Tonight's documentary is Inside Job. Made in 2010, this is probably the best documentary on the financial crisis and it also won an Academy award. It should also make your blood boil and then bubble over considering business as usual is still going on. The conflicts of interest alone exposed in this film will stun you In short it's a must see and if you have watched it already, well, see it again.
Naked Capitalism gave a big thumbs up to this film but in the review also points out a few shortcomings.
Ferguson makes the crisis sound as if it started with Lehman, when it really began in August or even arguably July 2007. He says Bear was purchased for $2 a share. He mentions deregulation leading to bigger and more frequent crises but then discussed only the dot com bust (which destroyed wealth but was not a credit crisis; the 1994-5 derivatives meltdown and the LTCM crisis were far more relevant antecedents). He puts a lot of emphasis on the 2003 liberalization of investment bank capital rules, when the investment banks were as geared in 2007 as they were in 1997 (not that that was good either, but the idea that that rule change was a major culprit in the crisis doesn’t stand up) and major Eurobanks were just as highly geared. He makes it sound as if securitization produced only CDOs and didn’t finesse at all well how much of them came to be rated AAA. He also incorrectly (in a graphic) indicated that AIG sold CDS to speculators. But none of these miscues seriously undermine his account.
I highly recommend Inside Job. Ferguson clearly intends to rouse the public, and I sincerely hope he succeeds.