Bush to be special inspector general for the troubled asset relief program, speaks at a congressional hearing in november 2008. In vivid behindthescenes detail, he reveals proof of the. In this bracing, pageturning account of his strangerthanfiction baptism into the corrupted ways of washington, neil barofsky offers an irrefutable indictment, from an insider of the bush and obama administrations, of the mishandling of the gbp700 billion bailout fund. An inside account of how washington abandoned main street while rescuing wall street barofsky, neil on. Neil barofsky, special inspector general to the tarp program, us department of treasury. Neil barofsky, of new york, nominated by president george w. An inside account of how washington abandoned main street while rescuing wall street kindle edition by barofsky, neil. Use features like bookmarks, note taking and highlighting while reading bailout. Difficult, rigorous, and independent oversight of the tarp i. An inside account of how washington abandoned main street while rescuing wall street by neil barofsky.
The government used a controversial rescue program to help automakers on the brink of troubled asset relief program tarp, extended loans to. Neil barofskys excellent bailout book has no mention of. Second, neil barofsky is the former special inspector general in charge of oversight for the troubled asset relief program. Neil barofsky resigns as bailout inspector the new york.
I doubt barofsky realized the extent to which trillions were leaving. An inside account of how washington abandoned main street while rescuing wall street neil barofsky 1451684932 9781451684933 bailout. An inside account of how washington abandoned main street while rescuing wall street. Neil barofskys excellent bailout book has no mention of his courageous 2010 testimony to congress the fed bribed the bailedout banks with high interest rates to lend it the money right back. A normally functioning free market disciplines businesses. The government used a controversial bailout program to a. Neil barofsky, former inspector general of tarp, has written a piercing memoir about the naked collusion between washington and wall street.
In hour two we get the inside account of the financial crisis from neil barofsky, the former inspector general of tarp troubled asset relief program and author of bailout. Neil barofsky, who held the thankless job of special inspector general in charge of policing tarp, the bailouts troubled asset relief program, joins bill to discuss the critical yet unmet need. Barofsky was senior fellow at new york university school of laws center on the administration of criminal law, an adjunct. How washington abandoned main street while rescuing wall street, it remains worth reading as an indepth, consolidated account of how the bush and obama administrations pretended to be supporting overwhelmed home owners while pumping hundreds of billions into. Neil barofsky on the need to tackle banking reform. Barofsky was senior fellow at new york university school of laws center on the administration of criminal.
Bill moyers and neil barofsky on big bailouts nationofchange. Bailout book by neil barofsky official publisher page. How washington abandoned main street while rescuing wall street by neil barofsky and it was a gripping read. Neil barofsky says bailout cash was used to serve financial interests of wall street not main street. Barofsky, 40, said he resigned to spend more time with his new family. This audit is the fourth completed so far by sigtarp in recent months. An inside account of how washington abandoned main street while rescuing wall street one keeps expecting that at some point he will draw the obvious conclusion from his sordid tale of serving as the special inspector general for the troubled asset relief sigtarp. Download it once and read it on your kindle device, pc, phones or tablets. Barofsky was a federal prosecutor in new york in 2008 when his boss encouraged him to apply for a newly created position in washington, d. From the opening of this latest book on the governments mishandling of the 20089 financial crisis, neil barofsky establishes his populist narrative from his twoplus years as the tarp cop. The government used a controversial bailout program to. Based on the way that the tarp and hamp programs were implemented, and on the watering down of the doddfrank bill, it appears that big banks are calling the shots in washington d. Introduction when introducing neil barofsky during the nomination hearing for his appointment as special inspector general for the troubled asset relief program sig tarp in november 2008.
Even though by now we know most what neil barofsky packs into his book, bailout. The system is then free to continue to function outside the law. Barofsky goes to washington barofsky tells the story of how he was the us prosecutor working on major drug cases out of columbia but became the top cop put in charge of policing the troubled asset relief program. Unlike many other books about the debt crisis and the bailout this one tells the personal story of one of the inside players. Barofsky tangled with the treasury officials in charge of handing out support for big banks while also failing to hold the same banks accountable, for example in how they treated homeowners. For eight years prior, he was a federal prosecutor in the us attorneys office for the southern district of new york, during which time he headed the mortgage fraud group. You felt a lot of pressure i still think your book bailout is one of the most important to read. Author neil barofsky talks about his book, bailout. Since moving to washington in late 2008, he has married and become a father.
And to keep his choices from the public for six months. Neil barofskys adventures in groupthink city former tarp inspector generals new memoir is one of the few honest accounts of the chronic beltway dysfunction behind the bailout. Bailout by neil barofsky overdrive rakuten overdrive. Click download or read online button to get bailout book now. At the height of the financial crisis in 2008, neil barofsky gave up his job as a prosecutor in the esteemed us attorneys office in new york city, where he had convicted drug kingpins, wall street executives, and perpetrators of mortgage fraud, to become the inspector general in charge of overseeing administration of the bailout money. In this bracing, pageturning account of his strangerthanfiction baptism into the corrupted ways of washington, neil barofsky offers an irrefutable indictment.
Predictably banks are the enemy throughout bailout, but as is often the case with poorly edited books, barofsky seems to be arguing with himself quite a lot. An inside account of how washington abandoned main street while rescuing wall street as youll hear, the discussion is basically a playbyplay of how the treasury department bungled the. For eight years prior, he was a federal prosecutor in the us attorneys office for the southern district of new york. Neil barofskys bailout as an anthropological study of washingtons awfulness would you like to follow me on twitter. Neil barofsky quote of the day the suspicions that the system is rigged in favor of the largest banks and their elites, so that they play by their own set of rules to the disfavor of the taxpayers who funded their bailout, are true. This site is like a library, use search box in the widget to get ebook that you want. His book is an insiders account of how the financial crisis of 2008 was handled in washington dc and it is not a pretty sight. They wanted the secretary of the treasury, steven mnuchin, to be free to choose who gets the money and who doesnt. An inside account of how washington abandoned main street while rescuing wall street, is a necessary addition to the financial crisis oeuvre.
Now, neil barofsky, special inspector general for the treasurys troubled asset relief program says u. Barofsky is an accomplished trial lawyer and wellknown authority on a variety of issues at the intersection of economics, law, business, policy and politics. From his first day on the job as the special inspector general in charge of overseeing the distribution of the bailout money, neil barofsky found that the officials at the treasury department in charge of the bailouts were in thrall to the interests of the big banks. Barofsky, the original and now former special inspector general for tarp sigtarp, is the watchdog referred to in the post article, and bailout is a. Neil barofsky served as the special inspector general in charge of overseeing tarp from december 2008 until march 2011. An inside account of how washington abandoned main street while rescuing wall street, neil barofsky is ultimately outmatched by entrenched interests.
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