TARP Inspector General resigns

neil_barofsky.gi.top.jpgNeil Barofsky informed his boss, President Obama, that he is resigning as Special Inspector General of TARP. By Aaron Smith, CNNMoney staff writer


NEW YORK (CNNMoney) -- Neil Barofsky, the special inspector general of the Troubled Asset Relief Program, informed President Obama on Monday that he is resigning from his position, effective March 30.

"I believe that it is the right time for me to step down and pursue other opportunities," Barofsky wrote in his resignation letter.

Barofsky said he has fulfilled his goals related to TARP since his nomination by former President Bush on Dec. 8, 2008. These goals, he said, were "to build a robust law enforcement agency to bring to justice to those who sought to profit criminally from TARP" and "to ensure transparency in the operation of TARP."

He said he also achieved the goal of providing "effective oversight over the government's decision-making process to minimize instances of waste, fraud and abuse."

He said that he had only one co-worker when he started the "SIGTARP" job and was "working out of a small office in the basement of the Main Treasury building." Since then, he said the position has grown to 140 auditors, investigators and attorneys, with offices in Washington, New York, San Francisco, Los Angeles and Atlanta.

The team is now being led by Deputy Special Inspector General Christy Romero who will continue its mission.

The White House issued a statement that it was "grateful for Mr. Barofsky's service," noting that he had "provided strong oversight of the TARP program for the past two years."

Rep. Darrell Issa of California praised Barofsky for his "extraordinary commitment to public service" but he said the work that he began is not finished.

Issa said the next Inspector General needs to demonstrate Barofsky-style "vigilance, courage and commitment" in dealing with the 150-plus TARP recipient banks that have missed their regulator dividend payments.

Issa also said the next Inspector General needs to deal with the Home Affordable Modification Program, which "has fallen short of its goal to preserve home ownership."

Barofsky did not say what he plans to do next. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,982.59 0.00 0.00%
Nasdaq 4,444.91 -4.65 -0.10%
S&P 500 1,978.91 0.00 0.00%
Treasuries 2.47 -0.02 -0.72%
Data as of 8:46am ET
Company Price Change % Change
Apple Inc 99.02 1.35 1.38%
Facebook Inc 74.92 -0.27 -0.36%
Bank of America Corp... 15.50 -0.09 -0.58%
Dollar Tree Inc 54.87 -0.08 -0.15%
Family Dollar Stores... 75.74 15.08 24.86%
Data as of Jul 28

Sections

General Mills said as part of effort to fight climate change it will only buy from suppliers who are cutting greenhouse gas emissions and water use. More

New annual report from U.S. government shows the long-term prognosis for Medicare has improved thanks to slower health spending, while the outlook for Social Security remains unchanged. More

Actor-founded This Bar Saves Lives had Hollywood connections, but learned Start-Up 101 the hard way. More

Steve Mason, a pastor from California, inherited more than $100,000 in student loan debt when his 27-year-old daughter died suddenly in 2009. With interest and late penalties, the debt has since ballooned to $200,000. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.