Neil Barofsky
Encyclopedia
Neil M. Barofsky was the Special United States Treasury Department Inspector General
to oversee the Troubled Assets Relief Program
into 2011, but submitted his resignation in February. He is a former Assistant United States Attorney
for the Southern District of New York
.
, earning a bachelors degree in economics from Wharton School of Business. He graduated with honors from New York University School of Law
in 1995.
who donated money to the Obama campaign
," was nominated for the job of overseeing the TARP
by President George W. Bush
on November 14, 2008 and was confirmed by the United States Senate
on December 8, 2008, after confirmation was delayed by an anonymous Republican Senator.
Until he was confirmed, the role was handled internally by the Treasury Department's inspector general, Eric Thorson
, who has expressed concerns about the difficulty of properly overseeing the complex program in addition to his regular responsibilities.
As Inspector General, Barofsky has been called "easily been one of the most impressive and courageous political officials in Washington
" for his willingness to "stand up to some of the most powerful people and institutions in Washington
or on Wall Street
." He "vigilantly fought for his independence as TARP watchdog and has been relentless in his criticism of Treasury officials and especially Tim Geithner." The TARP program money was used to invest in and in some cases rescue a number of banks, the automakers GM and Chrysler, the insurance company AIG as well as a number of housing companies. The role of chief watchdog of the government’s $700 billion TARP program was to root out and prosecute waste, fraud and abuse. Under Mr. Barofsky the office published 9 quarterly results and 13 audits.
On February 14, 2011 Mr. Barofsky sent a letter to President Obama stating that he would resign his post on March 30, 2011, to spend more time with his family. At the time of his resignation his office had more than 140 investigations underway and his office has charged a few dozen people with civil or criminal fraud, resulting in 14 convictions for fraud, more than $550 million in fraud losses avoided, and $150 million in fraudulent earnings recovered for taxpayers. "[O]ne Treasury official, who spoke on condition of anonymity in order to speak more candidly, was quoted as saying '[H]e's been consistently wrong about a lot of big things." Commentator Glenn Greenwald
noted the unnamed official had made the assertion about Barofsky "without identifying a single alleged error," and attacked the "utter cowardice and lack of professionalism needed to produce this passage" on the part of both the newspaper and the official.
Inspector General
An Inspector General is an investigative official in a civil or military organization. The plural of the term is Inspectors General.-Bangladesh:...
to oversee the Troubled Assets Relief Program
Troubled Assets Relief Program
The Troubled Asset Relief Program is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector that was signed into law by U.S. President George W. Bush on October 3, 2008...
into 2011, but submitted his resignation in February. He is a former Assistant United States Attorney
United States Attorney
United States Attorneys represent the United States federal government in United States district court and United States court of appeals. There are 93 U.S. Attorneys stationed throughout the United States, Puerto Rico, the U.S. Virgin Islands, Guam, and the Northern Mariana Islands...
for the Southern District of New York
United States District Court for the Southern District of New York
The United States District Court for the Southern District of New York is a federal district court. Appeals from the Southern District of New York are taken to the United States Court of Appeals for the Second Circuit The United States District Court for the Southern District of New York (in case...
.
Education
Barofsky completed his undergraduate studies at the University of PennsylvaniaUniversity of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
, earning a bachelors degree in economics from Wharton School of Business. He graduated with honors from New York University School of Law
New York University School of Law
The New York University School of Law is the law school of New York University. Established in 1835, the school offers the J.D., LL.M., and J.S.D. degrees in law, and is located in Greenwich Village, in the New York City borough of Manhattan....
in 1995.
Troubled Asset Relief Program and Special Inspector Generalship
Barofsky, "[a] life-long DemocratDemocratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
who donated money to the Obama campaign
Barack Obama presidential campaign, 2008
Barack Obama, then junior United States Senator from Illinois, announced his candidacy for the presidency of the United States in Springfield, Illinois, on February 10, 2007. On August 27, 2008, he was declared nominee of the Democratic Party for the 2008 presidential election...
," was nominated for the job of overseeing the TARP
Oversight of the Troubled Assets Relief Program
The Emergency Economic Stabilization Act created the Troubled Assets Relief Program to administer up to $700 billion. Several oversight mechanisms are established by the bill, including the Congressional Oversight Panel, the Special Inspector General for TARP , the Financial Stability Oversight...
by President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
on November 14, 2008 and was confirmed by the United States Senate
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
on December 8, 2008, after confirmation was delayed by an anonymous Republican Senator.
Until he was confirmed, the role was handled internally by the Treasury Department's inspector general, Eric Thorson
Eric Thorson
Eric M. Thorson is the Inspector General for the United States Treasury Department. He currently oversees the Troubled Asset Relief Program and has called oversight of this program "a mess".-Career:...
, who has expressed concerns about the difficulty of properly overseeing the complex program in addition to his regular responsibilities.
As Inspector General, Barofsky has been called "easily been one of the most impressive and courageous political officials in Washington
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
" for his willingness to "stand up to some of the most powerful people and institutions in Washington
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
or on Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
." He "vigilantly fought for his independence as TARP watchdog and has been relentless in his criticism of Treasury officials and especially Tim Geithner." The TARP program money was used to invest in and in some cases rescue a number of banks, the automakers GM and Chrysler, the insurance company AIG as well as a number of housing companies. The role of chief watchdog of the government’s $700 billion TARP program was to root out and prosecute waste, fraud and abuse. Under Mr. Barofsky the office published 9 quarterly results and 13 audits.
On February 14, 2011 Mr. Barofsky sent a letter to President Obama stating that he would resign his post on March 30, 2011, to spend more time with his family. At the time of his resignation his office had more than 140 investigations underway and his office has charged a few dozen people with civil or criminal fraud, resulting in 14 convictions for fraud, more than $550 million in fraud losses avoided, and $150 million in fraudulent earnings recovered for taxpayers. "[O]ne Treasury official, who spoke on condition of anonymity in order to speak more candidly, was quoted as saying '[H]e's been consistently wrong about a lot of big things." Commentator Glenn Greenwald
Glenn Greenwald
Glenn Greenwald is an American lawyer, columnist, blogger, and author. Greenwald worked as a constitutional and civil rights litigator before becoming a contributor to Salon.com, where he focuses on political and legal topics...
noted the unnamed official had made the assertion about Barofsky "without identifying a single alleged error," and attacked the "utter cowardice and lack of professionalism needed to produce this passage" on the part of both the newspaper and the official.