▶ The men who crashed the world - YouTube
The first of a four-part investigation into a world of greed and recklessness that led to financial collapse.
In the first episode of Meltdown, we hear about four men who brought
down the global economy: a billionaire mortgage-seller who fooled millions; a high-rolling banker with a fatal weakness; a ferocious Wall Street predator; and the power behind the throne.
The crash of September 2008 brought the largest bankruptcies in world
history, pushing more than 30 million people into unemployment and
bringing many countries to the edge of insolvency. Wall Street turned
back the clock to 1929.
But how did it all go so wrong?
Lack of government regulation; easy lending in the US housing market
meant anyone could qualify for a home loan with no government
regulations in place.
Also, London was competing with New York
as the banking capital of the world. Gordon Brown, the British finance
minister at the time, introduced 'light touch regulation' - giving
bankers a free hand in the marketplace.
All this, and with key players making the wrong financial decisions, saw the world's biggest financial collapse.
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