Neil Barofsky Gave Us The Best Explanation For Washington’s Dysfunction We’ve Ever Heard

[sjk]

Still don’t think that our government is corrupt? Neil Barofsky book is a must read…. Check out this 5 minute video.

Regards,

Neil Barofsky was the Inspector General for TARP, and just wrote a book about his time in D.C. called Bailout: An Insider Account of How Washington Abandoned Main Street While Rescuing Wall Street.

Naturally, we had to read the tell-all and then invite him to the office to tells us even more.
In his interview with Business Insider, Barofsky touched on everything from yesterday’s announcement that Americans holding Fannie and Freddie mortgages would not get a principal write downs, to the general culture in Washington.

Bottom line: Barofsky said the incentive structure in our nation’s capitol is all wrong. There’s a revolving door between bureaucrats in Washington and Wall Street banks, and politicians just want to keep their jobs.

For regulators it’s something like this:
“You can play ball and good things can happen to you get a big pot of gold at the end of the Wall Street rainbow or you can do your job be aggressive and face personal ruin…We really need to rethink how we govern and how regulate,” Barofsky said.
Watch the whole video below:

http://www.businessinsider.com/neil-barofsky-2012-8#ooid=tqOGJqNTpumrSEHiLYFRgbOgWHWww7CM

[Arraya]

http://theautomaticearth.comt/Finance/libor-lies-and-derivatives.html “The “resolution” of the LIBOR scandal (which will probably never be completed) will show us once again that we have a choice to make between either saving the banks or saving our economies and societies. We can’t do both. But in all honesty, I doubt that the prospect of such a choice is real. It looks to me like the choice has long since been made by a succession of unrepresentative representatives we elected with our empty votes, and who have left us with a runaway crossover between Frankenstein and the Sorcerer’s Apprentice. I wasn’t kidding when I said the other day that if you want your vote to count, you’ll have to get out into the streets to do so.

The LIBOR affair is one in a series of things laid bare by the ongoing financial crisis that will inevitably, at one point or another, force us to confront the moral bankruptcy that has come to control our societies”

[sjk]

“http://theautomaticearth.comt/Finance/li… “The “resolution” of the LIBOR scandal (which will probably never be completed) will show us once again that we have a choice to make between either saving the banks or saving our economies and societies. We can’t do both. But in all honesty, I doubt that the prospect of such a choice is real. It looks to me like the choice has long since been made by a succession of unrepresentative representatives we elected with our empty votes, and who have left us with a runaway crossover between Frankenstein and the Sorcerer’s Apprentice. I wasn’t kidding when I said the other day that if you want your vote to count, you’ll have to get out into the streets to do so.
The LIBOR affair is one in a series of things laid bare by the ongoing financial crisis that will inevitably, at one point or another, force us to confront the moral bankruptcy that has come to control our societies”

I see it the same,good article.

sjk

[no_such_reality]

Yesterday was particularly depressing in the news.

The California house rep from Long Beach Laura Richardson getting a reprimand for ethics violations. A slap on the wrist.

Another interim police chief that’s a retired double dipper hiding behind a pretense of being an independent contractor collecting $100+/hr plus the $200K+ retirement.http://taxdollars.ocregister.com/2012/08/01/ex-orange-city-manager-accused-of-violating-pension-law/160085/

Bell’s ex-Police Chief sueing to get the money “owed” him.

SEIU Union leader getting charge for theft and tax violations. (at least he’s not publically elected).

Riverside county gives pay raises to top level managers in Sheriff’s department. The reason, so they’ll make more than the people they manage…http://www.pe.com/local-news/politics/politics-headlines-index/20120731-riverside-county-raises-given-to-top-level-managers.ece

Stockton revolving door or police chiefs collecting $200K pensions (something like 4 of them)

LA City CIO sends an email to city employees asking them to quit watching the olympics because they’re close to crashing their network. Now lots of companies have challenges with this too, it’s just funny, aggravating and pathetic all at the same time. Because the workers are Olympic surfing, the City is going broke and their network likely is so cruddy and old that it does have a problem with streaming video.

There was more, but I don’t remember them. The disgusting part is the collusion to make these things happen. In the Rudat issue, who in the city is approving this veil rule skirting arrangement?

That is the corruption.

[The-Shoveler]

The Path California City to bankruptcies is being paved by these guys.

It’s just a matter of when now.

I doubt even super inflation would be enough at this point.

[Author]

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