Assault on Wall Street (Bailout: The Age of Greed) (Assault on Wall Street)

The truth is, on Wall Street

a lot of people just weren't very good at their jobs.

It started out 16 months ago as a mortgage crisis

and it slowly evolved into a credit crisis.

We ask about the taxpayers being on the hook,

guess what?

an unusual step for a lame duck president, but the country...

Trying to be free market advocate

when it's really an "anything goes" mentality.

On Friday, Congress finally passed

and President Bush signed into law...

Begin to restore strength and stability

will buy out Wall Street's bad investments.

A full-blown financial storm.

In just 6 months, 3 of the 5 biggest independent firms

on Wall Street have now disappeared.

numbers are staggering they don't begin to explain

the greed and incompetence

that created this mess.

No regulation, no supervision, no discipline.

Terrible debt that was magnified by reckless borrowing

and complex securities.

The idea that you could lend money to someone

who could not pay it back is not an inherently attractive idea.

I don't know why this company's coming to Congress.

However it seemed to fly with people who were making

$10 million a year.

They think they can take that money

and do whatever they wanna do.

They decide to punish the country.

Neel Kashkari, the man in charge of the bailout.

We're supposed to be with the smartest investors in the world

and they did it themselves.

I would call it criminal neglect and incompetence.

They're certainly not worth it.

Instead of helping consumers with mortgages and loans.

People at the top of these firms chose to look away,

to take more risk to enrich themselves

and it is truly a crime.

What's our risk?

12 billion.

But we have a real situation here,

our clients are about to jump ship.

The problem is saving this company, not the clients.

This company!

We shifted 4 billion into deposits,

which leaves us with 8.

But that move only buys us a few more weeks, at best.

I talked to Meryl, they said they'd ensure the paper

for two weeks but they want 200 million to do it.

Two weeks is nothing, we need two months at least.

No, it's time for triage.

It's time to dump the certificates on the market,

all of them.

What about the pension fund investors?

We're talking over 15 billion.

But if other houses follow suit,

Our priority is saving this house and fuck all the others!

Our responsibility begins and ends with our partners

and our shareholders and that's it.

Investors gamble, they lose,

that's the risk that they agreed to take.

why should they complain when they lose money on the market?

Shit happens, now dump it!

Dump it all right fucking now!

Even after we dump the stocks we're still far too exposed

and we've got no parachute here.

I'm gonna take care of that.

Charlotte?

with the secretary of treasury?

Will do.

Today.

Understood sir, today.

Thanks.

You heard Stancroft,

the entire company's in jeopardy.

Yeah, with 51 million in his pocket...

and you know as well as I do, this is bullshit.

This is Stancroft and his fucking pissing contest

with his goddamn pluggers.

but we don't really have a choice, do we?

All right people, listen up!

All right, I've got some great news for you guys.

In the next three days we are gonna increase

your incentives by 3 percent.

But I need you to get on the horn and get all your top clients

and really push the real estate growth superfund.

As well, you will be receiving a memo

in the next couple minutes detailing all the products

that we need you guys to unload.

Whoever sells the most gets the largest bonus.

All right, let's go people!

Move it!

Get those numbers!

Sell, sell!

Hey girl.

Hey boy.

The good news, as we can see here,

is that the tumors are completely gone.

That's the good news.

Not bad news, just simply less than good news.

which is why we're seeing a recurrence of your symptoms.

But you got everything, right?

Yes, we see this on occasion.

Even though the tumors are gone,

as it were as though the tumor were still there.

Hormone injections once a week, that's the first thing.

It's a tricky balancing act,

we'll have to monitor your levels

until we find the right mix.

Also, your blood sugar level has sky rocketed.

Again, as a result of the gland's reaction to the tumor,

so we'll have to treat you for diabetes.

But she's going to be all right?

Oh yes, we just have a bit more ways to get you there,

that's all.

What about, um... we were...

We were planning on getting pregnant

before the diagnosis.

At this particular time, it would be an extremely

high-risk pregnancy, both for you and the baby.

but once we get you to acceptable levels with treatment,

which lowers the risk, then by all means yes.

There's a new gene therapy that certain patients

have responded well to,

which could get us to normalcy faster.

It's a little on the experimental side,

Sign us up, doc.

Yeah.

Excellent!

I know it's difficult but try hard to relax and not to worry,

it only adds stress to your system. Okay?

Thank you.

Thanks doc.

You're welcome.

It seems as if your coverage cap limit has been reached.

Coverage cap limit, what's that?

It's standard among many insurers,

you really should call them.

But regarding today, we'll need payment

Oh, okay... well we can call in later to reschedule, we'll talk.

No, no, no... fine, we'll uh... we'll use the card.

I'm sure it's some kind of mistake.

If I can get my wallet out of my pocket...

there you go.

There.

Are you sure you wanna use the card?

Am I sure?

Not really.

Just call them.

So, should we keep next Tuesday then?

Yeah, why don't you just call in and we can...

Okay. Thank you!

Thanks.

Thank you!

Bye.

Thanks.

Coverage cap?

This is the first time it's ever been mentioned to me.

Now listen, I'm on the phone to you guys

at least a hundred times this year...

someone should've said something.

Sir, it's clearly stated in the...

I've been buried in a metric ton of paperwork from you guys

Now, I can't be expected to catch every line of fine print

from every letter.

I work 6, 7 days a week.

It's company policy, sir...

I get that it's company policy

but that's got nothing to do...

I'm sorry, there's nothing more we can do for you at this point.

So what you're saying is go fuck yourself,

have a nice day.

I sincerely doubt you're at all apologetic.

You're not supposed to be, right?

Mr. Baxford, I'm very sorry.

Sorry.

Oh, baby...

Jim, it's just... it's useless.

Don't say that.

It is, I mean, I'm just...

I'm stuck here and I can't work

and I'm sick all the time, and you've been working so hard...

I'm working for us.

Jim, I read the invoice and hormone treatments,

they cost $300 a shot.

That's on top of all the other medication

and then the gene therapy, they could be anywhere from

50,000 to 70,000,

and if the insurance doesn't cover it...

I'm not, I can't let you spend our whole life savings.

Stop, stop! Stop.

Listen to me, we need the treatments,

you need to get well.

Once we get well we can have our baby

and live the life we wanna live, okay?

Okay, good night.

Good night.

Hey girl.

Hey boy.