After Inside Job: an interview with Charles Ferguson
February 14, 2012
The piece “After Inside Job: consequences, problems and perspectives”, (Debating Innovation, 2012, 2(1), 25-32), features an interview with Charles Ferguson, the director of Inside Job (2010, Sony Pictures Classics), the acclaimed documentary film on the meanders and responsibilities of the financial crisis of the late 2000s (see also this recent post in the blog the Observatory for Responsible Innovation).
In the interview, Charles Ferguson reflects on the impacts of Inside Job (for example in the regulation of conflicts of interests among academic economists), and signals a few fundamental problems that need to be addressed today, especially the role money plays in politics in the United States and the economic pressure for regulators to move to the private sector. From the interview:
“A very high fraction of regulators in the United States are former bankers. And many regulators, whether or not they were already former bankers, go into the banking system after they have spent in regulatory institutions. […] If you look at the people who are running the Obama Administration now […] an important fraction of them are former bankers, bankers of some kind, either in hedge funds or commercial banks.”
The interview was carried out in Paris, in October 2011. A companion book to Inside Job is forthcoming from Random House.