America’s Bankrupt Banks (Inside the Meltdown)

On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. There was literally a pause in that room where the oxygen left, says Sen. Christopher Dodd (D-Conn.)

As the housing bubble burst and trillions of dollars’ worth of toxic mortgages began to go bad in 2007, fear spread through the massive firms that form the heart of Wall Street. By the spring of 2008, burdened by billions of dollars of bad mortgages, the investment bank Bear Stearns was the subject of rumors that it would soon fail.

Rumors are such that they can just plain put you out of business, Bear Stearns’ former CEO Alan Ace Greenberg tells FRONTLINE.

The company’s stock had dropped from $171 to $57 a share, and it was hours from declaring bankruptcy. Federal Reserve Chairman Ben Bernanke acted. It was clear that this had to be contained. There was no doubt in his mind, says Bernanke’s colleague, economist Mark Gertler.

Bernanke, a former economics professor from Princeton, specialized in studying the Great Depression. He more than anybody else appreciated what would happen if it got out of control, Gertler explains.

To stabilize the markets, Bernanke engineered a shotgun marriage between Bear Sterns and the commercial bank JPMorgan, with a promise that the federal government would use $30 billion to cover Bear Stearns’ questionable assets tied to toxic mortgages. It was an unprecedented effort to stop the contagion of fear that seemed to be threatening the rest of Wall Street.

While publicly supportive of the deal, Treasury Secretary Henry Paulson, a former Wall Street executive with Goldman Sachs, was uncomfortable with government interference in the markets. That summer, he issued a warning to his former colleagues not to expect future government bailouts, saying he was concerned about a legal concept known as moral hazard.

Watch the full documentary now (playlist – 52 minutes)

Hawaii: Message in the Waves

Hawaii: Message in the Waves is a film from the BBC Natural History Unit looking at some of the environmental challenges facing the people and wildlife of the Hawaiian Islands.

Although the documentary is from a Hawaiian perspective it is really a global film. Because of their size, location and social history, the Hawaiian Islands represent a microcosm of the planet and are in a unique position to tell all of us where we are going wrong and what we can do to help put things right.

For more than just surfers, the ocean is an integral and inseparable part of Hawaiian life. To see the magnificent waves crash upon the Hawaii’s beaches, it’s clear why: From a Hawaiian perspective the ocean represents the ultimate beauty and bounty of life.

The waves that carry this bounty also carry a message. It is becoming increasingly clear that the oceans, not just around Hawaii but the world over, are in peril.

Now, scientists, surfers, environmentalists, and local Hawaiians, are mobilizing to address the issue. Hawaii: Message in the Waves follows their efforts as they try to clean the waters and save the marine life that calls them home.

Watch the full documentary now (playlist – 48 minutes)

Wild Russia

Wild Russia is a landmark High Definition series charting a journey across this vast land that stretches from Europe to the Pacific Ocean.

Covering 11 time zones, this huge country contains a wealth of unspoilt natural wildernesses – beyond the huge cities of Moscow and St. Petersburg, a primal world with rough mountain summits, wild rivers and an unmatched flora and fauna reveals itself.

Through unprecedented access we showcase the wild spectacle that is the Russian continent. Across six dramatic episodes we explore this diverse and even exotic country.

Russia is a place of superlatives proving that size does matter. Few countries are home to such extraordinary mammals: the Amur Tiger is the world’s largest cat; the Polar Bear is the world’s largest land predator; massive brown bears scour the rivers in search of salmon.

The Russian skies are home to the world’s largest owl and majestic sea eagles. In the freezing northern waters, walruses and Beluga whales hunt for fish.

It also provides a refuge for some for some incredibly rare species – including the beautiful and elusive Amur Leopard.

Watch the full documentary now (playlist – 4 hours)