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Inside Job is a American documentary film , directed by Charles Ferguson , about the lates financial crisis. Ferguson, who began researching in , [3] says the film is about "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption". Inside Job was acclaimed by film critics, who praised its pacing, research and exposition of complex material. The documentary is split into five parts.

It begins by examining how Iceland was highly deregulated in and the privatization of its banks. The American financial industry was regulated from to , followed by a long period of deregulation.

In the late s, the financial sector had consolidated into a few giant firms. In the s, derivatives became popular in the industry and added instability. Efforts to regulate derivatives were thwarted by the Commodity Futures Modernization Act of , backed by several key officials.

Investment banks bundled mortgages with other loans and debts into collateralized debt obligations CDOs , which they sold to investors. Subprime loans led to predatory lending. Many home owners were given loans they could never repay. During the housing boom, the ratio of money borrowed by an investment bank versus the bank's own assets reached unprecedented levels. The credit default swap CDS , was akin to an insurance policy.

Numerous CDOs were backed by subprime mortgages. Goldman also bet against the low-value CDOs, telling investors they were high-quality.

The three biggest ratings agencies contributed to the problem. AAA-rated instruments rocketed from a mere handful in to over 4, in The market for CDOs collapsed and investment banks were left with hundreds of billions of dollars in loans, CDOs, and real estate they could not unload.

In September, the federal government took over Fannie Mae and Freddie Mac , which had been on the brink of collapse. Two days later, Lehman Brothers collapsed. Merrill Lynch, on the edge of collapse, was acquired by Bank of America. Henry Paulson and Timothy Geithner decided that Lehman must go into bankruptcy, which resulted in a collapse of the commercial paper market. On September 17, the insolvent AIG was taken over by the government. The global financial system became paralyzed.

On October 3, , President George W. Bush signed the Troubled Asset Relief Program , but global stock markets continued to fall. By December , GM and Chrysler also faced bankruptcy. Foreclosures in the U. Top executives of the insolvent companies walked away with their personal fortunes intact. The executives had hand-picked their boards of directors , which handed out billions in bonuses after the government bailout. The major banks grew in power and doubled anti-reform efforts.

Academic economists had for decades advocated for deregulation and helped shape U. They still opposed reform after the crisis. Many of these economists had conflicts of interest, collecting sums as consultants to companies and other groups involved in the financial crisis. Tens of thousands of U. Geithner became Treasury Secretary. Bernanke was reappointed Fed Chair. European nations imposed strict regulations on bank compensation, but the U.

Roger Ebert described the film as "an angry, well-argued documentary about how the American housing industry set out deliberately to defraud the ordinary American investor". Ferguson has summoned the scourging moral force of a pulpit-shaking sermon. That he delivers it with rigor, restraint and good humor makes his case all the more devastating". He went on to say that it was obviously influenced by Michael Moore , describing it as "a Moore film with the gags and stunts removed".

The conservative political magazine The American Spectator criticized the film as intellectually incoherent and inaccurate, accusing Ferguson of blaming "a lot of bad people [with] economic and political views to the right of [his]". The film was selected for a special screening at the Cannes Film Festival. A reviewer writing from Cannes characterized the film as "a complex story told exceedingly well and with a great deal of unalloyed anger".

From Wikipedia, the free encyclopedia. Inside Job Theatrical release poster. Retrieved March 22, Retrieved October 25, Retrieved January 9, Retrieved January 26, Retrieved October 24, The New York Times. Retrieved May 16, Retrieved July 23, Retrieved May 17, Academy of Motion Picture Arts and Sciences.

Chicago Film Critics Association. Archived from the original on February 24, Retrieved January 29, Adams, Ryan November 29, Stone, Sarah January 3, Writers Guild of America. Archived from the original on Retrieved February 6, Academy Award for Best Documentary Feature.

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Ferguson and Audrey Marrs. Chicago Film Critics Association Awards [15]. Directors Guild of America Awards [16]. Gotham Independent Film Awards [17].

Online Film Critics Society Awards [18]. Writers Guild of America Awards [19].