Neil Barofsky

  • Today the blue line reaches zero and the circle of life is complete


    AIG’s Remaining Bailout Reduced To Rounding Error

    A while back I built a spreadsheet to do math about AIG, and it took me a long time and led to basically one short post with what I still think was a rather lovely blobby picture, so I’m just going to shamelessly reuse that spreadsheet with slight updates and be all OOH LOOK AN […]

    / Dec 11, 2012 at 5:47 PM
  • Like a knife

    Tim Geithner Appeared To Consider ‘Beating The Living Shit Out Of’ TARP Inspector General Neil Barofsky, Choose To Slay Him With Dramatic Hand Gestures Instead

    Barofsky met with Geithner in the fall of 2009 to express his concern that the Treasury Department had made TARP unpopular by not being fully forthcoming about how TARP was being used, including not forcing banks disclose how they were spending TARP funds. Geithner got dramatic, [Barofksy writes in his new book, Bailout: An Inside […]

    / Jul 20, 2012 at 12:46 PM
  • News

    Neil Barofksy Scares Dan Rather

    NB: The S&P put out an estimate saying that the next crisis may cost $5 trillion in upfront costs just to deal with the large institutions and their assets. Where are we going to find with $5 trillion? DR: Good question, where are we going to find it? NB: I have no idea. And that’s […]

    / Jun 10, 2011 at 4:49 PM
  • News

    TARP Official Resents That No One Ever Mentions Any Of The Program’s Good Qualities

    Criticism that “moral hazard” is the main legacy of U.S. taxpayer-funded bailouts is unfair, a Treasury Department official said. “We recognize that moral hazard is a real and significant concern” in the Troubled Asset Relief Program, Timothy Massad, acting assistant secretary for financial stability, said in a hearing before a House Oversight Committee panel today. […]

    / Mar 30, 2011 at 1:30 PM
  • News

    It’s Like He Can Read Minds, Isn’t It, Vikram?

    The federal rescue of the financial system in 2008 has provided large financial institutions with an unfair advantage in the form of cheaper access to credit, a bailout watchdog warned Thursday. “Absolutely and unambiguously the financial markets believe more than ever that the United States government will step in and save the ‘too big to […]

    / Mar 17, 2011 at 6:11 PM
  • News

    Inspector General: Government’s Decision To Bailout Citigroup In ’08 Based Less On “Facts” Than “Feeling Like They Were Going To Soil Themselves”

    “While there was consensus that Citigroup was too systemically significant to be allowed to fail, that consensus appeared to be based as much on gut instinct and fear of the unknown as on objective criteria,” according to a report today from Neil Barofsky, special inspector general for the Troubled Asset Relief Program. “The conclusion of […]

    / Jan 13, 2011 at 5:42 PM
  • News

    The Best Lines From The White House’s Rebuttal To The SIGTARP Report

    Earlier this week, Troubled Asset Relief Program’s inspector general Neil Barofsky issued a report noting that the Treasury’s estimate that it will lose $5 billion on its AIG TARP investment “represents a dramatic shift from the $45 billion loss that Treasury had projected in its AIG investment just six months earlier.” Barofsky went on to […]

    / Oct 27, 2010 at 3:39 PM
  • News

    Neil Barofksy’s Latest Musing On TARP

    SIGTARP’s Neil Barofsky released the agency’s quarterly report today and $700 billion later, this is where we stand: the program not only didn’t help anything but had an opposite effect; TARP money is being used to investigate banks’ TARP-related insider trading and Geithner is full of crap. “Even if TARP saved our financial system from […]

    / Feb 1, 2010 at 11:30 AM
  • News

    Barofksy: FYI, French Would’ve Negotiated With AIG

    SIGTARP Neil Barofsky- who is testifying later today- is adding oil to the AIG fire, saying in prepared remarks that French regulators were actually willing to negotiate AIG’s obligations after all. The claim further undercuts the argument the Fed has been using all along, namely that they didn’t push domestic counterparties to take haircuts as […]

    / Jan 27, 2010 at 1:40 PM
  • News

    Neil Barofksy Will Cut A Bitch

    Literally. …an attitude honed during eight years of fighting white-collar criminals and Colombian drug lords as an assistant United States attorney — he still has the knife from a foiled attempt on his life in a field outside Bogota — are propelling Mr. Barofsky over barriers that have slowed the others. SIGTARP’s Neil Barofsky Is […]

    / Jan 26, 2010 at 11:43 AM
  • News

    TARP Fraud Compounded By… Fraud?

    We are shocked, shocked to learn that book cooking has been going on in here. (Maybe). At least, TARPs “top cop” thinks so. (Maybe). Apparently, he’s on the case. (Maybe). The official policing the $700bn Tarp fund says he is investigating whether banks have “cooked their books” to secure bail-out money. Neil Barofsky, special inspector-general […]

    / Apr 13, 2009 at 10:57 AM

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