Has anyone heard of Neil Barofsky?
As most people know by now, Henry Paulson (our former Treasury Secretary) came to Congress, late in September, of 2008, requesting 700 billion dollars to buy troubled assets from banks, as the economy was appearing to slow down tremendously; at least this was what we were told.
Not long after the funds were approved by Congress, Paulson changed the focus from troubled assets, to buying preferred stocks from these banks, claiming that this would infuse capital into the banks, and they would begin lending again. http://en.wikipedia.org/wiki/Henry_Paulson
Well, after billions and billions of dollars have been pumped into these institutions; after months of gross mishandling of these (TARP) funds; even lawsuits, against The Feds, by media giants Foxnews Business, for information as to how these funds were used, we are still unclear as to where all of this money went. http://www.foxbusiness.com/video-search/m/21698224/fbn-sues-government-over-tarp-info.htm
This leaves some (myself included), skeptical about the entire process, and “how”, and exactly “where” this money has ended up.
Neil Barofsky is the Inspector General of The TARP funds, and is saying that he will get to the bottom of this. I saw him on a TV interview, and he sounded sincere; I am totally behind him, and hope that he will bring justice, and answers to the people of this country.http://en.wikipedia.org/wiki/Neil_Barofsky
So far, Barofsky said that he has received 17 responses, out of the 350 that have received TARP funds.
It will be interesting to watch how this plays out.
You can read more about this below: