The Legal Perspective essay

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This paper explores the numerous examples of potentially illegal practices featured in the film ‘The  Inside  Job’. The film generally depicts  the  financial  meltdown  particularly  in the  USA.  It  features  many  potentially  illegal  practices   such  as  actions,  affirmative  statements,  fraud,  omissions  and schemes  which  in themselves   have  long  run  implications. Some of the practices may constitute fraud. The rule of law applied here is Fraud in the inducement ( voidable by the innocent party). It is explored in five elements.

The paper also explores whether the analyzed practice from a legal perspective and weighs on whether victims would prevail against the perpetrators in a court of law.

There are numerous examples of illegal activities in the film. An  affirmative  statement  is heard  at  the  start  of  the  film  where  one  of  the  culprits  facing  a  court  of  law  says  that “we  deeply  regret  our  breaches  of  the  US  laws”  this  goes  ahead  to show  that the  culprit  is well  aware  of  their  fraud  charges. Further,  the  government goes  ahead  to  endorse  Bills  and  Acts  such  as  the  Gramm-Leach-Bliley Act  in  1999  and  the  Modernisation  Act of 2000  in an  attempt  to  hide  the  fraudulent  activities  of  the  big  firms  such  as  Citigroup.  the  laws  banned  the  regulation  of  financial  derivatives  at  the  same  time  excluding them  from   Anti-gambling  laws

The  film  also  depicts  illegal  actions  such  as  money  laundering,  defrauding  of  customers  and  cases  of  tax  evasion.  Examples  of these  fraudulent  actions  are  seen  in  the  Credit  Suisse  and  the  UBS  fraud  case  of 1999.

Scheming  is also  seen outright  when  a new  law  to  regulate  the  mortgage  industry  by  the  Federal  Reserve is  passed   but  Alan  Greenspan  refuses  to enact  the  regulations  deeming them  unnecessary.  Investment  banks  are  seen  to  promote  internet  companies such  as  Infospace  and  Excite  that  would  soon  fail. The  banks  had  hoped  to  reap  massive  gains  at expense of the public. 

Evidence  that  would  otherwise  implicate  the  big  firms  in their  heinous  activities  is done  away with. Such is the case in  Credit  Suisse. Evidence showing that it  was  Iranian  was  concealed. Further,  there  is  either omission or  altering  of  their  financial  records  otherwise  referred  to  as ‘ cooking  their  books’  in  frantic  efforts  to  evade  taxes. In  2000 Arthur  Andersen, an auditor , was  convicted  of justice  obstruction  for  shredding  Enron’s  documents.

Investigations  carried  out  between  2000-2009  on  Fannie  Mae  and  Freddie  Mac  revealed  astounding  accounting  fraud.  Worldcom  is  also  said  to have  inflated  its  assets by  $11 billion. Executives  on Wall Street   are said  to have spent  corporate  money  for  their  own  entertainment  which  goes  further  to  include  third  parties  such  as  prostitutes,  who  reveal  that  they  have black cards  at their  disposal.

The  film  is  a clear  exhibit  of  fraud  which  in itself  is  a  serious  crime,  and  those  involved should  be  convicted  in  a  court of  law. Despite  the  overwhelming  evidence,  there  is  no  conviction  of  anybody  in  the  elite  ranks  of  Wall  Street. This  is  because  most  of  them  have  friends  in  high  places  including  the  White  House. They  are  therefore  bound  to go  unpunished  for their  activities. At  the  outburst  of  the  financial  crisis  their  kitty  goes  untouched  while  the  ordinary  person  suffers  the most. The  ordinary  person  is  left  not only unemployed but also homeless. The  elites  are  also  likely  to  be  charged  in  a court  of  law  from the allegedly  use  to  cocaine to promoting  prostitution  and  misappropriation of  corporate  funds. If  these  allegations  are  made  to  stick  legally, they  are  likely  to  bend  the  rules  as  usual  and  get away  with  it. 

The  intensitfying  recurrent  financial  crisis  heavily  influenced  by  the  elite  shroud  the economy  with  fraud   and leaves  the  people with no confidence in the  system.  The  only  solution  is  to   repair  our  moral  fabric  which  will  in  turn  repair  the  broken  financial  system.

Bringing  the perpetrators to justice can prove tricky due to lack of evidence, which they carefully conceal, and bearing in mind the massive influence they have in the justice department.

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