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Barofsky’s Eulogy for a Crony

Posted By Russ Roberts On October 16, 2012 @ 8:31 pm In Uncategorized | Comments Disabled

Neil Barofsky in the New Republic [1] (HT: Umair Haque), comments on Pandit’s exit from Citi. After detailing all the money and favors “we” gave Citi, Barofsky concludes:

Sure Citigroup paid back the money as the rest of the government’s bank-friendly policies kicked in, but let’s not forget for one moment that it was only the generosity and unwavering allegiance of Citigroup’s long-standing allies in Washington who saved the bank from the normal and destructive functions of capitalism; who made sure that it continued to maintain its status as being too big to fail; and who have thus set an under-capitalized and unmanageable Citigroup up for a future fall that will inevitably throw it back into the government’s arms. So forgive me if I do not spill a glass of Dom in Pandit’s memory. This obituary should have been written long ago.

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[1] in the New Republic: http://www.tnr.com/blog/plank/108695/goodbye-vikram-pandit-and-good-riddance

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