It is, says former bailout inspector general neil barofsky, the ultimate baitandswitch. Neil barofsky served as the special inspector general in charge of. Neil barofsky was the first special general inspector of tarp and the author of the book bailout. Barofsky, 40, said he resigned to spend more time with his new family. The book is a memoir, and it starts just before barofsky went to. He got to be what i call a designated asshole in his dc incarnation, not that that was the way it had to turn out. Neil barofskys new memoir bailout, is not just a great read, its also a very important story about what happened after the financial crisis. Neil barofskys new memoir bailout, is not just a great read, its also a very important story. Even though by now we know most what neil barofsky packs into his book, bailout. Why neil barofskys book bailout matters naked capitalism.
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 kindle edition by barofsky, neil. Harry hamburg associated press by michael hiltzik business columnist. Neil barofsky over the telephone, whosenew memoir bailout, recounting his stint in washington from late 2008 until. We have excerpted portions of an interview he did with the new york times in advance of his book release. You felt a lot of pressure i still think your book bailout is one of the most important to read. Neil barofskys journey into a bailout buzz saw fair. The book recounts barofskys frontrow view of how the bush and obama administrations handled the bailouts of banks, auto makers and homeowners after the financial crisis. From the opening of this latest book on the governments mishandling of the 20089 financial crisis, neil barofsky establishes his populist narrative from his. 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 was a federal prosecutor in new york in 2008 when his boss encouraged him to apply for a newly created position in washington, d. Bailout book by neil barofsky official publisher page. Bill moyers and neil barofsky on big bailouts global. In his scathing new book, barofsky says taxpayers got shafted while the rich got.
Whistleblower neil barofsky on tarp bailout youtube. The former bailout watchdog, who is currently promoting his new book bailout, went political with his message. An inside account of how washington abandoned main street while rescuing. Written by barry ritholtz, one of todays most popular economic bloggers and a wellestablished industry pundit, this book skillfully explores how. Neil barofsky, author of bailout and the former special inspector general for the tarp program, talks with econtalk host russ roberts about his book and the government bailouts by the bush and obama administrations. An engaging look at what led to the financial turmoil we now find ourselves in bailout nation offers one of the clearest looks at the financial lenders, regulators, and politicians responsible for the financial crisis of 2008. Barofsky, who was the special inspector general for tarp, was in a vantage point to view the entirety of the obama policy apparatus, from the use of tarp to pad bank balance sheets to treasurys. 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. America, free markets, and the sinking of the world economy, is an authoritative and cathartic roundup of the failed policies, corporate greed, and dogmatic too big to fail thinking. In an election year marked by bitter partisan rancor, the coronavirus outbreak brought democrats and republicans into agreement this week on.
The hidden costs of the bailout sigtarp barofsky oct. Neil barofskys adventures in groupthink city rolling stone. Neil barofsky, is coming out with a new book, bailout which tells the story of his time serving in that capacity. Tell my audience where that pressure came from, and what were you to do in response to it. Barofsky, an obamacampaigncontributing democrat, was plucked from a position in the u. Every generation is born into a world it didnt make, into a mess of which it was not the author. From the opening of this latest book on the governments mishandling of the 20089 financial crisis, neil barofsky establishes his populist. We were fortunate enough to speak with former special inspector general for tarp sigtarp. Behold, neil barofsky is the second coming of christ. Neil barofsky, the former inspector general of the troubled asset relief fund, can sum up the state of the nation in two words.
He discusses his new personal narrative titled bailout. As inspector general, barofsky was one of the most impressive and courageous political officials in washington for his willingness to stand up to some of the most powerful people and. For some unfathomable reason, the bush white house decided it wanted someone whod take the sigtarp role seriously. Bailout is an engaging account of the washington turf wars and power plays that occurred as the bush and obama administrations tried to revive the nations economy in the wake of the financial panic of 2008.
Reveals the mishandling of the tarp bailout fund, sharing how geithner and his team failed to fix flaws in the homeowner relief program and that the government served wall streets interests over the broader public. Neil barofsky isnt going to like this, but the first person i thought of when i read the former tarp inspector generals book, bailout, was g. Author neil barofsky headed sigtarp as special inspector general over tarp which congress authorized and. Barofsky writes, he had assumed that his assignment to oversee tarp meant that he. Treasurys desperate attempt to bail out wall street was setting the country up for. 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. 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. Neil barofsky in 2010, when he was special inspector general for the tarp banking bailout.
An inside account of how washington abandoned main street while. An inside account of how washington abandoned main street while rescuing wall street. Download it once and read it on your kindle device, pc, phones or tablets. The pressures came from a lot of different directions. Our guest is neil barofsky, the former special inspector general in charge of oversight for the troubled asset relief program sigtarp. An inside account of how washington abandoned main street while rescuing wall street, is a necessary addition to. How washington abandoned main street while rescuing wall street by neil barofsky and it was a gripping read. Now barofsky, the former special inspector general, has written a revealing behindthescenes look at how, he says, the financial bailout programs funds were mishandled in a. Neil barofsky resigns as bailout inspector the new york. The title of barofskys book after bailout is how washington abandoned main street while rescuing wall street, but in a book that always. Neil barofsky was a government gadfly who made a career of needling, and at times pillorying, wall street and washington over the 2008 bank bailouts.
Its one of the juicier episodes in barofskys new book, bailout. Bush to be special inspector general for the troubled asset relief program, speaks at. Bailout is a riveting account of barovskys plunge into the political meat grinder of washington, as well as a vital revelation of just how captured by wall street our. Inspecting the banks, then and now the bank bailout five years. The book examines what lead the economy to the brink, elucidating the root causes of the crisis. Having read an advance copy of former special inspector general of the tarp neil barofskys new book, bailout, i am pretty confident most nc readers would enjoy it. Now a partner at a private law firm, without access to power he once wielded as a federal prosecutor, he has managed to secure a familiar role. Neil barofsky, of new york, nominated by president george w. What one learns, overall, is that national politics is substantially dominated by the. New york cnnmoney the obama administration just cant get rid of neil barofsky.
Why the obama administration will hate neil barofskys. Barofsky was senior fellow at new york university school of laws center on the administration of criminal law, an. He contributed to politico, alternet, salon, the nation and reuters. Neil barofskys book bailout an inside account of how washington abandoned main street while rescuing wall street, leaves no doubt that in his mind the american taxpayers have struck out and the big banks continue their winning streak. Use features like bookmarks, note taking and highlighting while reading bailout. And his new account, a book titled bailout free press, to be.
Barofsky recounts what he learned about how washington works and the incentives facing politicians and bureaucrats. Neil barofsky on bailouts, tarp, and whether it was. He also casts a large vote of noconfidence in treasury secretary tim geithner. Timothy geithner peppered tarp inspector general barofsky. Bailout book by neil barofsky official publisher page simon. Well, first of all, thank you for the kind comments about the book.
Bill moyers and neil barofsky on big bailouts nationofchange. Bailout by neil barofsky august 23, 2017 i really didnt believe the figure of total commitments made during the financial crisis until i saw the backup documents that had been provided by each of the agencies themselves. From december 2008 to march 2011, barofsky served as. The above quote and its underlying story is for the most part the tale within neil barofskys bailout.
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