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Barofsky’s Eulogy for a Crony

Neil Barofsky in the New Republic (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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