The Obama administration arrived in Washington in early 2009 facing the worst financial crisis since the Great Depression — and an American public outraged by bailouts for the financial institutions that had gotten them there.
It has been five years since the financial crisis began, and though the economy is on the mend, the legacy of the crash still reverberates. On the anniversary of the collapse, FRONTLINE joins with a group of leading journalists to explore how the meltdown has reshaped the nation.
Jon Corzine, former head of Goldman Sachs and political power broker, took over MF Global in the spring of 2010 with oversize ambition and a passion for risk. But after a massive bet on European debt turned sour, the firm lay in ruins, with more than a billion dollars of customer funds missing.
In July 2010, President Barack Obama signed what became known as the Dodd-Frank bill, the financial reform package aimed at overhauling the financial regulatory system and ending the risky practices that led to the 2008 financial crisis.
Well, it’s like a lot of things, according to some of the economists, journalists, bankers, activists and officials we interviewed for our four-hour series on the global financial crisis, “Money, Power and Wall Street.”
On the heels of investment bank Bear Stearns’ sudden collapse in March of 2008, the New York Federal Reserve Bank, then led by President Timothy Geithner, and the Securities and Exchange Commission (SEC) dispatched teams of investigators to the four largest remaining investment banks.
Financial journalists, Occupy Wall Street activists and even a senior economic adviser to President Obama all took to the internet to talk about last night’s broadcast of the first half of “Money, Power and Wall Street.”
Join Money, Power and Wall Street correspondent Martin Smith and producer Marcela Gaviria for a live chat featuring guest questioner Gillian Tett from the Financial Times. You can leave a question now.
Money, Power and Wall Street continues next Tuesday (watch a preview above), with an inside look at how the Obama administration, including a divided economic team, has handled the crisis and how the financial world has returned to many of the practices that created the meltdown in the first place.
“‘Money, Power and Wall Street’ is demanding — this isn’t Finance for Dummies, but it’s a compact and thorough lesson,” Bloomberg’s Greg Evans writes in his review of FRONTLINE’s new special on the global financial crisis.
Amid the fiercest financial crisis since the Great Depression, FRONTLINE has been at the forefront of investigating the roots of the meltdown, the hidden stories of those who warned about what was to come and the lessons moving forward.
Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting. Major funding for FRONTLINE is provided by The John D. and Catherine T. MacArthur Foundation. Additional funding is provided by the Park Foundation, the Wyncote Foundation, and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation.