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The Warning
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The Warning

EN · STATUS: [ STREAMING ]

Brooksley Born spent the late 1990s trying to stop a crisis nobody else in Washington wanted to see coming. As chair of the Commodity Futures Trading Commission, she pushed to regulate the booming market in over-the-counter derivatives, the complex financial instruments that would later help detonate the 2008 crash. This FRONTLINE film tracks how Alan Greenspan, Robert Rubin, and Larry Summers, the era's most powerful economic officials, moved to block her, arguing that oversight would spook markets already generating enormous profits for banks. Interviews with Born herself, along with regulators, economists, and journalists who covered the fight, lay out how her warnings were dismissed and how Congress ultimately passed a law in 2000 that shut the derivatives market out of regulation entirely. Archival footage of congressional hearings and news coverage from the period grounds the story in real time rather than hindsight. The film's case is that the 2008 meltdown was not unforeseeable; one regulator saw it coming a decade early and was overruled by the people who mattered most.