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 August 23, 2012 7:30 pm|
|By: David Dayen Monday August 6, 2012 1:45 pm|
I went through last week why I don’t think Ed DeMarco will be fired. Now Neil BArofsky, who has a passing knowledge of the individuals involved, entered this debate. Geithner has used the moral hazard/strategic default argument plenty of times over the past few years. Now it could be that Treasury has magically turned the corner and gotten the message that the economy needs widespread debt relief. But the fact that this lines up perfectly with the upcoming Presidential election is enough to make one skeptical.
|By: Maureen Tkacik Wednesday July 25, 2012 5:50 pm|
Former TARP Inspector General Neil Barofsky’s new book Bailout is worth reading for so many reasons, some of which are simply the hilarious anecdotes, but trusted Geithner adviser Lee Sachs is one of the distinctly less hilarious parts about the book. I remember writing something along the lines of “!!!” in the margin when I noticed his name and infamous affiliation “Tricadia” in Ron Suskind’s book but it wasn’t until Bailout—and I’ve read a lot of these goddamn books!—that I got a real sense of his influence on Geithner—and the magnitude of the taxpayer shakedown he might have pulled off had a lesser cop been assigned to patrol the bailout beat.
|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: SouthernDragon Friday April 27, 2012 4:45 am|
A variety of links to articles/interviews/speeches on current issues that may be of interest.
|By: David Dayen Monday March 12, 2012 12:10 pm|
Elizabeth Warren, running for Senate in Massachusetts, today called attention to a stealth bailout of AIG through special tax breaks created for them and other bailed-out companies. Warren showed some independence from the Administration and joined a bipartisan group of her former colleagues on the Congressional Oversight Panel, the group that oversaw TARP, to assail the tax preferences for AIG, and demand that Congress change the law to end them.
|By: David Dayen Friday March 9, 2012 1:30 pm|
The zombie meme that TARP somehow worked to fix the financial system at no cost to the taxpayer?
This is getting tiresome. But the idea that the banks were nursed back to health “at essentially zero cost to the government” is pernicious because it will encourage future bailouts. It’s also totally wrong.
|By: David Dayen Wednesday February 22, 2012 8:30 am|
If we see military action in Iran in the next several months, you can trace part of the reason back to a redistricting quirk in the San Fernando Valley and a debate between Democratic House Representatives Howard Berman and Brad Sherman, redrawn into the same district. They spend most of the night trying to be the most belligerent to Iran and most solicitous to whatever Israel wants.
|By: David Dayen Tuesday January 10, 2012 10:40 am|
Along with Dean Baker and a few others, I’ve been fighting a lonely crusade against those who insist that TARP “made money.” In a new report, the GAO faults Treasury for constantly shifting the goalposts on how they report that “profit” from TARP. It’s a slightly different argument, but one that highlights how this illusion of a successful TARP lies in manipulation of the numbers.
|By: David Dayen Wednesday November 30, 2011 9:10 am|
One of the ways in which the big banks were bailed out was through an artificially high credit rating based on the assumption that they would always get bailed out if they got into trouble. This was a major advantage for them over their competitors. Now S&P Rating Services is downgrading major banks.