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Assistant U.S. Attorney Tapped to Oversee $700 Billion Economic Bailout
New York Law Journal
November 17, 2008
Southern District Assistant U.S. Attorney Neil Barofsky was nominated by President George W. Bush on Friday to be the special inspector general overseeing the $700 billion federal economic rescue plan.
Barofsky, 38, a senior trial counsel and head of the recently formed mortgage fraud group, moved to the U.S. Attorney's office in 2000 from the law firm now called Morvillo, Abramowitz, Grand, Iason, Anello & Bohrer.
He has handled a number of white-collar prosecutions as a member of the securities and commodities fraud unit, including winning the convictions of Tone Grant, the ex-president of Refco, Inc., and Phillip Bennett, its former CEO.
As a member of the office's international narcotics trafficking unit, Barofsky also helped lead the prosecution of 50 leaders of the Revolutionary Armed Forces of Colombia (FARC). If confirmed by the Senate, Barofsky will be charged with conducting audits and investigations into how the bailout money under the Troubled Assets Relief Program is distributed and spent.
He will also be responsible for placing a value on assets acquired by the government in return for money invested in banks, insurance companies and other entities.
