Bailout is a jaw-dropping play-by-play of how the Treasury Department bungled the financial bailouts…With a prosecutor’s logic and copious footnotes, Barofsky makes it clear that things are rarely what they seem in Washington.”—USA TODAY

At the height of the financial crisis in 2008, Neil Barofsky gave up his job as a prosecutor in the esteemed US Attorney’s Office in New York City, where he had convicted drug kingpins, Wall Street executives, and perpetrators of mortgage fraud, to become the inspector general in charge of overseeing administration of the bailout money. From the onset, his efforts to protect against fraud and to hold big banks accountable for how they spent taxpayer money were met with outright hostility from Treasury officials in charge of the bailouts.

In this bracing, page-turning account Barofsky offers an insider’s perspective on the mishandling of the $700 billion TARP (Troubled Asset Relief Program) bailout fund. With vivid behind-the-scenes detail, he reveals the extreme lengths to which our government officials were willing to go in order to serve the interests of Wall Street firms at the expense of the broader public—and at the expense of effective financial reform.

Bailout is a riveting account of Barovsky’s plunge into the political meat grinder of Washington, as well as a vital revelation of just how captured by Wall Street our political system is and why the too-big-to-fail banks have become even bigger and more dangerous in the wake of the crisis.

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January 7th, 2018

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3 Comments

  • Matthew Lala says:

    Interesting insight into how detached wall street and the white house are from the public. The book offers a pretty clearcut indictment of the people, decisions, and processes that led to billions of dollars of taxpayer money being used to bail out the Too Big To Fail banks.The recurring theme is that Barofsky sees potential for massive fraud and abuse, warns the appropriate people, gets ignored or shouted down, then the predicted fraud happens and nobody seems to care. He is forever kept out of the loop. Safeguards get gutted to the point where they’re no longer…

  • Whitt Patrick Pond says:

    A revealing – and disillusioning – look at how the TARP bailout was carried out, who benefitted, and who was responsible for it There is so much to Neil Barofsky’s Bailout: How Washington Abandoned Main Street While Rescuing Wall Street that it’s impossible to properly cover it in a single review, but the gist of it is covered in the title. Barofsky, the former Special Inspector General for the TARP program from its inception in 2008 to his departure in 2010, gives a blow by blow account of exactly how the program was carried out, who benefitted from it, and who was responsible for how things ultimately played out. He…

  • L. Okarski says:

    ACCOUNTABILITY, or lack thereof… Mr. Neil Barofsky cares too much. I gave him 5 stars for that reason alone. He’s not like the people on the cover of his book. An attorney by schooling, a prosecutor for the US Attorney’s Office, Southern District of New York, his job is to see nobody takes advantage of TARP funding. Problem is, Treasury is so loose with the money that it becomes obvious Hank Paulson is a Wall Street puppet, as is Tim Geithner. (Neel Kashkari is dumb, but smart enuf to have a great job/office). “Change the…

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