people on Wall Street said, Sure, I'd make that bet.It never was enough.They don't wanna own one home, they wanna own five homes.And they wanna have an expensive penthouse -And they wanna have their own private jet.You think this is an industry where high--?Very high compensation levels are justified?I think I would take caution, or take heed - very high. lt's relative.You have a 14-million-dollar home in Florida.You have a summer home in Sun Valley, ldaho.An art collection filled with million-dollar paintings.Richard Fuld never appeared on the trading floor.There were art advisors there all the time.He had a private elevator.He wanted to be disconnected.His elevator, they hired technicians to program it -in the morning -would hold it.There's only a three-second window where he actually has to see people.And he hops into this elevator and it goes straight to 31 .Lehman owned corporate jets.How many were there?Well, there were six, including the 767s.They also had a helicopter.Isn't that kind of a lot of planes to have?We're dealing with type-A personalities.Banking became a pissing contest.Mine's bigger than yours. That kind of stuff.It was all men that ran it, i ncidentally.Fifty-billion-dollar deals weren't big enough, so we'd do 1 00-billion deals.These people are risk-takers. They're impulsive.It's part of their behavior. It's part of their personality.And that manifests outside of work as well.It was quite typical for the guys to go out -I see a lot of cocaine use, use of prostitution.。

HR完成招聘任务英文怎么说引言招聘是人力资源管理中至关重要的一环，而对于HR专业人士来说，掌握一些招聘任务的英文表达是非常有必要的。

本文将为大家介绍一些常用的英文表达，帮助HR顺利完成招聘任务。

1. 撰写职位描述•Job Title: The position we are currently recruiting for is [Job Title].•Responsibilities: The responsibilities of this position include:–[Responsibility 1]–[Responsibility 2]–…•Qualifications: The ideal candidate should have the following qualifications:–[Qualification 1]–[Qualification 2]–…2. 发布招聘广告•Job Opening: Exciting job opening at [Company Name]! We are looking for a skilled [Job Title] to join our team.•Responsibilities: In this role, you will be responsible for:–[Responsibility 1]–[Responsibility 2]–…•Qualifications: The ideal candidate will possess the following qualifications:–[Qualification 1]–[Qualification 2]–…•How to Apply: To apply for this position, please send your resume to [Email Address].3. 筛选简历•Resume Review: After receiving numerous applications, we have reviewed all the resumes and shortlisted candidates who meet thequalifications.•Interview Invitation: We would like to invite you for an interview at [Date and Time]. Please confirm your availability.•Regret Email: Thank you for your interest in the position. After careful consideration, we have decided to move forward with other candidates who more closely match the requirements.4. 面试流程•Pre-screening Interview: Before the formal interview, we would like to conduct a pre-screening interview to assess your qualifications and interest in the position.•In-person Interview: The next step is an in-person interview, which will provide an opportunity for us to further evaluate your skills and fit withthe company culture.•Panel Interview: You will be interviewed by a panel of individuals from different departments to gain a diverse perspective on your qualifications.•Final Interview: Congratulations! You have made it to the final interview stage. This interview will involve senior executives who will makethe final decision.5. 招聘结果通知•Job Offer: We are pleased to offer you the position of [Job Title] at [Company Name]. Please review the attached offer letter and let us know your decision.•Regret Letter: We appreciate your interest in the position, but after careful consideration, we have decided to proceed with another candidate. We wish you the best of luck in your job search.结论掌握招聘任务的英文表达对于HR来说至关重要。

Inside Job一．事实：①2000年冰岛政府开展了一项史无前例的庞大经济放宽政策。

允许Alcoa （美国铝公司）建设大型的铝提炼设施，并开发冰岛的地热和水力发电资源,与此同时,政府将本国三家最大的银行私有化,结果导致了金融界最违反常规的一次试验性放宽。

② 1981年，罗纳德·里根总统将财综部长的职位，指派给美林公司的CEO Donald Regan。

“华尔街和总统站在同一阵线我跟许多华尔街的领袖们谈过他们都表示坚定的支持总统里根政府”——（Donald Regan 1981至1985年财政部长），由经济学家和议会金融游说者支持着，开始了为期30年的金融监管放宽政策，1982年里根政府放宽了对储蓄贷款公司的限制，允许他们动用储蓄存款进行风险投资。

到80年代末，上百家储蓄贷款公司倒闭，这场危机耗费了纳税人1240亿美元。

无数人损失了一生积蓄，这可以比作历史上最大的一次银行抢劫，上千名公司主管因此锒铛入狱。

③在克林顿当政期间，格林斯潘继续放宽监管。

1999年，在Summers和Rubin的游说下 -国会通过了“格莱姆-里奇-布莱利”法案，也被称为“花旗解救法案”彻底推翻了格拉斯·斯蒂格尔法案，也为大银行未来的合并清除了障碍。

④1998年五月，CFTC提出规范市场的议案，克林顿的财政部马上做出了反应。

拉里·萨默斯的办公室里来了13个银行家，他几乎是用恐吓的语气，命令Brooksley Born停止银行现在正依赖这种交易来获利。

期货交易顾问于是爆发了针对这种监管采取与否的战争。

Summers打电话不久，格林斯潘 Rubin 以及证券交易委员会主席Arthur Levitt联名谴责Born ，并建议立法保障衍生金融产品交易不受监管对于私下交易的衍生产品贸易进行专业化监管是没有必要的；然后是国会2000年，参议员Phil Gramm主导通过了一项法案，基本上使衍生产品免于被监管，他们有助于市场，免除了监管的负担。

慎用金融杠杆，有效管理风险——《Inside Job》观后感影片搜集了相当丰富的素材，从冰岛经济危机说起，到纽约华尔街的金融巨头，众金融学家政治家经济学家粉墨登场，辅以细致的数据与条理逻辑分析，深入探讨那场席卷全球的次贷危机发生的背后原因，试图揭露金融危机的本质。

影片汇集了来自亚洲、欧洲和美洲的专家的调查和见证，从金融界内部寻找原因，展示华尔街真实的面貌。

在片中，我们看到了所谓的金融工程师们是如何利用大众的短视、贪婪、脆弱等心理来进行大规模的投机活动，最后给社会带来深重的灾难，我们看到了去监管化的自由经济、金融衍生品的泛滥、依赖于金融政治的政客们等等都使得这场次贷金融泡沫越吹越大，直至破灭，而具有讽刺意义的是，那些拿着高薪搞乱全球经济的金融工程师，最后却都赚得盆满钵溢全身而退。

影片中金融家、经济学家的手段基本上是围绕着杜邦公式所揭示的提高销售利润率、增加资产周转率和控制利用财务杠杆的主轴展开的。

美国低首付的次贷是一种杠杆比率很高的金融杠杆。

投资银行里“聪明的”谋士们把聚合一处的次级贷款结构化，做成打包债券，分成高、中、初不同层级卖给投资人，初级债券先“兜着”，初级赔光了，中级债券再顶上去，初、中级都赔完了，高级债券才开始承受损失。

看上去高级债券的风险很小，完全有资格获得评级机构的AAA 评级，可以把它们卖给保守的退休基金和保险公司等投资者，只要利息比同类评级的普通债券高些就行了。

风险大，但可能有超高回报的初级债券可以卖给对冲基金、投行自营交易部门等“专业赌徒”，反正他们有的是办法，完全可能利用各种衍生产品对冲风险套利。

至于不上不下的中级债券倒是有点难办，但也不必太担心，华尔街有的是关系，投行有的是会忽悠的销售，市场上有的是懒得多想的投资管理人，尤其是那些管的不是自己的钱又不拿提成的。

实在有一小部分初、中级债券卖不掉，发行打包债券的投行自己留着就是了。

投资者们终于可以摆脱买卖各种具体证券的蒙昧时代，进入交易的崭新世纪了。

影片《监守自盗》观后感Inside job，翻译成中文——监守自盗，很巧妙的翻译。

该电影是探究2008年金融危机爆发原因的纪录片，本片主要是通过采访华尔街金融精英、经济学家、政府要员、金融消费者等和展示客观真实的数据材料，给观众呈现出了金融危机爆发的诸多原因。

片子引子部分描述2008年世界经济危机及冰岛危机的现状，然后按时间顺序依次通过五个部分（How we got here、The Bubble、The Crisis、Accountability和Where We Are Now）从二十世纪七十年代开始追根溯源，将看似复杂又混乱的美国金融业发展历程有层次有侧重点的逐步回顾。

整个片子看下来，呈现在我们观众面前的就是一个很残酷的现实——金融业已经把政治、学术和民众都拖入了一个庞大的多米诺骨牌阵——牵头这个骨牌阵的正是金融业金字塔顶尖的那些“名人”——是他们在监守自盗。

一、利益驱使--明知不可为而为之“没有永远的朋友，只有永远的利益”——丘吉尔片中有这样一段描述：一个七十年代的债券交易员，因为家里有三个孩子，所以他需要在晚上打另外一份工，这样才能养活全家。

但是十年后，他已经年薪几百万美元。

这是由于他所从事的行业，到了八十年代，开始爆炸性地增长。

2000年之后，金融创新（包括抵押集合债券）开始呈爆炸性增长。

在证券化这条利益链上的每一个人，从头至尾，没有人关心住房抵押贷款的质量，关心的只是怎样把贷款的规模做到最大，以便从中牟利。

一些金融机构为了更快更多的发放次级贷款，有意放松对贷款人基本贷款资质和条件的审查，由于过度竞争一些机构和开发商达成“默契”，部分借贷人购房时可以是“零首付”。

每个人都可以申请抵押贷款，借款人用高额的次贷置地，房价和对房的需求急剧增加，形成了历史上最大的经济泡沫。

以高盛为例，销售团队一边卖掉6亿美元的“森林狼”债券，一边在卖这些债券之前，成员之间的对话却是“哥们，森林狼可够烂的”。