Placeholder Image

Subtitles section Play video

  • WE GO TO ATLANTA, A MAJOR TEACHING SCANDAL THAT

  • LUCKILY FOR ONCE DOES NOT INVOLVE ANY WEIRD UNDERAGE

  • SEX-TYPE STUFF.

  • >> NEARLY A DOZEN FORMER EDUCATORS WERE CONVICT OF

  • RACKETEERING AND OTHER CHARGES FOR THEIR PART IN ONE OF THE

  • NATION'S BIGGEST CHEATING SCANDALS.

  • >> INFLATING THE TEST SCORES OF SOME OF THEIR MOST VULNERABLE

  • STUDENTS TO PROTECT THEIR OWN JOBS AND THEIR PAYCHECKS.

  • >> THEY WERE GOING BACK AND CORRECTING THE WRONG ANSWERS.

  • >> IT'S, LIKE, THE SICKEST THING THAT'S EVER HAPPENED TO THIS

  • TOWN.

  • ( LAUGHTER ) >> Jon: YOU'RE-- YOU KNOW,

  • YOU LIVE IN ATLANTA.

  • ( LAUGHTER ) SO I GUESS, YOU KNOW, EXCLUDING

  • SLAVERY AND YOUR CITY BEING BURNED TO THE GROUND, AND

  • SEGREGATION AND NOTORIOUS SERIAL KILLER AND THE OLYMPIC BOMBING.

  • ( LAUGHTER ) AND CNN.

  • ( LAUGHTER ) BUT, YOU KNOW, STILL. SICK.

  • ( CHEERS AND APPLAUSE ) SICK. SICK. SICK.

  • CLEARLY, WHAT WE HAVE HERE IS A WIDESPREAD CHEATING SCANDAL,

  • FRAUD.

  • BY WHY DO THE PARTICULARS OF THIS GRADE INFLATION SCANDAL

  • SOUND SO FAMILIAR TO ME?

  • >> THE COMPANIES REPEATEDLY GAVE A.A.A. RATINGS TO INVESTMENTS

  • THEY KNEW INCLUDED RISKY SUBPRIME LOANS.

  • >> Jon: I JUST CANNOT PLACE WHERE I HAVE EXTENSIVELY HEARD

  • ABOUT SYSTEMIC, JUST FLAT-OUT FALSIFYING OF INFORMATION AND

  • CHEATING.

  • >> LOAN OFFICERS WOULD FALSIFY CUSTOMERS' JOB OR FINANCIAL

  • INFORMATION SO THEY COULD QUALIFY FOR MORTGAGES.

  • >> THE PATTERN OF INFLATED APPRAISALS AND EMPLOYEES

  • COACHING BORROWERS TO LIE.

  • >> Jon: IT WILL COME TO ME...

  • ( LAUGHTER ) I CAN'T FIGURE OUT... WHERE,

  • PINK FLOYD'S "THE WALL."

  • I DON'T KNOW WHAT THAT HAS TO DO --

  • MERYL STREEP?

  • MINUS A "P."

  • PLUS A CUP OF TEA.

  • I DON'T -- WALL STREET-- WALL STREET!

  • OH!

  • IT'S WALL STREET!

  • SON OF A BITCH!

  • ARE THERE ANALOGOUS REFERENCE POINTS BETWEEN THE ATLANTA

  • CHEATING SCANDAL AND THE WALL STREET MELTDOWN?

  • HMMM.

  • TELL ME AGAIN, WHAT WAS THE ACTUAL FRAUD COMMITTED IN EACH?

  • >> EDUCATORS GAVE STUDENT ANSWERS.

  • >> COOK COUNTRYWIDE LOAN OFFICER TOLD HER TO CLAIM SHE MADE MORE

  • THAN TWICE HER ACTUAL INCOME.

  • >> Jon: SO, BOTH FALSIFIED INFORMATION.

  • >> TEST ANSWER SHEETS WERE ALTERED, FABRICATED AND FALSELY

  • CERTIFIED.

  • >> I SAW PEOPLE ALTER W2s AND ALTER PAYSTUBS TO MAKE IT APPEAR

  • AS IF PEOPLE MADE MORE MONEY TO QUALIFY FOR A LOAN.

  • >> Jon: MOTHER ( BLEEP ).

  • ALL RIGHT, I'M SORRY.

  • AN ELABORATE PURPOSEFUL SYSTEMIC CULTURE OF FALSIFIED

  • INFORMATION.

  • SO, ALL RIGHT, LACK OF ETHICAL LIMITS, COACHED ANSWERS,

  • ALTERED DOCUMENTS.

  • SOUNDS LIKE PRETTY SIMILAR BEHAVIOR.

  • BUT WHY DID SCHOOLS AND FINANCIAL INSTITUTIONS TAKE

  • THESE SHORTCUTS?

  • >> ATLANTA EDUCATORS COULD RECEIVE BONUSES WHEN STUDENT

  • PERFORMANCE IMPROVES.

  • >> LOAN OFFICERS RECEIVED BONUSES, COMMISSIONS.

  • >> Jon: PERSONAL ENRICHMENT, INCENTIVIZE FOR

  • PERSONAL ENRICHMENT.

  • AND WHY WAS THIS CULTURE OF FRAUD NOT STOPPED?

  • >> EDUCATORS WHO TRIED TO REPORT THE CHEATING FACED A CULTURE OF

  • FEAR AND INTIMIDATION.

  • >> THERE WERE THREATS AND INTIMIDATION.

  • >> WHAT KINDS OF THREATS ARE WE TALKING ABOUT?

  • >> YOUR TIRES WOULD BE FLAT.

  • >> YOUR TIRES WOULD BE FLAT?

  • >> YEAH.

  • ( LAUGHTER ) >> Jon: IN NEW JERSEY,

  • THAT'S CONSIDERED A COMPLIMENT.

  • ( LAUGHTER ) ( APPLAUSE )

  • I GOTTA SAY MORTGAGE LENDER INTIMIDATION IS PRETTY WEAK.

  • SOMETIMES I WOULD BRING YOGURT TO THE OFFICE, AND CHAD WOULD

  • EAT IT, EVEN THOUGH IT HAD MY NAME ON IT.

  • SO MANY EERIE SIMILARITIES, THOUGH.

  • IT'S SORT OF HOW LINCOLN HAD A SECRETARY NAMED IT KENNEDY AND

  • KENNEDY BANGED HIS SECRETARY IN THE BACK OF A LINCOLN.

  • ( LAUGHTER )

  • OR SOMETHING LIKE -- ANYWAY, THERE'S GOT TO BE SOME

  • DIFFERENCE BETWEEN THESE TWO STORIES.

  • WHAT COULD IT BE?

  • >> THREE DISGRACED EDUCATORS, FORMER TEACHERS AND

  • ADMINISTRATORS, WERE SENTENCED TO 20 YEARS.

  • THE OTHERS, INCLUDING A PRINCIPAL AND ELEMENTARY SCHOOL

  • TEACHERS, WERE SENTENCED TO FIVE YEARS, SERVING ONE TO TWO OF

  • THEM BEHIND BARS.

  • >> Jon: ALL RIGHT.

  • AND?

  • >> A RECENT "NEW YORK TIMES MAGAZINE" STORY FOUND THAT

  • ONLY ONE PROSECUTION RELATING TO THE 2008 FINANCIAL CRISIS LED TO

  • A CONVICTION AND JAIL TIME.

  • >> Jon: I THINK I FOUND THE DIFFERENCE.

  • ( LAUGHTER ) PUNISHMENT!

  • THE TEACHERS AND SCHOOL ADMINISTRATORS ARE GOING TO BE

  • PUNISHED WITH JAIL TIME, OR WHAT THEY MIGHT KNOW AS DETENTION

  • EXTREME RULES.

  • ( LAUGHTER ) WHEREAS THE ENTIRE FINANCIAL

  • SECTOR IS TIED, JAIL TERM-WISE, WITH THE ECONOMY'S

  • EQUALLY CRITICAL "REAL HOUSEWIVES OF NEW JERSEY"

  • SECTOR.

  • OH, ACTUALLY, THEY'RE BEHIND, 2 TO 1.

  • SO WHY DID THE TEACHERS RECEIVE JAIL TIME AND THE FINANCIAL

  • INSTITUTIONS FINES?

  • PERHAPS THIS NUGGET IN THE JUDGE WHO SENTENCED THE TEACHERS WILL

  • SHED LIGHT.

  • >> ALL I WANT FROM ANY OF THESE PEOPLE IS JUST TO TAKE SOME

  • RESPONSIBILITY.

  • >> Jon: THE TEACHERS WERE REMORSELESS.

  • THEY WERE CHEATERS WHO WOULD NEVER ADMIT TO WRONGDOING.

  • THAT'S THE CONTRAST.

  • AT LEAST THOSE WHOSE FINANCIAL CRIMES NEARLY BROKE THE EARTH--

  • ( LAUGHTER ) WERE REMORSEFUL.

  • >> THE STATES REACHED A $325 MILLION SETTLEMENT WITH

  • AMERIQUEST.

  • AMERIQUEST NEVER ADMITTED TO ANY WRONGDOING.

  • >> U.B.S. DID NOT ADMIT ANY WRONGDOING.

  • >> MORGAN STANLEY ISN'T ADMITTING TO ANY WRONGDOING.

  • >> GOLDMAN SACHS WILL NOT ADMIT ANY WRONGDOING.

  • >> BANK OF AMERICA IS NOT ADMITTING ANY WRONGDOING.

  • >> Jon: WHO PAYS $300 MILLION AND DOESN'T ADMIT

  • WRONGDOING?

  • SO THE THE NINE-FIGURE CASH SETTLEMENT IS NOT SO MUCH A FINE

  • AS IT IS, WHAT, A LITTLE SOMETHING FOR THE JUSTICE

  • DEPARTMENT FOR LOOKING THE OTHER WAY?

  • GOOD THING JUSTICE IS BLIND BECAUSE SHE KNOWS WHAT'S GOOD

  • FOR HER, HA, HA.

  • HERE'S WHAT, SHE KNOWS SHE DIDN'T SEE NOTHING.

  • SO AT THE END OF ALL THIS, YOU HAVE TO ASK YOURSELF WHAT

  • IS THIS HARSH PUNISHMENT FOR ATLANTA'S EDUCATORS

  • MEANT TO ACCOMPLISH.

  • >> MY HOPE IS THAT THIS VERDICT WHICH SHOWS SOME ACCOUNTABILITY

  • WILL SEND A SERIOUS MESSAGE.

  • >> Jon: AND WHAT DID THE LESS-HARSH PUNISHMENTS FOR WALL

  • STREET ACCOMPLISH?

  • >> A FEW YEARS AFTER THE MELTDOWN THAT IT'S STILL

  • BUSINESS AS USUAL INSIDE SOME OF THESE WALL STREET BANKS.

  • >> I KNOW.

  • >> THE REASON NOTHING HAS CHANGED ON WALL STREET IS

  • BECAUSE THE INCENTIVES ON WALL STREET HAVE NOT CHANGED.

  • >> Jon: PERHAPS WE CAN PUT THIS LESSON IN STANDARDIZED TEST

  • FORM.

  • JOHNNY IS A CHEATING TEACHER ON A TRAIN TRAVELING 80 MILES PER

  • HOURS WEST TO JAIL.

  • CHARLIE IS A CHEATING WALL STREET EXECUTIVE ON A TRAIN

  • TRAVELING 40 MILES PER HOUR...

  • I'M KIDDING.

  • IT'S A HELICOPTER AND HE'S GOING TO A PARTY WHERE A GIANT ICE

WE GO TO ATLANTA, A MAJOR TEACHING SCANDAL THAT

Subtitles and vocabulary

Click the word to look it up Click the word to find further inforamtion about it