Biting the 1% where it hurts

August 22nd, 2012

Book review published on Intrepid Report, by Jerry Mazza, August 21, 2012. – (Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street, Neil Barofsky, Former Special Inspector General in Charge of Oversight for TARP, Free Press, July 24, 2012, Hardcover: 288 pages, ISBN-10: 1451684932).

In this fascinating account of his trial-by-fire in Washington’s wicked ways, Neil Barofsky surfaces with a searing indictment as an insider of both the Bush and Obama administrations, dealing with the ongoing mishandling of the $700 billion TARP bailout fund.  

With behind-the-scenes experience, he repeatedly reveals proof of the deep degree to which our government officials sank to serve the interests of Wall Street firms at the expense of the 99%—and at the larger expense of real financial reform.

Recruited during the depths of the financial crisis in 2008, Barofsky shed his job as a prosecutor in the elite U.S. Attorney’s Office in New York City, where he convicted drug kingpins as well as Wall Street execs and perpetrators of mortgage fraud, to take on the job of the special inspector general in charge of oversight of the spending of the bailout money. From day one, his efforts to protect against fraud and to hold the big banks to account for how they spent taxpayer dollars were met with outright hostility from Treasury officials, top down, in charge of the bailouts.

Barofsky tells how, in aiding the interests of the bank, Treasury Secretary timothy Geithner and his sidekicks, worked with Wall Street banksters to design programs that would funnel huge amounts of taxpayer dollars to their firms and would have allowed them to game the markets and make huge profits with practically no risk or accountability, while repeatedly fighting off Barofsky’s attempts to put crucial fraud protections in place.

His ongoing investigations also revealed abject mismanagement of insurance giant AIG’s bailout as Geithner‘s choice to permit payment of millions of dollars in bonuses, including, if you can believe it, a $7,700 bonus to a kitchen worker and $7,000 tip to a mailroom assistant. In the wake of the bonus handouts, the Obama administration’s “TARP Czar” lobbied for the bigwigs to retain their big pay.

Then, too, during the auto bailout Barofsky fought for the rights of more than two thousand auto dealerships. Treasury’s auto bailout team sought to void the contractual rights granted them under state franchise laws to shut them down immediately, which was a perceived but misconceived perk for the industry … //

… Barofsky, a man for all banksters to fear, also led the investigation that resulted in the indictment if the top fifty leaders of the Revolutionary Armed Forces of Colombia (FARC) on narcotics charges—a case described then by U.S. attorney general as the biggest narcotics indictment filed in U.S. history.

This is Barofsky’s first book and hopefully not his last. If he could be cloned, the financial system could use dozens of Barofsky’s, whose commitment has always been to tell the truth about what’s wrong, rather than hide it in any way for personal gain. With a Barofsky Battalion, we could put this country on its financial feet again, though we might not see some of our most popular Wall Street faces for quite a while. And wouldn’t that be wonderful?
(full text).


Political lessons of the Quebec student strike, on WSWS, by Keith Jones, August 21, 2012;

Canada: Harper’s Methodical Campaign to Silence Democracy, on Global, by Keith Reynolds, August 20, 2012;

Fmr. Marine Arrested by FBI for Patriotic Facebook Posts, 10.16 min, uploaded by TheJoshTolleyChannel, August 17, 2012: Former Marine Raub Brandon was taken by FBI and Secret Service last night (8/15/12) for his patriotic Facebook Posts. Now being held in mental hospital;

Video of the arrest: Marine Vet detained for FB posts – Brandon J Raub being arrested, 2.21 min, uploaded by IamKristenMeghan, August 17, 2012: This video was taken 8.16.12 around 7:30 pm. This is the video of a fellow patriot, Brandon J Raub, being “arrested” and taken away by Chesterfield County Virginia Police Department. They showed up inquiring his postings on facebook, and then they just took him. Some have cited his post, “Sharpened my axe, and I’m here to severe heads” as a questionable post on Brandon’s FB …

Dangerous Anti-Iranian Warmongering, on Global, by Stephen Lendman, August 19, 2012;

Profit and PR are the real enemies of innovation, August 10, 2012;

Where are the US jobs? Ask the corporate cash hoarders
, on The Guardian, by Moira Herbst, August 2, 2012.

Comments are closed.