Neil Barofsky

Barofsky went to Spanish River High School in Boca Raton, Florida,{{Cite web|url=https://blogs.law.nyu.edu/magazine/2010/neil-barofsky-95-profile/|title = The Man Following the Money | NYU Law Magazine}} and completed his undergraduate studies at the University of Pennsylvania, earning a bachelor's degree in economics from Wharton School of Business.

He graduated with honors from New York University School of Law in 1995.{{cite news|title=Bush picks New York prosecutor Neil Barofsky to oversee $700B bailout|first1=Kerry|last1=Burke|first2=Corky|last2=Siemaszko|date=November 15, 2008|newspaper=New York Daily News|url=http://www.nydailynews.com/money/2008/11/14/2008-11-14_bush_picks_new_york_prosecutor_neil_baro.html|accessdate=January 27, 2010|archive-date=July 11, 2009|archive-url=https://web.archive.org/web/20090711124340/http://www.nydailynews.com/money/2008/11/14/2008-11-14_bush_picks_new_york_prosecutor_neil_baro.html|url-status=live}}

Barofsky was nominated for the job of overseeing the TARP by President George W. Bush on November 14, 2008{{cite news|title=Bailout Lacks Oversight Despite Billions Pledged|first=Amit R.|last=Paley|date=November 13, 2008|newspaper=The Washington Post|url=https://www.washingtonpost.com/wp-dyn/content/article/2008/11/12/AR2008111202846.html|accessdate=January 27, 2010|archive-date=November 19, 2009|archive-url=https://web.archive.org/web/20091119192428/http://www.washingtonpost.com/wp-dyn/content/article/2008/11/12/AR2008111202846.html|url-status=live}} and was confirmed by the United States Senate on December 8, 2008, after confirmation was delayed by Senator Jim Bunning.{{cite news|title=TARP cop ratchets up restrictions on rescue cash |first=Neil|last=Roland|newspaper=Financial Week|url=http://www.financialweek.com/apps/pbcs.dll/article?AID=2009901079973|accessdate=January 27, 2010}}

Until he was confirmed, the role was handled internally by the Treasury Department's inspector general, Eric Thorson, who had expressed concerns about the difficulty of properly overseeing the complex program in addition to his regular responsibilities.{{cite news|title=Bush names bailout overseer|date=November 15, 2008|agency=Associated Press|work=Los Angeles Times|url=http://www.latimes.com/business/la-fi-barofsky15-2008nov15,0,2690416.story|accessdate=January 27, 2010|archive-date=December 5, 2008|archive-url=https://web.archive.org/web/20081205074108/http://www.latimes.com/business/la-fi-barofsky15-2008nov15,0,2690416.story|url-status=live}}

As Inspector General, Barofsky, "[a] life-long Democrat who donated money to the Obama campaign," was viewed as "one of the most impressive and courageous political officials in Washington"Greenwald, Glenn (2011-02-15) [https://www.salon.com/2011/02/15/anonymity_9/ Standard Washington cowardice] {{Webarchive|url=https://web.archive.org/web/20240815002854/https://www.salon.com/2011/02/15/anonymity_9/ |date=August 15, 2024 }}, Salon.com for his willingness to "stand up to some of the most powerful people and institutions in Washington or on Wall Street."{{cite news|title=An Investigator Presses to Uncover Bailout Abuse|first=Mary Williams|last=Walsh|date=January 25, 2010|accessdate=January 27, 2010|url=https://www.nytimes.com/2010/01/26/business/26tarp.html|newspaper=The New York Times|archive-date=August 15, 2024|archive-url=https://web.archive.org/web/20240815002908/https://www.nytimes.com/2010/01/26/business/26tarp.html|url-status=live}} 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 real estate companies. The role of the chief watchdog of the government's $700 billion TARP program was to root out and prosecute waste, fraud and abuse. Under Barofsky, the office published 9 quarterly results and 13 audits.[http://dc.citybizlist.com/5/2011/2/14/TARP-Inspector-General-Neil-Barofsky-Sends-Resignation-Letter-to-President-Obama.aspx TARP Inspector General Neil Barofsky sends resignation letter to President Obama] dc.citybizlist.com May 2011 {{dead link|date=May 2023}}

On February 14, 2011, 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.{{cite news | url=https://dealbook.nytimes.com/2011/02/14/bailout-inspector-barofsky-resign/ | work=The New York Times | first=Ben | last=Protess | title=Barofsky Stepping Down as Watchdog of TARP | date=February 14, 2011 | access-date=March 5, 2017 | archive-date=October 3, 2019 | archive-url=https://web.archive.org/web/20191003083752/https://dealbook.nytimes.com/2011/02/14/bailout-inspector-barofsky-resign/ | url-status=live }} By then, his office charged a few dozen people with civil or criminal fraud, resulting in 14 convictions, more than $550 million in fraud losses avoided, and $150 million in fraudulent earnings recovered for taxpayers.{{Cite web|url=https://www.scribd.com/doc/48808729/Resignation-Letter-of-TARP-Special-Inspector-General|title=Resignation Letter of TARP Special Inspector General | PDF|access-date=September 10, 2017|archive-date=August 15, 2024|archive-url=https://web.archive.org/web/20240815002912/https://www.scribd.com/doc/48808729/Resignation-Letter-of-TARP-Special-Inspector-General|url-status=live}}

"[O]ne Treasury official, who spoke on condition of anonymity, was quoted as saying "[H]e's been consistently wrong about a lot of big things."Dennis, Brady, [https://www.washingtonpost.com/wp-dyn/content/article/2011/02/14/AR2011021406089.html Neil Barofsky, TARP's outspoken overseer, will resign"], Washington Post, February 14, 2011 8:30 PM ET. Retrieved 2011-02-18. 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.

In May 2021, Barofsky was appointed by the United States District Court for the Eastern District of Michigan as an independent monitor of the United Auto Workers (UAW) labor union, following a consent decree entered into by the UAW with the US Department of Justice following a corruption investigation.{{Cite news |last= |first= |date=2024-06-10 |title=U.A.W. Monitor Investigates Accusations Against Union Leader |url=https://www.nytimes.com/2024/06/10/business/uaw-shawn-fain-monitor.html |url-status=live |archive-url=https://web.archive.org/web/20240611033011/https://www.nytimes.com/2024/06/10/business/uaw-shawn-fain-monitor.html |archive-date=2024-06-11 |access-date=2024-07-11 |work=The New York Times |language=en-US |issn=0362-4331}}

On February 15, 2024, Barofsky sent a letter to the UAW International Executive Board (IEB), forwarding a complaint from the Anti-Defamation League about the UAW's demand for a ceasefire in the Gaza war, with Barofsky noting, "Although this issue is outside of the Monitor’s jurisdiction, we thought it was important to forward the message to the IEB given the serious concerns raised here." Barofsky also noted in the letter that he had made an earlier call to UAW President Shawn Fain raising similar issues, adding, "For what it’s worth, as I previously shared with Shawn, similar concerns were raised directly to me shortly after the IEB issued its own ceasefire statement."{{Cite news |last1=Noble |first1=Breana |last2=Hall |first2=Kalea |date=2024-07-03 |title=UAW's court filing highlights tension with federal monitor |url=https://www.detroitnews.com/story/business/autos/2024/07/03/uaws-court-filing-highlights-tension-with-federal-monitor/74280953007/ |url-access=subscription |url-status=live |archive-url=https://archive.today/20240703230012/https://www.detroitnews.com/story/business/autos/2024/07/03/uaws-court-filing-highlights-tension-with-federal-monitor/74280953007/ |archive-date=2024-07-03 |access-date=2024-07-11 |work=The Detroit News}}{{Cite web |last=Grim |first=Ryan |date=2024-07-11 |title=The UAW's federal monitor twice pressured the union to back off its call for Gaza ceasefire, then launched an investigation |url=https://www.dropsitenews.com/p/shock-documents-reveal-the-uaws-federal |url-status=live |archive-url=https://web.archive.org/web/20240711165451/https://www.dropsitenews.com/p/shock-documents-reveal-the-uaws-federal |archive-date=2024-07-11 |access-date=2024-07-11 |website=Drop Site News |language=en}} New York State’s first-in-the-nation anti-BDS law requires state and local governments to divest from any group engaged in BDS calls. With the UAW representing public and graduate employees at public universities, the state could be forced to divest from the UAW’s pension and retirement funds, or possibly even not provide dues check-off for the union. New York State law has allowed the state to strip unions of dues check-off if they violate state law. Having been sent a serious legal threat, Barofsky informed UAW President Shawn Fain of the threat in December and forwarded the letter from the ADL to the International Executive Board (IEB).{{Cite web |last=Elk |first=Mike |date=August 2, 2024 |title=UAW Federal Monitor Investigates Fain's Purge of Top Allies While Convicted Felon Steers UAW Legal |url=https://paydayreport.com/uaw-federal-monitor-investigates-fains-purge-of-top-allies-while-convicted-felon-steers-uaw-legal/ |url-status=live |access-date=August 9, 2024 |website=PayDay Report |archive-date=August 15, 2024 |archive-url=https://web.archive.org/web/20240815002911/https://paydayreport.com/uaw-federal-monitor-investigates-fains-purge-of-top-allies-while-convicted-felon-steers-uaw-legal/ }}

On February 23, UAW lawyer Benjamin Dictor wrote a letter to Barofsky criticizing Barofsky's use of his position as UAW Monitor to pressure the union over its ceasefire stance, writing, "Your call to President Fain on an issue so blatantly outside of the Monitor’s jurisdiction was inappropriate as your Office holds disproportionate power over the UAW, and even a 'strictly personal' sharing of opinion implicitly implicates such power dynamic."

On February 29, 2024, Barofsky wrote to the UAW, informing them that he was opening an investigation into Fain over a dispute between Fain and the secretary-treasurer of the UAW, Margaret Mock, who claimed to have been improperly stripped of her duties by the IEB in February 2024. A report that Barofsky submitted to a federal court in June 2024 revealed that Barofsky was also investigating Fain over a dispute between Fain and UAW vice president Rich Boyer, who claimed to have been improperly stripped of his duties by Fain in May 2024.

• Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street (2012). {{ISBN|9781451684933}}.

{{reflist}}

• {{cite web|url=http://www.sigtarp.gov/|title=The Office of the Special Inspector General for the Troubled Asset Relief Program}}
• [https://www.uawmonitor.com Court-Appointed, Independent Monitor of the UAW]
• {{C-SPAN|1030893}}
• [http://www.c-span.org/video/?307720-1/qa-neil-barofsky C-SPAN Q&A interview with Barofsky, September 23, 2012]
• [http://www.economicpolicyjournal.com/2012/09/talking-war-on-drugs-tarp-and-power_2.html Robert Wenzel interviews Barofsky, September 2, 2012]
• {{cite web |last=Roberts |first=Russ |title=Barofsky on Bailouts |url=http://www.econtalk.org/archives/_featuring/neil_barofsky/ |work=EconTalk |publisher=Library of Economics and Liberty |authorlink=Russ Roberts |date=September 3, 2012}}

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Category:1970 births

Category:Living people

Category:New York University School of Law alumni

Category:People associated with Jenner & Block

Category:Troubled Asset Relief Program

Category:Wharton School alumni