[Studog]

Hmm 60 minutes doing something in depth? I think not. mindless innuendo without researched facts is the usual fare. Do your own research, dont rely on proven BS-ers and be better for it.

[brownsfan019]

Originally Posted by Studog »

Hmm 60 minutes doing something in depth? I think not. mindless innuendo without researched facts is the usual fare. Do your own research, dont rely on proven BS-ers and be better for it.

Don't watch it then. Some of us will.

[Bam-Bam]

PBS's Frontline has a number of very good shows they've broadcast about the Financial Crisis.

Here's a link to their "Global Economic Crisis" webpage. There's about 5 or 7 stand alone shows that chronicle different parts of economy (a couple on the meltdown/bailout, a couple on credit cards, one on Madoff, etc).

FRONTLINE: Meltdown - FRONTLINE's ongoing series on the global financial crisis | PBS

Worth the viewing time for those who don't make it to that part of the dial too often.


Bam-Bam

[Frank]

60 minutes does good job overall -- though this might just be too complex a topic to do on a broad show like this.

I want to see how they explain this --- firms like Goldman Sachs etc were charged interest on the loans the government to them. If you buy treasuries as Michael Lewis says, you are not guaranteed a profit unless you first clear the interest amount you owe.

No doubt that getting a check from the government to avoid a run on the bank is a benefit that financial institutions are awarded that nobody else gets. There is also a good reason for this. I am all FOR reducing the pay on wall street as its ludicrous -- but I will watch with interest to see how they explain this topic and see if they can do it without pandering to the mob who still believe banks like Goldman were given huge amounts of money and then Goldman took that money and paid it to their executives --- this is just too simple and its not true. Goldman Sachs, Wells Fargo, JP Morgan -- these firms all paid back the money they were given WITH INTEREST. TARP has so far shown a small profit -- not widely reported. This entire thing was so disgusting but I will watch with interest to see if 60 minutes can do this without skipping the facts.

[DugDug]

FYI another link today....

Bloomberg News

Personally - I blame the accountants from back in the 70s and 80s. The idea of creative accounting has always meant that you cannot believe the numbers - enron, tyco etc; I mean seriously why should accounting be creative unless you are trying to defraud and hide things. The Lehman report that just came out effectively comes to the same conclusion. People where given the incentives and the ability to do this - so should we be surprised when they do?

However, has anything ever really changed - anyone read "where are all the customers yachts?" - read it, look at when it was written - and realise the more things change the more they stay the same.

[Frank]

Links to the actual 60 minutes piece:

Part 1:
Inside The Collapse, Part 1 - 60 Minutes - CBS News

Part 2:
Inside The Collapse, Part 2 - 60 Minutes - CBS News

overall well done

[Dinerotrader]

Originally Posted by DugDug »

Personally - I blame the accountants from back in the 70s and 80s. ....

I worked at one of the big four accounting firms for 3 years auditing major corporations and after all the back and forth about whose to blame, here is the problem. The complexities of how to account for and disclose the kind of dealings companies are getting involved with is out of hand. I have been in conference calls with some of the brightest minds in accounting and there are constant issues and no clarity about how to report the ever expanding bucket of complex business deals.

Derviatives have been around for a while but accounting for them and disclosing their fair value is still being changed and modified and that is not even close to as complex as the nuances that come from application of the rules regarding a companies' industry specific situation. Accountants that actually commited fraud, they definitely are to blame. But the accounting industry as a whole is always just trying to figure out a way to clearly disclose what a company is doing and what they are doing becomes increasingly more complex.

The deal makers are the horse, accountants are the cart.

Just thought I would add a CPA's perspective.

[brownsfan019]

I liked the 60 minutes piece. It was what I expected - gave us some info to chew on and if you want more, buy this book.

So for the average person, esp the non-trader, it was well done IMO.

The crazy analyticals out there will find holes galore in the piece.