YUI Panel renders differently in IE 8 with youtube video

Question

Currently I have a YAHOO.widget.Panel that gets created when YAHOO.onDOMReady and the page contains a youtube video.

In firefox, the panel appears on top of everything including over the youtube video which is the behavior that I want. But in IE 8, the youtube video renders completely over the panel.

The youtube video is basically included in the page using the typical object tag provided by youtube:

<object width="640" height="385"><param name="movie" value="http://www.youtube.com/v/7p5Z6d75Hz4?fs=1&amp;amp;hl=en_US"&gt;&lt;/param&gt;&lt;param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/7p5Z6d75Hz4?fs=1&amp;amp;hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="640" height="385"></embed></object>

I tried messing around with the z-index of the panel and the object element, but that still did not fix the issue in IE.

Any ideas?