Money Boo Boo

  • Aired:  06/24/13
  •  | Views: 99,971

Internal e-mails implicate credit rating agencies in the 2008 financial crisis. (4:33)

COMEDY CENTRAL

>> John: WELCOME TO THE DAILY

SHOW.

I AM JOHN OLIVER.

STILL HERE FOR JON STEWART WHO

IS CURRENTLY IN MOSCOW OR

ECUADOR OR ON A FLIGHT SOMEWHERE

OR ESCAPED FROM THE NATIONAL

ZOO.

WE DON'T KNOW.

WE DON'T KNOW AT THIS POINT.

MY GUEST TONIGHT, ACTRESS MAGGIE

GYLLENHAAL IS HERE.

[ CHEERS AND APPLAUSE ]

BUT FIRST, BUT FIRST TONIGHT,

MONEY, MONEY, MONEY, MONEY,

MONEY!

YOU MIGHT REMEMBER FIVE YEARS

AGO WHEN BANKS NEARLY DESTROYED

THE WORLD.

DO YOU REMEMBER THINKING, I

COULDN'T GET ANY MORE PISSED OFF

AT FINANCIAL INSTITUTIONS THAN I

AM RIGHT NOW.

WELL, YOU'RE ABOUT TO GET

[BLEEP].

>> BOMBSHELL EMAILS REPORTEDLY

SHOW HOW TWO BIG CREDIT RATING

AGENCIES ACCEPTED CASH IN

EXCHANGE FOR GREEN-LIGHTING THE

RISKY PRACTICES THAT GOT US INTO

THIS LONG MESS.

ONE S&P OFFICIAL REPORTEDLY

EMAILED, "LET'S HOPE WE ARE ALL

WEALTHY AND RETIRED BY THE TIME

THIS HOUSE OF CARDS FAULTERS."

AND ANOTHER QUOTE, "LORD HELP

OUR EXPLETIVE SCAM.

THIS HAS TO BE THE STUPIDEST

PLACE I HAVE WORKED AT."

>> John: BY THE WAY JUST

INCIDENTALLY I'M GUESSING THAT'S

NOT THE FIRST TIME THAT SHE

SMITH HAS HAD TO SAY, "THIS HAS

TO BE THE STUPIDEST PLACE I'VE

EVER WORKED AT."

BUT NOW, LOOK, LOOK.

[ CHEERS AND APPLAUSE ]

YOU MIGHT HAVE HEARD HIM DURING

THAT REPORT SAY CREDIT RATING

AGENCIES ACCEPTED CASH IN

EXCHANGE FOR TRIPLE-A RATINGS.

THAT MIGHT SOUND TO YOU LIKE A

BRIBE WHEN ACTUALLY IT'S MUCH

WORSE THAN THAT.

IT'S STANDARD BUSINESS PRACTICE.

AND DON'T TAKE THAT FROM A

POLITICAL IS A TIRIST.

TAKE IT FROM A SATIRICAL

POLITICIAN.

>> THE "WASHINGTON POST" DEPICTS

THE PROBLEM QUITE WELL IN THIS

SATIRICAL CARTOON.

NOW HERE YOU SEE THE RATING

AGENCIES GIVING THREE TENs TO

A FIGURE SKATER LABELEDDED WALL

STREET.

HE SAYS, "I PAY THEIR SALARIES."

THAT'S WHY HE'S GETTING THE

THREE TENs OR TRIPLE-A.

AND, YES, HE'S A FIGURE SKATER

AND HE'S DUMPING TRASH REALLY.

THERE YOU SEE AN APPLE CORE.

THERE'S A FISH.

HEAD.

SKELETON.

A BANANA.

YOU KNOW WHAT THOSE DO ON THE

ICE.

YOU JUST DON'T WANT THAT.

THAT'S BAD.

>> John: HOW DO YOU NOT LOVE

THAT?

AL FRANKEN HAS CRACKD THE CODE

ON HOW TO TALK TO SENATORS.

AS THOUGH THEY WERE SIX-YEAR-OLD

CHILDREN.

NOW, THAT WAS BACK IN 2010 WHEN

SENATOR FRANKEN WAS PROPOSING A

CRAZY NEW SYSTEM WHERE RATING

AGENCIES WOULD NO LONGER BE

DIRECTLY PAID BY THE BANKS IN

DEALS THEY WERE RAISING.

MOST AMERICANS WOULD SAY THAT

SOUNDS SENSIBLE AND OBVIOUS.

WHAT WOULD THE REPRESENTATIVES

OF THOSE AMERICANS SAY?

>> HOUSE AND SENATE NEGOTIATORS

ARE VOTED TO STRIP OUT SENATOR

AL FRANKEN'S CREDIT RATING

AGENCY AMENDMENT.

>> John: THAT'S.

THEY SAY GET THAT [BLEEP] OUT OF

OUR FINANCIAL REFORM BILL.

SO FRANKEN DIDN'T GET THE

AMENDMENT BUT HE DID GET THE

NEXT BEST THING.

A STUDY BY THE S.E.C. THAT

ULTIMATELY PROVES HE WAS RIGHT

ABOUT THERE BEING A CONFLICT OF

INTEREST.

HOW DID THEY COVER THAT?

ON THE NATION'S PREMIERE

FINANCIAL NEWS NETWORK?

>> THE FRANKEN PROVISION, YES,

YOU KNOW WHO THAT IS PROBABLY

NAMED AFTER, REQUIRED THE S.E.C.

TO CONDUCT A REVIEW OF THE

FEASIBILITY OF A NEW SYSTEM IN

WHICH A PUBLIC OR PRIVATE

UTILITY OR BOARD WOULD ASSIGN

WORK TO THE AGENCIES ON

STRUCTURED PRODUCT RATINGS.

>> UH?

DO YOU UNDERSTAND ANY OF

THAT?

>> IT'S TOUGH TO MAKE THE JUMP

WITHOUT LIKE THE BILL MURRAY

AMENDMENT.

>> GRANDE DID IT.

THE BILL MURRAY AMENDMENT.

YOU KIND OF LAUGH AT THE BILL

MURRAY AMENDMENT.

>> John: TWO POINTS THERE.

FIRST YOU'RE A FINANCIAL

ANALYST.

YOUR ONE JOB IS TO UNDERSTAND

STUFF LIKE THIS ARCH EXPLAIN IT

TO US.

THAT'S LIKE A PILOT COMING ON

OVER THE P.A. SAYING, OH, THERE

ARE SO MANY BUTTONS UP THERE.

HOW DO YOU FLY THIS THING?

[ CHEERS AND APPLAUSE ]

TOO MANY BUTTONS.

WHO DESIGNED THIS?

AND, TWO, IF THE GUY WHO DOES

UNDERSTAND IT USED TO BE A

COMEDIAN, THAT MAKES YOU LOOK

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