Send a Tweet
Most Popular Choices
Share on Facebook 2 Share on Twitter 1 Printer Friendly Page More Sharing
OpEdNews Op Eds    H2'ed 5/25/11

Access Journalism: The Movie

By       (Page 1 of 1 pages) (View How Many People Read This)   No comments
Author 53308
Message Robert Scheer
Become a Fan
  (27 fans)
From Truthdig

Copyrighted Image? DMCA

It is not true, as a Wall Street Journal reviewer claimed, that the HBO movie version of Andrew Sorkin's book "Too Big to Fail" was "Too Boring to Watch." On the contrary, the problem with the film, featuring excellent acting and taut direction, as with the richly anecdotal book, is that it is all too effectively misleading. 

Fortunately, if viewers have already watched "Inside Job," the spot-on Academy Award winner, they will not be led too far astray by this film's adulation of the likes of Henry Paulson and Timothy Geithner. Paulson is portrayed as an eminently decent man, troubled by the imperfections of the TARP bailout, and when he throws up off camera in one scene it is not at all suggested that perhaps he could be disgusted that the misery he brought to the world had left him a billionaire.

When he resigned his position as head of Goldman Sachs to become treasury secretary, he cashed in $485 million in Goldman stock and was saved from a $100-million tax liability because he was entering government "service." The film barely mentioned that Paulson was the head of Goldman Sachs when his company deceptively packaged and sold the collateralized debt obligations (CDOs) based on the subprime and Alt A mortgages that proved so toxic. 

As Paulson concedes in his memoir, after George W. Bush appointed him treasury secretary, the president asked plaintively as the economy was crumbling: "How did this happen?" In Sorkin's book, it is stated that the treasurer "disregarded the question, knowing that the answer would be way too long." But in his memoir, Paulson provides a clearer insight:  "It was a humbling question for someone from the financial sector to be asked -- after all, we were the ones responsible."

No such honesty has yet emerged from Geithner, who was an undersecretary of the treasury during the Clinton years, when he worked closely with his bosses, first Robert Rubin and then Lawrence Summers, to pass the radical deregulation hinted at but never fully explained in either the Sorkin book or the film. There is scant reference to the obliteration of the Glass-Steagall Act, a repeal that permitted the too-big-to-fail merger of companies such as Travelers and Citicorp, which became Citigroup -- a company that had to be bailed out with $50 billion in taxpayer money. 

Click Here to Read Whole Article

 

Rate It | View Ratings

Robert Scheer Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Robert Scheer is editor in chief of the progressive Internet site Truthdig. He has built a reputation for strong social and political writing over his 30 years as a journalist. He conducted the famous Playboy magazine interview in which Jimmy (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Christopher Hitchens: Reason in Revolt

The Peasants Need Pitchforks

Robert Scheer Hosts Dennis Kucinich -- an Unpredictable American Original

Obama Pulls a Clinton

Geithner and Goldman, Thick as Thieves

How Little We Know About the Origins of 9/11

To View Comments or Join the Conversation: