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Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street Audio CD – Audiobook, Unabridged
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“[Bailout] is an interesting behind-the-scenes account of how Washington tried to save the economy… [and] an enjoyable tale of how a prosecutor of Colombian drug gangs got drafted for the thankless task of policing a $700 billion bailout from a dank basement office of the Treasury.” (Fortune)
“[An] everyman account of the pervasive cynicism and insider-dealing of the D.C. establishment.” (The American Spectator)
“[One] of our favorite business books so far this year…The former special inspector general policing the $700 billion Troubled Asset Relief Program lifts the lid on the U.S. Treasury and settles scores… [an] illuminating memoir.” (Bloomberg Businessweek)
“A damning indictment of the Obama administration's execution of the TARP program.” (Washington Examiner)
“A quick, intense, read.” (Business Insider)
“[Barofsky] set out to account for the TARP spending in a transparent, nonpartisan manner. However, as he demonstrates in his energetically written first-person account, he and his staff met resistance every time they tried to share the truth with Congress, the White House and the American public… a courageous, insightful book that offers no cause for optimism.” (Kirkus (starred review))
“Blistering in its assessment of the Treasury Department's handling of the bailouts.” (Huffington Post)
“In his scathing new book, Barofsky says taxpayers got shafted while the rich got richer… a true expose…. Taxpayers who feel helpless in the midst of the extended economic recession are likely to feel energized to metaphorically blow up the system after reading Barofsky’s account.” (St. Louis Post-Dispatch)
“[An] explosive account of the mishandling of the Troubled Asset Relief Program funds.” (Fort Worth Star-Telegram)
“[Barofsky] unleashes a blistering attack on President Barack Obama’s Treasury Department and its management of government bailout programs.” (Politico)
“In Bailout, [Barofsky] gives a detailed account of just how far-reaching, and how much, the corruption spread.” (Publishers Weekly)
“Of all the major books I've read on the financial crisis, this one is the very best at showing the dysfunctional inner workings of the unholy alliance between Wall Street and Washington, D.C.” (Fool.com) --This text refers to an out of print or unavailable edition of this title.
About the Author
Top Customer Reviews
In "Bailout" Neil Brofsky, who was in a position to know the facts, documents his own 19-month tenure trying to clean up some of the messes created by the much too cozy relationships between Wall Street and government. More importantly he points out that the government is so big that its a bureaucracy within bureaucracies that can't do anything but grow and spend more money. The only real cure would be to take meat clever to the bureacracy and cut it down to a size that might actually be able to serve the citizens of America.
This expose is clearly described and documented in a dozen chapters with titles such as "Fraud 101, Hank Wants to Make It Work, The Lapdog, the Watchdog and the Junkyard Dog, I Won't Lie for You, Drinking the Wall Street Kool-Aid, The worst Thing That happens, We Go Back Home, By Wall Street for Wall Street, Foaming the Runway, The Audacity of Math, The Essential $7,700 Kitchen Assistant, Treasury's Backseat Driver, Happy Endings" and an "afterword, and detailed Notes and Index section. Its easy, but maddening reading.Read more ›
No strings were attached to the money. Top bankers used it to pay record bonuses, among other things. The magnitude of riches bestowed upon these elites stirs the imagination of witnesses such as Barofsky, who can't seem to get over it. It was the largest single transfer of wealth in our nation's history.
This book demonstrates a deep and continuing bias to favor large banks, especially by the Treasury Department. It doesn't matter which party holds the administrative branch. Stated goals of giving money straight to the banks included to get lending going again. Yet nothing was done to tie money freely given to banks to any performance in lending. In large part because of this, foreclosures even now continue unabated and people cannot readily sell their homes yet.
Treasury Secretary Tim Geithner looks really bad in this book. He's basically portrayed as top squeezer of homeowners through concentrated use of deflation. Personally I didn't understand any motive for Geithner to deliberately squeeze families. Rather, I suspect the squeeze had to happen if the big bankers were to maximally benefit at the time. In other words, it seemed to me that homeowners were just in the wrong place and the wrong time, victims of the larger economic-political system.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."
Does Barofsky make himself (and a few others) sound like the only moral people in a cesspool of wickedness? Maybe. Does he sometimes sound like the only guy with a good idea, surrounded by fools blinded by self-interest and politics? Yes, he does. But that shouldn't detract from the value of his observations. He was there, in the middle of it. He quotes chapter and verse, names names and says what they said. There may be some sins of omission in "Bailout" but it's very unlikely that any of its contents are made up out of whole cloth.
(Other reviewers (notably in the NYT) have made much of the fact that TARP never actually cost $700 Billion or $2.37 Trillion or whatever huge number is being tossed around. Barofsky's point is, that much money was put at risk without adequate oversight, never mind whether the risk went bad. My way of summarizing his point: If there were an armed break-in at your house while you were away and though no one was shot, you learned that the baby-sitter had used your young child as a human shield, you wouldn't be...shall we say, incensed?Read more ›
Most Recent Customer Reviews
As usual the book showed up on time, and so far it is shaping up as a great read.Published 4 months ago by Lawton Gore
A good book about the "inside" of Washington DC. We hear so much about what's bad but literally the devil really is in the details and Neil's details are interesting,... Read morePublished 6 months ago by LP.
Does a good job of giving one person's experience in this situation. Good explanations, interested me in looking for others' versions of the events.Published 6 months ago by Bob B.
This is important to read. It gives you a peek at the perversion in government that many suspect but never see.Published 7 months ago by GIP
This was a very informative and entertaining account of the government's bailout during the financial crisis. Read morePublished 11 months ago by Tony