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May 162013

“Bailout : An Inside Account Of How Washington Abandoned Main Street While Rescuing Wall Street” is a 270 page book copyrighted by its Author, Neil Barofsky in 2012.  The book does appear to support the basic tenets of “Six Part Series : Healthy Change” commenced in June 2011 in The Hygiology Post ®. 

Here is an excerpt from pages 175-176 :

“AS OUR PRESS OFFICER, Kris Belisle, had warned me when I interviewed her, shading of truth was an accepted part of doing business in Washington. I s till found it frustrating , however, whenever I identified to some of the beat reporters one or another misleading half-truth being touted by Treasury’s press office about TARP and their reaction was to just roll their eyes. I kept trying to unwind the spin anyway, and the  further we dug into the way TARP was being administered, the more obvious it became that the Treasury applied a consistent double standard. In the fall of 2009, as I began receiving the results of three of our most important audits, the contradiction couldn’t have been more glaring. When providing the largest financial institutions with bailout money, Treasury made almost no effort to hold them accountable. and the bounteous terms delivered by government seemed to border on being corrupt. For those institutions, no effort was spared, with government officials often defending their generosity by kneeling at the altar of the ‘sanctity of contracts.’ Meanwhile, an entirely different set of rules applied for home owners and businesses that were most assuredly small enough to fail.

Nowhere was the favoritism toward Wall Street more evident than with the government’s approach to AIG, where inviolable contract terms were cited to justify the absurd executive bonus payments as well as far richer payouts provided to the megabank counterparties to AIG’s CDS deals, honoring even their most reckless bets.

For home owners and small business owners, though, contracts went from being sacrosanct to inconvenient irrelevencies. So when mortgage servicers blatantly disregarded HAMP contracts by trampling over home owner’s rights, Treasury turned to a seemingly endless series of excuses to justify its refusal to hold them accountable. Similarly, for more than two thousand auto dealerships, Treasury’s auto bailout team sought to void the contractual rights granted them  under state franchise laws to shut them down.” 


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Louis DeCola, Jr.                                    © 2013 The Hygiology Post ®