The bets were huge and risky: billions of dollars on the housing market. The upside was undeniable: superbanks reaped billions of dollars, dominated the landscape and gobbled up competitors. Then the bottom dropped out. (Aired 2009)
This journalism is made possible by viewers like you. Support your local PBS station here: http://www.pbs.org/donate​.
Starting in 2008, in the worst economic crisis in decades, brand-name banks were on the brink. As the federal government implemented a massive intervention in the financial industry, FRONTLINE went behind closed doors to tell the story of how things went so wrong so fast and to document efforts to stabilize Wall Street. Veteran FRONTLINE producer Michael Kirk untangled the complicated financial and political web surrounding one particular superbank — Bank of America.
Explore additional reporting in connection with “Breaking the Bank” on our website:
https://www.pbs.org/wgbh/frontline/documentary/breakingthebank/
#Documentary #Banks #Financial
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FRONTLINE is produced at GBH in Boston and is broadcast nationwide on PBS. Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation.
CHAPTERS:
Prologue – 0:00
Wall Street Bankers and the NY Federal Reserve When the Housing Bubble Burst in 2008 – 2:05
A Deal to Save Merrill Lynch: A Merger with Bank of America – 10:17
Lehman Brothers’ Bankruptcy and the 2008 Financial Crisis – 22:50
The U.S. Government’s Role in the Bank of America-Merrill Lynch Merger – 33:20
The Obama Administration, Congress and the Bankers – 45:52
Credits – 52:19
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The scary part is that it could happen again because regulatory capture is happening again. Must reduce and ideally eliminate money and corruption in politics. The system can work better than this.
The way he puts on this shit-eating grin during that press conference is the picture of disgusting, WS greed…corruption…manipulation. Animals
Even in no time you can never do that with a financial institution you have to look at everything it would take at least they need at least six months to a year to figure all that out that’s a lot of work I mean come on wow that’s crazy. They need a lot more than than.
Crooks,criminals,frauds, leeches, but we are constantly told pay our debts, pay our taxes etc. Disgusting.
The idiotic suggestion that the bankers created the regulations and the mandates to give loans to people who couldn't pay them back to sell those loans to other people.Ignores the reality that bill clinton and following democrats have committed themselves to destroying the very nature of capitalism
$4,000 Gold the 🎉 is close to over.
Mm😅
The party is most assuredly not over and will be looking to tell as many homies as possible to come thru…
Not one person went to jail. Meanwhile, someone in California got life in prison under the three strikes law for stealing a Pepsi.
Comprehensive
dillons installed roth
john taberski jim lamothe
banks hail mary goff
emilys blown nose
stevens pv kellys hose
as hailed rental lowes
julias static
troubles hailed pop o matic
marks grandmas attic
hao chens billowed sheets
chinese implored annahs beets
scot hailed steves stoops treats
14:40
11:35 Charles duhigg
9:20
If it wasn’t for AIG. none of these lesser institutions would be around. You are all Welcome.
"We couldn't stop the wreckage that we ourselves created, so now we're momentarily embracing socialism and asking big government to fund our asses out of this emergency"
The crooks are always alert.
And now, in revenge, the banks and their GOP cronies defund public media who has stood out in educating people about what really happened with those crooks. If you care about good journalism and holding Wall Street and the oligarchs accountable, donate to your local public station and write your congresspeople demanding support.
Just saw the Lehman Bros. film yesterday and stumbled on this today. What an awesome drama Frontline produced here.
This was a fantastic program. Kudos to Frontline for nailing it on the outcome of the housing crisis for the big banks and their respective CEOs. I worked at Merrill during this time and was able to survive the merger which wasn't easy. Mass layoffs at ML were rampant and happening daily. Basically if your manager called you during a specific time frame on a specific day you were getting let go.
Scum of the earth.
They mishandled their responsibilities with lending money. The banker screwed it up, they should’ve been sent to jail the damn buggers
This financial system is a big PONZI SCHEME
51:48 The party is over? Delusional AF
it went from wall street to the tech industry
What a complete hijacked contrived setup. All of these brilliant financial guys are just colluding crooks. Seems like the majority of commenters here don't understand the details & implications of this. Seems like their purpose was to leave glowing reviews about Frontline.
What a group of bandits. The tax payers are always are only on the hook.
😂.People in comments are taking this doc at face value. You know that old saying take it with a grain of salt".. Well take this doc with a kilo of salt..
BITCOIN
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Party's over??? Huh!!! It's a bigger bash now with more party goers, and common people getting screwed is the main event….
Pocahontas and Barney, both corrupt.