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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"BAILOUT" new Barofsky Book: Major Smackdown of Bush & Obama Admin.
This has to be req'd reading for this summer. I know I'll be reading this book
IT might seem remarkable that theres more to say about our late Bailout Age. But there is more a lot more.
Nearly four years after Washington began its huge rescues of banks with taxpayer dollars, an important player in this, one of the great financial dramas of all time, is offering a damning account of how the Bush and Obama administrations handled the whole episode.
He is Neil Barofsky. Remember him the man whose job it was to police the $700 billion Troubled Asset Relief Program? And his new account, a book titled Bailout (Free Press), to be published on Tuesday, is a must-read.
His story is illuminating, if deeply depressing. We tag along with Mr. Barofsky, a former federal prosecutor, as he walks into a political buzz saw as the special inspector general for TARP. Government officials, he says, eagerly served Wall Street interests at the publics expense, and regulators were captured by the very industry they were supposed to be regulating. He says he was warned about being too aggressive in his work, lest he jeopardize his future career.
And so Mr. Barofsky, who formerly prosecuted Colombian drug lords as an assistant United States attorney in New York City, is schooled in the ways of Washington. One telling vignette comes early on in his book, when he is advised by inspectors general in other agencies about how to do his job.
As Mr. Barofsky writes, he had assumed that his assignment to oversee TARP meant that he should be fiercely independent from the Treasury Department, and vigilant against waste, fraud and abuse. But after canvassing other inspector generals for guidance, he writes, he learned of different priorities: maintaining and possibly increasing budgets, appearing to be active and not making enemies.
The common refrain went like this, Mr. Barofsky writes. There are three different types of I.G.s. You can be a lap dog, a watchdog or a junkyard dog. A lap dog is seen as too timid, he was told. But being a junkyard dog was also ill-advised.
In other words, don't rock the boat because the Wall St casino rules. Chalk this up there with the other major U.S. policies which never change-- regardless of who occupies the White House or congress.
http://www.nytimes.com/2012/07/22/business/neil-barofskys-journey-into-a-bailout-buzz-saw-fair-game.html?_r=2&adxnnl=1&ref=books&pagewanted=all&adxnnlx=1342965709-i9Y4s4lfrBZ79cRg8VctUw
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"BAILOUT" new Barofsky Book: Major Smackdown of Bush & Obama Admin. (Original Post)
Iggy
Jul 2012
OP
xchrom
(108,903 posts)1. du rec. nt
woo me with science
(32,139 posts)2. K&R
woo me with science
(32,139 posts)4. Kick.
woo me with science
(32,139 posts)5. Kick
dixiegrrrrl
(60,010 posts)6. Already searching the torrents for it...
Shoul be interesting read.
Iggy
(1,418 posts)7. The book goes on sale
on Tuesday this week...
thanks for your interest
hay rick
(7,640 posts)8. Regulatory capture.
I didn't see that one coming.