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Part II
INTRODUCTION/BACKGROUND

Why the Film was Produced
Inside Job was a documentary film about the late 2000s financial crisis
directed by Charles Ferguson. This film intended to unveil the factors that
triggered the United States financial crisis that suddenly affected the whole world.
Changes in the policy environment and manipulated banking practices rooted the
economic meltdown that hit America starting 2008, which left middle-class
Americans jobless and homeless. Ferguson wanted to let the viewers have a
glimpse of why there was an economic collapse, which benefited major
corporations at the expense of others. This film tackled how high-positioned
prominent government officials and members of the Federal Reserve participated
in the massive corruption and betrayal of public trust. The story outlines as well a
crime without a punishment. The perpetrators of fraud escaped from legal
sanctions leaving justice blemished.

Biographical Sketch of the Producers
Charles Henry Ferguson
Charles Henry Ferguson was born on March 24, 1955. He is the founder
and president of Representational Pictures, Inc., and director and producer of No
End In Sight: The American Occupation of Iraq (2007) and Inside Job (2010),
which won the Academy Award for Best Documentary. Ferguson is also a
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software entrepreneur, writer and authority in technology policy. A native of San
Francisco, Ferguson was originally educated as a political scientist.

Jeffrey Lurie
Jeffrey Lurie (born September 8, 1951) is the owner of the Philadelphia
Eagles of the National Football League. Lurie earned a B.A. from Clark
University, a Master's degree in psychology from Boston University and a PhD in
social policy from Brandeis University, where he wrote his thesis on the depiction
of women in Hollywood movies. In 1983, he left academia to join General
Cinema Corporation, a major film company founded by his grandfather, Philip
Smith, and now headed by his uncle, Richard Smith. He worked as an executive
in the company as a liaison between General Cinema Corporation and the
production community in Hollywood. He was also an advisor in The General
Cinema national film buying office.

Kalyanee Mam
Kalyanee Mam was born in Battambang, Cambodia during the Khmer
Rouge regime, to Vann Theth Mam and Sok Sann Mam. She is the fifth of seven
children and the fourth of four girls. Mams family was living in Pailin
Province when the Khmer Rouge came to power in April 1975. Mam went on to
study law at UCLA School of Law, with a special focus on immigration and
refugee law. After graduating from law school, she worked for two years with a
legal consulting firm in Maputo, Mozambique and then spent six months working
with USAID and the Ministry of Justice (Iraq). She is an award-winning filmmaker
whose film, A River Changes Course, which she directed and produced, has won
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several awards, including the Grand Jury Award for World Cinema Documentary
at the 2013 Sundance Film Festival and the Golden Gate Award for Best
Documentary Feature at the 2013 San Francisco International Film Festival.
Mam is also known for her work with director Charles Ferguson as
Cinematographer, Associate Producer, and Researcher for 2011 Academy
Award-winning documentary Inside Job, a Sony Pictures Classics release about
the global financial crisis.

Audrey Marie Marrs
Audrey Marie Marrs (born June 25, 1970) is a film producer and the Chief
Operating Officer of Representational Pictures, Inc., and producer of No End in
Sight, which is her first film. It won a Special Jury Prize for documentaries at the
2007 Sundance Film Festival. She and Charles H. Fergusonwere also nominated
for an Academy Award in the Best Documentary Feature film category for the
film. Marrs next produced Inside Job with Ferguson, a documentary about
the financial crisis of 2007-2010, which was screened at the Cannes Film
Festival in May 2010. Inside Job was released by Sony Pictures Classics in
October 2010 and subsequently won the Academy Award for Best Documentary
(Feature).
Before her film career, Marrs was a participant in
the Olympia, Washington indie rock scene. Marrs graduated Tumwater High
School in Tumwater, Washington in 1988. She also graduated from The
Evergreen State College in Olympia, Washington in 1996. In 2002, Marrs was
the keyboardist for the album Girls Get Busy by the punk band Bratmobile.
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Before that, she was a member of Mocket. Her sister Leona is also an active
musician, most notably having played keyboards in Pretty Girls Make
Graves until their breakup in 2007.


Settings of the Film
The film was taped in the usual workplace of the ones being interviewed,
which were commonly in their corporate offices.
Highlights of the Film
The film was divided into five parts.
I. How We Got Here
The American financial industry was regulated from 1940 to 1980,
followed by a long period of deregulation. At the end of the 1980s, a savings and
loan crisis cost taxpayers about $124 billion. In the late 1990s, the financial
sector had consolidated into a few giant firms. In March 2000, the Internet Stock
Bubble burst because investment banks promoted Internet companies that they
knew would fail, resulting in $5 trillion in investor losses. In the
1990s, derivatives became popular in the industry and added instability. Efforts to
regulate derivatives were thwarted by the Commodity Futures Modernization Act
of 2000, backed by several key officials. In the 2000s, the industry was
dominated by five investment banks (Goldman Sachs, Morgan Stanley, Lehman
Brothers, Merrill Lynch, and Bear Stearns), two financial conglomerates
(Citigroup, JPMorgan Chase), threesecuritized insurance companies
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(AIG, MBIA, AMBAC) and the three rating agencies (Moodys, Standard &
Poors, Fitch). Investment banks bundled mortgages with other loans and debts
into collateralized debt obligations (CDOs), which they sold to investors. Rating
agencies gave many CDOsAAA ratings. Subprime loans led to predatory lending.
Many home owners were given loans they could never repay.

II. The Bubble (20012007)
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. Speculators could buy
CDSs to bet against CDOs they did not own. Numerous CDOs were backed by
subprime mortgages. Goldman-Sachs sold more than $3 billion worth of CDOs in
the first half of 2006. 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 2000 to
over 4,000 in 2006.
III. The Crisis
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. The Great Recession began in November 2007, and in March 2008,
Bear Stearns ran out of cash. 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. These entities all had AA or AAA ratings
within days of being bailed out. Merrill Lynch, on the edge of collapse, was
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acquired by Bank of America. Henry Paulson andTimothy 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 next day, Paulson and Fed chairman Ben Bernanke asked
Congress for $700 billion to bail out the banks. The global financial system
became paralyzed. On October 3, 2008, President Bush signed the Troubled
Asset Relief Program, but global stock markets continued to fall. Layoffs and
foreclosures continued with unemployment rising to 10% in the U.S. and the
European Union. By December 2008, GM and Chrysler also faced bankruptcy.
Foreclosures in the U.S. reached unprecedented levels.

IV. Accountability
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.S.
policy. They still opposed reform after the 2008 crisis. Some of the consulting
firms involved were the Analysis Group, Charles River Associates, Compass
Lexecon, and the Law and Economics Consulting Group (LECG). Many of these
economists had conflicts of interest, collecting sums as consultants to companies
and other groups involved in the financial crisis.


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V. Where We Are Now
Tens of thousands of U.S. factory workers were laid off. The new Obama
administrations financial reforms have been weak, and there was no significant
proposed regulation of the practices of ratings agencies, lobbyists, and executive
compensation. Geithner became Treasury Secretary. Feldstein, Tyson and
Summers were all top economic advisers to Obama. Bernanke was reappointed
Fed Chair. European nations have imposed strict regulations on bank
compensation, but the U.S. has resisted them. Trust remains questionable.
















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Part III
DISCUSSION

Discussion of the Movie (Conceptual and Theoretical)
The film discussed in the first part the securitization food chain whereby
the people who make the loan are no longer at risk if there is a failure to repay. In
the old system, when a homeowner paid their mortgage every month, the money
went to their local lender. And since mortgages took decades to repay, lenders
were careful.
In the new system, lenders sold the mortgages to investment banks. The
investment banks combined thousands of mortgages and other loans
including car loans, student loans, and credit-card debt to create complex
derivatives, called collateralized debt obligations, or CDOs. The investment
banks then sold the CDOs to investors. Now, when homeowners paid their
mortgages, the money went to investors all over the world.
During the bubble, the investment banks were borrowing heavily, to buy
more loans, and create more CDOs. The ratio between borrowed money and the
banks' own money was called leverage. The more the banks borrowed, the
higher their leverage.
By 2008, home foreclosures were skyrocketing, and the securitization food
chain imploded. Lenders could no longer sell their loans to the investment banks;
and as the loans went bad, dozens of lenders failed. The market for CDOs
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collapsed, leaving the investment banks holding hundreds of billions of dollars in
loans, CDOs, and real estate they couldn't sell.

Source of Enlightenment to the Critic
The third and the fourth part of the film revealed the crisis itself and its
corresponding accountability. Part III discussed the collapse of the market for
CDOs and left the investment banks with hundreds of billions in dollars of loans.
The Great Recession began in November 2007. 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. The global
financial system became paralyzed. Layoffs and foreclosures continued with
unemployment rising to 10% in the U.S. and the European Union and
foreclosures in the U.S. reached unprecedented levels.
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.S.
policy. They still opposed reform after the 2008 crisis.




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Part IV
CRITIQUE

Analysis on the Subject Matter: How it Impacts the Proposed Business
At the planning stage of our business, I cannot really picture out how the
US financial crisis way back in 2008 affect our proposed project. Our business
proposal is about manufacturing fresh milk for daily consumption. At first thought,
dealing with this kind of business will not made you think that it can be directly hit
by the economic collapse of the Americans. However, reality tells us that what
future holds for us has something to do with the experiences in the past. After the
economic meltdown, which greatly affected worldwide transactions, people now
are being wise and smart enough to make decisions. In the succeeding years of
our business, exporting can be on the top of our list. Its a good thing to know that
the US industry had already recovered. Our exportation plans in the future will
not be harmed with any financial disputes. If in unfortunate circumstances the
economic downturn persists, our business will likely not progress.







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Part V
CONCLUSIONS AND RECOMMENDATIONS

Conclusions
With the films insights about the US financial crisis, future businesses like
our proposed business can plan ahead with regard to proper handling of
finances. It is an inherent part of human nature to be risk averse. Hard-earned
money must be invested where potential gains were twice as much as possible
losses. Businesses wherever in the world must grow in healthy economic
competition where everyone will benefit and mature not in an environment
dominated by political manipulations.

Recommendation
The idea of documenting this financial issue is a masterpiece of non-fiction
storyline. Charles Ferguson should continue making documentary films like this
bringing to light real corporate dramas and scenarios. Future films must
somehow tackle different fraud cases committed by major corporations or audit
firms and its consequences. Revelations of untamed truth must continue to
flourish in order to enlighten the viewers what is really happening public trust and
confidence are taken for granted.



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Part VI
BIBLIOGRAPHY

Internet Sources
Inside Job (film). (n.d). In Wikipedia. Retrieved March 16, 2014, from
http://en.wikipedia.org/wiki/Inside_Job_(film).
http://en.wikipedia.org/wiki/Charles_H._Ferguson
http://en.wikipedia.org/wiki/Jeffrey_Lurie
http://en.wikipedia.org/wiki/Audrey_Marrs
http://www.imdb.com/title/tt1645089/synopsis?ref_=ttpl_pl_syn












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Part VII
CURRICULUM VITAE

I. Personal Information

Name: MARICAR SANDIGIO QUIRANTE
Address: Cabangan, Ubaliw, Polangui, Albay
Email Address: maricar_quirante@yahoo.com
Gender: Female
Civil Status: Single
Date of Birth: November 28, 1993
Place of Birth: Marikina City

Fathers Name: Jovil L. Quirante Occupation: Carpenter
Mothers Name: Rita S. Quirante Occupation: Housewife

II. Educational Qualifications

Tertiary:
Course: BS Accountancy
School: Bicol University
College of Business, Economics, and
Management
Daraga, Albay

Secondary
School: Oas Polytechnic School
Ilaor Norte, Oas, Albay
Year Completed: 2010

Elementary
School: Oas North Central School
Ilaor Norte, Oas, Albay
Year Completed: 2006