Having read an advance copy of former Special Inspector General of the TARP Neil Barofsky’s new book, Bailout, I am pretty confident most NC readers would enjoy it. He got to be what I call a designated asshole in his DC incarnation, not that that was the way it had to turn out. For some unfathomable reason, the Bush White House decided it wanted someone who’d take the SIGTARP role seriously in the job. And they chose a Democrat, perhaps figuring that as much as he’d be a thorn in their side, Obama would be hard pressed not to keep him on, and he’d be even more of a problem for them.
Six reasons why the Obama Administration will hate this book:
6. Barofsky’s description of being “Escobarred” by then assistant secretary of the Treasury Herb Allison has the potential to become a classic
5. Barofsky defied White House orders and was subjected to frontal attacks and is alive to talk about it
4. Barofsky makes fun of himself often and recounts his mistakes, so it will be hard to discredit him to those who read the book and aren’t part of the problem
3. Barofsky recounts quite a few fights with self important people in wonderfully sordid detail
2. Barofsky says the Paulson Treasury was less awful to work with than the Geithner Treasury. The Paulson crowd would at least go mano a mano on the issues; the Geithner bunch would resort to every kind of petty trick they could find to undermine SIGTARP and discredit Barofsky
1. Barofsky proves that the Obama Administration didn’t give a damn about protecting taxpayer money or protecting homeowners, only shoveling dough at banks and AIG (the auto companies were treated like unwanted stepchildren). It’s one thing to surmise that, another to deliver the goods