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    Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street
    Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street
    Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street
    Ebook439 pages7 hours

    Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street

    By Neil Barofsky

    3.5/5

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    About this ebook

    In this riveting account of the mishandling of the TARP bailout fund, a former federal prosecutor offers behind-the-scenes proof of the corrupt ways Washington officials serve the interests of Wall Street.

    In this bracing, page-turning account of his stranger-than-fiction baptism into the corrupted ways of Washington, Neil Barofsky offers an irrefutable insider indictment of the mishandling of the $700 billion TARP bailout fund. During the height of the financial crisis in 2008, Barofsky gave up his job in the esteemed US Attorney’s Office in New York City to become the special inspector general overseeing the spending of the bailout money. But from day one his efforts to protect against fraud and to hold the big banks accountable were met with outright hostility from Treasury officials. Bailout is a riveting account of Barofsky’s plunge into the political meat grinder of Washington, and a vital revelation of just how captured by Wall Street our political system is and why the banks have only become bigger and more dangerous in the wake of the crisis.
    LanguageEnglish
    PublisherFree Press
    Release dateJul 24, 2012
    ISBN9781451684940
    Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street
    Author

    Neil Barofsky

    Neil Barofsky served as the Special Inspector General in charge of overseeing TARP from December 2008 until March 2011. For eight years prior, he was a federal prosecutor in the US Attorney’s Office for the Southern District of New York, during which time he headed the Mortgage Fraud Group. Currently, Neil Barofsky is a senior fellow at New York University School of Law. An alum of the University of Pennsylvania and the New York University School of Law, this is his first book.

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    Reviews for Bailout

    3.5/5

    39 ratings4 reviews

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    • 3/5
      Barofsky is really mad, and has reason to be given that the key decisionmakers only wanted to save banks
    • 2/5
      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.
    • 5/5
      The ultimate insider account of what exactly happened during the much vaunted 'bailout' of major financial institutions. Barofsky was appointed as a watchdog of the government agency that distributed funds; Neil's account of what happened is at once hilarious, sobering, and infuriating.
    • 4/5
      Insider account of Barofsky’s time as inspector general for TARP within Treasury. Barofsky is really mad, and has reason to be given that the key decisionmakers only wanted to save banks, even when Congress had given them money explicitly to be used to help homeowners. He’s at his best explaining the perverse incentives that applied so that many people ended up worse off trying to get help from TARP, which Treasury then defined as existing to “foam the runway” for the banks and slow down the rate of foreclosures so the banks would be okay—without acknowledging that that slowing-down meant encouraging people to run through their life savings and destroy their credit and then still lose their homes. But don’t worry; the banks are bigger now and I’m sure this time they won’t take risks requiring taxpayer bailouts, since that would cost them their credibility (not their bonuses, though).

    Book preview

    Bailout - Neil Barofsky

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