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Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street
This was book written by the Inspector General who over saw the TARP program.
Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street
by Neil Barofsky
In telling of his stranger-than-fiction baptism into the corrupted ways of Washington, Barofsky offers an irrefutable indictment, from an insider of the Bush & Obama administrations, of the mishandling of the $700 billion TARP bailout fund. In behind-the-scenes detail, he shows the extreme degree to which government officials bent over backward to serve the interests of Wall Street firms at the expense of the public& at the expense of effective financial reform. During the height of the financial crisis in 2008, Barofsky gave up his job as a prosecutor in the US Attorneys Office in NYC, where he'd convicted drug kingpins, Wall Street executives & mortgage fraud perpetrators, to become the special inspector general in charge of oversight of bailout money spending. From the first his efforts to protect against fraud & to hold big banks accountable for how they spent taxpayer money were met with outright hostility from Treasury officials in charge of the bailouts.
Barofsky discloses how, in serving banking interests, Treasury Secretary Timothy Geithner & his team worked with Wall Street executives to design programs to would funnel vast amounts of taxpayer money to their firms & would have allowed them to game the markets & make huge profits with almost no risk or accountability, while repeatedly fighting efforts to put the necessary fraud protections in place. His investigations also uncovered abject mismanagement of the bailout of insurance giant AIG & Geithners decision to allow the payment of millions of dollars in bonuses & that the Obama administrations TARP Czar lobbied for the executives to retain their high pay....
http://www.goodreads.com/book/show/15737379-bailout
by Neil Barofsky
In telling of his stranger-than-fiction baptism into the corrupted ways of Washington, Barofsky offers an irrefutable indictment, from an insider of the Bush & Obama administrations, of the mishandling of the $700 billion TARP bailout fund. In behind-the-scenes detail, he shows the extreme degree to which government officials bent over backward to serve the interests of Wall Street firms at the expense of the public& at the expense of effective financial reform. During the height of the financial crisis in 2008, Barofsky gave up his job as a prosecutor in the US Attorneys Office in NYC, where he'd convicted drug kingpins, Wall Street executives & mortgage fraud perpetrators, to become the special inspector general in charge of oversight of bailout money spending. From the first his efforts to protect against fraud & to hold big banks accountable for how they spent taxpayer money were met with outright hostility from Treasury officials in charge of the bailouts.
Barofsky discloses how, in serving banking interests, Treasury Secretary Timothy Geithner & his team worked with Wall Street executives to design programs to would funnel vast amounts of taxpayer money to their firms & would have allowed them to game the markets & make huge profits with almost no risk or accountability, while repeatedly fighting efforts to put the necessary fraud protections in place. His investigations also uncovered abject mismanagement of the bailout of insurance giant AIG & Geithners decision to allow the payment of millions of dollars in bonuses & that the Obama administrations TARP Czar lobbied for the executives to retain their high pay....
http://www.goodreads.com/book/show/15737379-bailout
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Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street (Original Post)
think
Mar 2016
OP
My Good Babushka
(2,710 posts)1. I'm amazed by how many people
were seemingly alive, conscious and literate during this fiasco, and are now trying to gaslight others about how heroic this legislation was.
Thanks for posting.
dixiegrrrrl
(60,010 posts)2. Really is a good read, and easy to follow.
Highly recommend.
pberq
(2,950 posts)3. Proof that our government is owned by Wall Street. eom