Must watch
“Inside job”
On Netflix
A documentary on 2007 financial crises .
A look into the big financial scam , roles of financial institutions and top political leaders .
Read with this background:
Customer takes loan from bank.
Bank checks his eligibility as per regulations.
Regulations removed.
Any one without repaying capacity gets loan.
Loan interest and recovery responsibility sold to FI.
Got good ratings from credit agencies and got it insured.
FI sold loans to investors.
Customers failed to repay.
Many properties in the market for sale and no buyers.
Value of properties falls down.
Government declares bail out package for banks , paid from taxpayers money.
None of the officials got punished instead got good postings.
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