An edition of Bailout (2012)

Bailout

How washington abandoned main street while rescuing wall street

1st Free Press trade paperback ed.
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Last edited by ImportBot
December 24, 2021 | History
An edition of Bailout (2012)

Bailout

How washington abandoned main street while rescuing wall street

1st Free Press trade paperback ed.
  • 0 Ratings
  • 4 Want to read
  • 0 Currently reading
  • 0 Have read

In this account of his stranger-than-fiction baptism into the corrupted ways of Washington, Neil Barofsky offers an irrefutable indictment, from an insider of the Bush and Obama administrations, of the mishandling of the $700 billion TARP bailout fund. In behind-the-scenes detail, he reveals proof of the extreme degree to which our government officials bent over backward to serve the interests of Wall Street firms at the expense of the broader public--and 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 U.S. Attorney's office in New York City, where he had convicted drug kingpins, Wall Street executives, and perpetrators of mortgage fraud, to become the special inspector general in charge of oversight of the spending of the bailout money. From his first day on the job, his efforts to protect against fraud and to hold the big banks accountable for how they spent taxpayer money were met with outright hostility from the Treasury officials in charge of the bailouts. Barofsky discloses how, in serving the interests of the banks, Treasury Secretary Timothy Geithner and his team worked with Wall Street executives to design programs that would funnel vast amounts of taxpayer money to their firms and would have allowed them to game the markets and make huge profits with almost no risk and no accountability, while repeatedly fighting Barofsky's efforts to put the necessary fraud protections in place. His investigations also uncovered abject mismanagement of the bailout of insurance giant AIG and Geithner's decision to allow the payment of millions of dollars in bonuses--including $7, 700 to a kitchen worker and $7,000 to a mail room assistant--and that the Obama administration's "TARP czar" lobbied for the executives to retain their high pay. Providing details about how, meanwhile, the interests of homeowners and the broader public were betrayed, Barofsky recounts how Geithner and his team steadfastly failed to fix glaring flaws in the Obama administration's homeowner relief program pointed out by Barofsky and other bailout watchdogs, rejecting anti-fraud measures, which unleashed a wave of abuses by mortgage providers against homeowners, even causing some who would not have lost their homes otherwise to go into foreclosure.

Publish Date
Publisher
Free Press
Language
English
Pages
272

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Previews available in: English

Edition Availability
Cover of: Bailout
Bailout: How washington abandoned main street while rescuing wall street
2013, Free Press
in English - 1st Free Press trade paperback ed.
Cover of: Bailout

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Book Details


Table of Contents

Fraud 101
Hank wants to make it work
The lapdog, the watchdog, and the junkyard dog
I won't lie for you
Drinking the Wall Street kool-aid
The worst thing that happens, we go back home
By Wall Street for Wall Street
Foaming the runway
The audacity of math
The essential $7,700 kitchen assistant
Treasury's backseat driver
Happy endings.

Edition Notes

Includes a new foreword to the paperback edition.

Includes bibliographical references (p. 237-260) and index.

Published in
New York

Classifications

Library of Congress
HG181 .B32 2013, HG181.B32 2013

The Physical Object

Pagination
xxvi, 272 p.
Number of pages
272

ID Numbers

Open Library
OL31058022M
Internet Archive
bailouthowwashin0000baro
ISBN 10
1451684959
ISBN 13
9781451684957
LCCN
2012538494
OCLC/WorldCat
826869125, 828143243
Amazon ID (ASIN)

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History

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December 24, 2021 Edited by ImportBot import existing book
August 6, 2021 Edited by New York Times Bestsellers Bot Add NYT bestseller tag
August 3, 2020 Edited by ImportBot import existing book
July 17, 2019 Edited by MARC Bot import existing book
June 27, 2012 Created by LC Bot import new book