Schechter goes for the meat of the matter in the mortgage crisis and economic meltdown, starting with pyramid Midas Bernie Madoff’s trial then interviewing those in the know, from economist Paul Krugman to convicted white collar criminal Sam Antar who reveals the intentionally dishonest practices that have resulted in over 10 million mortgage foreclosures.
From the collapse of Bear Stearns to government bailouts, lost homes and Paris, France, as the crisis spreads globally, Schechter explains with humor, insight and outrage the underhanded deals and shady events that led up to the collapse which affected the lives of potentially billions of people.
Plunder is based on Schechter’s book of the same name and is a follow up to his earlier film In Debt We Trust. While at the time of these books’ publishing, Schechter may have been viewed as Chicken Little, the sky did fall, knocking out the economic floorboards around the world. Where were journalists?
And thus the media isn’t spared Schechter’s unflinching gaze. He takes them to task for being lapdogs, rather than watchdogs, of the financial institutions.
This is a film that makes the financial crisis. . . well, “fun” isn’t exactly the right word, but it takes the viewer on a roller coaster of information and entertainment, pulling no punches. And Schecter also draws some interesting and provocative analogies between Wall Street warriors’ sex drives and their business practices. . . .



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Before we start, just a couple quick notes: Please refresh your browser every minute or so to see new comments, questions and answers. To reply to specific comment, hit the reply button underneath it and then type away. Always after a comment or question hit “send comment.”
Please stay on topic–in this case Danny Schechter’s Plunder and his previous film In Debt We Trust, the mortgage crisis, foreclosure, general bad behavior by Wall Street, the bailout…
PLEASE STAY ON TOPIC/s If you want to jump in about the Gulf oil spill, politicians, predator drones or anything else not about tonight’s topics please find a post elsewhere on FDL to do so. Thank you.
Please–and I can’t believe I still have to say this, but–no ad hominen remarks, no attacks on belief systems… And please be respectful of our guest and of each other. And yeah, I tpye badly…
Hello Danny, and welcome to Firedoglake Movie Night!
Thanks so much for spotlighting this film and the issues I am raising. For reasons that should be apparent, these issues don’t get the attention they deserve
Danny, you’ve been a journalist for a long time, you’re an Emmy winner, you saw this crisis coming–why didnt your colleagues pay attention and relaize that the banks and lendees were just borrow form Peter to pay Paul…
Good Question. I am still puzzling over the complicity of mainstream media, the failure to warn us about what was to come, and to investigate the wrong doers. Its not surprising that most people have no idea what happened given the lack of financial literacy in our schools and the failure of our information system to inform
Danny,
Welcome to the lake!
Do you think that underwater borrows should start a strike to get cram downs on their mortgages? Is that realistic?
Yep old news but it truely needs to be out how the elite have taken over the usa and we little people are screweddddddddddddddd. Thanks Lisa for the link and movie.
Thanks, unfortunately it may be old to you but it is new for others–and very necessary to tell this story. My take is different–it treats the crisis as a CRIME STORY, not just a business problem.
hi lisa and danny!
DS, you’ve been an organizer in many movements like the upcoming anniversary of the 1963 march on washington.
how do we the people get percora commission style hearings since, as you say, danny: “i used to think of wall street as a financial center, i now think of it as a crime scene. we need a jailout, not a bailout.”
sorry Mary, missed your questions–there is a lot going on….I think all of the borrowers and people facing foreclosure have to fight back not as indivuduals but in an organized movement. We have cram some truth down the public as well as win justice for homeowners, I favor a moratorium on forecloses like FDR had and debt relief
Exactlky Danny, and that’s one reason I wanted to highlight it. This is movie that works for the Law and Order/CSI junkies who might not be aware of how the crisis affects them on a daily basis…I think it’s a great gift for all ages, btw!
Believe it or not I was an organize for the l963 March On Washington,,,There is a big march planned in Washington on October 2—but we need more than a national action–we need local activism too
Back to you Lisa, good point, We need some law and some justice here. After the S&L scandal, 1500 bankers went to jail, No one really is being prosecuted today for doing much worse–wrecking our economy.
Also, a demand for a real investigation like the Pecora Commission like the one in the 1930′s with subpoena powers to really cross examine the CEOS and other Banksters
your lips, gods’ ears
How did you get in touch with convicted white-collar criminal Sam Antar?
Maybe but I am very disappointed that the progressive movement if thats what it is, isn’t rallying behind demands for economic justice. We would rather yell at Glenn Beck and other distrations than challenge the people responsibe for the the crime of our time.
I found Sam Antar though reseacrh I wanted the film to talk to people who have been there and done that–bankers and in his case a convicted white collar criminal who knows how people are scammed because he scammed them
Do you feel that Obama could be doing more to investigate this scandal?
Danny, what steps do you think we can take in individuals and on a vcommunity level?
Thank you for hosting, Lisa, and welcome, Mr. Schechter. That’s a compelling trailer and I look forward to seeing the whole film. Given that some very large “emerging market” countries are now going through rapid financial systems automation– apparently without fraud controls from what I can read– your crime scene dissection could not only benefit Americans but may serve as a warning to folks elsewhere in this really very tightly coupled world.
danny — please explain how they stole trillions, which is addressed in your book, The Crime Of Our Time and in the movie you made, PLUNDER. thanks!
Yes of course Obama could do more. He knows the problem. Has apppointed a financial crisis task force but he is so low key, opposes punishing business miscreants because he wants them to create jobs which they are not doing. He seems to be looking over his sholder constantly and trying to mollify the right and media critics.
What can we do…for starters ARM yourself with information. Thats why I made this film and wrote the companion book. Help me get the word out by organizing screenings
Check out plunderthecrimeofourtime.com
Re the rest of the world–sure there is corruption but the Chinese government for one is more proactive even if they go to far. Britain has better anti-fraud laws and enforcment procedures,
This crime was commited by Three industries working together in an environment that has been decriminalized and dereaguled earlier. I am talking bout Real Estate, Finance and Insurance…Thats why we need a RICO type prosecution of a criminal enterprise like they use against the MAFIA
The real estate people enagaged in what the FBI calls a “fraud Epidemic”
The FInance people securitized mortages into structured financial products and misrepresented their value
Insurance companies like AIG Then insured the companes making loan designed to fail
It was intentional. And I am not the only one saying this.
It looks like they used the MAFIA protection racket via the bailout.
Check out plunderthecrimeourourtime.com
Link doesn’t work for me, thanks
Danny, what were some of your favorite–if that can be used as an adjective–parts of making the film? And scenes in it?
http://plunderthecrimeofourtime.com/ is the correct link for more information.
sorry the link is plunderthecrimeofourtime.com
my mistake
yes they operated like a mafia with the law on their side or so they thought’
they ended up screwing us all up including their own companies except those who profited and became superrich
every single solitary cent will be sucked out of the American public,in every concievable legal and illegal means…we are toast!
and the media is in on it,like Money Honey Bartiromo,or Hanes,Kudlow,Kramer,etc,etc adnauseum……..your pockets will be cleaned down to the lint
dont forget,Buffets…Moodys rating agency
Well I made a film called IN DEBT WE TRUST warning of this and was called a doom and glooner until the markets meltdown and I went from a zero to a hero.,…(*I wasn’t since others saw it too) but them I began going deeper, wrote a book called PLUNDER (Cosimo) in 2008 just before Lehman went down and then worked on this film whch was very hard because i barely had any funding….I have since amplified my findings in the book THE CRIME OF OUR TIME, just out from Disinformation Books—so I have tried to document the case but most of the media still ignores it–except FDL and some great radio stations and some TV outlets. I have been well receive by conservative media.
d
Danny, sadlyyes brings up a good point: the media. lets talk about their place in this…you feel they played a big part
Thank you sadlu yes, yes indeed, but there are mor of us than them and if we organize we have a chance to survive,’We can’t be fatalistic.
D
Forgive my typos–i use the bible method–seek and you shall find….
Yep, and whether by default or by little drops, drip, drip, drip.
Over the weekend I read about how the credit card companies were adding little bits of charges to all our accounts for this and that. It adds up to billion$ and billion$.
They are quite sneaky. It is another chapter in how the banksters get a little piece of everyone who uses any kind of bank card. And those little drips, when they take from everyone, well, an overflowing blood bank for Drakula and all his kind.
we are from the same shcool of tpying
Let me ask you all a question- how can we get progresive bloggers to pay more attention to these issues?
all one has to do ,is listen to ,what we used to call pump and dump,cheerleading the building stocks,Lenar,and others,bank stocks,reits…what a merry game it was
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Thanks
IN DEBT WE TRUST DEALT WITH credit cards. I watched two network reports this weekend in changes in credit card laws–very mild, they don’t cap interest rates BUT the new charges they are tacking on–in the WSJ today and on the Naked Capitalism Blog WERE NOT EVEN MENTIONED!!!!
i have lost a six figure amount believing in their professionalism,yea go to arbitration,you simply…CANT WIN
Thanks for the tutorial. With another few hourse, I will get t, smile
So True. Thats how they set the system up-and we let them get away with it
David Dayen is collecting stories from people like us, how we got sucked in and sucked dry. It is sort of like teh gay. No one seems to know who all these defaulters are, or know one of them. It is all the “little people,” but now it is more and more the middle class.
At a local business today, I used the word “bankster” in a conversation with the owner. He had never heard it, but he of course knew what it was. He said he used to have 8 people working there, now only 3, including himself. This is where it all trickles down.
god forbid they teach basic financial issues in High School,would be a sin to stop fleecing JoeSixpack
Of course many of us know about all this but there can be a paralysis of analysis—outrage in private, silence in public. Not Good.
lol…own a piece of the rock,or Merril Lynch…hahaha,lisence to steal
My husband and I made the decision to stop paying our credit cards a year ago. We actually were forced into the decision through job loss but we did it four or five month earlier than we had to. I often say that it was the American thing to do. Since our politicians aren’t taking care of us, we have to do it. I would love to join in the fight to cram down mortgages, too.
Danny, did you sit in on the congressional hearings? What happened to the outrage from the elected officials?
Yes Indeed, At first it was just the poor being hurt and thy were ignored but now the middle class is on the block. How can we do a mass communications campaign to rally people behind a movement for change. There are a few I know about, Bankster in Wisc, Citizens for FInancial Reform in DS and a NewWayforward.org
check them out
how can we stop them,they have stables of lawyers?
Sometime you have no choice. Many aMericans are not fighting capitalism but feaudalism–being in hock up to your eyeballs. Like serfs of old
Sue lawyers can help but we need an organized campaign that is not just against abuses but for a program of economic justice and change.
THE CREDIT INDUSTRY,is the biggest fraud of all im afraid,why you even pay them to rate/score you omg!
Outrage has to be constant, not sporadic. It needs media visibility and leadership. Otherwise we are just ventilating
it was very satisfying to me to have no mpre credit cards. oddly some places closed my accounts because i didnt use the cards. I say “neener, i pay cash.”
Tell us about jesse Jackson…
but the system is soooooooo rigged,the judges,many were former lawyers for banks and insurance companies
Alan Grayson is the perfect warrior pope..imo
links to organizations danny references:
http://www.banksterusa.org/
http://www.citizen.org/Page.aspx?pid=2554
http://www.anewwayforward.org/
sorry I misread your point, we have lawyers on our side too but the courts are stacked against us as are the laws.
We can’t just work the inside game–lobbying Congress–we need a strategy and a media campaigm If I could get 5o screenints going, we can have ome good discussions and motivate people to get involved.
this needs to catch on…get rid of TRW,EXPERION…..what a mass ponzi scheme of indentured servitude
links to the organizations danny references:
http://www.banksterusa.org/
http://www.citizen.org/Page.aspx?pid=2554
http://www.anewwayforward.org/
i will help in anyway possible,they start in college recruiting their serfs for life
I have know him for years. In 2008 I confronted him for not taking leadership on the foreclosure issue. I was really brutal, but he heard me and we organized a march on Wall Street that you can see in Plunder. He jas remained active on the issue and is leading a marchin Detroit with the UAW on August 28. I frequently appear now on his keephope alive Sunday radio show. Keephopealive.com
FOr many studens their crrdit score is more inportant than their grade average. This has to stop.
Grayson is a standup guy and doesn’t mince words. Refreshing!
How we doing. I hope that those of you in this chat will spread the word to others.
This is a stocking stuff for some of my younger friends–and for some conservatives over 60 i know as well…
Thanks Lisa…..With your support and the support of others we can get this issue on the agenda
The film is available from our website but also on netflicks. iTunes and some video on demand systems. Disinfo is the dvd distributor and the mediaeducation project has an hour vesion for schools and libraries
Size of Middle Class (More):
Japan 90.0%
Sweden 79.0
Norway 73.4
Germany 70.1
Switzerland 67.2
Netherlands 62.5
Canada 58.5
United Kingdom 58.5
United States 53.7
Because you mentioned AIG, here’s this which was reported just 2 days ago:
“The Republican National Committee’s $5.5 million in July receipts includes a $900,000 insurance payment [..]
The Republican Party’s insurance payment was from Illinois National Insurance, a subsidiary of insurance giant American International Group. A party official said the money was for an insurance claim but said there was a confidentiality provision in the agreement. The official was not authorized to discuss the claim publicly and spoke on the condition of anonymity.”
- from “Democrats hold financial advantage over GOP,” AP, Aug. 21, 2010
And shrinking
wow. this is important to make these connections and dig deeper. check out my piece on mediachannel.org which offers an overview of whats happening in the economy
Thanks for this info
yup
we are in dire straits
more info
http://www.huppi.com/kangaroo/8Comparison.htm
The Automatic Earth is a rather good web site for economic “news”.
If you don’t use credit you don’t need a credit rating! F*CK experian and TRW
O SanderO…..lets not give up without a fight. If they were so smart, the system would not have crashed. These Geniues are not that smart and have to be held accountable. Admittedly, its a long shot but we have to wake people up not only to what happened and why but to a realization they can do something about or at least try.
Thats the conviction with which I made PLUNDER THE CRIME OF OUR TIME. RemeberL It ain’t over until it is
Well, your credit might get checked to rent an apt…
I like Automatic Earth too and Naked Capitalism and Mandelmen and Ml-implode.com
Lets get people fired up like my colleague Cherie says. We need a new movement. What woukd Dr. King do?
i talk to people in the supermarket about milk prices bread prices,a loaf of decent bread is over 3 freakin dollars,milk 4 a gallon…
what is the FICO score for
goldmangovernment sachs, b of a, citibank, wells fargo, AIG, etc., hmm?you cant get a job now without it…it HAS to end
Yes we need credit people….but not usuary! the problem is that people who need credit are not getting it despit the Tarp bailout
I have a credit card but I travel alot and need it. I also hate it.
Danny, what were some of the challenges you faced making this aside from your funding…?
tishman Spear in NYC walked away from a mortgage,on a Geenormous apt complex ,hey no problem,credit is fine,just biz ya know
the links you reference:
http://ml-implode.com/
http://mandelman.ml-implode.com/
http://www.nakedcapitalism.com/
I want to give credit to Chris in Paris writing for AmericaBlog.com for giving this much greater visibility as the original info was buried in an article by the AP: GOP receives bailout from AIG.
We are marking the anniversary of Katrina. That was one city sinking–now all are….
Where’s Brownie when we need him? Smile.
There were many challenges. FIrst many people in the industry would not talk to me or call me back., Some of tyhis stuff is complicated and needed to educate myself and double check my facts. I wanted the film to have a focus and not go over well covered ground–like the fed and eco theory
there are few safety nets for REAL people,and with MEDICAL bankruptcies hitting 60%,50 million REAL Americans without healthcare…tis the pity!
great, i think I know the site
thanks for telling us about it
how many have to die,to show the whole system is rotten to the core
Not just a pity. an outrage and a crime
d
Danny, everyone, thank you for a stimulating and exciting night, now let’s take this energy and put it to use!
It is astonishing the sheer amount of resources we expend towards blue collar crime, and, how little we do against white collar crime…! The true costs to society of the white collar criminals put the blue collar criminals to shame…! The scales of Lady Justice have been skewed mightily…! 8-(
The Financial Crisis Commission has managed to keep itself out of the news, except for an early hearin with some banksters and the highest regulators. Do you think that was the plan — to low key this?
but the pols dont care,tis the pity
Welcome Mr Schecter,
because Glass-Steagall (and other consumer protections) were in place ? ’cause they now own the joint ? political cowardice ?
We all know about Keating and a few prominent others, but I was unaware so many were prosecuted, let alone actually convicted and sent to jail. definitely gonna have to revisit my reading on the subject.
i have said since Enron 10 years ago,open the prison gates,the real criminals are on the outside
Thanks again, Lisa, Bev, Jane and the FDL: crew for doing this chat. I hope everyone sees the film and if you like it recommend it to others. Thanks also to dissectrix Cherie Welch
As Edward R Murrow used to say. Good Night and Good Luck. WE NEED IT
‘
write to me at dissector@mediachannel.org
onward!
Thank you, Lisa and Danny, and have a great evening!
Amen, for all the penis envy about Goldman Sachs, it gets frequently forgotten that they had to be saved from extinction twice in 8 days, on September 14 when the AIG deal was set up and on September 21 when the Fed agreed to accept Goldman’s completely bogus application to become a bank holding company.
our country
====================
Homeless man freed from life sentence for breaking into church for food
Superior court reduces sentence imposed in 1997 under California’s three-strikes-and-you-re-out rule
guardian.co.uk, Tuesday 17 August 2010 20.34 BST Article historyA homeless man who spent 13 years behind bars for trying to break into a church kitchen to find something to eat is to be freed
a 1,000 profuse thank you’s to lisa, bev, ms. hamsher and all of you who tuned into this marvelous outlet for independent film! ~ dissectrix aka cherie | dissectrix@cheriewelch.com
Republicans have repeatedly tried to blame the financial crisis on Fannie/Freddie, and from their to blame Democratic policies to promote housing ownership for the less afluent. that story has been repeatedly debunked — F/F were late players in the bad mortgage game and and most of the damage was done by banks outside those programs — but the it’s a zombie narrative that won’t die. Does your film deal with that?
They used that to get rid of Acorn.
Mahalo Nui Loa for all your work and your being here tonite…! *g*
24 YEARS OLD!!!
Convicted Arms Dealer Faces New Charges
Source: The New York Times
Efraim E. Diveroli, the brash young Miami Beach arms dealer who landed a $300 million contract with the Pentagon to buy and ship munitions to Afghanistan only to have it unravel in a sprawling criminal case, was in custody again in Florida on Monday, facing new federal charges.
Mr. Diveroli, 24, was arrested Friday in Brevard County, Fla., and charged with possession of firearms as a convicted felon and with possession of firearms while under indictment for a felony offense.
After a brief appearance at a detention hearing on Monday in Federal District Court in Orlando, he was ordered held without bail in the Orange County Corrections Department
———————
no money for SS though
danny has left to go do an interview. you can find him on facebook, his blog:
http://www.newsdissector.com/blog, http://wwww.mediachannel.org and “like” the PLUNDER facebook page! thanks!
we will be putting PLUNDER The Crime Of Our Time on hulu in the not so distant future, as well.
plunder the perfect word,thanks Danny and Lisa
You know it’s funny… Shrub literally dismantled the hen house and let the Hens be ‘free range’ and the foxes gorged…! ;-)
And, gave us salmonella…what a fine finale. Cheers.
Amen, Rev…! *g*
rats, missed it. am going back to read comments, but in the meantime how would commenters here respond to the charge that the borrowers are at fault (blaming the victim)…? thx.
1. Why was it so hard to get the docs in for the modification program? The average was six submissions until they are accepted. But in the days of overflowing credit the loan officers often filled out the applications.
2. How many people leveraged money out of their homes due to the fact that no appreciation of income occurred since the early seventies?
I can come up with more given five or ten minutes.
Hi Mary, thank you and please do. I know these idiots are wrong intuitively and in general the reason why. But I love having fact-bullets ready in my bandolier.
Here’s another blather:
Why should we care what happens to these irresponsible people? They get what they deserve, living beyond their means, etc.
I can’t wait to see “plunder” in its entirety.
Just one more comment, I think people don’t pipe up because it’s too humiliating. No one likes being conned, or thought to be “stupid” enough to be conned.
If you address your first question the second one will get answer, too.
sorry, my brain is melting in the 100 degree heat. You’re right. thanks for playing with me! :) Hope all is well with you.
all is good, thanks.
hot here, too. :)
I watched the movie twice on Link TV, the only channel with the guts to show it. That’s mostly the problem here. Outrage is there and pushed what reforms we got to be passed, though they leave all the key components in place much like health care reform did.
We need a systematic re-tooling of our entire economic and social system.
We can take the one-brick approach or we can let the whole thing crash and burn.
I’m really concerned it will be the latter not the former.