Money, Power & Wall Street – FRONTLINE Documentary

This is a very good program on the inside story of the global financial crisis.  See it on the Frontline web site. Pay close attention to the segment that explains of how CDO’s (collateralized debt obligations) developed and Credit Default Swaps proliferated.  Also,  there is a brief appearance by Brooksley Born who in the 1990’s headed the Commodity Futures Trading Commission (CFTC).  In 1998 she proposed regulation of the growing market in swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties’ regulators, if any. However CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, and by by Treasury Secretaries Robert Rubin and Lawrence Summers. Under heavy pressure from the financial lobby, legislation prohibiting regulation of derivatives by Born’s agency was passed by the Congress. Born resigned in 1999 after having issued the first, official and clearest warning that derivatives could sink the financial markets and therefore the economy.  She made the right call before anyone.  Click here to watch.

The Warning (PBS) - Brooksley Born

The Warning (PBS) – Brooksley Born (Photo credit: k-ideas)

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About samkimball

We are living in a transitional period where the Internet, now established, is going through adolescence. No longer the new kid on the block, the web is now central to the world of media and marketing. And yet traditional media, though in decline, is still important. It still reaches and influences many millions of consumers. Those who succeed in Marketing 2.0 will skillfully combine digital with traditional. There’s a lot of game yet to be played… About Me I am a veteran of the digital media world and have also spent time working for traditional media giants. In 1999 I left BMG Entertainment and joined a web startup called NextAudio.com. One of the original developers of Internet-delivered, personalized radio. From there I did stints as Director of New Media at Clear Channel and VP, Strategic Sales at Internet Broadcasting/NBC Television. In 2006, after 4 years as head of Business Development at Emmis Communications in New York (where I tripled the sponsorship business), I spun off the company’s concert and event division into Marquee Concerts. 6 years later Marquee is a leading regional player in the concert industry, producing 70 events per year. I now head up the Advertising and Brand Sales business at Livestream, the market leader for real time event coverage. With simple to use technology, our platform allows anyone to broadcast live to the web, as well as being the top destination for live content from around the world. Our content partners include Facebook, The New York Times, ABC News, CBS News, Associated Press, HBO, AT&T, PepsiCo, Electronic Arts, Adidas, The Academy Awards, Warner Bros. Records, Paramount Pictures. Livestream operates with over 120 full-time staff members in 4 offices—in New York, Los Angeles, Bangalore, and the Ukraine. The service is available for free (advertising-supported) or as a feature-rich, monetizable, premium subscription for business. The New Livestream (in beta as of Oct. 27, 2011) is an innovative new platform, that combines live event coverage with real-time photos, text, and video clip updates posted using web browsers or mobile devices. The technology supports live blogging, live and on-demand video, and real-time posting tools. CONTACT 347-931-4340 LinkedIn: http://www.linkedin.com/in/samkimball Twitter: http://twitter.com/SamKimball
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