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

Book - 2012
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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 were in thrall to the interests of big banks. In vivid detail he reveals how they failed to hold the banks accountable even as they disregarded major job losses and refused to help struggling homeowners.
Publisher: New York : Free Press, c2012
Edition: 1st Free Press hardcover ed
ISBN: 9781451684933
Branch Call Number: 338.973 BAROFSK
Characteristics: xvi, 270 p. ; 24 cm


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Nov 19, 2015

The writing style is a bit laboured and over detailed ( and more than a bit self justifying), however the book is sound and an interesting examination of the 2008 sub prime mortgage debacle, brought about by a number of governments turning their attention (perhaps purposely) from an avoracious business sector that demonstrated no bounds to its greed.
Michael Lewis books also cast and interesting and more technical analysis from a buisiness view point.

Jun 23, 2013

This is a very good book, and while it is evident that the honorable (and Mr. Barofsky was one of three honorable personages in Washington, D.C. at that time, the others being Phil Angelides and Elizabeth Warren) Neil Barofsky understands credit default swaps and credit derivatives, he somehow doesn't fully comprehend the skulduggery involving those naked swaps, or uncovered credit default swaps and their involvement in the global economic meltdown. Mr. Barofsky does explain that the bailout of AIG was really the bailout of the top banksters (JP Morgan Chase, Goldman Sachs, Morgan Stanley, et cetera) and he does explain that lack of real response from Geithner and the other culpable ones!

Excellent insight into the continuing mess concerning taxpayer bailouts to TBTF banks, insurers, auto companies etc. Neil Barofsky was the Inspector General in charge of oversight for TARP. He pulls no punches, names names and adds a wonderful volume to the literature detailing the extent to which politicians and regulators are captured by Wall St. Great insider look at dysfunctional Washington from an outsider. Recommended.

Nov 03, 2012

Russ Roberts of EconTalk did a great interview with Mr. Barofsky:

johnf108 Aug 18, 2012

The author points out the great difficulty of getting anything done in Washington given the political and bureaucratic machinery that has built up and everyone protecting their own turf and not wanting anyone finding out how ineffective they are.
It reminded me of Richard Feynman trying to get to the bottom of the cause of the Challenger crash. Everyone scurried about getting accepting the explanations everyone gave. Feynman kept looking closer and found at least one of the major problems but the committee did not want to hear it and tried to block it.
Barofsky points out the same problems and how the few who tried to do their job were blocked and had to be discouraged.


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