Neil Barofsky Answers Reader Questions on Gawker

Go to the comments at the Gawker article excerpted below, to hear the former SIGTARP official and ex-US Attorney’s take on TARP and random reader questions.  Also, buy his new book, Bailout.

Neil Barofsky was at the very center of the U.S. government’s response to the 2008 economic collapse. He spent more than two years, until March of 2011, as Special Inspector General for the TARP program, overseeing and monitoring government bailout funds. Now, Barofsky has written a ferocious book detailing how, he says, “Washington abandoned Main Street While Rescuing Wall Street.” And he’s here to take questions from you, the Main Streeters.

From Bailout:

I now realize that the American peopleshould lose faith in their government. They should deplore the captured politicians and regulators who took their taxpayer dollars and distributed them to the banks without insisting that they be accountable for how they were spent. They should be revolted by a financial system that rewards failure and protects the fortunes of those who drove the system to the point of collapse and will undoubtedly do so again. Theyshould be enraged by the broken promises to Main Street and the unending protection of Wall Street. Because only with this appropriate and justified rage can we sow the seeds for the types of reform that will one day break our system free from the corrupting grasp of the megabanks. It is my own anger that compelled me to write this book.


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