Neil Barofsky

(2012)NF. The IG that oversaw implementation of the TARP program that was intended to help customers who were damaged in the banking scandals that almost brought down the economy. He quickly finds out that the intention of Treasury is to bail out banks and protect them at all costs and the public be damned. This guy wanted to stop the fraud and abuse and the Obama administration fought him at every turn. Very good.KIRKUS REVIEWA former watchdog in the federal government attacks the officials who perpetuated the financial meltdown by kowtowing to behemoth banks and Wall Street firms while abandoning the public interest.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.C., as inspector general overseeing the Troubled Asset Relief Program. Created during the waning months of the Bush administration and inherited by President Barack Obama, TARP allocated hundreds of billions of dollars of taxpayer money to allegedly stabilize too-big-to-fail banks, strengthen investment firms and rescue homeowners from foreclosure. Ignorant of cutthroat Washington politics, Barofsky, a Democrat, won confirmation by the U.S. Senate despite Republican Party dominance and set out to account for the TARP spending in a transparent, nonpartisan manner. However, as he demonstrates in his energetically written first-person account, he and his staff met resistance every time they tried to share the truth with Congress, the White House and the American public. The villains are numerous, with Treasury Secretary Timothy Geithner at the top of the list. Of course, it's possible that some of the negative characterizations shared by Barofsky involve score-settling or well-intentioned differences. That seems unlikely, however, since the author provides copious evidence of the petty attacks on his office by Geithner, other Treasury Department officials, White House staff members, senators and representatives, coddled journalists and ill-informed bloggers. Barofsky's account contains enough self-deprecation that he does not come off as a holier-than-thou hero.A courageous, insightful book that offers no cause for optimism.… (altro)

"Bailout" provides an excellent review of the huge bank bailout program initiated by the Government at the end of 2008. Neil Barofsky was the special inspector named to prevent fraud in the Troubled Asset Relief Program (TARP), and his accounts are clear, insightful, and non partisan. Much of his criticism was directed at Tim Geitner and the Treasury Department, but he pointed out many others to blame as well.
It was frustrating to hear again how banker greed led to the financial collapse of the housing market, yet bankers were not only rescued by the government, but they also were rewarded with undeserved bonuses courtesy of the U.S. taxpayers. Worse, Barofsky explains that controls and oversight was successfully headed off by Wall Street, and the "too big to fail" banks are even bigger than before. Thus, the problem leading to the bailout was never truly resolved. In summary, the book provides an excellent review of the bailout program and is a valuable look into the benefits and drawbacks of the TARP program.
… (altro)

Here is another one of those books that I put in the category as a tell all, shameless commercial exploitation. The author worked for the government during the bailouts so he decided to write a book. Oh boy, another one! The author had intimate knowledge of many things, including the diabolical politics and conniving that goes with Washington DC, so what does he write about? The bulk of the book covers the diabolical politics and conniving in Washington DC, not much else. AS IF WE DID NOT KNOW! The author writes this book like a diary and it is just about as interesting as my Aunt Mae's diary. The book has no drama, no plot, and no lessons learned, except that Washington is corrupt. Imagine that! The only thing enriched from this book was the author. Two thumbs down.… (altro)