Charles Ferguson's latest documentary reveals the true extent of corporate greed...

It is a rare and treasured event to see senior bankers squirming, not just because they partook in one of the worst economic crises of recent times, but because they all seem to take money far too seriously. Charles Ferguson's documentary Inside Job is impressive on two counts: first of all he manages to interview a heap (or should that be a herd?) of leading investment bankers, financial journalists and senior economics professors; and secondly he has little trouble tearing some of them to shreds.

Educating us on the complex journey pre- and post-financial meltdown, Ferguson begins the story with Iceland - where the banks begin to overextend themselves - before moving to the US and describing the staggering deregulation that took place under Reagan and continued unabated all the way through to W. Bush. Unsurprisingly, we find that those with the greatest propensity to greed become the ones pulling the strings at the Treasury, whilst the large investment banks spot opportunities to buy Collateralized Debt Obligations (CDOs) – in this case sub-prime mortgages – before buying Credit Default Swaps (CDSs) which are a form of insurance if people default on their mortgages. All the while, the credit rating agencies were giving AAA ratings (the safest), even where it was clear that those on 97% mortgages were almost certain to default on their loans.

If this all sounds a bit confusing then don’t worry because, with degrees from Berkeley and M.I.T., Ferguson is adept at offering the detail in such a way that even if you don’t understand the terminology you will still be able to follow the bigger picture. In fact, the best moments are when the staggering levels of collusion and excess are coloured by examples of the apparent self-importance expressed by figures such as Richard Fuld - the former Chairman and CEO of bankrupt Lehman Brothers - who had a lift built only for himself to avoid having to communicate with underlings.

As always it is the poor that suffer, and intersecting the story at various moments are insights into the effects on ordinary workers caused by the repossessions. Furthermore, Ferguson does a good job of attacking the economics professors, many of whom earnt millions from directorships and were paid obscene amounts to write academic reports.

Whilst the irony of having a multi-millionaire Hollywood actor narrating a story about excess seems to escape Ferguson, Matt Damon does at least provide a little bit of stardust with his story-telling. However, what is particularly striking - aside from the government complicity which has continued into Obama’s Presidency - is that whilst many industries are full of similar collusion, it is the sheer size of the excess that will make your gut churn.

If any criticisms are to be levelled at the writer/director - whose previous accolades include winning the 2007 Jury Prize at Sundance for No End In Sight: The American Occupation Of Iraq - it would be that his rather hostile interview approach prevents his interviewees from speaking freely. In fact, there are many instances where he gives them a couple of words and then cuts them off before they can justify their response. This can be rather frustrating, especially when you sense that they are about to incriminate themselves further, or offer the most unlikely of responses. Most importantly, without presenting these people the opportunity with which to properly defend themselves, Ferguson risks jeopardising any sense of impartiality - the first commandment of journalism. Saying that, one would imagine that few bankers will be queuing up for this - after all, they already know how it ends.

Inside Job opens in the UK on the 18th of February 2011

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