In their groundbreaking new book, The Bankers’ New Clothes, Anat Admati and Martin Hellwig, two of the world’s most prominent and respected academics in finance and economics, expose the lies propagated by those who fight so dramatically to preserve the broken status quo. Argument by argument, scare tactic by scare tactic, they take on the bankers’ arguments and shred them, one by one, exposing them as nothing more than self-serving justifications for preserving a system that serves only the banks, not the general public. And most importantly, they do so in plain English with real world examples that are familiar to anyone who has ever had a bank account, a credit card, or a mortgage. They make the complex simple, and in so doing, reveal that as taxpayers we have been on the wrong side of a decades-long con that has enriched a handful of bankers while the rest of us suffer for their excesses.
|By: Neil Barofsky Saturday April 20, 2013 1:59 pm|
|By: David Dayen Monday November 26, 2012 10:26 am|
Schapiro’s replacement matters. Simon Johnson kicked this off a few days ago, juxtaposing the bona fides of Treasury Department under secretary for domestic finance Mary Miller (a former mutual fund executive) against former Special Inspector General for TARP Neil Barofsky. There’s no question than an experienced prosecutor like Barofsky would change the SEC’s culture, but there’s almost no chance he will ever hold another job in Washington, as he was specifically told by Herb Allison right at the beginning of his book Bailout.
|By: William Black Sunday October 21, 2012 1:59 pm|
Jeff Connaughton has authored a powerful, and chilling insider’s perspective on the financial crisis and the pathetic governmental response to it. The second part of his title sums up the result and the first half explains why Wall Street always wins. Many, perhaps most Americans are likely to agree with both parts of Connaughton’s title so this book will not transform the public’s view of the issues. The public largely has this set of issues correct. Connaughton gives the readers unique access to the facts because he had a front row seat to many of the key discussions and he has the analytical abilities and expertise to explain the significance of those facts.
|By: David Dayen Saturday September 22, 2012 1:59 pm|
I believe this is former Special Inspector General of TARP Neil Barofsky’s 206th media appearance in support of Bailout. He has tirelessly criss-crossed the media landscape to tell the story of his time in Washington and offer a warning about a government captured by Wall Street.
|By: David Dayen Thursday August 23, 2012 7:30 pm|
I’d be a bit surprised to see Neil Barofsky grace the airwaves of CNBC again. But I have good news for CNBC. I have another exciting guest opportunity for them.
|By: David Dayen Thursday July 26, 2012 11:10 am|
The debate over Neil Barofsky’s book has taken a turn into a broader debate over bailing out Wall Street at the expense of Main Street, which is both the right conversation to have and also kind of a dismissal of the main argument. Matt Yglesias tries to referee this debate by fitting it into this [...]
|By: David Dayen Wednesday July 25, 2012 9:34 am|
The knives have come out for Neil Barofsky and his book Bailout. Barofsky spares no one in taking on powerful subjects in his book, detailing the way in which the Treasury Department – regardless of the Administration, and more so under Tim Geithner – displays extreme deference to the banks.
|By: David Dayen Monday July 23, 2012 9:10 am|
It’s fair to say that former Special Inspector General for TARP, Neil Barofsky plans to become as an important part of the national conversation. In an interview this a.m. Barofsky was unyielding in saying that you cannot view TARP in a vacuum, both in the sense of that being the only emergency support afforded the banks or in the sense of TARP being solely designed to save the banks, and not to help homeowners or spur lending.
|By: David Dayen Friday July 20, 2012 6:48 am|
The important moment in the book for me comes conveniently after Barofsky recounts this FDL News item, one of my HAMP horror stories. Barofsky shows how HAMP’s faulty design led to all sorts of problems like this, with trapped borrowers, extended trial payments, no-doc modifications, and eventually unnecessary foreclosures. Barofsky mused that Treasury didn’t care about the suffering of borrowers under HAMP.
|By: David Dayen Monday June 11, 2012 11:00 am|
One of the more annoying provisions of the mortgage fraud settlement is how servicers can get credit towards the settlement-required principal reductions via reductions under HAMP, for which they’re paid incentives. That implies tax payers are paying part of the penalties servicers are supposed to pay under the settlement. Recently, HUD confirmed this.