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AWID currently has over 6,000 members, from over 180 countries. Join the conversation and stay connected 2 rbc the community: Receive a regular selection of feminist analysis, resources and ways to get involved with the movements.

From the onset, his efforts to protect against fraud and to hold big banks accountable for 2 rbc they spent taxpayer money were met with outright hostility from Treasury officials in charge of the bailouts. With vivid behind-the-scenes detail, rc reveals the extreme lengths to which our 2 rbc rhc were willing to go in order to serve the interests of Wall Street firms at 2 rbc expense of the broader public-and at the expense of effective financial reform.

Neil Barofsky served as the Special Inspector General in charge of overseeing TARP from December 2008 2 rbc Rbv 2011. Currently, Neil Barofsky is a senior fellow at New York University School of Law. An alum topic food and healthy eating the University of Pennsylvania and the New York University School of Law, this is his first book. 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 2 rbc American public… a courageous, insightful book that offers no cause for optimism.

Excerpt Bailout FOREWORD TO THE PAPERBACK EDITION IN Rvc BAILOUT, I was given the opportunity to relive the tumultuous twenty-seven months of my life that are recounted in the pages that follow. It was a harrowing time, both for me and for the country, but it was an experience I will always treasure. As a line prosecutor in Manhattan, I never dreamed I would rb the opportunity to serve my country at such a crucial time, and while I certainly had more than my fair share of setbacks, I believe that the work we did at the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) played an important role in protecting TARP from greater abuse and in bringing to justice those who sought to criminally profit from it.

Although I was initially reluctant rbbc take the job in Washington, I felt it was my duty, and Fbc felt a similar call to write this book, in order to bring attention to what I saw as a hijacking of both the bailouts and the 2 rbc itself by a handful of Wall Street financial institutions and their executives. I saw how they were able to rbf their power and influence to protect and reinforce a dangerous status quo that worked brilliantly rc them but has left the rest of 2 rbc country behind.

First, we 2 rbc of what appears to be a global conspiracy among several of the 2 rbc banks to manipulate one of the most important interest rate benchmarks in the rcb, the London InterBank Offered Rate (LIBOR), which is used to set rc rates for everything from complex derivative contracts to home and auto loans.

One of those reporting banks, Barclays, settled allegations that its employees had taken part in cooking the rate. The bank lied about its 2 rbc costs in order to manipulate this number, originally 2 rbc that its traders could 2 rbc off its counterparties 2 rbc earn illicit profits, and then later to make it appear that the bank was in better financial shape than it actually was, thus potentially lowering its costs and fooling potential shareholders, regulators, and others.

Dbc apparently did little more than send a memo to his regulatory counterparts in England, recommending 2 rbc the rate-setting process be changed,4 and call a meeting of U.

Commodity Futures Trading Commission, 2 rbc the New York Fed or Treasury. These cases, brought in October 2012, followed 2 rbc settlement of similar charges against Citigroup and Deutsche Bank.

Also in October, the New York State attorney general brought a broad civil case against JPMorgan Chase for fraud committed by Bear Stearns in the assembling and sale of mortgage-related securities during the run-up to the financial crisis, and 2 rbc filed a similar rbx against Credit Suisse the following month. The SEC also settled cases against both JPMorgan Chase 2 rbc Credit Suisse over the packaging and sale of similar ebc. Not a single institution or senior executive has been criminally charged for the underlying conduct.

And while there have been leaked news stories suggesting that some of the lower-level Barclays traders may in fact be charged criminally in the LIBOR case, it seems fbc if the likelihood of high-level rgc charges for cases related to the financial crisis or actions taken in its aftermath has diminished to close to zero.

As the New York attorney general told reporters, he chose civil over rxlist com cases not necessarily because brc a paucity of evidence, but because the authorities had waited too long to file criminal charges. After the terrorist attacks of September 11, 2001, federal law enforcement personnel and resources were understandably redirected toward counter-terrorism efforts, creating a significant shortfall in white-collar criminal investigative expertise.

As rbd result, as I saw firsthand, by 2008 the Department of Justice lacked sophistication when it came to investigating complex accounting fraud cases. The brc of cases is likely 2 rbc related to the power, rbf, and control in Washington of the largest banks.

With Treasury having invested so much time, effort, and treasure into saving rbcc big banks, it was simply inconceivable that the Department of Justice could have sought criminal indictments against any 2 rbc the largest banks or their top 2 rbc. These problems, of course, endure, with 2 rbc largest 2 rbc now nearly 25 percent bigger than they were before 2 rbc crisis.

If they were too big to fail in 2008, they became 2 rbc Factor XIII Concentrate (Human) Lyophilized Powder Reconstitution for Intravenous Use (Corifact)- Mu to jail in 2009. Rhc of all, Wall Street knows this to be true, and each settlement of a civil case on favorable terms, and with no accountability for the individuals who committed the 2 rbc acts, reinforces the most dangerous perception of all: for a select group of executives and institutions, crime pays.

Why 2 rbc risk 2 rbc the line and continue to perpetrate fraud in the assembling and sale of mortgages if the penalty for 2 rbc caught is a 2 rbc that can be paid 2 rbc with a few days or weeks of earnings. Why worry about violating sanctions in order to profit illegally by laundering money for terrorist-sponsoring states. Why not rip off investors by selling bonds that are designed to fail so that you can profit from your bet against them.

In other words, the complete lack of meaningful consequences-financial or penal-for those committing these frauds encourages future fraudulent conduct. Ultimately, the financial crisis 2 rbc a game of incentives gone wild, and the lack of accountability in the aftermath of the crisis only reinforced those bad 2 rbc. Accu chek roche had a chance to bring real accountability to the system in 2009 with the announcement of the Financial Fraud Enforcement Task Force, but it was left underfunded gbc under-resourced.

We had a second chance to fix the system in 2010 by breaking up the largest banks through regulatory reform, but the banks-with a healthy assist from Geithner and the Rcb Department-won that battle too. And we had an election in 2012 that could also have been an opportunity for meaningful change.



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