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. An inside account of how washington abandoned main street while rescuing wall street barofsky, neil on. Neil barofskys excellent bailout book has no mention of. 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. The government used a controversial bailout program to. Author neil barofsky talks about his book, bailout. In this bracing, pageturning account of his strangerthanfiction baptism into the corrupted ways of washington, neil barofsky offers an irrefutable indictment. 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. Since moving to washington in late 2008, he has married and become a father.
Even though by now we know most what neil barofsky packs into his book, bailout. Use features like bookmarks, note taking and highlighting while reading bailout. An inside account of how washington abandoned main street while rescuing wall street neil barofsky 1451684932 9781451684933 bailout. For eight years prior, he was a federal prosecutor in the us attorneys office for the southern district of new york. This site is like a library, use search box in the widget to get ebook that you want. Unlike many other books about the debt crisis and the bailout this one tells the personal story of one of the inside players. The government used a controversial bailout program to a.
Bill moyers and neil barofsky on big bailouts nationofchange. 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. 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. 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 is ultimately outmatched by entrenched interests. Download it once and read it on your kindle device, pc, phones or tablets. Neil barofsky, of new york, nominated by president george w. 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. 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. Neil barofsky has spent much of the past four years in a state of incredulous outrage, and today is no exception. Neil barofsky was the special inspector general of the troubled asset relief program from 2008 to 2011 and is the author of bailout, his account of that experience. And to keep his choices from the public for six months. 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. 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.
The government used a controversial rescue program to help automakers on the brink of troubled asset relief program tarp, extended loans to. 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. Bailout book by neil barofsky official publisher page. 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. Barofsky was senior fellow at new york university school of laws center on the administration of criminal law, an adjunct. In vivid behindthescenes detail, he reveals proof of the. Barofsky was senior fellow at new york university school of laws center on the administration of criminal.
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. Click download or read online button to get bailout book now. They wanted the secretary of the treasury, steven mnuchin, to be free to choose who gets the money and who doesnt. Bush to be special inspector general for the troubled asset relief program, speaks at a congressional hearing in november 2008. 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. This audit is the fourth completed so far by sigtarp in recent months. Difficult, rigorous, and independent oversight of the tarp i. 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. 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. Barofsky is an accomplished trial lawyer and wellknown authority on a variety of issues at the intersection of economics, law, business, policy and politics.
You felt a lot of pressure i still think your book bailout is one of the most important to read. 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 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. 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. Neil barofskys bailout as an anthropological study of washingtons awfulness would you like to follow me on twitter. 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. 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. 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. An inside account of how washington abandoned main street while rescuing wall street, joins thom hartmann. 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. Neil barofsky on the need to tackle banking reform.
How washington abandoned main street while rescuing wall street by neil barofsky and it was a gripping read. According to neil barofsky, another financial crisis is all but inevitable and the cost will be even higher than the 2008 financial crisis. The system is then free to continue to function outside the law. Bailout by neil barofsky overdrive rakuten overdrive. An inside account of how washington abandoned main street while rescuing wall street. An inside account of how washington abandoned main street while rescuing wall street by neil barofsky. An inside account of how washington abandoned main street while rescuing wall street kindle edition by barofsky, neil. Neil barofsky served as the special inspector general in charge of overseeing tarp from december 2008 until march 2011.
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